Document:

Exhibit
4.19

 

EXECUTION
VERSION

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated
as of November 2, 2018
 

by and between

 

BANK
OF AMERICA, N.A.

(Initial Note A-1 Holder)

 

and

 

BANK
OF AMERICA, N.A.

(Initial Note A-2 Holder)

 

Carriage
Place 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 
	Section
    1.	Definitions	 	1
	Section
    2.	Servicing
    of the Mortgage Loan	 	15
	Section
    3.	Priority
    of Payments	 	23
	Section
    4.	Workout	 	24
	Section
    5.	Administration
    of the Mortgage Loan	 	24
	Section
    6.	Rights
    of the Controlling Note Holder	 	29
	Section
    7.	Appointment
    of Special Servicer	 	31
	Section
    8.	Payment
    Procedure	 	32
	Section
    9.	Limitation
    on Liability of the Note Holders	 	33
	Section
    10.	Bankruptcy	 	33
	Section
    11.	Representations
    of the Note Holders	 	34
	Section
    12.	No
    Creation of a Partnership or Exclusive Purchase Right	 	34
	Section
    13.	Other
    Business Activities of the Note Holders	 	35
	Section
    14.	Sale
    of the Notes	 	35
	Section
    15.	Registration
    of the Notes and Each Note Holder	 	38
	Section
    16.	Governing
    Law; Waiver of Jury Trial	 	39
	Section
    17.	Submission
    To Jurisdiction; Waivers	 	39
	Section
    18.	Modifications	 	39
	Section
    19.	Successors
    and Assigns; Third Party Beneficiaries	 	40
	Section
    20.	Counterparts	 	40
	Section
    21.	Captions	 	40
	Section
    22.	Severability	 	40
	Section
    23.	Entire
    Agreement	 	40
	Section
    24.	Withholding
    Taxes	 	40
	Section
    25.	Custody
    of Mortgage Loan Documents	 	42
	Section
    26.	Cooperation
    in Securitization	 	42
	Section
    27.	Notices	 	43
	Section
    28.	Broker	 	43
	Section
    29.	Certain
    Matters Affecting the Agent	 	43
	Section
    30.	Resignation
    or Termination of Agent	 	44
	Section
    31.	Resizing	 	44
	Section
    32.	Original
    Agreement	 	45

 

    -i-

     

    

 

This
AGREEMENT BETWEEN NOTE HOLDERS (this “Agreement”), dated as of November 2, 2018 by and between BANK OF AMERICA,
N.A. (“BANA” and, together with its successors and assigns in interest, in its capacity as initial owner of
Note A-1 described below, the “Initial Note A-1 Holder” and, in its capacity as the initial agent, the “Initial
Agent”) and BANA (together with its successors and assigns in interest, in its capacity as initial owner of Note A-2
described below, the “Initial Note A-2 Holder”; the Initial Note A-1 Holder and the Initial Note A-2 Holder
are referred to collectively herein as the “Initial Note Holders”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein), BANA originated a certain loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan
borrower described on the Mortgage Loan Schedule (collectively, the “Mortgage Loan Borrower”);

 

WHEREAS,
the Mortgage Loan is evidenced as of the date hereof, inter alia, by two (2) promissory notes, each dated as of November
2, 2018 and made by the Mortgage Loan Borrower as follows: Promissory Note A-1, in favor of BANA, as lender, in the original principal
amount of $10,000,000 (as amended, modified, consolidated, or supplemented, “Note A-1”) and Promissory Note
A-2, in favor of BANA, as lender, in the original principal amount of $20,667,500 (as amended, modified, consolidated, or supplemented,
“Note A-2”) and, together with Note A-1, the “Notes”). The Notes are secured by a first
mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real property located as described
on the Mortgage Loan Schedule (the “Mortgaged Property”);

 

WHEREAS,
each Initial Note Holder desires to enter into this Agreement to memorialize the terms under which they, and their successors
and assigns, shall hold the Notes;

 

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

 

Section
1.              Definitions. References to a
“Section” or the “recitals” are, unless otherwise specified, to a Section or the recitals of this
Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Lead Securitization
Servicing Agreement. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below
unless the context clearly requires otherwise. Whenever a term is defined as having the meaning set forth in the Lead
Securitization Servicing Agreement or substantially similar language, it shall be deemed to refer to the definition of such
term (or if no such definition exists, the definition of any term substantially similar thereto) as is set forth in the Lead
Securitization Servicing Agreement.

 

“Affiliate”
shall have the meaning set forth in the Lead Securitization Servicing Agreement.

 

     

     

    

 

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and after the Securitization
Date shall mean the Master Servicer.

 

“Agent
Office” shall mean the designated office of the Agent, which office, as of the date of this Agreement, is the office
of the Initial Note A-1 Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence
with the Agent should be directed. The Agent may change the address of its designated office by notice to the Note Holders.

 

“Agreement”
shall mean this Agreement between Note Holders, any exhibits and schedules hereto and all amendments hereof and thereof and supplements
hereto and thereto.

 

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

 

“Asset
Representations Reviewer” shall mean the asset representations reviewer appointed as provided in the Lead Securitization
Servicing Agreement.

 

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

 

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

 

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

 

“BNK12
PSA” shall mean the pooling and servicing agreement dated as of April 1, 2018, among Banc of America Merrill Lynch Commercial
Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as general special servicer, National Cooperative Bank, N.A., as NCB master servicer and NCB
special servicer, AEGON USA Realty Advisors, LLC, as Fair Oaks Mall Special Servicer, Wells Fargo Bank, National Association,
as certificate administrator, Wilmington Trust, National Association, as trustee, and Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer, all with respect to the BANK 2018-BNK12 securitization.

 

“BNK15
PSA” means the pooling and servicing agreement dated as of November 1, 2018, among Banc of America Merrill Lynch Commercial
Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as general special servicer, National Cooperative Bank, N.A., as NCB master servicer and as
NCB special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National Association,
as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, all with respect
to the BANK 2018-BNK15 securitization.

 

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

 

     -2-

     

    

 

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

 

“Certificate
Administrator” shall mean the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

“Collection
Account” shall have the meaning assigned to such term in Section 2(b).

 

“Commission”
shall mean the United States Securities and Exchange Commission.

 

“Companion
Distribution Account” shall have the meaning assigned to such term in Section 2(b).

 

“Conduit”
shall have the meaning assigned to such term in Section 14(d).

 

“Conduit
Credit Enhancer” shall have the meaning assigned to such term in Section 14(d).

 

“Conduit
Inventory Loan” shall have the meaning assigned to such term in Section 14(d).

 

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

 

“Controlling
Note” shall mean Note A-2.

 

“Controlling
Note Holder” shall mean the holder of the Controlling Note; provided that at any time the Controlling Note is
included in a Securitization, references to the “Controlling Note Holder” herein shall mean the holders of the majority
of the class of securities issued in such Securitization designated as the “controlling class” or any other party
that is assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent
provided in the related Securitization Servicing Agreement (including without limitation subject to any restrictions applicable
to the Mortgage Loan Borrower or affiliates of the Mortgage Loan Borrower provided in the Lead Securitization Servicing Agreement).

 

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

 

“Custodian”
shall mean the custodian appointed as provided in the Lead Securitization Servicing Agreement.

 

     -3-

     

    

 

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

 

“Depositor”
shall mean the depositor under the Lead Securitization Servicing Agreement.

 

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

 

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

 

“First
Securitization” shall mean the earlier to occur of the Note A–1 Securitization and the Note A–2 Securitization.

 

“First
Securitization Note” shall mean the Note securitized in the First Securitization.

 

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

 

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

 

“Indemnified
Items” shall have the meaning assigned to such term in Section 2(b).

 

“Indemnified
Parties” shall have the meaning assigned to such term in Section 2(b).

 

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

 

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

 

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

 

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

 

“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or
any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action
for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets
of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of, or any proceeding seeking the appointment
of, a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower
or any other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage
Loan Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage
Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided, that following any such permitted
transaction affecting the

 

     -4-

     

    

 

title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be
defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan
Documents; provided, further, that for the purposes of this definition, in the event that more than one entity comprises
the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity (or entities as applicable).

 

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

 

“Interested
Person” shall mean the Depositor, any Non-Lead Depositor, the Master Servicer, any Non-Lead Master Servicer, the Special
Servicer, any Non-Lead Special Servicer, the Trustee, any Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged
Property, any independent contractor engaged by any of the foregoing parties, the Operating Advisor, the Non-Lead Operating Advisor,
the Controlling Note Holder, the Controlling Note Holder Representative, any Non-Controlling Note Holder, any Non-Controlling
Note Holder Representative, any holder of a related mezzanine loan, or any known Affiliate of any such party described above.

 

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

 

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

 

“Lead
Securitization” shall mean (a) if the First Securitization is also the Note A-2 Securitization, such First Securitization
and (b) if the First Securitization is not also the Note A-2 Securitization, then (i) for the period from the Securitization Date
until the Note A-2 Securitization Date, the First Securitization and (ii) on and after the Note A-2 Securitization Date, the Note
A-2 Securitization.

 

“Lead
Securitization Directing Certificateholder” shall mean the “Directing Certificateholder” as defined in the
Lead Securitization Servicing Agreement.

 

“Lead
Securitization Note” shall mean (a) if the First Securitization is also the Note A-2 Securitization, on and after the
Securitization Date, Note A-2; and (b) if the First Securitization is not also the Note A-2 Securitization, then (i) for the period
from the Securitization Date until the Note A-2 Securitization Date, the First Securitization Note and (ii) on and after the Note
A-2 Securitization Date, Note A-2.

 

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

 

“Lead
Securitization Servicing Agreement” shall mean, as of any date of determination, the pooling and servicing agreement
that governs the Securitization that is then the Lead Securitization; provided, that during any period that the Mortgage
Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing
Agreement” shall be determined in accordance with the second paragraph of Section 2(a).

 

     -5-

     

    

 

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

 

“Major
Decisions” shall mean “Major Decisions” as defined in the Lead Securitization Servicing Agreement.

 

“Master
Servicer” shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of September 11, 2018, between BANA, as lender, and the Mortgage
Loan Borrower, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to
the terms hereof.

 

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

 

“Mortgage
Loan Borrower Related Party” shall have the meaning assigned to such term in Section 13.

 

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

 

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

 

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

 

“New
Notes” shall have the meaning assigned to such term in Section 31.

 

“Non-Controlling
Note” means any Note, other than the Controlling Note, including any New Note designated as a “Non-Controlling
Note” hereunder pursuant to Section 31.

 

     -6-

     

    

 

“Non-Controlling
Note Holder” means any holder of a Non-Controlling Note; provided that at any time such holder’s respective
Note is included in a Securitization, references to such “Non-Controlling Note Holder” herein shall mean the “Directing
Certificateholder”, “Directing Holder”, “Controlling Class Representative” or any other party assigned
the rights to exercise the rights of such “Non-Controlling Note Holder” hereunder, as and to the extent provided in
the related Non-Lead Securitization Servicing Agreement (including without limitation subject to any restrictions applicable to
the Mortgage Loan Borrower or affiliates of the Mortgage Loan Borrower provided in the Non-Lead Securitization Servicing Agreement)
and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been
given written notice. The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf)
shall not be required at any time to deal with more than one party as the representative of the “controlling class”
holder(s) in respect of any Note that is exercising the rights of a “Non-Controlling Note Holder” herein or under
the Lead Securitization Servicing Agreement (it being understood, for the avoidance of doubt, that the Lead Securitization Note
Holder (or the Master Servicer or Special Servicer on its behalf) may additionally need to deal with the master servicer, special
servicer or other person party to the related Securitization Servicing Agreement) and to the extent that the related Securitization
Servicing Agreement assigns such rights to more than one such party as the representative of the “controlling class”
holder(s), for purposes of this Agreement, each applicable Securitization Servicing Agreement shall designate one such party to
deal with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) as the representative
of the related “controlling class” holder(s) in exercising its rights as a “Non-Controlling Note Holder”
herein or under the Lead Securitization Servicing Agreement, and such party shall provide written notice of such designation to
the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided that,
in the absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated
as the Non-Controlling Note Holder, as the Non-Controlling Note Holder under this Agreement.

 

“Non-Controlling
Note Holder Representative” shall have the meaning assigned to such term in Section 6(a).

 

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

 

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

 

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

 

     -7-

     

    

 

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

 

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

 

“Non-Lead
Operating Advisor” shall mean the “trust advisor”, “operating advisor” or other analogous term
under any Non-Lead Securitization Servicing Agreement.

 

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

 

“Non-Lead
Securitization Note” shall mean any Note other than the Lead Securitization Note.

 

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

 

“Non-Lead
Securitization Servicing Agreement” shall mean from and after the date a Non-Lead Securitization Note is included in
a Non-Lead Securitization, the pooling and servicing agreement, trust and servicing agreement or servicing agreement entered into
in connection with such Non-Lead Securitization.

 

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

 

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

 

“Non-Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is not a Securitizing Note Holder with
respect to such Securitization.

 

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

 

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

 

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

 

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

 

     -8-

     

    

 

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

 

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

 

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

 

“Note
A-2 Holder” shall mean the Initial Note A-2 Holder or any subsequent holder of Note A-2, as applicable.

 

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

 

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

 

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

 

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

 

“Note
Holder Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative,
as applicable (including any Lead Securitization Directing Holder and any “directing certificateholder”, “controlling
class representative” or similar person acting pursuant to a Securitization Servicing Agreement on behalf of the Controlling
Note Holder or the Non-Controlling Note Holder, as the case may be).

 

“Note
Holders” shall mean, collectively, the Note A-1 Holder and the Note A-2 Holder.

 

“Note
Pledgee” shall have the meaning assigned to such term in Section 14(c).

 

“Note
Register” shall have the meaning assigned to such term in Section 15.

 

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

 

“Operating
Advisor” shall mean the operating advisor appointed as provided in the Lead Securitization Servicing Agreement.

 

“P&I
Advance” shall mean an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent
monthly debt service payment on the Note(s) corresponding to the Note securitized pursuant to such Securitization Servicing Agreement.

 

     -9-

     

    

 

“Percentage
Interest” shall mean, with respect to any Note Holder, a fraction, expressed as a percentage, the numerator of which
is the principal balance of the related Note (which, with respect to the Note A-1 Holder and the Note A-2 Holder shall be the
Note A-1 Principal Balance and the Note A-2 Principal Balance, respectively) and the denominator of which is the principal balance
of the Mortgage Loan.

 

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

 

“Pledge”
shall have the meaning assigned to such term in Section 14(c).

 

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

 

“Qualified
Institutional Lender” shall mean each of the Initial Note Holders and any other U.S. Person that is:

 

(a)          an
entity Controlled by, under common Control with or that Controls any of the Initial Note Holders, or

 

(b)          the
trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CDO comprised of, or other
securitization vehicle involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether with
assets from others or not), provided that the securities issued in connection with such CDO or other securitization vehicle
are rated by each of the Rating Agencies that assigned a rating to one or more classes of securities issued in connection with
the Lead Securitization, or

 

(c)          one
or more of the following:

 

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

 

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

 

     -10-

     

    

 

(iii)          a
Qualified Trustee in connection with (a) a securitization of, (b) the creation of collateralized debt obligations (“CDO”)
secured by, or (c) a financing through an “owner trust” of, a Note or any interest therein (any of the foregoing,
a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such Securitization
Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes
of securities issued in connection with such Securitization Vehicle (it being understood that with respect to any Rating Agency
that assigned such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will not be
required in connection with a transfer of such Note or any interest therein to such Securitization Vehicle); (2) in the case of
a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer
Rating or is otherwise subject to Rating Agency Confirmations from the Rating Agencies rating each Securitization (such entity,
an “Approved Servicer”) and such Approved Servicer is required to service and administer such Note or any interest
therein in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved
Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person;
or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust
Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified
Institutional Lender under clauses (i), (ii), (iv) or (v) of this definition, or

 

(iv)          an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender
under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred
to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager
responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the
equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified
Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the definition),
or

 

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

 

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

 

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(d)          any
entity Controlled by any of the entities described in clause (c) (other than clause (c)(iii)) above or that is the subject of
a Rating Agency Confirmation as a Qualified Institutional Lender for purposes of this Agreement from each of the Rating Agencies
engaged by the Depositor and any Non-Lead Depositor to rate the securities issued by the related Securitization Trust.

 

“Qualified
Trustee” means (i) a corporation, national bank, national banking association or a trust company, organized and doing
business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers
and to accept the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an
institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the
applicable Rating Agencies (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of
Fitch, Moody’s and S&P).

 

“Rating
Agencies” shall mean DBRS, Fitch, KBRA, Moody’s, Morningstar and S&P and their respective successors in interest
or, if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally
recognized statistical rating agency reasonably engaged by any Note Holder to rate the securities issued in connection with the
Securitization of the related Note; provided, that, at any time during which one or more of the Notes is an asset of one
or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean only those rating
agencies that are engaged by the related depositor (or its Affiliate) from time to time to rate the securities issued in connection
with any Securitization of any of the Notes, but excluding those of such engaged rating agencies that do not at the applicable
time rate any securities issued in connection with any Securitization of any of the Notes.

 

“Rating
Agency Communication” shall mean, with respect to any action and any Securitization, any written communication intended
for a Rating Agency, which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document
format suitable for website posting to the 17g-5 information provider under the applicable Securitization Servicing Agreement.

 

“Rating
Agency Confirmation” shall mean, with respect to any Securitization (including each Non-Lead Securitization), a confirmation
in writing by each of the applicable Rating Agencies for such Securitization that the occurrence of the event with respect to
which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable
rating or ratings ascribed by such Rating Agency to any of the securities issued pursuant to such Securitization that are then
outstanding. If no such securities are outstanding with respect to any Securitization, any action that would otherwise require
a Rating Agency Confirmation shall instead require the consent of the Lead Securitization Note Holder, which consent shall not
be unreasonably withheld or delayed. For the purposes of this Agreement, if any Rating Agency shall waive, decline or refuse to
review or otherwise engage any request for Rating Agency Confirmation hereunder, such waiver, declination, or refusal shall be
deemed to eliminate, for such request only, the condition that a Rating Agency Confirmation by such Rating Agency (only) be obtained
for purposes of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage
in any request for a Rating Agency

 

     -12-

     

    

 

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

 

“Redirection
Notice” shall have the meaning assigned to such term in Section 14(c).

 

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

 

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

 

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

 

“Required
Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s prior to the date of determination, and Moody’s
has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of
commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial
mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar equal to or higher than “MOR
CS3” as a special servicer, provided that if Morningstar has not issued a ranking with respect to such special servicer,
such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by a Rating Agency
prior to the date of determination, and Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial
mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer
as special servicer of such commercial mortgage securities, (v) in the case of KBRA, KBRA has not cited servicing concerns of
such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by
such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is acting as special
servicer in a commercial mortgage loan securitization that was rated by DBRS prior to the date of determination and DBRS has not
downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation

 

     -13-

     

    

 

of such special servicer as special servicer of such commercial mortgage
securities as a material reason for such downgrade or withdrawal.

 

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

 

“Scheduled
Payment” shall mean the scheduled payment of interest and/or principal due on the Mortgage Loan on a Monthly Payment
Date.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

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

 

“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing
Agreement.

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which one or more of the Notes are held.

 

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

 

“Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.

 

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

 

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

 

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

 

“Servicing
Standard” shall have the meaning assigned such term or analogous term in the Lead Securitization Servicing Agreement.
The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in
servicing the Mortgage Loan, must take into account the interests of each Note Holder.

 

“Special
Servicer” shall mean the special servicer appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

“Transfer”
shall have the meaning assigned to such term in Section 14(a).

 

“Trustee”
shall mean the trustee appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

Section
2.           Servicing of the Mortgage Loan.

 

(a)          Each
Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and
after the Lead Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and
the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly
payments of principal or interest in respect of any Note other than the Lead Securitization Note if such principal or interest
is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and
other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage
thereon, subject to the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges that any other Note
Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section
26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization.
Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the
appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the
appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer
and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing
Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization
as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and
servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights
of the Note Holder set forth herein and in the Lead Securitization Servicing Agreement). The Lead Securitization Servicing Agreement
shall not require the Servicer to enforce the rights of one Note Holder against any other Note Holder and shall not limit the
Servicer in enforcing the rights of one Note Holder against any other Note Holder as may be required in order to service the Mortgage
Loan

 

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as contemplated by this Agreement and the Lead Securitization Servicing Agreement; provided, that it is also understood
and agreed that nothing in this sentence shall be construed to otherwise limit the rights of one Note Holder with respect to any
other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement (i) to service the
Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing
Agreement and applicable law, (ii) to provide information to each servicer under each Non-Lead Securitization Servicing Agreement
necessary to enable each such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement,
and (iii) to not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

 

At
any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note
Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note
Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing
Agreement and all references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing
agreement; provided, that if a Non-Lead Securitization Note is in a Securitization and the servicer(s) to be appointed
under such replacement servicing agreement would not otherwise meet the conditions to be a servicer under the Lead Securitization
Servicing Agreement that is being replaced, then a Rating Agency Confirmation shall have been obtained from each Rating Agency
with respect to the securities issued in connection with such Securitization for such Non-Lead Securitization Note; provided,
further, that the special servicer and related servicing arrangements under such replacement servicing agreement shall
in any event satisfy the requirements of clause (c)(iii)(2) of the definition of Qualified Institutional Lender and provided,
further, that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall
cause the Mortgage Loan to be serviced pursuant to the provisions of the Lead Securitization Servicing Agreement, as if such agreement
were still in full force and effect with respect to the Mortgage Loan, by the applicable Servicer in the Lead Securitization or
by any Person appointed by the Lead Securitization Note Holder that is a qualified servicer meeting the requirements of the Lead
Securitization Servicing Agreement. The Note Holders acknowledge that at any time that the Mortgage Loan is no longer subject
to the provisions of the Lead Securitization Servicing Agreement, the Master Servicer shall have no further obligation to make
P&I Advances with respect to the Mortgage Loan.

