Document:

Servicing Agreement

 Exhibit 10.4 

EXECUTION VERSION 
  

 
  

SERVICING AGREEMENT 
 Dated as of
February 14, 2018 
 by and among 

TPG REAL ESTATE FINANCE 2018-FL ISSUER, LTD. 

“Issuer” 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

“Trustee” 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION 
 “Note Administrator” 

TPG RE FINANCE TRUST CLO LOAN SELLER, LLC 

“Advancing Agent” 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

“Servicer” 
 SITUS
HOLDINGS, LLC 
 “Special Servicer” 

and 
 PARK BRIDGE LENDER SERVICES
LLC 
 “Operating Advisor” 
  

 
  

 TABLE OF CONTENTS 
  

							
	 ARTICLE I
	  

	
	 DEFINITIONS
	  

			
	 Section 1.01
	  	Defined Terms	  	 	1	 
	
	 ARTICLE II
	  

	
	 RETENTION AND AUTHORITY OF SERVICER
	  

			
	 Section 2.01
	  	Engagement; Servicing Standard	  	 	30	 
	 Section 2.02
	  	Subservicing	  	 	32	 
	 Section 2.03
	  	Authority of the Servicer or the Special Servicer	  	 	34	 
	 Section 2.04
	  	Certain Calculations	  	 	35	 
	
	 ARTICLE III
	  

	
	 SERVICES TO BE PERFORMED
	  

	 Section 3.01
	  	 Servicing; Special Servicing
	  	 	35	 
	 Section 3.02
	  	 Escrow Accounts; Collection of Taxes, Assessments and Similar Items
	  	 	37	 
	 Section 3.03
	  	 Collection Account
	  	 	38	 
	 Section 3.04
	  	 Permitted Investments
	  	 	40	 
	 Section 3.05
	  	 Maintenance of Insurance Policies
	  	 	41	 
	 Section 3.06
	  	 Delivery and Possession of Servicing Files
	  	 	42	 
	 Section 3.07
	  	 Inspections; Financial Statements
	  	 	42	 
	 Section 3.08
	  	 Exercise of Remedies upon Mortgage Loan Defaults
	  	 	43	 
	 Section 3.09
	  	 Enforcement of
Due-On-Sale Clauses; Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance
Provisions
	  	 	43	 
	 Section 3.10
	  	 Appraisals; Realization upon Defaulted Mortgage Assets
	  	 	46	 
	 Section 3.11
	  	 Annual Statement as to Compliance
	  	 	49	 
	 Section 3.12
	  	 Annual Independent Public Accountants’ Servicing Report
	  	 	50	 
	 Section 3.13
	  	 Title and Management of REO Properties and REO Accounts
	  	 	50	 
	 Section 3.14
	  	 Cash Collateral Accounts
	  	 	52	 
	 Section 3.15
	  	 Modification, Waiver, Amendment and Consents
	  	 	52	 
	 Section 3.16
	  	 Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status
Report
	  	 	55	 
	 Section 3.17
	  	 Sale of Defaulted Mortgage Assets or Impaired Mortgage Assets
	  	 	59	 
	 Section 3.18
	  	 Sale of Mortgage Assets Pursuant to Indenture; Auction Call Redemption
	  	 	62	 
	 Section 3.19
	  	 Repurchase Requests
	  	 	64	 
	 Section 3.20
	  	 Investor Q&A Forum and Rating Agency Q&A Forum and Servicer Document Request
Tool
	  	 	65	 

  
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	 Section 3.21
	  	 Duties under Indenture; Miscellaneous
	  	 	65	 
	 Section 3.22
	  	 Operating Advisor
	  	 	66	 
	 Section 3.23
	  	 Control and Consultation
	  	 	69	 
	 Section 3.24
	  	 Reference to the Directing Holder
	  	 	73	 
	 Section 3.25
	  	 Certain Matters Related to the Participated Mortgage Loans
	  	 	73	 
	 Section 3.26
	  	 Ongoing Future Advance Estimates
	  	 	75	 
	
	 ARTICLE IV
	  

	
	 STATEMENTS AND REPORTS
	  

			
	 Section 4.01
	  	 Reporting by the Servicer, the Special Servicer and the Operating Advisor
	  	 	78	 
	
	 ARTICLE V
	  

	
	 SERVICER AND SPECIAL SERVICER COMPENSATION AND EXPENSES;
OPERATING
ADVISOR COMPENSATION
	  

			
	 Section 5.01
	  	 Servicing Compensation
	  	 	80	 
	 Section 5.02
	  	 Servicing Advances; Servicer Expenses
	  	 	81	 
	 Section 5.03
	  	 Special Servicing Compensation
	  	 	85	 
	 Section 5.04
	  	 Operating Advisor Compensation
	  	 	86	 
	
	 ARTICLE VI
	  

	
	 THE SERVICER AND THE ISSUER
	  

			
	 Section 6.01
	  	 No Assignment; Merger or Consolidation
	  	 	87	 
	 Section 6.02
	  	 Liability and Indemnification
	  	 	87	 
	 Section 6.03
	  	 Eligibility; Successor, the Servicer, the Special Servicer or the Operating Advisor
	  	 	89	 
	
	 ARTICLE VII
	  

	
	 REPRESENTATIONS AND WARRANTIES; TERMINATION
EVENTS
	  

			
	 Section 7.01
	  	 Representations and Warranties
	  	 	91	 
	 Section 7.02
	  	 Servicer Termination Event
	  	 	97	 
	 Section 7.03
	  	 Termination of the Special Servicer by the Directing Holder
	  	 	99	 
	 Section 7.04
	  	 Termination of the Special Servicer by the Noteholders
	  	 	100	 
	 Section 7.05
	  	 Termination of the Special Servicer Upon Operating Advisor’s Recommendation
	  	 	100	 
	 Section 7.06
	  	 Termination of the Operating Advisor
	  	 	101	 
	 Section 7.07
	  	 Note Administrator/Trustee Termination Event
	  	 	104	 
	 Section 7.08
	  	 Trustee to Act; Appointment of Successor
	  	 	105	 

  
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	 Section 7.09
	  	 Closing Conditions; Issuer Covenants
	  	 	105	 
	 Section 7.10
	  	 Post-Closing Performance Conditions
	  	 	106	 
	
	 ARTICLE VIII
	  

	
	 TERMINATION; TRANSFER OF MORTGAGE ASSETS
	  

			
	 Section 8.01
	  	 Termination of Agreement
	  	 	106	 
	 Section 8.02
	  	 Transfer of Mortgage Assets
	  	 	107	 
	
	 ARTICLE IX
	  

	
	 MISCELLANEOUS PROVISIONS
	  

			
	 Section 9.01
	  	 Amendment; Waiver
	  	 	108	 
	 Section 9.02
	  	 Governing Law
	  	 	109	 
	 Section 9.03
	  	 Notices
	  	 	109	 
	 Section 9.04
	  	 Severability of Provisions
	  	 	113	 
	 Section 9.05
	  	 Inspection and Audit Rights
	  	 	113	 
	 Section 9.06
	  	 Operating Advisor Contact with the Servicer and the Special Servicer
	  	 	113	 
	 Section 9.07
	  	 Binding Effect; No Partnership; Counterparts
	  	 	114	 
	 Section 9.08
	  	 Protection of Confidential Information
	  	 	114	 
	 Section 9.09
	  	 General Interpretive Principles
	  	 	114	 
	 Section 9.10
	  	 Further Agreements
	  	 	115	 
	 Section 9.11
	  	 Rating Agency Notices
	  	 	115	 
	 Section 9.12
	  	 Limited Recourse and Non-Petition
	  	 	116	 
	 Section 9.13
	  	 Capacity of Trustee and Note Administrator
	  	 	117	 
	 Section 9.14
	  	 Third-Party Beneficiaries
	  	 	118	 
			
	 EXHIBIT A
	  	 Mortgage Asset Schedule
	  			
	 EXHIBIT B
	  	 Applicable Servicing Criteria in Item 1122 of Regulation AB
	  			
	 EXHIBIT C
	  	 [Reserved]
	  			
	 EXHIBIT D
	  	 Form of Operating Advisor Annual Report
	  			
	 EXHIBIT E
	  	 Form of Operating Advisor’s Two Quarter Future Advance Estimate
	  			
	 EXHIBIT F
	  	 Participation Holder Register
	  			

  
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 THIS SERVICING AGREEMENT dated as of February 14, 2018 is by and among TPG
REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD. (the “Issuer”), an exempted company incorporated under the laws of the Cayman Islands, WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (the
“Trustee”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as note administrator (in such capacity, the “Note Administrator”), TPG RE FINANCE TRUST CLO LOAN SELLER, LLC, as advancing agent (the “Advancing
Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as servicer (the “Servicer”), SITUS HOLDINGS, LLC, as special servicer (the “Special Servicer”), and PARK BRIDGE LENDER SERVICES LLC, as operating advisor
(the “Operating Advisor”). 
 PRELIMINARY STATEMENTS 

The Issuer desires to engage the Servicer, the Special Servicer, the Advancing Agent, the Trustee, the Note Administrator and
the Operating Advisor, and the Servicer, the Special Servicer, the Advancing Agent, the Trustee, the Note Administrator and the Operating Advisor, desire to accept the Issuer’s engagement, to perform their respective duties with respect to the
Mortgage Loans in accordance with the provisions of this Agreement. 
 This Agreement shall become effective with respect to
each Whole Loan and each Pari Passu Participation upon the Closing Date and with respect to each Companion Participation that is acquired by the Issuer, upon the related Acquisition Date. 

NOW, THEREFORE, in consideration of the recitals in this Preliminary Statement which are made a contractual part hereof, and
of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01 Defined Terms. Any capitalized term used herein without definition shall have the meaning ascribed to
such term in the Indenture. In addition, whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 

“15Ga-1 Notice”: As defined in
Section 3.19. 
 “17g-5 Information
Provider”: As defined in the Indenture. 
 “17g-5
Website”: As defined in the Indenture. 
 “A-1 Participation
Servicing Agreement”: As defined in the related Participation Agreement. 

 “Accountant’s Statement”: Shall have the meaning ascribed
it in Section 3.12 hereof. 
 “Accounts”: The Escrow Accounts, the Collection
Account, the REO Accounts and the Cash Collateral Accounts. 
 “Acquisition Period”: As defined in the
Indenture. 
 “Additional Servicing Compensation”: (i) Any fee or penalty amounts collected for checks
or other items returned for insufficient funds related to the Accounts (other than the REO Account); (ii) any late payment charges and default interest collected with respect to any Mortgage Asset (which, for each Participated Mortgage Loan, shall
be payable solely from amounts allocated to such Mortgage Asset under the related Participation Agreement) that accrues when the related Mortgage Loan is not a Specially Serviced Mortgage Loan and (iii) subject to
Section 3.04, all income and gain realized from the investment of funds deposited in the Accounts (other than the REO Account). 

“Additional Special Servicer Compensation”: (i) All assumption application fees received on Mortgage
Loans, (ii) any modification fees, assumption fees, consent fees and similar fees received on any Mortgage Loans, (iii) any charges for processing other Obligor requests, beneficiary statements or demands and fees in connection with
defeasance, if any, on any Mortgage Loans, (iv) any late payment charges and default interest collected with respect to any Mortgage Asset that accrues when the related Mortgage Loan is a Specially Serviced Mortgage Loan and (v)(A) any fee or
penalty amounts collected for checks or other items returned for insufficient funds relating to the REO Account and (B) subject to Section 3.04, all income and gain realized from the investment of funds deposited in the REO Account. 

“Advance Rate”: A per annum rate equal to the “Prime Rate” (as published from time to time
in the “Money Rates” section of The Wall Street Journal). 
 “Advancing Agent”: TPG RE
Finance Trust CLO Loan Seller, LLC, or its successors or assigns pursuant to the Indenture, solely in its capacity as Advancing Agent. 

“Affiliate”: With respect to a Person, (i) any other Person who, directly or indirectly, is in control
of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person
described in clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of
such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; provided that neither the Company Administrator nor any other company, corporation or Person to which
the Company Administrator provides directors and/or administrative services and/or acts as share trustee shall be an Affiliate of the Issuer or Co-Issuer; provided, further, that none of
TRTX, the Seller, Retention Holder or any of their subsidiaries shall be deemed to be Affiliates of the Issuer. The Note Administrator, the Servicer, the Special Servicer and the Trustee may rely on certifications of any Holder or party hereto
regarding such Person’s Affiliates. 

  
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 “Affiliated Future Funding Companion Participation Holder”: Any
Companion Participation Holder that is the Seller or any Affiliate of the Seller. 
 “Aggregate Outstanding
Amount”: As defined in the Indenture. 
 “Aggregate Outstanding Portfolio Balance”: As defined in
the Indenture. 
 “Agreement”: This Servicing Agreement, as the same may be modified, supplemented or
amended from time to time. 
 “Anti-Terrorism Laws”: Any Laws relating to terrorism, trade sanctions
programs and embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time. 

“Appraisal”: An appraisal prepared by an Appraiser and certified by such Appraiser as having been prepared in
accordance with the requirements of the Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, as well as FIRREA. 

“Appraisal Adjusted Outstanding Portfolio Balance”: On any Measurement Date, the sum (without duplication) of
(1) the aggregate principal balance of the Mortgage Assets (other than Mortgage Assets as to which an Appraisal Reduction Event has occurred); (2) the aggregate principal balance of all Principal Proceeds (as defined in the Indenture) held as
cash and Eligible Investments and all cash and Eligible Investments held in the Permitted Companion Participation Acquisition Account (as defined in the Indenture); and (3) with respect to each Mortgage Asset as to which an Appraisal Reduction
Event has occurred, the principal balance of such Mortgage Asset minus any Appraisal Reduction Amount allocated to such Mortgage Asset. 

“Appraisal Reduction Amount”: With respect to any Mortgage Loan as to which an Appraisal Reduction Event has
occurred, an amount equal to the excess, if any, of (a) the principal balance of such Mortgage Loan, plus all other amounts due and unpaid with respect to such Mortgage Loan, minus (b) the sum of (i) an amount equal to 90% of
the appraised value of the related Mortgaged Property or Mortgaged Properties (net of any liens senior to the lien of the related mortgage) as determined by an updated appraisal obtained by the Special Servicer plus (ii) the aggregate
amount of all reserves, letters of credit and escrows held in connection with the Mortgage Loan (other than escrows and reserves for unpaid real estate taxes and assessments and insurance premiums), plus (iii) all insurance and casualty
proceeds and condemnation awards that constitute collateral for the related Mortgage Loan (whether paid or then payable by any insurance company or government authority). 

With respect to any Mortgage Asset that is a Participation, any Appraisal Reduction Amount calculated with respect to the
underlying Mortgage Loan will be deemed allocated on a pro rata and pari passu basis among the related Participations (based on the outstanding principal balances thereof). 

  
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 “Appraisal Reduction Event”: The occurrence of any of the
following events with respect to a Mortgage Loan: 
  

	 	(1)	 the 90th day following the occurrence of any uncured delinquency in monthly payments with respect to such
Mortgage Loan; 

  

	 	(2)	 receipt of notice that the related borrower has filed a bankruptcy petition or the date on which a receiver is
appointed and continues in such capacity or the 90th day after the related borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of the Mortgaged Property securing such Mortgage Loan;

  

	 	(3)	 the date on which the Mortgaged Property securing such Mortgage Loan becomes an REO Property;

  

	 	(4)	 such Mortgage Loan becomes a Modified Loan; and 

 

	 	(5)	 a payment default occurs with respect to a balloon payment; provided, however if (i) the related borrower
is diligently seeking a refinancing commitment (and delivers a statement to that effect to the Servicer within 30 days after the default, who will promptly deliver a copy to the Special Servicer, the Operating Advisor, the applicable Directing
Holder (but only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset), (ii) the related borrower continues to make its assumed scheduled payment, (iii) no other Appraisal
Reduction Event has occurred with respect to that Mortgage Loan and (iv) for so long as no Control Termination Event has occurred and is continuing with respect to the related Mortgage Asset, the applicable Directing Holder consents, an
Appraisal Reduction Event will not occur until 90 days beyond the related maturity date, unless extended by the Special Servicer in accordance with the Transaction Documents, the Indenture or this Agreement; and provided, further, if the related
borrower has delivered to the Servicer, who shall have promptly delivered a copy to the Special Servicer, the Operating Advisor, the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is
continuing with respect to the related Mortgage Asset), on or before the 90th day after the related maturity date, a refinancing commitment reasonably acceptable to the Special Servicer, and the borrower continues to make its assumed scheduled
payments (and no other Appraisal Reduction Event has occurred with respect to that Mortgage Loan), an Appraisal Reduction Event will not occur until the earlier of (A) 120 days beyond the related maturity date (or extended maturity date) and
(B) the termination of the refinancing commitment. 

 “Appraiser”: An Independent
appraiser, selected by the Special Servicer (which shall be made in consultation with the applicable Directing Holder (but only for so long as no 

  
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Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset), which is a member in good standing of the Appraisal Institute, and is certified or
licensed in the state in which the relevant related Mortgaged Property is located, and that has a minimum of five (5) years of experience in the appraisal of comparable properties. 

“Asset Documents”: As defined in the Indenture. 

“As-Stabilized LTV”: With respect to any Mortgage Asset as of any
date of determination, (a) the outstanding principal balance of the related Mortgage Loan assuming that all Future Funding Amounts have been drawn thereunder as of such date, divided by (b) the
“as-stabilized” appraised value of the related Mortgaged Property or Mortgaged Properties in accordance with an Appraisal or an updated Appraisal that is not more than twelve (12) months old as
of such date. 
 “Asset Status Report”: As defined in Section 3.16(f). 

“Auction Call Redemption”: As defined in the Indenture. 

“Balloon Loan”: Any Mortgage Loan that requires a payment of principal on the maturity date in excess of its
constant Monthly Payment. 
 “Balloon Payment”: With respect to each Balloon Loan, the scheduled payment of
principal due on the maturity date (less principal included in the applicable amortization schedule or scheduled Monthly Payment). 

“Business Day”: Any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks
are authorized or required by applicable law, regulation or executive order to close in New York, New York, in the State of North Carolina or the location of the Corporate Trust Office of the Note Administrator or the Trustee, or (iii) days
when the New York Stock Exchange or the Federal Reserve Bank of New York are closed. 
 “Cash”: As defined
in the Indenture. 
 “Cash Collateral”: As defined in Section 3.14. 

“Cash Collateral Account”: As defined in Section 3.14. 

“Class A Notes”: As defined in the Indenture. 

“Class A-S Notes”: As defined in the Indenture. 

“Class B Notes”: As defined in the Indenture. 

“Class C Notes”: As defined in the Indenture. 

“Class D Notes”: As defined in the Indenture. 

“Class E Notes”: As defined in the Indenture. 

  
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 “Class F Notes”: As defined in the Indenture.

 “Clean-Up Call: As defined in the Indenture. 

“CLO Controlled Mortgage Assets”: Each Mortgage Asset that is not a Non-CLO Controlled Mortgage Asset. As of the Closing Date (i) the Mortgage Asset that is a Whole Loan will be a CLO Controlled Mortgage Asset and (ii) all of the Mortgage Assets that are Pari Passu
Participations will be Non-CLO Controlled Mortgage Assets. 
 “Closing
Date”: February 14, 2018. 
 “Code”: As defined in the Indenture. 

“Co-Issuer”: TPG RE Finance Trust
2018-FL1 Co-Issuer, LLC, a Delaware limited liability company. 

“Co-Issuers”: The Issuer and the
Co-Issuer. 
 “Collection Account”: Shall have the meaning ascribed
it in Section 3.03 hereof. 
 “Committed Warehouse Line”: A warehouse facility or
other similar financing facility pursuant to which the related lender has approved advances (at a 60% or greater advance rate) to fund future advance requirements under the Future Funding Companion Participations held by Affiliated Future Funding
Companion Participation Holders, subject only to the satisfaction of general conditions precedent in the related facility documents. 

“Companion Participation”: With respect to each Pari Passu Participation, the related companion participation
interest in the related Participated Mortgage Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in whole or in part, by the Issuer pursuant to the applicable provisions of the Indenture. Upon any
acquisition of a Companion Participation by the Issuer, such Companion Participation shall become a Mortgage Asset. 

“Companion Participation Holder”: The holder of any Companion Participation. 

“Company Administrator”: MaplesFS Limited (or its successors and assigns). 

“Consultation Termination Event”: Will occur and be continuing with respect to any Mortgage Asset if
(i) such Mortgage Asset is a CLO Controlled Mortgage Asset and (ii) the Aggregate Outstanding Portfolio Balance is less than the sum of the Aggregate Outstanding Amount of all of the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes (but excluding any Deferred Interest added to the Aggregate Outstanding Amount of the Class C Notes or the
Class D Notes, as applicable). 
 “Control Shift Event”: Will occur and be continuing with respect to
any of the Class E Notes, the Class F Notes or the Preferred Shares if, and for so long as, the Appraisal Adjusted Outstanding Portfolio Balance is less than the sum of (a) the Aggregate Outstanding Amount of each Class of Notes
more senior to such Class of Notes or the Preferred Shares (but 

  
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excluding any Deferred Interest added to the Aggregate Outstanding Amount of any Deferrable Notes) plus (b) 25% of the Aggregate Outstanding Amount of such Class of Notes (but excluding any
Deferred Interest added to the Aggregate Outstanding Amount thereof) or, in the case of the Preferred Shares, 25% of the notional amount of the Preferred Shares. 

“Control Termination Event”: Will occur and be continuing with respect to any Mortgage Asset if (i) such
Mortgage Asset is a CLO Controlled Mortgage Asset and (ii) a Control Shift Event with respect to the Class E Notes has occurred and is continuing. 

“Corporate Trust Office”: The corporate trust office of (a) the Trustee, currently located at 1100 North
Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – TRTX 2018-FL1, (b) the Note Administrator, currently located at (i) with respect to Note transfers and surrenders, at 600 South
4th St., 7th Floor, MAC N9300-070 Minneapolis, Minnesota 55479 and (ii) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS), TRTX 2018-FL1, or (c) such other address as the Trustee or the Note Administrator, as applicable, may designate from time to time by notice to the Noteholders, the Holder of the Preferred Shares, the Rating
Agencies, and the parties hereto. 
 “Corrected Loan”: Any Specially Serviced Mortgage Loan that has become
current and remained current for three (3) consecutive Monthly Payments (for such purposes taking into account any modification or amendment of such Mortgage Loan, whether by a consensual modification or in connection with a bankruptcy,
insolvency or similar proceeding involving the Obligor), and (provided, that no additional default is foreseeable in the reasonable judgment of the Special Servicer and no other event or circumstance exists that causes such Mortgage Loan to
otherwise constitute a Specially Serviced Mortgage Loan) the servicing of which the Special Servicer has returned to the Servicer pursuant to Section 3.16(b). 

“Covered Entity”: (a) The Issuer and its subsidiaries and (b) each Person that, directly or
indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and
outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies
of such Person whether by ownership of equity interests, contract or otherwise. 
 “CREFC®”: CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is a successor thereto. 

“CREFC® Comparative Financial Status
Report”: The report substantially in the form of, and containing the information called for in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date on the CREFC® Website, or such other final form for the presentation of such information and containing such additional information as may from time to time be promulgated as recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided, that, to the extent that such other form contemplates such additional
information, such other form must be reasonably acceptable to the Servicer, the Special Servicer and the Note Administrator. 

  
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“CREFC® Investor Reporting Packet”: The
reporting packet substantially in the form of, and containing the information called for in, the downloadable form of the “CREFC® Investor Reporting Packet” available as of the
Closing Date on the CREFC® Website, or such other final form for the presentation of such information and containing such additional information as may from time to time be promulgated as
recommended by CREFC® for commercial mortgage securities transactions generally; provided that, to the extent that such other form contemplates such additional information, such other
form must be reasonably acceptable to the Servicer. 

“CREFC® Loan Periodic Update File”:
The monthly data file substantially in the form of, and containing the information called for in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CREFC® Website, or such other final form for the presentation of such information and containing such additional information as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided, that, to the extent that such other form contemplates such additional
information, such other form must be reasonably acceptable to the Servicer, the Special Servicer and the Note Administrator. Notwithstanding any provision hereof, neither the CREFC Loan Periodic Update File, nor any other report or accounting
prepared or performed by the Servicer, is required to include any allocation among the Mortgage Assets of the fee payable to the Note Administrator, the fee payable to the Trustee or the fees payable to the Operating Advisor. 

“CREFC® NOI Adjustment Worksheet”: An
annual report substantially in the form of, and containing the information called for in, the downloadable form of the “NOI Adjustment Worksheet” available as of the Closing Date on the
CREFC® Website, or such other final form for the presentation of such information and containing such additional information as may from time to time be promulgated as recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided, that, to the extent that such other form contemplates such additional
information, such other form must be reasonably acceptable to the Servicer, the Special Servicer and the Note Administrator. 

“CREFC® Operating Statement Analysis
Report”: The report substantially in the form of, and containing the information called for in, the downloadable form of the “Operating Statement Analysis Report” available as of the Closing Date on the CREFC® Website or in such other final form for the presentation of such information and containing such additional information as may from time to time be promulgated as recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided, that, to the extent that such other form contemplates such additional
information, such other form must be reasonably acceptable to the Servicer, the Special Servicer and the Note Administrator. 

“CREFC® Special Servicer Loan File”:
The report substantially in the form of, and containing the information called for in, the downloadable form of the “CREFC® Special Servicer Loan File” available as of the Closing
Date on the CREFC® website, or such other final form for the presentation of such information and containing such additional information as may from time to time be promulgated as recommended
by the CREFC® for commercial mortgage securities transactions generally; provided, that, to the extent that such other form contemplates

  
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such additional information, such other form must be reasonably acceptable to the Servicer, the Special Servicer and the Note Administrator. 

“CREFC® Website”: The website located
at “www.crefc.org” or such other primary website as CREFC® may establish for dissemination of its report forms. 

“Custodian”: As defined in the Indenture. 

“DBRS”: DBRS, Inc., or any successor thereto. 

“Defaulted Mortgage Asset”: Any Mortgage Asset for which the related Mortgage Loan is a Defaulted Mortgage
Loan. 
 “Defaulted Mortgage Loan”: As defined in the Indenture. 

“Deferrable Notes”: The Class C Notes, the Class D Notes, the Class E Notes or the
Class F Notes, to the extent such Class is not the most senior Class Outstanding. 
 “Deferred
Interest”: As defined in the Indenture. 
 “Directing Holder”: (i) With respect to each CLO
Controlled Mortgage Asset, the Subordinate Class Representative and (ii) with respect to each Non-CLO Controlled Mortgage Asset, the related Companion Participation Holder. The initial Directing
Holder with respect to each Mortgage Asset is set forth on Exhibit F attached hereto. Each of the parties to this Agreement may assume that the identity of the Directing Holder has not changed until such parties receive written notice (along
with contact information) of a replacement or the resignation of the then-current Directing Holder. 
 “Directly
Operate”: With respect to any REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily provided to tenants in connection with the rental of space “for occupancy only” within the meaning
of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such REO Property, the holding of such REO Property primarily for sale to customers, the use of such REO Property in a
trade or business conducted by the Issuer or the performance of any construction work on the REO Property (other than the completion of a building or improvement, where more than 10% of the construction of such building or improvement was completed
before default became imminent), other than through an Independent Contractor; provided, however, that an REO Property shall not be considered to be Directly Operated solely because the Trustee (or the Special Servicer on behalf of the
Trustee) establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect to such REO Property or takes other actions consistent with
Treasury Regulations Section 1.856-4(b)(5)(ii). 
 “Eligible
Account”: As defined in the Indenture. 
 “Eligible Investments”: As defined in the Indenture.

