Document:

Exhibit 4.6

 

EXECUTION
VERSION 

 

	 

 

Crossings
at Hobart

 

CO-LENDER
AGREEMENT

 

Dated
as of June 8, 2017

 

among

 

RIALTO
MORTGAGE FINANCE, LLC

(Note A-1 Holder)

 and

RIALTO
MORTGAGE FINANCE, LLC

 (Note
A-2-A Holder)

and

 RIALTO
MORTGAGE FINANCE, LLC

(Note
A-2-B Holder)

 

	 

  

     

     

    

 

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

 

    -i-

     

    

 

THIS
CO-LENDER AGREEMENT (the “Agreement”), dated as of June 8, 2017, is between RIALTO MORTGAGE FINANCE, LLC,
a Delaware limited liability company (“RMF”), having an address at 600 Madison Avenue, 12th Floor,
New York, New York 10022, as the holder of Note A-1 (the “Initial Note A-1 Holder”), RMF, as the holder of
Note A-2-A (the “Initial Note A-2-A Holder”) and RMF, as the holder of Note A-2-B (the “Initial Note
A-2-B Holder”).

 

W I T N E S S E T H:

 

WHEREAS,
RMF has made a mortgage loan in the original principal amount of $57,000,000 (the “Mortgage Loan”) to Crossings
At Hobart-I LLC, a Delaware limited liability company, and SM Hobart Lease LLC, a Delaware limited
liability company (individually and collectively, the “Borrower”) pursuant to a loan agreement among
the Borrower, as borrower, and RMF, as lender, dated as of March 3, 2017 (the “Loan Agreement”);

 

WHEREAS,
the Mortgage Loan was originally evidenced by two notes, Promissory Note A-1 in the original principal amount of $40,000,000 and
Promissory Note A-2 in the original principal amount of $17,000,000 (“Note A-1,” and “Note A-2,”
respectively, and individually, each, a “Note” and collectively the “Notes”);

 

WHEREAS,
pursuant to a Note Splitter and Modification Agreement dated as of May 9, 2017 (the “Note Splitter Agreement”)
by and among the Borrower and the Lender, Note A-2 was delivered to (or at the instruction of) the Borrower and the Borrower delivered
to RMF two replacement notes: Note A-2-A, with an original principal balance of $14,000,000 and Note A-2-B, with an original principal
balance of $3,000,000;

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the real property known as Crossings
at Hobart (the “Mortgaged Property”);

 

WHEREAS,
RMF intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-1 and Note A-2-B to
CFCRE COMMERCIAL MORTGAGE SECURITIES, L.P. (“CFCRE Depositor”), as depositor, pursuant to a Mortgage Loan Purchase
Agreement by and between CFCRE Depositor, as purchaser, and RMF as seller, and CFCRE Depositor intends to transfer its right,
title and interest in and to Note A-1 and Note A-2-B to a trustee for the CFCRE 2017-C8 Mortgage Trust; provided, however,
that RMF may sell, transfer and assign Note A-1 and/or Note A-2-B to another depositor for deposit into another securitization
trust (such sales, transfers and assignments, the “Note A-1 Securitization” and the Note A-2-B Securitization”,
respectively);

 

WHEREAS,
the Note A-2-A Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest
in and to Note A-2-A to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

     

     

    

 

WHEREAS,
the Note A-2-B Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest
in and to Note A-2-B to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

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

 

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

 

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

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA, the Note A-2-A PSA or the Note A-2-B PSA.

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control with
such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or indirectly,
twenty-five percent (25%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or a
Common Control Party owns, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests. For the purposes
of this definition, “control” when used with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation
to individuals or otherwise, and the terms “controlling” and “controlled” have meanings correlative to
the foregoing.

 

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

 

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

 

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

 

    -2- 

     

    

 

“CFCRE
Depositor” shall mean CFCRE Commercial Mortgage Securities, L.P. and its successors in interest.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect to the Note
A-2-A Securitization, the depositor under the Note A-2-A PSA and (iii) with respect to the Note A-2-B Securitization, the depositor
under the Note A-2-B PSA.

 

“Designated
Holder” shall mean the Holder of Note A-1.

 

“Directing
Holder” shall mean the Note A-1 Holder or, if Note A-1 is included in a Securitization, the holders of the Note A-1
Securitization Certificates representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1 Holder
grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower or
Borrower Party thereof shall be entitled to act as Directing Holder.

 

    -3- 

     

    

 

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

 

“Excluded
Amounts” shall mean:

 

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

 

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

 

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

 

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

 

“First
Securitization” shall mean the first Securitization into which a Note is deposited.

 

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

 

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

 

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

 

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

 

“Lead
Note” shall mean (a) during the period from and after the First Securitization, but prior to the Securitization of Note
A-1, the related Note or portion thereof contributed to the First Securitization, and (b) on and after the Securitization of Note
A-1, Note A-1.

 

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

 

“Lead
Securitization” shall mean the Securitization in which the Lead Note is deposited.

 

    -4- 

     

    

 

“Lead
Securitization PSA” shall mean the PSA of the Lead Securitization.

 

“Lead
Securitization Trust” shall mean the trust established under the Lead Securitization PSA.

 

“Lead
Servicer” shall mean the master servicer designated under the Lead Securitization PSA.

 

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

 

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

 

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

 

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

 

“Master
Servicer Remittance Date” shall mean:

 

(i)       with
respect to Note A-1 and Note A-2-B, the “master servicer remittance date” as such term or a similar term is defined
in the Lead Securitization PSA; and

 

(ii)      with
respect to Note A-2-A, the “master servicer remittance date” as such term or a similar term is defined in the Lead
Securitization PSA (or, from and after the Note A-2-A Securitization Date, the earlier of the “master servicer remittance
date,” as such term or a similar term is defined in the Lead Securitization PSA or the first Business Day after the “determination
date,” as such term or a similar term is defined in the Note A-2-A PSA).

 

Provided,
however, that in no event may any such “determination date” occur prior to the sixth day of each month, or,
if such sixth day is not a Business Day, the next succeeding Business Day.

 

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

 

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

 

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

 

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

 

    -5- 

     

    

 

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

 

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each Note.

 

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

 

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

 

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

 

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

 

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

 

“Non-Directing
Holder” shall mean the Note A-2-A Holder and the Note A-2-B Holder, or, if the applicable Note is included in a Securitization,
holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party otherwise entitled under
the Note A-2-A PSA and the Note A-2-B PSA to exercise the rights granted to the Non-Directing Holders in this Agreement.

 

“Non-Lead
Master Servicer” shall mean, with respect to any Non-Lead Note, the master servicer under the related PSA.

 

“Non-Lead
Note” shall mean each of the Notes other than the Lead Note.

 

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

 

“Non-Lead
Securitization” shall mean, at any time, each Securitization that is not then the Lead Securitization.

 

“Non-Lead
Servicing Agreements” shall mean the PSAs with respect to the Non-Lead Notes.

 

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

 

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

 

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

 

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

 

    -6- 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -7- 

     

    

 

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

 

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

 

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

 

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

 

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

 

“P&I
Advance” shall mean an advance made by a party to the Note A-1 PSA, the Note A-2-A PSA or the Note A-2-B PSA, as applicable,
with respect to a delinquent monthly debt service payment on the Notes included in the related Securitization.

 

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

 

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

 

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

 

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

 

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

 

    -8- 

     

    

 

balance
of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“PSA”
means any of the Note A-1 PSA, the Note A-2-A PSA and the Note A-2-B PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -9- 

     

    

 

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

 

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

 

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

 

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

 

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

 

    -10- 

     

    

 

“Rating
Agency Confirmation” shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence
of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or
withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In
the event that no Certificates are outstanding, any action that would otherwise require a Rating Agency Confirmation shall require
the consent of the Designated Holder, which consent shall not be unreasonably withheld, conditioned or delayed.

 

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

 

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

 

“REMIC”
shall have the meaning assigned to such term in Section 2(f).

 

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

 

“Reporting
Article” shall mean, with respect to any PSA, the article of such PSA that relates to reporting under the Securities
Exchange Act of 1934, as amended, and Regulation AB.

 

“RMF”
shall mean Rialto Mortgage Finance, LLC and its successors in interest.

 

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

 

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

 

“Securitization
Date” shall mean the closing date of the Securitization, as applicable.

 

    -11- 

     

    

 

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

 

“Servicing
Agreement” shall mean the Lead Securitization PSA. In the event the Lead Note is no longer an asset of the trust fund
created pursuant to the Lead Securitization PSA, the term “Servicing Agreement” shall refer to the subsequent servicing
agreement entered into pursuant to Section 2.

 

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

 

“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when
applied to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine
the servicing fee payable to the Master Servicer under the Servicing Agreement; provided that such Servicing Fee Rate shall be
fixed prior to the pricing of the first Securitization and under no circumstances shall the Servicing Fee Rate exceed 0.0025%
per annum.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Trustee”
shall mean the trustee under any PSA, as the context requires.

 

    -12- 

     

    

 

2.       Servicing
of the Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in each case to the specific terms of this
Agreement, the Mortgage Loan shall be serviced by the Master Servicer and the Special Servicer under the Servicing Agreement in
effect at any given time. Each holder agrees to reasonably cooperate with each Servicer with respect to its exercise of its rights
and obligations under the Servicing Agreement.

 

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

 

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

 

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

 

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

 

    -13- 

     

    

 

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

 

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

 

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

 

The
Servicing Agreement may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i)
pay the Master Servicer, the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties
to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to
the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation.

 

    -14- 

     

    

 

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

 

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

 

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

 

    -15- 

     

    

 

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

 

7.       Representations
of the Holders. (a) Each of the Holders hereby represents and warrants to, and covenants with each other Holder that,
as of the date hereof (or, in connection with a new Holder of a Note following a Transfer, as of the date of such Transfer):

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -16- 

     

    

 

(viii)  It
is a Qualified Transferee.

 

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

 

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

 

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

 

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

 

12.     Transfer
of Notes. (a) Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether or
not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more
than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other
Holders have consented to such Transfer, in which case the related transferee

 

    -17- 

     

    

 

shall
thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement, (ii) after a Securitization
of any Note, a Rating Agency Confirmation has been received with respect to such Transfer, in which case the related transferee
shall thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement, (iii) such Transfer
is to a Qualified Transferee or (iv) such Transfer is in connection with a sale by a Securitization Trust; provided that
if such Transfer is a Transfer of the Lead Note, such Transfer is to a Qualified Transferee. Any such transferee (except in the
case of Transfers that are made in connection with a Securitization) hereby assumes the obligations of the transferring Holder
hereunder and agrees to be bound by the terms and provisions of this Agreement and the Servicing Agreement and (ii) remakes each
of the representations and warranties contained herein for the benefit of the other Holders. Notwithstanding the foregoing, without
each non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Holder’s
Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that has been engaged by the Depositor
to rate the securities issued in connection with such Securitization, no Holder shall Transfer all or any portion of its Note
to a Borrower or an Affiliate of a Borrower and any such Transfer shall be absolutely null and void and shall vest no rights in
the purported transferee. None of the provisions of this Section 12(a) shall apply in the case of a sale of Note A-1 together
with Note A-2-A and Note A-2-B, in accordance with the terms and conditions of the Lead Securitization PSA.