 

(b)          The
Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent
provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to the terms of the Lead Securitization
Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I Advances on the Lead Securitization
Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for a Servicing
Advance, first from funds on deposit in the Collection Account (as defined in the Lead Securitization Servicing Agreement)
and/or the related Companion Distribution Account (as defined in the Lead Securitization Servicing Agreement) for the Mortgage
Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan, and then, in the case of Servicing
Advances that are Nonrecoverable Advances, if such funds on deposit in the Collection Account and Companion Distribution Account
are insufficient, from general collections of the

 

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Lead Securitization as provided in the Lead Securitization Servicing Agreement.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for interest on a
Servicing Advance (including any Servicing Advance that is a Nonrecoverable Advance) at the Reimbursement Rate in the manner and
from the sources provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization.
Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Servicing Advance that is a Nonrecoverable
Advance or any interest on a Servicing Advance (including any Servicing Advance that is a Nonrecoverable Advance) at the Reimbursement
Rate, each Non-Lead Securitization Note Holder (including any Securitization Trust into which such Non-Lead Securitization Note
is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for
its pro rata share of such Servicing Advance that is a Nonrecoverable Advance or interest thereon at the Reimbursement
Rate.

 

In
addition, any Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead
Securitization Note is deposited) shall be required to, promptly following notice from the Master Servicer or the Special Servicer,
pay or reimburse the Lead Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees,
costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Depositor, as applicable, is entitled
to be reimbursed pursuant to the Lead Securitization Servicing Agreement and this Agreement, to the extent amounts on deposit
in the related “Companion Distribution Account” are insufficient for reimbursement of such amounts. Each Non-Lead
Securitization Note Holder agrees to indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify
each of the following parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the
Lead Securitization Servicing Agreement) each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Operating Advisor (and any director, officer, employee or agent of any of the foregoing, to the extent such
parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans)
(the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration
of the Mortgage Loan (or, with respect to the Operating Advisor, incurred in connection with the provision of services for the
Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”) to
the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the related “Companion
Distribution Account” are insufficient for reimbursement of such amounts, each Non-Lead Securitization Note Holder shall
be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse each of the
applicable Indemnified Parties for its pro rata share of the insufficiency; provided that a Non-Lead Securitization
Note Holder’s duty to pay, if any, Indemnified Items to the Operating Advisor shall be subject to any limitations and conditions
(including limitations and conditions with respect to the timing of such payments and the sources of funds for such payments)
as may be set forth from time to time in the related Non-Lead Securitization Servicing Agreement with respect to the Non-Lead
Operating Advisor.

 

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Any
Non-Lead Master Servicer (or Non-Lead Trustee (if not made by such Non-Lead Master Servicer)) may be required to make P&I
Advances on the respective Non-Lead Securitization Note, from time to time, subject to the terms of the related Non-Lead Securitization
Servicing Agreement, the Lead Securitization Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer
and the Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a P&I Advance
to be made on the Lead Securitization Note based on the information that they have on hand and in accordance with the Lead Securitization
Servicing Agreement. Any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee under any Non-Lead Securitization
Servicing Agreement, as applicable, shall be entitled to make its own recoverability determination with respect to a P&I Advance
to be made on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance with
the related Non-Lead Securitization Servicing Agreement. The Master Servicer or the Trustee, as applicable, and any Non-Lead Master
Servicer or Non-Lead Trustee, as applicable, shall each be required to notify the other of the amount of its P&I Advance within
two (2) Business Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with
respect to the Lead Securitization Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, as applicable
(with respect to a Non-Lead Securitization Note), determines that a proposed P&I Advance, if made, would be non-recoverable
or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee,
as applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable or an outstanding Servicing
Advance is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing
Agreement, in the case of a determination of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or
such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in
the case of a determination of non-recoverability by a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead Trustee)
shall notify the Master Servicer and the Trustee, or the related Non-Lead Master Servicer and the related Non-Lead Trustee, as
the case may be, of such other Securitization within two (2) Business Days of making such determination. Each of the Master Servicer
and the Trustee, any Non-Lead Master Servicer and any Non-Lead Trustee, as applicable, shall only be entitled to reimbursement
for a P&I Advance that becomes non-recoverable and advance interest thereon first from the related Companion Distribution
Account from amounts allocable to the Note for which such P&I Advance was made, and then, if such funds are insufficient,
(i) in the case of the Lead Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms
of the Lead Securitization Servicing Agreement and (ii) in the case of a Non-Lead Securitization Note, from general collections
of the related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

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

 

(i)          such
Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Servicing Advances that are Nonrecoverable
Advances (and interest thereon at the Reimbursement Rate) and any additional trust fund expenses under the Lead Securitization
Servicing Agreement, but only to the extent that they relate to servicing and

 

     -18-

     

    

 

administration of the Notes, including without limitation,
any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Notes, and that if the funds received with
respect to each respective Note are insufficient to cover such Servicing Advances or additional trust fund expenses, (x) the related
Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer or the Special Servicer, pay
or reimburse the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor, as
applicable, out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Servicing Advances
that are Nonrecoverable Advances (and interest thereon at the Reimbursement Rate) and/or additional trust fund expenses under
the Lead Securitization Servicing Agreement relating to the Mortgage Loan, and (y) if the Lead Securitization Servicing Agreement
permits the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor to reimburse
itself from the Lead Securitization Trust’s general collections, then the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Operating Advisor, as applicable, may do so and the related Non-Lead Master Servicer will be
required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization
Trust out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Servicing Advances
that are Nonrecoverable Advances (and interest thereon at the Reimbursement Rate) and/or additional trust fund expenses under
the Lead Securitization Servicing Agreement relating to the Mortgage Loan;

 

(ii)          each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of
Lead Securitization Servicing Agreement) by the Securitization Trust holding such Non-Lead Securitization Note, against any of
the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit
in the related “Companion Distribution Account” are insufficient for reimbursement of such amounts, the related Non-Lead
Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the
insufficiency out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement provided that a Non-Lead Securitization Note Holder’s duty to pay, if any, Indemnified Items
to the Operating Advisor shall be subject to any limitations and conditions (including limitations and conditions with respect
to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements) as may be set forth
from time to time in the applicable Non-Lead Securitization Servicing Agreement with respect to the payment of such items to the
Non-Lead Operating Advisor;

 

(iii)          the
related Non-Lead Trustee, Non-Lead Certificate Administrator or Non-Lead Master Servicer will be required to deliver to the Trustee,
the Certificate Administrator, the Special Servicer, the Master Servicer, the Operating Advisor and the Asset Representations
Reviewer (x) promptly following Securitization of such Non-Lead

 

     -19-

     

    

 

Securitization Note, notice of the deposit of such Non-Lead Securitization
Note into a Securitization Trust (which notice may be by email and shall also provide contact information for the related Non-Lead
Trustee, Non-Lead Certificate Administrator, Non-Lead Master Servicer, Non-Lead Special Servicer and the party designated to exercise
the rights of the “Non-Controlling Note Holder” under this Agreement), accompanied by a certified copy of the executed
Non-Lead Securitization Servicing Agreement and (y) notice of any subsequent change in the identity of the Non-Lead Master Servicer
or the party designated to exercise the rights of the “Non-Controlling Note Holder” with respect to such Non-Lead
Securitization Note under this Agreement (together with the relevant contact information); and

 

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

 

(d)          If
a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing
Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Non-Lead
Asset Representations Reviewer in connection with such Asset Review by providing the Non-Lead Asset Representations Reviewer with
any documents reasonably requested by the Non-Lead Asset Representations Reviewer (not at its own expense or the expense of the
Lead Securitization Trust but at the expense of the related mortgage loan seller, such Non-Lead Asset Representations Reviewer),
but only to the extent that (i) such Non-Lead Asset Representations Reviewer has not been able to obtain such documents from the
related mortgage loan seller or any party to the related Non-Lead Securitization Servicing Agreement and (ii) such documents are
in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be.

 

(e)          Prior
to the Securitization of any Note (including any New Note), all notices, reports, information or other deliverables required to
be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the related Note
Holder (or its Note Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative, as applicable),
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have
satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.
Following the Securitization of any Note (including any New Note), as applicable, all notices, reports, information or other deliverables
required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the master
servicer and the special servicer with respect to such Securitization (who then may forward such items to the party entitled to
receive such items as and to the extent provided in the related Securitization Servicing Agreement) and, when so delivered to
such master servicer and the special servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under
the Lead Securitization Servicing Agreement.

 

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(f)          The
Lead Securitization Servicing Agreement shall be a pooling and servicing agreement in a form customary and usually used in the
servicing practices of servicers of commercial mortgage loans intended to be securitized; provided it is acknowledged that such
agreement is subject in all respects to changes (i) required by the Code relating to the tax elections of the related Securitization
Trust, (ii) required by law or changes in any law, rule or regulation, (iii) requested by the Rating Agencies or any purchaser
of subordinate certificates or (iv) such other changes as the holder of the Note that as a result of such Securitization will
be the Lead Securitization Note deems advisable to conform to recent market pooling and servicing agreements for commercial mortgage
securitizations. The parties acknowledge and agree that a pooling and servicing agreement that is consistent with a form of pooling
and servicing agreement that has been used in the commercial mortgage securities program commonly known as “BANK”,
including without limitation the BNK12 PSA and the BNK15 PSA, is in a form customarily and usually used in the servicing practices
of servicers of commercial mortgage loans intended to be securitized. The Lead Securitization Servicing Agreement shall also satisfy
Moody’s rating methodology for eligible accounts and permitted investments for a securitization rated “Aaa”
by Moody’s.

 

(g)          Without
limiting the generality of the preceding Section 2(f), the Lead Securitization Servicing Agreement shall contain customary
provisions with respect to (i) servicing transfer events that would result in the transfer of the Mortgage Loan to special servicing
status, (ii) the authority of the Controlling Note Holder (or the Master Servicer or Special Servicer on its behalf) to grant
or agree or consent to material modifications, waivers and amendments to the Mortgage Loan, or to approve material assignments
and assumptions or material additional indebtedness in connection with the Mortgage Loan, (iii) the potential termination of the
related Master Servicer and Special Servicer following a servicer termination event (which shall include customary market termination
events with respect to failures to make advances, failure to remit payments for deposit in the Companion Distribution Account,
failure to deliver (or cause to be delivered) materials or notices required in order for the Non-Lead Depositor to timely comply
with its obligations under the Exchange Act, and Rating Agency triggers with respect to the certificates, subject to customary
grace periods (provided, in the case of failures related to the Exchange Act, such grace periods will not cause the Non-Lead Depositor
to fail to comply with the applicable provisions of the Exchange Act)), (iv) requirements to obtain an appraisal or appraisal
update following a transfer of the Mortgage Loan to special servicing status and periodic updates thereof, (v) duties of the Special
Servicer in respect of foreclosure and the management of REO property, (vi) special servicing, workout and liquidation fees (and,
in any event, the percentage rates at which such fees accrue or are determined on the applicable amounts shall not exceed 0.25%,
1.00% and 1.00%, respectively, subject, however, to customary market minimum fees), (vii) requirements that, to the extent related
to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmations and Rating Agency Communications
be provided with respect to the commercial mortgage pass-through certificates issued in connection with any Non-Lead Securitization
to the same extent provided with respect to the commercial mortgage pass-through certificates issued in connection with the Lead
Securitization and (viii) indemnification of the Depositor, Master Servicer, Special Servicer, Certificate Administrator, Trustee,
Operating Advisor and Asset Representations Reviewer (and any director, officer, employee or agent of any of the foregoing, to
the extent such parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of other
mortgage loans) against any claims, losses, penalties, fines, forfeitures, legal fees and

 

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related costs, judgments and any other
costs, liabilities, fees and expenses incurred in connection with servicing and administration of the Mortgage Loan (or, with
respect to the Operating Advisor and Asset Representations Reviewer, incurred in connection with the provision of services for
the Mortgage Loan); provided, that (A) this Section 2(g) shall not be construed to prohibit differences in timing, control or
consultation triggers or thresholds, terminology, allocation of ministerial duties between multiple servicers or other service
providers or certificateholder or investor voting or consent thresholds, or to prohibit or restrict additional approval, consent,
consultation, notice or rating agency confirmation requirements; and (B) if there is any conflict between this Section 2(g) and
any other provision of this Agreement, such other provision of this Agreement shall control. The Lead Securitization Servicing
Agreement shall also contain provisions requiring the Master Servicer or the Special Servicer, as applicable, to deliver to any
Non-Lead Master Servicer, any Non-Lead Special Servicer and any Non-Lead Trustee (i) notice of any Appraisal Reduction Event promptly
following the occurrence thereof and (ii) a statement of any Appraisal Reduction Amount or Collateral Deficiency Amount (if the
Lead Securitization Servicing Agreement provides for the calculation of any Collateral Deficiency Amount) promptly following the
calculation thereof.

 

(h)          
The Lead Securitization Servicing Agreement shall also contain (i) provisions requiring the Master Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator (A) to deliver or make available to any such
Non-Lead Depositor, Non-Lead Trustee or Non-Lead Certificate Administrator (including any of its assignees or designees), any
and all statements, reports, certifications, records and any other information (in its possession or reasonably attainable) necessary
in the reasonable good faith determination of such Non-Lead Depositor to permit such Non-Lead Depositor to comply with the provisions
of Regulation AB and (B) to provide each person who signs the Sarbanes-Oxley Certification (as defined in the Lead Securitization
Servicing Agreement) for any Non-Lead Securitization (individually and collectively, the “Certifying Person”),
the applicable certification on which each Certifying Person can reasonably rely, (ii) customary industry standard indemnification
provisions for the failure of the applicable parties to timely deliver (or cause to be timely delivered) the materials and notices
required pursuant to clause (i) above, (iii) provisions requiring each of the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Custodian, the Operating Advisor and the Asset Representations Reviewer to indemnify and hold
harmless each Certifying Person from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
and related costs, judgments and other costs and expenses incurred by such Certifying Person arising out of delivery of any Deficient
Exchange Act Deliverable (as defined in the Lead Securitization Servicing Agreement) by, or on behalf of, such party, and (iv)
provisions that require (A) a party to the Lead Securitization Servicing Agreement to provide a copy of any executed amendment
to the Lead Securitization Servicing Agreement to any Non-Lead Depositor and Non-Lead Certificate Administrator (which may be
by email), in order for any such Non-Lead Depositor to timely comply with its obligations under the Securities Exchange Act of
1934 (the “Exchange Act”) and (B) a replacement Master Servicer or replacement Special Servicer, as applicable,
to provide all disclosure about itself to the Non-Lead Depositor that is required to be included in a Form 8-K no later than the
effectiveness of such replacement.

 

(i)          Subject
to the Servicer’s obligation to act in accordance with the Servicing Standard and subject to a Rating Agency Confirmation,
and solely in the event that S&P rates

 

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any securities issued in connection with any Securitization of any of the Notes, the
Servicer shall require the related Mortgage Loan Borrower to maintain insurance with an insurer meeting the minimum S&P ratings
requirements specified in the related Mortgage Loan Documents (and, for the avoidance of doubt, without regard to any Lender discretion
with respect to such ratings in the related Mortgage Loan Documents).

 

Section
3.           Priority of Payments. Each Note shall be of equal
priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security
therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in
connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the
form of Scheduled Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other than proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan
Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), shall
be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided,
that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent and in
accordance with the terms of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on
account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable
to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in,
and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or
reimbursable to any Servicer with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and
any other additional compensation payable to it thereunder (including without limitation, any additional trust fund expenses
under the Lead Securitization Servicing Agreement relating to the Mortgage Loan (but subject to the second paragraph of Section
5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees,
Penalty Charges (to the extent provided in the immediately following paragraph), but excluding (i) any P&I Advances (and
interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof,
and (ii) any Servicing Fees due to the Master Servicer in excess of each Non-Lead Securitization Note’s pro rata
share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the
Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to
the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization Servicing
Agreement.

 

For
clarification purposes, “Penalty Charges” (or analogous term as defined in the Lead Securitization Servicing Agreement)
paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount
necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and
reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second,
be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the
related Non-Lead Master Servicer or the related Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance
made with respect to such Note by such party (if and as specified in the Lead

 

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Securitization Servicing Agreement or applicable
Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the
amounts payable on each Note by the amount necessary to pay additional trust fund expenses under the Lead Securitization Servicing
Agreement (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage
Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with respect to any remaining amount of
Penalty Charges, (x) prior to the securitization of the Lead Securitization Note or at any time the Mortgage Loan is not being
serviced pursuant to a Securitization Servicing Agreement, pro rata to each Note Holder, and (y) following the securitization
of the Lead Securitization Note, to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided
in the Lead Securitization Servicing Agreement.

 

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

 

Section
5.           Administration of the Mortgage Loan.

 

(a)          Subject
to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement and subject
to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on its behalf) shall have the sole and exclusive authority
with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without
limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or
failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default,
accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Lead Securitization Note Holder shall
have any voting, consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization
Note Holder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this
Agreement and the Lead Securitization Servicing Agreement, no Non-Lead Securitization Note Holder shall have any right to, and
each Non-Lead Securitization Note Holder hereby presently and irrevocably assigns and conveys to the Lead Securitization Note
Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the
rights, if any, that such Note Holder has to, (i) call, or cause the Lead Securitization Note Holder to call, an Event of Default
under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including,
without limitation, filing, or causing the Lead Securitization Note Holder to file, any bankruptcy petition against the Mortgage
Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its
behalf) shall not have

 

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any fiduciary duty to any Non-Lead Securitization Note Holder in connection with the administration of
the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement
of funds as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special
Servicer) or any liability for failure to do so).

 

Each
Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting
on behalf of the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together
as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection
with any such sale, the Special Servicer shall be required to sell the Notes together as notes evidencing one whole loan and shall
require that all offers be submitted to the Trustee in writing. Whether any cash offer constitutes a fair price for the Mortgage
Loan shall be determined by the Special Servicer (unless the offeror is an Interested Person, in which case the Trustee shall
make such determination); provided, that no offer from an Interested Person shall constitute a fair price unless (i) it
is the highest offer received and (ii) at least two bona fide other offers are received from independent third parties. In determining
whether any offer received represents a fair price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable,
shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Lead
Securitization Servicing Agreement within the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new
Appraisal. The Trustee shall select the appraiser conducting any such new Appraisal. In determining whether any such offer constitutes
a fair price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable, shall instruct the appraiser to take into
account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Lead Securitization
Servicing Agreement), as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan,
the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy. The Trustee may
conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters with at least
5 years’ experience in valuing or investing in loans similar to the Mortgage Loan that has been selected with reasonable
care by the Trustee to determine if such cash offer constitutes a fair price for the Mortgage Loan, and that has been retained
by the Trustee at the expense of the Holders in connection with making such determination. Notwithstanding the foregoing, the
Lead Securitization Note Holder (or the Special Servicer acting on its behalf) shall not be permitted to sell the Mortgage Loan
without the written consent of each Non-Controlling Note Holder unless the Special Servicer has delivered to each Non-Controlling
Note Holder: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Mortgage Loan;
(b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid
packages) received by the Special Servicer in connection with any such proposed sale; (c) at least ten (10) days prior to the
proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicer Mortgage File
requested by such Non-Controlling Note Holder; and (d) until the sale is completed, and a reasonable period of time (but no less
time than is afforded to other offerors and the Lead Securitization Directing Holder or the Controlling Holder, as applicable)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other
documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale. Subject to the
foregoing, each Note Holder or its Note Holder

 

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Representative shall be permitted to submit an offer at any sale of the Mortgage
Loan unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

 

Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) hereby appoints the Lead Securitization
Note Holder as its agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest,
and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of its Note. Each Note Holder
(to the extent it is not the same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the
Lead Securitization Note Holder, such Note Holder shall execute and deliver to or at the direction of Lead Securitization Note
Holder such powers of attorney or other instruments as the Lead Securitization Note Holder may reasonably request to better assure
and evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver any related original
documentation evidencing its Note (endorsed in blank if necessary) to or at the direction of the Lead Securitization Note Holder
in connection with the consummation of any such sale.

 

The
authority of the Lead Securitization Note Holder to sell any Non-Lead Securitization Note, and the obligations of any other Note
Holder to execute and deliver instruments or deliver the related Note upon request of the Lead Securitization Note Holder, shall
terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased
by the holder of such Lead Securitization Note that sold such Lead Securitization Note into such Securitization from the trust
fund established under the Lead Securitization Servicing Agreement in connection with a material breach of representation or warranty
made by such Person with respect to the Lead Securitization Note or material document defect with respect to the documents delivered
by such Person with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence
shall not be construed to grant to any Non-Lead Securitization Note Holder the benefit of any representation or warranty made
by the holder of the Lead Securitization Note that sold such Lead Securitization Note into the Lead Securitization or any document
delivery obligation imposed on such Person under any mortgage loan purchase and sale agreement, instrument of transfer or other
document or instrument that may be executed or delivered by such Person in connection with the Lead Securitization.

 

(b)          The
administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement. The servicing
of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Loan (or to
the extent otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant
to the Lead Securitization Servicing Agreement. Notwithstanding anything to the contrary contained herein, in accordance with
the Lead Securitization Servicing Agreement, the Lead Securitization Note Holder shall cause the Master Servicer and the Special
Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests
of each Note Holder. The Note Holders agree to be bound by the terms of the Lead Securitization Servicing Agreement. All rights
and obligations of the Lead Securitization Note Holder described hereunder may be exercised by the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee on behalf of the Lead Securitization Note Holder to the extent set forth
in the Lead Securitization Servicing Agreement. The Lead Securitization Servicing Agreement shall not be

 

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amended in any manner
that may adversely affect any Non-Lead Securitization Note Holder in its capacity as a Non-Lead Securitization Note Holder without
such Non-Lead Securitization Note Holder’s prior written consent. Each Non-Lead Securitization Note Holder (unless it is,
or is an Affiliate of, the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead Securitization Servicing Agreement
with respect to its rights as specifically provided for therein.

 

(c)          Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Directing Holder or Controlling Holder, as applicable, pursuant to (and notwithstanding the existence of any “control termination
event” (or analogous term) under) the Lead Securitization Servicing Agreement with respect to any Major Decisions or the
implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Controlling
Note Holder (or its Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization
Directing Holder or Controlling Holder, as applicable (for this purpose, without regard to whether such items are actually required
to be provided to the Lead Securitization Directing Holder or Controlling Holder, as applicable, under the Lead Securitization
Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event), and (ii) to use
reasonable efforts to consult with each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) on a strictly
non-binding basis, to the extent having received such notices, information and reports, such Non-Controlling Note Holder (or its
Non-Controlling Note Holder Representative) requests consultation with respect to any such Major Decisions or the implementation
of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions
recommended by such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative); provided that after
the expiration of a period of ten (10) Business Days from the delivery to such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) of written notice of a proposed action, together with copies of the notice, information and report required to be provided
to the Lead Securitization Directing Holder or Controlling Holder, as applicable, the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) has responded within such ten (10) Business Day period (unless, the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of each Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may make any Major Decision or take any action set
forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate action with respect thereto is necessary
to protect the interests of the Note Holders. In no event shall the Lead Securitization Note Holder (or Master Servicer or Special
Servicer, acting on its behalf)

 

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be obligated at any time to follow or take any alternative actions recommended by a Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative).