  
 -9- 

 “Eligible Operating Advisor”: An institution (i) that,
within the twelve (12) months prior to any date of determination, has acted as the special servicer or operating advisor on a commercial mortgage-backed securities transaction rated by DBRS, KBRA, Fitch, Moody’s, Morningstar or S&P
business, but has not been the special servicer on a transaction for which any of DBRS, KBRA, Fitch, Moody’s, Morningstar, or S&P has downgraded or withdrawn its rating or ratings of, one or more classes of certificates or notes for such
transaction citing servicing concerns with the special servicer as the sole or material factor in such rating action, (ii) that can and will make the applicable representations and warranties set forth in
Section 7.01(d) of this Agreement, (iii) that is not the Issuer, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Advancing Agent, the Seller, the Subordinate Class Representative, the
Directing Holder, or, except as provided in Section 7.06(b) with respect to the Trustee and the Note Administrator, an affiliate of any of the foregoing, and (iv) that has not been paid any fees, compensation or other
remuneration by the Special Servicer or a successor Special Servicer (x) in respect of its obligations under this Agreement or (y) for the appointment or recommendation for replacement of a successor special servicer to become the Special
Servicer. 
 “Escrow Account”: As defined in Section 3.02. 

“Escrow Payment”: Any amounts received by the Servicer or Special Servicer for the account of an Obligor for
application toward the payment of taxes, insurance premiums, assessments, ground rents, deferred maintenance, environmental remediation, rehabilitation costs, capital expenditures, lease-up expenses and
similar items in respect of the related Mortgaged Property. 
 “Event of Default”: As defined in the
Indenture. 
 “Final Asset Status Report”: With respect to any Specially Serviced Mortgage Loan, each
related Asset Status Report, together with such other data or supporting information provided by the Special Servicer to the applicable Directing Holder, which shall not include any communication (other than the related Final Asset Status Report)
between the Special Servicer and such Directing Holder with respect to such Specially Serviced Mortgage Loan, and the Special Servicer has otherwise communicated to the Operating Advisor as being final; provided that no Asset Status Report
shall be considered to be a Final Asset Status Report unless (prior to the occurrence and continuance of a Control Termination Event with respect to the related Mortgage Asset) the applicable Directing Holder, pursuant to the control and
consultation procedures set forth in Section 3.23, has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval or consent pursuant
to this Agreement in respect of such action, or has been deemed to approve or consent to such action or the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement. After the occurrence and during the
continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to the related Mortgage Asset, an Asset Status Report with respect to such Mortgage Asset shall be considered a Final Asset
Status Report upon the Special Servicer’s determination, subject to any required consultation pursuant to the consultation procedures set forth in Section 3.23(e). 

  
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 “FIRREA”: The Financial Institution Reform, Recovery and
Enforcement Act of 1989, as amended. 
 “Fitch”: Fitch Ratings, Inc., or any successor thereto. 

“Future Funding Agreement”: The Future Funding Agreement, dated as of the Closing Date, by and among the
Seller, as pledgor, Holdco, as the future funding indemnitor, the Trustee, as trustee on behalf of the Noteholders and the Holders of the Preferred Shares, as secured party, and the Note Administrator, as the same may be amended, supplemented or
replaced from time to time. 
 “Future Funding Amount”: With respect to each Participated Mortgage Loan,
any unfunded future funding obligations of the lender thereunder. 
 “Future Funding Companion
Participation”: With respect to each Participated Mortgage Loan that has any remaining Future Funding Amounts, the Companion Participation in such Participated Mortgage Loan the holder of which is obligated to fund such Future Funding
Amounts. 
 “Future Funding Controlled Reserve Account”: The account required to be maintained by the
Seller pursuant to the Future Funding Agreement. 
 “Future Funding Indemnitor”: Holdco, in its capacity as
Future Funding Indemnitor. 
 “Governmental Body”: Any nation or government, any state or other political
subdivision thereof or any entity, authority, agency, division or department exercising the executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to a government (including any supra-national
bodies such as the European Union or the European Central Bank) and any such group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board,
the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor similar authority to any of the foregoing. 

“Holdco”: TPG RE Finance Trust Holdco, LLC, and its successors-in-interest. 
 “Holder”: As defined in the Indenture.

 “Impaired Mortgage Asset”: As defined in Section 3.17. 

“Indenture”: The Indenture, dated as of the Closing Date, among the Issuer, the Co-Issuer, the Advancing Agent, the Trustee and the Note Administrator. 

“Independent”: As defined in the Indenture. 

“Independent Contractor”: Any Person that would be an “Independent Contractor” with respect to TRTX
(or any subsequent REIT) within the meaning of Section 856(d)(3) of the Code. 

  
 -11- 

 “Inquiry”: As defined in the Indenture. 

“Insurance and Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the
full or partial condemnation of a Mortgaged Property, as applicable, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged Property, as applicable, or released to the Obligor or any tenants or ground
lessors, in either case, in accordance with the Servicing Standard. 
 “Insurance Policy”: With respect to
any Mortgage Loan, any hazard insurance policy, flood insurance policy, title insurance policy or other insurance policy that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property, as applicable. 

“Interested Person”: The Servicer, the Special Servicer, the Subordinate Class Representative, any
Directing Holder, the Seller or any of its Affiliates, any independent contractor engaged by the Special Servicer, or, in connection with any individual Mortgage Loan, the Obligor, the manager of the related Mortgaged Property, the holder of a
related mezzanine loan or companion participation, or any Affiliate of any of the preceding entities. 
 “Investor
Q&A Forum”: As defined in the Indenture. 
 “Issuer”: As defined in the Preamble hereto. 

“KBRA”: Kroll Bond Rating Agency, Inc. or any successor thereto. 

“Largest One Quarter Future Advance Estimate”: An estimate of the largest aggregate amount of future advances
that will be required to be made under the Future Funding Companion Participations held by Affiliated Future Funding Companion Participation Holders during any calendar quarter, subject to the same exclusions as the calculation of the Two Quarter
Future Advance Estimate. 
 “Law”: shall mean any law(s) (including common law), constitution, statute,
treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling, order executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or
otherwise, with any Governmental Body, foreign or domestic. 
 “Liquidation Event”: An REO Property (and
the related REO Loan) or a Mortgage Loan is liquidated for a full or discounted amount and the Special Servicer has determined that all amounts which it expects to recover from or on account of such Mortgage Loan or REO Property, as applicable, have
been recovered. 
 “Liquidation Expenses”: All customary, reasonable and necessary “out of
pocket” costs and expenses incurred by the Issuer or the Special Servicer in connection with a liquidation of any Specially Serviced Mortgage Loan or REO Property pursuant to Section 12.1(a)(ii), (iii)
and (iv) of the Indenture (including, without limitation, legal fees and expenses, committee or referee fees, and, if applicable, brokerage commissions and conveyance taxes). 

  
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 “Liquidation Fee”: A fee payable to the Special Servicer with
respect to each Specially Serviced Mortgage Loan or REO Property, as applicable, as to which the Special Servicer receives a full or discounted payoff (or an unscheduled partial payment to the extent such prepayment is required by the Special
Servicer as a condition to a workout) with respect thereto from the related Obligor or any Liquidation Proceeds or Insurance and Condemnation Proceeds with respect to the related Mortgage Loan or REO Property, as applicable (in any case, other than
amounts for which a Workout Fee has been paid, or will be payable), equal to the product of the Liquidation Fee Rate and the proceeds of such full or discounted payoff or other partial payment or the Liquidation Proceeds or Insurance and
Condemnation Proceeds related to such liquidated Specially Serviced Mortgage Loan or REO Property, as applicable, as the case may be; provided, however, that no Liquidation Fee shall be payable with respect to any event described in
clause (iii) of the definition of “Liquidation Proceeds” or clause (iv) of the definition of “Liquidation Proceeds” if such repurchase occurs within the time parameters
(including any applicable extension period) set forth in the Mortgage Asset Purchase Agreement. 
 “Liquidation Fee
Rate”: With respect to each Specially Serviced Mortgage Loan, a rate equal to 1.0%. 
 “Liquidation
Proceeds”: Cash amounts received by or paid to the Servicer or the Special Servicer, as applicable, in connection with: (i) the liquidation (including a payment in full) of a Mortgaged Property constituting security for a Defaulted
Mortgage Loan, through a receiver’s or trustee’s sale, foreclosure sale or sale of an REO Property, as applicable, or otherwise, exclusive of any portion thereof required to be released to the related Obligor in accordance with applicable
law and the terms and conditions of the related Asset Documents; (ii) the realization upon any deficiency judgment obtained against an Obligor; (iii) any sale of a Mortgage Asset or Mortgage Loan pursuant to Section 12.1(a)(ii)-(iv)
of the Indenture or (iv) the repurchase of a Mortgage Asset by the Seller pursuant to the Mortgage Asset Purchase Agreement. 

“Major Decisions”: Any of the following 

(a) any modification of, or waiver with respect to, a Mortgage Asset or underlying Mortgage Loan that would
result in the extension of the maturity date or extended maturity date thereof (however the maturity date of such Mortgage Loan may not be extended beyond the date that is five years prior to the Stated Maturity Date of the Notes), a reduction in
the interest rate borne thereby or the monthly debt service payment or prepayment, if any, payable thereon or a deferral or a forgiveness of interest on or principal of the Mortgage Asset or underlying Mortgage Loan, any change in the Principal
Balance of any Mortgage Asset or underlying Mortgage Loan or a modification or waiver of any other monetary term of the Mortgage Asset or the underlying Mortgage Loan relating to the timing or amount of any payment of principal or interest (other
than late payment charges and default interest) or any other material sums due and payable under the Mortgage Loan or underlying Asset Documents or a modification or waiver of any provision of the Mortgage Loan that (i) restricts the Obligor or
its equity owners from incurring additional indebtedness, (ii) waives any breach of a material representation or a material covenant, (iii) waives any breach of any material provision of a related guaranty delivered by a guarantor of the
obligations of a borrower on such 

  
 -13- 

 
Mortgage Asset or underlying Mortgage Loan, or (iv) waives any default or event of default due to the bankruptcy or insolvency of a borrower or any guarantor of the obligations of a borrower
on such Mortgage Asset or Mortgage Loan; 
 (b) any modification of, or waiver with respect to, a Mortgage
Asset or underlying Mortgage Loan that would result in a discounted pay-off of the Mortgage Loan; 

(c) any foreclosure upon or comparable conversion of the ownership of a Mortgaged Property or any acquisition
of a Mortgaged Property by deed-in-lieu of foreclosure; 

(d) any sale of a Mortgaged Property or any material portion thereof or, except, as specifically permitted in
the Asset Documents, the transfer of any direct or indirect interest in the Obligor; 
 (e) any sale of a
Defaulted Mortgage Asset (provided, that, if the Directing Holder is not the Subordinate Class Representative, so long as no Control Shift Event has occurred, the Subordinate Class Representative shall exercise the consent rights of
the Directing Holder with respect to any sale of a Defaulted Mortgage Asset); 
 (f) any action to bring a
Mortgaged Property or REO Property into compliance with any laws relating to hazardous materials; 
 (g) any
substitution or release of collateral for a Mortgage Asset (other than in accordance with the terms of, or upon satisfaction of, the Asset Documents); 

(h) any release of the Obligor or any guarantor from liability with respect to the Mortgage Loan (other than in
accordance with the terms of, or upon satisfaction of, the Asset Documents); 
 (i) any waiver of or
determination not to enforce a “due-on-sale” or “due-on-encumbrance”
clause (unless such clause is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the Obligor); 

(j) any material changes to or waivers of any of the insurance requirements in the Asset Documents; 

(k) any incurrence of additional debt by the Obligor to the extent such incurrence requires the consent of the
lender under the Asset Documents; and 
 (l) any consent to any lease to the extent the entering into such
requires the consent of the lender under the Asset Documents. 
 “Majority”: As defined in the Indenture.

 “Measurement Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition
or disposition of any Mortgage Asset, (iii) any date on which any Mortgage Asset 

  
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becomes a Defaulted Mortgage Asset, (iv) each Determination Date and (v) with reasonable notice to the Issuer and the Note Administrator, any other Business Day that the Rating Agencies
or the holders of at least 66 2/3% of the aggregate outstanding principal amount of any Class of Notes requests be a “Measurement Date”; provided, that if any such date would otherwise fall on a day that is not a Business Day,
the relevant Measurement Date will be the immediately preceding Business Day. 
 “Modified Loan”: A
Mortgage Loan that has been modified by the Special Servicer pursuant to this Agreement in a manner that: 
 (a) except as
expressly contemplated by the related Asset Documents, reduces or delays in a material and adverse manner the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current monthly payments with
respect to such Mortgage Loan); 
 (b) except as expressly contemplated by the related Asset Documents, results in a release
of the lien of the Mortgage on any material portion of the related Mortgaged Property without a corresponding principal prepayment in an amount not less than the fair market value (as is), as determined by an Appraisal delivered to the Special
Servicer (at the expense of the related Obligor and upon which the Special Servicer may conclusively rely), of the property to be released; or 

(c) in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for
such Mortgage Loan or reduces the likelihood of timely payment of amounts due thereon. 
 “Monthly Operating Advisor
Fee”: Means a monthly fee payable to the Operating Advisor on each Remittance Date from amounts received in respect of the Mortgage Assets owned by the Issuer, in an amount equal to one-twelfth
(1/12th) of $20,000. 
 “Monthly Payment”: With respect to any Mortgage Asset, the scheduled monthly
payment of interest or the scheduled monthly payment of principal and interest, as the case may be, on such Mortgage Asset which is payable by the related Obligor on the due date under the related Mortgage Loan. 

“Monthly Report”: As defined in the Indenture. 

“Moody’s”: Moody’s Investors Service, Inc., or its successor in interest. 

“Morningstar”: Morningstar Credit Ratings, LLC, or any successor thereto. 

“Mortgage”: With respect to each Mortgage Loan, the mortgage, deed of trust or other instrument securing the
related Underlying Note, which creates a lien on the real property securing such Underlying Note. 
 “Mortgage Asset
File”: With respect to any Mortgage Asset, the related Asset Documents and any additional documents required to be added to such Mortgage Asset File pursuant to the express provisions of this Agreement all of which are held by the
Custodian. 

  
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 “Mortgage Asset Purchase Agreement”: As defined in the
Indenture. 
 “Mortgage Asset Schedule”: A schedule of the Mortgage Assets attached as
Exhibit A hereto, which sets forth information with respect to such Mortgage Assets. 

“Mortgage Assets”: (i) The Whole Loans and Pari Passu Participations acquired by the Issuer on the
Closing Date and listed on Exhibit A attached hereto and (ii) any Companion Participation acquired by the Issuer after the Closing Date in accordance with the terms of the Indenture; provided that, if the entire Companion
Participation is acquired by the Issuer after the Closing Date in accordance with the terms of the Indenture, the related Whole Loan shall become a Mortgage Asset. 

“Mortgage Loan”: A Whole Loan or any Participated Mortgage Loan, as applicable and as the context may
require. 
 “Mortgaged Property”: With respect to any Mortgage Loan, the commercial and/or multifamily
mortgage property or properties directly or indirectly securing such Mortgage Loan. 
 “Net Liquidation
Proceeds”: The excess of Liquidation Proceeds received with respect to a Mortgage Loan over the amount of Liquidation Expenses incurred with respect thereto. 

“Net Outstanding Portfolio Balance”: As defined in the Indenture. 

“New Lease”: Any lease of all or any part of an REO Property entered into on behalf of the Issuer, including
any lease renewed or extended on behalf of the Issuer if the Issuer has the right to renegotiate the terms of such lease. 

“Non-CLO Controlled Mortgage Assets”: Each Mortgage Asset that is a Pari Passu
Participation that is owned by the Issuer, but is controlled by the holder of the related Companion Participation. If the related Companion Participation is acquired in its entirety by the Issuer, the Mortgage Asset (together with the related
Companion Participation) will become a CLO Controlled Mortgage Asset. As of the Closing Date (i) all of the Mortgage Assets that are Whole Loans will be CLO Controlled Mortgage Assets and (ii) all of the Mortgage Assets that are Pari Passu
Participations will be Non-CLO Controlled Mortgage Assets. 
 “Non-Exempt Person”: Any Person other than a Person who is either (a) a U.S. Person or (b) has provided to the Servicer for the relevant year such duly-executed form(s) or statement(s) which may,
from time to time, be prescribed by law and which, pursuant to applicable provisions of (1) any income tax treaty between the United States and the country of residence of such Person, (2) the Internal Revenue Code of 1986, as amended from
time to time and any successor statute, or (3) any applicable rules or regulations in effect under clauses (1) or (2) above, permit the Servicer to make such payments free of any obligation or liability for withholding:
provided, that duly executed form(s) provided to the Servicer pursuant to Section 7.09 hereof, shall be sufficient to qualify the Issue as not a Non-Exempt Person. 

  
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 “Non-Material Borrower
Request”: Any Borrower request that does not require the consent of the applicable Directing Holder. 

“Nonrecoverable Servicing Advance”: Any Servicing Advance previously made or proposed to be made in
respect of a Mortgage Loan which, in the reasonable judgment of the Advancing Agent or, in accordance with the Servicing Standard, the Special Servicer or the Servicer, as the case may be, will not be ultimately recoverable, together with any
accrued and unpaid interest thereon, at the Advance Rate, from late collections or any other recovery on or in respect of such Mortgage Loan. In making such recoverability determination, such Person will be entitled to consider (in the case of the
Servicer or the Special Servicer, in accordance with the Servicing Standard), among other things, 
 (a) the
obligations of the Obligor under the terms of the related Asset Documents as they may have been modified, 

(b) the related Mortgaged Properties or REO Properties in their “as is” or then current conditions
and occupancies, as modified by such party’s assumptions regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties or REO Properties, 

(c) future expenses as estimated by such Person, 

(d) the timing of recoveries as estimated by such Person, and 

(e) the existence of any Nonrecoverable Servicing Advance with respect to other Mortgaged Properties in light
of the fact that proceeds on the related Mortgaged Property are not only a source of recovery for the Servicing Advance under consideration, but also a potential source of recovery for such Nonrecoverable Servicing Advance. 

In addition, any such Person may (consistent with the Servicing Standard in the case of the Servicer or the Special Servicer)
update or change its recoverability determinations at any time (but, except as provided below, may not reverse any other Person’s determination that a Servicing Advance is a Nonrecoverable Servicing Advance). Any such Person may obtain promptly
upon request, from the Special Servicer, any reasonably required analysis, Appraisals or market value estimates or other information in the Special Servicer’s possession for making a recoverability determination. If the Special Servicer makes a
determination in accordance with the Servicing Standard that any Servicing Advance previously made is a Nonrecoverable Servicing Advance or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance (and
provides the Servicer and the Advancing Agent with the Officer’s Certificate referred to herein), the Servicer (or the Note Administrator) may rely on the Special Servicer’s determination and the Special Servicer’s determination of
nonrecoverability cannot reverse a determination made by the Servicer. 
 Any such determination by any such Person, or any
updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate delivered by any of the Servicer, the Special Servicer or Advancing Agent to the other and to the Issuer, the Trustee, the Note Administrator, the
Operating Advisor and the applicable Directing Holder. The 

  
 -17- 

 
Advancing Agent, when making an independent determination, whether or not a proposed Servicing Advance would be a Nonrecoverable Servicing Advance, shall be subject to the standards applicable to
the Special Servicer hereunder. 
 Any Officer’s Certificate described above shall set forth such determination of
nonrecoverability and the considerations of the Advancing Agent, the Servicer or the Special Servicer, as the case may be, forming the basis of such determination (which shall be accompanied by, to the extent available, information such as related
income and expense statements, rent rolls, occupancy status and property inspections, and shall include an Appraisal of the related Mortgaged Property or REO Property, as applicable). The Servicer shall promptly furnish any party required to make
Servicing Advances with any information in its possession regarding Performing Mortgage Loans and the Special Servicer shall promptly furnish any party required to make Servicing Advances with any information in its possession regarding the
Specially Serviced Mortgage Loans as such party required to make Servicing Advances may reasonably request for purposes of making recoverability determinations. 

“Note Administrator”: Wells Fargo Bank, National Association, a national banking association, appointed as
Note Administrator under the Indenture or its successor under the Indenture. Wells Fargo Bank, National Association will perform the Note Administrator role through its Corporate Trust Services division. 

“Noteholder”: With respect to any Note, the Person in whose names such Note is registered in the note
register maintained pursuant to the Indenture. 
 “Notes”: The Notes issued under, and as defined in, the
Indenture. 
 “Obligor”: Any Person obligated to make payments of principal, interest, fees or other
amounts or distributions of earnings or other amounts under any Mortgage Loan. 
 “Offered Note Protection
Test”: As defined in the Indenture. 
 “Offered Notes”: Collectively, the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes. 

“Officer’s Certificate”: With respect to the Servicer, Special Servicer, Advancing Agent or Operating
Advisor, any certificate executed by a Responsible Officer thereof. 
 “Operating Advisor”: Park Bridge
Lender Services LLC, a New York limited liability company, or any successor operating advisor as herein provided. 

“Operating Advisor Annual Report”: As defined in Section 4.01(g). 

“Operating Advisor Consulting Fee”: A fee that shall be payable, subject to the limitations set forth below,
in an amount equal to $10,000 in connection with each Major Decision for which the Operating Advisor engages in consultation under this Agreement; provided, however, that (i) no such fee shall be paid except to the extent such fee
is actually paid by the related Obligor (and in no event shall such fee be paid from the Collection Account); (ii) the Operating Advisor shall be entitled to waive all or any portion of such fee in its sole

  
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discretion and (iii) the Servicer or the Special Servicer, as applicable, shall be authorized to waive the Obligor’s payment of such fee in whole or in part if the Servicer or the
Special Servicer, as applicable, (A) determines that such waiver is consistent with the Servicing Standard and (B) consults with the Operating Advisor prior to effecting such waiver. 

“Operating Advisor Fees”: Means the Monthly Operating Advisor Fee, the Operating Advisor Consulting Fee and
the Operating Advisor Review Fee, as applicable. 
 “Operating Advisor Review Fee”: Means an amount equal
to $1,000 with respect to each Two Quarter Future Advance Estimate reviewed by the Operating Advisor. 
 “Operating
Advisor Standard”: As defined in Section 3.22(b). 
 “Operating Advisor
Termination Event”: As defined in Section 7.06(b). 
 “Optional
Redemption”: As defined in the Indenture. 
 “Other Borrower Request”: Any Non-material Borrower Request or request for any Future Funding Amount. 
 “Par
Purchase Price”: As defined in Section 3.17. 
 “Pari Passu
Participation”: A fully funded pari passu participation interest in a Mortgage Loan. 

“Participated Mortgage Loan”: Any Mortgage Loan in which a Pari Passu Participation represents an interest.

 “Participation”: As defined in the Indenture. 

“Participation A-2 Holder”: As defined in the related Participation
Agreement. 
 “Participation Agent”: With respect to each Participated Mortgage Loan, the party designated
as such under the related Participation Agreement. 
 “Participation Agent Fee”: With respect to each
Participated Mortgage Loan, the sum of $250.00 per month. 
 “Participation Agreement”: With respect to
each Participated Mortgage Loan, the participation agreement that governs the rights and obligations of the holders of the related Pari Passu Participation and the related Companion Participation. 

“Participation Holder Register”: Shall have the meaning ascribed it in
Section 3.25(b) hereof. 
 “Payment Date”: The 4th Business Day following each
Servicer Determination Date, commencing on the Payment Date in March 2018, and ending on the Stated Maturity Date unless the Notes are redeemed or repaid prior thereto. 

  
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 “Performing Mortgage Loan”: Any Mortgage Loan that is not a
Specially Serviced Mortgage Loan. 
 “Permitted Companion Participation Acquisition Account”: As defined in
the Indenture. 
 “Permitted Investments”: Shall have the meaning ascribed to the term “Eligible
Investments” in the Indenture. 
 “Permitted Principal Proceeds”: As defined in the Indenture. 

“Permitted Subsidiary”: As defined in the Indenture. 

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

“Preferred Shares”: As defined in the Indenture. 

“Preferred Shareholder”: With respect to any Preferred Share, the Person in whose name such Preferred Share
is registered. 
 “Principal Prepayment”: Shall mean any voluntary payment of principal made by the Obligor
on a Mortgage Loan that is received in advance of its scheduled due date and that is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. 

“Privileged Information”: Shall mean (i) any correspondence or other communications between the
applicable Directing Holder or any Companion Participation Holder, on the one hand, and the Special Servicer, on the other hand, related to any Specially Serviced Mortgage Loan or the exercise of the consent or consultation rights of the applicable
Directing Holder or such Companion Participation Holder under Section 3.23 or any related Participation Agreement or intercreditor agreement, (ii) any strategically sensitive information that the Special Servicer has
reasonably determined could compromise the Issuer’s position in any ongoing or future negotiations with the borrower under a Specially Serviced Mortgage Loan or other interested party and labeled as “Privileged Information,” and
(iii) information subject to attorney client privilege. 
 “Privileged Information Exception”: Shall
mean, with respect to any Privileged Information, at any time (a) such Privileged Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the Restricted Party, (b) it
is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such
Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is required by law to disclose such information. 

  
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 “Qualified Affiliate”: Any Person (a) that is organized and
doing business under the laws of any state of the United States or the District of Columbia, (b) that is in the business of performing the duties of a servicer of Mortgage Loans, and (c) as to which 51% or greater of its outstanding voting
stock or equity ownership interest are directly or indirectly owned by the Servicer or the Special Servicer, as the case may be, or by any Person or Persons who directly or indirectly own equity ownership interests in the Servicer or the Special
Servicer, as the case may be. 
 “Qualified Insurer”: An insurance company or security or bonding company
qualified to write the related insurance policy, in the relevant jurisdiction, which (i) other than in the case of a fidelity bond or errors and omissions policy, has a claims paying ability rated at least “A3” by Moody’s (if
rated by Moody’s) and a rating by KBRA (if rated by KBRA) equivalent to at least a “A3” rating by Moody’s, or (ii) in the case of a fidelity bond and errors and omissions insurance policies required to be maintained by the
Servicer and the Special Servicer pursuant to Section 3.05, is a company or security or bonding company having a claims paying ability of at least “A3” by Moody’s if rated by Moody’s, or if not rated by
Moody’s, at least one of the following ratings: (1) “A” by S&P, (2) “A-“ by Fitch or (3) “A:X” by A.M. Best Company, Inc. or in the case of clause
(i) or (ii), such other rating as the Rating Agencies have confirmed in writing will not result, in and of itself, in a withdrawal or downgrading of the rating then assigned by the Rating Agencies to any class of Notes,
and if not rated by the Rating Agencies, then otherwise approved by the Rating Agencies. 
 “Qualified REIT
Subsidiary”: A corporation that, for U.S. federal income tax purposes, is wholly owned by a real estate investment trust under Section 856(i)(2) of the Internal Revenue Code of 1986, as amended. 