 

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

 

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

 

(d)       Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any
entity (other than a Borrower or any Affiliate of a Borrower) that has extended a credit facility to such Holder or has entered
into a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial institution
whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note
Pledgee”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on terms and conditions
set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder or any
Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured as
a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable terms and conditions
of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not take title to a Note without
a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders and the Servicer that a
Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holders agree to acknowledge
receipt of

 

    -18- 

     

    

 

such
notice and thereafter agree: (i) to give such Note Pledgee written notice of any default by the pledging Holder in respect of
its obligations under this Agreement of which default such Holder has actual knowledge and which notice shall be given simultaneously
with the giving of such notice to the pledging Holder; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure
a default by the pledging Holder in respect of its obligations to the other Holders hereunder, but such Note Pledgee shall not
be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement or the Servicing
Agreement (if the pledging Holder had the right to consent to such amendment, modification, waiver or termination pursuant to
the terms hereof) shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent
shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given if Note Pledgee shall
fail to respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after request
therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee of any default of the pledging Holder which such
pledging Holder has the right to effect hereunder, as if such cure were made by such pledging Holder; (v) that the other Holders
or Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided
that any such certificate(s) shall be in a form reasonably satisfactory to the other Holders; and (vi) that, upon written notice
(a “Redirection Notice”) to the Servicer by such Note Pledgee that the pledging Holder is in default beyond
any applicable cure periods with respect to the pledging Holder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement or other agreements relating to the Pledge between the pledging Holder and such Note Pledgee (which notice need
not be joined in or confirmed by the pledging Holder), and until such Redirection Notice is withdrawn or rescinded by such Note
Pledgee, Note Pledgee (or at any time that pledging Holder otherwise directs that such payment be made to Note Pledgee pursuant
to a separate notice) shall be entitled to receive any payments that any Servicer would otherwise be obligated to make to the
pledging Holder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Holder hereby unconditionally
and absolutely releases the other Holders and any Servicer from any liability to the pledging Holder on account of any Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or other Holders in good faith to have been
delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder
(and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law, the pledge agreement,
repurchase agreement or similar agreement between the pledging Holder and the Note Pledgee and this Agreement. In such event,
or if the pledging holder otherwise assigns its interests to the Note Pledgee, the other Holders and the Servicer shall recognize
such Note Pledgee (and any transferee (other than a Borrower or any Affiliate of a Borrower) that is also a Qualified Transferee
at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and such Person’s
successor and assigns, as the successor to the pledging Holder’s rights, remedies and obligations under this Agreement,
and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations of the pledging Holder hereunder accruing
from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the
terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall remain effective as
to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such

 

    -19- 

     

    

 

Holder
(and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

(i)      Each
Non-Directing Holder has provided written consent to such sale (to the extent the related Note with respect to the Non-Directing
Holder is not included in the same Securitization as the related Note with respect to the Directing Holder); or

 

    -20- 

     

    

 

(ii)     The
Special Servicer has delivered the following notices and information to each Non-Directing Holder (to the extent the related Note
with respect to the Non-Directing Holder is not included in the same Securitization as the Note with respect to the Directing Holder):

 

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

 

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

 

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

 

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

 

Any Non-Directing Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note
Holder, the Directing Holder, the Non-Lead Note Holders (to the extent the related Non-Lead Note is not included in the Lead Securitization)
and the Non-Directing Holders shall be permitted to submit an offer at any sale of the Defaulted Mortgage Loan (unless such Person
is a Borrower or an agent or Affiliate of a Borrower).

 

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

 

(d)       Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section
13 shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event
shall the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action,
as the case may be, would violate the laws of any

 

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applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent
with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC provisions of the Code
or any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(f) of this Agreement.

 

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

 

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

 

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

 

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

 

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Servicer or the Special Servicer to liability, or materially expand the scope
of the Master Servicer’s or the Special Servicer’s responsibilities under the Servicing Agreement.

 

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

 

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

 

15.       Appointment
of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any
time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan
and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person
to serve as Special Servicer by delivering to the other Holders and the parties to the Note A-1 PSA, the Note A-2-A PSA and the
Note A-2-B PSA a written notice stating such designation and by satisfying the other conditions required under the Servicing Agreement
(including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

 

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

 

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16.       Rights
of the Non-Directing Holders. (a) The Lead Securitization PSA shall provide that the Servicer shall be required:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)       To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, each Non-Lead
Note Holder of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization into which any Non-Lead
Note is deposited) shall be required to, promptly following notice from the Lead Servicer, pay to the Lead Securitization for its
pro rata share of such Property Advance and/or interest thereon at the Reimbursement Rate. In addition, each Non-Lead Note
Holder of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization into which any Non-Lead Note
is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s pro rata
share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which
the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement
(to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement
of such amounts).

 

(d)       The
parties to each PSA shall each be entitled to make their own recoverability determination with respect to a P&I Advance based
on the information that they have on hand and in accordance with such applicable PSA.

 

(e)       If
the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of
the Servicing

 

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Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead Note share
from the Non-Lead Note Holders.

 

18.       Provisions
Relating to Securitization.

 

(a) New Notes. For so
long as any Note Holder is the holder of a Note that is not included in a Securitization, such Note Holder shall have the right,
subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes (“Amended
Notes”) or additional notes (“New Notes”) reallocating the principal of the Note or Notes that it
owns (but in no case any Note that it does not then own) among Amended Notes and New Notes or severing a Note into one or more
further “component” notes in the aggregate principal amount equal to the then outstanding principal balance of the
Note or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended Notes and New Notes
following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior to such amendments,
(ii) all New Notes continue to have the same interest rate as the Amended Note of which it was a part prior to such amendments,
(iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such reallocated or component
notes shall be automatically subject to the terms of this Agreement and (iv) the Note Holder holding the New Notes shall notify
each other Holder, as applicable, and, if any other Note has been included in a securitization, the parties under each applicable
PSA, in writing (which may be by email) of such modified allocations and principal amounts. In connection with the foregoing, (1)
the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate
the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of reflecting such reallocation
of principal or such severing of a Note, (2) if a Note is severed into “component” notes, such component notes shall
each have their same rights as the respective original Note, (3) the definition of the term “Securitization” and all
of the related defined terms may be amended (and new terms added, as necessary) to reflect the New Notes and (4) if Note A-1 is
severed into “component” notes, another note (or one of the New Notes) may be substituted for Note A-1 in the definition
of “Designated Holder” and “Directing Holder” and the definitions of “Lead Note” and “Lead
Securitization” and “Non-Directing Holder” will be revised accordingly. Neither Rating Agency Confirmation nor
approval of the Directing Holder shall be required for any amendments to this Agreement required to facilitate the terms of this
Section 18(a). The Note Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall reimburse
the other Holders for all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

(b)       The
Non-Lead Note Holder agrees that (unless the Non-Lead Note and the Lead Note are included in the same Securitization) it shall
cause the Non-Lead Servicing Agreement to provide as follows:

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)       Notice
to Parties to the Lead Securitization PSA. Prior to or promptly following each Securitization Date, the respective Note Holder
shall provide to each other Note Holder (provided such other Note Holder is not also a party to such Securitization then closing),
written notice of such Securitization (which may be by email). Such notice shall contain contact information for each of the parties
to the respective PSA and the identity of the Controlling Class Representative under such PSA. In addition, after the Securitization
Date, the respective Holder shall send a copy of the related PSA to the Depositor, the Servicer and the Special Servicer under
the Lead Securitization PSA (as of the Securitization Date) (provided such party is not also a party to the related PSA).

 

(d)        The
Lead Securitization PSA shall:

 

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

 

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

 

(iii)       provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note (other than any Non-Lead
Note deposited into the Lead Securitization as to which payments shall be applied as provided in the Servicing Agreement), net
of its Servicing Fee (calculated at the “primary servicing fee rate” as set forth in the Servicing Agreement) and any
other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead
Holder on the applicable Master Servicer Remittance Date;

 

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

 

(v)       provide
that the Master Servicer, any primary servicer, the Special Servicer and the Trustee for the Lead Securitization, certificate administrator
or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each
other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports,
certifications, compliance statements, accountants’ assessments and attestations, information to be included in reports (including,
without

 

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limitation, Form 15G, Form 10-K, Form 10-D, Form 8-K), notices, and other materials specified in each of the other Servicing
Agreements as the parties to each Non-Lead Securitization may require in order to comply with (1) their obligations under the Securities
Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other
applicable law and (2) any applicable comment letter from the Securities and Exchange Commission or its obligations with respect
to any deficient Exchange Act receivable. Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any other Securitization a copy of the Lead Securitization
PSA and each Lead Servicer (at the expense of the Lead Note Holder) will be required to provide to the depositor and the Trustee
for any other Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead
Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were
or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such may be amended from
time to time, and subject to such clarification and interpretation as have been provided by the United States Securities and Exchange
Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission or
its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master
Servicer, any primary servicer, the Special Servicer and each other applicable party to the Lead Servicing Agreement shall each
be required to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification
(or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

 

(vi)       each
of the Master Servicer, the Special Servicer, the custodian and the Trustee and each Affected Reporting Party (or analogous term)
for the Lead Securitization shall cooperate (and require each servicing function participant and additional servicer retained by
it to cooperate under the applicable sub-servicing Agreement), with the Depositor of each Non-Lead Securitization to the same extent
as such party is required to cooperate with the Depositor of the Lead Securitization under the Reporting Article of the Lead Securitization
PSA in connection with the reporting requirements under the Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. All respective reasonable out-of-pocket
costs and expenses incurred by each Depositor of a Non-Lead Securitization (including reasonable legal fees and expenses of outside
counsel to such depositor) in connection with the foregoing (other than those costs and expenses related to participation by such
Depositor in any telephone conferences and meetings with the United States Securities and Exchange Commission (the “Commission”)
and other costs such Depositor must bear pursuant to the Reporting Article of the Lead Securitization PSA) and any amendments to
any reports filed with the

 

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Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt
of an itemized invoice from such Depositor;

 

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

 

(viii)      provide
that, with respect to any/each Non-Lead Note (other than any Non-Lead Note deposited into the Lead Securitization as to which payments
shall be withdrawn and remitted as provided in the Servicing Agreement), the Master Servicer shall withdraw from the related Collection
Account and remit to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified funds, any
amounts that represent late collections or principal prepayments on such Non-Lead Note or any successor REO Property with respect
thereto (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with this Agreement),
unless such amount would otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such month; provided,
however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master
Servicer shall use commercially reasonable efforts to remit such late collections or principal prepayments to the Non-Lead Master
Servicer within one Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such
amounts within two Business Days of receipt of properly identified funds;

 

(ix)        provide
that the Non-Lead Note Holders (other than any Non-Lead Note Holder which is a direct party to the Servicing Agreement) are intended
third-party beneficiaries in respect of the rights afforded it under the Servicing Agreement and each master servicer under a Non-Lead
Servicing Agreement will be entitled to enforce the rights of the related Trustee with respect to such Non-Lead Note under this
Agreement and the Servicing Agreement;

 

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

 

(xi)        provide
that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders (other than
any Non-Lead Note Holder which is a direct party to the Servicing Agreement) without their consent;

 

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

 

(xiii)      provide
that, in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required to provide
a copy of the

 

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

 