 

In
addition to the consultation rights provided in the immediately preceding paragraph, each Non-Controlling Note Holder shall have
the right to annual meetings (which may be held telephonically) with the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

 

(d)          If
any Note is included as an asset of a REMIC, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on
behalf of the Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Note Holder therein shall at all times qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan,
consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers
or rights which the Note Holders may have under the Mortgage Loan Documents, if any such action would constitute a “significant
modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department
of the Treasury, more than three (3) months after the startup day of the REMIC which includes the Notes (or any portion thereof),
or would otherwise violate any REMIC Provisions applicable to a REMIC that holds any Note (or any portion thereof). Each Note
Holder agrees that the provisions of this paragraph shall be effected by compliance with any REMIC Provisions in the Lead Securitization
Servicing Agreement relating to the administration of the Mortgage Loan. All costs and expenses of compliance with this Section
5(d), to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount,
payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by
each Note Holder solely with respect to the REMIC trust that includes its own Note. Without limiting the generality of the foregoing,
one Note Holder (the “Uninvolved Note Holder”) shall not be required to reimburse any other Note Holder or
any other Person for payment of the following items related to any REMIC that does not or did not include the Uninvolved Note
Holder’s Note: (i) any taxes imposed on any such REMIC, (ii) any costs or expenses relating to the administration of any
such REMIC or to any determination respecting the amount, payment or avoidance of any tax under any such REMIC or (iii) any advances
for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use
of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable
to the Uninvolved Note Holder be reduced to offset or make-up any such payment or deficit.

 

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Section
6.           Rights of the Controlling Note Holder.

 

(a)          The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling
Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder
Representative may be any Person, including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling
Note Holder, any affiliate of the Controlling Note Holder or any other unrelated third party (other than the Mortgage Loan Borrower,
any manager of a Mortgaged Property or any principal or Affiliate thereof). No such Controlling Note Holder Representative shall
owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted
to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting
on behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization Note Holder shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified such Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer or
Trustee of the then-current Controlling Note Holder Representative.

 

Neither
the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to any other Note Holder or
any other Person for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure
to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any
loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence or its breach of this
Agreement. The Note Holders agree that the Controlling Note Holder Representative and the Controlling Note Holder (whether acting
in place of the Controlling Note Holder Representative when no Controlling Note Holder Representative shall have been appointed
hereunder or otherwise exercising any right, power or privilege granted to the Controlling Note Holder hereunder) may take or
refrain from taking actions, or give or refrain from giving consents, that favor the interests of one Note Holder over any other
Note Holder, and that the Controlling Note Holder Representative and the Controlling Note Holder may have special relationships
and interests that conflict with the interests of another Note Holder and, absent willful misfeasance, bad faith or gross negligence
or a breach of this Agreement on the part of the Controlling Note Holder Representative or the Controlling Note Holder, as the
case may be, agree to take no action against the Controlling Note Holder Representative, the

 

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Controlling Note Holder or any of
their respective officers, directors, employees, principals or agents as a result of such special relationships or interests,
and that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have been grossly
negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise
of its rights, or to have breached this Agreement, by reason of its having acted or refrained from acting, or having given any
consent or having failed to give any consent, solely in the interests of any Note Holder.

 

Each
Non-Controlling Note Holder shall provide notice of its identity and contact information (including any change thereof) to the
Trustee, Certificate Administrator, the Master Servicer and the Special Servicer under the Lead Securitization; provided,
that each Initial Note Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate Administrator,
the Master Servicer and the Special Servicer under the Lead Securitization shall be entitled to conclusively rely on such identity
and contact information received by it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon.

 

Each
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note
Holder Representative”). All of the provisions relating to the Controlling Note Holder and the Controlling Note Holder
Representative set forth in the first paragraph of this Section 6(a) (except those contained in the last sentence thereof)
and the second paragraph of this Section 6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note
Holder Representative mutatis mutandis. The Non-Controlling Note Holder Representative, as of the date of this Agreement
and until the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall
be the Initial Note A-1 Holder with respect to Note A-1, provided that at any time Note A-1 is included in a Securitization,
references to the “Non-Controlling Note Holder” herein shall mean the related “Directing Certificateholder”
or “Controlling Class Representative” under the applicable Non-Lead Securitization or any other party assigned the
rights to exercise the rights of the related “Non-Controlling Note Holder” hereunder, as and to the extent provided
in the related Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder
(and the Master Servicer and the Special Servicer) has been given written notice.

 

(b)          The
Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note hereunder and the
rights and powers granted to the Lead Securitization Directing Holder under the Lead Securitization Servicing Agreement with respect
to the Mortgage Loan (assuming that no “Control Termination Event” or “Consultation Termination Event”,
as applicable, has occurred and is continuing (or that periods defined by analogous terms during which control and/or consultation
are permitted, such as “Subordinate Control Period”, are in effect) under, and as defined in, the Lead Securitization
Servicing Agreement).

 

No
objection, direction, consent or advice in connection with the exercise of such rights and powers may require or cause the Master
Servicer or the Special Servicer, as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the
Lead Securitization

 

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Servicing Agreement, this Agreement, the REMIC Provisions of the Code or the Master Servicer or Special Servicer’s
obligation to act in accordance with the Servicing Standard.

 

For
so long as the Controlling Note is included in the Lead Securitization, the “Directing Certificateholder” under the
Lead Securitization Servicing Agreement (or any other party designated under the Lead Securitization Servicing Agreement to exercise
the rights of the Controlling Note Holder hereunder) shall be the Controlling Note Holder Representative.

 

Section
7.          Appointment of Special Servicer. The Controlling Note Holder
(or its Controlling Note Holder Representative) shall have the right (subject to the terms, conditions and limitations in the
Lead Securitization Servicing Agreement) at any time and from time to time, with or without cause, to replace the Special Servicer
then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the
Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made
by delivering to each other Note Holder, the Master Servicer, the Special Servicer and each other party to the Lead Securitization
Servicing Agreement a written notice stating such designation and satisfying the other conditions to such replacement as set forth
in the Lead Securitization Servicing Agreement and this Agreement (including, without limitation, a Rating Agency Communication
or a Rating Agency Confirmation, but only if required by the terms of the Lead Securitization Servicing Agreement), and delivering
to each Non-Controlling Note Holder a Rating Agency Confirmation with respect to any related rated securities issued and outstanding
under the related Securitization, if applicable. The Controlling Note Holder shall be solely responsible for any expenses incurred
in connection with any such replacement without cause. The Controlling Note Holder shall notify the other parties hereto of its
termination of the then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance
with this Section 7. If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan
as of the consummation of the securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer
designated in the Lead Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit
the right of the Controlling Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer
for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of the Special Servicer has occurred that affects
any Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that
the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer
under the Lead Securitization Servicing Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions
of the Lead Securitization Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage Loan is being
serviced) solely with respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing
Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement,
the successor servicing agreement pursuant to which the Mortgage Loan is being serviced). Each Note Holder acknowledges and agrees
that any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated
for cause at a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was
so terminated without the prior written consent of such Non-Controlling Note Holder. Each Non-Controlling Note Holder shall be
solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses,
if not paid within a

 

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reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise
be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s “collection account” (or equivalent
account).

 

Section
8.           Payment Procedure.

 

(a)          The
Lead Securitization Note Holder (or the Master Servicer acting on its behalf), in accordance with the priorities set forth in
Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, shall deposit or cause to be deposited
all payments allocable to the Notes to the Collection Account and/or related Companion Distribution Account (or analogous terms
each as defined in the Lead Securitization Servicing Agreement) pursuant to and in accordance with the Lead Securitization Servicing
Agreement. The Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit such payments to the
applicable account within one (1) Business Day of receipt of properly identified funds by the Lead Securitization Note Holder
(or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower (provided, that to the extent
that any payment is received after 2:00 p.m. (Eastern Time) on any given Business Day, the Master Servicer is required to use
commercially reasonable efforts to deposit such payments into the applicable account within one (1) Business Day of receipt of
such payments but, in any event, the Master Servicer is required to deposit such payments into the applicable account within two
(2) Business Days of receipt of such payments).

 

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

 

(c)          If,
for any reason, the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) makes any payment to any Non-Lead
Securitization Note Holder before the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) has received
the corresponding payment (it being understood that the Lead Securitization Note Holder (or the Master Servicer acting on its
behalf) is under no obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within
five (5) Business Days of its payment to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall,
at the Lead Securitization Note Holder’s (or the Master Servicer acting on its

 

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behalf) request, promptly return that payment
to the Lead Securitization Note Holder (or the Master Servicer acting on its behalf).

 

(d)          Each
Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this
Agreement and the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder shall have the right to offset
any amounts due hereunder from a Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments
due to such Non-Lead Securitization Note Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations
under this Section 8 constitute absolute, unconditional and continuing obligations.

 

Section
9.         Limitation on Liability of the Note Holders. No Note Holder
shall have any liability to any other Note Holder with respect to its Note except with respect to losses actually suffered
due to the gross negligence, willful misconduct or breach of this Agreement on the part of such Note Holder; provided,
that, notwithstanding any of the foregoing to the contrary, each Servicer will nevertheless be subject to the obligations and
standards (including the Servicing Standard) set forth in the related Securitization Servicing Agreement.

 

The
Note Holders acknowledge that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the
Trustee on its behalf) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note
Holder (including any Servicer and the Trustee on its behalf) may exercise, or omit to exercise, any rights that the Lead Securitization
Note Holder may have under the Lead Securitization Servicing Agreement in a manner that may be adverse to the interests of any
Non-Lead Securitization Note Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee on its
behalf) shall have no liability whatsoever to any Non-Lead Securitization Note Holder in connection with the Lead Securitization
Note Holder’s exercise of rights or any omission by the Lead Securitization Note Holder to exercise such rights other than
as described above; provided, that each Servicer must act in accordance with the Servicing Standard and the terms of this
Agreement.

 

Section
10.           Bankruptcy.  Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead
Securitization Note Holder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition under
Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person
to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any
part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note
Holder further agrees that only the Lead Securitization Note Holder, and not any Non-Lead Securitization Note Holder, can make
any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other
action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The
Note Holders hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder
an irrevocable power of attorney coupled with

 

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

 

Section
11.          Representations of the Note Holders. Each Note Holder
represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been
duly authorized by all necessary corporate action, and does not contravene such Note Holder’s charter or any law or contractual
restriction binding upon such Note Holder, and that this Agreement is the legal, valid and binding obligation of such Note Holder
enforceable against such Note Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except
that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law.
Each Note Holder represents and warrants that it is duly organized, validly existing, in good standing and in possession of all
licenses and authorizations necessary to carry on its business. Each Note Holder represents and warrants that (a) this Agreement
has been duly executed and delivered by such Note Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals,
authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery
and performance of this Agreement by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge,
there is no pending action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse
outcome of which would materially and adversely affect its performance under this Agreement.

 

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

 

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Securitization Note Holder a participation interest
in any future loans originated by the Lead Securitization Note Holder or its Affiliates.

 

Section
13.           Other Business Activities of the Note Holders. Each
Note Holder acknowledges that each other Note Holder or its Affiliates may make loans or otherwise extend credit to, and generally
engage in any kind of business with, the Mortgage Loan Borrower or any Affiliate thereof, any entity that is a holder of debt
secured by direct or indirect ownership interests in the Mortgage Loan Borrower or any Affiliate thereof or any entity that is
a holder of a preferred equity interest in the Mortgage Loan Borrower or any Affiliate thereof (each, a “Mortgage Loan
Borrower Related Party”), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower
Related Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement
and the transactions contemplated hereby were not in effect.

 

Section
14.           Sale of the Notes.

 

(a)          Each
Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber or otherwise
dispose of all or any portion of its respective Note (or a participation interest in such Note) (a “Transfer”)
except to a Qualified Institutional Lender in accordance with the terms of this Agreement; provided, however, that
with respect to any transfer of the Controlling Note into a securitization in reliance on clause (b), clause (c)(iii)(1) or clause
(c)(iii)(2) of the definition of Qualified Institutional Lender, the special servicer and related servicing arrangements shall
satisfy the requirements of clause (c)(iii)(2) of such definition regardless which of such three clauses is relied upon for such
transfer. Promptly after any such Transfer, any non-transferring Note Holders shall be provided with (x) a representation from
each transferee or the transferring Note Holder certifying that such transferee is a Qualified Institutional Lender (except in
the case of a Transfer in accordance with the immediately following sentence or a Transfer by a Note Holder to an entity that
constitutes a Qualified Institutional Lender pursuant to clause (c)(iii) of the definition thereof) and (y) a copy of the assignment
and assumption agreement referred to in Section 15 (unless the transferee is a Securitization Trust and the related pooling
and servicing agreement requires the parties thereto to comply with this Agreement). If a Note Holder intends to Transfer its
respective Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first (a) obtain the
consent of each non-transferring Note Holder and (b) if any such non-transferring Note Holder’s Note is held in a Securitization
Trust, as and to the extent required by the applicable Securitization Servicing Agreement, deliver a Rating Agency Communication
(if a Rating Agency Confirmation is not required thereunder) to, or obtain a Rating Agency Confirmation from, each of the applicable
engaged Rating Agencies for such Securitization Trust. Notwithstanding the foregoing, without each non-transferring Note Holder’s
prior consent (which will not be unreasonably withheld), and, if any non-transferring Note Holder’s Note is held in a Securitization
Trust, without a Rating Agency Confirmation from, or Rating Agency Communication to, as applicable, each engaged Rating Agency
for such Securitization Trust, no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such
Note) to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and
void and shall vest no rights in the purported transferee. The transferring Note Holder agrees that it shall pay the expenses
of any non-transferring Note Holder (including all expenses of the Master Servicer, the Special Servicer, the Trustee and any

 

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Controlling Note Holder or Controlling Note Holder Representative) and all expenses relating to any Rating Agency Confirmation
or Rating Agency Communication in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder shall have
the right, without the need to obtain the consent of any other Note Holder or of any other Person or having to provide any Rating
Agency Confirmation or Rating Agency Communication, to Transfer 49% or less (in the aggregate) of its beneficial interest in a
Note other than to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party. None of the provisions of this Section
14(a) shall apply in the case of (1) a sale of the Lead Securitization Note together with all of the Non-Lead Securitization
Notes, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special
Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or
the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability or limited partnership,
100% of the equity interest in which is owned directly or indirectly, through one or more single member limited liability companies
or limited partnerships, by the Lead Securitization Trust.

 

(b)          In
the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’ obligations under
this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of such obligations,
and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal solely and directly
with such Note Holder in connection with such Note Holder’s rights and obligations under this Agreement and the Lead Securitization
Servicing Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had not sold such participation
interest.

 

(c)          Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the
Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a
Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each applicable Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent (or
higher) rating from any two of Fitch, Moody’s and S&P) (a “Note Pledgee”), on terms and conditions
set forth in this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or
any person which Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as
a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may not take
title to the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to each other
Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee),
each other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice
of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default such Note Holder
has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder
in respect of its obligations to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such
default; (iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee
without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv)
that such other Note Holder shall give to such Note Pledgee copies of any notice of default

 

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under this Agreement simultaneously
with the giving of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel
certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably
satisfactory to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each
other Note Holder and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure
periods, under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between
the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant
to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely
releases each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note
Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to
have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging
Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable
law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee
other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure
or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor
to the pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified
Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such
Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions
of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and
any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in
writing that its interest in the pledged Note has terminated.

 

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

 

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

 

(ii)          The
Conduit Credit Enhancer is a Qualified Institutional Lender;

 

(iii)         Such
Note Holder pledges (or sells, transfers or assigns as part of a repurchase facility) its interest in its Note to the Conduit
as collateral for the Conduit Inventory Loan;

 

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

 

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

 

Section
15.          Registration of the Notes and Each Note Holder. The Agent
shall keep or cause to be kept at the Agent Office books (the “Note Register”) for the registration and transfer
of the Notes. The Agent shall serve as the initial note registrar and the Agent hereby accepts such appointment. The names and
addresses of the holders of the Notes and the names and addresses of any transferee of any Note of which the Agent has received
notice, in the form of a copy of the assignment and assumption agreement referred to in this Section 15, shall be registered
in the Note Register. The Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder
thereof for all purposes of this Agreement. Upon request of a Note Holder, the Agent shall provide such party with the names and
addresses of each other Note Holder. To the extent the Trustee or another party is appointed as Agent hereunder, each Note Holder
hereby designates such person as its agent under this Section 15 solely for purposes of maintaining the Note Register.

 

In
connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall
execute an assignment and assumption agreement (unless the transferee is a Securitization Trust and the related pooling
and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the
obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the
terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the
date of such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not
recognize any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this Section
15. Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each
Note Holder desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and each other Note Holder against
any liability that may result if the transfer is not made in accordance with the provisions of this Agreement.

 

     -38-

     

    

 

Section
16.          Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT,
AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW
RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

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

 

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

 

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

 

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

 

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

 

Section
18.           Modifications. This Agreement shall not be modified,
cancelled or terminated except by an instrument in writing signed by each Note Holder. Additionally, for as long as any Note is
contained in a Securitization Trust, the Note Holders shall not amend or modify this Agreement without first obtaining a Rating
Agency Confirmation from each Rating Agency then rating securities of any Securitization; provided that no such Rating
Agency Confirmation shall be required in connection with a modification (i) to cure any ambiguity, to correct or supplement any
provisions herein that may be defective or inconsistent with any other provisions

 

     -39-

     

    

 

herein or with the Lead Securitization Servicing
Agreement, or (ii) with respect to matters or questions arising under this Agreement, to make provisions of this Agreement consistent
with other provisions of this Agreement (including, without limitation, in connection with the creation of New Notes pursuant
to Section 31).

 

Section
19.           Successors and Assigns; Third Party Beneficiaries. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Except
as provided herein, including without limitation, with respect to the Trustee, Certificate Administrator, Master Servicer and
Special Servicer and any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, none of the provisions of this
Agreement shall be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 14 and Section
15, each Note Holder may assign or delegate its rights or obligations under this Agreement. Upon any such assignment, the
assignee shall be entitled to all rights and benefits of the applicable Note Holder hereunder. For the avoidance of doubt, the
representations in Section 11 shall not be binding upon any Securitization Trust.

 

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

 

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

 

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

 

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

 

Section
24.           Withholding Taxes.  (a) If the Lead Securitization Note Holder or the Mortgage
Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to any
Non-Lead Securitization Note Holder with respect to the Mortgage Loan as a result of such Non-Lead Securitization Note Holder
constituting a Non-Exempt Person, such Lead Securitization Note Holder, in its capacity as servicer, shall be entitled to do
so with respect to such Non-Lead Securitization Note Holder’s interest in such payment (all withheld amounts being
deemed paid to such Note Holder), provided that the Lead Securitization Note Holder shall furnish such Non-Lead
Securitization Note Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other
information which may reasonably be

 

     -40-

     

    

 

requested for purposes of assisting such Note Holder to seek any allowable credits
or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.

 

(b)          Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees to indemnify
the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes,
interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization
Note Holder to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation
of the Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood
and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation,
certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any
obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity
of the same and (ii) such Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall
defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.

 

(c)          Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit of the
Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage
Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the
term of this Agreement, each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall
deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note
Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement.
Without limiting the effect of the foregoing, (i) if a Note Holder is created or organized under the laws of the United States,
any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created or organized under
the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts
by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within
the United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or
successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s
exemption from the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated
to make any payment hereunder with respect to any Non-Lead Securitization Note or otherwise until the holder of such Note shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

     -41-

     

    

 

Section
25.         Custody of Mortgage Loan Documents. Prior to the
Securitization Date, the originals of all of the Mortgage Loan Documents (except for the Notes) will be held by a duly
appointed custodian of the Initial Agent on behalf of the registered holders of the Notes. Each of the Notes will be held by
its respective Note Holder or a duly appointed custodian of such Note Holder. If the First Securitization is also the Note
A-2 Securitization, on and after the Securitization Date, the originals of all of the Mortgage Loan Documents (except for the
Notes other than Note A-2) shall be transferred to and held in the name of the trustee (and held by a duly appointed
custodian therefor) under the Note A-2 PSA, on behalf of the registered holders of the Notes. If the First Securitization is
not also the Note A-2 Securitization, then (a) on and after the Securitization Date but prior to the Note A-2 Securitization
Date, the originals of all of the Mortgage Loan Documents (except for the Notes other than the First Securitization Note)
shall be held in the name of the trustee (and held by a duly appointed custodian therefor) under the applicable First
Securitization Note PSA, on behalf of the registered holders of the Notes; and (b) on and after the Note A-2 Securitization
Date, the originals of all of the Mortgage Loan Documents (except for the Notes other than Note A-2) shall be transferred to
and held in the name of the trustee (and held by a duly appointed custodian therefor) under the Note A-2 PSA, on behalf of
the registered holders of the Notes.

 

Section
26.          Cooperation in Securitization.

 

(a)          Each
Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder,
each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to satisfy,
and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards
to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace or by the Rating
Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any modifications
to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note Holder in attempting to cause the
Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested
by the Rating Agencies to effect such Securitization; provided, that no Non-Securitizing Note Holder shall be required
to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection
therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to
or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s
obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with
any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating
to such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing
Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing
Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in
connection with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without
any obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary
certifications and deliver all necessary

 

     -42-

     

    

 

opinions (including customary securities law opinions) in connection with the Mortgage
Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof
and to review and respond reasonably promptly with respect to any information relating to such Non-Securitizing Note Holder and
its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information
provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into
the offering documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely
on the information supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably
cooperate with each Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing
Note Holder’s possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials
in connection with a Securitization.

 

Upon
request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and
final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and
servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to
review and comment on such documents.

 

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

 

Section
28.          Broker. Each Note Holder represents to each other that no broker was responsible for bringing about this transaction.

 

Section
29.          Certain Matters Affecting the Agent. 

 

(a)          The
Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 14 and Section 15;

 

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

 

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

 

     -43-

     

    

 

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

 

(e)          The
Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 15;

 

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

 

(g)          The
Agent represents and warrants that it is a Qualified Institutional Lender.