“Qualified Servicer”: A commercial mortgage servicer that has acted as servicer or special servicer, as
applicable, for a commercial mortgage-backed securities transaction rated by Moody’s or KBRA in the prior twelve (12) months and as to which Moody’s or KBRA, as applicable, has not, in the past twelve (12) months, cited servicing
concerns with respect to such servicer as the sole or material factor in any qualification, downgrade or withdrawal or placement on “watch status” in contemplation of a ratings downgrade or withdrawal (which qualification, downgrade,
withdrawal or placement on “watch status” has not been withdrawn within 60 days) of the ratings of securities in such commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time of determination.

 “Qualified Trustee”: An entity meeting the eligibility requirements of
Section 6.8 of the Indenture. 
 “Rating Agencies”: Moody’s and KBRA, or,
with respect to the Collateral generally, if at any time Moody’s or KBRA or any such successor ceases to provide rating services with respect to the Notes or certificates similar to the Notes, any other NRSRO selected by the Issuer and
reasonably satisfactory to a Majority of the Notes voting as a single Class. 
 “Rating Agency Condition”:
As defined in the Indenture. 

  
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 “Real Property”: Land or improvements thereon such as buildings
or other inherently permanent structures thereon (including items that are structural components of the buildings or structures). 

“Redemption Price”: As defined in the Indenture. 

“Regulation AB”: 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 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. 

“Relevant Parties in Interest”: With respect to any Mortgage Loan, the Noteholders, the Preferred
Shareholders and the related Companion Participation Holders (as a collective whole as if such Noteholders, the Preferred Shareholders and the related Companion Participation Holders constituted a single lender and taking into account the relative
priority rights of such parties set forth in the related Participation Agreement). Notwithstanding the foregoing, in connection with any sale of a Mortgage Asset that is not sold together with any related Companion Participation, the Relevant
Parties in Interest shall not include any Companion Participation Holder whose Companion Participation is not being included in such sale. 

“Remittance Date”: With respect to each Payment Date under the Indenture, the Business Day immediately
preceding such Payment Date. 
 “Rents from Real Property”: With respect to any REO Property, gross income
of the character described in Section 856(d) of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include: 

(a) except as provided in Section 856(d)(4) or (6) of the Code, any amount received or accrued,
directly or indirectly, with respect to such REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person from such property (unless such amount is a fixed percentage or percentages of
receipts or sales and otherwise constitutes Rents from Real Property); 
 (b) any amount received or accrued,
directly or indirectly, from any Person if any Co-Issuer owns directly or indirectly (including by attribution) a ten percent (10%) or greater interest in such Person determined in accordance with Sections
856(d)(2)(B) and (d)(5) of the Code; 
 (c) any amount received or accrued, directly or indirectly, with
respect to such REO Property if any Person directly operates such REO Property; 
 (d) any amount charged for
services that are not customarily furnished in connection with the rental of property to tenants in buildings of a similar class in the same geographic market as such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether or not such charges are separately stated); and 

  
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 (e) rent attributable to personal property unless such personal
property is leased under, or in connection with, the lease of such REO Property and, for any taxable year of the Co-Issuers, such rent is no greater than fifteen percent (15%) of the total rent received or
accrued under, or in connection with, the lease. 
 “REO Accounts”: As defined in
Section 3.13(c). 
 “REO Loan”: The Mortgage Loan deemed for purposes hereof to
be outstanding with respect to each REO Property. Each REO Loan shall be deemed to be outstanding for so long as the related REO Property remains part of the assets of the Issuer and provides for assumed scheduled payments on each Due Date therefor,
and otherwise has the same terms and conditions as its predecessor Mortgage Loan including, without limitation, with respect to the calculation of the interest rate in effect from time to time. Each REO Loan shall be deemed to have an initial
outstanding principal balance and stated principal balance equal to the outstanding principal balance and stated principal balance, respectively, of its predecessor Mortgage Loan as of the date of the acquisition of the related REO Property. All
amounts due and owing in respect to the predecessor Mortgage Loan as of the date of the acquisition of the related REO Property including, without limitation, accrued and unpaid interest, shall continue to be due and owing in respect of an REO Loan.
All amounts payable or reimbursable to the Servicer, the Special Servicer or the Operating Advisor, as applicable, in respect of the predecessor Mortgage Loan as of the date of the acquisition of the related REO Loan, including, without limitation,
any unpaid Special Servicing Fees, Servicing Fees, Monthly Operating Advisor Fees and any unreimbursed Servicing Advances or Servicing Expenses, together with any interest accrued and payable to the Servicer or the Special Servicer, as the case may
be, in respect of such Servicing Advances or Servicing Expenses shall continue to be payable or reimbursable to the Servicer, the Special Servicer or the Operating Advisor, as the case may be, in respect of an REO Loan. 

“REO Proceeds”: Any payments received by the Servicer or the Special Servicer, the Issuer, the Trustee, the
Note Administrator or otherwise with respect to an REO Property. 
 “REO Property”: A Mortgaged Property
acquired by a U.S. corporation (or a limited liability company treated as a corporation for U.S. federal income tax purposes) acquired directly or indirectly by the Special Servicer for the benefit of the Secured Parties through foreclosure,
acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default of a Mortgage Loan. 

“Reportable Compliance Event”: An event where any Covered Entity becomes a Sanctioned Person, or is charged
by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect
that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law. 

“Repurchase Request”: As defined in the Indenture. 

“Repurchase Request Recipient”: As defined in Section 3.19. 

  
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 “Responsible Officer”: With respect to the Servicer, the Special
Servicer, the Advancing Agent, or the Operating Advisor, as the case may be, any officer or employee involved in or responsible for the administration, supervision or management of such Person’s obligations under this Agreement and whose name
and specimen signature appear on a list prepared by each party and delivered to the other party, as such list may be amended from time to time by either party. With respect to the Issuer or the Co-Issuer, any
Authorized Officer, as such term is defined in the Indenture. With respect to the Trustee and the Note Administrator, any Trust Officer, as such term is defined in the Indenture. 

“Restricted Party”: With respect to any Privileged Information, any party restricted from disclosing such
Privileged Information. 
 “Retained Interest”: As defined in the Mortgage Asset Purchase Agreement. 

“Retention Holder”: TPG RE Finance Trust 2018-FL1 Retention Holder,
LLC, a direct wholly-owned subsidiary of the Seller and an indirect wholly-owned subsidiary of TRTX. 

“S&P”: Standard & Poor’s Ratings Services, a Standard & Poor’s Financial
Services LLC business, or any successor thereto. 
 “Sale Proceeds”: As defined in the Indenture. 

“Sanctioned Country”: A country subject to a sanctions program maintained under any Anti-Terrorism Law. 

“Sanctioned Person”: Any individual person, group, regime, entity or thing listed or otherwise recognized as
a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any
Anti-Terrorism Law. 
 “Secured Parties”: As defined in the Indenture. 

“Segregated Liquidity”: With respect to the Future Funding Indemnitor as of any date of determination, an
amount that equals the sum of (i) amounts available under a Committed Warehouse Line; (ii) Cash or Cash equivalents of the Future Funding Indemnitor and its Affiliates that are available to make future advances under the Future Funding
Companion Participations held by Affiliated Future Funding Companion Participation Holders (which will include any amounts on deposit in the Future Funding Controlled Reserve Account); (iii) Cash or Cash equivalents that are projected to be earned
and received by the Future Funding Indemnitor or its Affiliates during the subject period and will be available to make future advances under the Future Funding Companion Participations held by Affiliated Future Funding Companion Participation
Holders; (iv) amounts that are undrawn and available to draw under any credit facility, subscription facility or warehouse facility subject only to the satisfaction of general conditions precedent in the related facility documents; and
(v) callable capital of the Future Funding Indemnitor or its Affiliates. 
 “Seller”: TPG RE Finance
Trust CLO Loan Seller, LLC, and its successors in interest, solely in its capacity as Seller. 

  
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 “Servicer”: Wells Fargo Bank, National Association, a national
banking association, or any successor servicer as herein provided. 
 “Servicer Determination Date”: The
11th calendar day of each month or, if such date is not a Business Day, the immediately succeeding Business Day, commencing on the Servicer Determination Date in March 2018. 

“Servicer Termination Event”: As defined in Section 7.02. 

“Servicing”: As defined in Section 3.01(a). 

“Servicing Advances”: All Servicing Expenses related to the Mortgage Loans, Mortgaged Properties or REO
Properties and all other customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses and fees of real estate brokers) incurred by the Advancing Agent, the Servicer or the Special
Servicer, as applicable, in connection with the servicing and administering of (a) a Mortgage Loan in respect of which a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or
(b) an REO Property, including (in the case of each of such clause (a) and (b)), but not limited to, (x) the cost of (i) compliance with the Servicer’s obligations set forth in
Section 3.02, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation Proceeds, (iv) any enforcement or judicial
proceedings with respect to a Mortgaged Property including foreclosures, (v) the operation, leasing, management, maintenance and liquidation of any REO Property and (vi) any amount specifically designated herein to be paid as a
“Servicing Advance.” Notwithstanding anything to the contrary, “Servicing Advances” shall not include allocable overhead of the Special Servicer, the Advancing Agent or the Servicer, as applicable, such as costs for office space,
office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. 

“Servicing Expenses”: All customary, reasonable and necessary out-of-pocket costs and expenses paid or incurred in accordance with the Servicing Standard in connection with the obligations of the Servicer or the Special Servicer, as the case may be (other than legal
fees or expenses associated with contracting with a subservicer or payment of any subservicing fee), including without limitation: 

(a) real estate taxes, assessments and similar charges that are or may become a lien on a Mortgaged Property;

 (b) insurance premiums if and to the extent funds collected from the related Obligor are insufficient to
pay such premiums when due; 
 (c) ground rents, if applicable; 

(d) any cost or expense necessary in order to prevent or cure any violation of applicable laws, regulations,
codes, ordinances, rules, orders, judgments, decrees, injunctions or restrictive covenants; 

  
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 (e) any cost or expense necessary in order to maintain or release
the lien of any Mortgage Loan on each Mortgaged Property, including any mortgage registration taxes, release fees, or recording or filing fees; 

(f) customary costs or expenses for the collection, enforcement or foreclosure of the Mortgage Loans and the
collection of deficiency judgments against Obligors and guarantors (including but not limited to the fees and expenses of any trustee under a deed of trust, foreclosure title searches and other lien searches); 

(g) costs and expenses of any appraisals, valuations, inspections, environmental assessments (including but not
limited to the fees and expenses of environmental consultants), audits or consultations, engineers, architects, accountants, on-site property managers, market studies, title and survey work and financial
investigating services; 
 (h) customary costs or expenses for liquidation, restructuring, modification or
loan workouts, such as sales brokerage expenses and other costs of conveyance; 
 (i) costs and expenses
related to travel and lodging with respect to property inspections (except to the extent expressly provided otherwise herein); 

(j) any other reasonable costs and expenses, including without limitation, legal fees and expenses, incurred by
the Special Servicer or the Servicer under this Agreement in connection with the enforcement, collection, foreclosure, disposition, condemnation or destruction of any Mortgage Loan and the performance of Servicing by the Servicer or the Special
Servicer, as the case may be, under this Agreement; and 
 (k) costs and expenses related to legal opinions
obtained in connection with performing the duties and responsibilities of the Servicer or the Special Servicer, as the case may be, hereunder. 

“Servicing Fee”: With respect to each Mortgage Asset and Companion Participation (including without
limitation a Specially Serviced Mortgage Loan or REO Loan), an amount equal to the product of (a) the applicable Servicing Fee Rate and (b) the outstanding principal balance of such Mortgage Asset or Companion Participation, as applicable,
as calculated in accordance with Section 5.01 of this Agreement. 
 “Servicing Fee
Rate”: With respect to (i) each Mortgage Asset, and to the extent of its interest in any related REO Property, 0.02% per annum and (ii) each Companion Participation, and to the extent of its interest in any related
REO Property, 0.0075% per annum. 
 “Servicing File”: With respect to each Mortgage Loan, all
documents, information and records relating to the Mortgage Loan that are necessary to enable the Servicer to perform its duties and service the Mortgage Loan and the Special Servicer to perform its duties and service each Specially Serviced
Mortgage Loan in compliance with the terms of this Agreement, and any additional documents or information related thereto maintained or created by the Servicer. 

  
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 “Servicing Standard”: As defined in
Section 2.01(b). 
 “Special Servicer”: Situs Holdings, LLC, a Delaware limited
liability company, or any successor special servicer as herein provided. 
 “Special Servicing”: As defined
in Section 3.01(c). 
 “Special Servicing Fee”: With respect to each Specially
Serviced Mortgage Loan, an amount equal to the product of (a) the Special Servicing Fee Rate and (b) the outstanding principal balance of such Specially Serviced Mortgage Loan, as calculated in accordance with
Section 5.03(b) of this Agreement. 
 “Special Servicing Fee Rate”: With respect
to each Specially Serviced Mortgage Loan, a rate equal to 0.25% per annum. 
 “Special Servicing Transfer
Event”: With respect to any Mortgage Loan, the occurrence of any of the following events: 
 (i) a
payment default shall have occurred at the original maturity date, or, if the original maturity date of such Mortgage Loan has been extended, a payment default shall have occurred at such extended maturity date; or 

(ii) any Monthly Payment (other than a Balloon Payment) is more than sixty (60) days delinquent; or 

(iii) the Servicer makes a judgment, or receives a written determination of the Special Servicer, that a
payment default is imminent and is not likely to be cured by the related Obligor within sixty (60) days; or 

(iv) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an
involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, is entered against the related Obligor; provided, that if such decree or order is discharged or stayed within sixty (60) days of
being entered, or if, as to a bankruptcy, the automatic stay is lifted within sixty (60) days of a filing for relief or the case is dismissed, upon such discharge, stay, lifting or dismissal such Mortgage Loan shall no longer be a Specially
Serviced Mortgage Loan (and no Special Servicing Fees, Workout Fees or Liquidation Fees will be payable with respect thereto and any such fees actually paid shall be reimbursed by the Special Servicer); or 

(v) the related Obligor shall consent to the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Obligor or of or relating to all or substantially all of its property; or 

  
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 (vi) the related Obligor shall admit in writing its inability to
pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; or 

(vii) a default (other than a failure by the related Obligor to pay principal or interest) of which the
Servicer or the Special Servicer has notice and which the Servicer or the Special Servicer, as the case may be, determines in accordance with the Servicing Standard may materially and adversely affect the interests of the Relevant Parties in
Interest has occurred and remained unremedied for the applicable grace period specified in the related Asset Documents (or if no grace period is specified for those defaults which are capable of cure, sixty (60) days); or 

(viii) the Servicer or the Special Servicer has received notice of the foreclosure or proposed foreclosure of
any other lien on the related Mortgaged Property. 
 “Specially Serviced Mortgage Loan”: Any Mortgage Loan
for which a Special Servicing Transfer Event has occurred and such Specially Serviced Mortgage Loan has not become a Corrected Loan. 

“Subordinate Class Representative”: (i) If and for so long as a Control Shift Event
has not occurred with respect to the Preferred Shares (or, if such a Control Shift Event has occurred, it is no longer continuing), the Holder of a Majority of the Preferred Shares; (ii) if and for so long as a Control Shift Event has occurred
and is continuing with respect to the Preferred Shares, but a Control Shift Event has not occurred with respect to the Class F Notes (or, if such a Control Shift Event has occurred, it is no longer continuing), the Holder of a Majority of the
Class F Notes; and (iii) if and for so long as a Control Shift Event has occurred and is continuing with respect to the Class F Notes, but a Control Shift Event has not occurred with respect to the Class E Notes (or, if such a
Control Shift Event has occurred, it is no longer continuing), the Holder of a majority of the Class E Notes. The initial Subordinate Class Representative is Retention Holder. Each of the parties to this Agreement may assume that the
identity of the Subordinate Class Representative has not changed until such parties receive written notice by (along with contact information for) the successor Subordinate Class Representative. 

“Sub-Servicer”: Situs Asset Management LLC, a Texas limited liability
company, solely in its capacity as sub-servicer under the Sub-Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall
have become the sub-servicer pursuant to the appropriate provisions of the Sub-Servicing Agreement. 

“Sub-Servicing Agreement”: The
Sub-Servicing Agreement, dated as of the Closing Date, by and among the Servicer and the Sub-Servicer, as amended, supplemented or otherwise modified from time to time
in accordance with its terms. 
 “Successful Auction”: As defined in
Section 3.18(b). 
 “Successor”: As defined in
Section 6.03(b). 

  
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 “Taxes”: Any income or other taxes (including withholding
taxes), levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein. 

“Total Redemption Price”: As defined in the Indenture. 

“Transaction Documents”: As defined in the Indenture. 

“TRTX”: TPG RE Finance Trust, Inc., and it successors in interest. 

“Trustee”: As defined in the Preamble hereto. 

“Trustee Termination Event”: As defined in Section 7.07. 

“Two Quarter Future Advance Estimate”: As of any date of determination, an estimate of the aggregate amount
of future advances that will be required to be made under the Future Funding Companion Participations held by Affiliated Future Funding Companion Participation Holders during the immediately following two calendar quarters, excluding future advances
to be made for: (i) accretive leasing costs (e.g., following the future advance for such leasing costs, the debt yield will be equal to or greater than a required debt yield specified in the loan documents for the related Mortgage Loan); (ii)
earnouts paid to borrowers upon satisfaction of certain performance metrics set forth in the loan documents for the related Mortgage Loan; (iii) advances that the Seller believes, in the exercise of its reasonable judgment, will be repaid in
full during the period covered by the estimate; and (iv) accretive capital expenditures (e.g., following the future advance for such capital expenditures, the debt yield will be equal to or greater than a required debt yield specified in the
loan documents of the related Mortgage Loan). 
 “Underlying Note”: With respect to any Mortgage Loan, the
promissory note or other evidence of indebtedness or agreements evidencing the indebtedness of an Obligor under such Mortgage Loan. 

“U.S. Person”: A citizen or resident of the United States, a corporation, partnership (except to the extent
provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal
income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 which have elected to be treated
as U.S. Persons. 
 “Voting Rights”: At all times during the term of the Indenture and Servicing Agreement,
100% of the voting rights for the Notes that are allocated among the holders of the respective Classes of Notes in proportion with the Aggregate Outstanding Amount of the Notes. Voting rights allocated to a Class of Noteholders is allocated
among such Noteholders in proportion to the percentage interest in such Class evidenced by their respective Notes. 

  
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 “Whole Loan”: A whole mortgage loan (and not a participation
interest in a mortgage loan) secured by commercial or multifamily real estate. 
 “Workout Fee”: With
respect to each Corrected Loan, an amount equal to the product of (a) the Workout Fee Rate and (b) each collection of interest and principal (other than penalty charges, excess interest and any amount for which a Liquidation Fee would be
paid), including (i) Monthly Payments, (ii) Balloon Payments, (iii) principal prepayments and (iv) payments (other than those included in clause (i) or (ii) of this definition)
at maturity, received on each Corrected Loan for so long as it remains a Corrected Loan. 
 “Workout Fee
Rate”: With respect to each Corrected Loan, a rate equal to 1.0%. 
 ARTICLE II 

RETENTION AND AUTHORITY OF SERVICER 

Section 2.01 Engagement; Servicing Standard. (a) As of the Closing Date, the Issuer hereby engages the
Servicer and Special Servicer, as the case may be, to perform, and the Servicer or the Special Servicer, as the case may be, hereby agrees to perform, Servicing and Special Servicing, as applicable, with respect to each of the Mortgage Loans for the
benefit of the Relevant Parties in Interest throughout the term of this Agreement, upon and subject to the terms, covenants and provisions hereof. 

(b) Each of the Servicer and the Special Servicer shall diligently service and administer the Mortgage Loans and REO Property
it is obligated to service or special service, as the case may be, pursuant to this Agreement on behalf of the Issuer and Trustee in the best interests of and for the benefit of the Relevant Parties in Interest (as a collective whole) (as determined
by the Servicer or the Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement and the Asset Documents. To the extent consistent with the foregoing, the Servicer and the
Special Servicer shall service and special service, as applicable, the Mortgage Loans: 
 (i) in accordance
with the higher of the following standards of care: 
 (A) with the same care, skill, prudence and diligence
with which the Servicer or the Special Servicer, as the case may be, services and administers comparable commercial mortgage loans with similar borrowers and comparable REO Properties for other third party portfolios (giving due consideration to the
customary and usual standards of practice of prudent institutional commercial mortgage loan servicers servicing commercial mortgage loans similar to the Mortgage Loans and REO Properties); and 

(B) with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer, as the
case may be, services and administers comparable commercial mortgage loans and REO properties owned by the Servicer or the Special Servicer, as the case may be; 

  
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 and in either case, exercising reasonable business judgment and acting in
accordance with applicable law, the terms of this Agreement and the terms of the respective Mortgage Loan (and any related Participation Agreements); 

(ii) with a view to the timely recovery of all payments of principal and interest, including Balloon Payments,
under the applicable Mortgage Loans or, in the case of a Specially Serviced Mortgage Loan or an REO Property, the maximization of recovery on such Specially Serviced Mortgage Loan or REO Property to the Relevant Parties in Interest of principal and
interest, on a present value basis; and 
 (iii) without regard to any potential conflicts of interest
arising from (A) any relationship, including as lender on any other debt, that the Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, may have with any of the related borrowers or any Affiliate thereof, or any other
party to this Agreement; (B) the ownership of any Note by the Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (C) the right of the Servicer or the Special Servicer, as the case may be, or any Affiliate
thereof, to receive compensation or reimbursement of costs hereunder generally or with respect to any particular transaction; (D) the ownership, servicing or management for others of any other commercial mortgage loan or real property not
subject to this Agreement by the Servicer or the Special Servicer, as the case may be, or any Affiliate thereof and (E) any obligation of the Special Servicer or any Affiliate to repurchase any Mortgage Loan or pay an indemnity in respect
thereof. 
 The servicing practices described in the preceding sentence are herein referred to as the “Servicing
Standard.” 
 (c) Without limiting the foregoing, subject to Section 3.16, (i) the
Servicer shall be obligated to service and administer all Performing Mortgage Loans and (ii) the Special Servicer shall be obligated to service and administer (A) any Specially Serviced Mortgage Loan, (B) with respect to a Performing
Mortgage Loan, (1) any Other Borrower Request (other than waivers of late payment charges and default interest on Performing Mortgage Loans) or (2) Major Decision and (C) any REO Properties; provided, that the Servicer shall
continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Mortgage Loans, except for the reports specified herein as prepared by the Special
Servicer, as if no Special Servicing Transfer Event had occurred and with respect to any REO Properties (and the related REO Loans) as if no acquisition of such REO Properties had occurred, and to render such services with respect to such Specially
Serviced Mortgage Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a
failure of the Special Servicer to provide sufficient information to the Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. Each Mortgage Loan that becomes a Specially Serviced
Mortgage Loan shall continue as such until satisfaction of the conditions specified in Section 3.16. The Special Servicer shall make the inspections, use its reasonable efforts to collect the statements and forward to the
Servicer reports in respect of the related Mortgaged Properties or REO Properties with respect to Specially Serviced Mortgage Loans in accordance with, and to the extent required by, Section 3.12. After notification to the
Servicer, 

  
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the Special Servicer may contact the related Obligor of any Performing Mortgage Loan if efforts by the Servicer to collect required financial information have been unsuccessful or any other
issues remain unresolved. Such contact shall be coordinated through and with the cooperation of the Servicer. No provision herein contained shall be construed as an express or implied guarantee by the Servicer or the Special Servicer, as the case
may be, of the collectability or recoverability of payments on the Mortgage Loans or shall be construed to impair or adversely affect any rights or benefits provided by this Agreement to the Servicer or the Special Servicer, as the case may be
(including with respect to Servicing Fees, Special Servicing Fees or, in the case of the Servicer, the right to be reimbursed for Servicing Advances and interest accrued thereon). Any provision in this Agreement for any Servicing Advances by the
Advancing Agent or the Servicer or any Servicing Expenses by the Servicer or Special Servicer, is intended solely to provide liquidity for the benefit of Relevant Parties in Interest and not as credit support or otherwise to impose on any such
Person the risk of loss with respect to one or more of the Mortgage Loans. No provision hereof shall be construed to impose liability on the Advancing Agent, the Servicer or the Special Servicer for the reason that any recovery to the Issuer, the
Noteholders, the Preferred Shareholders or any Companion Participation Holder in respect of a Mortgage Loan at any time after a determination of present value recovery is less than the amount reflected in such determination. 

(d) The Issuer hereby directs the Servicer and the Special Servicer to execute the Servicer and
Sub-Servicer Notice and Irrevocable Instruction Letter dated February 14, 2018, delivered by Companion Participation Holder, as repo seller, and Wells Fargo Bank, National Association, as repo buyer, to
the Servicer, the Special Servicer and the Sub-Servicer relating to certain Participated Mortgage Loans specified therein. 

Section 2.02 Subservicing. (a) The Servicer or Special Servicer, as the case may be, may delegate any of its
obligations hereunder to a sub-servicer (so long as such Person is a Qualified Servicer); provided, however, that the Servicer or Special Servicer, as the case may be, shall provide oversight and
supervision with regard to the performance of all subcontracted services and (i) any subservicing agreement shall be consistent with and subject to the provisions of this Agreement and (ii) no
sub-servicer retained shall foreclose on the Mortgage Loan or grant any modification, waiver, or amendment to the Asset Documents without the approval of the Servicer or the Special Servicer, as the case may
be. Neither the existence of any subservicing agreement nor any of the provisions of this Agreement relating to subservicing shall relieve the Servicer or Special Servicer, as the case may be, of its obligations to the Issuer hereunder.
Notwithstanding any such subservicing agreement, the Servicer or Special Servicer, as the case may be, shall be obligated to the same extent and under the same terms and conditions as if the Servicer or the Special Servicer, as the case may be,
alone was servicing the related Mortgage Loans in accordance with the terms of this Agreement. The Servicer or Special Servicer, as the case may be, shall be solely liable for all fees owed by it to any subservicer, regardless of whether the
compensation hereunder of the Servicer or Special Servicer, as the case may be, is sufficient to pay such fees. The Servicer and the Special Servicer shall be permitted to provide a copy of this Agreement, the Indenture and the Mortgage Asset
Purchase Agreement to any sub-servicer retained by the Servicer or the Special Servicer, as applicable. 