(xiv)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required, failure to
deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the depositor under
a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form
SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the
case of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a servicer termination event
with respect to the Master Servicer affecting the Non-Lead Note Holder and the Master Servicer is not otherwise terminated pursuant
to the Lead Securitization PSA, the Master Servicer shall be required, upon the direction of the Non-Lead Note Holder, to appoint
a subservicer with respect to the Non-Lead Note. Upon the occurrence of a servicer termination event with respect to the Special
Servicer affecting the Non-Lead Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization
PSA, the Trustee shall, upon direction of the Non-Lead Note Holder, terminate the Special Servicer with respect to, but only with
respect to, the Mortgage Loan;

 

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

 

(xvi)       provide
that the Non-Lead Note Holders shall be entitled to the same indemnity as the Lead Note Holder under the Lead Securitization PSA
with respect to the following items; each of the Master Servicer, the Special Servicer, the Trustee, the certificate administrator,
the operating advisor, and the custodian shall be required to indemnify each certifying person and the Depositor under any Non-Lead
Servicing

 

    -31- 

     

    

 

Agreement, and their respective directors and officers and controlling persons, to the same extent that they indemnify
the Depositor of the Lead Securitization (in its capacity as such) and each certifying person for (i) its failure to deliver the
items in clauses (v) and (xiii) above in a timely manner, (ii) its failure to perform its obligations to such Depositor of a Non-Lead
Securitization or Trustee of a Non-Lead Securitization under the Reporting Article (or any article substantially similar thereto)
of the Lead Securitization PSA by the time required after giving effect to any applicable grace period or cure period, (iii) the
failure of any servicer or servicing function participant retained by it to perform its obligations to such Depositor of a Non-Lead
Securitization or Trustee of a Non-Lead Securitization under such the Reporting Article (or any article substantially similar thereto)
of the Lead Securitization PSA by the time required and/or (iv) any deficient Securities Exchange Act of 1934 report regarding,
and delivered by or on behalf of, such party;

 

(xvii)       each
of the Master Servicer, the Special Servicer, the operating advisor, the custodian, the certificate administrator and the Trustee
of the Lead Securitization PSA shall (i) with respect to any initial sub-servicer engaged by it that is a servicing function participant
or additional servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other additional
servicer and each servicing function participant with which, in each case, it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such party to, comply with the foregoing Section 18 (d)(xvi) by inclusion of similar provisions in
the related sub-servicing or similar agreement;

 

(xviii)      provide
for special servicing, workout and liquidation fee rates that do not exceed (i) 0.25%, in the case of special servicing fees, (ii)
the lesser of (x) 1.00% and (y) such rate that results in a workout fee of $1,000,000, in the case of workout fees, and (iii) the
lesser of (x) 1.00% and (y) such rate that results in a liquidation fee of $1,000,000, in the case of liquidation fees, subject
in each case to market minimum special servicing fees and offsets set forth in the Lead Securitization PSA; and

 

(xix)        to
the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation and Rating Agency
communications shall be provided with respect to the Certificates issued in connection with each Non-Lead Securitization to the
same extent provided with respect to the Certificates issued in connection with the Lead Securitization;

 

(e)       The
Holder of any Note that, upon the closing of the Securitization of such Note, will constitute the Lead Note under this Agreement
shall:

 

(i)       give
the other Note Holders (except any Holder of any other Note included in such Securitization) notice of such Securitization in writing
(which may be by email) not less than three (3) Business Days prior to the applicable pricing date for such Securitization, together
with contact information for each of the parties to the related PSA;

 

    -32- 

     

    

 

(ii)       on
the closing date of such Securitization, send a copy (in EDGAR-compatible format) of such PSA to the other Note Holders (except
any Holder of any other Note included in such Securitization); and

 

(iii)      give
the other Note Holders (except any Holder of any other Note included in such Securitization) written notice in a timely manner
(but no later than one (1) Business Day prior to the applicable filing date) of any re-filing (other than a filing made in connection
with a formal amendment of such PSA) by the Depositor of such PSA subsequent to the Securitization Date if such filing contains
revisions or changes that are material to the other Note Holder.

 

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

 

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

 

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

 

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

 

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

 

    -33- 

     

    

 

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

 

25.       Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Non-Lead Notes) will
be held by the Trustee (or by a custodian on its behalf) of the Note A-1 Securitization under the terms of the Note A-1 PSA on
behalf of all of the Holders; provided that if the Note A-1 Securitization is not the First Securitization, the originals of all
of the Mortgage Loan Documents (other than the Notes not deposited in the First Securitization) will be held by the Trustee (or
by a custodian on its behalf) for the First Securitization, until the Note A-1 Securitization Date, at which time the originals
of all the Mortgage Loan Documents (other than the Notes not included in the Note A-1 Securitization) will be transferred to and
held by the Note A-1 Trustee on behalf of all of the Holders. Unless required pursuant to the PSA for the First Securitization,
the Mortgage Loan Documents (other than the Note that is deposited into the First Securitization) shall not be required to be
recorded or filed to reflect the name of the Trustee under the PSA for the First Securitization.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    -34- 

     

    

 

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

	 	 	 
	 	Note A-1 Holder:
	 	 
	 	RIALTO MORTGAGE FINANCE,
LLC 
	 	 	 
	 	By:  	/s/ Marshall Van Smith
	 	 	Name:  Marshall Van Smith
	 	 	Title:    Authorized Signatory

 

     

     

       

	 	Note A-2-A Holder:
	 	 
	 	RIALTO MORTGAGE FINANCE,
LLC 
	 	 	 
	 	By:  	/s/ Marshall Van Smith
	 	 	Name:  Marshall Van Smith
	 	 	Title:    Authorized Signatory

 

     

     

    

 

	 	Note A-2-B Holder:
	 	 
	 	RIALTO MORTGAGE FINANCE,
LLC 
	 	 	 
	 	By:  	/s/ Marshall Van Smith
	 	 	Name:  Marshall Van Smith
	 	 	Title:    Authorized Signatory

 

     

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.       Description of Mortgage
Loan

 

	Borrowers:	
        Crossings At Hobart-I LLC

        

        SM Hobart Lease LLC

        

	Mortgage Loan Origination Date:	March 3, 2017
	Initial Principal Amount of Mortgage Loan:	$57,000,000
	Locations of Mortgaged Property:	Merrillville, Indiana
	Current Use of Mortgaged Property:	Retail
	Mortgage Interest Rate:	
        Note A-1:          4.84%

        

        Note A-2-A:     4.84%

        

        Note A-2-B:      4.84%

        

	Maturity Date:	March 6, 2027

 

    A-1 

     

    
 

B.       Description of Notes

 

	Mortgage Loan Origination Date:	March 3, 2017
	Initial Note A-1 Principal Balance:	$40,000,000
	Initial Note A-2-A Principal Balance:	$14,000,000
	Initial Note A-2-B Principal Balance:	$3,000,000
	Initial Note A-1 Percentage Interest:	70.175439%
	Initial Note A-2-A Percentage Interest:	24.561404%
	Initial Note A-2-B Percentage Interest:	5.263158%
	Note A-1 Interest Rate:	4.84%
	Note A-2-A Interest Rate:	4.84%
	Note A-2-B Interest Rate:	4.84%
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2-A Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2-A Interest Rate
	Note A-2-B Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2-B Interest Rate

 

    A-2 

     

    

 

EXHIBIT B

 

Initial Note A-1 Holder, Initial Note A-2-A Holder and Initial
Note A-2-B:

 

Rialto Mortgage Finance, LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Andrew Snow

andrew.snow@rialtocapital.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

One World Financial Center 

New York, New York 10281

Attention: Frank Polverino

Facsimile No: (212) 504-6666 

frank.polverino@cwt.com

 

    B-1 

     

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

KKR Real Estate Manager Finance LLC

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

 

    C-1Exhibit 4.7

 

EXECUTION
VERSION

 

CO-LENDER
AGREEMENT

 

Dated
as of April 21, 2017

 

between

 

ARGENTIC
REAL ESTATE FINANCE LLC

(Note A-1 Holder and Note A-2 Holder)

 

and

 

CITI
REAL ESTATE FUNDING INC.

(Note A-3 Holder and Note A-4 Holder)

 

 

 

Yeshiva
University Portfolio

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	Section 1.	Definitions; Conflicts	2
	Section 2.	Servicing of the Mortgage Loan	17
	Section 3.	Priority of Notes	19
	Section 4.	Workout	19
	Section 5.	Accounts; Payment Procedure	20
	Section 6.	Limitation on Liability	20
	Section 7.	Representations of the Holders	21
	Section 8.	Independent Analyses of each Holder	21
	Section 9.	No Creation of a Partnership or Exclusive Purchase
    Right	22
	Section 10.	Not a Security	22
	Section 11.	Other Business Activities of the Holders	22
	Section 12.	Transfer of Notes	22
	Section 13.	Exercise of Remedies by the Servicer	24
	Section 14.	Rights of the Directing Holder	26
	Section 15.	Appointment of Special Servicer	27
	Section 16.	Rights of the Non-Directing Holders	28
	Section 17.	Advances; Reimbursement of Advances	29
	Section 18.	Provisions Relating to Securitization	30
	Section 19.	Governing Law; Waiver of Jury Trial	38
	Section 20.	Modifications	38
	Section 21.	Successors and Assigns; Third Party Beneficiaries	39
	Section 22.	Counterparts	39
	Section 23.	Captions	39
	Section 24.	Notices	39
	Section 25.	Custody of Mortgage Loan Documents / Mortgagee
    of Record	39

 

    -i- 

     

    

 

THIS
CO-LENDER AGREEMENT (this “Agreement”), dated as of April 21, 2017, is between ARGENTIC REAL ESTATE FINANCE
LLC, a Delaware limited liability company (“AREF”), having an address at 40 West 57th Street, 29th Floor,
New York, New York 10019, as the Initial Note A-1 Holder and the Initial Note A-2 Holder, and CITI REAL ESTATE FUNDING INC.,
a New York corporation (“Citi”), having an address at 390 Greenwich Street, 7th Floor, New York, New York 10013,
as the Initial Note A-3 Holder and the Initial Note A-4 Holder; (the Initial Note A-1 Holder, the Initial Note A-2 Holder, the
Initial Note A-3 Holder and the Initial Note A-4 Holder are each referred to herein as an “Initial Note Holder”
and collectively the “Initial Note Holders”).

 

W
I T N E S S E T H:

 

WHEREAS,
AREF and Citi have made a mortgage loan in the original principal amount of $140,000,000 (the “Mortgage Loan”)
to Y Properties Holdings, LLC, a Delaware limited liability company (the “Borrower”), pursuant to a loan agreement
between the Borrower, as borrower, and AREF and Citi, as lenders, dated as of April 21, 2017 (the “Loan Agreement”);

 

WHEREAS,
the Mortgage Loan is evidenced by four promissory notes, Promissory Note A-1 in the original principal amount of $45,000,000,
Promissory Note A-2 in the original principal amount of $45,000,000, Promissory Note A-3 in the original principal amount of $15,000,000
and Promissory Note A-4 in the original principal amount of $35,000,000 (“Note A-1”, “Note A-2”,
“Note A-3” and “Note A-4”, respectively and individually, and each a “Note”
and collectively the “Notes”); 

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the real properties known as Yeshiva
University Portfolio, each located in New York, New York (collectively, the “Mortgaged Property”);

 

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

 

WHEREAS,
Citi, as the Initial Note A-4 Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title
and interest in Note A-4 to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) and CCRE intends, but is not bound
to transfer and assign all or a portion of its right, title and interest in and to Note A-4 to one or more depositors who will
in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage loans;

 

WHEREAS,
the parties hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns,
shall hold Note A-1, Note A-2, Note A-3 and Note A-4, respectively;

 

     

     

    

 

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

 

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

 

“Accelerated
Mezzanine Loan” shall mean any mezzanine loan (secured by a pledge of the direct (or indirect) equity interests in the
Mortgagor) related to the Mortgage Loan if such mezzanine loan either (i) has been accelerated, or (ii) is the subject of foreclosure
proceedings against the related collateral for such mezzanine loan.