 

Section
30.          Resignation or Termination of Agent. The Agent may
resign at any time on ten (10) days’ prior notice, so long as a successor Agent, reasonably satisfactory to the Note Holders
(it being agreed that a Servicer, the Trustee or a Certificate Administrator in a Securitization is satisfactory to the Note Holders),
has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. BANA, as Initial Agent, may transfer its
rights and obligations to a Servicer, the Trustee or the Certificate Administrator, as successor Agent, at any time without the
consent of any Note Holder. Notwithstanding the foregoing, Note Holders hereby agree that, simultaneously with the closing of
the Lead Securitization, the Master Servicer shall be deemed to have been automatically appointed as the successor Agent under
this Agreement in place of BANA without any further notice or other action. The termination or resignation of such Master Servicer,
as Master Servicer under the Lead Securitization Servicing Agreement, shall be deemed a termination or resignation of such Master
Servicer as Agent under this Agreement, and any successor master servicer shall be deemed to have been automatically appointed
as the successor Agent under this Agreement in place thereof without any further notice or other action.

 

Section
31.          Resizing. Notwithstanding any other provision of this
Agreement, for so long as BANA or an affiliate thereof (an “Original Entity”) is the owner of any Non-Lead
Securitization Note (each, an “Owned Note”), such Original Entity shall have the right, subject to the terms
of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes
(in each case, as applicable, “New Notes”) reallocating the principal of an Owned Note to such New Notes; or
severing an Owned Note into one or more further “component” notes in the aggregate principal amount equal to the then
outstanding principal balance of such Owned Note provided that (i) the aggregate principal balance of all outstanding New Notes
following such amendments is no greater than the aggregate principal of such Owned Note prior to such amendments, (ii) all Notes
continue to have the same weighted average interest rate as the Notes prior to such amendments, (iii) all Notes pay pro rata
and on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms of this
Agreement and (iv) the Original Entity holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts.
If the Lead Securitization Note Holder so requests, the Original Entity holding the New Notes (and any

 

     -44-

     

    

 

subsequent holder of such
Notes) shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except
for the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in
Section 5), no Note may be modified or amended without the consent of its holder and the consent of the holder of each
other Note. In connection with the foregoing (provided the conditions set forth in clauses (i) through (iv) above are satisfied,
as certified by the Original Entity, on which certification the Master Servicer can rely), the Master Servicer is hereby authorized
and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or all of the Note Holders,
as applicable, solely for the purpose of reflecting such reallocation of principal and that each New Note shall be a “Note”
hereunder and for the purpose of adding and modifying any definitions related thereto. If more than one New Note is created hereunder,
for purposes of exercising the rights of a Controlling Note Holder or Non-Controlling Note Holder hereunder, the “Controlling
Note Holder” or “Non-Controlling Note Holder”, as applicable, shall be as provided in the definitions of such
terms in this Agreement; provided that the Controlling Note Holder shall be entitled to designate any New Note created
from the existing Controlling Note to be a Non-Controlling Note hereunder.

 

Section
32.           Original Agreement. This Agreement amends, restates,
supersedes and replaces the Original Agreement in its entirety.

 

[SIGNATURE
PAGE FOLLOWS]

 

     -45-

     

    

 

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

 

	 	BANK OF AMERICA, N.A., as Initial Note A-1 Holder
	 	 	 
	 	By:	/s/ Steven Wasser
	 	 	Name:
                                                                                                                                                                                                                                                                    Steven Wasser
	 	 	Title: Managing Director

  

	 	BANK
OF AMERICA, N.A., as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Steven Wasser
	 	 	Name:
                                                                                                                                                                                                                                                                    Steven Wasser
	 	 	Title: Managing Director

 

Agreement
Between Note Holders – Carriage Place

 

     

     

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

Description
of Mortgage Loan

 

	Mortgage
    Loan Borrower(s):	FNRP
        Carriage Place LLC

         

        Carriage
        Place TIC #1 LLC

         

        Carriage
        Place TIC #2 LLC

         

        Carriage
        Place TIC #3 LLC

         

        Carriage
        Place TIC #4 LLC

         

        NH
Carriage Place TIC LLC

	Date
    of Mortgage Loan (Origination):	September
    11, 2018
	Original
    Principal Amount of Mortgage Loan:	$30,667,500
	Principal
    Amount of Mortgage Loan as of the date hereof:	$30,667,500
	Date
    of each Promissory Note:	November
    2, 2018
	Interest
    Rate of each Promissory Note:	4.9100%
	Promissory
    Note A-1 Principal Balance:	$10,000,000
	Promissory
    Note A-2 Principal Balance:	$20,667,500
	Location
    of Mortgaged Property:	Columbus,
    Ohio
	Initial
    Maturity Date:	October
    1, 2028

 

     A-1

     

    

 

EXHIBIT
B

 

1.     Initial
Note A-1 Holder:

 

(Prior
to Securitization of Note A-1):

 

Bank
of America, N.A.

NC1-027-15-01

214 North Tryon Street

Charlotte, North Carolina 28255

Attention: Steven L. Wasser

Email: steve.l.wasser@baml.com

 

with
a copy to:

 

W.
Todd Stillerman, Esq.

Bank
of America Corporation

NC1-027-20-05

214
North Tryon Street, 18th Floor

Charlotte,
North Carolina 28255

Email: todd.stillerman@bankofamerica.com

 

Following
Securitization of Note A-1, the applicable notice addresses set forth in the related Securitization Servicing Agreement.

 

2.     Initial
Note A-2 Holder:

 

Bank
of America, N.A.

NC1-027-15-01

214 North Tryon Street

Charlotte, North Carolina 28255

Attention: Steven L. Wasser

Email: steve.l.wasser@baml.com

 

with
a copy to:

 

W. Todd Stillerman, Esq.

Bank
of America Corporation

NC1-027-20-05

214
North Tryon Street, 18th Floor

Charlotte, North Carolina 28255

Email: todd.stillerman@bankofamerica.com

 

Following
Securitization of Note A-2, the applicable notice addresses set forth in the related Securitization Servicing Agreement.

 

     B-1

     

    

 

EXHIBIT
C

PERMITTED FUND MANAGERS

 

		1.	Alliance
                                         Bernstein

		2.	Annaly
                                         Capital Management

		3.	Apollo
                                         Real Estate Advisors

		4.	Archon
                                         Capital, L.P.

		5.	AREA
                                         Property Partners

		6.	Artemis
                                         Real Estate Partners

		7.	BlackRock,
                                         Inc.

		8.	Capital
                                         Trust, Inc.

		9.	Clarion
                                         Partners

		10.	Colony
                                         Capital, LLC / Colony Financial, Inc.

		11.	CreXus
                                         Investment Corporation/Annaly Capital Management

		12.	DLJ
                                         Real Estate Capital Partners

		13.	Dune
                                         Real Estate Partners

		14.	Eightfold
                                         Real Estate Capital, L.P.

		15.	Five
                                         Mile Capital Partners

		16.	Fortress
                                         Investment Group, LLC

		17.	Garrison
                                         Investment Group

		18.	Goldman,
                                         Sachs & Co.

		19.	H/2
                                         Capital Partners LLC

		20.	Hudson
                                         Advisors

		21.	Investcorp
                                         International

		22.	iStar
                                         Financial Inc.

		23.	J.P.
                                         Morgan Investment Management Inc.

		24.	JER
                                         Partners

		25.	Lend-Lease
                                         Real Estate Investments

		26.	Libermax
                                         Capital LLC

		27.	LoanCore
                                         Capital

		28.	Lone
                                         Star Funds

		29.	Lowe
                                         Enterprises

		30.	Normandy
                                         Real Estate Partners

		31.	One
                                         William Street Capital Management, L.P.

		32.	Och-Ziff
                                         Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.

		33.	Praedium
                                         Group

		34.	Raith
                                         Capital Partners, LLC

		35.	Rialto
                                         Capital Advisors, LLC

		36.	Rialto
                                         Capital Management, LLC

		37.	Rialto
                                         Capital Partners LLC

		38.	Rimrock
                                         Capital Management LLC

		39.	Rockpoint
                                         Group

		40.	Rockwood

		41.	RREEF
                                         Funds

		42.	Square
                                         Mile Capital Management

		43.	Starwood
                                         Capital Group/Starwood Financial Trust

		44.	The
                                         Blackstone Group

		45.	The
                                         Carlyle Group

		46.	Torchlight
                                         Investors

		47.	Walton
                                         Street Capital, L.L.C.

		48.	Westbrook
                                         Partners

		49.	WestRiver
                                         Capital

		50.	Wheelock
                                         Street Capital

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

 

     C-1ex101newtekconventionall

                                                                    Exhibit 10.1                       NEWTEK CONVENTIONAL LENDING, LLC                    LIMITED LIABILITY COMPANY AGREEMENT    THE  SECURITIES  REPRESENTED  BY  THIS  AGREEMENT  HAVE  NOT  BEEN  REGISTERED  UNDER  THE      SECURITIES  ACT  OF  1933,  AS  AMENDED  (THE  “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS  OF ANY STATES OR OTHER JURISDICTIONS. THEY ARE BEING OFFERED AND SOLD  IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE  SECURITIES ACT AND THE REGISTRATION AND QUALIFICATION REQUIREMENTS  OF  SUCH  LAWS.  THE  SECURITIES  ARE  SUBJECT        TO  RESTRICTIONS  ON  TRANSFERABILITY  AND    RESALE  AND  MAY  NOT  BE  TRANSFERRED  OR  RESOLD  EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT  TO  REGISTRATION,  QUALIFICATION,  OR  EXEMPTION  THEREFROM  AND  IN  ACCORDANCE  WITH  THE    TERMS  OF  THIS  AGREEMENT.  THE  SECURITIES   HAVE  NOT  BEEN  APPROVED  OR   DISAPPROVED  BY  THE   SECURITIES  AND  EXCHANGE  COMMISSION OR BY ANY STATE OR OTHER SECURITIES COMMISSION OR OTHER  REGULATORY  AUTHORITY,  NOR  HAVE  ANY  OF  THE  FOREGOING  AUTHORITIES  PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY  OR  ADEQUACY  OF  THE  OFFERING  MATERIALS,  AND  ANY  REPRESENTATION  TO  THE CONTRARY IS UNLAWFUL.                                                                                                                                    

 

                                                                                                      NEWTEK CONVENTIONAL LENDING, LLC                  LIMITED LIABILITY COMPANY AGREEMENT         This Limited Liability Company Agreement, dated as of November 27, 2018, of Newtek  Conventional Lending, LLC (the “Company”) is entered into by and between Conventional  Lending TCP Holdings LLC and Newtek Commercial Lending, Inc. (each, a “Member” and  collectively, the “Members”).          WHEREAS, the Members desire to form a co-managed limited liability company under  the Act (as defined below) for the purposes and pursuant to the terms set forth herein;          NOW THEREFORE, in consideration of the mutual agreements set forth below, and  intending to be legally bound, the Members hereby agree as follows:                                     ARTICLE I                                                                           DEFINITIONS    Section 1.01 Definitions. For purposes of this Agreement, the following terms shall have the  following meanings:          “1940 Act” means the Investment Company Act of 1940, as amended.          “Acceptance Period” has the meaning set forth in Section 8.01(g)(ii).          “Act” means the Limited Liability Company Act of the State of Delaware, as from time  to time in effect.          “Adjusted Asset Value” with respect to any asset shall be the asset’s adjusted basis for  federal income tax purposes, except as follows:                (i)   The initial Adjusted Asset Value of any asset contributed by a Member to        the Company shall be the gross fair market value of such asset at the time of contribution,        as determined by the contributing Member and the Company.                (ii)  In the discretion of the Administrative Agent, the Adjusted Asset Values        of all Company assets may be adjusted to equal their respective gross fair market values,        as determined by the Board (provided that, the Board shall use the Value of any asset        determined in accordance with Section 10.05), and the resulting unrecognized profit or        loss allocated to the Capital Accounts of the Members pursuant to Article 4, as of the        following times: (A) the grant of an additional interest in the Company to any new or        existing Member; (B) the distribution by the Company to a Member of more than a de        minimis amount of Company assets; (C) the termination of the Company either by        expiration of the Company’s term or the occurrence of an event of early termination; and                                                                                                                                  

 

                                                                                         (D) the liquidation of the Company within the meaning of Treasury Regulation §1.704-       1(b)(2)(ii)(g).                (iii) The Adjusted Asset Values of the Company assets shall be increased (or        decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code        Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are        taken into account in determining Capital Accounts pursuant to Treasury Regulation        Section 1.704-1(b)(2)(iv)(m).          “Adjusted Capital Account”, with respect to any Member, shall mean the Member’s  Capital Account as adjusted by the items described in Sections 1.704-2(g)(1), 1.704-2(i)(5) and  1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Treasury Regulations.          “Administrative Agent” means Newtek Business Services Corp. or an Affiliate thereof  retained by the Company with Board Approval to perform administrative services for the  Company.         “Administrative Services Agreement” means the Administrative Services Agreement  between the Company and the Administrative Agent, as amended from time to time with Board  Approval.            “Advancing Member” has the meaning set forth in Section 4.02.          “Affiliate” means, with respect to a Person, any other Person that directly, or indirectly  through one or more intermediaries, controls, is controlled by, or is under common control with,  the other Person.          “Agreement” means this Limited Liability Company Agreement, as it may from time to  time be amended.          “Board” means the Board of Directors of the Company.          “Board Approval” means, as to any matter requiring Board Approval under this  Agreement, the majority approval or subsequent ratification of the Directors present at a meeting  duly held at which a quorum is present, provided that at least one Director elected, designated, or  appointed by each Member approves any such act or decision. Matters requiring Board Approval  are set forth in further detail in Schedule A of this Agreement.  Board Approval may be received  without a meeting, without notice, and without a vote if all Directors entitled to vote with respect  to the subject matter of that action consent to the action in writing (including by e-mail), and the  writing or writings are filed with the minutes of proceedings of the Board.         “Capital Account” means, as to each Member, the capital account maintained on the  books of the Company for the Member in accordance with Section 5.01.                                          2                                                                                        

 

                                                                                         “Capital Commitment” means, as to each Member, the total amount set forth on the  Member List, which is contributed and agreed to be contributed to the Company by the Member  as a Capital Contribution.          “Capital Contribution” means, as to each Member, the aggregate amount of cash actually  contributed to the equity capital of the Company by the Member as set forth in Section 4.01. The  Capital Contribution of a Member that is an assignee of all or a portion of an equity interest in  the Company shall include the Capital Contribution of the assignor (or a pro rata portion of the  assignor’s Capital Contribution in the case of an assignment of less than the Entire Interest of the  assignor).          “Certificate of Formation” means the certificate of formation for the Company filed  under the Act, as amended from time to time.          “Change of Control” means, with respect to any Person, a transaction which causes the  owners of that Person as of the date of this Agreement and their Affiliates to own less than fifty  percent (50%) of that Person immediately after that transaction.          “Code” means the Internal Revenue Code of 1986, as amended from time to time.          “Company” has the meaning set forth in the recitals.          “Control” means the power, directly or indirectly, to direct the management or policies of  a Person, whether by ownership of securities, by contract, or otherwise.          “Daily Interest Amount” means, with respect to an Investment, the amount obtained by  multiplying the outstanding principal amount of an Investment by the Daily Interest Rate  applicable to that Investment.          “Daily Interest Rate” means (i) for an Investment in the form of a loan or debt, the rate  determined by dividing the per annum interest rate applicable to such Investment by 365, and (ii)  for an Investment in the form of preferred, structured or other equity that has an associated  contractual accruing dividend rate, the rate determined by dividing the per annum contractual  accruing dividend rate applicable to such Investment by 365.          “Default Date” has the meaning set forth in Section 4.03(a).          “Defaulting Member” has the meaning set forth in Section 4.03(a).          “Delayed Contribution” has the meaning set forth in Section 4.02.          “Delayed Member” has the meaning set forth in Section 4.02.          “Depreciation” means, for any period, an amount equal to the depreciation or other cost  recovery deduction allowable with respect to an asset for such period, except that (A) with  respect to any asset the Adjusted Asset Value of which differs from its adjusted tax basis for                                         3                                                                                        

 

                                                                                   federal income tax purposes and which difference is being eliminated by use of the “remedial  method” defined by Treasury Regulation § 1.704-3(d), Depreciation for such period shall be the  amount of book basis recovered for such period under the rules prescribed by Treasury  Regulation § 1.704-3(d)(2), and (B) with respect to any other asset the Adjusted Asset Value of  which differs from its adjusted tax basis at the beginning of such period, Depreciation shall be an  amount which bears the same ratio to such beginning Adjusted Asset Value as the federal  income tax depreciation, amortization, or other cost recovery deduction for such period bears to  such beginning adjusted tax basis; provided, however, that if the adjusted tax basis of any asset at  the beginning of such period is zero, Depreciation with respect to such asset shall be determined  with reference to such beginning Adjusted Asset Value using any reasonable method selected by  the Board.          “Director” means each Person elected, designated, or appointed to serve as a member of  the Board.          “Electing Member” has the meaning set forth in Section 9.03(e).          “Election to Purchase” has the meaning set forth in Section 9.03(e).          “Entire Interest” means all of a Member’s interests in the Company, including the  Member’s transferable interest and all management and other rights.          “ERISA” the Employee Retirement Income Security Act of 1974, as from time to time  amended.          “ERISA Plan” a Person that is an “employee benefit plan” within the meaning of, and  subject to the provisions of, ERISA.          “Expenses” means all costs and expenses, of whatever nature, directly or indirectly borne  by the Company, including those borne under the Administrative Services Agreement but  excluding those borne under the Loan Administrative Services Agreement and the Loan  Servicing Agreement. Expenses include, but are not limited to, referral fees up to 1% of funding  of an Investment to be paid to NBSC Alliance Partners, referral partner relationship management  fees to be paid to NBSC RVPs up to 0.5% of the funding of an Investment,  and certain pass  through expenses (such as search fees, flood search, commercial appraisal reports, environment  reports, credit reports, tax transcripts, etc.) to be paid by the borrower without mark up by the  Loan Administrative Agent.         “GAAP” means United States generally accepted accounting principles.          “Investment” has the meaning set forth in Section 2.04(a).          “Investment Committee” means a committee consisting of an equal number of TCPC IC  Representatives and Newtek IC Representatives.          “Investment Period” has the meaning set forth in Section 7.01(g).                                        4                                                                                        

 

                                                                                         “Investor Laws” has the meaning set forth in Section 8.02(b).          “Loan Administrative Agent” means Newtek Business Lending, LLC or an Affiliate  thereof retained by the Company with Board Approval to perform loan origination  services for  the Company.          “Loan Administrative Services Agreement” means the Loan Administrative Services  Agreement between the Company and the Loan Administrative Agent, as amended from time to  time with Board Approval.          “Loan Servicing Agreement” means the Loan Servicing Agreement between the  Company and the Servicing Agent, as amended from time to time with Board Approval.         “Loss” has the meaning set forth in Section 7.12(a).          “Member” and “Members” have the meaning set forth in the recitals and also includes  any Person that becomes a Member of the Company after the date of this Agreement under the  terms of this Agreement.          “Member List” has the meaning set forth in Section 2.07.          “NBSC” means Newtek Business Services Corp.         “Newtek” means Newtek Commercial Lending, Inc., or any Person substituted for  Newtek Commercial Lending, Inc. as a Member pursuant to the terms of this Agreement.          “NBSC Alliance Partners” means a person or entity who, pursuant to a referral promotion  agreement with NBSC, submits business referrals to NBSC in exchange for commissions paid on  closed referred transactions.         “Newtek Change of Control” has the meaning set forth in Section 7.11(b).          “Newtek IC Representative” has the meaning set forth in Section 7.02.          “NBSC RVPs” means an employee or contractor of NBSC who promotes NBSC’s  products and services in exchange for earning fees or commissions on transactions.         “Notice of Intent” has the meaning set forth in Section 8.01(g)(i).          “Organization Costs” means all out-of-pocket costs and expenses reasonably incurred  directly by the Company or for the Company by a Member or its Affiliates in connection with  the formation and capitalization of the Company, the initial offering of Company interests to  TCPC and Newtek, and the preparation by the Company to commence its business operations,  including reasonable and documented (i) fees and disbursements of legal counsel to the  Company or its Affiliates, (ii) accountant fees and other fees for professional services, and (iii)  travel costs and other out-of-pocket expenses.                                          5                                                                                        

 

                                                                                         “Outstanding” means all Shares (or Shares of a class, as applicable) that are issued by the  Company and reflected as Outstanding on the Company’s books and records as of the date of  determination.         “Partnership Representative” has the meaning provided in 0.          “Person” means an individual or a corporation, partnership, association, joint venture,  company, limited liability company, trust, governmental authority, or other entity.          “Portfolio Company” means, with respect to any Investment, any Person that is the issuer  of any equity securities, equity-related securities or obligations, debt instruments or debt-related  securities, or obligations (including senior debt instruments, including investments in senior  loans, senior debt securities, and any notes or other evidences of indebtedness, preferred equity,  warrants, options, subordinated debt, mezzanine securities, or similar securities or instruments)  that are the subject of the Investment. Portfolio Companies do not include Subsidiaries.          “Prior Investment Committee Approval” means, as to any matter requiring Prior  Investment Committee Approval under this Agreement, the prior approval of at least one TCPC  IC Representatives and one Newtek IC Representatives.          “Proceeding” has the meaning set forth in Section 7.12(a).          “Profit” or “Loss” shall be an amount computed for each period as of the last day thereof  that is equal to the Company’s taxable income or loss for such period, determined in accordance  with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction  required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable  income or loss), with the following adjustments:                (i)   Any income of the Company that is exempt from federal income tax and        not otherwise taken into account in computing Profit or Loss pursuant to this paragraph        shall be added to such taxable income or loss;                (ii)  Any expenditures of the Company described in Code Section 705(a)(2)(B)        or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation        Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Profit or        Loss pursuant to this paragraph shall be subtracted from such taxable income or loss;                (iii) Gain or loss resulting from any disposition of a Company asset with        respect to which gain or loss is recognized for federal income tax purposes shall be        computed by reference to the Adjusted Asset Value of the asset disposed of rather than its        adjusted tax basis;                (iv)  In lieu of the depreciation, amortization and other cost recovery        deductions taken into account in computing such taxable income or loss, there shall be        taken into account Depreciation for such period;                                          6                                                                                        

 