(b) Each sub-servicer shall be (i) authorized to transact business in the
applicable state(s), if, and to the extent, required by applicable law to enable the sub-servicer to 

  
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perform its obligations hereunder and under the applicable sub-servicing agreement, and (ii) qualified to service investments comparable to the
Mortgage Loans. 
 (c) Any sub-servicing agreement entered into by the Servicer or
Special Servicer, as the case may, be shall provide that it may be assumed or, other than the Sub-Servicing Agreement, terminated by (i) the Servicer or the Special Servicer, as the case may be,
(ii) the Trustee, if the Trustee has assumed the duties of the Servicer or Special Servicer, as the case may be, or if the Servicer or Special Servicer, as the case may be, is otherwise terminated pursuant to the terms of this Agreement, or
(iii) a successor servicer if such successor servicer has assumed the duties of the Servicer or Special Servicer, as the case may be, in each case without cause and without cost or obligation to the Trustee, the successor servicer or the
successor special servicer. In no event shall the Trustee be responsible for the payment of any termination fee in connection with any sub-servicing agreement entered into by the Servicer or Special Servicer
or any successor servicer. In no event shall any sub-servicing agreement give a sub-servicer direct rights against the assets of the Issuer. 

Any subservicing agreement and any other transactions or services relating to the Mortgage Loans involving a sub-servicer shall be deemed to be between the sub-servicer and the Servicer or Special Servicer, as the case may be, alone and the Trustee shall not be deemed a party thereto
and shall have no claims, rights, obligations, duties or liabilities with respect to any sub-servicer except as set forth in Section 2.01(c) and
Section 6.02. 
 The Trustee shall not be (a) liable for any acts or omissions of any
Servicer, (b) obligated to make any Servicing Advance, (c) responsible for expenses of the Servicer or the Special Servicer, (d) liable for any amount necessary to induce any successor servicer to act as successor servicer or any
successor special servicer to act as special servicer hereunder. 
 (d) Notwithstanding any contrary provisions of the
foregoing subsections of this Section 2.02, the appointment by the Servicer or the Special Servicer of one or more third-party contractors for the purpose of performing discrete, ministerial functions shall not constitute
the appointment of sub-servicers and shall not be subject to the provisions of this Section 2.02; provided, that (a) the Servicer or the Special Servicer, as the case may
be, shall remain responsible for the actions of such third-party contractors as if it were alone performing such functions and shall pay all fees and expenses of such third-party contractors; and (b) such appointment imposes no additional duty
on any other party to this Agreement, any successor hereunder to the Servicer or the Special Servicer, as the case may be. 

(e) Each sub-servicing agreement entered into by the Servicer shall provide that, prior
to a Control Termination Event with respect to a Mortgage Asset, the related Directing Holder shall be entitled to terminate the rights and obligations of the sub-servicer under such sub-servicing agreement with respect to such Mortgage Asset, with or without cause, upon ten (10) Business Days’ notice to the Issuer, the Special Servicer, the Servicer, the Operating Advisor, the Note
Administrator and the Trustee, and replace such sub-servicer with a successor sub-servicer that is a Qualified Servicer, subject to the consent of the Servicer with
respect to such replacement sub-servicer, which consent shall not be unreasonably withheld, conditioned or delayed; provided that (a) all applicable costs and expenses (including, without
limitation, cost and expenses of the Servicer) of any such termination made by the related Directing Holder shall 

  
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be paid by such Directing Holder and (b) all applicable accrued and unpaid Servicing Fees, Additional Servicing Compensation and Servicing Expenses owed to such sub-servicer are paid in full. 
 Section 2.03 Authority of the Servicer or the
Special Servicer. (a) In performing its Servicing or Special Servicing obligations hereunder, the Servicer or Special Servicer, as the case may be, shall, except as otherwise provided herein and subject to the terms of this Agreement, have
full power and authority, acting alone or through others, to take any and all actions in connection with such Servicing or Special Servicing, as applicable, that it deems necessary or appropriate in accordance with the Servicing Standard. Without
limiting the generality of the foregoing, each of the Servicer or Special Servicer, as the case may be, is hereby authorized and empowered by the Issuer when the Servicer or Special Servicer, as the case may be, deems it appropriate in accordance
with the Servicing Standard and subject to the terms of this Agreement, including, without limitation, Section 3.23, to execute and deliver, on behalf of the Issuer, (i) any and all financing statements, continuation
statements and other documents or instruments necessary to maintain the lien of each Mortgage or other relevant Asset Documents on the related Mortgaged Property; (ii) any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments with respect to each of the Mortgage Loans and (iii) in the case of the Special Servicer, to execute such instruments of assignment and sale on behalf of the Issuer in accordance
with the terms of the Indenture; provided, however, that the Servicer or Special Servicer, as the case may be, shall notify the Issuer, the applicable Directing Holder (but only for so long as no Consultation Termination Event has
occurred and is continuing with respect to the related Mortgage Asset) and any related Companion Participation Holder in writing in the event that the Servicer or Special Servicer, as the case may be, intends to execute and deliver any such
instrument referred to in clause (ii) above. The Issuer agrees to cooperate with the Servicer or the Special Servicer, as the case may be, by either executing and delivering to the Servicer or the Special Servicer, as the
case may be, from time to time (i) powers of attorney evidencing the authority and power under this Section of the Servicer or the Special Servicer, as the case may be, or (ii) such documents or instruments deemed necessary or appropriate
by the Servicer or the Special Servicer, as the case may be, to enable the Servicer or the Special Servicer, as the case may be, to carry out its Servicing or Special Servicing obligations hereunder. 

(b) Subject to Section 2.03(c), in the performance of its Servicing or Special Servicing obligations,
the Servicer or the Special Servicer, as the case may be, shall take any action or refrain from taking any action that the applicable Directing Holder (but only for so long as no Control Termination Event has occurred and is continuing with respect
to the related Mortgage Asset) directs shall be taken or not taken, as the case may be, which relates to the Servicing or Special Servicing obligations under this Agreement. 

(c) Notwithstanding anything herein to the contrary, neither the Servicer nor the Special Servicer shall take or refrain from
taking any action, at the direction of any Directing Holder or otherwise, if the Servicer or the Special Servicer, as the case may be, determines in accordance with the Servicing Standard that such action or inaction, as the case may be:
(i) may cause a violation of applicable laws, regulations, codes, ordinances, court orders or restrictive covenants with respect to any Mortgage Loan, Mortgaged Property or other collateral for a Mortgage Loan, (ii) may cause a violation
of any provision of an Asset Document, this 

  
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Agreement, the related Participation Agreement or the Indenture or (iii) may cause a violation of the Servicing Standard. 

(d) Subject to the consent and consultation provisions set forth in Section 3.23, the Special
Servicer shall have the sole and exclusive right to make any decision that is a Major Decision with respect to any Mortgage Loan; provided that any such decision shall be made in accordance with the Servicing Standard. 

Section 2.04 Certain Calculations. (a) All net present value calculations and determinations made under this
Agreement with respect to any Mortgage Loan or REO Property shall be made using a discount rate (with respect to the selection of which the Special Servicer will be required to consult, on a non-binding basis,
with respect to the Mortgage Assets and the related underlying Mortgage Loans (x) prior to a Consultation Termination Event with respect to a Mortgage Asset, the related Directing Holder and (y) after the occurrence of and during the
continuation of a Control Termination Event with respect to a Mortgage Asset, the Operating Advisor) appropriate for the type of cash flows being discounted; namely (i) for principal and interest payments on the Mortgage Loan or sale of the
Mortgage Loan if it is a Defaulted Mortgage Loan by the Special Servicer, the higher of (1) the rate determined by the Special Servicer, that approximates the market rate that would be obtainable by the related Obligor on similar debt of such
Obligor as of such date of determination and (2) the interest rate on such Mortgage Loan based on its outstanding principal balance and (ii) for all other cash flows, including property cash flow, the “discount rate” set forth in
the most recent Appraisal (or update of such Appraisal). 
 (b) Allocations of payments among Participations in a
Participated Mortgage Loan shall be made in accordance with the related Participation Agreement. 
 ARTICLE III 

SERVICES TO BE PERFORMED 

Section 3.01 Servicing; Special Servicing. (a) The Servicer hereby agrees to serve as the servicer with
respect to each of the Mortgage Loans and to perform servicing as described below and as otherwise provided herein, upon and subject to the terms of this Agreement. Subject to any limitation of authority under Section 2.03,
“Servicing” shall mean those services pertaining to the Mortgage Loans which, applying the Servicing Standard, are required hereunder to be performed by the Servicer, and which shall include: 

(i) reviewing all documents in its possession or otherwise reasonably available to it pertaining to such
Mortgage Loans, administering and maintaining the Servicing Files, and inputting all necessary and appropriate information into the Servicer’s loan servicing computer system all to the extent and when necessary to perform its obligations
hereunder; 
 (ii) preparing and filing or recording all continuation statements and other documents or
instruments necessary to cause the continuation of any UCC financing statements filed with respect to the related Mortgaged Property and taking such other 

  
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actions necessary to maintain the lien of any Mortgage or other relevant Asset Documents on the related Mortgaged Property, but only to the extent such other actions are within the control of the
Servicer; 
 (iii) in accordance with and to the extent required by Section 3.05,
monitoring each Obligor’s maintenance of insurance coverage on the related Mortgaged Property, as required by the related Asset Documents and causing to be maintained adequate insurance coverage on the related Mortgaged Property in accordance
with Section 3.05; 
 (iv) in accordance with and to the extent required by
Section 3.02, monitoring the status of real estate taxes, assessments and other similar items and verifying the payment of such items for the related Mortgaged Property; 

(v) preparing and delivering all reports and information required to be prepared or delivered by the Servicer
hereunder; 
 (vi) performing payment processing, record keeping, administration of escrow and other
accounts, interest rate adjustment, and other routine customer service functions; 
 (vii) in accordance with
the Servicing Standard monitoring any casualty losses or condemnation proceedings and administering any proceeds related thereto in accordance with the related Asset Documents; and 

(viii) notifying the related Obligors of the appropriate place for communications and payments, and collecting
and monitoring all payments made with respect to such Mortgage Loans. 
 (b) [Reserved]. 

(c) The Special Servicer hereby agrees to serve as the special servicer with respect to each Specially Serviced Mortgage Loan
and REO Loan as provided herein in accordance with the Servicing Standard (“Special Servicing”). 
 (d) The
Special Servicer shall be responsible for administering Other Borrower Requests (other than waivers of late payment charges and default interest on Performing Mortgage Loans) and Major Decisions with respect to the Mortgage Loans as provided herein
and is authorized to perform all administrative functions related thereto. 
 (e) In the event the Issuer is no longer a
Qualified REIT Subsidiary, but instead has received an opinion of counsel that it is a foreign corporation that is not engaged in a trade or business in the United States, the Servicer and Special Servicer each acknowledge that the Issuer may
deliver to the Servicer and the Special Servicer written restrictions relating to the Issuer’s ability to acquire, dispose of or modify Mortgage Loans (and the related Pari Passu Participations), as may be required to ensure that the Issuer is
at no time treated as engaged in a trade or business in the United States. In this regard, the Servicer and Special Servicer, as applicable, acknowledge that its actions on behalf of the Issuer under this Agreement shall be subject to such written
restrictions and that such restrictions will be incorporated into the Servicer’s and Special Servicer’s duties under this Agreement. 

  
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 Section 3.02 Escrow Accounts; Collection of Taxes, Assessments and
Similar Items. (a) Subject to and as required by the terms of the related Asset Documents, the Servicer shall establish and maintain one or more Eligible Accounts (each, an “Escrow Account”) into which all Escrow Payments
shall be deposited promptly after receipt and identification. Escrow Accounts shall be denominated “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust, National Association, as trustee, for the benefit of the
Holders of the TRTX 2018-FL1 Notes, the other Secured Parties and the related Companion Participation Holders” or in such other manner as the Issuer (or the Special Servicer on behalf of the Issuer)
prescribes. The Servicer shall notify the Issuer, the Special Servicer, the Note Administrator and the Trustee in writing of the location and account number of each Escrow Account it establishes and shall notify the Issuer, the Special Servicer, the
Note Administrator and the Trustee promptly after any change thereof. Except as provided herein (including without limitation, the withdrawals described in the following sentence, which may be made without Issuer, Special Servicer or Directing
Holder consent), withdrawals of amounts from an Escrow Account may be made only following notice to, and consent of, the Special Servicer subject to the consent and consultation provisions set forth in Section 3.23. Subject
to any express provisions to the contrary herein, to applicable laws, and to the terms of the related Asset Documents governing the use of the Escrow Payments, withdrawals of amounts from an Escrow Account may only be made: (i) to effect
payment of taxes, assessments and insurance premiums; (ii) to effect payment of ground rents and other items required or permitted to be paid from escrow; (iii) to refund to the related Obligors any sums determined to be in excess of the
amounts required to be deposited therein; (iv) to pay interest, if required under the Asset Documents, to the Obligors on balances in the Escrow Accounts; (v) to pay to the Servicer from time to time any interest or investment income
earned on funds deposited therein pursuant to Section 3.04; (vi) to apply funds to the indebtedness of the Mortgage Loan in accordance with the terms thereof; (vii) to reimburse the Servicer or the Special
Servicer, or the Advancing Agent, as the case may be, for any Servicing Advance or Servicing Expense, as the case may be, for which Escrow Payments should have been made by the Obligors, but only from amounts received on the Mortgage Loan which
represent late collections of Escrow Payments thereunder; (viii) to withdraw any amount deposited in the Escrow Accounts which was not required to be deposited therein; or (ix) to clear and terminate the Escrow Accounts at the termination
of this Agreement. 
 (b) The Servicer shall maintain accurate records with respect to each Mortgaged Property securing a
Mortgage Loan, reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums payable with respect thereto as well as the payment of ground rents with respect to each
ground lease (to the extent such information is reasonably available). To the extent that the related Asset Documents require Escrow Payments to be made by an Obligor, the Servicer shall use reasonable efforts to obtain, from time to time, all bills
for the payment of such items, and shall effect payment prior to the applicable penalty or termination date, employing for such purpose Escrow Payments paid by such Obligor pursuant to the terms of the Asset Documents and deposited in the related
Escrow Account by the Servicer. To the extent that the Asset Documents do not require an Obligor to make Escrow Payments (and no other loan secured by the Mortgaged Property requires escrows or reserves for such amounts), the Servicer shall use its
reasonable efforts to require that any tax, insurance or other payment referenced in the definition of Escrow Payment be made by such Obligors prior to the applicable penalty or termination date (to the extent that the holder of the related Mortgage
Loan has the right to so require). Subject to 

  
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Section 3.05 with respect to the payment of insurance premiums, if an Obligor fails to make payment on a timely basis or collections from such Obligor are insufficient
to pay any such item when due and the holder of the related Mortgage Loan has the right to pay such premiums on behalf of such Obligor pursuant to the terms of the related Asset Documents, the amount of any shortfall shall be paid by the Advancing
Agent, subject to Section 5.02, as a Servicing Advance. 
 Section 3.03 Collection
Account. (a) With respect to the Mortgage Assets, the Servicer shall establish and maintain an Eligible Account (the “Collection Account”) for the benefit of the Issuer for the purposes set forth herein. The Collection
Account shall be denominated “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust, National Association, as trustee, for the benefit of the Holders of the TRTX 2018-FL1
Notes and the other Secured Parties.” The Servicer shall deposit into the Collection Account within two (2) Business Days after receipt of properly identified funds all payments and collections received by it on or after the date hereof
with respect to the Mortgage Assets and related REO Properties (other than, subject to Section 3.03(c), such payments and collections that are required to be transferred to the servicer of the Companion Participation in
accordance with the related Participation Agreement), other than (x) Escrow Payments, (y) payments in the nature of Additional Servicing Compensation or (z) scheduled payments of principal and interest due on or before the Closing
Date and collected on or after the Closing Date, which amounts described in this clause (z) shall be remitted to the Seller. 

(b) With respect to the Mortgage Assets, the Servicer shall make withdrawals from the Collection Account only as follows (the
order set forth below not constituting an order of priority for such withdrawals): 
 (i) to withdraw any
amount deposited in the Collection Account which was not required to be deposited therein; 
 (ii) pursuant
to Section 5.01, to pay itself unpaid Servicing Fees, if applicable, and any unpaid Additional Servicing Compensation on each Remittance Date; 

(iii) pursuant to Section 5.03(a), (b) and (c), but
subject to the waiver, to pay to the Special Servicer the Special Servicing Fee, Liquidation Fee, Workout Fee and any unpaid Additional Special Servicing Compensation on each Remittance Date; 

(iv) pursuant to Section 5.04, to pay to the Operating Advisor any applicable
Operating Advisor Fees on each Remittance Date; 
 (v) (A) to reimburse itself and the Advancing Agent,
as applicable (in that order), for unreimbursed Servicing Advances, together with interest thereon at the Advance Rate, the respective rights of each such Person to receive payment pursuant to this clause (A) with respect
to any Mortgage Asset, Mortgaged Property or REO Property being limited to, as applicable, related payments by the applicable Obligor with respect to such Mortgage Asset and Liquidation Proceeds, Insurance and Condemnation Proceeds and REO Proceeds
of the Mortgage Asset, Mortgaged Property or REO Property for which such Servicing Advance was made, and (B) to pay for any Servicing Expenses related to the Mortgage Assets, Mortgaged Properties or REO Properties (provided that,

  
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with respect to any Mortgage Asset, such Servicing Expenses shall be paid first from amounts collected on such Mortgage Asset); 

(vi) to reimburse itself and the Advancing Agent, as applicable (in that order), for Nonrecoverable Servicing
Advances, together with interest thereon at the Advance Rate, first, out of REO Proceeds, Liquidation Proceeds and Insurance and Condemnation Proceeds received on the related Mortgage Asset or REO Property, then, out of the interest
portion of general collections on the Mortgage Assets and REO Properties, then, to the extent the interest portion of general collections is insufficient and with respect to such excess only, out of other collections on the Mortgage Assets
and REO Properties; 
 (vii) with respect to each Participated Mortgage Loan, to pay the Participation Agent
pursuant to the related Participation Agreement, each month, the Participation Agent Fee, and to pay the Participation Agent and the Custodian any other fees, reimbursements or other monies due such parties upon receipt by the Servicer of written
request including a detailed invoice therefore from the Participation Agent or the Custodian, as the case may be; 

(viii) to pay to itself, as the case may be, from time to time any interest or investment income earned on
funds deposited in the Collection Account to the extent it is entitled thereto pursuant to Section 3.04; 

(ix) to remit to the Seller any collections representing Retained Interest under, and as defined in, the
Mortgage Asset Purchase Agreement; 
 (x) to remit to the Note Administrator on each Remittance Date, all
amounts on deposit in the Collection Account (that represent good and available funds) as of the close of business on the related Servicer Determination Date, net of any withdrawals from the Collection Account pursuant to this Section; and 

(xi) to clear and terminate the Collection Account upon the termination of this Agreement. 

(c) With respect to each Participated Mortgage Loan, the Servicer shall establish and maintain a servicing account (which
account shall be an Eligible Account (or a sub-account of an Eligible Account)) in its name for the receipt of all amounts tendered by or on behalf of the related Obligor which shall not be commingled with any
other amounts. Within the timeframes set forth in the applicable Participation Agreement and this Agreement, the Servicer shall remit and/or apply, as applicable (w) any of such amounts constituting Excluded Amounts (as defined in the
applicable Participation Agreement) in accordance with the related Asset Documents and/or to the applicable parties entitled to such amounts in accordance with the applicable Participation Agreement and this Agreement, (x) to the extent any
Servicing Fees payable on the Companion Participation under this Agreement are due and payable (and not waived) in accordance with Section 5.01(a) hereof, any of such amounts constituting Servicing Fees payable on the
Companion Participation to the Servicer, (y) any of such amounts allocable and payable to the Companion Participation in accordance with such Participation Agreement to the holder of the Companion Participation and (z) any of such amounts
allocable and payable to 

  
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the related Mortgage Asset in accordance with such Participation Agreement to the Collection Account in accordance with Section 3.03(a) hereof. With respect to any
Companion Participation, any fees and compensation that are allocable to the related Companion Participation in accordance with the related Participation Agreement shall be paid as provided in the Participation Agreement only from amounts allocated
to such Companion Participation and not from amounts allocated to the related Mortgage Asset or from general collections in the Collection Account. 

Section 3.04 Permitted Investments. (a) The Servicer or the Special Servicer, as the case may be, may direct any
depository institution or trust company in which the Accounts are maintained to invest the funds held therein in one or more Permitted Investments; provided, however, that (a) any amounts held in the Collection Account that are
invested shall be (x) invested only in short-term Permitted Investments and (y) sold no later than two Business Days prior to each Remittance Date, and (b) in all cases, such funds shall be either (i) immediately available or
(ii) available in accordance with a schedule which will permit the Servicer to meet its payment obligations hereunder. The Servicer or the Special Servicer, as the case may be, shall be entitled to all income and gain realized from the
investment of funds deposited in the Accounts as Additional Servicing Compensation or Additional Special Servicing Compensation, as applicable. The Servicer or the Special Servicer, as the case may be, shall deposit from its own funds in the
applicable Account the amount of any loss incurred in respect of any such investment of funds immediately upon the realization of such loss; provided, that neither the Servicer nor the Special Servicer shall be required to deposit any loss on
an investment of funds if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Account, so long as such depository institution or trust company satisfied
the qualifications set forth in the definition of Eligible Account in the month in which the loss occurred and at the time such investment was made. Notwithstanding the foregoing, the Servicer or the Special Servicer, as the case may be, shall not
(other than in the case of sub-clause (2) below) direct the investment of funds held in any Escrow Account and shall not retain the income and gain realized therefrom if the related
Asset Documents or applicable law permit the Obligor to be entitled to the income and gain realized from the investment of funds deposited therein. In such event, the Servicer shall direct the depository institution or trust company in which such
Escrow Accounts are maintained to invest the funds held therein (1) in accordance with the Obligor’s written investment instructions, if the Asset Documents or applicable law require such funds to be invested in accordance with the
Obligor’s direction; and (2) in accordance with the written investment instructions of the Servicer to invest such funds in a Permitted Investment, if the Asset Documents and applicable law do not permit the related Obligor to direct the
investment of such funds; provided, however, that in either event (i) such funds shall be either (y) immediately available or (z) available in accordance with a schedule which will permit the Servicer to meet the payment obligations
for which the Escrow Account was established, (ii) the Servicer or the Special Servicer, as the case may be, shall have no liability for any loss in investments of such funds that are invested pursuant to such written instructions,
(iii) the Servicer or the Special Servicer, as the case may be, will not be responsible for paying interest to any Obligor at a rate in excess of a reasonable and customary rate earned on similar accounts and (iv) in the absence of written
investment instructions, the Servicer may maintain the funds in an interest-bearing Eligible Account. 

  
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 Section 3.05 Maintenance of Insurance Policies. (a) The Special
Servicer (only with respect to Specially Serviced Mortgage Loans and REO Properties) or the Servicer (with respect to Performing Mortgage Loans) shall use efforts consistent with the Servicing Standard to cause the related Obligor of each such
Mortgage Loan to maintain for each such Mortgage Loan such insurance as is required to be maintained pursuant to the related Asset Documents. If the related Obligor fails to maintain such insurance, the Servicer or the Special Servicer, as
applicable, shall notify the Issuer of such breach, and shall, to the extent available at commercially reasonable rates and that the Issuer has an insurable interest, cause such insurance to be maintained. To the extent provided in the applicable
Asset Documents, all such policies shall be endorsed with standard mortgagee clauses (if applicable) with loss payable to the Issuer, and shall be in an amount sufficient to avoid the application of any
co-insurance clause. The costs of maintaining the insurance policies which the Servicer or the Special Servicer, as the case may be, is required to maintain pursuant to this Section shall be a Servicing
Expense or, if the amount in the Collection Account is insufficient to pay such costs, such costs shall be paid by the Advancing Agent as a Servicing Advance. 

(b) The Servicer or the Special Servicer, as the case may be, may fulfill its obligation to maintain insurance, as provided in
Section 3.05(a), through a master force placed insurance policy with a Qualified Insurer, the cost of which shall be a Servicing Expense or, if the amount in the Collection Account is insufficient to pay such costs, such
costs shall be paid by the Advancing Agent as a Servicing Advance; provided that such cost is limited to the incremental cost of such policy allocable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby
premium payable for such policy whether or not such Mortgaged Property or REO Property is then covered thereby, which shall be paid by the Advancing Agent at the direction of the Special Servicer, the Servicer or the Special Servicer, as the case
may be). Such master force placed insurance policy may contain a deductible clause, in which case the Advancing Agent, the Servicer or the Special Servicer shall, in the event that there shall not have been maintained on the related Mortgaged
Property or REO Property a policy otherwise complying with the provisions of Section 3.05(a), and there shall have been one or more losses which would have been covered by such a policy had it been maintained, immediately
deposit into the related Account from its own funds the amount not otherwise payable under the master force placed insurance policy because of such deductible to the extent that such deductible exceeds the deductible limitation required under the
related Asset Documents, or, in the absence of such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. 

(c) Each of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and
effect, or be covered by, throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Servicer’s or the Special Servicer’s, as applicable, directors, officers and employees, in
connection with its activities under this Agreement. The form and amount of coverage shall be consistent with the Servicing Standard. In the event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as
applicable, shall obtain a comparable replacement bond or policy. Any fidelity bond and errors and omissions insurance policy required under this Section 3.05(c) shall be obtained from a Qualified Insurer. Notwithstanding
the foregoing, so long as the unsecured obligations or deposits of the Servicer or Special Servicer (or their respective corporate parent), as applicable, have been rated at least “A3” by Moody’s, the

  
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Servicer or the Special Servicer, as applicable, shall be entitled to provide self-insurance directly or through its parent (so long as such parent is obligated to pay the related claims), as
applicable, with respect to its obligation to maintain a blanket fidelity bond and an errors and omissions insurance policy. 

No provision of this Section requiring such fidelity bond and errors and omissions insurance shall diminish or relieve the
Servicer or Special Servicer, as applicable, from its duties and obligations as set forth in this Agreement. The Servicer and Special Servicer, as applicable, shall deliver or cause to be delivered to the Trustee and the Note Administrator, upon
request, a certificate of insurance from the surety and insurer certifying that such insurance is in full force and effect. 

Section 3.06 Delivery and Possession of Servicing Files. On or before the Closing Date, the Issuer shall deliver
or cause to be delivered to the Servicer (i) a Servicing File with respect to each Mortgage Loan; and (ii) the amounts, if any, received by the Issuer representing Escrow Payments previously made by the Obligors. The Servicer shall
promptly acknowledge receipt of the Servicing File and Escrow Payments and shall promptly deposit such Escrow Payments in the Escrow Accounts established pursuant to this Agreement. The contents of each Servicing File delivered to the Servicer are
and shall be held in trust by the Servicer on behalf of the Issuer for the benefit of the Relevant Parties in Interest. The Servicer’s possession of the contents of each Servicing File so delivered shall be for the sole purpose of servicing the
related Mortgage Loan and such possession by the Servicer shall be in a custodial capacity only. The Servicer shall release its custody of the contents of any Servicing File only in accordance with written instructions from the Special Servicer, and
upon written request of the Special Servicer, the Servicer shall deliver the Servicing File or a copy of any document contained therein in accordance with such written requests; provided, however, that if the Servicer is unable to
perform its Servicing obligations with respect to the related Mortgage Loan as a result of any such release or delivery of the Servicing File, then the Servicer shall not be liable, while the related Servicing File is not in the Servicer’s
possession, for any failure to perform any obligation hereunder with respect to the related Mortgage Loan. 