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA, the Note A-2 PSA, the Note A-3 PSA and the Note A-4 PSA.

 

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

 

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

 

“AREF”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

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

 

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

 

    -2-

     

    

 

“Borrower
Party” shall mean (i) prior to the occurrence of the Lead Securitization, either (a) the Borrower, any other Mortgagor
or the manager of the Mortgaged Property or any Affiliate of any of the foregoing or (b) a holder or beneficial owner of any Accelerated
Mezzanine Loan or any Affiliate of any of the foregoing, and (ii) following the occurrence of the Lead Securitization, shall have
the meaning assigned to the term “Borrower Restricted Party” or “Borrower Party”, as applicable, in the
Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

“Certificate
Administrator Fees” shall have the meaning given to such term or an analogous term in the Note A-1 PSA, the Note A-2
PSA, the Note A-3 PSA or the Note A-4 PSA.

 

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization
or the Note A-4 Securitization.

 

“Citi”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

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

 

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

 

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

 

“Commission”
shall have the meaning assigned to such term in Section 18(b)(ix).

 

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

 

    -3-

     

    

 

“Custodian”
shall mean the custodian under the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect to the Note
A-2 Securitization, the depositor under the Note A-2 PSA, (iii) with respect to the Note A-3 Securitization, the depositor under
the Note A-3 PSA and (iv) with respect to the Note A-4 Securitization, the depositor under the Note A-4 PSA.

 

“Directing
Holder” shall mean the Holder of Note A-1 or, if the Note A-1 is included in a Securitization, the holders of Certificates
issued in connection with such Securitization representing the specified interest in the class of Certificates designated as the
“Controlling Class” or the duly appointed representative of the holders of such Certificates or such other party that
the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided,
that no Borrower Party shall be entitled to act as Directing Holder.

 

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

 

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

 

“Excluded
Amounts” shall mean:

 

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

 

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

 

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

 

provided,
however, that Excluded Amounts shall not include (A) any amounts received in respect of any P&I Advances (and interest thereon),
(B) any Servicing Fees due to the Master Servicer in excess of the Servicing Fee calculated at the “primary servicing fee
rate” set forth in

 

    -4-

     

    

 

the Servicing Agreement and (C) any Trustee Fees, Certificate Administrator Fees or Operating Advisor
Fees.

 

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

 

“Hazardous
Materials” shall mean any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without
limitation, those so identified pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C.
§ 9601 et seq., or any other environmental laws now existing, and specifically including, without limitation, asbestos
and asbestos-containing materials, polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products,
urea formaldehyde and any substances classified as being “in inventory,” “usable work in process” or similar
classification which would, if classified as unusable, be included in the foregoing definition.

 

“Holder”
shall mean each of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder. 

 

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

 

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

 

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

 

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

 

“Initial
Note Holder” shall mean each of the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder
and the Initial Note A-4 Holder (each as defined in the preamble to this Agreement).

 

“Intervening
Trust Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which
holds Note A-1, Note A-2, Note A-3 or Note A-4 as collateral securing (in whole or in part) any obligation or security held by
such Securitization Vehicle as collateral for the CLO.

 

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

 

“Lead
Note” shall mean:

 

(i)
during the period from and after the earliest of (a) the Note A-2 Securitization Date, (b) the Note A-3 Securitization Date and
(c) the Note A-4 Securitization Date and prior to the Note A-1 Securitization Date, the Note with the earliest Securitization
Date; provided that, prior to the Securitization of Note A-1, if two or more Notes other than Note A-1 have both the

 

    -5-

     

    

 

earliest
Securitization Date and the same Securitization Date, but are included in different Securitizations, then the Lead Note shall
be the Note with the largest Note Principal Balance that is included in the Lead Securitization; and

 

(ii)
immediately upon the occurrence of and following the Note A-1 Securitization Date, Note A-1.

 

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

 

“Lead
Securitization” shall mean:

 

(i)
during the period from and after the earliest of (a) the Note A-2 Securitization Date, (b) the Note A-3 Securitization Date and
(c) the Note A-4 Securitization Date and prior to the Note A-1 Securitization Date, the Securitization with the earliest Securitization
Date; provided that, prior to the Securitization of Note A-1, if two or more Notes other than Note A-1 have both the earliest
Securitization Date and the same Securitization Date but are included in different Securitizations, then the Securitization including
the Note(s) with the larger (aggregate) Note Principal Balance shall be the Lead Securitization; and

 

(ii)
immediately upon the occurrence of and following the Note A-1 Securitization Date, the Note A-1 Securitization.

 

“Lead
Securitization Date” shall mean the closing date of the Lead Securitization.

 

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

 

“Lead
Securitization Servicing Agreement” shall mean:

 

(i)
during the period from and after the earliest of (a) the Note A-2 Securitization Date, (b) the Note A-3 Securitization Date and
(c) the Note A-4 Securitization Date, and prior to the Note A-1 Securitization Date, the PSA for the Lead Securitization; and

 

(ii)
immediately upon the occurrence of and following the Note A-1 Securitization Date, the Note A-1 PSA.

 

“Lead
Servicer” shall mean the servicer and/or special servicer designated under the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Loan
Combination Custodial Account” shall mean the “Loan Combination Custodial Account” or analogous account
established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

 

    -6-

     

    

 

“Major
Decision” shall have the meaning given to such term or any analogous term in the Lead Securitization Servicing Agreement;
provided that, at any time that none of Note A-1, Note A-2, Note A-3 or Note A-4 is included in the Lead Securitization, “Major
Decision” shall mean, any of the following,

 

(i)          any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership
of properties securing the Mortgage Loan as come into and continue in default;

 

(ii)         any
modification, consent to a modification or waiver of a monetary term or material non-monetary term (including, without limitation,
the timing of payments and acceptance of discounted payoffs but excluding Penalty Charges) of the Mortgage Loan or any extension
of the Maturity Date of the Mortgage Loan;

 

(iii)        any
sale of the Defaulted Mortgage Loan or REO Property (other than in connection with the termination of the Lead Securitization
Trust) for less than the applicable Repurchase Price (as defined in the Servicing Agreement);

 

(iv)       
any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address
Hazardous Materials located at an REO Property;

 

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

 

(vi)        any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such waiver or consent to a transfer of the Mortgaged Property or interests in the Borrower or consent to the incurrence of
additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender under
the Loan Agreement;

 

(vii)       any
property management company or property management agreement changes (with respect to the Mortgage Loan (i) with an unpaid principal
balance greater than $2,500,000 or (ii) where the successor property manager is affiliated with the Borrower) or franchise changes
with respect to the Mortgage Loan for which the lender is required to consent or approve under the Mortgage Loan Documents;

 

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

 

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

 

(x)         any
determination of an Acceptable Insurance Default;

 

    -7-

     

    

 

(xi)        the
determination of the Special Servicer to transfer the Mortgage Loan to special servicing due to an imminent default;

 

(xii)       any
acceleration of the Mortgage Loan following a default or an event of default or any initiation of judicial, bankruptcy or similar
proceedings under the Mortgage Loan Documents or with respect to the Borrower or Mortgaged Property; and

 

(xiii)      any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of a Note or other subordinate debt holder related to the Mortgage Loan, or an action to enforce
rights with respect thereto, in each case, in a manner that materially and adversely affects the holders of the Lead Note.

 

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

 

“Master
Servicer Remittance Date” shall mean, with respect to each Non-Lead Note, (i) prior to the related Non-Lead Securitization,
the “master servicer remittance date” as such term is defined in the applicable Servicing Agreement, and (ii) from
and after the related Non-Lead Securitization, the earlier of (x) the “master servicer remittance date” as such term
is defined in the Lead Securitization Servicing Agreement, and (y) the business day following the “determination date”
as such term or a similar term is defined in the related Non-Lead Securitization Servicing Agreement, in each case above in this
definition as long as such date is at least one Business Day after receipt of the scheduled Monthly Payment in each month.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of
Note A-1, Note A-2, Note A-3 and Note A-4.

 

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

 

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

 

    -8-

     

    

 

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

 

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

 

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

 

“Non-Directing
Holders” shall mean the Holder(s) of more than a fifty percent (50%) percentage interest in any Note other than Note
A-1, and if such Note has been included in a Securitization, the holders of Certificates representing the specified interest in
the class of Certificates designated as the “controlling class” or the duly appointed representative of the holders
of such Certificates or such other party otherwise entitled under each Non-Lead Securitization Servicing Agreement to exercise
the rights granted to the related Non-Directing Holder in this Agreement. If a Non-Lead Note is not in a Securitization, the Non-Directing
Holder with respect to such Note will be the then-current Holder of such Note.

 

“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 related Non-Lead Securitization Servicing Agreement.

 

“Non-Lead
Certificate Administrator” shall mean the applicable certificate administrator or other analogous term under any Non-Lead
Securitization Servicing Agreement.

 

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

 

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

 

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

 

“Non-Lead
Note Holders” shall mean each Holder other than the Lead Note Holder.

 

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

 

“Non-Lead
Securitization Servicing Agreement” shall mean each PSA other than the Lead Securitization Servicing Agreement.

 

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

 

“Non-Lead
Sponsor” shall mean, with respect to any Non-Lead Note, the related Holder that acts as the sponsor with respect to
such Non-Lead Note in connection with the related Non-Lead Securitization.

 

    -9-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -10-

     

    

 

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

 

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

 

“Note
A-3 Holder” shall mean Citi or any subsequent holder of Note A-3.

 

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

 

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

 

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

 

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

 

“Note
A-3 Trust Fund” shall mean the trust formed pursuant to the Note A-3 PSA.

 

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

 

“Note
A-4 Holder” shall mean Citi or any subsequent holder of Note A-4.

 

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

 

“Note
A-4 PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-4 Securitization.

 

“Note
A-4 Securitization” shall mean the first sale by the Note A-4 Holder of all or any portion of Note A-4 to a depositor
who will in turn include all or such portion (as applicable) of Note A-4 as part of the securitization of one or more mortgage
loans.

 

“Note
A-4 Securitization Date” shall mean the closing date of the Note A-4 Securitization.

 

“Note
A-4 Trust Fund” shall mean the trust formed pursuant to the Note A-4 PSA.

 

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

 

    -11-

     

    

 

“Operating
Advisor” shall mean the operating advisor under the Lead Securitization Servicing Agreement.

 

“Operating
Advisor Fees” shall have the meaning given to such term or an analogous term in each of the Note A-1 PSA, the Note A-2
PSA, the Note A-3 PSA and the Note A-4 PSA.