                                                                                               (v)   Gain or loss resulting from any disposition of any Company asset with        respect to which gain or loss is recognized for federal income tax purposes shall be        computed by reference to the Adjusted Asset Value of such asset; and                (vi)  Notwithstanding any other provision of this definition, any items that are        specially allocated pursuant to Section 5.02(a)(ii) shall not be taken into account in        computing Profit or Loss.          If the Profit or Loss for such Period, as adjusted in the manner provided herein, is a  positive amount, such amount will be the Profit for such Period; and if negative, such amount  shall be the Loss for such Period.          “Proportionate Share” means, as to any Member, the percentage that its Capital  Contributions represents of all Capital Contributions.          “Regulations” means the United States Treasury Regulations promulgated under the  Code, as in effect from time to time.          “Sale Period” has the meaning set forth in Section 8.01(g)(iii).          “SEC” means the U.S. Securities and Exchange Commission.          “Securities Act” has the meaning set forth in the legend on the cover page.         “Series A Preferred Shares” means $20,000 liquidation preference, 10% cumulative  series A preferred shares issued by the Company.           “Servicing Agent” means Small Business Lending, LLC, or an Affiliate thereof, or any  back-up servicer, retained by the Company with Board Approval to service the loans originated  by  the Company.          “Shares” means the limited liability company interests into which the membership  interests of the Company shall be divided from time to time and includes fractions of Shares as  well as whole Shares, including but not limited to Class A Common Shares and Series A  Preferred Shares.           “Subsidiary” as to any Person, means any corporation, partnership, limited liability  company, joint venture, trust, or estate of or in which more than 50% of (a) the issued and  outstanding capital stock having ordinary voting power to elect a majority of the board of  directors of the corporation (irrespective of whether at the time capital stock of any other class of  such corporation may have voting power upon the happening of a contingency), (b) the interest  in the capital or profits of such partnership, limited liability company, or joint venture or (c) the  beneficial interest in the trust or estate is at the time directly or indirectly owned or controlled  through one or more intermediaries, or both, by that Person. Unless otherwise qualified, all  references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or  Subsidiaries of the Company.                                         7                                                                                        

 

                                                                                         “TCPC” means Conventional Lending TCP Holdings LLC, or any Person substituted for  Conventional Lending TCP Holdings LLC, as a Member pursuant to the terms of this  Agreement.          “TCPC Change of Control” has the meaning set forth in Section 7.11(b).          “TCPC IC Representative” has the meaning set forth in Section 7.02.          “Temporary Advance” has the meaning set forth in Section 4.02.          “Temporary Advance Fee” means, with respect to any Temporary Advance made by an  Advancing Member relating to an Investment that closes prior to the time that a Delayed  Member has made its Delayed Contribution, an amount equal to the product of (i) the sum of the  Daily Interest Amounts for each day beginning on the date the Investment is made and ending on  the date prior to which the Delayed makes has made its Delayed Contribution and (ii) the  Delayed Member’s Proportionate Share (after giving effect to the Delayed Contribution).          “Transfer” or “transfer” means, with respect to any Member’s interest in the Company,  the direct or indirect sale, assignment, transfer, withdrawal, mortgage, pledge, hypothecation,  exchange, or other disposition of any part or all of that interest, whether or not for value and  whether such disposition is voluntary, involuntary, by operation of law, or otherwise, and a  “transferee” or “transferor” means a Person that receives or makes a transfer. Notwithstanding  the foregoing, a “Transfer” shall not include any pledge or grant of a security interest in a  Member’s interest in the Company to a lender.          “Treasury Regulations” means all final and temporary federal income tax regulations, as  amended from time to time, issued under the Code by the United States Treasury Department.          “Undistributed Net Investment Income” means the Company’s net investment income,  determined in accordance with generally accepted accounting principles, for the current and all  prior periods, reduced by all amounts previously distributed to the Members.          “Value” means, as of the date of computation with respect to some or all of the assets of  the Company or any assets acquired by the Company, the value of those assets determined in  accordance with Section 10.05.                                              ARTICLE II                                                                      GENERAL PROVISIONS    Section 2.01 Formation of the Limited Liability Company. The Company was formed under  and pursuant to the Act upon the filing of the Certificate of Formation in the office of the  Secretary of State of the State of Delaware, and the Members hereby agree to continue the  Company under and pursuant to the Act. The Members agree that the rights, duties, and                                        8                                                                                        

 

                                                                                   liabilities of the Members shall be as provided in the Act, except as otherwise provided in this  Agreement. Each Person being admitted as a Member as of the date of this Agreement shall be  admitted as a Member at the time the Person has executed this Agreement or a counterpart of this  Agreement. By its signature to this Agreement (or, in the case of substitute Members, the  instrument described in Section 8.01(c) below whereby such transferee becomes a party to this  Agreement), each Member represents to the Company and to the other Members that (1) the  Member is an “accredited investor” as defined in Rule 501 under the Securities Act, and is a  “qualified purchaser” as defined in Section 2(a)(51) under the 1940 Act, and (2) the Member  understands that the securities represented by this Agreement have not been and will not be  registered under the Securities Act or any state securities laws and cannot be sold or otherwise  distributed by the Member unless the securities either are registered or otherwise qualified under  the Securities Act and any applicable state securities laws or are exempt from such registrations  or qualifications. In addition to the foregoing representations, each Member represents to the  Company and to the other Members as follows:          (a)   It is duly organized and validly existing under the laws of the jurisdiction of its              organization;          (b)   It has the power to execute and deliver this Agreement and the documents              referred to in this Agreement and to perform its obligations under this Agreement              and has taken all necessary action to authorize the execution, delivery, and              performance;          (c)   The execution, delivery, and performance do not violate or conflict with any law              applicable to it, any provision of its organizational documents, any order or              judgment of any court or other agency of government applicable to it, or any of its              assets or any contractual restriction binding on or affecting it or any of its assets;          (d)   All governmental and other consents that are required to have been obtained by it              with respect to this Agreement and the documents referred to in this Agreement              have been obtained and are in full force and effect and all conditions of any such              consents have been complied with;          (e)   This Agreement constitutes and, upon execution of the documents referred to in              this Agreement, those documents will constitute, its legal, valid, and binding              obligation, enforceable in accordance with their respective terms (subject to              applicable bankruptcy, reorganization, insolvency, moratorium, or similar laws              affecting creditors’ rights generally and subject, as to enforceability, to equitable              principles of general application regardless of whether enforcement is sought in a              proceeding in equity or at law);          (f)   It is entering into this Agreement for its own account for investment and not with              a view to any distribution of the interests in the Company. It fully understands,              accepts, and is able to bear the economic risks associated with the obligations and              undertakings contained in this Agreement; and                                          9                                                                                        

 

                                                                                         (g)   It has taken or will take all necessary steps to ensure its compliance with all              applicable federal and state securities laws and regulations.    Section 2.02 Company Name. The name of the Company shall be “Newtek Conventional  Lending, LLC,” or such other name as approved by Board Approval.    Section 2.03 Place of Business; Agent for Service of Process.          (a)   The registered office of the Company in the State of Delaware is located at 1209              Orange Street, Wilmington, Delaware 19801, Delaware, or such other place as the              Members may designate. The name of its registered agent for service at that              address is Corporation Trust Center or such other Person as the Members may              designate.          (b)   The initial principal business office of the Company shall be at 1981 Marcus              Avenue, Suite 130, Lake Success, NY 11042.    Section 2.04 Purpose and Powers of the Company.          (a)   The purpose and business of the Company shall be (i) to originate, structure and              invest in first lien loans to and other investments in third-party Portfolio              Companies (“Investments”), and (ii) to engage in any other lawful acts or              activities as the Board deems reasonably necessary or advisable for which limited              liability companies may be organized under the Act.         (b)   Subject to the provisions of this Agreement, the Company shall have the power              and authority to take any and all actions necessary, appropriate, proper, advisable,              convenient, or incidental to, or for the furtherance of, the purposes set forth in              Section 2.04(a).          (c)   The Company may enter into and perform each of the Administrative Services              Agreement, the Loan Administrative Services Agreement and the Loan Servicing              Agreement, without any further act, vote, or approval of any Member              notwithstanding any other provision of this Agreement, the Act or any other              applicable law, rule or regulation.    Section 2.05 Fiscal Year. The fiscal year of the Company shall be the period ending on  December 31 of each year.    Section 2.06 Liability of Members. Except as expressly provided in this Agreement, a Member  shall have such liability for the repayment, satisfaction, and discharge of the debts, liabilities, and  obligations of the Company only as is provided by the Act. A Member that receives a  distribution made in violation of the Act shall be liable to the Company for the amount of that  distribution to the extent, and only to the extent, required by the Act. The Members, in their  capacities as Members, shall not otherwise be liable for the repayment, satisfaction, or discharge  of the Company’s debts, liabilities, and obligations, except that each Member shall be required to                                        10                                                                                        

 

                                                                                   make Capital Contributions in accordance with the terms of this Agreement and shall be required  to repay any distributions which are not made in accordance with this Agreement.    Section 2.07 Member List. The Administrative Agent shall cause to be maintained in the  principal office of the Company a list (the “Member List”) setting forth, with respect to each  Member, the Member’s name, address, Capital Commitment, and such other information as the  Administrative Agent may deem necessary or desirable or as required by the Act. The  Administrative Agent shall from time to time update the Member List as necessary to reflect  accurately the information in the Member List. Any reference in this Agreement to the Member  List shall be deemed to be a reference to the Member List as in effect from time to time. No  action of the Members shall be required to supplement or amend the Member List. Revisions to  the Member List made by the Administrative Agent as a result of changes to the information set  forth in the Member List made in accordance with this Agreement shall not constitute an  amendment of this Agreement. The initial Member List is attached to this Agreement as  Appendix A.                                    ARTICLE III                                                               SHARES OF MEMBERSHIP INTEREST    Section 3.01 Beneficial Interest. The interest of the Members in the Company hereunder shall  be divided into an unlimited number of Shares of membership interest, no par value per Share.   Section 3.02 Classes and Series.  Initially there shall be one class of common shares, Class A  Common Shares, and one series of preferred shares, Series A Preferred Shares.  The Board of  Directors shall have the authority, without the approval of any Members of the Company, to  classify and reclassify issued and unissued Shares into one or more classes and one or more  series of any or all of such classes, each of which classes and series thereof shall have such  designations, powers, preferences, voting, conversion and other rights, limitations, qualifications  and terms and conditions as the Board of Directors shall determine from time to time with  respect to each such class or series.  Unless otherwise expressly stated herein, all common shares  shall vote as a single class on any matter.   Section 3.03 Issuance of Shares.  Subject to the other provisions of this Agreement, the Board  of Directors, in its sole discretion, may from time to time without vote of the Members create  additional classes and series of classes of Shares and issue Shares of any class or any series of  any such class (including preferred interests or other participation interests) to such Person or  Persons and for such amount and type of consideration, including cash, property future services  or any other lawful consideration, at such time or times, and on such terms as the Board of  Directors may determine, and may in such manner acquire other assets (including the acquisition  of assets subject to, and in connection with the assumption of, liabilities) and businesses;  provided that, without the consent of the holders of at least a majority of the Series A Preferred  Shares, the Company shall not create or issue any class or series of shares having priority over  the Series A Preferred Shares with respect to distributions.                                             11                                                                                        

 

                                                                                   Section 3.04 Rights of Members.  The Shares shall be personal property giving only the rights  in this Agreement specifically set forth.  The ownership of the Assets of every description is  vested in the Company.  Except as otherwise set forth in this Agreement, the right to conduct and  supervise the conduct of the business of the Company is vested exclusively in the Board of  Directors (subject to the right of the Board of Directors to delegate all or any part of its authority  to any Person or group of Persons, including, without limitation, any employee of any subsidiary  of the Company), and the Members shall have no interest therein other than the beneficial  interest conferred by their Shares, and they shall have no right to call for any partition or division  of any property, profits, rights or interests of the Company nor can they be called upon to share  or assume any losses of the Company or suffer an assessment of any kind by virtue of their  ownership of Shares.  A Person shall cease to be a Member when it no longer has any Shares.   Section 3.05 Book Entry.  The Shares shall be evidenced only on the books of the Company  and no certificates therefor shall be issued unless otherwise determined by the Board of  Directors.  Any certificate reflecting the number of Shares held by any Person will bear a legend  to the following effect unless otherwise agreed by the Company and the holder thereof:         “The securities represented by this certificate have not been registered under the        Securities Act of 1933 (the “Act”) or applicable state securities laws (the “State        Acts”), and shall not be sold, pledged, hypothecated, donated, or otherwise        Transferred (whether or not for consideration) by the holder except upon the        issuance to the Company of a favorable opinion of its counsel or submission to        the Company of such other evidence as may be satisfactory to counsel for the        Company, to the effect that any such Transfer shall not be in violation of the Act        and the State Acts.  Sale, pledge, Transfer or hypothecation of this membership        interest is restricted by the provisions of certain agreements among certain        Members and the Company, and the limited liability company agreement of the        Company, a copy of each of which may be inspected at the principal office of the        Company, and all the provisions of which are incorporated by reference herein.”                                    ARTICLE IV                                                               COMPANY CAPITAL AND INTERESTS    Section 4.01 Capital Commitments.          (a)   Each Member’s Capital Commitment shall be set forth on the Member List and              shall be payable in cash in U.S. dollars. Within three (3) business days after notice              from the Administrative Agent specifying the amount of a Capital Contribution              then to be paid, or such later date as may be specified in such notice, a Member              shall pay the Capital Contribution; provided that any amount of a Capital              Contribution to be used for a purpose requiring Prior Investment Committee              Approval or Board Approval shall be subject to the Prior Investment Committee              Approval or Board Approval, as applicable. Capital Contributions shall be made              by all Members pro rata based on their respective Capital Commitments.                                          12                                                                                        

 

                                                                                         (b)   Capital Contributions that are not used within ninety (90) days shall be returned to              the Members in the same proportion in which made, in which case such amount              shall be added back to the unfunded Capital Commitments of the Members and              may be recalled by the Company as set forth in this Article IV.    Section 4.02 Temporary Advances. Following a notice from the Loan Administrative Agent  pursuant to Section 4.01 above relating to a Capital Contribution, a Member (the “Advancing  Member”), in its discretion and in addition to its own Capital Contribution relating to that notice,  may make loans (“Temporary Advances”) to temporarily fund the Company or people or entities  in which the Company has already invested until Capital Contributions (“Delayed  Contributions”) are made by the Members (each, a “Delayed Member”) who have not yet made  Capital Contributions relating to the notice as set forth in Section 4.01. Any Temporary  Advances shall be repaid from the Delayed Members’ Capital Contributions under Section 4.01  (including from any Delayed Contributions), with any unreturned Temporary Advances and any  Temporary Advance Fees paid as set forth in Section 6.01.    Section 4.03 Defaulting Members.          (a)   Upon the failure of any Member (a “Defaulting Member”) to pay in full any              portion of the Member’s Capital Commitment within ten (10) days after written              notice from the other Member (the “Default Date”) that the payment is overdue,              the other Member, in its sole discretion, shall have the right to pursue one or more              of the following remedies on behalf of the Company if the failure has not been              cured in full within the ten-day period:                (i)   collect the unpaid portion (and all attorneys’ fees and other costs incident                    to the collection) by exercising or pursuing any legal remedy the Company                    may have; and                (ii)  upon thirty (30) days’ written notice (which period may commence during                    the ten-day notice period provided above), and provided that the overdue                    payment has not been made, dissolve and wind down the Company in                    accordance with Article IX.                Except as set forth in Section 4.03(b), the non-defaulting Member’s election to              pursue any one of those remedies shall not be deemed to preclude the Member              from pursuing any other such remedy, or any other available remedy,              simultaneously or subsequently.          (b)   Notwithstanding any provision of this Agreement to the contrary,                (i)   a Defaulting Member shall remain fully liable to the creditors of the                    Company to the extent provided by law as if the default had not occurred;                (ii)  a Defaulting Member shall not be entitled to distributions made after the                    Default Date until the default is cured and any distributions to which the                                        13                                                                                        

 

                                                                                                     Defaulting Member would otherwise have been entitled if the default had                    not occurred shall be applied to cure any default; and                (iii) the Company shall not make new Investments after the Default Date until                    the default is cured, except for those Investments which the Company was                    committed to make in whole or in part (as evidenced by a commitment                    letter, term sheet, or letter of intent, or definitive legal documents under                    which less than all advances have been made) on or before the Default                    Date.    Section 4.04 Interest or Withdrawals. No Member shall be entitled to receive any interest on  any Capital Contribution to the Company. Except as otherwise specifically provided in this  Agreement, no Member shall be entitled to withdraw any part of its Capital Contributions or  Capital Account balance.    Section 4.05 Admission of Additional Members.          (a)   The Members may, with Board Approval, (i) admit additional Members upon              terms approved by Board Approval, (ii) permit existing Members to subscribe for              additional interests in the Company, and (iii) admit a substitute Member in              accordance with Section 8.01.          (b)   Each additional Member shall execute and deliver a written instrument              satisfactory to the existing Members whereby the additional Member becomes a              party to this Agreement, as well as a subscription agreement and any other              documents reasonably required by the existing Members. Each additional              Member shall thereafter be entitled to all the rights and subject to all the              obligations of Members as set forth in this Agreement. Upon the admission of or              the increase in the interest of any Member as provided in this Section 4.05, the              Administrative Agent is hereby authorized to update the Member List, as              required, to reflect the admission or increase.   Section 4.06 Alternative Investment Vehicle. Based on legal, tax, regulatory, and other  structuring considerations, in connection with particular Investments, the Company may, with  prior Board approval, create one or more partnerships, corporations, or other entities (each, an  “Alternative Investment Vehicle”), through which Members invest directly, through which the  Company invests, or which invests on a side-by-side basis with the Company, for purposes of  making, holding, and disposing of one or more Investments. To the extent that one or more of the  Members are required to provide capital directly to an Alternative Investment Vehicle, the  investment shall be to the same extent, for the same purposes, and on the same terms and  conditions as the Members are required to provide capital to the Company, and the capital shall  reduce the unfunded Capital Commitment to the same extent as if made to the Company. The  terms of any Alternative Investment Vehicle, including the terms with respect to management  and control of the Alternative Investment Vehicle, shall be substantially similar in all material  respects to those of the Company; provided, that, those terms may vary based on the structure of  the relevant transaction, legal, tax, and regulatory considerations. Any Alternative Investment                                        14                                                                                        

 

                                                                                   Vehicle shall be structured in a manner whereby the Members participating in the Alternative  Investment Vehicle shall bear the incremental costs of the alternative arrangement (including  taxes). The governing documents of any Alternative Investment Vehicle shall provide for the  limited liability of the Members to the same extent in all material respects as is provided to the  Members under this Agreement. If a Member fails to provide all or a portion of its required  capital to an Alternative Investment Vehicle on the applicable drawdown date (unless the  Member is excused from providing such capital by the governing documents of the Alternative  Investment Vehicle), the other Member shall be entitled to pursue any and all remedies set forth  in Section 4.03 in addition to any applicable provisions of the governing documents of the  Alternative Investment Vehicle.                                     ARTICLE V                                                                          ALLOCATIONS    Section 5.01 Capital Accounts.          (a)   A Capital Account shall be maintained for each Member in accordance with the              following provisions:                (i)   To each Member’s Capital Account there shall be credited such Member’s                    Capital Contributions, such Member’s distributive share of Profits and any                    items in the nature of income or gain which are specially allocated to such                    Member, and the amount of any Company liabilities assumed by such                    Member or which are secured by any property distributed to such                    Member;                (ii)  To each Member’s Capital Account there shall be debited the amount of                    cash and the Value of any property distributed to such Member pursuant to                    any provision of this Agreement, such Member’s distributive share of                    Losses and any items in the nature of expenses or losses which are                    specially allocated to such Member, and the amount of any liabilities of                    such Member assumed by the Company or which are secured by any                    property contributed by such Member to the Company; and                (iii) In determining the amount of any liability for purposes of Sections                    5.01(a)(i) and 5.01(a)(ii), there shall be taken into account Section 752(c)                    of the Code and any other applicable provisions of the Code and                    Regulations thereunder.          (b)   The foregoing provisions and the other provisions of this Agreement relating to              the maintenance of Capital Accounts are intended to comply with Section 1.704-             1(b) of the Treasury Regulations and shall be interpreted and applied in a manner              consistent with such regulations. The Board shall modify the manner in which the              Capital Accounts, or any debits or credits thereto (including, without limitation,              debits or credits relating to liabilities which are secured by contributed or                                        15                                                                                        

 

                                                                                               distributed property or which are assumed by the Company or the Members) are              computed to the extent any such modifications (a) are necessary or appropriate to              maintain equality between the Capital Accounts of the Members and the amount              of Company capital reflected on the Company’s balance sheet, as computed for              book purposes in accordance with Section 1.704-1(b)(2)(iv)(g) of the Treasury              Regulations, and (b) any such modifications are required to comply with the              Treasury Regulations, whether on account of an unanticipated event or otherwise;              provided that no such modification will be made if such modification is              reasonably likely to have a material adverse effect on any Member.    Section 5.02 Allocations.          (a)   General Allocations.                (i)   Allocations of Profit and Loss. Subject to the special allocations set forth                    in Section 5.02(a)(ii), the Profits or Losses (or items of income, gain, loss,                    or deduction, as may be necessary) for a fiscal year, or other relevant                    period, shall be allocated among the Members in such a manner that, as of                    the end of such period and to the extent possible with respect to each                    Member, such Member’s Adjusted Capital Account shall be equal to the                    amount that would be distributed to such Member under this Agreement if                    the Company were to, (A) liquidate the assets of the Company for an                    amount equal to the Adjusted Asset Value of such property as of the end                    of such fiscal year or other relevant period, (B) all liabilities of the                    Company are satisfied (limited in the case of any nonrecourse loan to an                    amount equal to the Adjusted Asset Value of any property securing loan),                    and (C) distribute the proceeds in liquidation in accordance with Section                    9.03(d)(iv) of this Agreement.                (ii)  Regulatory Allocations. Notwithstanding the allocations set forth in                    Section 5.02(a), Profit and Loss or specific items of income, gain, loss or                    deduction shall be specially allocated to the Members in order to comply                    with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2                    (including the minimum gain chargeback requirement in Regulations                    Section 1.704-2(f), the partner minimum gain chargeback requirement in                    Regulations Section 1.704-2 (i)(4) and the qualified income offset                    requirement of the alternate test for economic effect in Regulations                    Section 1.704-1(b)(2)(ii)(d)). Allocations of Profit and Loss for the fiscal                    years or other relevant period after any period in which this Section                    5.02(a)(ii) applies shall be made in a way that, to the extent possible,                    reverses the effects of any allocations pursuant to this Section 5.02(a)(ii).                    The Administrative Agent shall apply such provisions in its good faith                    discretion based on advice from the Company’s tax advisors.                                           16                                                                                        