Section 3.07 Inspections; Financial Statements. (a) With respect to each Performing Mortgage Loan, the
Servicer shall perform, or cause to be performed, a physical inspection of the related Mortgaged Property (i) with respect to any Mortgage Loan with a Stated Principal Balance greater than or equal to $2,000,000, at least annually, and
(ii) with respect to any Mortgage Loan with a Stated Principal Balance less than $2,000,000, at least once every 24 months, in each case, beginning in 2019, and, in addition, if at any time (A) the Issuer requests such an inspection, or
(B) the Servicer, with the approval of the Issuer, determines that it is prudent to conduct such an inspection. The Servicer shall prepare a written report of each such inspection and shall promptly deliver a copy of such report to the Issuer,
the Special Servicer and the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset). The reasonable out-of-pocket expenses incurred by the Servicer and a reasonable fee due the Servicer in connection with any such inspections (including any
out-of-pocket expenses related to travel and lodging and any charges incurred through the use of a qualified third party to perform such services) shall be paid by the
Advancing Agent as a Servicing Advance; provided, however, that with respect to 

  
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the annual inspection of any such Mortgaged Property, no additional fee shall be due and such expenses shall be borne by the Servicer. 

(b) With respect to a Specially Serviced Mortgage Loan that is secured directly or indirectly by real property and with respect
to REO Property, the Special Servicer shall perform a physical inspection of each such Mortgaged Property (i) as soon as possible after a Special Servicing Transfer Event and thereafter at least annually, and, in addition (ii) if at any
time (x) the Issuer requests such an inspection, or (y) the Special Servicer, determines that it is prudent to conduct such an inspection. The Special Servicer shall prepare a written report of each such inspection and shall promptly
deliver a copy of such report to the Issuer, the Servicer, and the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset). The reasonable out-of-pocket expenses incurred by the Special Servicer and a reasonable fee due the Special Servicer in connection with any such inspections (including any out-of-pocket expenses related to travel and lodging and any charges incurred through the use of a qualified third party to perform such services) shall be paid by the
Advancing Agent as a Servicing Advance. 
 Section 3.08 Exercise of Remedies upon Mortgage Loan
Defaults. Upon the failure of any Obligor to make any required payment of principal, interest or other amounts due under such Mortgage Loan, or otherwise to perform fully any material obligations under any of the related Asset Documents, in
either case within any applicable grace period, the Servicer shall, upon discovery of such failure, promptly notify the Special Servicer, the Advancing Agent, the Operating Advisor, the applicable Directing Holder and the Issuer in writing. The
Special Servicer shall issue notices of default, declare events of default, declare due the entire outstanding principal balance, and otherwise take all reasonable actions consistent with the Servicing Standard under the related Mortgage Loan in
preparation for the Special Servicer to realize upon the related Underlying Note. 
 Section 3.09 Enforcement of Due-On-Sale Clauses; Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance
Provisions. (a) To the extent any Mortgage Loan contains a provision in the nature of a “due-on-sale” clause (including, without limitation, sales or
transfers of related Mortgaged Properties (in full or part) or the sale or transfer of direct or indirect interests in the related Obligor, its subsidiaries or its owners), which by its terms: 

(i) provides that such Mortgage Loan will (or may at the lender’s option) become due and payable upon the
sale or other transfer of an interest in the related Mortgaged Property or ownership interests in the Obligor, 

(ii) provides that such Mortgage Loan may not be assumed without the consent of the related lender in
connection with any such sale or other transfer, or 
 (iii) provides that such Mortgage Loan may be assumed
or transferred without the consent of the lender, provided certain conditions set forth in the Asset Documents are satisfied, 

then, subject to the terms of Sections 3.09(d), 3.22 and 3.23 hereof, the Special Servicer shall
enforce or waive such provision as it determines in accordance with the Servicing Standard; 

  
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provided that the Special Servicer shall not waive, without first satisfying the Rating Agency Condition, any
“due-on-sale” clause under any Mortgage Loan for which the related Mortgage Asset (A) represents 5% or more of the principal balance of all the Mortgage
Assets owned by the Issuer, (B) has a principal balance of over $35,000,000 or (C) is one of the 10 largest Mortgage Assets (based on principal balance) owned by the Issuer; provided, further, that the Special Servicer shall
not be required to enforce any such due-on-sale clauses and in connection therewith shall not be required to (x) accelerate the payments thereon or
(y) withhold its consent to such an assumption if the Special Servicer determines, in accordance with the Servicing Standard (1) that such provision is not enforceable under applicable law or the enforcement of such provision is reasonably
likely to result in meritorious legal action by the related Obligor or (2) that granting such consent would be likely to result in a greater recovery, on a present value basis (discounting at the related mortgage rate), than would enforcement
of such clause. 
 If, notwithstanding any directions to the contrary, the Special Servicer determines in accordance with the Servicing
Standard that (A) granting such consent would be likely to result in a greater recovery, (B) such provision is not legally enforceable, or (C) that the conditions described in clause (iii) above relating to
the assumption or transfer of the Mortgage Loan have been satisfied, the Special Servicer is authorized to take or enter into an assumption agreement from or with the Person to whom the related Mortgage Loan has been or is about to be conveyed, and
to release the original Obligor from liability upon the Mortgage Loan and substitute the new Obligor as obligor thereon, provided that the credit status of the prospective new Obligor is in compliance with the Servicing Standard and criteria
and the terms of the related Asset Documents. In connection with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall give prior notice thereof to the Servicer, the applicable Directing Holder (but
only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset) and the Operating Advisor (but only after the occurrence and during the continuance of a Control Termination Event with
respect to the related Mortgage Asset). The Special Servicer shall notify the Co-Issuers, the Servicer, the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred
and is continuing with respect to the related Mortgage Asset) and the Operating Advisor (but only after the occurrence and during the continuance of a Control Termination Event with respect to the related Mortgage Asset) that any such assumption or
substitution agreement has been completed by forwarding to the Issuer (with a copy to the Servicer) the original copy of such agreement, which copies shall be added to the related Mortgage Asset File and shall, for all purposes, be considered a part
of such Mortgage Asset File to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Asset Documents, the Special Servicer shall not approve an assumption or substitution without
requiring the related Obligor to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution. However, in the event that the related Obligor is required but fails to pay such fees, such fees shall be
treated as a Servicing Expense. The Special Servicer shall provide copies of any waivers of any due-on-sale clause to the 17g-5
Information Provider for posting on the 17g-5 Website. 

  
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 (b) To the extent any Mortgage Loan contains a provision in the nature of a “due-on-encumbrance” clause (including, without limitation, any mezzanine financing of the related Obligor or the related Mortgaged Property), which by its terms:

 (i) provides that such Mortgage Loan shall (or may at the lender’s option) become due and payable
upon the creation of any lien or other encumbrance on the related Mortgaged Property, 
 (ii) requires the
consent of the related lender to the creation of any such lien or other encumbrance on the related Mortgaged Property or underlying Real Property, or 

(iii) provides that such Mortgaged Property may be further encumbered without the consent of the lender,
provided certain conditions set forth in the Asset Documents are satisfied, 
 then, subject to the terms of
Sections 3.09(d), 3.22 and 3.23 hereof, the Special Servicer shall enforce or waive such provision as it determines in accordance with the Servicing Standard; provided that, the
Special Servicer shall not waive, without first satisfying the Rating Agency Condition, any “due-on-encumbrance” clause (which the Special Servicer shall
interpret, if the related Asset Documents allow such interpretation, to include requests for approval of mezzanine financing or preferred equity) with regard to any Mortgage Loan for which the related Mortgage Asset (A) represents 2% or more of
the principal balance of all the Mortgage Assets owned by the Issuer, (B) has a principal balance of over $20,000,000, (C) is one of the 10 largest Mortgage Assets (based on principal balance) owned by the Issuer, (D) has an aggregate loan-to-value ratio (including existing and proposed additional debt) that is equal to or greater than 85%, or (E) has an aggregate debt service coverage ratio (including
the debt service on the existing and proposed additional debt) that is less than 1.2x to 1.0x; and (subject to the rights, if any, exercisable by the Trustee); provided, further that, the Special Servicer shall not be required to
enforce any such due-on-encumbrance clauses and in connection therewith shall not be required to (x) accelerate Mortgage Loan thereon or (y) withhold its
consent to such encumbrance if the Special Servicer determines, in accordance with the Servicing Standard (1) that such provision is not enforceable under applicable law or the enforcement of such provision is reasonably likely to result in
meritorious legal action by the Obligor or (2) that granting such consent would be likely to result in a greater recovery, on a present value basis (discounting at the related interest rate), than would enforcement of such clause. 

If, notwithstanding any directions to the contrary, the Special Servicer determines in accordance with the Servicing Standard that
(A) granting such consent would be likely to result in a greater recovery, (B) such provision is not legally enforceable, or (C) that the conditions described in clause (iii) above relating to the further
encumbrance have been satisfied, the Special Servicer is authorized to grant such consent. To the extent not precluded by the Asset Documents, the Special Servicer shall not approve an additional encumbrance without requiring the related Obligor to
pay any fees owed to the Rating Agencies associated with the approval of such lien or encumbrance. However, in the event that the related Obligor is required but fails to pay such fees, such fees shall be reimbursable as a Servicing Expense. The
Special Servicer shall provide copies of any waivers of any due on encumbrance clause to the 17g-5 Information Provider for posting on the 17g-5 Website. 

  
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 (c) Both the Servicer and the Special Servicer may communicate directly with the
Obligors in connection with any Other Borrower Request or Major Decision. If the Servicer receives any request for any assumption, transfer, further encumbrance or other action contemplated by this Section 3.09, the
Servicer shall forward such request to the Special Servicer for analysis and processing and the Servicer shall have no further liability or duty with respect thereto. If the Special Servicer receives any such request from an Obligor (or from the
Servicer) the Special Servicer shall analyze and process the request, subject to approval by the applicable Directing Holder with respect to any Major Decision. Once the Special Servicer has approved the related Other Borrower Request or Major
Decision, the Special Servicer shall notify the Servicer of such recommendation and when the related transaction closes the Special Servicer shall promptly provide the Servicer with the information necessary for the Servicer to update its records to
reflect the terms of the transaction. 
 (d) In connection with the taking of, or the failure to take, any action pursuant to
this Section 3.09, the Special Servicer shall not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) shall contain any terms that
are different from, any term of any Mortgage Loan, other than pursuant to Section 3.15 hereof. 

Section 3.10 Appraisals; Realization upon Defaulted Mortgage Assets. (a) Following (i) any
acquisition by the Special Servicer of an REO Property on behalf of the Issuer for the benefit of the Relevant Parties in Interest, or (ii) an Appraisal Reduction Event, the Special Servicer shall notify the Servicer thereof, and, upon delivery
of such notice, the Special Servicer shall (x) promptly, in the case of an acquisition of REO Property and (y) within 120 days, in the case of an Appraisal Reduction Event, use reasonable efforts to obtain an updated Appraisal or a letter
update for an existing Appraisal if such existing Appraisal is less than twenty-four (24) months old, in order to determine the fair market value of such REO Property or Mortgaged Property, as applicable, and shall notify the Issuer and the
Servicer of the results of such Appraisal; provided that the Special Servicer shall not be required to obtain an updated Appraisal of any Mortgaged Property with respect to which there exists an Appraisal that is less than twelve
(12) months old. Any such Appraisal shall be conducted by an Appraiser and the cost thereof shall be a Servicing Advance. The Special Servicer shall obtain a new updated Appraisal or a letter update every twelve (12) months thereafter for
so long as such Mortgage Loan is subject to an Appraisal Reduction Event or until the REO Property is sold, as applicable. 

(b) The Special Servicer shall monitor each Specially Serviced Mortgage Loan, evaluate whether the causes of the Special
Servicing Transfer Event can be corrected over a reasonable period without significant impairment of the value of the Mortgage Loan and, subject to the rights of the applicable Directing Holder pursuant to Section 3.23
hereof, initiate corrective action in cooperation with the Obligor if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage
Loan) as are consistent with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced
Mortgage Loan has not been released from the Issuer pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b), the Special Servicer may, to the extent consistent
with an Asset Status Report and with the Servicing Standard and, 

  
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subject to the rights of the applicable Directing Holder pursuant to Section 3.23 hereof, accelerate such Specially Serviced Mortgage Loan and commence a foreclosure or
other acquisition with respect to the related Mortgage Loan, provided that the Special Servicer determines in accordance with the Servicing Standard that such acceleration and foreclosure are more likely to produce a greater recovery to the
Relevant Parties in Interest on a present value basis (discounting at the related interest rate) than would a waiver of such default or an extension or modification. The Special Servicer shall notify the Advancing Agent of the need to advance the
costs and expenses of any such proceedings. 
 (c) If the Special Servicer elects to proceed with a non-judicial foreclosure or other similar proceeding related to personal property in accordance with the laws of the state where a Mortgaged Property is located, the Special Servicer shall not be required to pursue
a deficiency judgment against the related Obligor or any other liable party if the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or other similar proceeding
related to personal property or if the Special Servicer determines, in accordance with the Servicing Standard, that the likely recovery if a deficiency judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of
pursuing the deficiency judgment and such determination is evidenced by an Officer’s Certificate delivered to the Issuer and the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is
continuing with respect to the related Mortgage Asset). 
 (d) In the event that title to any Mortgaged Property is acquired
in foreclosure or by deed in lieu of foreclosure, the related Mortgage Loan shall be considered to be an REO Loan until such time as the Issuer’s interest in the related REO Property is sold and the REO Loan shall be reduced only by collections
net of expenses (which with respect to any Mortgage Loan, shall be allocated in accordance with the related Participation Agreement). Consistent with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan, as
applicable, shall be considered to be an outstanding Mortgage Loan, as applicable: 
 (i) it shall be assumed
that, notwithstanding that the indebtedness evidenced by the related Underlying Note shall have been discharged, such Underlying Note and, for purposes of determining the stated principal balance thereof, the related amortization schedule in effect
at the time of any such acquisition of title shall remain in effect; and 
 (ii) net REO Proceeds received in
any month shall be applied to amounts that would have been payable under the related Underlying Note(s) in accordance with the terms of such Underlying Note(s). In the absence of such terms, net REO Proceeds shall be deemed to have been received
first, in reimbursement of Servicing Advances related to such Mortgage Loan; second, in payment of Special Servicing Fees, Liquidation Fees and Workout Fees related to such Mortgage Loan; third, in payment of the unpaid accrued
interest on such Mortgage Loan; fourth, in payment of outstanding principal of such Mortgage Loan; and thereafter, net proceeds received in any month shall be applied to the payment of installments of principal and accrued interest
deemed to be due and payable in accordance with the terms of such Underlying Note(s) or related Asset Documents, net of any withholding taxes, and such amortization schedule until such principal has been paid in full and then to other amounts due
under such Mortgage Loan; 

  
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provided that, with respect to any Mortgage Loan, REO Proceeds shall be allocated in accordance with the related Participation Agreement). 

(e) Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of the
Issuer, for the benefit of the Relevant Parties in Interest, obtain title to any Mortgaged Property as a result of or in lieu of foreclosure or otherwise, obtain title to any direct or indirect equity interest in any Obligor pledged pursuant to a
pledge agreement and thereby be the beneficial owner of the related Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise acquire possession of, or take any other action with respect to, any Mortgaged
Property if, as a result of any such action, the Issuer, would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an
“owner” or “operator” of, such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Special
Servicer has previously determined in accordance with the Servicing Standard, based on an updated environmental assessment report prepared by an Independent environmental consultant who regularly conducts environmental audits, that: 

(i) such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation
with an environmental consultant, that it would be in the best economic interest of the Issuer to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, and 

(ii) there are no circumstances present at such Mortgaged Property relating to the use, management or disposal
of any hazardous materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that,
if any such hazardous materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Issuer to take such actions with respect to the affected
Mortgaged Property. 
 In the event that the environmental assessment first obtained by the Special Servicer with respect to the Mortgaged
Property indicates that such Mortgaged Property may not be in compliance with applicable environmental laws or that hazardous materials may be present but does not definitively establish such fact, the Special Servicer shall cause such further
environmental tests to be conducted by an Independent environmental consultant who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of the Relevant Parties in Interest. Any such tests shall be deemed
part of the environmental assessment obtained by the Special Servicer for purposes of this Section 3.10. 

(f) The environmental assessment contemplated by Section 3.10(e) shall be prepared within three
(3) months (or as soon thereafter as practicable) of the determination that such assessment is required by an Independent environmental consultant who regularly conducts environmental audits for purchasers of commercial property where the
Mortgage Loan is located, as determined by the Special Servicer in a manner consistent with the Servicing Standard. The Special Servicer shall request (with a copy to the Servicer) that the Advancing Agent to advance the cost of preparation of such
environmental assessments. 

  
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 (g) Subject to the terms of Section 3.22 and
Section 3.23 hereof and the Servicing Standard, if the Special Servicer determines pursuant to Section 3.10(e)(i) that any Mortgaged Property is not in compliance with applicable
environmental laws but that it is in the best economic interest of the Issuer to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant to
Section 3.10(e)(ii) that the circumstances referred to therein relating to hazardous materials are present but that it is in the best economic interest of the Issuer to take such action with respect to the containment, clean-up or remediation of hazardous materials affecting such Mortgaged Property as is required by law or regulation, the Special Servicer shall take such action as it deems to be in the best economic interest of
the Issuer, but only if the Issuer (or the Note Administrator) has mailed notice to the Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Issuer (or the Note Administrator) does not receive,
within 30 days of such notification, instructions from the Noteholders entitled to a majority of the voting rights directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines
that it is likely that within such 30-day period irreparable environmental harm to such Mortgaged Property would result from the presence of such hazardous materials and provides a prior written statement to
the Issuer setting forth the basis for such determination, then the Special Servicer may take such action to remedy such condition as may be consistent with the Servicing Standard. Neither the Issuer nor the Special Servicer shall be obligated to
take any action or not take any action pursuant to this Section 3.10(g) at the direction of the Noteholders or the related Companion Participation Holder, unless the Noteholders or such Companion Participation Holder agree
to indemnify the Issuer and the Special Servicer with respect to such action or inaction. The Special Servicer shall notify the Advancing Agent of the need to advance the costs of any such compliance, containment,
clean-up or remediation as a Servicing Advance. 
 (h) The Special Servicer shall
notify the Servicer of any Mortgaged Property which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to
any such Mortgaged Property which is abandoned or foreclosed, and the Servicer shall report to the IRS and the related Obligor, in the manner required by applicable law, such information, and the Servicer shall report, via Form 1099C, all
forgiveness of indebtedness to the extent such information has been provided to the Servicer by the Special Servicer. The Servicer shall deliver a copy of any such report to the Issuer. 

(i) The costs of any updated Appraisal obtained pursuant to this Section 3.10 shall be paid by the
Advancing Agent as a Servicing Advance. 
 Section 3.11 Annual Statement as to Compliance. The Servicer and the
Special Servicer (each a “Reporting Person”) shall each deliver to the Issuer, the Note Administrator, the Trustee, the Operating Advisor (but only with respect to a certificate relating to the Special Servicer) and the 17g-5 Information Provider on or before April 30 of each year, beginning with April 30, 2019, an Officer’s Certificate stating, as to each signatory thereof, (i) that a review of the activities
of the Reporting Person during the preceding calendar year and of its performance under this Agreement has been made under such Officer’s supervision, and (ii) that, to the best of such Officer’s knowledge, based on such review, the
Reporting Person has fulfilled all of its obligations under this Agreement in all material respects throughout such year or, if there has 

  
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been a default in the fulfillment of any such obligation, specifying each such default known to such officer, the nature and status thereof and what action it proposes to take with respect
thereto. 
 Section 3.12 Annual Independent Public Accountants’ Servicing Report. (a) On
or before April 30 of each year, beginning with April 30, 2019, the Servicer, at its own expense, shall cause a registered public accounting firm (which may also render other services to the Servicer) that is a member of the American
Institute of Certified Public Accountants to furnish a report to the Issuer, the Note Administrator, the Trustee and the 17g-5 Information Provider, regarding the Servicer’s compliance during the prior
calendar year with (a) the applicable servicing criteria in Item 1122 of Regulation AB set forth on Exhibit B hereto or (b) the minimum servicing standards identified in the Uniform Single Attestation
Program for Mortgage Bankers. 
 Section 3.13 Title and Management of REO Properties and REO Accounts.
(a) In the event that title to any Mortgaged Property is acquired on behalf of the Relevant Parties in Interest in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale
shall be taken (x) in the name of a U.S. corporation (or a limited liability company treated as a corporation for U.S. federal income tax purposes) wholly owned by the Issuer or (y) in such manner as is required pursuant to the terms of
any related Participation Agreement. The Special Servicer, on behalf of the Relevant Parties in Interest, shall dispose of any REO Property as soon after acquiring it as is practicable and feasible in a manner consistent with the Servicing Standard
and as so advised by TRTX in accordance with the REIT Provisions. The Special Servicer shall manage, conserve, protect and operate each REO Property for the Relevant Parties in Interest solely for the purpose of its prompt disposition and sale. 

(b) The Special Servicer shall have full power and authority, subject only to the Servicing Standard, the terms of
Section 3.22 and Section 3.23 hereof, and the other specific requirements and prohibitions of this Agreement, to do any and all things in connection with any REO Property, all on such terms and for
such period as the Special Servicer deems to be in the best interests of the Relevant Parties in Interest and, in connection therewith, the Special Servicer shall agree to the payment of property management fees that are consistent with general
market standards. The Special Servicer shall request the Advancing Agent to pay such fees as a Servicing Advance. 
 (c) The
Special Servicer shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any REO Property a segregated custodial
account (a “REO Account”), which shall be an Eligible Account and shall be entitled “Situs Holdings, LLC, as special servicer, for the benefit of Wilmington Trust, National Association, as trustee, for the benefit of the
Holders of TRTX 2018-FL1 Notes – REO Account” to be held for the benefit of the Noteholders, the Preferred Shareholders and the related Companion Participation Holder. The Special Servicer shall be
entitled to withdraw for its account any interest or investment income earned on funds deposited in the REO Account to the extent provided in Section 3.04. The Special Servicer shall deposit or cause to be deposited REO
Proceeds in the REO Account within two (2) Business Days after receipt of such REO Proceeds, and shall withdraw therefrom 

  
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funds necessary for the proper operation, management and maintenance of such REO Property and for other Servicing Advances with respect to such REO Property, including: 

(i) all insurance premiums due and payable in respect of any REO Property; 

(ii) all real estate taxes and assessments in respect of any REO Property that may result in the imposition of
a lien thereon and all federal, state and local income taxes payable by the owner of the REO Property; and 

(iii) all costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore
any REO Property including, if applicable, the payments of any ground rents in respect of such REO Property. 
 To the
extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above (other than income taxes), the Special Servicer shall request the Advancing Agent to pay such amounts
as Servicing Advances. The Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses. The Special Servicer shall withdraw from each REO Account and
remit to the Servicer (i) for deposit into the Collection Account and (ii) for transfer to the servicer of the Companion Participation in accordance with the related Participation Agreement, on a monthly basis on or prior to the first
Business Day following each Servicer Determination Date, the aggregate of all amounts received in respect of each REO Property as of such Servicer Determination Date that are then on deposit in such REO Account, provided, however, the
Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses. 

The Special Servicer shall be entitled to enter into an agreement with any Independent Contractor performing services for it
related to its duties and obligations hereunder. Such agreement shall provide: (A) for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such
indemnification; and (B) that the Independent Contractor’s fees be reasonable. The Special Servicer shall provide oversight and supervision with regard to the performance of all contracted services and any Independent Contractor agreement
shall be consistent with and subject to the provisions of this Agreement. Neither the existence of any Independent Contractor agreement nor any of the provisions of this Agreement relating to the Independent Contractor shall relieve the Special
Servicer of its obligations to the Issuer hereunder, including without limitation, the Special Servicer’s obligation to service such REO Property in accordance with the Servicing Standard. 

(d) When and as necessary, the Special Servicer shall send to the Servicer and the Issuer a statement prepared by the Special
Servicer setting forth the amount of net income or net loss, as determined for U.S. federal income tax purposes, resulting from the REO Property. To perform its obligations hereunder, the Special Servicer be entitled to retain an Independent
accountant or property manager on behalf of the Issuer for the benefit of the Relevant Parties in Interest to prepare such statements and the cost of which shall be paid by and reimbursed to the Advancing Agent as a Servicing Advance. 

  
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 (e) The parties hereto acknowledge that for so long as the Issuer maintains its
status as a Qualified REIT Subsidiary, and unless otherwise directed by TRTX (or any subsequent REIT), the Special Servicer intends to conduct its activities such that any REO Property will qualify as “foreclosure property” within the
meaning of Section 856(e) of the Code with respect to TRTX. In connection with the foregoing, and unless otherwise directed by TRTX (or any subsequent REIT), the Special Servicer shall not: 

(i) enter into, renew or extend any New Lease, if such New Lease by its terms will give rise to any income that
does not constitute Rents from Real Property; 
 (ii) permit any amount to be received or accrued under any
New Lease, other than amounts that will constitute Rents from Real Property; 
 (iii) authorize or permit any
construction on any REO Property, other than the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related
Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or 
 (iv)
Directly Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after the acquisition thereof unless such Person is an Independent Contractor. 