 

“P&I
Advance” shall mean an advance made by a party to the Note A-1 PSA, the Note A-2 PSA, the Note A-3 PSA and the Note
A-4 PSA, as applicable, with respect to a delinquent monthly debt service payment on the Notes included in the related Securitization.

 

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

 

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

 

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

 

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

 

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

 

“PSA”
shall mean each of the Note A-1 PSA, Note A-2 PSA, Note A-3 PSA and the Note A-4 PSA.

 

    -12-

     

    

 

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

 

“Qualified
Transferee” shall mean an Affiliate of AREF or Citi and, in the event Citi transfers all or any portion of Note A-4
to CCRE or an Affiliate, CCRE or an Affiliate, or one or more of the following (other than any Borrower Party):

 

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

 

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

 

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

 

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

 

(v)        a
Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized loan (or debt)
obligations (“CLO”) secured by, or (C) a financing through an “owner trust” of, any interest in
a Note (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more classes
of 

 

    -13-

     

    

 

securities issued by such Securitization Vehicle is initially rated at least investment grade by at least two (2) of the Rating
Agencies engaged to assign ratings to classes of securities issued in connection with the applicable Securitization of the applicable
Note; (2) in the case of a Securitization Vehicle that is not a CLO, the special servicer for the Securitization Vehicle is a
Qualified Servicer at the time of transfer; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager
and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a Qualified
Transferee, is a Qualified Transferee under clause (i), (ii), (iii) or (iv) of this definition; or

 

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

 

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

 

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

 

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

 

“Rating
Agency Confirmation” shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence
of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or
withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In
the event that no Certificates are outstanding, any action that

 

    -14-

     

    

 

would otherwise require a Rating Agency Confirmation shall require
the consent of the Directing Holder (unless it is a Borrower Party), which consent shall not be unreasonably withheld, conditioned
or delayed.

 

For
the purposes of this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage
any request for a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade
or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, or (2) does not reply
to such request or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the
requirement for Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in the Note
A-1 PSA, the Note A-2 PSA, the Note A-3 PSA and the Note A-4 PSA have been satisfied, then for such request only, the condition
that such confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For
purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation
hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for such
Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any
subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such
prior request.

 

“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 or may hereafter
be from time to time provided by the Commission or by the staff of the Commission, in each case as effective from time to time
as of the compliance dates specified therein.

 

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

 

“REMIC”
shall have the meaning assigned to such term in Section 2(g).

 

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

 

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

 

“Securitization”
shall mean each of the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization and the Note A-4 Securitization,
as applicable.

 

“Securitization
Date” shall mean, with respect to a Securitization, the effective date on which such Securitization is consummated.

 

“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing
Agreement, as the context may require.

 

    -15-

     

    

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization.

 

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

 

“Servicer
Termination Event” shall have the meaning assigned to such 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
Agreement” shall mean (a) prior to the occurrence of the Lead Securitization, that certain interim servicing agreement
dated as of July 15, 2015 between Argentic Real Estate Finance LLC (f/k/a Silverpeak Real Estate Finance LLC), as owner, and Wells
Fargo Bank, National Association, as servicer, and any replacement servicing agreement entered into with any successor interim
servicer appointed by the Note A-1 Holder, and (b) following the occurrence of the Lead Securitization, the applicable Lead Securitization
Servicing Agreement; provided that in the event the Lead Note is no longer an asset of the trust fund created pursuant
to the Servicing Agreement, the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered
into pursuant to Section 2.

 

“Servicing
Fee” shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally
be calculated as the product of (i) the Servicing Fee Rate and (ii) the Note A-1 Principal Balance, the Note A-2 Principal Balance,
the Note A-3 Principal Balance and the Note A-4 Principal Balance, as applicable, as of the date of determination.

 

“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum (which shall
consist of the primary servicing fee rate) which, when applied to the Note A-1 Principal Balance, the Note A-2 Principal Balance,
the Note A-3 Principal Balance and the Note A-4 Principal Balance, as applicable, will determine the primary servicing fee payable
to the Master Servicer under the Servicing Agreement.

 

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

 

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

 

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

 

    -16-

     

    

 

“Special
Servicing Fee” shall have the meaning given to such term or an analogous term in the Servicing Agreement; provided
that under no circumstances shall the Special Servicing Fee exceed 0.2500% per annum (25 basis points) of the outstanding
principal balance of the Mortgage Loan, subject to any applicable minimum Special Servicing Fee set forth in the Lead Securitization
Servicing Agreement (which shall not exceed $5,000 per month).

 

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

 

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

 

“Trust
Fund” shall mean each of the Note A-1 Trust Fund, the Note A-2 Trust Fund, the Note A-3 Trust Fund and the Note A-4
Trust Fund.

 

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

 

“Trustee
Fee” shall have the meaning given to such term or an analogous term in each of the Note A-1 PSA, the Note A-2 PSA, the
Note A-3 PSA and the Note A-4 PSA.

 

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

 

(b)       Prior
to the closing of a Lead Securitization, all servicing and other decisions regarding the Mortgage Loan shall be made: (i) with
respect to matters set forth on Exhibit D hereto, by unanimous consent of the Holders and (ii) with respect to all other
matters, except as otherwise expressly set forth in this Agreement or in the Servicing Agreement (provided that any conflict between
the Servicing Agreement and this Agreement shall be resolved in favor of this Agreement), by the Directing Holder. Each PSA shall
contain terms and conditions that are customary for securitization transactions involving assets similar to the Mortgage Loan
and that are otherwise (A) required by the Code relating to the tax elections of any Trust Fund, (B) required by law or changes
in any law, rule or regulation or (C) requested by the Rating Agencies rating any Securitization.

 

(c)       Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents, effective upon the
Lead Securitization, to the appointment of the Master Servicer and the Trustee under the Servicing Agreement by the Depositor
and the appointment of the Special Servicer by the Directing Holder and agrees to reasonably cooperate with the Master Servicer
and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder
hereby appoints, effective upon the Lead Securitization, the Master Servicer, the Special Servicer and the Trustee under the Servicing
Agreement as such Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration
and servicing of the Mortgage

 

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Loan on its behalf under the Servicing Agreement (subject at all times to the rights of the Holders
as set forth herein and in such Servicing Agreement).

 

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

 

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

 

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

 

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

 

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startup day of the REMIC that includes any Note (or any portion thereof). Each Holder agrees that the
provisions of this paragraph shall be effected by compliance with any REMIC provisions in the Servicing Agreement relating to
the administration of the Mortgage Loan.

 

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

 

Section
3.     Priority of Notes. 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. Except for the Excluded Amounts, all amounts tendered by
the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a
balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security
on the Mortgage Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of
condemnation proceedings or similar exercise of the power of eminent domain, shall be distributed by the Servicer and applied
to the Notes on a Pro Rata and Pari Passu Basis.

 

The
Servicing Agreement shall provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used (i) to
pay the Master Servicer, the Trustee or the Special Servicer for interest accrued on any Property Advances and reimbursement of
Property Advances, (ii) to pay the parties to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain
other expenses incurred with respect to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as
additional servicing compensation.

 

Upon
the occurrence of the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the
primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on
a Pro Rata and Pari Passu Basis. Upon the occurrence of the final Securitization, the aggregate proceeds received from the sale
of the master servicing rights in each respective Securitization with respect to the applicable Note(s) being securitized shall
be allocated to the Holders on a Pro Rata and Pari Passu Basis, and a net payment shall be made from any Holder that has received
proceeds in excess of, to any Holder that has received less than, its allocable share of such proceeds.

 

Section
4.     Workout. Notwithstanding anything to the contrary contained herein, but subject to the
terms and conditions of the Servicing Agreement and Section 13 and (prior to the occurrence of a Lead Securitization)
Exhibit D of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or
any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i)
the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or
principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the
Mortgage Loan,

 

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such modification shall not alter, and any modification of the Mortgage
Loan Documents shall be structured to preserve, the equal priorities of the Notes as described in Section 3.

 

Section
5.     Accounts; Payment Procedure. The Servicing Agreement shall provide that the Master Servicer
shall establish and maintain the Collection Account or Collection Accounts, as applicable. Each of the Note A-1 Holder, the
Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder hereby directs the Master Servicer, in accordance with the
priorities set forth in Section 3 hereof, and subject to the terms of the Servicing Agreement, (i) to deposit into the
applicable Collection Account within the time period specified in the Servicing Agreement all payments received with respect
to the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit or credit on the applicable Master
Servicer Remittance Date all payments received with respect to and allocable to its respective Non-Lead Note, by wire
transfer to the account maintained by such Non-Lead Note Holder; provided that delinquent payments received by the Master
Servicer after the related Master Servicer Remittance Date shall be remitted by the Master Servicer to such accounts within
the time period specified in the Servicing Agreement.

 

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

 

Section
6.     Limitation on Liability. Subject to the terms of the Servicing Agreement, no Holder
(including the Master Servicer or the Special Servicer on its behalf) shall have any liability to any other Holder with
respect to any Note, except (1) with respect to the Advance reimbursement provisions set forth in Section 17 and (2)
with respect to losses actually suffered due to the negligence, willful misconduct or material breach of this Agreement on
the part of such Holder (including the Master Servicer or the Special Servicer on its behalf, and the Master Servicer’s
or Special Servicer’s liability is further limited as set forth in the Servicing Agreement; which, for the avoidance of
doubt, shall not reduce the obligation of such parties to act in accordance with the Servicing Standard).

 

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Section
7.     Representations of the Holders. (a) Each of the Initial Note Holders hereby represents and
warrants to, and covenants with, each other Holder that, as of the date hereof (or, in connection with a new Holder following
a Transfer, as of the date of such Transfer):

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(viii)     It
is a Qualified Transferee.

 

Section
8.     Independent Analyses of each Holder. Each Holder acknowledges that, except for the
representations made in Section 7, it has, independently and without reliance upon any other Holders and based on such
documents and information as such Holder has deemed appropriate, made its own credit analysis and decision to purchase or
originate (if applicable) its respective Note. Each Holder hereby acknowledges that the other Holders shall have no
responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of
the Mortgage Loan Documents or the title insurance

 

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policy or policies or any survey furnished or to be furnished
in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created
or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower.

 

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

 

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

 

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

 

Section
12.     Transfer of Notes. (a) Each Holder may Transfer up to 49% (in the aggregate, taking into
account all prior transfers) of its beneficial interest in its Note whether or not the related transferee is a Qualified
Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49% (in the aggregate, taking into
account all prior transfers) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the
other Holders have consented to such Transfer, in which case the related transferee shall thereafter be deemed to be a
“Qualified Transferee” for all purposes under this Agreement, (ii) after a Securitization of any Note, a Rating
Agency Confirmation has been received with respect to such Transfer, in which case the related transferee shall thereafter be
deemed to be a “Qualified Transferee” for all purposes under this Agreement, (iii) such Transfer is to a
Qualified Transferee or (iv) such Transfer is in connection with a sale by a Securitization Trust, provided that if such
Transfer is of the Lead Note, such Transfer is to a Qualified Transferee. Any such transferee (except in the case of
Transfers that are made in connection with a Securitization) hereby assumes the obligations of the transferring Holder
hereunder and agrees to be bound by the terms and provisions of this Agreement and the Servicing Agreement and remakes each
of the representations and warranties contained herein for the benefit of the other Holders. Notwithstanding the foregoing,
without the non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if
such non-transferring Holder’s Note is in a Securitization, without a Rating Agency Confirmation from each Rating
Agency that has been engaged by the

 

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Depositor to rate the securities issued in connection with such Securitization, no Holder
shall Transfer all or any portion of its Note to any Borrower Party and any such Transfer shall be absolutely null and void
and shall vest no rights in the purported transferee. None of the provisions of this Section 12(a) shall apply in the
case of the sale of all of the Notes (upon the Mortgage Loan becoming a Defaulted Mortgage Loan) as a collective whole to a
single entity, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement.