 

                                                                                         (b)   Loss Limitation. Losses allocated pursuant to Section 5.02(a) shall not exceed the              maximum amount of Losses that can be allocated without causing any Member to              have a negative Capital Account balance at the end of any fiscal year or other              relevant period (after taking into account the adjustments, allocations and              distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and              (6)). In the event some but not all of the Members would have negative Capital              Account balances as a consequence of an allocation of Losses pursuant to Section              5.02(a), the limitation set forth in this Section 5.02(b) shall be applied on a              Member by Member basis and Losses not allocable to any Member as a result of              such limitation shall be allocated to other Members in accordance with the              positive balances in such Member’s Capital Accounts so as to allocate the              maximum permissible Losses to such Member under Regulations Section 1.704-             1(b)(2)(ii)(d). Allocations of Profit and Loss for the fiscal years or other relevant              period after any period in which this Section 5.02(b) applies shall be made in a              way that, to the extent possible, reverses the effects of any limitations on              allocations of Losses pursuant to this Section 5.01(b).    Section 5.03 Transfers of Membership Interests. All items of Profit and Loss allocable to any  Company interest that may have been transferred or otherwise disposed of shall be allocated  between the transferor and the transferee based on an interim closing of the books, as determined  in good faith with Board Approval; provided, however, that this allocation must be made in  accordance with a method permissible under Section 706 of the Code and the Regulations  thereunder.    Section 5.04 Tax Allocations; Section 704(c) of the Code. For each fiscal year, items of  income, deduction, gain, loss or credit that are recognized for federal income Tax purposes shall  be allocated among the Members pursuant to Section 1.704-1(b) of the Treasury Regulations in  such manner as to reflect equitably amounts credited to or debited from each Member’s Capital  Account for the current and prior fiscal years. Such allocations shall take into account any  variation between the adjusted Tax basis of property of the Company and its Adjusted Asset  Value, in accordance with the principles of Section 704(c) of the Code and the Treasury  Regulations thereunder. Any elections or other decisions relating to such allocations shall be  made by the Board. The Company shall elect for federal tax purposes to amortize any  Organization Costs over 180 months in accordance with Section 709 of the Code. Allocations  pursuant to this Section 5.04 are solely for purposes of federal, state and local Taxes and shall  not affect, or in any way be taken into account in computing, any Member’s share of Profits,  Losses, distributions or other items pursuant to any other provision of this Agreement.    Section 5.05 Classification as a Partnership. The Company shall be classified as a partnership  for U.S. federal income tax purposes and no person shall take any action inconsistent with such  classification.                                           17                                                                                        

 

                                                                                                                    ARTICLE VI                                                                          DISTRIBUTIONS    Section 6.01 General.          (a)   To the extent of available cash and cash equivalents after payment of Expenses,              the Company shall make distributions quarterly in the amounts as determined by              Board Approval, shared among the Members as set forth in Section 6.01(b)              below; provided that the amount of any distribution may be reduced as provided              by Section 6.02 and Section 6.03.          (b)   All distributions under this Section 6.01 shall be shared among the Members as              follows:                (i)   First, to pay the servicing fee pursuant to the Loan Servicing Agreement,                    which shall be 1.0% per annum on the total principal amount of the loans                    serviced by the Servicing Agent, payable on a monthly basis;               (ii)  Second, to pay any outstanding Temporary Advances and Temporary                    Advance Fees; provided, that Temporary Advance Fees relating to an                    Investment only be paid after and to the extent the Company actually                    received interest payments relating to such Investment.                (iii) Third,  to the Members holding Series A Preferred Shares pro rata based                    upon, with respect to any such Member, the relative number of Series A                    Preferred Shares held by such Member compared to the aggregate number                    of Series A Preferred Shares Outstanding, until such Member has received                    a cumulative compounding return of ten percent (10%), annualized, on its                    Capital Contributions;               (iv)  Fourth, to pay the loan administrative fee pursuant to Section 6(B) of the                    Loan Administrative Services Agreement, which shall be .50% per annum                    on any Capital Contribution made by TCPC and which shall be payable as                    follows: 0.125% time the amount of the Capital Contribution made by                    TCPC on the last day of the applicable quarter; and                (v)   Fifth, to the Members holding Class A Common Shares pro rata based                    upon, with respect to any such Member, the relative number of Class A                    Common Shares held by such Member compared to the aggregate number                    of Class A Common Shares Outstanding.    Section 6.02 Withholding. The Company may withhold from any distribution to any Member  any amount which the Company has paid or is obligated to pay in respect of any withholding or  other tax, including any interest, penalties, or additions with respect any withholding or other tax  imposed on any interest or income of or distributions to the Member, and the withheld amount                                        18                                                                                        

 

                                                                                   shall be considered an interest payment or a distribution, as the case may be, to the Member for  purposes of this Agreement. If no payment is then being made to the Member in an amount  sufficient to pay the Company’s withholding obligation, then any amount that the Company is  obligated to pay shall be deemed an interest-free advance from the Company to the Member,  payable by the Member by withholding from subsequent distributions or within ten (10) days  after receiving written request for payment from the Company.    Section 6.03 Certain Limitations. Notwithstanding Sections 6.01 and 6.02:          (a)   In no event shall the Company make a distribution to the extent that it would (i)              render the Company insolvent, or (ii) violate Section 18-607(a) of the Act or other              applicable law.          (b)   Without Board Approval, the Company shall not make in-kind distributions.              Distributions of securities and of other non-cash assets of the Company upon              Board Approval shall only be made pro rata to all Members (in proportion to their              respective Capital Accounts) with respect to each security or other asset              distributed. Securities listed on a national securities exchange that are not              restricted as to transferability and unlisted securities for which an active trading              market exists and that are not restricted as to transferability shall be valued in the              manner contemplated by Section 10.05 as of the close of business on the day              preceding the distribution, and all other securities and non-cash assets shall be              valued as determined in the last valuation made pursuant to Section 10.05.                                    ARTICLE VII                                                                   MANAGEMENT OF COMPANY    Section 7.01 Management Generally.          (a)   The management of the Company and its business and affairs shall be vested in              the Board. The Board shall act as the “manager” of the Company for the purposes              of the Act. The Members shall not manage or control the business and affairs of              the Company, except for situations in which the approval of all or certain              Members is required by this Agreement or by non-waivable provisions of              applicable law. Matters requiring Board Approval are set forth in further detail in              Schedule A of this Agreement.          (b)   Notwithstanding Section 7.01(a), the matters detailed in Schedule B of this              Agreement will require the approval (“Prior Investment Committee Approval”) of              a committee (the “Investment Committee”), rather than Board Approval.           (c)   The Company shall establish a non-conforming credit policy and a non-             conforming pricing matrix to be approved by Board Approval.  Potential              Investments shall be originated in accordance with such Board approved non-             conforming credit policy and a non-conforming pricing matrix.                                        19                                                                                        

 

                                                                                         (d)   The Company is entering into the Loan Administrative Services Agreement with              the Loan Administrative Agent, pursuant to which certain loan origination              services functions are delegated to the Loan Administrative Agent. The Members              agree that, notwithstanding anything to the contrary in this Agreement, the Loan              Administrative Services Agreement shall not require Board Approval and is              hereby approved by the Members; provided, that any amendments to the Loan              Administrative Services Agreement after the date of this Agreement shall require              Board Approval. The function of the Loan Administrative Agent shall be              administrative only.         (e)   The Company is entering into the Administrative Services Agreement with the              Administrative Agent, pursuant to which certain administrative services are              delegated to the Administrative Agent. The Members agree that, notwithstanding              anything to the contrary in this Agreement, the Administrative Services              Agreement shall not require Board Approval and is hereby approved by the              Members; provided, that any amendments to the Administrative Services              Agreement after the date of this Agreement shall require Board Approval. The              function of the Administrative Agent shall be administrative only and              Administrative Agent shall not charge a fee to the Company for providing              services under the Administrative Services Agreement, but shall be entitled to              recover out-of-pocket expenses and costs incurred on behalf of the Company.          (f)   The Company is entering into the Loan Servicing Agreement with the Servicing              Agent, pursuant to which certain loan servicing and administrative functions are              delegated to the Servicing Agent. The Members agree that, notwithstanding              anything to the contrary in this Agreement, the Loan Servicing Agreement shall              not require Board Approval and is hereby approved by the Members; provided,              that any amendments to the Loan Servicing Agreement after the date of this              Agreement shall require Board Approval. The function of the Servicing Agent              shall be administrative only.  The Company shall also arrange for a back-up              servicer to ensure a seamless transition in servicing in the event of a Servicing              Agent default pursuant to the Loan Servicing Agreement.           (g)   Subject to prior Board approval, the Company shall not originate, structure or              invest in any Investment following December 31, 2020 (the “Investment Period”).   Section 7.02 Board of Directors; Investment Committee.          (a)   The Members may determine at any time by mutual agreement the number of              Directors to constitute the Board and the authorized number of Directors may be              increased or decreased by the Members at any time by mutual agreement, upon              notice to all Directors; provided that at all times each Member has an equal              number of Directors on the Board. The initial number of Directors shall be four              (4), and each Member shall elect, designate, or appoint two (2) Directors. The              initial Directors appointed by Newtek are Barry Sloane and Peter Downs and the                                         20                                                                                        

 

                                                                                                initial Directors appointed by TCPC are Rajneesh Vig and Keon Reed. Each        Director elected, designated, or appointed by a Member shall hold office until a        successor is elected and qualified by the Member or until the Director’s earlier        death, resignation, expulsion, or removal. A Director need not be a Member. At        all times, the Board shall have equal representation between TCPC and Newtek.   (b)   The Directors will determine the number of members of the Investment        Committee and the authorized number of committee members may be increased        or decreased by the Directors at any time provided that at all times each Member        has appointed an equal number of members to the Investment Committee. The        initial number of members of the Investment Committee shall be four (4), and        each Member shall elect, designate, or appoint two (2) members of the Investment        Committee. The initial members of the Investment Committee appointed by        Newtek are Peter Downs and Anthony Zara and the initial members of the        Investment Committee appointed by TCPC are Rajneesh Vig and Keon Reed. At        any time and from time to time, (x) TCPC may designate, remove, or designate a        successor to any Person or Persons designated by TCPC to serve on the        Investment Committee (each of those Persons, a “TCPC IC Representative”) by        written notice to Newtek and (y) Newtek may designate, remove, or designate a        successor to any Person or Persons designated by Newtek to serve on the        Investment Committee (each of those Persons, a “Newtek IC Representative”) by        written notice to TCPC.    (c)   Each Director, TCPC IC Representative, and Newtek IC Representative shall        devote substantially all of his or her professional time to the Company, the        Member by whom he or she was appointed, and that Member’s Affiliates. At such        time as any Director, TCPC IC Representative, or Newtek IC Representative shall        cease to devote substantially all of his or her professional time to the Company,        the Member by whom he or she was appointed, and that Member’s Affiliates, the        Director, TCPC IC Representative, or Newtek IC Representative, as applicable,        shall be ineligible to serve in that capacity and must be replaced immediately by        the Member by whom he or she was appointed.    (d)   The Investment Committee shall operate in a manner as set forth in Schedule C of        this Agreement, and any change to such operations shall require Prior Investment        Committee Approval.    (e)   Subject to matters requiring Board Approval and Prior Investment Committee        Approval, the Investment Committee shall have the power to do any and all acts        necessary, convenient, or incidental to or for the furtherance of the purposes        described in this Agreement, including all powers, statutory or otherwise. The        Investment Committee has the authority to bind the Company.                                     21                                                                                                                         

 

                                                                                         (f)   Subject to Board Approval, the Company shall obtain directors and officers              insurance coverage on the Company, the Directors, and the members of the              Investment Committee.    Section 7.03 Meetings of the Board of Directors. The Board may hold meetings, both regular  and special, within or outside the State of Delaware. Meetings of the Board may be called by any  Director on not less than 24 hours’ notice to each Director by telephone, facsimile, mail,  telegram, email, or any other similar means of communication, with the notice stating the place,  date, and hour of the meeting (and the means by which each Director may participate by  telephone conference or similar communications equipment in accordance with Section 7.05 of  this Agreement) and the purpose or purposes for which the meeting is called. Special meetings  may be called by a Director in like manner and with like notice upon the written request of any  one or more of the Directors. Attendance of a Director at any meeting (including any meeting  that occurs less than 24 hours after notice of the meeting) shall constitute a waiver of notice of  the meeting, except where a Director attends a meeting for the express purpose of objecting to  the transaction of any business because the meeting is not lawfully called or convened.    Section 7.04 Quorum; Acts of the Board.          (a)   At all meetings of the Board the presence of two (2) Directors shall constitute a              quorum for the transaction of business, provided that there are at least one              Director is present that was elected, designated, or appointed by each Member. If              a quorum shall not be present at any meeting of the Board, then the Directors              present at the meeting may adjourn the meeting from time to time, without notice              other than announcement at the meeting, until a quorum is present.          (b)   Every act or decision done or made by the Board shall require majority approval              of the Directors present at a meeting duly held at which a quorum is present,              provided that at least one Director elected, designated, or appointed by each              Member approves any such act or decision. The Company shall not have the              authority without Board Approval to approve or undertake any item set forth in              Section 1 of Schedule A of this Agreement (as such schedule may be amended              from time to time with Board Approval). Any action required or permitted to be              taken at any meeting of the Board may be taken without a meeting, without              notice, and without a vote if all Directors entitled to vote with respect to the              subject matter of that action consent to the action in writing (including by e-mail),              and the writing or writings are filed with the minutes of proceedings of the Board.   Section 7.05 Electronic Communications. Members of the Board may participate in meetings  of the Board, or any committee, by means of telephone conference or similar communications  equipment that allows all persons participating in the meeting to hear each other, and such  participation in a meeting shall constitute presence in person at the meeting. If all the participants  are participating by telephone conference or similar communications equipment, then the  meeting shall be deemed to be held at the principal place of business of the Company.                                          22                                                                                        

 

                                                                                   Section 7.06 Compensation of Directors; Expenses. The Directors shall not receive any  compensation. However, the Directors shall be reimbursed for their reasonable out-of-pocket  expenses, if any, of attendance at meetings of the Board. No such payment shall preclude any  Director from serving the Company in any other capacity and receiving compensation for those  services.    Section 7.07 Removal and Resignation of Directors; Vacancies. Without limitation of Section  7.02(c) above, and unless otherwise restricted by law, any Director may be removed or expelled,  with or without cause, at any time solely by the Member that elected, designated, or appointed  the Director. Any Director may resign at any time by giving written notice to the Board. The  resignation shall take effect at the time specified in that notice and, unless tendered to take effect  upon acceptance of resignation, the acceptance of the resignation shall not be necessary to make  it effective. Any vacancy caused by removal or expulsion of a Director or the resignation of a  Director in accordance with this Section 7.07 shall be filled solely by the action of the Member  who previously elected, designated, or appointed the Director in order to fulfill the Board  composition requirements of Section 7.02(a).    Section 7.08 Directors as Agents. Notwithstanding the last sentence of Section 18-402 of the  Act, except as provided in this Agreement or in a resolution of the Board expressly authorizing  such action which resolution is duly adopted by the Board by the affirmative vote required for  such matter pursuant to the terms of this Agreement, a Director may not bind the Company.    Section 7.09 Duties of Board, TCPC IC Representative and Newtek IC Representative. The  Board shall have no fiduciary duties to the Company, the Members or other Persons other than  the contractual duties of good faith and fair dealing contemplated by Section 18-1101(c) of the  Act. Any officers of the Company shall have the same fiduciary duties as the Board. To the  maximum extent permitted by law, the Members, acting in their capacity as such, shall have no  duties, fiduciary or otherwise, to the Company, the Members or other Persons, except to the  extent expressly set forth in this Agreement.  To the extent that, at law or in equity, a Director,  TCPC IC Representative, or Newtek IC Representative has duties and liabilities relating to those  duties to the Company or to any Member, the individual acting in good faith pursuant to the  terms of this Agreement shall not be liable to the Company or to any Member for his or her good  faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the  extent that they restrict the duties and liabilities of the individual otherwise existing at law or in  equity, are agreed by the parties to this Agreement to replace such other duties and liabilities of  the individual.    Section 7.10 Reliance by Third Parties. Notwithstanding any other provision of this  Agreement, any contract, instrument, or act on behalf of the Company by a Member, a Director,  an officer, or any other Person delegated by Board Approval or Prior Investment Committee  Approval, as applicable, shall be conclusive evidence in favor of any third party dealing with the  Company that the Person has the authority, power, and right to execute and deliver the contract  or instrument and to take the act on behalf of the Company. This Section shall not be deemed to  limit the liabilities and obligations of the Person to seek Board Approval or Prior Investment  Committee Approval as set forth in this Agreement.                                          23                                                                                        

 

                                                                                   Section 7.11 Members’ Outside Transactions; TCPC and Newtek Change of Control;  Investment Opportunities.          (a)   Each Member shall devote such time and effort as is reasonably necessary to              diligently administer the activities and affairs of the Company, but shall not be              obligated to spend full time or any specific portion of their time to the activities              and affairs of the Company.          (b)   Newtek must immediately notify TCPC following a transaction or series of              transactions that causes a Change of Control of Newtek (a “Newtek Change of              Control”).          (c)   TCPC must immediately notify Newtek following a transaction or series of              transactions that causes a Change of Control of TCPC (a “TCPC Change of              Control”).          (d)   Subject to the foregoing provisions of this Sections 7.11 and other provisions of              this Agreement, each of the Members, the Administrative Agent, the Loan              Administrative Agent, the Servicing Agent and each of their respective Affiliates              and members may engage in, invest in, participate in, or otherwise enter into other              business ventures of any kind, nature, and description, individually and with              others, including the formation and management of other investment funds with              or without the same or similar purposes as the Company, and the ownership of              and investment in securities, and neither the Company nor any other Member              shall have any right in or to any of those activities or the income or profits derived              from those activities.    Section 7.12 Indemnification.          (a)   Subject to the limitations and conditions as provided in this Section 7.12, each              Person who was or is made a party or is threatened to be made a party to or is              involved in any threatened, pending, or completed action, suit, or proceeding,              whether civil, criminal, administrative, investigative, or arbitrative or in the nature              of an alternative dispute resolution in lieu of any of the foregoing (hereinafter a              “Proceeding”), or any appeal in a Proceeding or any inquiry or investigation that              could lead to a Proceeding, by reason of the fact that the Person, or a Person of              which the Person is the legal representative, is or was a Member, a Director,              TCPC IC Representative, or Newtek IC Representative, or a representative,              officer, director, or employee thereof, shall be indemnified by the Company to the              fullest extent permitted by applicable law, as the same exists or may be amended              (but, in the case of any amendment, only to the extent that the amendment permits              the Company to provide broader indemnification rights than the law permitted the              Company to provide prior to the amendment) against all liabilities and expenses              (including judgments, penalties (including excise and similar taxes and punitive              damages), losses, fines, settlements, and reasonable expenses (including              reasonable attorneys’ and experts’ fees)) actually incurred by the Person in                                        24                                                                                        

 

                                                                                                connection with the Proceeding, appeal, inquiry, or investigation (each a “Loss”),        unless the Loss is primarily the result of gross negligence, fraud, or willful        misconduct by the Person seeking indemnification under this Section 7.12, in        which case the indemnification shall not cover the Loss to the extent resulting        from gross negligence, fraud, or intentional misconduct. Indemnification under        this Section 7.12 shall continue as to a Person who has ceased to serve in the        capacity which initially entitled the Person to indemnity under this Section 7.12.        The rights granted pursuant to this Section 7.12 shall be deemed contract rights,        and no amendment, modification, or repeal of this Section 7.12 shall have the        effect of limiting or denying any rights with respect to actions taken or        Proceedings, appeals, inquiries, or investigations arising prior to any amendment,        modification, or repeal. To the fullest extent permitted by law, no Person entitled        to indemnification under this Section 7.12 shall be liable to the Company or any        Member for any act or omission performed or omitted by or on behalf of the        Company; provided that the act or omission has not been fully adjudicated to        constitute gross negligence, fraud, or willful misconduct. In addition, any Person        entitled to indemnification under this Section 7.12 may consult with legal counsel        selected with reasonable care and shall incur no liability to the Company or any        Member to the extent that the Person acted or refrained from acting in good faith        in reliance upon the opinion or advice of that counsel.    (b)   The right to indemnification conferred in Section 7.12(a) shall include the right to        be paid or reimbursed by the Company for the reasonable expenses incurred by a        Person entitled to be indemnified under Section 7.12(a) who was, is, or is        threatened to be made a named defendant or respondent in a Proceeding in        advance of the final disposition of the Proceeding and without any determination        as to the Person’s ultimate entitlement to indemnification; provided, however, that        the payment of the expenses incurred by a Person in advance of the final        disposition of a Proceeding shall be made only upon delivery to the Company of a        written undertaking by the Person to repay all amounts so advanced if it shall be        finally adjudicated that the indemnified Person is not entitled to be indemnified        under this Section 7.12 or otherwise.    (c)   The Company, with Board Approval, may indemnify and advance expenses to an        employee or agent of the Company to the same extent and subject to the same        conditions under which it may indemnify and advance expenses to a Member        under Sections 7.12(a) and (b).    (d)   The right to indemnification and the advancement and payment of expenses        conferred in this Section 7.12 shall not be exclusive of any other right that a        Member or other Person indemnified pursuant to this Section 7.12 may have or        hereafter acquire under any law (common or statutory) or provision of this        Agreement.                                     25                                                                                                                         

 