Section 3.14 Cash Collateral Accounts. In the event that any Asset Documents permit or require the related Obligor
to deliver additional or substitute collateral in the form of cash (“Cash Collateral”) to the holder of such Mortgage Loan and such Obligor deposits such Cash Collateral with the Servicer, the Servicer shall segregate and hold such
Cash Collateral separate and apart from its own funds and general assets and shall establish and maintain with respect to such Cash Collateral a segregated custodial account, which may be a sub-account of the
Collection Account, to be held for the benefit of the Relevant Parties in Interest (each, a “Cash Collateral Account”), each of which shall be an Eligible Account or a sub-account of an
Eligible Account and shall be entitled “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust, National Association, as trustee, for the benefit of the Holders of the TRTX
2018-FL1 Notes, other Secured Parties and the related Companion Participation Holder - Cash Collateral Account” or such other name as may be required pursuant to the terms of the related Asset Documents.
The Servicer shall deposit or cause to be deposited any such Cash Collateral in the Cash Collateral Account within two (2) Business Days after receipt of properly identified funds such Cash Collateral, and shall hold and disburse such Cash
Collateral in accordance with the terms of the related Asset Documents. 
 Section 3.15 Modification, Waiver,
Amendment and Consents. (a) Subject to Section 3.23(b), all modifications, waivers (other than waivers of late payment charges on Performing Mortgage Loans, which may be processed by the Servicer) and consents with
respect to the Mortgage Loans shall be processed by the Special Servicer; provided that, the right to approve future fundings under any Future Funding Companion Participation shall be held by the related Companion Participation Holder. Both
the Servicer and the Special Servicer may communicate directly with the Obligors in connection with any Other Borrower Request or 

  
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Major Decision. If the Servicer receives any request for such modification, waiver (other than waivers of late payment charges and default interest on Performing Mortgage Loans) or consent, the
Servicer shall forward such request to the Special Servicer for analysis and processing and the Servicer shall have no further liability or duty with respect thereto. Subject to the terms of Section 3.22 and
Section 3.23 hereof and Section 10.10(f) of the Indenture, and in accordance with the Servicing Standard, the Special Servicer may agree to any modification, waiver or amendment of any term of, forgive or defer
interest on and principal of, capitalize interest on, permit the release, addition or substitution of collateral securing any such Mortgage Loan (but with respect to substitution of collateral securing any such Mortgage Loan, subject to satisfaction
of the Rating Agency Condition), convert or exchange such Mortgage Loan for any other type of consideration, and/or permit the release of the related Obligor on or any guarantor of any such Mortgage Loan and/or permit any change in the management
company or franchise with respect to any such Mortgage Loan without the consent of the Co-Issuers, the Trustee, any Noteholder or any Companion Participation Holder (in each case, other than any consent that
is required pursuant to Section 3.22), subject, however, to each of the following limitations, conditions and restrictions: 

(i) the Special Servicer has determined that such modification, waiver or amendment is reasonably likely to
produce a greater recovery to the Relevant Parties in Interest on a present value basis than would liquidation; 

(ii) the Special Servicer shall not permit any Obligor to add or substitute any collateral for an outstanding
Mortgage Loan, which collateral constitutes real property, unless the Special Servicer shall have first determined, in its reasonable and good faith judgment, in accordance with the Servicing Standard, based upon a Phase I environmental
assessment (and such additional environmental testing as the Special Servicer deems necessary and appropriate) prepared by an Independent environmental consultant who regularly conducts environmental assessments (and such additional environmental
testing), at the expense of the related Obligor, that such new real property is in compliance with applicable environmental laws and regulations and that there are no circumstances or conditions present with respect to such new real property
relating to the use, management or disposal of any hazardous materials for which investigation, testing, monitoring, containment, clean-up or remediation would be required under any then-applicable
environmental laws and regulations; 
 (iii) unless a release or substitution is permissible under the
related Asset Document without the consent or approval of the lender, the Special Servicer shall not release or substitute any Mortgaged Property securing an outstanding Performing Mortgage Loan except in the case of a release where (A) the
loss of the use of the Mortgaged Property to be released will not, in the Special Servicer’s good faith and reasonable judgment, materially and adversely affect the net operating income being generated by or the use of the related Mortgaged
Property, (B) except in the case of the release of non-material parcels, there is a corresponding principal paydown of the related Mortgage Loan in an amount at least equal to the appraised value of the
Mortgaged Property to be released and (C) the remaining Mortgaged Property and any substitute mortgaged property is, in the Special Servicer’s good faith and reasonable judgment, adequate security for the related Mortgage Loan; and 

  
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 (iv) the Special Servicer may not modify a Mortgage Loan to
extend its maturity date beyond the date that is five years prior to the Stated Maturity Date; 
 provided that notwithstanding
clauses (i) through (iv) above, neither the Servicer nor the Special Servicer shall be required to oppose the confirmation of a plan in any bankruptcy or similar proceeding involving an Obligor if in its
reasonable and good faith judgment such opposition would not ultimately prevent the confirmation of such plan or one substantially similar. 

(b) The Special Servicer shall not have any liability to the Issuer, the Noteholders, any Companion Participation Holder or any
other Person if its analysis and determination that the modification, waiver, amendment or other action contemplated in Section 3.15(a) is reasonably likely to produce a greater recovery to the Issuer, the Noteholders, the
Preferred Shareholders and, if applicable, the related Companion Participation Holder on a net present value basis than would liquidation, should prove to be wrong or incorrect, so long as the analysis and determination were made on a reasonable
basis in good faith and in accordance with the Servicing Standard by the Special Servicer and the Special Servicer was not negligent in ascertaining the pertinent facts. 

(c) Any payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall
not, for purposes hereof (including, without limitation, calculating monthly distributions to Noteholders, Preferred Shareholders and Companion Participation Holders), be added to the unpaid principal balance of the related Mortgage Loan,
notwithstanding that the terms of such Mortgage Loan or such modification, waiver or amendment so permit. 
 (d) [Reserved].

 (e) All material modifications, waivers and amendments of the Mortgage Loan entered into pursuant to this
Section 3.15 shall be in writing. 
 (f) The Special Servicer shall notify the Issuer, the
Servicer, the Trustee, the Note Administrator, the Operating Advisor, the applicable Directing Holder, the related Companion Participation Holder and the 17g-5 Information Provider, in writing (and to the 17g-5 Information Provider by email, which email shall contain the information in the form of an electronic document suitable for posting on the 17g-5 Information
Provider’s website), of any modification, waiver, material consent or amendment of any term of any Mortgage Loan and the date thereof, and shall deliver to the Custodian, on behalf of the Trustee for deposit in the related Mortgage Asset File,
an original counterpart of the agreement relating to such modification, waiver, material consent or amendment, promptly (and in any event within ten (10) Business Days) following the execution thereof. 

(g) The Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by an Obligor for
consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the Asset Documents evidencing or securing the related Mortgage Loan and is permitted by the terms of
this Agreement and applicable law, require that such Obligor pay to it, to the extent consistent with applicable law and the Asset Documents, (i) a reasonable and customary fee for 

  
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the additional services performed in connection with such request (which fee shall be deposited in the Collection Account), and (ii) any related costs and expenses incurred by it. 

(h) Any modification, waiver or amendment of or consents or approvals relating to any Mortgage Loan shall be performed by the
Special Servicer and not the Servicer. 
 (i) Notwithstanding the foregoing or any other provision herein, the Special
Servicer may take any action with respect to any Mortgage Loan requiring the consent, direction or approval of the Issuer, the Note Administrator or the Trustee at any other time without such consent, direction or approval if the Special Servicer
determines in accordance with the Servicing Standard, that such action is required by the Servicing Standard in order to avoid a material adverse effect on the Relevant Parties in Interest or is in the nature of an emergency. 

Section 3.16 Transfer of Servicing Between Servicer and Special Servicer; Record Keeping; Asset Status Report.
(a) Upon the occurrence of a Special Servicing Transfer Event with respect to any Mortgage Loan of which the Servicer has notice, the Servicer (or the Special Servicer, if such Special Servicing Transfer Event occurs due to the Special
Servicer’s receipt of notice pursuant to clause (vii) or (viii) under the definition thereof) shall promptly give notice thereof to the Special Servicer (or Servicer, as applicable), the Issuer, the Trustee, the Note Administrator, the
Seller, the applicable Directing Holder, any related Companion Participation Holder and the Operating Advisor and the Servicer shall use its reasonable efforts to provide the Special Servicer with all information, documents (but excluding the
original documents constituting the Mortgage Asset File) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Mortgage Loan, as applicable, and reasonably requested by the Special
Servicer to enable it to assume its duties hereunder with respect thereto without acting through a sub-servicer. The Servicer shall use its reasonable efforts to comply with the preceding sentence within five
(5) Business Days of the date such Mortgage Loan becomes a Specially Serviced Mortgage Loan and in any event shall continue to act as Servicer and administrator of such Mortgage Loan until the Special Servicer has commenced the servicing of
such Mortgage Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence; provided, that the Servicer shall continue to receive payments and make all
calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Mortgage Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Special Servicing
Transfer Event had occurred and with respect to the REO Properties as if no REO acquisition had occurred, and to render such services with respect to such Specially Serviced Mortgage Loans and REO Properties as are specifically provided for herein;
provided, further, however, that the Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the Servicer to
comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder. The Servicer, in its capacity as Servicer, will not have any responsibility for performance by the Special Servicer, in its capacity as
Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special Servicer, will not have any responsibility for the performance by the Servicer, in its capacity as Servicer, of its duties under this Agreement.
With respect to each such Mortgage Loan, the Servicer shall instruct the related Obligor to continue to remit all payments in respect of such Mortgage Loan to the Servicer. The Special Servicer shall remit to the Servicer any such 

  
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payments received by its pursuant to the preceding sentence within two (2) Business Days of receipt. The Servicer shall forward any notices it would otherwise send to the related Obligor of
a Specially Serviced Mortgage Loan to the Special Servicer who shall send such notice to the related Obligor. 
 (b) Upon
determining that a Specially Serviced Mortgage Loan has become a Corrected Loan, the Special Servicer shall immediately give notice thereof to the Servicer, the Issuer, the Operating Advisor, the applicable Directing Holder, any related Companion
Participation Holder and the Seller, and upon delivery of such notice to the Servicer, such Mortgage Loan shall cease to be a Specially Serviced Mortgage Loan in accordance with the definition of Specially Serviced Mortgage Loan, the Special
Servicer’s obligation to service such Mortgage Loan shall terminate and the obligations of the Servicer to service and administer such Mortgage Loan as a Performing Mortgage Loan shall resume. The Special Servicer shall use its reasonable
efforts to comply with the preceding sentence within five (5) Business Days of the date such Specially Serviced Mortgage Loan becomes a Corrected Loan. 

(c) In servicing any Specially Serviced Mortgage Loan, the Special Servicer shall provide to the Custodian on behalf of the
Trustee originals of any documents executed by the Special Servicer that are included within the definition of “Mortgage Asset File” for inclusion in the related Mortgage Asset File (to the extent such documents are in the possession of
the Special Servicer) and shall provide to the Servicer, copies of any additional related Mortgage Loan information, including correspondence with the related Obligor, as well as copies of any analysis or internal review prepared by or for the
benefit of the Special Servicer. 
 (d) Not later than two (2) Business Days preceding each date on which the Servicer
is required to furnish reports under Section 4.01 to the Issuer and the Note Administrator, the Special Servicer shall deliver to the Servicer, with a copy to the Issuer, (i) the CREFC® Special Servicer Loan File and (ii) such additional information relating to the Specially Serviced Mortgage Loans as the Servicer or the Issuer reasonably requests to enable it to perform
its duties under this Agreement. Such statement and information shall be furnished to the Servicer in writing and/or in such electronic media as is acceptable to the Servicer. 

(e) Notwithstanding the provisions of the preceding Section 3.16(d), the Servicer shall maintain
ongoing payment records with respect to each of the Specially Serviced Mortgage Loans and shall provide the Special Servicer with any information in its possession reasonably required by the Special Servicer to perform its duties under this
Agreement. The Special Servicer shall provide the Servicer with any information reasonably required by the Servicer to perform its duties under this Agreement. 

(f) No later than sixty (60) days after a Mortgage Loan becomes a Specially Serviced Mortgage Loan, the Special Servicer
shall deliver to the 17g-5 Information Provider, the Servicer, the Issuer, the Operating Advisor (but only after the occurrence and during the continuance of a Control Termination Event with respect to the
related Mortgage Asset), the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset), any related Companion Participation Holder, the Note
Administrator and the Trustee, a report (the “Asset Status  

  
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Report”) with respect to such Mortgage Loan. Such Asset Status Report shall set forth the following information to the extent reasonably determinable: 

(i) the date of transfer of servicing of such Mortgage Loan to the Special Servicer; 

(ii) a summary of the status of such Specially Serviced Mortgage Loan and any negotiations with the related
Obligor; 
 (iii) a discussion of the legal and environmental considerations reasonably known to the Special
Servicer, consistent with the Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other collateral for the related Mortgage Loan and whether outside legal counsel has
been retained; 
 (iv) the most current rent roll and income or operating statement available for the related
Mortgaged Property or the related underlying real property, as applicable; 
 (v) the Special Servicer’s
recommendations on how such Specially Serviced Mortgage Loan might be returned to performing status (including the modification of a monetary term, and any work-out, restructure or debt forgiveness) and
returned to the Servicer for regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Specially Serviced Mortgage Loan or REO Property; 

(vi) a copy of the last obtained Appraisal of the Mortgaged Property; 

(vii) the status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed
workouts with respect thereto and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional events of default; 

(viii) a summary of any proposed actions and an analysis of whether or not taking such action is reasonably
likely to produce a greater recovery on a present value basis than not taking such action, setting forth the basis on which Special Servicer made such determination; and 

(ix) such other information as the Special Servicer deems relevant in light of the Servicing Standard. 

If within ten (10) Business Days of receiving an Asset Status Report, the applicable Directing Holder (but only for so
long as no Control Termination Event has occurred and is continuing with respect to the related Mortgage Asset) does not disapprove of such Asset Status Report in writing, the Special Servicer shall implement the recommended action as outlined in
such Asset Status Report; provided, however, that such Special Servicer may not take any action that is contrary to applicable law, this Agreement, the Servicing Standard (taking into consideration the best interests of the Relevant
Parties in Interest)) or the terms of the applicable Asset Documents. If the applicable Directing Holder disapproves such Asset Status Report within such ten (10) Business Day period, the Special Servicer will revise such Asset Status

  
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Report and deliver to the Issuer, the 17g-5 Information Provider, the applicable Directing Holder, the Trustee, the Note Administrator and the Servicer a
new Asset Status Report as soon as practicable, but in no event later than twenty (20) Business Days after such disapproval. The Special Servicer shall revise such Asset Status Report until the applicable Directing Holder fails to disapprove
such revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent with the Servicing Standard, that such objection is not in
the best interests of the Relevant Parties in Interest. 
 The Special Servicer may, from time to time, modify any Asset
Status Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify and resubmit such Asset
Status Report to the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset) and the Operating Advisor (after the occurrence and during the
continuance of a Control Termination Event with respect to the related Mortgage Asset) if (i) the estimated sales proceeds, foreclosure proceeds, work-out or restructure terms or anticipated debt
forgiveness varies materially from the amount on which the original report was based or (ii) the related Obligor becomes the subject of bankruptcy proceedings. 

Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with
respect to the related Mortgage Loan, take any action set forth in such Asset Status Report before the expiration of the relevant approval period if the Special Servicer has determined, in accordance with the Servicing Standard, that failure to take
such action would materially and adversely affect the interests of the Relevant Parties in Interest and it has made a reasonable effort to contact the applicable Directing Holder (but only for so long as no Control Termination Event has occurred and
is continuing with respect to the related Mortgage Asset) and (ii) in any case, shall determine whether such affirmative disapproval is not in the best interests of the Relevant Parties in Interest pursuant to the Servicing Standard, and, upon
making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status Report is not intended to replace or satisfy any specific consent or approval right which the Issuer or the applicable Directing
Holder may have. 
 The Special Servicer shall have the authority to meet with the Obligor for any Specially Serviced
Mortgage Loan and take such actions consistent with the Servicing Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset Status Report, unless such action would be required in
order to act in accordance with the Servicing Standard, this Agreement, applicable law or the related Asset Documents. 
 No
direction of any applicable Directing Holder or the Issuer shall (a) require, permit or cause the Servicer or the Special Servicer to violate the terms of any Mortgage Loan, the Servicing Standard, applicable law or any provision of this
Agreement or (b) materially expand the scope of the Special Servicer’s, Issuer’s or the Servicer’s responsibilities under this Agreement. 

  
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 With respect to a Mortgage Asset, prior to the occurrence of a Control
Termination Event with respect to such Mortgage Asset, the Special Servicer shall be required to deliver only the Final Asset Status Reports to the Operating Advisor. 

Section 3.17 Sale of Defaulted Mortgage Assets or Impaired Mortgage Assets.
(a) Within ninety (90) days after the occurrence of a Special Servicing Transfer Event, the Special Servicer shall use reasonable efforts to order an Appraisal (which shall not be required to be received within that ninety (90) day
period). If the affected Mortgage Asset is a Defaulted Mortgage Asset, then following the receipt by the Special Servicer of the Appraisal ordered pursuant to this Section 3.17(a), the Special Servicer shall determine the
market value of such Mortgage Asset (based upon, among other things, the most recent Appraisal and information from one or more third party commercial real estate brokers and such other information as the Special Servicer deems appropriate) and
deliver such information to the Issuer, the applicable Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset), the Note Administrator, the Trustee and
the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event with respect to the related Mortgage Asset). Subject to Section 3.23 hereof and the Servicing Standard, the Special
Servicer (i) may offer to sell to any Person (A) such Defaulted Mortgage Asset and (B) if the holder thereof consents, any related Companion Participation, or (ii) may offer to purchase such Mortgage Asset and any related
Companion Participation, if and when the Special Servicer determines, consistent with the Servicing Standard, that no satisfactory arrangements can be made for collection of delinquent payments thereon and such a sale would be in the best economic
interests of the Relevant Parties in Interest on a net present value basis. 
 (b) Whether any cash offer constitutes a fair
price for any Defaulted Mortgage Asset (and, if applicable, any related Companion Participations) shall be determined by the Special Servicer, if the highest offeror is a person other than an Interested Person, and by the Trustee, if the highest
offeror is an Interested Person. If the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee shall, at the expense of the Interested Person, designate an independent third-party expert
in real estate or commercial mortgage loan or commercial mortgage asset matters with at least five (5) years’ experience in valuing or investing in loans or properties, as applicable, similar to the subject mortgage loan, mortgage asset or
property, as applicable, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair market price for such Defaulted Mortgage Asset (and, if applicable, any related Future Funding Participations).
The Trustee shall be entitled to conclusively rely upon any such third-party determination, and all reasonable fees and costs of any appraisals, inspection reports, and opinions of value incurred by any such third party will be covered by, and shall
be paid in advance of any determination by the applicable Interested Person; provided that the Trustee shall not engage a third-party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The Special Servicer
shall promptly notify in writing the Operating Advisor (after the occurrence and during the continuance of a Control Termination Event with respect to the related Mortgage Asset), the Trustee and the applicable Directing Holder (but only for so long
as no Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset), of the occurrence of such sale and cooperate fully with the Preferred Shareholder and the Trustee in order to effectuate such sale. 

  
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 (c) Upon commencement of any marketing efforts to sell a Defaulted Mortgage
Asset, the Special Servicer shall provide written notice to the Trustee and the Note Administrator (via email to cmbstrustee@wilmingtontrust.com, trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com) and to the Issuer and
the applicable Directing Holder of the commencement of such marketing efforts, and the Note Administrator shall notify the Noteholders and the Preferred Shareholders of the same in the manner set forth in Section 14.4 of the Indenture. The
Special Servicer shall also provide written notice to the Trustee, the Note Administrator, the Issuer and the applicable Directing Holder of the material final terms of any such sale, and the Note Administrator shall notify the Noteholders and the
Preferred Shareholders of the same by posting any such notice received from the Special Servicer on the Note Administrator’s Website. 

(d) The Special Servicer shall not be obligated by any provision of this Section 3.17 to accept the
highest offer if the Special Servicer determines, in accordance with the Servicing Standard (and in accordance with Section 3.23 hereof), that the rejection of such offer would be in the best interests of the Relevant
Parties in Interest. In addition, the Special Servicer may accept an offer that is lower than the Par Purchase Price if it determines, in accordance with the Servicing Standard (and in accordance with Section 3.23 hereof),
that the acceptance of such offer would be in the best interests of the Relevant Parties in Interest, provided that the offeror is not the Servicer or the Special Servicer or a Person that is an Affiliate of the Servicer or the Special
Servicer. 
 (e) Unless and until a Defaulted Mortgage Asset is sold pursuant to this Section 3.17,
the Special Servicer shall pursue such other resolution strategies with respect to the Defaulted Mortgage Asset, including, without limitation, workout and foreclosure, as the Special Servicer may deem appropriate, subject to the terms and
provisions hereof (including without limitation Section 2.03 and 3.23 hereof) consistent with the Servicing Standard. 

The right of the Special Servicer to purchase or sell a Defaulted Mortgage Asset after the occurrence of a Special Servicing
Transfer Event shall terminate, and shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Mortgage Loan has not yet occurred, the Special Servicer’s right shall terminate
and such exercise shall be of no further force or effect) if the Mortgage Loan is no longer delinquent as a result of any of the following: (i) the Mortgage Loan has become a Corrected Loan, (ii) the Mortgage Loan has become subject to a
workout arrangement, (iii) the Mortgage Loan has been foreclosed upon, (iv) the Special Servicer has accepted title in lieu of foreclosure or (v) the Mortgage Loan has been otherwise resolved (including by a full or discounted pay-off). 
 Any sale of a Defaulted Mortgage Asset shall be for cash only and shall, for
the avoidance of doubt, be subject to the provisions of Section 3.23 hereof. 
 In connection with
the sale of any Defaulted Mortgage Asset, the Special Servicer shall deliver to the Custodian a Request for Release, directing the Custodian to deliver the related Mortgage Asset File against receipt of payment therefor. 

(f) In the event that title to Mortgaged Property is acquired by the Special Servicer in foreclosure or by deed in lieu of
foreclosure or otherwise, the Special Servicer shall 

  
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sell the REO Property as expeditiously as appropriate in accordance with the Servicing Standard and as so advised by TRTX in accordance with the REIT Provisions, subject to the terms of
Section 3.22 and Section 3.23 hereof and the following: 

(i) The Special Servicer shall be empowered, subject to the Code and to the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with the management and operation thereof in accordance with the Servicing Standard, all on such terms as the Special Servicer deems to be in the best interest of the Relevant
Parties in Interest. 
 (ii) The Special Servicer shall accept the highest cash bid for REO Property received
from any person, if the highest offeror is a Person other than the Trustee, that the Special Servicer (or the Trustee as provided in the next sentence) determines is a fair price based on Appraisals obtained within the last nine (9) months. If
the highest bidder is an Interested Person, the Trustee shall determine the fairness of the highest bid based upon an Appraisal (which may be an Appraisal obtained in the last nine (9) months by the Special Servicer) obtained at the expense of
the Issuer, and the Trustee may conclusively rely on the opinion of such Appraisal and such determination shall be binding upon all parties. The requirements of this Agreement may result in lower sales proceeds than would otherwise be the case.
Notwithstanding the foregoing, the Special Servicer shall not be obligated to accept the higher cash offer if the Special Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of
the Relevant Parties in Interest, and the Special Servicer may accept a lower cash offer (from any person other than an Interested Person) if it determines, in accordance with the Servicing Standard, that acceptance of such offer would be in the
best interests of the Relevant Parties in Interest. 
 (iii) Subject to the provisions of
Section 3.13, the Special Servicer shall act on behalf of the Issuer in negotiating and taking any other action necessary or appropriate in connection with the sale of the REO Property, including the collection of all
amounts payable in connection therewith. Any sale of the REO Property shall be without recourse to the Trustee, the Note Administrator, the Seller, the Servicer, the Special Servicer, the Operating Advisor, the Issuer, the Noteholders, the Preferred
Shareholders or any Companion Participation Holders (except that any contract of sale and assignment and conveyance documents may contain customary warranties, so long as the only recourse for breach thereof is to the Issuer) and none of the
Trustee, the Note Administrator, the Seller, the Servicer, or, if consummated in accordance with the terms of this Agreement, the Special Servicer or the Operating Advisor shall have any liability to any Noteholder, Preferred Shareholder or
Companion Participation Holder with respect to the purchase price thereof accepted by the Special Servicer or the Issuer. 

(iv) The proceeds of any sale effected pursuant to this Section 3.17(f), after
deduction of the expenses incurred in connection therewith, shall be deposited in the Collection Account in accordance with Section 3.03(a). 

(v) Within thirty (30) days of the sale of the REO Property, the Special Servicer shall provide to the
Trustee and the Note Administrator a statement of 

  
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accounting for the REO Property, including, without limitation, (i) the date the REO Property was acquired in foreclosure or by deed-in-lieu of foreclosure or otherwise, (ii) the date of disposition of the REO Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest with respect
to the Repurchase Price of the REO Property, calculated from the date of acquisition to the disposition date, and (v) such other information as the Trustee or the Note Administrator may reasonably request. 

If the Trustee is required to determine the fair price for any REO Property, Trustee may (at its option and at the expense of
the Issuer), and shall, if the purchaser is the Seller or any of its Affiliates, designate an independent third party expert in real estate or commercial Mortgage Loan matters with at least five (5) years’ experience in valuing or
investing in Mortgage Loans similar to the REO Property, that has been selected with reasonable care by the Trustee to determine the fair market value for such REO Property. The Trustee shall be entitled to conclusively rely upon any such third
party determination, and all reasonable fees and costs of any appraisals, inspection reports, and opinions of value incurred by any such third party shall be covered by, and be reimbursable from the Issuer. 

(g) Notwithstanding anything in this Section 3.17 to the contrary, at all times the Holder of a
Majority of the Preferred Shares will have the assignable right to purchase (1) any Defaulted Mortgage Asset and (2) any Mortgage Asset as to which a default is reasonably foreseeable, as determined by the Special Servicer in accordance
with the Servicing Standard (such Mortgage Asset, an “Impaired Mortgage Asset”) for a purchase price equal to the sum of (a) the outstanding principal balance of such Mortgage Asset as of the date of purchase; plus
(b) all accrued and unpaid interest on such Mortgage Asset at the related interest rate to but not including date of purchase; plus (c) all related unreimbursed Servicing Advances plus accrued and unpaid interest on such Servicing Advances
at the Advance Rate, plus (d) all Special Servicing Fees and either Workout Fees or Liquidation Fees (but not both) allocable to such Mortgage Asset (other than to the extent any such fees are waived by the Special Servicer), plus (e) all
unreimbursed expenses incurred by the Issuer, the Servicer and the Special Servicer in connection with such Mortgage Asset (the “Par Purchase Price”). 

Section 3.18 Sale of Mortgage Assets Pursuant to Indenture; Auction Call Redemption. 

(a) In connection with any sale of Mortgage Assets pursuant to Article 5 or Article 9 of the Indenture, the Special
Servicer shall obtain bid prices with respect to each Mortgage Asset in the manner set forth in Section 5.5(c) of the Indenture. 