 

(b)       Except
for a Transfer made in connection with a Securitization, or a Transfer made by an Initial Note Holder to an Affiliate or a Transfer
of Note A-4 to CCRE or an Affiliate, at least five (5) days prior to a transfer of any Note, the transferring Holder shall provide
to the other Holders and, if any Certificates are outstanding, to the Rating Agencies, a certification that such transfer will
be made in accordance with this Section 12, such certification to include (1) the name and contact information of the transferee
and (2) if applicable, a certification by the transferee that it is a Qualified Transferee.

 

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

 

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

 

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

 

Section
13.     Exercise of Remedies by the Servicer. (a) Subject to the terms of this Agreement and the
Servicing Agreement and subject to the rights and consents, where required, of the Directing Holder, the Servicer shall have
the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to,
the Mortgage Loan, including, without limitation, the sole and exclusive authority to (i) modify or waive any of the terms of
the Mortgage Loan Documents, (ii) consent to any action or failure to act by the Borrower or any party to the Mortgage Loan
Documents, (iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other similar proceedings
and (iv) to take legal action to enforce or protect each Holder’s interests with respect to the Mortgage Loan or to
refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right at any time to call or
waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute any foreclosure
action, and the Holders shall have no voting, consent or other rights whatsoever with respect to the Servicer’s
administration

 

    -24-

     

    

 

of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to the terms and
conditions of the Servicing Agreement, the Servicer shall have the sole and exclusive authority to make Property Advances
with respect to the Mortgage Loan. Except as otherwise provided in this Agreement, each Holder agrees that it shall have no
right to, and hereby presently and irrevocably assigns and conveys to the Servicer the rights, if any, that such Holder has
to (A) call or cause the Servicer to call an event of default under the Mortgage Loan, or (B) exercise any remedies with
respect to the Mortgage Loan or the Borrower, including, without limitation, filing or causing the Lead Note Holder or such
Servicer to file any bankruptcy petition against the Borrower. Each Holder shall, from time to time, execute such documents
as any Servicer shall reasonably require to evidence such assignment with respect to the rights described in clause (iii) of
the first sentence in this Section 13(a).

 

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

 

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

 

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

 

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

 

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

 

(2)          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;

 

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

 

(4)          until
the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other

 

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documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

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

 

Subject
to the conditions set forth in this Section 13(c), the Non-Lead Note Holders hereby appoint the Lead Note Holder as their
agent, and grant to the Lead Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose
of soliciting and accepting offers for and consummating the sale of the Non-Lead Notes. Subject to the conditions set forth in
this Section 13(c), each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead
Note Holder shall execute and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments
as the Lead Note Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each case
promptly following request, and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of
the Lead Note Holder in connection with the consummation of any such sale.

 

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

 

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

 

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Decision. The Directing Holder may also direct
the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing
Holder may deem advisable.

 

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

 

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

 

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

 

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

 

Section
15.     Appointment of Special Servicer. Subject to the terms of the Lead Securitization Servicing
Agreement for so long as the Lead Note is included in the Lead Securitization, the Directing Holder shall have the right at
any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the
Mortgage Loan

 

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and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof.
The Directing Holder shall designate a Person to serve as Special Servicer by delivering to the other Holders and the parties
to each PSA a written notice stating such designation and by satisfying the other conditions required under the Servicing Agreement
(including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

 

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

 

(i)          to
provide copies of any notice, information and report that it is required to provide to the Directing Holder pursuant to the Servicing
Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report
(but without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result
of a Consultation Termination Event) relating to the Mortgage Loan to the Non-Directing Holders, within the same time frame it
is required to provide to the Directing Holder; and

 

(ii)         to
consult with each Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information and reports,
such Non-Directing Holder requests consultation with respect to any such Major Decision or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such
Non-Directing Holder; provided that after the expiration of a period of ten (10) Business Days (or in connection with an Acceptable
Insurance Default, thirty (30) days) from the delivery to each Non-Directing Holder of written notice of a proposed action, together
with copies of the notices, information and reports required to be provided to, or requested by, the Directing Holder, the Servicer
shall no longer be obligated to consult with the Non-Directing Holders (unless the Servicer proposes a new course of action that
is materially different from the action previously proposed, in which case such ten (10) Business Day period (or in connection
with an Acceptable Insurance Default, thirty (30) day period) shall be begin anew from the date of such proposal and delivery
of all information relating thereto).

 

(b)        Notwithstanding
the foregoing non-binding consultation rights of the Non-Directing Holders, the Servicer may take any Major Decision or any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period (or thirty (30)
day period with respect to an Acceptable Insurance Default) if the Servicer determines, in accordance with the Servicing Standard,
that immediate action with respect thereto is necessary to protect the interests of the Holders.

 

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

 

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

 

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

 

Section
17.     Advances; Reimbursement of Advances. (a) (i) Pursuant to terms of the Servicing Agreement,
the Lead Servicer and/or the related Trustee shall be obligated (subject to customary determinations of non-recoverability)
to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I Advances with
respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Securitization Servicing Agreement, the related
Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to the related
Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to
any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Non-Lead Trustee will not be required to make
any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each
Non-Lead Master Servicer and any related Trustee will be entitled to interest on any Advance (at a rate not to exceed the
Prime Rate) made in the manner and from the sources provided in the Note A-1 PSA, the Note A-2 PSA and Note A-3 PSA and the
Note A-4 PSA, as applicable.

 

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

 

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

 

(d)       The
parties to each of the Note A-1 PSA, the Note A-2 PSA, the Note A-3 PSA and the Note A-4 PSA shall each be entitled to make their
own recoverability determination with respect to a P&I Advance based on the information that they have on hand and in accordance
with the Note A-1 PSA, the Note A-2 PSA, the Note A-3 PSA and the Note A-4 PSA, as applicable.

 

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

 

Section
18.      Provisions Relating to Securitization. (a) For so long as any Note Holder (each, a
“Resizing Entity”) is the owner of any Note that is not included in a Securitization (each, an
“Owned Note”), such Resizing Entity shall have the right, subject to the terms of the Mortgage Loan
Documents, to cause the Borrower to execute amended and restated notes or additional notes (in each case, as applicable
“New Notes”) reallocating the principal an Owned Note to such New Notes; reducing the Mortgage Interest
Rates of 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 balance
of Owned Note prior to such amendments, (ii) all New Notes continue to have the same or a lower interest rate as the Notes
prior to such amendments, (iii) all New Notes pay pro rata and on a pari passu basis and such reallocated or
component notes shall be automatically subject to the terms of this Agreement and (iv) the Resizing Entity holding the New
Notes shall notify the other Note Holders, and to the extent applicable, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts. If the Lead Note
Holder so requests, the Resizing Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a
confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except for the
foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement, 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, with
respect to clauses (i) through (iv), as certified by the Resizing 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 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 purposes of adding and modifying any
definitions related thereto. Rating Agency Confirmation shall not be required for any amendments to this Agreement required
to facilitate the terms of this paragraph 18(a).

 

(b)       Each
Lead Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as follows (and to the extent
such following provisions are not included in the Lead Securitization Servicing Agreement, they shall be deemed incorporated therein
and made a part thereof):

 

(i)       the
Master Servicer or Trustee shall be required to provide written notice to each Non-Lead Master Servicer and each Non-Lead Trustee
of any P&I Advance it has made with respect to the Lead Note within two (2) Business Days of making such advance;

 

(ii)       if
the Master Servicer determines that a proposed P&I Advance with respect to the Lead Note or Property Advance with respect
to the Mortgage Loan, if

 

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made, or any outstanding P&I Advance or Property Advance previously made, would be, or is, as applicable,
a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer written notice of such determination
promptly after such determination was made together with such reports that the Master Servicer delivered to the Special Servicer
or Trustee in connection with notification of its determination of nonrecoverability;

 

(iii)       the
Master Servicer shall remit all payments received with respect to any Non-Lead Note, net of the Servicing Fees payable to the
Master Servicer and Special Servicer with respect to such Non-Lead Note, and any other applicable fees and reimbursements payable
to the Master Servicer, the Special Servicer and the Trustee with respect to such Non-Lead Note, to the related Non-Lead Note
Holder by the Master Servicer Remittance Date for the Non-Lead Note;

 

(iv)       with
respect to any Non-Lead Note that is held by a Securitization, the Master Servicer agrees to deliver or cause to be delivered
or make available to the related Non-Lead Master Servicer all reports required to be delivered by the Master Servicer to the Certificate
Administrator under the Lead Securitization Servicing Agreement (which shall include all loan-level reports constituting the CREFC®
Investor Reporting Package (IRP)) pursuant to the terms of the Lead Securitization Servicing Agreement to the extent related to
the Mortgage Loan, the Mortgaged Property, such Non-Lead Note, the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee by the Master Servicer Remittance Date for the Non-Lead Note;

 

(v)       the
Master Servicer and Special Servicer, as applicable, shall provide (or the Special Servicer shall provide to the Master Servicer
for provision by the Master Servicer) (in electronic media) to each Non-Lead Note Holder all documents, certificates, instruments,
notices, reports, operating statements, rent rolls and other information regarding the Mortgage Loan provided by it to any other
party to the Lead Securitization Servicing Agreement at the time provided to such other party;

 

(vi)       the
servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall include
the duty to service the Mortgage Loan and all of the Notes on behalf of the Holders (including the respective trustees and certificateholders)
in accordance with the terms and provisions of this Agreement, the Lead Securitization Servicing Agreement and the Servicing Standard;

 

(vii)       each
Non-Lead Note Holder shall be entitled to the same indemnity as the Lead Note Holder under the Lead Securitization Servicing Agreement;
each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, any primary
servicer and the Custodian shall be required to (and shall require any Servicing Function Participant or Additional Servicer engaged
by it to) indemnify each “certification party” and the depositor of any public Securitization Trust, and their respective
directors and officers and controlling persons, to the same extent that they indemnify the Depositor (as depositor in respect
of the Lead Securitization) and each “certifying party” for (i) its failure to deliver the items in clause (viii)
below in a timely manner, (ii) its failure to perform its obligations to such depositor or the related Non-

 

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Lead Securitization
Trustee under Article X (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement by the time
required after giving effect to any applicable grace period or cure period, (iii) the failure of any Servicing Function Participant
or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations to such depositor
or trustee under such Article X (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement
by the time required, and/or (iv) any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, such party.