                                                                                         (e)   The indemnification rights provided by this Section 7.12 shall inure to the benefit              of the heirs, executors, administrators, successors, and assigns of each Person              indemnified pursuant to this Section 7.12.    Section 7.13 Partnership Representative.  Newtek is hereby designated as the “partnership  representative” within the meaning of as provided in Section 6223 of the Code (and any similar  provisions under any applicable state or local or foreign tax laws) (the “Partnership  Representative”). The provisions of this Section 7.12(a) shall apply to all actions taken on behalf  of the Members by the Partnership Representative in its capacity as the Company’s partnership  representative. The Partnership Representative shall have the right and obligation to take all  actions authorized and required, respectively, by the Code for the partnership representative of  the Company. The Partnership Representative shall have the right to retain professional  assistance in respect of any audit of the Company and all reasonable, documented out-of-pocket  expenses and fees incurred by the Partnership Representative on behalf of the Company as  Partnership Representative shall be reimbursed by the Company. In the event the Partnership  Representative receives notice of a final Company adjustment under Section 6231 of the Code, it  shall either (i) file a court petition for judicial review of that final adjustment within the period  provided under Section 6234(a) of the Code, a copy of which petition shall be mailed to all  Members on the date the petition is filed, or (ii) mail a written notice to all Members within that  period that describes its reasons for determining not to file a petition.  In the event any  adjustment to any item of income, gain, loss, deduction or credit of the Partnership, or any  Partner’s distributive share thereof, for a “reviewed year” (as defined in Code Section  6226(d)(1)) that would result in an imputed underpayment of the Company under Code Section  6225, each of the Company (including the Partnership Representative and each Member of the  Company for the reviewed year) agrees to timely take all actions under Code Section 6225(c)  (and any Treasury Regulations or other IRS guidance issued thereunder) necessary (including  filing amended tax returns) to eliminate such imputed underpayment. For the avoidance of doubt,  the Partnership Representative shall not take any action requiring Board Approval or Prior  Investment Committee Approval prior to Board Approval or Prior Investment Committee  Approval, as applicable, being obtained.                                    ARTICLE VIII                                                      TRANSFERS OF COMPANY INTERESTS; WITHDRAWALS    Section 8.01 Transfers by Members.          (a)   Subject to the requirements of this Article VIII, all or a portion of the Entire              Interest of a Member may be Transferred with Board Approval or all of the Entire              Interest of a Member may be Transferred to an Affiliate of the transferring              Member who remains liable for the transferring Member’s Capital Commitments.              Notwithstanding the foregoing, without Board Approval, (i) any Member may              make a Transfer in accordance with Section 8.01(g) or Section 9.03(e), in each              case if the Transfer is otherwise in accordance with the requirements of this              Article VIII, and (ii) equityholders in each Member may Transfer or redeem their                                         26                                                                                        

 

                                                                                                ownership of such Member, if permitted by such Member, provided, that in the        case of Newtek or TCPC, such Transfer or redemption does not result in a        Newtek Change in Control or TCPC Change of Control, as applicable.    (b)   No Transfer by a Member shall be binding upon the Company until the Company        receives an executed copy of the documentation as reasonably requested by the        other Member to show the Transfer is in accordance with this Article VIII.    (c)   Any Person which acquires an interest in the Company by Transfer in accordance        with the provisions of this Agreement shall be admitted as a substitute Member,        provided the requirements of this Agreement are satisfied. The admission of a        transferee as a substitute Member shall be conditioned upon the transferee’s        written assumption, in form and substance reasonably satisfactory to the other        Member, of all obligations of the transferor in respect of the Transferred interest        and execution of an instrument reasonably satisfactory to the other Member        whereby the transferee becomes a party to this Agreement and makes the        representations set forth in Section 2.01 of this Agreement.    (d)   In the event any Member shall be adjudicated as bankrupt, or in the event of the        winding up or liquidation of a Member, the legal representative of the Member        shall, upon written notice to the other Member of the happening, become a        transferee of the Member’s interest, subject to all of the terms of this Agreement        as then in effect.    (e)   Any transferee of the interest of a Member, irrespective of whether the transferee        has accepted and adopted in writing the terms and provisions of this Agreement,        shall be deemed by the acceptance of the Transfer to have agreed to be subject to        the terms and provisions of this Agreement in the same manner as its transferor.    (f)   As additional conditions to the validity of any Transfer of a Member’s interest,        the assignment shall not:          (i)   violate the registration provisions of the Securities Act or the securities              laws of any applicable jurisdiction;          (ii)  cause the Company to cease to be entitled to the exemption from the              definition of an “investment company” pursuant to Section 3(c)(7) of the              1940 Act and the rules and regulations of the Securities and Exchange              Commission under the 1940 Act;          (iii) result in the termination of the Company under the Code or in the              Company being classified as a “publicly traded partnership” under the              Code;                                     27                                                                                                                         

 

                                                                                                (iv)  unless the other Member waives in writing the application of this clause              (iv) with respect to such assignment (which the other Member may refuse              to do in its absolute discretion), be to a Person which is an ERISA Plan; or          (v)   cause the Company or the other Member to be in violation of, or effect an              assignment to a Person that is in violation of, applicable Investor Laws.    The non-Transferring Member may require reasonable evidence as to the conditions set  forth in clauses (i) through (v), including an opinion of counsel reasonably acceptable to  the non-Transferring Member. Any purported Transfer as to which the conditions set  forth in clauses (i) through (v) are not satisfied shall be void ab initio. A Transferring  Member shall be responsible for all costs and expenses incurred by the Company,  including reasonable legal fees and expenses, in connection with any assignment or  proposed assignment.    (g)   Except for Transfers of all of a Member’s Entire Interest to an Affiliate of the        Member who remains liable for the transferring Member’s Capital Commitments,        each Member hereby unconditionally and irrevocably grants to the other Member        or its designee a right of first offer to purchase or designate a third party to        purchase all, but not less than all, of any interest in the Company that the other        Member may propose to Transfer to another Person at the valuation most recently        approved in accordance with Section 10.05.          (i)   The Member proposing to make a Transfer that would be subject to this              Section 8.01(g) must deliver written notice of its intention to Transfer the              interest (the “Notice of Intent”) to the other Member not later than thirty              (30) days prior to the proposed closing date of the Transfer. The Notice of              Intent shall contain the material terms and conditions of the proposed              Transfer and shall identify the proposed transferee of such interest, if              known.          (ii)  The Member receiving the Notice of Intent shall have the right, for a              period of fifteen (15) business days from the date of receipt of the Notice              of Intent (the “Acceptance Period”), to accept the interest or to designate a              third-party purchaser to accept the interest at the valuation most recently              approved in accordance with Section 10.05 and on the terms stated in the              Notice of Intent. The acceptance shall be made by delivering a written              notice to the selling Member and the Company within the Acceptance              Period stating that it elects to exercise its right of first offer and, if              applicable, providing the identity of any Person that the non-transferring              Member designates as the purchaser.          (iii) Following expiration of the Acceptance Period, the selling Member shall              be free to sell its interest in the Company to a third party in a Transfer              (which third party shall be the party identified in the Notice of Intent, if              known by the selling Member) that otherwise meets the requirements of                                  28                                                                                                                         

 

                                                                                                     this Section 8.01 on terms and conditions it deems acceptable (but at a                    price not less than the price and on terms not more favorable to the third-                   party purchaser than the price and terms stated in the Notice of Intent);                    provided that the sale takes place within sixty (60) days after the                    expiration of the Acceptance Period (the “Sale Period”). To the extent the                    selling Member Transfers its interest in the Company during the Sale                    Period, the selling Member shall promptly notify the Company, and the                    Company shall promptly notify the other Member, as to the terms of the                    Transfer and the name of each of the owners to whom the interest was                    Transferred. If no sale occurs during the Sale Period, then any attempted                    Transfer of the interest shall again be subject to the right of first offer set                    forth in this Section 8.01(g) and the procedures of this Section 8.01(g)                    shall be repeated de novo.    Section 8.02 Withdrawal by Members. Members may withdraw from the Company only as  provided by this Agreement.          (a)   Notwithstanding any provision of this Agreement to the contrary, if a Member              obtains a bona fide opinion of counsel to the effect that, as a result of the other              Member’s ownership of an interest in the Company, the Company would be              required to register as an investment company under the 1940 Act, then the other              Member shall, upon written notice from the first Member, withdraw from or              reduce (in accordance with the provisions of clause (c) below) its interest in the              Company (including its Capital Commitment) to the extent that the first Member              has determined, based upon the opinion of counsel, to be necessary in order for              the Company not to be required to register. Each Member shall, upon written              request from the other Member, promptly furnish to the other Member such              information as the other Member may reasonably request from time to time in              order to make a determination pursuant to this Section 8.02(a), but in no event              later than ten (10) business days after such request.          (b)   Notwithstanding any provision of this Agreement to the contrary, if a Member              breaches the Member’s obligation under the immediately following sentence, or if              the other Member obtains a bona fide opinion of counsel to the effect that any              contribution or payment by a Member to the Company would cause the Company              or the other Member to be in violation of, or to the effect that the Member is in              violation of, any law or regulation to which the Company, a Member, or the              Member’s investment in the Company may be subject from time to time              (collectively, “Investor Laws”) and which violation would reasonably be expected              to have a material adverse effect on the Company, then the Member shall, upon              written notice from the other Member, withdraw from the Company in accordance              with the provisions of Section 8.02(c). Each Member shall, upon written request              from the other Member, promptly furnish to the other Member the information as              the other Member may reasonably request from time to time in order to make a                                         29                                                                                        

 

                                                                                               determination pursuant to this Section 8.02(b), but in no event later than ten (10)              business days after the request.          (c)   If a Member partially withdraws its interest in the Company pursuant to this              Section 8.02, it shall receive, in full payment for the withdrawn interest from cash              and cash equivalents available for distribution pursuant to Article VI, the sum of              the portion of the Capital Account attributable to the withdrawn interest (adjusted              to reflect the Value of the Company as determined as of the date of the last              valuation pursuant to Section 10.05). Notwithstanding the foregoing, the Member              that is partially withdrawing its interest shall receive the portion of the Capital              Account attributable to the withdrawn interest after the distribution of any              amounts pursuant to Section 6.01(b)(i) and (ii) of this Agreement and prior to the              distribution of any amount pursuant to Section 6.01(b)(iv) and (iv). If a Member              withdraws its entire interest in the Company pursuant to this Section 8.02, then              the Company shall terminate as provided by Article IX.                                     ARTICLE IX                                                      TERM, DISSOLUTION, AND LIQUIDATION OF COMPANY    Section 9.01 Term. Except as provided in Section 9.02(b) through 9.02(f), the Company shall  continue without dissolution until all Investments are liquidated by the Company.   Section 9.02 Dissolution. The Company shall be dissolved and its affairs wound up upon the  occurrence of any of the following events:          (a)   the expiration of the term of the Company determined pursuant to Section 9.01;          (b)   distribution of all assets of the Company;          (c)   subject to Section 9.03(e) below, (i) the full withdrawal of a Member of the              Company pursuant to Section 8.02, or (ii) a bankruptcy, insolvency, dissolution,              or liquidation of a Member, or (iii) the making of an assignment for the benefit of              creditors by a Member, or (iv) a default under Section 4.03 by a Member which              remains uncured or unwaived after the expiration of the cure period set forth in              Section 4.03, in each case of clauses (ii) through (iv) above at the election of the              other Member by providing written notice of the election;          (d)   subject to Section 9.03(e) below, a determination by the SEC to subject TCPC’s              or Newtek’s participation in the Company, as applicable, to an accounting or              reporting treatment or other consequence which either of TCPC or Newtek, in its              sole discretion, determines to be materially adverse to it, or a failure by the SEC              to grant its assent to TCPC’s or Newtek’s interest in the Company, as applicable,              or a change by the SEC of any assent it may have granted regarding TCPC’s or              Newtek’s interest in the Company, as applicable, or the terms of the assent or its              conclusions regarding the accounting or reporting treatment or other consequence                                        30                                                                                        

 

                                                                                               which either of TCPC or Newtek, in its sole discretion, determines to be              materially adverse to it, in each case at the election of TCPC or Newtek by              providing written notice of the election to the other Member;          (e)   the entry of a decree of judicial dissolution pursuant to the Act, in which event the              provisions of Section 9.03, as modified by that decree, shall govern the winding              up of the Company’s affairs; or          (f)   a written notice by a Member to the other Member to dissolve the Company,              which notice shall become effective as stated therein but no less than one-hundred              and eighty (180) days after delivery (unless the other Member waives the              notification requirement).    Section 9.03 Wind-down.          (a)   Upon the dissolution of the Company, the Company shall be liquidated in              accordance with this Article and the Act. The liquidation shall be conducted and              supervised by the Board in the same manner provided by Article VII with respect              to the operation of the Company during its term; provided that in the case of a              dissolution and winding up of the Company pursuant to Sections 9.02(c) or              9.02(d), the Member that elects the dissolution and winding up (or in the case of a              full withdrawal of a Member under Section 9.02(c), the non-withdrawing              Member) may elect further, by written notice to the other Member, to exercise as              liquidating agent all of the rights, powers, and authority with respect to the assets              and liabilities of the Company in connection with the liquidation of the Company,              to the same extent as the Board would have during the term of the Company.          (b)   From and after the date on which an event set forth in Section 9.02 becomes              effective (which, for purposes of Section 9.02, shall be deemed to be the date on              which the written notice referenced therein is delivered by one Member to the              other Member), the Company shall cease to make Investments after that date,              except for (i) Investments which the Company was committed to make in whole              or in part (as evidenced by a commitment letter, term sheet, or letter of intent, or              definitive legal documents under which less than all advances have been made) on              or before such effective date, and (ii) at the election of the Board by Board              Approval within three (3) business days after receipt by the Board of written              notice of the availability of the election from any Member, any Investment in a              Portfolio Company in which the Company then has an Investment in which the              Company participates, provided that the election shall not apply to any Investment              in connection with a sale or other Change of Control of the Portfolio Company or              a refinancing of the Company’s prior Investment in the Portfolio Company.              Capital calls against the Capital Commitment of the Members shall cease from              and after the effective date; provided that capital calls against the Capital              Commitment of the Members may continue to fund the allocable share of              Investments in which the Company continues to participate (as set forth in the                                         31                                                                                        

 

                                                                                                immediately preceding sentence), Expenses and all other obligations of the        Company. Subject to the foregoing provisions of this Section 9.03(b), the        Members shall continue to bear an allocable share of Expenses and other        obligations of the Company, in proportion to their respective Capital Accounts,        until all Investments in which the Company participates are repaid or otherwise        disposed of in the normal course of the Company’s activities.    (c)   Distributions to the Members during the winding down of the Company shall be        made no less frequently than quarterly to the extent consisting of a Member’s        allocable share of cash and cash equivalents, after taking into account reasonable        reserves deemed appropriate by Board Approval (or in the event of a dissolution        and winding up of the Company pursuant to Sections 9.02(c) or 9.02(d), by a        Member that has elected to act as liquidating agent pursuant to Section 9.03(a)),        to fund Investments in which the Company continues to participate (as set forth in        the immediately preceding paragraph), Expenses and all other obligations        (including contingent obligations) of the Company. Unless waived by Board        Approval, the Company also shall withhold ten percent (10%) of distributions in        any calendar year, which withheld amount shall be distributed within sixty (60)        days after the completion of the annual audit covering that year. A Member shall        remain a member of the Company until all Investments in which the Company        participates are repaid or otherwise disposed of, the Member’s allocable share of        all Expenses and all other obligations (including contingent obligations) of the        Company are paid, and all distributions are made under this Agreement, at which        time the Member shall have no further rights under this Agreement.   (d)   Upon dissolution of the Company, final allocations of all items of Company’s        Profit and Loss shall be made in accordance with Section 5.02. Upon dissolution        of the Company, the assets of the Company shall be applied in the following order        of priority:          (i)   To creditors (other than Members) in satisfaction of liabilities of the              Company (whether by payment or by the making of reasonable provision              for payment of those liabilities), including to establish any reasonable              reserves which the Board may by Board Approval, in its reasonable              judgment, deem necessary or advisable for any contingent, conditional, or              unmatured liability of the Company;          (ii)  To creditors who are Members in satisfaction of liabilities of the Company              (whether by payment or by the making of reasonable provision for              payment of those liabilities), including to establish any reasonable reserves              which the Board may by Board Approval, in its reasonable judgment,              deem necessary or advisable for any contingent, conditional, or unmatured              liability of the Company;                                     32                                                                                                                         

 

                                                                                                (iii) To establish any reserves which the Board may by Board Approval, in its              reasonable judgment, deem necessary or advisable for any contingent,              conditional, or unmatured liability of the Company to Members; and          (iv)  The balance, if any, to the Members in accordance with Section 6.01(b).    (e)   Notwithstanding Sections 9.02(a) through 9.02(d), upon the occurrence of an        event described in Sections 9.02(c) or 9.02(d), the Member that may elect a        dissolution and winding up (or, in the case of a full withdrawal of a Member        under Section 9.02(c)(i), the non-withdrawing Member) (the Member, the        “Electing Member”) may elect alternatively by written notice to the other        Member, for a period of fifteen (15) business days following the occurrence of        that event, to purchase the other Member’s Entire Interest or designate a third        party to effect the purchase (the election, the “Election to Purchase”). The        purchase price for the Entire Interest shall be payable in cash within ninety (90)        days after the Election to Purchase is delivered to the other Member and shall be        equal to the Capital Account of the other Member adjusted to reflect the Value of        the Company as determined as of the date of the last valuation pursuant to Section        10.05. Each Member hereby agrees to sell its Entire Interest to the Electing        Member or the third party designated by the Electing Member at that price if the        Election to Purchase is timely exercised by the Electing Member. If the Electing        Member does not exercise the Election to Purchase within the 15-business day        period set forth in this Section 9.02(e) or if the Electing Member or its third-party        designee does not purchase the other Member’s Entire Interest within ninety (90)        days after the Election to Purchase is delivered to the other Member, then the        Election to Purchase shall terminate, and (i) in the case of a full withdrawal by a        Member under Section 9.02(c)(i), the other Member shall withdraw its Entire        Interest pursuant to Section 8.02, and the Company shall terminate as provided by        Article IX or (ii) in the case of the occurrence of an event described Section        9.02(c)(ii)-(iv) or Section 9.02(d), the Electing Member shall retain the option to        elect the dissolution of the Company pursuant to Section 9.02(c) or (d), as        applicable. After any purchase pursuant to an Election to Purchase, the other        Member shall no longer be a member of the Company, and the Electing Member        or third party designee of the Electing Member that has consummated the        purchase may dissolve or continue the Company as it may determine.    (f)   If an audit or reconciliation relating to the fiscal year in which a Member receives        a distribution under this Section 9.03 reveals that the Member received a        distribution in excess of that to which the Member was entitled, then the other        Member may, in its discretion, seek repayment of the distribution to the extent        that the distribution exceeded what was due to the Member.   (g)   Each Member shall be furnished with a statement prepared by the Company’s        accountant, which shall set forth the assets and liabilities of the Company as at the        date of complete liquidation, and each Member’s share of those assets and                                   33                                                                                                                         

 

                                                                                               liabilities. Upon compliance with the distribution plan set forth in this Section 9.3,              the Members shall cease to be Members, and either Member may execute,              acknowledge, and cause to be filed a certificate of cancellation of the Company.                                     ARTICLE X                                                     ACCOUNTING, REPORTING AND VALUATION PROVISIONS    Section 10.01 Books and Accounts.          (a)   Complete and accurate books and accounts shall be kept and maintained for the              Company at its principal office. The books and accounts shall be kept on the              accrual basis method of accounting and shall include separate Capital Accounts              for each Member. Capital Accounts for financial reporting purposes and for              purposes of this Agreement shall be maintained in accordance with Section 5.01,              and for U.S. federal income tax purposes the Members shall cause the              Administrative Agent to maintain the Members’ Capital Accounts in accordance              with the Code and applicable Treasury Regulations. Each Member or its duly              authorized representative, at its own expense, shall at all reasonable times and              upon reasonable prior written notice to the Administrative Agent have access to,              and may inspect, the books and accounts and any other records of the Company              for any purpose reasonably related to its interest in the Company.          (b)   All funds received by the Company shall be deposited in the name of the              Company in the bank account or accounts or with the custodian, and securities              owned by the Company may be deposited with the custodian, as may be              designated by Board Approval from time to time and withdrawals from those              bank or custodial accounts shall be made upon such signature or signatures on              behalf of the Company as may be designated by Board Approval from time to              time.    Section 10.02 Financial Reports; Tax Return.          (a)   The Company shall engage an independent certified public accountant selected              and approved by Board Approval to act as the accountant for the Company and to              audit the Company’s books and accounts as of the end of each fiscal year. As              soon as practicable, but no later than one-hundred twenty (120) days, after the end              of each fiscal year, the Board shall cause the Administrative Agent to deliver, by              any of the methods described in Section 11.08, to each Member and to each              former Member who withdrew during the fiscal year:                (i)   audited financial statements of the Company as at the end of and for the                    fiscal year, including a balance sheet and statement of income, together                    with the report on those financial statements of the Company’s                    independent certified public accountant, which annual financial statements                    shall be approved by Board Approval;                                         34                                                                                        

 

                                                                                               (ii)  a statement of holdings of securities of the Company, including both the                    cost and the valuation of such securities as determined pursuant to Section                    10.05, and a statement of the Member’s Capital Account;                (iii) to the extent that the requisite information is then available, a Schedule K-                   1 for the Member with respect to the fiscal year, prepared in accordance                    with the Code, together with corresponding forms for state income tax                    purposes, setting forth the Member’s distributive share of Company items                    of Profit or Loss for the fiscal year and the amount of the Member’s                    Capital Account at the end of the fiscal year; and               (iv)  such other financial information and documents respecting the Company                    and its business as the Administrative Agent deems appropriate, or as a                    Member may reasonably require and request, to enable such Member to                    comply with regulatory requirements applicable to it or to prepare its                    federal and state income tax returns.          (b)   The Company shall cause the Administrative Agent to prepare and timely file              after the end of each fiscal year of the Company all federal and state income tax              returns of the Company for the fiscal year.         (c)   As soon as practicable, but in no event later than thirty (30) days, after the end of              each of the first three fiscal quarters of a fiscal year, the Board shall cause the              Administrative Agent to prepare and deliver, by any of the methods described in              Section 11.08, to each Member (i) unaudited financial information with respect to              the Member’s allocable share of Profit or Loss and changes to its Capital Account              as of the end of the fiscal quarter and for the portion of the fiscal year then ended,              (ii) a statement of holdings of securities of the Company as to which the Member              participates, including both the cost and the valuation of the securities as              determined pursuant to Section 10.05, and (iii) such other financial information as              the Administrative Agent deems appropriate, or as a Member may reasonably              require and request, to enable the Member to comply with regulatory              requirements applicable to it.    Section 10.03 Tax Elections. The Company may, by Board Approval, but shall not be required  to, make any election pursuant to the provisions of Sections 754 or 1045 of the Code, or any  other election required or permitted to be made by the Company under the Code.    Section 10.04 Confidentiality.          (a)   Each Member agrees to maintain the confidentiality of the Company’s records,              reports, and affairs, and all information and materials furnished to the Member by              the Company, the other Member, the Loan Administrative Agent, the              Administrative Agent, the Servicing Agent or their Affiliates or the Company’s              auditors, legal counsel or other service providers with respect to their respective              businesses and activities; each Member agrees not to provide to any other Person                                        35                                                                                        