(b) In connection with any Auction Call Redemption in connection with Article 9 of the Indenture, fifteen (15) days prior
to each Payment Date occurring in the months of January, April, July or October of each year, starting with the Payment Date occurring in February 2028 (each such Payment Date, an “Auction Payment Date”), the Special Servicer will
(a) conduct an auction (the “Auction”) of all (but not less than all) of the Mortgage Assets and (b) notify the Special Servicer as to the Total Redemption Price in respect of the related Auction Payment Date. Promptly
following receipt of such notice, the Special Servicer will solicit bids for all of the Mortgage Assets from at least three Eligible Bidders other than the initial Preferred 

  
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Shareholder and its Affiliates for sale of each of the Mortgage Assets (or, if the Special Servicer cannot obtain bids from three such Eligible Bidders, then at least two Eligible Bidders other
than the initial Preferred Shareholder and its Affiliates or, if the Special Servicer cannot obtain bids from two such Eligible Bidders, then at least one Eligible Bidder who is not the initial Preferred Shareholder and its Affiliates;
provided that, if the Special Servicer cannot obtain any bids from Eligible Bidders other than the initial Preferred Shareholder or its Affiliates in connection with any Auction, the requirement to obtain bids from such Eligible Bidders shall
not apply for such Auction), which sales, in each case, shall all settle on or prior to the second Business Day prior to the related Auction Payment Date. If the Special Servicer receives bids for the sale of the Mortgage Assets from one or more
Eligible Bidders, which bids are, collectively in the aggregate, equal to or greater than the Total Redemption Price, and for which all sales to Eligible Bidders are scheduled to settle in immediately available funds on or before the second Business
Day prior to the related Auction Payment Date, then the Special Servicer will sell all (but not less than all) of the Mortgage Assets to the applicable Eligible Bidders, with settlement to occur no later than the second Business Day prior to the
related Auction Payment Date. In addition, the holder of the Preferred Shares or any of its affiliates, although it may not have been the highest bidder in a Successful Auction of Mortgage Assets, will have the option to purchase any Mortgage Asset
for a purchase price equal to the highest bid therefor. On the second Business Day prior to the related Auction Payment Date, the Special Servicer shall notify the Note Administrator, the Trustee, the Preferred Share Paying Agent and the 17g-5 Information Provider in writing of the aggregate bid amount so received in connection with such Auction and whether (i) the aggregate cash purchase price for all the Mortgage Assets by the Eligible
Bidders, together with the balance of all Eligible Investments and cash in the Payment Account and the Permitted Companion Participation Acquisition Account, is at least equal to the Total Redemption Price or (ii) the Preferred Shareholder has
committed to purchase all of the Mortgage Assets by for a price that, together with the balance of all Eligible Investments and cash in the Payment Account and the Permitted Companion Participation Acquisition Account, is equal to the Total
Redemption Price (a “Successful Auction”). If a Successful Auction has occurred, the Special Servicer shall sell all of the Mortgage Assets to the applicable winning Eligible Bidders and transfer all of the sale proceeds received in
connection with such Auction to the Payment Account under the Indenture no later than the second Business Day prior to the related Auction Payment Date. The Note Administrator will apply all proceeds of a Successful Auction on the related Auction
Payment Date to the payment of: (a) all amounts owing to the Servicer, Special Servicer and Operating Advisor under this Agreement, (b) all fees and expenses of the Trustee and the Note Administrator in connection with the related Auction,
(c) all amounts owing under clauses (1) through (3) of Section 11.1(a)(i) of the Indenture without regard to any cap, (d) the Total Redemption Price of each Class of Notes then outstanding and (e) if there is any
remainder after making the payments set forth pursuant to clauses (a) through (d), the Preferred Shares by transferring any such remainder to the Preferred Share Paying Agent for payment to the Preferred Shareholders pursuant to the Preferred
Share Paying Agency Agreement and the Trustee shall redeem the Notes pursuant to the Indenture. 
 If any single bid, or the
aggregate amount of multiple bids, does not equal or exceed the Total Redemption Price, or if there is a failure to settle any sale of any Mortgage Asset on or prior to the second Business Day prior to the related Auction Payment Date (a
“Failed Auction”), then no such sale of any Mortgage Asset will occur and no redemption of the Notes on the related Auction Payment Date will occur. Following each Failed Auction, a new

  
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Auction will be conducted in advance of the following Auction Payment Date pursuant to the procedures set forth above until a Successful Auction has occurred and all of the Notes have been
redeemed. Notices delivered to the Note Administrator pursuant to this section shall be sent via email to trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com. 

In addition, the holder of the Preferred Shares or any of its affiliates will have the option to purchase any Mortgage Asset
for a purchase price equal to the highest bid therefor. 
 For purposes of this Section 3.18(b):

 “Eligible Bidders” means the Seller, the Servicer, the Special Servicer, the Advancing Agent or any of
their respective affiliates, any Holder of the Notes or Preferred Shares or any of their respective affiliates, or any third party prospective purchaser that, as part of its business, engages in the buying and selling of commercial mortgage loans of
a type similar to the Mortgage Assets. 
 Section 3.19 Repurchase Requests. If the Servicer or the Special
Servicer (i) receives a Repurchase Request, or such a Repurchase Request is forwarded to the Servicer or Special Servicer by a party to the Indenture in accordance with Section 7.17 of the Indenture (the Servicer or the Special Servicer,
as applicable, to the extent it receives a Repurchase Request, the “Repurchase Request Recipient” with respect to such Repurchase Request); or (ii) receives any withdrawal of a Repurchase Request by the Person making such
Repurchase Request, then the Repurchase Request Recipient shall deliver a notice (which may be by electronic format so long as a “backup” hard copy of such notice is also delivered on or prior to the next Business Day) of such Repurchase
Request or withdrawal of a Repurchase Request (each, a “15Ga-1 Notice”) to the Issuer and the Seller, in each case within ten (10) Business Days from such Repurchase Request
Recipient’s receipt thereof. 
 Each 15Ga-1 Notice shall include (i) the
identity of the related Mortgage Asset, (ii) the date the Repurchase Request is received by the Repurchase Request Recipient or the date any withdrawal of the Repurchase Request is received by the Repurchase Request Recipient, as applicable,
(iii) if known by the Repurchase Request Recipient, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such
Repurchase Request. 
 A Repurchase Request Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney client privilege or attorney work product doctrines. The Mortgage Asset Purchase Agreement will provide that (i) any 15Ga-1 Notice
provided pursuant to this Section 3.19 is so provided only to assist the Seller and Issuer or their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act,
Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no information provided pursuant to this
Section 3.19 by a Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient may have with respect to the Mortgage Asset Purchase
Agreement, including with respect to any Repurchase Request that is the subject of a 15Ga-1 Notice. 

  
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 Section 3.20 Investor Q&A Forum and Rating Agency Q&A Forum and
Servicer Document Request Tool. Following receipt of an inquiry submitted to the Investor Q&A Forum and forwarded by the Note Administrator to the Servicer, the Special Servicer or the Operating Advisor, as applicable (based on whether such
Inquiry falls within the scope of such party’s responsibilities hereunder), unless such party determines not to answer such Inquiry as provided below, such party shall reply to the inquiry, which reply of the Servicer, the Special Servicer or
the Operating Advisor, as applicable, shall be delivered to the Note Administrator by electronic mail. If the Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion, that (i) the Inquiry is not of
a type described in Section 10.13(a) of the Indenture, (ii) answering any Inquiry would not be in the best interests of the Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of
applicable law, the applicable Asset Documents or the Transaction Documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the
Special Servicer or the Operating Advisor, as applicable, (v) answering any Inquiry would reasonably be expected to result in the waiver of an attorney-client privilege or the disclosure of attorney work product, or (vi) answering any
Inquiry is otherwise, not advisable, it shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such determination. 

Following receipt of an inquiry submitted to the Rating Agency Q&A Forum and Servicer Document Request Tool, and forwarded
by the 17g-5 Information Provider to the Servicer or the Special Servicer, as applicable (based on whether such Inquiry falls within the scope of such party’s responsibilities hereunder), unless such
party determines not to answer such Inquiry as provided below, such party shall reply to the inquiry, which reply of the Servicer, or the Special Servicer, as applicable, shall be delivered to the Note Administrator by electronic mail. If the
Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering the inquiry would be in violation of applicable law, Acceptable Servicing Practices, the Indenture, this Agreement or the applicable Asset
Documents, (ii) answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product, or (iii) answering the inquiry would materially increase the duties of,
or result in significant additional cost or expense to, such party, and the performance of such additional duty or the payment of such additional cost or expense is beyond the scope of its duties under the Indenture or this Agreement, as applicable,
it shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such determination. 

Section 3.21 Duties under Indenture; Miscellaneous. (a) Each of the Servicer, the Special Servicer and the
Operating Advisor hereby acknowledge that the terms of the Indenture reference certain duties and functions to be performed by each of them. Notwithstanding any provision in the Indenture or herein to the contrary, the Servicer shall not be required
to take any enforcement action with respect to the Mortgage Loans. To the extent not inconsistent with the express terms of this Agreement, each of the Servicer, the Special Servicer and the Operating Advisor hereby agree with respect to the
Mortgage Loans to perform the duties referenced for them in the Indenture. 
 (b) The Servicer (based on its own information
and information received from the Special Servicer with respect to any Specially Serviced Mortgage Loans) shall promptly upon request forward to the Note Administrator any information in its possession or reasonably

  
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available to it concerning the Mortgage Assets to enable the Note Administrator to prepare any report or perform any duty or function on its part to be performed under the terms of the Indenture.

 (c) The Servicer or the Special Servicer shall return to the Custodian each Asset Document released from custody pursuant
to Section 3.3(h)(iii) of the Indenture when its need for such documents is finished (except such Asset Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted under the Indenture, of
the related Mortgage Asset). 
 (d) Pursuant to Section 3.17(a), the Special Servicer shall
promptly obtain an updated Appraisal with respect to the applicable Mortgaged Property and deliver such Appraisal to the Note Administrator, the Servicer and the Trustee with a copy to the applicable Directing Holder (but only for so long as no
Consultation Termination Event has occurred and is continuing with respect to the related Mortgage Asset). 
 (e)
Concurrently with the execution of this Agreement, each of the Servicer and the Special Servicer shall provide the Participation Agent a list of individuals designated by the Servicer or the Special Servicer, as applicable, as an authorized
representative thereof to give and receive notices, requests and instructions and to deliver certificates and documents in connection with the Participation Custodial Agreement on behalf of the Servicer or the Special Servicer, as applicable, and
the specimen signature for each such authorized representative and revise such information previously given from time to time as necessary. 

Section 3.22 Operating Advisor. (a) Park Bridge Lender Services LLC is hereby appointed to serve as the
initial Operating Advisor. 
 (b) The Operating Advisor, as an independent contractor, shall review the Special
Servicer’s operational practices in respect of Specially Serviced Mortgage Loans, consult in certain circumstances with the Special Servicer and perform each other obligation of the Operating Advisor as set forth in this Agreement solely in the
best interest of, and for the benefit of, the Noteholders and Preferred Shareholders (as a collective whole), as determined by the Operating Advisor in the exercise of its good faith and reasonable judgment (the “Operating Advisor
Standard”). The Operating Advisor shall not owe any fiduciary duty to the Servicer, the Special Servicer, any Directing Holder or any other Person in connection with this Agreement. By purchasing a Note, Noteholders are deemed to
acknowledge and agree that there could be multiple strategies to resolve any Specially Serviced Mortgage Loan and that the goal of the Operating Advisor’s participation is to provide additional oversight relating to the Special Servicer’s
compliance with the Servicing Standard in making its determinations as to which strategy to execute. 
 (c) The parties
hereto acknowledge and agree that (i) the Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement, shall have no fiduciary duty, shall have no other duty except with respect to its specific
obligations under this Agreement, and shall have no duty or liability to any of the Noteholders, (ii) the Operating Advisor is not a servicer and will not be charged with changing the outcome on any particular

  
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Specially Serviced Mortgage Loan, and (iii) the Operating Advisor has no control or consent rights over actions by the Servicer or the Special Servicer at any time. 

(d) The Operating Advisor shall have no rights or duties with respect to any Non-CLO
Controlled Mortgage Assets. With respect to each CLO Controlled Mortgage Asset, the Operating Advisor shall: 

(i) promptly review all information available to Privileged Persons on the Note Administrator’s Website
with respect to the CLO Controlled Mortgage Assets (relating to the Special Servicer, the Specially Serviced Mortgage Loans and the Mortgage Loans on the CREFC® Servicer Watch List) that is
relevant to the Operating Advisor’s obligations under this Agreement; 
 (ii) promptly review each Final
Asset Status Report with respect to the CLO Controlled Mortgage Assets; and 
 (iii) review any net present
value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Mortgage Loan (after such calculations have been finalized); provided
that the Operating Advisor may not opine on, or otherwise call into question, such net present value calculations (except that if the Operating Advisor discovers a mathematical error contained in such calculations, then the Operating Advisor shall
notify the Special Servicer of such error). 
 (e) With respect to a CLO Controlled Mortgage Asset, while a Control
Termination Event has occurred and is continuing, the Operating Advisor shall (in addition to the duties set forth in clause (d) above): 

(i) consult (on a non-binding basis) with the Special Servicer in
accordance with the Operating Advisor Standard with regard to Major Decisions and Asset Status Reports with respect to such CLO Controlled Mortgage Asset that is a Specially Serviced Mortgage Loan as set forth in
Section 3.23 of this Agreement; 
 (ii) in connection with the preparation of the
Operating Advisor Annual Report, review the Special Servicer’s operational practices in respect of such CLO Controlled Mortgage Asset that is a Specially Serviced Mortgage Loan in order to formulate an opinion as to whether or not those
operational practices generally satisfy the Servicing Standard with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan or REO Property; 

(iii) promptly recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with net present value calculations used in the Special Servicer’s determination of the course
of action to be taken in connection with the workout or liquidation of such CLO Controlled Mortgage Asset that is a Specially Serviced Mortgage Loan prior to utilization by the Special Servicer. In connection with the foregoing: 

  
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 (A) after the calculation but prior to the utilization by the
Special Servicer, the Special Servicer shall deliver the foregoing calculations together with information and support materials (including such additional information reasonably requested by the Operating Advisor to confirm the mathematical accuracy
of such calculations, but not including any Privileged Information) to the Operating Advisor; 
 (B) if the
Operating Advisor does not agree with the mathematical calculations or the application of the applicable non-discretionary portions of the formulas required to be utilized for such calculation, the Operating
Advisor and Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary portions of the related formulas in
arriving at those mathematical calculations or any disagreement; and 
 (C) if the Operating Advisor and
Special Servicer are not able to resolve such matters, the Operating Advisor shall notify the Trustee and the Trustee will be required to examine the calculations and supporting materials provided by the Special Servicer and the Operating Advisor
and determine which calculation is to apply (and that the Trustee may hire an independent party to perform such examination and calculation pursuant to the terms of the Indenture. The Trustee shall not be responsible for any such determination).

 (iv) If during the prior calendar year a Final Asset Status Report was prepared by the Special Servicer in
connection with any Specially Serviced Mortgage Loan or REO Property, the Operating Advisor shall prepare an Operating Advisor Annual Report as set forth in Section 4.01(g) to be provided to the Note
Administrator and, upon request, to the Trustee. 
 (f) The Operating Advisor shall keep all Privileged Information labeled
as “Privileged Information” confidential and may not disclose such Privileged Information to any Person (including Noteholders other than the applicable Directing Holder (prior to the occurrence of a Consultation Termination Event with
respect to the related CLO Controlled Mortgage Asset)), other than (1) to the extent expressly required by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged Information or
(2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information may not disclose such
Privileged Information to any Person without the prior written consent of the Special Servicer; provided, however, that the Note Administrator and the 17g-5 Information Provider shall not be
responsible for any information posted to their respective internet websites, and the Operating Advisor shall not deliver any Privileged Information to the Note Administrator or to the 17g-5 Information
Provider for posting to their respective internet websites. 
 (g) After the occurrence and during the continuance of a
Consultation Termination Event with respect to a CLO Controlled Mortgage Asset, if the Operating Advisor determines that the Special Servicer is not performing its duties with respect to any Mortgage

  
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Asset as required under this Agreement or is otherwise not acting in accordance with the Servicing Standard, the Operating Advisor may recommend the replacement of the Special Servicer with
respect to the CLO Controlled Mortgage Assets in the manner set forth in Section 7.05. 
 (h) In
connection with each Major Decision for which the Operating Advisor has consultation rights under this Agreement, the Servicer or the Special Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard
to collect the applicable Operating Advisor Consulting Fee from the related borrower, in each case only to the extent that such collection is not prohibited by the related Asset Documents. In no event may the Servicer or Special Servicer, as
applicable, take any enforcement action in connection with the collection of the Operating Advisor Consulting Fee, except that such restrictions shall not be construed to prohibit requests for payment of the Operating Advisor Consulting Fee. 

(i) Although this Agreement generally prohibits the Operating Advisor from making a principal investment in any Class of
Notes, that prohibition shall not be construed to have been violated in connection with riskless principal transactions effected by a broker-dealer affiliate of the Operating Advisor pursuant to investments by an affiliate of the Operating Advisor
if the Operating Advisor and such affiliate maintain policies and procedures designed to segregate personnel involved in the activities of the Operating Advisor under this Agreement from personnel involved in such affiliate’s investment
activities and to prevent such affiliate and its personnel from gaining access to information regarding the Issuer and to prevent the Operating Advisor and its personnel from gaining access to such affiliate’s information regarding its
investment activities. 
 Section 3.23 Control and Consultation. (a) For so long as no Control Termination
Event has occurred and is continuing with respect to a Mortgage Asset (and at any time in case of a Non-CLO Controlled Mortgage Asset), the applicable Directing Holder shall have the right to consent to any
Major Decisions with respect to such Mortgage Asset and the related underlying Mortgage Loan, as the applicable Directing Holder may deem advisable or as to which provision is otherwise made herein, consult with and direct the Servicer and the
Special Servicer with respect to any other actions to be taken or not taken with respect to such Mortgage Asset and the related underlying Mortgage Loan, in each case subject to the Servicer’s or Special Servicer’s, as applicable,
compliance with the Servicing Standard. 
 (b) Both the Servicer and the Special Servicer may communicate directly with the
Obligors in connection with any Major Decision or Other Borrower Request. If the Servicer receives any request for a Major Decision or Other Borrower Request (other than waivers of late payment charges and default interest on Performing Mortgage
Loans) on the Mortgage Loans, the Servicer shall promptly forward such request to the Special Servicer for analysis and processing and the Servicer shall have no further liability or duty with respect thereto. If the Special Servicer receives any
such request from an Obligor (or from the Servicer) the Special Servicer shall analyze and process the request subject to the terms of Section 3.22 and this Section 3.23. After a Major Decision or
Other Borrower Request (other than waivers of late payment charges and default interest on Performing Mortgage Loans) is approved, the Special Servicer shall notify the Servicer of such approval and when the related transaction closes the Special
Servicer shall promptly provide the Servicer with the information necessary for the 

  
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Servicer to update its records to reflect the terms of the transaction. For so long as no Control Termination Event has occurred and is continuing with respect to a Mortgage Asset (and at any
time in case of a Non-CLO Controlled Mortgage Asset), the Special Servicer (i) shall promptly send the applicable Directing Holder a copy of its written recommendation and analysis of any proposed Major
Decision, together with all information reasonably necessary to make an informed decision with respect thereto, and (ii) shall obtain the consent of the applicable Directing Holder prior to making or refraining from making any Major Decision or
providing or denying any waiver or consent with regard to a Major Decision. If the applicable Directing Holder objects to such proposed Major Decision, it must object in writing to the Special Servicer and propose an alternative course of action
within ten (10) Business Days after receipt of the written recommendation and analysis described above. In the event that the Special Servicer has requested consent for Major Decisions from the applicable Directing Holder and such Directing
Holder fails to object to the Special Servicer within such ten (10) Business Day period then the Special Servicer shall take such action as it deems appropriate in accordance with the Servicing Standard. In the event that the Special Servicer
determines that the applicable Directing Holder’s alternative proposal is in accordance with the Servicing Standard, then the Special Servicer shall take such actions as proposed by such Directing Holder. In the event that the Special Servicer
determines that the applicable Directing Holder’s alternative proposal is not in accordance with the Servicing Standard, or if the applicable Directing Holder fails to give notice of the actions to be taken within such ten (10) Business
Day period, then the Special Servicer shall not be bound such Directing Holder’s determination with respect to such action and shall take such action or refrain from taking such action, as applicable, as the Special Servicer determines is in
accordance with the Servicing Standard. 
 (c) Following the occurrence of and during the continuation of a Control
Termination Event with respect to a Mortgage Asset (other than in case of any Non-CLO Controlled Mortgage Asset), the Operating Advisor shall consult with Special Servicer, with respect to making or refraining
from making any Major Decision. The Special Servicer (i) shall promptly send the Operating Advisor a copy of its written recommendation and analysis for each Major Decision, together with all information reasonably necessary to make an informed
decision with respect thereto in a timely manner, including without limitation, any related Asset Status Report required to be delivered pursuant to Section 3.16(f) hereof (collectively, “Decision
Information”), and (ii) shall consult, on a non-binding basis, with the Operating Advisor prior to taking or refraining from making any Major Decision or denying any waiver or consent with regard
to a Major Decision. The Operating Advisor shall consult with Special Servicer with respect to such decision and, if it determines that an alternative course of action should be considered by the Special Servicer, propose such alternative course(s)
of action within ten (10) Business Days of receipt of the Decision Information from the Special Servicer. The Special Servicer shall consider any recommendations or proposals from the Operating Advisor and determine whether any changes to its
proposed course of action with respect to a decision should be made, such determination being made in accordance with the Servicing Standard and the other terms of this Agreement. In the event that the Operating Advisor does not propose alternative
courses of action or otherwise does not consult with Special Servicer within ten (10) Business Days after receipt of the Decision Information, the Special Servicer shall take the proposed course of action with respect to such decision. 

  
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 (d) Following the occurrence of and during the continuation of a Control
Termination Event, but prior to the occurrence of a Consultation Termination Event with respect to a Mortgage Asset (other than in case of any Non-CLO Controlled Mortgage Asset), the Special Servicer shall
consult, on a non-binding basis, with the applicable Directing Holder prior to making or refraining from making any Major Decision with respect to such Mortgage Asset or as to which provision is otherwise made
herein. The Special Servicer (i) shall promptly send the applicable Directing Holder notice of and a copy of any written recommendation and analysis for such action together with all related Decision Information, and (ii) shall consult, on
a non-binding basis, with the applicable Directing Holder prior to making or refraining from making any Major Decision or providing or denying any waiver or consent with regard to a Major Decision. The Special
Servicer shall consider any recommendations or proposals from the applicable Directing Holder and determine whether any changes to its proposed course of action with respect to a decision should be made, such determination being made in accordance
with the Servicing Standard and the other terms of this Agreement. In the event that the applicable Directing Holder does not propose alternative courses of action or otherwise does not consult with the Special Servicer within ten (10) days
after receipt of the Decision Information, the Special Servicer shall take the proposed course of action with respect to such decision.

(e) After the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence of a
Consultation Termination Event with respect to a Mortgage Asset (other than in case of any Non-CLO Controlled Mortgage Asset), the Special Servicer shall also consult, on a
non-binding basis, with the applicable Directing Holder in connection with each Asset Status Report, prior to finalizing and executing such Asset Status Report and the applicable Directing Holder shall propose
alternative courses of action within ten (10) Business Days of receipt of each such Asset Status Report. The Special Servicer shall consider any such proposals from the applicable Directing Holder and determine whether any changes to its
proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and the other terms of this Agreement. In addition, notwithstanding anything to the contrary herein, after the occurrence and during
the continuance of a Control Termination Event with respect to a Mortgage Asset (other than in case of any Non-CLO Controlled Mortgage Asset), the Special Servicer shall consult with the Operating Advisor in
connection with each Asset Status Report, prior to finalizing and executing such Asset Status Report and the Operating Advisor shall, if it determines that an alternative course of action should be considered by the Special Servicer, propose, by
written notice, such alternative course(s) of action within ten (10) Business Days of receipt of each such Asset Status Report. In the event that either the Operating Advisor or the applicable Directing Holder, as applicable, does not propose
alternative courses of action within ten (10) Business Days after receipt of such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer. 

(f) Subject to Section 3.23(j), the Special Servicer shall recognize the consent and consultation
rights of any Companion Participation Holder in accordance with applicable Participation Agreement. 
 (g) No Directing
Holder shall owe any fiduciary duty to the Note Administrator, the Trustee, the Operating Advisor, the Servicer, the Special Servicer or any Noteholder. No Directing Holder shall have any duty or liability to any Noteholder for any

  
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action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or any such error in judgment.
By its acceptance of a Note, each Noteholder shall be deemed to have confirmed its agreement that (i) any Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents or consult and make recommendations
or refrain from consulting or making recommendations with respect to the Mortgage Loans, that favor the interests of any Noteholder (or holder of a Companion Participation, as applicable) over any other Noteholder, (ii) any Directing Holder may
have special relationships and interests that conflict with the interests of any Noteholder, (iii) it shall take no action against any Directing Holder or any of their respective officers, directors, employees, principals or agents as a result
of such special relationships or interests, and (iv) no Directing Holder shall be deemed to have been negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its
rights or obligations 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 the Noteholders. 

(h) The Note Administrator shall: (i) upon written request (which includes via electronic mail) confirm for the
Servicer, the Special Servicer, the Trustee and the Operating Advisor the occurrence or cessation of any Control Shift Event, Control Termination Event or Consultation Termination Event, (ii) upon any change in the Directing Holder or upon
request, provide the name of the applicable Directing Holder to the Operating Advisor, the Trustee, the Servicer and the Special Servicer, and (iii) upon any change in the Operating Advisor or upon request, provide the name of any successor
Operating Advisor to the applicable Directing Holder, the Servicer and the Special Servicer. 
 (i) The Servicer, the Special
Servicer, the Trustee or the Operating Advisor may from time to time request in writing (which includes via electronic mail) that the Note Administrator provide confirmation as to whether a Control Shift Event, Control Termination Event or a
Consultation Termination Event has occurred in the 12 months preceding any such request or any other period specified in such request. The Note Administrator shall respond to any such request within 10 calendar days. 

(j) For the avoidance of doubt, in the event the Servicer or the Special Servicer, as applicable, determines, in accordance
with the Servicing Standard, that any direction or refusal to consent by the applicable Directing Holder or any advice from the applicable Directing Holder, the Operating Advisor or any Companion Participation Holder would cause the Servicer or the
Special Servicer, as applicable, to violate applicable law, the terms of the applicable Asset Documents, or the terms of this Agreement, including without limitation, the Servicing Standard, the Servicer or the Special Servicer, as applicable, shall
disregard such direction or refusal to consent or advice, as the case may be, and notify the applicable Directing Holder, the Operating Advisor or the applicable Companion Participation Holder of its determination, along with a reasonably detailed
explanation of the basis therefor. 
 (k) To the extent that the applicable Directing Holder has the right hereunder to give
its consent or make a decision with respect to any servicing matter, in the event that the Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that immediate action is necessary to protect the
interests of the Issuer, the Servicer or 

  
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the Special Servicer, as applicable, may take such action without waiting for the applicable Directing Holder’s response. 

Section 3.24 Reference to the Directing Holder. Unless expressly stated otherwise, the rights of the applicable
Directing Holder with respect to any Mortgage Assets to direct the Servicer and Special Servicer and to consent to any action taken or not taken by the Servicer or Special Servicer shall, at any time that a Control Termination Event has occurred and
is continuing with respect to such Mortgage Asset, convert to a right to consult, on a non-binding basis, with the Servicer and Special Servicer (but not direct either the Servicer or the Special Servicer or
consent to any action taken or not taken by the Servicer or the Special Servicer), which consultation rights shall terminate at any time that a Consultation Termination Event has occurred and is continuing with respect to such Mortgage Asset. For
the avoidance of doubt, no Control Termination Event or Consultation Termination Event shall occur in respect of any Non-CLO Controlled Mortgage Asset. 