 

(viii)       with
respect to any Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act (including
Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required
to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation
AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable efforts
to cause a Mortgage Loan Seller Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance statements,
accountants’ assessments and attestations, and information to be included in reports (including, without limitation, Form
ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the related Non-Lead Securitization
Servicing Agreement, in the case of clauses (i) and (ii), as the related Non-Lead Depositor or the related Non-Lead Trustee reasonably
believes, in good faith, are required in order for the related Non-Lead Depositor or the related Non-Lead Trustee to comply with
its obligations under the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3, (b) without limiting
the generality of the foregoing (x) the Depositor or the related Holder shall provide or cause to be provided to any related Non-Lead
Depositor and any related Non-Lead Trustee (1) written notice (which may be by e-mail) in a timely manner of the occurrence of
such Securitization, and (2) no later than one (1) business day following the closing date of such Securitization, a copy of the
Lead Securitization Servicing Agreement in an EDGAR-compatible format, and (y) the Master Servicer and Special Servicer (or any
replacement Master Servicer or Special Servicer, as applicable) shall, upon reasonable prior written request, and subject to the
right of the Master Servicer or the Special Servicer, as the case may be, to review and approve such disclosure materials, permit
a holder of any Non-Lead Note to use such party’s description contained in the Lead Securitization prospectus (updated as
appropriate by the Master Servicer or Special Servicer, as applicable, at the cost of the related Non-Lead Sponsor) (or, in the
case of a replacement Special Servicer, contained in a Lead Securitization Form 8-K), for inclusion in the disclosure materials
(or, in the case of a replacement Special Servicer, for inclusion in a Form 8-K) relating to any securitization of the related
Non-Lead Note, and (z) the Master Servicer and the Special Servicer (or any replacement Master Servicer or Special Servicer, as
applicable), shall provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered
with respect to the Lead Securitization (in each case, at the cost of the related Non-Lead Sponsor), and (c) in connection with
any amendment of the Lead Securitization Servicing Agreement, the Depositor shall provide written notice (which may be by e-mail)
of such proposed amendment to any Non-Lead

 

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Depositor and the related Non-Lead Trustee no later than three (3) Business Days prior
to the date of effectiveness of such amendment, and, on the date of effectiveness of such amendment to the Lead Securitization
Servicing Agreement, provide a copy of such amendment in an EDGAR-compatible format to such Non-Lead Depositor and the related
Non-Lead Trustee. The Master Servicer and the Special Servicer shall each be required to provide certification and indemnification
to any “certifying party” with respect to any applicable Sarbanes-Oxley Certification with respect to a Non-Lead Securitization;

 

(ix)       
each of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall cooperate
(and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with each Non-Lead Depositor (including, without limitation, providing all due diligence information, reports, written
responses, negotiations and coordination) to the same extent as such party is required to cooperate with the Lead Depositor under
Article X (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement and in connection with
Deficient Exchange Act Deliverables. All respective reasonable out-of-pocket costs and expenses incurred by any Non-Lead Depositor
(including reasonable legal fees and expenses of outside counsel to such depositor) in connection with the foregoing (other than
those costs and expenses related to participation by such Non-Lead Depositor in any telephone conferences and meetings with the
United States Securities and Exchange Commission (the “Commission”) and other costs such Non-Lead Depositor
must bear pursuant to Article X (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement)
and any amendments to any reports filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting
Party upon receipt of an itemized invoice from such Non-Lead Depositor;

 

(x)       any
late collections received by the Master Servicer from the Borrower that are allocable to a Non-Lead Note or reimbursable to a
Non-Lead Master Servicer or a Non-Lead Trustee shall be remitted by the Master Servicer to such Non-Lead Master Servicer within
one (1) Business Day of receipt and identification thereof; provided, however, that to the extent any such amounts are received
after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit
such late collections to such Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified funds but,
in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds;

 

(xi)       each
Non-Lead Note Holder is an intended third-party beneficiary in respect of the rights afforded it under the Lead Securitization
Servicing Agreement and the related Non-Lead Master Servicer will be entitled to enforce the rights of such Non-Lead Note Holder
under this Agreement and the Lead Securitization Servicing Agreement;

 

(xii)       each
Non-Lead Master Servicer and each Non-Lead Special Servicer shall each be a third-party beneficiary of the Lead Securitization
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or

 

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indemnification
of such Non-Lead Master Servicer or such Non-Lead Special Servicer, as the case may be, and the provisions regarding coordination
of Advances;

 

(xiii)       if
the Mortgage Loan becomes a Defaulted Mortgage Loan and the Special Servicer determines to sell the Lead Note in accordance with
the Lead Securitization Servicing Agreement, it shall have the right and the obligation to sell all of the Notes 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 provide notice to each Non-Lead Master Servicer who shall provide notice to the respective Non-Directing
Holder in the related securitization of the planned sale and such Non-Directing Holder’s opportunity to bid on the Mortgage
Loan;

 

(xiv)       the
Lead Securitization Servicing Agreement shall not be amended in any manner that materially and adversely affects any Non-Lead
Note Holder without the consent of such Non-Lead Note Holder;

 

(xv)       to
the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation shall be provided
with respect to the Certificates issued in connection with any Non-Lead Securitization to the same extent a Rating Agency Confirmation
is provided with respect to the Certificates issued in connection with the Lead Securitization;

 

(xvi)       Servicer
Termination Events with respect to the Master Servicer and the Special Servicer shall include (i) solely with respect to the Master
Servicer, the failure to timely remit payments to any Non-Lead Note Holder, which failure continues unremedied for one (1) Business
Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer, the failure to
deposit into any REO Account any amount required to be so deposited within two (2) Business Days after the date such deposit was
to be made, or the failure to remit to the Master Servicer for deposit into the Collection Account or the related Loan Combination
Custodial Account, as applicable, any amount required to be so remitted by the Special Servicer within one (1) Business Day after
the date such remittance was to be made; (iii) the qualification, downgrade or withdrawal, or placing on “watch status”
in contemplation of a rating downgrade or withdrawal of the ratings of any class of certificates issued in connection with any
Non-Lead Securitization by the rating agencies rating such securities (and such qualification, downgrade, withdrawal or “watch
status” placement shall not have been withdrawn by such rating agencies within sixty (60) days of actual knowledge of such
event by the Master Servicer or the Special Servicer, as the case may be), and citing servicing concerns with the Master Servicer
or Special Servicer, as applicable, as the sole or a material factor in such rating action; and (iv) the failure to provide to
any Non-Lead Note Holder reports, notices and other materials required in order for such Non-Lead Note Holder and the applicable
Depositor to timely comply with its obligations under the Exchange Act, and the rules and regulations thereunder. Upon the occurrence
of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Note Holder and the Master Servicer
is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon the direction of
such Non-Lead Note Holder, require the appointment of a subservicer with respect to the related

 

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Non-Lead Note. Upon the occurrence
of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Note Holder and the Special Servicer
is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such
Non-Lead Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

 

(xvii)       upon
any resignation of the Master Servicer or the Special Servicer, any replacement of the Special Servicer, any termination of the
Master Servicer or Special Servicer and/or any replacement thereof, any appointment of a successor to the Master Servicer or Special
Servicer, or the effectiveness of any designation of a new Special Servicer, the Trustee or Certificate Administrator shall promptly
(and in any event no later than three (3) Business Days prior to the effective date of such resignation, termination, replacement
and/or appointment of a Master Servicer or Special Servicer) provide written notice thereof to each Non-Lead Trustee, each Non-Lead
Master Servicer, and each Non-Lead Depositor, together with any information reasonably required (including, without limitation,
any disclosure required under Item 1108 of Regulation AB) for the related Non-Lead Securitization to comply with any applicable
reporting obligations under the Exchange Act; provided, that such notice shall not be deemed to be provided unless receipt thereof
has been confirmed in writing (which may be by e-mail) from any such Non-Lead Depositor;

 

(xviii)       if
a Non-Lead Note becomes the subject of an Asset Review pursuant to a Non-Lead Securitization Servicing Agreement, the Master Servicer,
the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the related Non-Lead Asset Representations
Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any documents reasonably
requested by such Non-Lead Asset Representations Reviewer, but only to the extent (x) such documents are in the possession of
the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and (y) such Non-Lead Asset Representations
Reviewer has not been able to obtain such documents from the related mortgage loan seller; and

 

(xix)       have
provisions materially consistent with those set forth in the CFCRE 2016-C6 Pooling and Servicing Agreement with respect to:

 

(A)
the authority of the servicers 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;

 

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

 

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

 

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(D) subject
to various adjustments and caps provided for in the Lead Securitization PSA (which shall be substantially similar to those set
forth in the CFCRE 2016-C6 PSA), primary servicing fee, special servicing, workout and liquidation fees (and, in any event, the
fees at which such compensation accrue or are determined shall not exceed 0.00250%, 0.25%, 1.00% and 1.00%, respectively), provided,
however, that (1) this clause (xix) shall not be construed to prohibit differences in timing, control or consultation triggers
or thresholds, terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate
holder or investor voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice
or rating agency confirmation requirements; and (2) in the event of any conflict between this sentence and any other provision
of this Agreement, such other provision of the Agreement shall control.

 

(xx)       any
conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement.

 

(c)       Each
Non-Lead Note Holder agrees that it shall cause the related Non-Lead Securitization Servicing Agreement to provide as follows
(and to the extent such following provisions are not included in the Non-Lead Securitization Servicing Agreement, they shall be
deemed incorporated therein and made a part thereof):

 

(i)       the
Non-Lead Note Holder shall be responsible for its Pro Rata and Pari Passu Basis share of any Property Advances (and advance interest
thereon) and any Additional Trust Fund Expenses, but only to the extent that they relate to servicing and administration of the
Notes and the Mortgaged Property, including without limitation, any unpaid Special Servicing Fees, liquidation fees and workout
fees relating to the Notes, and that in the event that the funds received with respect to each respective Note are insufficient
to cover such Property Advances or Additional Trust Fund Expenses, (A) 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 Lead Securitization Trust (such parties and the Lead Securitization
Trust, collectively, the “Indemnified Parties”), as applicable, out of general funds in the collection account
(or equivalent account) established under the related Non-Lead Securitization Servicing Agreement for such Non-Lead Note Holder’s
Pro Rata and Pari Passu Basis share of any such Nonrecoverable Property Advances (together with advance interest thereon) and/or
Additional Trust Fund Expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related
to the servicing and administration of the Mortgage Loan and the Mortgaged Property), and (B) if the Lead Securitization Servicing
Agreement permits the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to reimburse itself
from the Lead Securitization Trust’s general account, then the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable, may do so, and the related Non-Lead Master Servicer will be required to, promptly following notice
from the Master Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization Trust out of general funds in
the collection account (or equivalent account) established under the related Non-

 

    -36-

     

    

 

Lead Securitization
Servicing Agreement for such Non-Lead Note Holder’s Pro Rata and Pari Passu Basis share of any such Nonrecoverable
Property Advances (together with advance interest thereon) and/or Additional Trust Fund Expenses (including compensation due
to the Master Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage
Loan and the Mortgaged Property);

 

(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 pursuant to the terms of the Lead Securitization Servicing Agreement and, in the case of the
Lead Securitization Trust, to the extent of any Additional Trust Fund Expenses with respect to the Mortgage Loan) by the related
Non-Lead Securitization Trust, 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 the servicing and administration of the Mortgage
Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision of services
for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of its Pro Rata and Pari Passu Basis share of such Indemnified Items, and to the extent amounts on deposit in the
Loan Combination Custodial Account that are allocated to the related Non-Lead Note 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 the
related Non-Lead Note’s Pro Rata and Pari Passu Basis share of the insufficiency out of general funds in the collection
account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement;