 

                                                                                                copies of any financial statements, tax returns, or other records or reports, or other        information or materials provided or made available to the Member by the        Company, the other Member, the Loan Administrative Agent, the Administrative        Agent, the Servicing Agent or their Affiliates or the Company’s auditors, legal        counsel or other service providers with respect to their respective businesses and        activities; and each Member agrees not to disclose to any other Person any        information contained in those materials (including any information respecting        Portfolio Companies), without the express prior written consent of the disclosing        party; provided that:          (i)   each Member may disclose any such information as may be required by              law in connection with its filings with the SEC, and each Member may              disclose the names of Portfolio Companies and summaries of the loan              transactions in any marketing materials (including tombstone ads) of each              Member and its Affiliates, subject to applicable confidentiality restrictions              that a Member may have with the Portfolio Company; and          (ii)  any Member may provide financial statements, tax returns, and other              information contained in those statements and returns: (1) to the Member’s              accountants, internal and external auditors, legal counsel, financial              advisors, and other fiduciaries and representatives (who may be Affiliates              of the Member) as long as the Member instructs the Persons to maintain              the confidentiality of that information and not to disclose that information              to any other Person; (2) to bona fide potential transferees of the Member’s              Entire Interest that agree in writing, for the benefit of the Company, to              maintain the confidentiality of that information, but only after reasonable              advance notice to the Company; (3) if and to the extent required by law              (including judicial or administrative order); provided that, to the extent              legally permissible, the Company is given prior notice to enable it to seek              a protective order or similar relief; (4) to representatives of any              governmental regulatory agency or authority with jurisdiction over the              Member, or as otherwise may be necessary to comply with regulatory              requirements applicable to the Member; and (5) in order to enforce rights              under this Agreement.    (b)   Notwithstanding Section 10.04(a), the following shall not be considered        confidential information for purposes of this Agreement: (i) information generally        known to the public; (ii) information obtained by a Member from a third party        who is not prohibited from disclosing the information; (iii) information in the        possession of a Member prior to its disclosure by the Company, the other        Member, the Loan Administrative Agent, the Administrative Agent, the Servicing        Agent, or their Affiliates; or (iv) information which a Member can show by        written documentation was developed independently of disclosure by the        Company, the other Member, the Loan Administrative Agent, the Administrative        Agent, the Servicing Agent, or their Affiliates.                                   36                                                                                                                         

 

                                                                                         (c)   Notwithstanding Section 10.04(b), neither Member shall not engage in the              purchase, sale, or other trading of securities or derivatives of securities based              upon confidential information received from the Company, the other Member, the              other Member’s investment adviser, the Loan Administrative Agent, the              Administrative Agent, the Servicing Agent, or their Affiliates.          (d)   To the extent permitted by applicable law, and notwithstanding Sections 10.04(a),              10.04(b), and 10.04(c), each of the Company, each Member, the Loan              Administrative Agent, the Administrative Agent, the Servicing Agent, or any of              their Affiliates may, in its reasonable discretion, keep confidential from any              Member information to the extent the Person reasonably determines that: (i)              disclosure of the information to the Member likely would have a material adverse              effect upon the Company or a Portfolio Company due to an actual or likely              conflict of business interests between the Member and one or more other parties              or an actual or likely imposition of additional statutory or regulatory constraints              upon the Company, each Member, the Loan Administrative Agent, the              Administrative Agent, the Servicing Agent, any of its Affiliates, or a Portfolio              Company; or (ii) the Member cannot or will not adequately protect against the              improper disclosure of confidential information, the disclosure of which likely              would have a material adverse effect upon the Company, either Member, the Loan               Administrative Agent, the Administrative Agent, the Servicing Agent, any of its              Affiliates, or a Portfolio Company. Notwithstanding the foregoing provisions of              this Section 10.04(d), each of the Company, each Member, the Loan              Administrative Agent, the Administrative Agent, the Servicing Agent, or any of              their Affiliates shall promptly provide to each Member all relevant information              and documents related to any notice or request (whether written or oral) received              from any governmental or regulatory agency involving any pending or threatened              Proceeding in connection with the activities or operations of the Company.          (e)   The Members: (i) acknowledge that the Company, each Member, each Member’s              investment adviser, the Loan Administrative Agent, the Administrative Agent, the              Servicing Agent, their respective Affiliates, and their respective direct or indirect              members, managers, officers, directors, and employees are expected to acquire              confidential third-party information that, pursuant to fiduciary, contractual, legal,              or similar obligations, cannot be disclosed to the Company or the Members; and              (ii) agree that none of such Persons shall be in breach of any duty under this              Agreement or the Act as a result of acquiring, holding, or failing to disclose that              information to the Company or the Members.    Section 10.05 Valuation.          (a)   Valuations shall be made (x) as of the end of each fiscal quarter, (y) upon              liquidation of the Company, or (z) if determined by the Board in its sole              discretion, at any other time, in each case in accordance with the following                                         37                                                                                        

 

                                                                                                provisions and the Company’s valuation guidelines then in effect (which shall be        consistent with each of TCPC’s and Newtek’s valuation guidelines then in effect):          (i)   Within thirty-five (35) days after the date as of which a valuation is to be              made, the Administrative Agent shall deliver to the Board a report as to              the recommended valuation as of that date, and provide those Persons with              a reasonable opportunity to request information and to provide comments              with respect to the report.          (ii)  If the recommended valuation as of that date is approved by Board              Approval, then the valuation that has been approved shall be final.          (iii) If there is an objection to the recommended valuation by the Board, then              the Administrative Agent shall cause a valuation of the asset(s) subject to              unresolved objection to be made as of such date by an approved valuation              expert (if not already made) and shall determine a valuation of those              asset(s) consistent with the valuation as of that date by the approved              valuation expert, and the valuation shall be final. For this purpose, a              valuation of an asset as of that date shall be considered consistent with a              valuation of an approved valuation expert if it is equal to the              recommended value or within the recommended range of values              determined by the approved valuation expert as of that date. An approved              valuation expert shall mean an independent valuation consultant that either              has been approved by Board Approval or has been referenced as the              independent valuation consultant of the Company in a previous valuation              report by the Administrative Agent without objection by any Director.          (iv)  Liabilities of the Company shall be taken into account at the amounts at              which they are carried on the books of the Company, and provision shall              be made in accordance with GAAP for contingent or other liabilities not              reflected on those books and, in the case of the liquidation of the              Company, for the Expenses (to be borne by the Company) of the              liquidation and winding up of the Company’s affairs.          (v)   No value shall be assigned to the Company name and goodwill or to the              office records, files, statistical data, or any similar intangible assets of the              Company not normally reflected in the Company’s accounting records.    (b)   All valuations shall be made in accordance with the foregoing shall be final and        binding on all Members, absent actual and apparent error. Valuations of the        Company’s assets by independent valuation consultants shall be at the Company’s        expense.                                     38                                                                                                                         

 

                                                                                                                    ARTICLE XI                         MISCELLANEOUS PROVISIONS    Section 11.01 Governing Law; Jurisdiction; Jury Waiver. This Agreement shall be governed by,  and construed in accordance with, the law of the State of Delaware. Each Member irrevocably  consents and agrees that (i) any action or proceeding seeking injunctive relief or specific  performance in respect of any breach by any Member of its obligations hereunder, (ii) any action  for enforcement of any judgment in respect thereof, (iii) any action brought to compel arbitration  in accordance with the terms of this Agreement, and (iv) any action confirming and entering  judgment upon any arbitration award may be brought in the courts of the State of New York or  the United States federal courts for the Southern District of New York, and, by execution and  delivery of this Agreement, each Member hereby submits to and accepts for itself and in respect  of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid  courts and appellate courts from any appeal thereof.  Each Member further irrevocably consents  to the service of process out of any of the aforementioned courts in any such action or  proceeding by the mailing of copies thereof in the manner set forth in Section 11.06.  Each  Member hereby irrevocably waives any objection which it may now or hereafter have to the  laying of venue of any of the aforesaid actions or proceedings arising out of or in connection  with this Agreement brought in the courts referred to above and hereby further irrevocably  waives and agrees not to plead or claim in any such court that any such action or proceeding  brought in any such court has been brought in an inconvenient forum.  Nothing herein shall  affect the right of any Member or the Membership to serve process in any other manner  permitted by law or to commence legal actions or proceedings or otherwise proceed against any  other Member hereunder in any other jurisdiction.  Nothing in this section shall be deemed to  constitute a submission to jurisdiction, consent or waiver with respect to any matter not  specifically referred to herein.    THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVE ALL RIGHT TO  TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER  BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO  THIS AGREEMENT OR THE ACTIONS OF THOSE PARTIES IN THE NEGOTIATION,  ADMINISTRATION, PERFORMANCE, OR ENFORCEMENT OF THIS AGREEMENT.    Section 11.02 Certificate of Formation; Other Documents. The Members hereby approve and  ratify the filing of the Certificate of Formation on behalf of the Company. The Members agree to  execute such other instruments and documents as may be required by law or which a Member or  the Board deems necessary or appropriate to carry out the intent of this Agreement.    Section 11.04 Force Majeure. Whenever any act or thing is required of the Company or a  Member under this Agreement to be done within any specified period of time, the Company and  the Member shall be entitled to an additional period of time to do the act or thing as shall equal  any period of delay resulting from causes beyond the reasonable control of the Company or the  Member, including bank holidays and actions of governmental agencies, and excluding  economic hardship; provided that this provision shall not have the effect of relieving the  Company or the Member from the obligation to perform any act or thing.                                          39                                                                                        

 

                                                                                   Section 11.05 Waivers.          (a)   No waiver of the provisions of this Agreement shall be valid unless in writing and              then only to the extent set forth in that writing. Any right or remedy of the              Members under this Agreement may be waived by Board Approval, and any              waiver shall be binding on all Members, other than situations where those rights              or remedies are non-waivable under applicable law. Except as specifically              provided in this Agreement, no failure or delay by any party in exercising any              right or remedy under this Agreement shall operate as a waiver of that right or              remedy, and a waiver of a particular right or remedy on one occasion shall not be              deemed a waiver of any other right or remedy or a waiver on any subsequent              occasion.          (b)   Except as otherwise provided in this Agreement or for situations in which the              approval or consent of all or certain Members is required by non-waivable              provisions of applicable law, any approval or consent of the Members may be              given by Board Approval, and any approval or consent shall be binding on all              Members.   Section 11.06 Notices. All notices, demands, solicitations of consent or approval, and other  communications under this Agreement shall be in writing or by electronic mail (with or without  attached PDFs), and shall be sufficiently given if personally delivered or sent by postage prepaid,  registered or certified mail, return receipt requested, or sent by electronic mail, overnight courier  or facsimile transmission, addressed as follows: if intended for the Company, to the Company’s  principal office determined pursuant to Section 2.03; and if intended for any Member, to the  address of the Member set forth on the Member List, or to such other address as any Member  may designate by written notice. Notices shall be deemed to have been given (i) when personally  delivered, (ii) if sent by registered or certified mail, on the earlier of (A) three days after the date  on which deposited in the mails or (B) the date on which received, or (iii) if sent by electronic  mail, overnight courier, or facsimile transmission, on the date on which received; provided that  notices of a change of address shall not be deemed given until the actual receipt of those notices.  The provisions of this Section shall not prohibit the giving of written notice in any other manner;  any written notice shall be deemed given only when actually received.    Section 11.07 Construction.          (a)   The captions used in this Agreement are intended for convenience of reference              only and shall not modify or affect in any manner the meaning or interpretation of              any of the provisions of this Agreement.          (b)   As used in this Agreement, the singular shall include the plural, the masculine              gender shall include the feminine and neuter, and the neuter gender shall include              the masculine and feminine, unless the context otherwise requires.                                          40                                                                                        

 

                                                                                         (c)   References in this Agreement to Articles, Sections, and Schedules are intended to              refer to Articles, Sections, and Schedules of this Agreement unless otherwise              specifically stated.          (d)   Unless otherwise specified, references in this Agreement to applicable statutes or              other laws are references to the federal laws of the United States.          (e)   Nothing in this Agreement shall be deemed to create any right in or benefit for              any creditor of the Company that is not a party to this Agreement, and this              Agreement shall not be construed in any respect to be for the benefit of any              creditor of the Company that is not a party to this Agreement.          (f)   As used in this Agreement, the verb “include” and word “including” are words of              enlargement; they are not restrictive in their meaning, and each example              following those words is illustrative.    Section 11.08 Amendments. This Agreement may be amended at any time and from time to time  by a written instrument executed by each Member.    Section 11.09 Legal Counsel. Legal Counsel for the Company will be appointed in accordance  with Schedule A hereto.    Section 11.10 Execution. This Agreement may be executed in any number of counterparts, and  all of those counterparts together shall constitute one agreement binding on all Members.    Section 11.11 Binding Effect. This Agreement shall be binding upon and shall inure to the  benefit of the respective heirs, executors, administrators, legal representatives, successors, and  assigns of the parties to this Agreement; provided that this Section 11.111 shall not be construed  to permit any assignment or transfer which is otherwise prohibited by this Agreement.    Section 11.12 Severability. If any one or more of the provisions contained in this Agreement, or  any application of those provisions, is invalid, illegal, or unenforceable in any respect, then the  validity, legality, and enforceability of the remaining provisions contained in this Agreement and  all other applications of those provisions shall not in any way be affected or impaired by that  invalidity, illegality, or unenforceability.    Section 11.13 Computation of Time. In computing any period of time under this Agreement, the  day of the act, event, or default from which the designated period of time begins to run shall not  be included. The last day of the period so computed shall be included, unless it is a Saturday,  Sunday, or legal holiday on which banks in New York are closed, in which event the period shall  run until the end of the next day which is not a Saturday, Sunday, or such a legal holiday. Any  reference to “business day” shall refer to any day which is not a Saturday, Sunday, or such a  legal holiday. Any references to time of day shall refer to New York time.    Section 11.14 Entire Agreement. This Agreement (including the Schedules to this Agreement),  the Administrative Services Agreement, the Loan Administrative Services Agreement and the                                        41                                                                                        

 

                                                                                   Loan Servicing Agreement constitute the entire agreement between the parties and supersede all  prior agreements, understandings, and arrangements with respect to the subject matter of this  Agreement.                             [Signatures appear on next page]                                           42                                                                                        

 

                                                                                    IN WITNESS WHEREOF, the Members have caused this Agreement to be executed and  delivered as of the date first above written.                                              Conventional Lending TCP Holdings LLC                                             By:      /s/ Rajneesh Vig                                                       Name:    Rajneesh Vig                                            Title:   Managing Director                                             Newtek Commercial Lending, Inc.                                             By:      /s/ Barry Sloane                                                       Name:    Barry Sloane                                            Title:   CEO                                         43                        

 

                                                                                                                     Appendix A                          Member List/Capital Contributions                         Initial #                 Date of Initial        Member            of      Initial Capital    Capital      Total Capital      Name/Address      Shares    Contribution    Contribution    Commitment                                                                                          SERIES A PREFERRED SHARES  Conventional Lending  TCP Holdings LLC  2951 28th Street, Suite              $0             N/A         $100,000,000  1000, Santa Monica,  CA 90405  Newtek Commercial  Lending, Inc.  1981 Marcus Avenue,                  $0             N/A         $100,000,000  Suite 130, Lake  Success, NY 11042                                                                                            CLASS A COMMON SHARES  Conventional Lending  TCP Holdings LLC                                                  November 27,  2951 28th Street, Suite 100         $100                            $100                                                      2018  1000, Santa Monica,  CA 90405  Newtek Commercial  Lending, Inc.                                                  November 27,  1981 Marcus Avenue,     100         $100                            $100                                                      2018  Suite 130, Lake  Success, NY 11042                                                                     *List to be maintained by the Company in its books and records.                                                   41231606.1  

 

                                                                                                                      Schedule A                                   Board Approval    1.    Board Approval shall be required in advance for the Company or any Subsidiary to do        any of the following:          i.    Enter into any transaction with a Member or an Affiliate of a Member (except as              expressly permitted by this Agreement);          ii.   Make an Investment in the securities of a Member or an Affiliate of a Member;          iii.  Enter into hedging, swaps, forward contracts or other derivative or commodities              transactions;          iv.   Enter into any credit facility or total return swap, or materially modify or waive              the terms thereof, make a voluntary prepayment (excluding increases and              decreases in borrowings under such facility in the ordinary course that do not              impact the commitment amount) or extend the term thereof;          v.    Organize, acquire an interest in, or transfer or otherwise dispose of an interest in,              any Subsidiary or any other investment or financing vehicle, or materially modify              or waive the terms thereof;          vi.   Replace the Administrative Agent, the Loan Administrative Services Agent or              Servicing Agent for the Company, or materially modify or waive the terms of any              administrative services agreement or servicing agreement, as applicable;          vii.  Approve a Transfer of an interest in the Company where required by Article VIII;          viii. Take any action or decision which pursuant to any provision of this Agreement              requires Board Approval;          ix.   Modify or waive any material provision of this Agreement, including this              Schedule A or modify the Certificate of Formation of the Company in a manner              adverse to the rights of any Member under this Agreement;          x.    Materially change the business of the Company or Subsidiaries from its current              business or enter into any line of business other than existing or related lines of              business;          xi.   Make, change, or rescind any tax election;          xii.  Settle or compromise with respect to any tax audit, claim, deficiency notice, suit,              or other proceeding relating to taxes; make a request for a written ruling to any              tax authority; or enter into a written and legally binding agreement with any tax                                                                                                                                  

 

                                                                                               authority (including any agreement to extend or waive any statute of limitations              with respect to any taxes);          xiii. Invest an amount in any single Portfolio Company which is more than five              percent (5%) of the sum of the total Capital Commitments to the Company plus              the maximum amount of any credit facilities of the Company and its Subsidiaries              (determined at the time of the first investment in such Portfolio Company);          xiv.  Admit additional Members or issue any securities other than the Shares in respect              of Capital Contributions in accordance with the Capital Commitments;          xv.   Make short sales of securities, except to hedge its position in Investments owned              by it or to hedge against fluctuations in non-U.S. currencies which might affect              the value of its Investments;          xvi.  Guarantee or otherwise become liable for, the obligations of other persons,              including portfolio companies;           xvii. All origination fees or original issue discount arising out of an Investment              originated by a Member, net of any third-party fees or expenses directly              attributable to the origination of such Investment, shall accrue for the benefit of              the Company;          xviii. Treat original issue discount as an origination or structuring fee;         xix.  Approve the valuation process in accordance with Section 10.05 to be              implemented by the Administrative Agent including the selection of third-party              service providers;          xx.   Approve the valuations assigned to assets or liabilities as required in accordance              with Section 10.05; and         xxi.  Extend the Investment Period.   2.    Subject to Section 1 of this Schedule A for matters requiring Board Approval in advance,        Board Approval shall be required for the Company or any Subsidiary to do any of the        following, which Board Approval may be obtained by ratification:          i.    Change the name or principal office of the Company or open additional offices of              the Company;          ii.   Retain third-party agents on behalf of the Company, open accounts with third              parties on behalf of the Company and designate signatures upon which              withdrawals from accounts shall be made on behalf of the Company;          iii.  Engage and/or replace an independent certified public accountant to act as the              accountant for the Company and to audit the Company’s books and accounts as of                                                                                                                                 

 

                                                                                               the end of each fiscal year, or materially modify or waive the terms of such              engagement;           iv.   Engage Legal Counsel on behalf of the Company; and         v.    Take any action or decision which pursuant to any provision of this Agreement              requires Board Approval.   For the avoidance of doubt, Board Approval in advance shall be required for all matters set forth  in Section 1 of this Schedule A.                                                                                                                                    

 

                                                                                                                      Schedule B                         Prior Investment Committee Approval    Prior Investment Committee Approval shall be required for the Company or any Subsidiary to do  any of the following:          i.    Take any action or make any decision that results in the acquisition or disposition              of an Investment other than funding of Investments pursuant to commitments              previously approved by Prior Investment Committee Approval;          ii.   Materially modify or waive the terms of any Investment which results in: (1) an              extension of additional capital or commitments; (2) an amendment or waiver of a              financial covenant of a borrower for more than four consecutive quarters; (3)              approval of a material acquisition or disposition; (4) the incurrence of additional              senior debt by the borrower in an amount equal to or greater than 10% of the              existing senior debt commitments or which results in leverage increases by more              than 0.5 times; or (5) an amendment or waiver of any payment term, including              mandatory prepayments;          iii.  Make any Investment that requires derivation from any investment restrictions set              forth in this Agreement; or          iv.   Take any action or make any decision which pursuant to any provision of this              Agreement requires Prior Investment Committee Approval.     Each Member, TCPC IC Representative, and Newtek IC Representative and their respective  designees may, in the name and on behalf of the Company, do all things which he, she, or it  deems necessary, advisable, or appropriate to make investment opportunities available to the  Company, to carry out and implement matters approved by Board Approval or Prior Investment  Committee Approval, as applicable, and to administer the activities of the Company, including:          i.    Execute and deliver all agreements, amendments, and other documents and              exercise and perform of all rights and obligations with respect to any Person in              which the Company holds an interest, including Subsidiaries and other investment              and financing vehicles;          ii.   Execute and deliver other agreements, amendments, and other documents and              exercise and perform all rights and obligations with respect to matters approved              by Board Approval or Prior Investment Committee Approval, as applicable, or              which are necessary, advisable, or appropriate for the administration of the              Company, including with respect to any contracts evidencing indebtedness for              borrowed funds; and          iii.  Take any and all other acts delegated to a Member or Director by this Agreement              or by Board Approval; provided that if the acts require Board Approval or Prior                                                                                                                                  

 

                                                                                    Investment Committee Approval, Board Approval or Prior Investment Committee  Approval, as applicable, has been obtained.                                                                                                                                                   

 

                                                                                                                      Schedule C                       Investment Committee Approval Process   The Investment Committee shall review potential Investments in the below manner, unless  otherwise approved by  Prior Investment Committee Approval.      i. Each proposed Investment shall be submitted to the Investment Committee, or its        designees, for approval.        ii. Any Investment opportunity submitted for consideration shall be documented in a        consistent memo format and made available to the Investment Committee.  Supporting        data and documentation will be made available for review by the Investment Committee        and its designees.       iii. A decision on the potential Investment will be made by the Investment Committee within        one business day of receipt of the Investment memo by the Investment Committee.                                                                                                                50                                                                                    

 

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