 

(iii)       the
related Non-Lead Master Servicer, Non-Lead Trustee or Non-Lead Certificate Administrator will be required to deliver to the Trustee,
the Certificate Administrator, the Special Servicer, the Master Servicer and the Operating Advisor (A) promptly following Securitization
of the related Non-Lead Note, notice of the deposit of the related Non-Lead Note into a Trust Fund (which notice may be by e-mail
and shall also provide contact information for the related Non-Lead Trustee, the related Non-Lead Certificate Administrator, the
related Non-Lead Master Servicer, the related Non-Lead Special Servicer and the party designated to exercise the rights of the
related “Non-Directing Holder” under this Agreement), accompanied by a copy of such executed Non-Lead Securitization
Servicing Agreement and (B) notice of any subsequent change in the identity of the related Non-Lead Master Servicer or the party
designated to exercise the rights of the related “Non-Directing Holder” under this Agreement (together with the relevant
contact information); and

 

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

 

(d)       Each
Initial Note Holder shall:

 

(A)
give each other Holder and the parties to any previously executed Securitization Servicing Agreement (provided that such
Securitization Servicing Agreement has been delivered to such Initial Note Holder) notice of any

 

    -37-

     

    

 

impending Securitization of such Holder’s
Note in writing (which may be by e-mail) within three (3) Business Days after the printing of the preliminary prospectus for such
Securitization, together with contact information for each of the parties to the related proposed Securitization Servicing Agreement;
and

 

(B) send
to each other Holder and the parties to each Non-Lead Securitization Servicing Agreement (to the extent that such Initial Note
Holder was given written notice of, or otherwise has knowledge of, the identity of such parties and to the extent such parties
are not also party to the Lead Securitization Servicing Agreement) (x) on any Lead Securitization Date, a copy (which, in the
case of each Non-Lead Depositor, shall be in EDGAR-compatible format) of the execution version of the Lead Securitization Servicing
Agreement, (y) within (1) one Business Day after the date of any re-filing by the Depositor of the Lead Securitization Servicing
Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto following the Lead Securitization
Date), a copy (which, in the case of each Non-Lead Depositor, shall be in EDGAR-compatible format) of the re-filed Lead Securitization
Servicing Agreement and (z) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement,
any changes made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following
the Lead Securitization Date).

 

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

 

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

 

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

 

    -38-

     

    

 

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

 

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

 

Section
24.      Notices. All notices required hereunder shall be given by (i) telephone (confirmed
in writing) or shall be in writing and personally delivered, (ii) sent by facsimile transmission if the sender on the same
day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable
overnight delivery service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested,
and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such 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
25.      Custody of Mortgage Loan Documents / Mortgagee of Record. The originals of all of
the Mortgage Loan Documents (other than Non-Lead Notes) will be held (a) prior to the Lead Securitization, by Wells Fargo
Bank, National Association, as interim custodian and (b) on and after the Lead Securitization, by the Trustee for the Lead
Securitization (or by a custodian on its behalf) under the terms of the Lead Securitization Servicing Agreement on behalf of
all of the Holders. The Trustee of the Lead Securitization shall at all times be the mortgagee of record with respect to the
Mortgage Loan. Prior to the Lead Securitization, Argentic Real Estate Finance LLC shall be the mortgagee of record for the
benefit of all of the Holders.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    -39-

     

    

 

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

 

	 	ARGENTIC
REAL ESTATE FINANCE LLC, as Initial Note A-1 Holder
	 	 
	 	By:	/s/ Michael Schulte
	 	 	Name: Michael Schulte
 Title: Authorized Signatory
	 	 	 
	 	ARGENTIC
REAL ESTATE FINANCE LLC, as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Michael Schulte
	 	 	Name: Michael Schulte
 Title: Authorized Signatory
	 	 	 
	 	CITI REAL ESTATE FUNDING INC., as Initial Note A-3 Holder
	 	 	 
	 	By:	/s/ Ana Rosu Marmann
	 	 	Name: Ana Rosu Marmann
 Title: Authorized Signatory
	 	 	 
	 	CITI REAL ESTATE FUNDING INC., as Initial Note A-4 Holder
	 	 	 
	 	By:	/s/ Ana Rosu Marmann
	 	 	Name: Ana Rosu Marmann
 Title: Authorized Signatory

 

Co-Lender
Agreement – Yeshiva University Portfolio

  

    

     

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

Description
of Mortgage Loan

 

	Mortgage
    Loan Borrower:	Y
    Properties Holdings, LLC
	Date
    of Mortgage Loan:	April
    21, 2017
	Date
    of Notes:	April
    21, 2017
	Original
    Principal Amount of Mortgage Loan:	$140,000,000
	Principal
    Amount of Mortgage Loan as of the date hereof:	$140,000,000
	Initial
    Note A-1 Principal Balance:	$45,000,000
	Initial
    Note A-2 Principal Balance:	$45,000,000
	Initial
    Note A-3 Principal Balance:	$15,000,000
	Initial
    Note A-4 Principal Balance:	$35,000,000
	Location
    of Mortgaged Properties:	New
    York, New York
	Initial
    Maturity Date:	May
    6, 2032

 

    A-1

     

    

 

EXHIBIT
B

 

 

 

		I.	Initial
                                         Note A-1 Holder and Initial Note A-2 Holder:

 

(Prior
to Securitization of Note A-1 and Note A-2): 

 

Argentic
Real Estate Finance LLC 

40
West 57th Street, 29th Floor 

New
York, New York 10019

Attention: Michael Schulte

  

with
a copy to: 

 

Cadwalader,
Wickersham & Taft LLP 

200
Liberty Street 

New
York, New York 10281 

Attention:
Frank Polverino 

Facsimile
No.: (212) 504-6666 

Email:
frank.polverino@cwt.com 

 

Following
Securitization of Note A-1 and Note A-2, the applicable notice addresses set forth in the related Securitization Servicing Agreement.

 

		II.	Initial
                                         Note A-3 and Initial Note A-4 Holder:

 

(Prior
to Securitization of Note A-3 and Note A-4):

 

Citi
Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Ana Rosu Marmann

Facsimile No.: (646) 328-2938 

 

with
a copy to: 

 

Citi
Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile No.: (212) 723-8599

Email: paul.t.vanderslice@citi.com 

 

Citi
Real Estate Funding Inc. 

390
Greenwich Street, 7th Floor 

New
York, New York 10013 

Attention:
Richard Simpson

 

    B-1

     

    

 

Facsimile
No.: (646) 328-2943 

Email:
richard.simpson@citi.com

 

Attention:
Ryan M. O’Connor 

Facsimile
No.: (646) 328-2943

Email: ryan.m.oconnor@citi.com

 

Sidley
Austin LLP

787 Seventh Avenue

New York, New York 10019

Attention: Joseph Kelly and Charles Schrank

Facsimile No.: (212) 839-5599

Email: jkelly@sidley.com and cschrank@sidley.com

 

Following
Securitization of Note A-3 and Note A-4, the applicable notice addresses set forth in the related Securitization Servicing Agreement. 

 

    B-2

     

    

 

EXHIBIT
C

 

PERMITTED
FUND MANAGERS

 

		1.	AllianceBernstein

		2.	Apollo
                                         Real Estate Advisors

		3.	Archon
                                         Capital, L.P.

		4.	Artemis
                                         Real Estate Partners

		5.	BlackRock,
                                         Inc.

		6.	The
                                         Blackstone Group

		7.	Capital
                                         Trust

		8.	Clarion
                                         Partners

		9.	Colony
                                         Capital, Inc.

		10.	DLJ
                                         Real Estate Capital Partners

		11.	Dune
                                         Real Estate Partners

		12.	Eightfold
                                         Real Estate Capital, L.P.

		13.	Fortress
                                         Investment Group, LLC

		14.	Hudson
                                         Advisors

		15.	iStar
                                         Financial Inc.

		16.	JER
                                         Partners

		17.	Land-Lease
                                         Real Estate Investments

		18.	Lonestar
                                         Opportunity Funds

		19.	Normandy
                                         Real Estate Partners

		20.	Praedium
                                         Group

		21.	Raith
                                         Capital Partners

		22.	Rialto
                                         Capital Management LLC

		23.	Rialto
                                         Capital Advisors LLC

		24.	Rockwood

		25.	RREEF
                                         Funds

		26.	Starwood
                                         Financial Trust

		27.	Torchlight
                                         Investors, LLC

		28.	Walton
                                         Street Capital, LLC

		29.	Westbrook
                                         Partners

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

 

    C-1

     

    

 

EXHIBIT
D 

UNANIMOUS
DECISIONS

  

Unanimous
Decisions:

 

		(i)	Any
                                         proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions
                                         of REO Property) of the ownership of the Mortgaged Property securing the Mortgage Loan
                                         if it comes into and continues in default;

 

		(ii)	Any
                                         modification, consent to a modification or waiver of any monetary term (other than late
                                         fees and default interest) or material non-monetary term (including, without limitation,
                                         the timing of payments and acceptance of discounted payoffs) of the Mortgage Loan or
                                         any extension of the maturity date of the Mortgage Loan;

 

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

 

		(iv)	Any
                                         sale of the Mortgage Loan or REO Property for amount less than the total amount due and
                                         outstanding on the Mortgage Loan at such time;

 

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

 

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

 

		(vii)	Any
                                         waiver of a “due-on-sale” or “due-on-encumbrance” clause with
                                         respect to the Mortgage Loan or any consent to such a waiver or consent to a transfer
                                         of the Mortgaged Property or interests in the Borrower;

 

		(viii)	Any
                                         incurrence of additional debt by a borrower or any mezzanine financing by any beneficial
                                         owner of a borrower (to the extent that the lender has consent rights pursuant to the
                                         Mortgage Loan Documents);

 

		(ix)	Any
                                         material modification, waiver or amendment of an intercreditor agreement, co-lender agreement
                                         or similar agreement with any mezzanine lender or subordinate debt holder related to
                                         the Mortgage Loan, or any action to enforce rights (or decision not to enforce rights)
                                         with respect thereto, or any material modification, waiver or amendment thereof;

 

    D-1

     

    

 

		(x)	Any
                                         property management company changes, including, without limitation, approval of the termination
                                         of a manager and appointment of a new property manager (in each case, to the extent lender’s
                                         consent is required under the Mortgage Loan Documents);

 

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

 

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

 

		(xiii)	Any
                                         vote on any plan of reorganization, restructuring or similar plan in the bankruptcy of
                                         Borrower;

 

		(xiv)	Any
                                         consent to the subordination of the lien on the Mortgaged Property or to crossing the
                                         lien on the Mortgaged Property with the lien on any other property, except as expressly
                                         permitted by the Mortgage Loan Documents without lenders’ consent;

 

		(xv)	Any
                                         determination of an Acceptable Insurance Default; or

 

		(xvi)	Any
                                         consent or approval right of the lender under the Mortgage Loan Agreement with respect
                                         to a “Major Lease”, as defined in the Loan Agreement.

 

    D-2

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