Section 3.25 Certain Matters Related to the Participated Mortgage Loans. (a) Allocation of
Servicing Advances, Servicing Expenses, and Indemnification Amounts. Any Servicing Advance, Servicing Expense or indemnification amount with respect to a Participated Mortgage Loan shall be reimbursed, subject to the related Participation
Agreement, on a pro rata and pari passu basis (based on the outstanding principal balance thereof) from amounts allocable to each related Participation. To the extent that the Issuer bears more than its allocable share of Servicing Advances,
Servicing Expenses or indemnification amounts with respect to any Mortgage Loan, the Servicer shall (i) promptly notify the related Companion Participation Holder and (ii) use commercially reasonable efforts in accordance with the
Servicing Standard to exercise on behalf of the Issuer any rights under the related Participation Agreement to obtain reimbursement from the related Companion Participation Holder for the portion of such amount allocable to such holder’s
Companion Participation. Notwithstanding the foregoing, any Servicing Advance, Servicing Expense or indemnification amount that the Servicer or the Special Servicer determines in its reasonable judgment to only relate to the Pari Passu Participation
and not to any related Companion Participation, shall not be allocated to such Companion Participation. 
 (b)
Participation Holder Register. The Servicer shall maintain the register of participants in accordance with the terms of each Participation Agreement (each, a “Participation Holder Register”). The Servicer shall record on the
applicable Participation Holder Register the names and contact information (including addresses, email addresses and telephone numbers) of the holders of the related Participations, the outstanding balances and/or Future Funding Amounts held by such
holders and the wire transfer instructions for such holders, to the extent such information is provided in writing to the Servicer by the applicable holder in accordance with the related Participation Agreement. The initial Participation Holder
Register is set forth on Exhibit F attached hereto. The Servicer shall update each Participation Holder Register upon any transfer or reallocation in accordance with the terms of the related Participation Agreement or upon written notice from
any holder of record on the Participation Holder Register with any change applicable to such holder (including name, contact information and wire transfer instructions). Each Companion Participation Holder has agreed to inform the Servicer of its
name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained in the related Participation Agreement) and of any 

  
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transfer thereof (together with any instruments of transfer). Each Companion Participation Holder is required pursuant to the terms of the related Participation Agreement to inform the Servicer
of any future funding with respect to its Future Funding Companion Participation. Promptly upon receipt of notice from the Special Servicer of a reallocation in accordance with the related Participation Agreement, the Servicer shall reflect any such
increase on the Participation Holder Register and shall provide a copy of such updated register to the Participation Agent, the Issuer, any applicable Directing Holder and the related Companion Participation Holder. 

In no event shall the Servicer be obligated to pay any party the amounts payable to a Companion Participation Holder hereunder
other than the Person listed as the applicable Companion Participation Holder on the applicable Participation Holder Register. In the event that a Companion Participation Holder transfers its Companion Participation without notice to the Servicer,
the Servicer shall have no liability whatsoever for any misdirected payment on such Companion Participation and shall have no obligation to recover and redirect such payment. 

Each Participation Holder Register shall be made available by the Servicer to the Note Administrator, the Trustee, the Seller
and any related Companion Participation Holder upon request by any such Person. The Servicer shall promptly provide the names and addresses of any Companion Participation Holder to any party hereto, any related Companion Participation Holder or any
successor thereto upon written request, and any such party or successor may, without further investigation, conclusively rely upon such information. The Servicer shall have no liability to any Person for the provision of any such names and
addresses. 
 (c) Payments to Companion Participation Holders. With respect to each Companion Participation, any
amounts payable to the related Companion Participation Holder shall be transferred to the servicer of the Companion Participation (as specified in a written notice from Companion Participation Holder to the Servicer) in accordance with the related
Participation Agreement within two (2) Business Days after receipt of properly identified funds. 
 (d) The Special
Servicer (with respect to any Specially Serviced Mortgage Loan or REO Loan and with respect to matters it is processing with respect to any Performing Mortgage Loan) or the Servicer (with respect to any Performing Mortgage Loan other than matters
being processed by the Special Servicer), as applicable, shall take all actions relating to the servicing and/or administration of, the preparation and delivery of reports and other information with respect to, the Mortgage Loan or any related REO
Property required to be performed by the Issuer (as holder of a Pari Passu Participation) or contemplated to be performed by a servicer, in any case pursuant to and as contemplated by the related Participation Agreement and/or any related mezzanine
intercreditor agreement. In addition, notwithstanding anything herein to the contrary, the following considerations shall apply with respect to the servicing of a Mortgage Loan: 

(i) none of the Servicer, the Special Servicer, the Trustee, the Note Administrator or the Advancing Agent
shall make any Interest Advance with respect to any Companion Participation; and 

  
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 (ii) the Servicer and the Special Servicer shall each consult
with and obtain the consent of the related Companion Participation Holder to the extent required by the related Participation Agreement. 

The Special Servicer (with respect to any Specially Serviced Mortgage Loan or REO Loan and with respect to matters it is
processing with respect to any Performing Mortgage Loan) or the Servicer (with respect to any Performing Mortgage Loan other than matters being processed by the Special Servicer), as applicable, shall timely provide to each applicable Companion
Participation Holder any reports or notices required to be delivered to such Companion Participation Holder pursuant to the related Participation Agreement, and the Special Servicer shall cooperate with the Servicer in preparing/delivering any such
report or notice with respect to special servicing matters. 
 The parties hereto recognize and acknowledge the respective
rights of each Companion Participation Holder under the related Participation Agreement. 
 Any reference to servicing any
of the Mortgage Loans in accordance with any of the related Asset Documents shall also mean in accordance with the related Participation Agreement. 

(e) Notwithstanding anything herein to the contrary, with respect to any Mortgage Loan, the Companion Participation Holder
shall be entitled to exercise any of its rights to the extent expressly set forth in the applicable Participation Agreement, in accordance with the terms of such Participation Agreement and this Agreement. 

(f) For so long as no Control Shift Event has occurred and is continuing with respect to the Class E Notes, the
Subordinate Class Representative shall have the right to exercise the consultation rights of the Issuer as holder of any Non-CLO Controlled Mortgage Asset pursuant to the related Participation Agreement.

 (g) Notices, Reports and Information. With respect to each Mortgage Loan, the Servicer or the Special Servicer, as
applicable, shall provide each Companion Participation Holder (or its designee or representative), any reports, notices or information required to be delivered to such Companion Participation Holder pursuant to the related Participation Agreement
and otherwise provided by the Servicer or the Special Servicer, as applicable, hereunder within the same time frame and to the same extent it is required to provide such reports, notices or information and materials to the Note Administrator or the
Directing Holder, as applicable, hereunder. 
 Section 3.26 Ongoing Future Advance Estimates. 

(a) Pursuant to the Indenture, the Note Administrator and the Trustee, on behalf of the Noteholders and the Holders of the
Preferred Shares, will be directed by the Issuer to (i) enter into the Future Funding Agreement and the Future Funding Account Control Agreement, pursuant to which the Seller will agree to pledge certain collateral described therein in order to
secure certain future funding obligations of the Affiliated Future Funding Companion Participation Holders as holders of the Future Funding Companion Participations under the Participation Agreements and (ii) administer the rights of the Note
Administrator and the secured 

  
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party, as applicable, under the Future Funding Agreement and the Future Funding Account Control Agreement. In the event an Access Termination Notice (as defined in the Future Funding Agreement)
has been sent by the Note Administrator to the related account bank and for so long as such Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator will be required, pursuant to the direction of the Issuer or the
Special Servicer on its behalf, to direct the use of funds on deposit in the Future Funding Controlled Reserve Account pursuant to the terms of the Future Funding Agreement. Neither the Trustee nor the Note Administrator will have any obligation to
ensure that the Seller is depositing or causing to be deposited all amounts into the Future Funding Controlled Reserve Account that are required to be deposited therein pursuant to the Future Funding Agreement. 

(b) Pursuant to the Future Funding Agreement, on the Closing Date, (i) TRTX shall deliver its Largest One Quarter Future
Advance Estimate to the Special Servicer, the Servicer, the Operating Advisor and the Note Administrator and (ii) the Future Funding Indemnitor shall deliver to the Special Servicer, the Servicer, the Operating Advisor, the Note Administrator
and the 17g-5 Information Provider a certification of a responsible financial officer of the Future Funding Indemnitor that the Future Funding Indemnitor has Segregated Liquidity at least equal to the Largest
One Quarter Future Advance Estimate. Thereafter, so long as any Future Funding Companion Participation is held by an Affiliated Future Funding Companion Participation Holder and any future advance obligations remain outstanding under such Future
Funding Companion Participation, no later than the 18th day (or, if such day is not a Business Day, the next succeeding Business Day) of the calendar-month preceding the beginning of each calendar quarter, the Future Funding Indemnitor shall deliver
(which may be by email) to the Special Servicer, the Servicer, the Operating Advisor, the Note Administrator and the 17g-5 Information Provider a certification of a responsible financial officer of the Future
Funding Indemnitor that the Future Funding Indemnitor has Segregated Liquidity equal to the greater of (i) the Largest One Quarter Future Advance Estimate or (ii) the controlling Two Quarter Future Advance Estimate for the immediately
following two calendar quarters. 
 (c) Pursuant to the Future Funding Agreement, for so long as any Future Funding Companion
Participation is held by an Affiliated Future Funding Companion Participation Holder and so long as any future advance obligations remain outstanding under such Future Funding Companion Participation and, except as otherwise provided in clause
(a) above, by (x) no earlier than thirty-five (35) days prior to, and (y) no later than the fifth (5th) day of, the calendar-month preceding the beginning of each calendar quarter, the Seller is required to deliver to the
Operating Advisor, the Note Administrator and the Future Funding Indemnitor (i) a Two Quarter Future Advance Estimate for the immediately following two calendar quarters and (ii) such supporting documentation and other information
(including any relevant calculations) as is reasonably necessary for the Operating Advisor to perform its obligations described below. The Operating Advisor shall, within ten (10) days after receipt of the Two Quarter Future Advance Estimate
and supporting documentation from the Seller, (A) review Seller’s Two Quarter Future Advance Estimate and such supporting documentation and other information provided by the Seller in connection therewith, (B) consult with the Seller
with respect thereto and make such inquiry, and request such additional information (and the Seller shall promptly respond to each such request for consultation, inquiry or request for information), in each case as is commercially reasonable for the
Operating Advisor to perform its obligations described in the following subclause (C), and (C) by written notice to the Note Administrator, the Seller and the 

  
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Future Funding Indemnitor substantially in the form of Exhibit E hereto, either (1) confirm that nothing has come to the attention of the Operating Advisor in the documentation
provided by the Seller that in the reasonable opinion of the Operating Advisor would support a determination of a Two Quarter Future Advance Estimate that is at least 25% higher than Seller’s Two Quarter Future Advance Estimate for such period
and shall state that Seller’s Two Quarter Future Advance Estimate for such period shall control or (2) deliver its own Two Quarter Future Advance Estimate for such period. If the Operating Advisor’s Two Quarter Future Advance Estimate
is at least 25% higher than Seller’s Two Quarter Future Advance Estimate for any period, then the Operating Advisor’s Two Quarter Future Advance Estimate for such period shall control; otherwise, Seller’s Two Quarter Future Advance
Estimate for such period shall control. 
 (d) The Seller shall provide the Operating Advisor with the current operating
budget for the Mortgaged Property securing each Mortgage Loan for which the related Future Funding Companion Participation is held by an Affiliated Future Funding Companion Participation Holder within 30 days following the Closing Date, and shall
provide the Operating Advisor with copies of any updates to such budgets, and shall provide the Operating Advisor with any other documentation and information reasonably requested by the Operating Advisor with respect to any such Future Funding
Companion Participation from time to time. 
 The Operating Advisor may conclusively rely on any and all documents and
information provided to the Operating Advisor with respect to any Future Funding Companion Participation, including the supporting documentation (including any accretive costs, expenditures or other amounts provided by the Seller) and additional
information provided by the Seller pursuant to this Section 3.26, without any further investigation or inquiry obligation (except for any investigation or inquiry in subclause (B) of clause
(c) above necessary to perform its obligations under subclause (C) of clause (c) above). The Operating Advisor shall not, under any circumstances, be required or permitted (w) to perform site inspections,
(x) consult with parties other than the Seller (including, any borrowers or property managers), (y) confirm or otherwise investigate any accretive costs, expenditures or other similar amounts provided by the Seller, or (z) request
information not reasonably available to the Seller. 
 (e) No Two Quarter Future Advance Estimate will be required to be made
by the Seller or the Operating Advisor for a calendar quarter if, by the fifth (5th) day of the calendar-month preceding the beginning of such calendar quarter, the Future Funding Indemnitor delivers (which may be by email) to the Special Servicer,
the Servicer, the Operating Advisor, the Note Administrator and the 17g-5 Information Provider a certificate of a responsible financial officer of the Future Funding Indemnitor certifying that (i) the
Future Funding Indemnitor has Segregated Liquidity equal to at least 100% of the aggregate amount of outstanding future advance obligations (subject to the same exclusions as the calculation of the Two Quarter Future Advance Estimate) under the
Future Funding Companion Participations held by Affiliated Future Funding Companion Participation Holders or (ii) no such future funding obligations remain outstanding under the Future Funding Companion Participations held by Affiliated Future
Funding Companion Participation Holders. All certifications regarding Segregated Liquidity, any Two Quarter Future Advance Estimates, or any notices from the Operating Advisor described in clauses (b) and (c) above shall be
emailed to the Note Administrator at trustadministrationgroup@wellsfargo.com and 

  
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cts.cmbs.bond.admin@wellsfargo.com or such other email address as provided by the Note Administrator. 

(f) Notwithstanding the provisions of Section 9.03, all estimates, certifications, documents and
other information to be provided to the Operating Advisor pursuant to this Section 3.26, shall be provided to the Operating Advisor electronically by email addressed to cmbs.notices@parkbridgefinancial.com with a subject
reference to “TRTX 2018-FL1” (or similar reference). Further, any budgets, calculations or other numeric information delivered to the Operating Advisor shall be delivered in Microsoft Excel format or
in a format as the parties may agree upon from time to time. 
 ARTICLE IV 

STATEMENTS AND REPORTS 

Section 4.01 Reporting by the Servicer, the Special Servicer and the Operating Advisor. (a) On or before
2:00 p.m., one (1) Business Day before the Remittance Date, the Servicer shall deliver to the Issuer and the Note Administrator the CREFC® Loan Periodic Update File. 

(b) The Servicer will provide the Issuer with on-line telephone access to all
information with respect to the Mortgage Loans via CMSView or any successor facility or system, as applicable, subject to such reasonable policies, procedures and limitations as the parties may agree upon from time to time. 

(c) Each year, beginning in the calendar year of this Agreement, to the extent the Servicer has the information necessary to
prepare such reports and returns, the Servicer shall prepare and file the reports of foreclosures and abandonments of any Mortgaged Property and the annual information returns with respect to each Obligor’s debt service payments under the
Mortgage Loans as required by Sections 6050J and 6050H, respectively, of the Internal Revenue Code and the rules and regulations promulgated thereunder, as amended. 

(d) One (1) Business Day after each Servicer Determination Date, the Special Servicer shall provide the Servicer with the
CREFC® Special Servicer Loan File and any CREFC® Investor Reporting Package reports customarily prepared by the Special Servicer. On or
before 2:00 p.m. on the Remittance Date, the Servicer shall forward such CREFC® Special Servicer Loan File and such other reports prepared by the Special Servicer, together with the
reports and files in the CREFC® Investor Reporting Packet (other than the CREFC® Comparative Financial Status Report, CREFC® NOI Adjustment Worksheet and CREFC® Operating Statement Analysis Report) customarily prepared by the Servicer, to the Note Administrator
and any related Companion Participation Holder. The Note Administrator shall complete the CREFC® Investor Reporting Package and, to the extent such items have been delivered to the Note
Administrator by the Servicer, make the CREFC® Investor Reporting Package (and any underlying operating statements and rent rolls) available to Noteholders pursuant to
Section 10.12(a) of the Indenture. 

  
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 (e) Commencing with respect to the calendar year ending December 31, 2018
(as to annual information) and the calendar quarter ending on March 31, 2018 (as to quarterly information), the Servicer, in the case of any Performing Mortgage Loan, and the Special Servicer, in the case of any Specially Serviced Mortgage Loan
or REO Property, shall (i) make reasonable efforts to collect promptly from the related Obligor quarterly and annual operating statements and rent rolls of the related real property, financial statements of such Obligor and any other documents
or reports required to be delivered under the terms of the related Asset Documents, if delivery of such items is required pursuant to the terms of the related Asset Documents and (ii) promptly (A) review and analyze such items as may be
collected; (B) prepare or update, on a quarterly and annual basis, CREFC NOI Adjustment Worksheets, CREFC Operating Statement Analysis Reports and CREFC® Comparative Financial Status
Reports based on such analysis; and (C) in the case of the Special Servicer, deliver copies of such prepared written reports and collected operating statements and rent rolls to the Servicer. The Servicer, with respect to each Performing
Mortgage Loan (and with respect to Specially Serviced Mortgage Loans and REO Properties, if the Special Servicer has delivered the related CREFC® Operating Statement Analysis Report, CREFC® NOI Adjustment Worksheet, CREFC® Comparative Financial Status Reports and operating statements to the Servicer), shall deliver or make
available copies (in electronic format) of each CREFC® Operating Statement Analysis Report, CREFC® NOI Adjustment Worksheet, CREFC® Comparative Financial Status Reports and, upon request, the related operating statements (in each case, promptly following the initial preparation and each material revision thereof) to the Note
Administrator. 
 (f) Unless otherwise specifically stated herein, if the Servicer is required to deliver any statement,
report or information under any provisions of this Agreement, the Servicer may satisfy such obligation by (i) physically delivering a paper copy of such statement, report or information, (ii) delivering such statement, report or
information in a commonly used electronic format, or (iii) subject to such reasonable policies, procedures and limitations as the parties may agree upon from time to time, making such statement, report or information available on the
Servicer’s Internet website, unless this Agreement expressly specifies a particular method of delivery; except that delivery of the reports provided in Section 4.01(d) above and any other reports that are required to
be posted by the Note Administrator to its internet website pursuant to the terms of the Indenture shall be delivered electronically to the Note Administrator in a method acceptable to the Servicer and the Note Administrator. 

(g) With respect to each Mortgage Asset, if (i) a Control Termination Event has occurred and is continuing with respect to
such Mortgage Asset and (ii) during the prior calendar year a Final Asset Status Report was prepared by the Special Servicer in connection with any Specially Serviced Mortgage Loan or REO Property, then, based on the Operating Advisor’s
review of any annual compliance statement or related report, Asset Status Report and other information (other than any communications between the applicable Directing Holder and the Special Servicer that would be Privileged Information) delivered to
the Operating Advisor by the Special Servicer, the Operating Advisor shall, within 120 days of the end of the prior calendar year, deliver an annual report setting forth the Operating Advisor’s assessment of the Special Servicer’s
performance of its duties with respect to such Mortgage Asset under this Agreement on an asset level basis with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan and REO Property during the prior calendar year (the
“Operating Advisor Annual Report”) to the Note Administrator and the 17g-5 Information 

  
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Provider (and made available to the Trustee, the Special Servicer and the Rating Agencies through the 17g-5 Website). Each Operating Advisor Annual Report
shall be substantially in the form of Exhibit D of this Agreement (which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms
and provisions of this Agreement) and shall be based on the Operating Advisor’s review of any annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 3.11 of
this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to Section 3.12 of this Agreement, any Asset Status Report, other information delivered to the Operating Advisor by the
Special Servicer and oral communications with the Special Servicer; provided that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement. Subject to
the restrictions in this Agreement, each such Operating Advisor Annual Report shall, with respect to the Mortgage Assets (A) identify any material deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s
obligations under this Agreement with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan and REO Property and (B) comply with all of the confidentiality requirements applicable to the Operating Advisor set
forth in this Agreement. The Special Servicer shall be given an opportunity to review any Operating Advisor Annual Report at least ten (10) calendar days prior to its delivery to the Note Administrator; provided, that the Operating
Advisor shall have no obligation to consider any comments to such Operating Advisor Annual Report that are provided by the Special Servicer. As used in connection with the Operating Advisor Annual Report, the term “asset level basis”
refers to the Special Servicer’s performance of its duties as they relate to the resolution and/or liquidation of Specially Serviced Mortgage Loans and REO Properties, taking into account the Special Servicer’s specific duties in this
Agreement as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of the items required to be reviewed by it pursuant to this Agreement. 

(h) Except as provided in this Section 4.01 or elsewhere in this Agreement, neither the Servicer, the
Operating Advisor nor the Special Servicer, as the case may be, shall be required to provide any other report without its prior written consent, which will not be unreasonably withheld. 

ARTICLE V 

SERVICER AND SPECIAL SERVICER COMPENSATION AND EXPENSES; 

OPERATING ADVISOR COMPENSATION 

Section 5.01 Servicing Compensation. (a) As consideration for servicing the Mortgage Loans subject to this
Agreement, the Servicer shall be entitled to a Servicing Fee for each Mortgage Asset and Companion Participation (including any Specially Serviced Mortgage Loan or REO Loan) remaining subject to this Agreement during any calendar month or part
thereof; provided that any Servicing Fee allocable to a Companion Participation shall be payable only in respect of the principal balance of such Companion Participation and only from collections in respect of the Mortgage Loan that are
allocated to such Companion Participation; provided, further, that for so long as the Servicer or an affiliate of the Servicer is servicing the 

  
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Companion Participation pursuant to another servicing agreement (other than this Agreement) with the holder of such Companion Participation or the Servicer has entered into a sub-servicing agreement with a sub-servicer, which sub-servicer or an affiliate of such
sub-servicer is also servicing such Companion Participation pursuant to another servicing agreement with the holder of such Companion Participation, the Servicer hereby waives any Servicing Fee payable on such
Companion Participation under this Agreement and such Servicing Fee on such Companion Participation shall not be due and payable hereunder. For purposes of the foregoing proviso, the Servicer shall be entitled to conclusively rely on a certification
or representation by a sub-servicer as to whether or not such sub-servicer or an affiliate of such sub-servicer is also servicing
such Companion Participation pursuant to another servicing agreement with the holder of such Companion Participation. The Servicing Fee shall be payable monthly on the Remittance Date (or earlier pursuant to the related Participation Agreement) of
each month and shall be computed on the basis of the same outstanding principal balance and for the period with respect to which any related interest payment on the related Mortgage Asset or, unless waived as set forth above, on the Companion
Participation or distribution on the related Mortgage Asset or, unless waived as set forth above, on the Companion Participation is computed. The Servicer may pay itself the Servicing Fee on the Remittance Date (or earlier pursuant to the related
Participation Agreement) of each month from amounts on deposit in the Collection Account or such other funds permitted under the related Participation Agreement. To the extent that amounts on deposit in the Collection Account on the Remittance Date
are insufficient to pay the Servicing Fee allocated to any Mortgage Asset or related REO Loan, the Issuer shall pay any such shortfall to the Servicer within ten (10) Business Days after the Issuer’s receipt of an itemized invoice
therefor. The right to receive the Servicing Fee may not be transferred in whole or in part except in connection with (i) delegation in respect of servicing of a Mortgage Loan in respect of which there is a Companion Participation to a sub-servicer, which sub-servicer or an affiliate of such sub-servicer is also the servicer under the
A-1 Participation Servicing Agreement, or (ii) the transfer of all of the Servicer’s responsibilities and obligations under and as permitted pursuant to this Agreement. 

(b) As further compensation for its activities hereunder, the Servicer shall be entitled to retain, and shall not be required
to deposit in the Collection Account pursuant to Section 3.03, amounts constituting Additional Servicer Compensation with respect to the Mortgage Loans. 

(c) The Servicer shall be required to pay all expenses related to the Servicer’s internal costs, consisting of overhead
and employee costs and expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement thereof except as specifically provided for herein. 

Section 5.02 Servicing Advances; Servicer Expenses. (a) The Special Servicer or the Servicer shall, in the
first instance, have the right to determine, in accordance with the Servicing Standard, the necessity for all Servicing Advances. The Advancing Agent at the direction of the Special Servicer or the Servicer, as applicable, shall advance all such
funds as are necessary for the purpose of effecting the payment of (i) real estate taxes, assessments and other similar items that are or may become a lien on a Mortgaged Property or REO Property, (ii) ground rents (if applicable),
(iii) premiums on Insurance Policies, in each instance if and to the extent Escrow Payments collected from the related Obligor (or related REO Proceeds, if 

  
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applicable) are insufficient to pay such item when due and the related Obligor has failed to pay such item on a timely basis and (iv) all other customary, reasonable and necessary out-of-pocket expenses paid or incurred by the Servicer or the Special Servicer in connection with the servicing (or special servicing, as applicable) and administering of the
Mortgage Loans; and provided, however, that the particular advance would not, if made, constitute a Nonrecoverable Servicing Advance; and provided, further, however, that with respect to the payment of real estate
taxes, assessments and similar items, the Advancing Agent shall not be required to make such advance until the later of (x) five (5) Business Days after the Special Servicer or the Servicer has received confirmation that such item has not
been paid or (y) the date prior to the date after which any penalty or interest would accrue in respect of such taxes or assessments. 

(b) The Special Servicer shall give the Advancing Agent, the Servicer and the Issuer no less than five (5) Business
Days’ written (facsimile or electronic) notice before the date on which the Advancing Agent is requested to make any Servicing Advance with respect to a given Specially Serviced Mortgage Loan; provided, however, that only two
(2) Business Days’ written (facsimile or electronic) notice shall be required in respect of Servicing Advances required to be made on an emergency or urgent basis; provided, further, that the Special Servicer shall not be
entitled to make such a request (other than for Servicing Advances required to be made on an urgent or emergency basis) more frequently than twice per calendar month (although such request may relate to more than one Servicing Advance). The
Advancing Agent or the Servicer, as applicable, may pay to the Special Servicer the aggregate amount of such Servicing Advances listed on a monthly request, in which case the Special Servicer shall provide the Servicer with such information in its
possession as the Servicer may reasonably request to enable the Servicer to determine whether a requested Servicing Advance would constitute a Nonrecoverable Servicing Advance. Any request by the Special Servicer that the Advancing Agent or the
Servicer make a Servicing Advance shall be deemed to be a determination by the Special Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Advancing Agent and the Servicer shall be entitled to
conclusively rely on such determination; provided that the determination that such requested Servicing Advance is not a Nonrecoverable Servicing Advance shall not be binding on the Servicer and the Special Servicer’s determination that a
Servicing Advance is required to be made in accordance with the Servicing Standard shall not be binding on the Advancing Agent. 

The Servicer shall give the Advancing Agent and the Issuer no less than five (5) Business Days’ written (facsimile
or electronic) notice before the date on which the Advancing Agent is requested to make any Servicing Advance with respect to a given Performing Mortgage Loan; provided, however, that only two (2) Business Days’ written
(facsimile or electronic) notice shall be required in respect of Servicing Advances required to be made on an emergency or urgent basis; provided, further, that the Servicer shall not be entitled to make such a request (other than for
Servicing Advances required to be made on an urgent or emergency basis) more frequently than twice per calendar month (although such request may relate to more than one Servicing Advance). The Advancing Agent may pay to the Servicer the aggregate
amount of such Servicing Advances listed on a monthly request, in which case the Servicer shall provide the Advancing Agent with such information in its possession as the Advancing Agent may reasonably request to enable the Advancing Agent to
determine whether a requested Servicing Advance would constitute a Nonrecoverable Servicing Advance. Any request by the Servicer that the Advancing Agent make a Servicing Advance shall be deemed to be a determination by

  
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the Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Advancing Agent shall be entitled to conclusively rely on such determination;
provided, that the determination that such requested Servicing Advance is not a Nonrecoverable Servicing Advance shall not be binding on the Advancing Agent but the Servicer’s determination that a Servicing Advance is required to be made
in accordance with the Servicing Standard is binding on the Advancing Agent. 
 (c) Notwithstanding anything to the contrary
contained in this Agreement, in the event that the Advancing Agent fails to make in a timely manner any Servicing Advance that the Servicer or the Special Servicer has determined is required in accordance with the Servicing Standard, and the
Advancing Agent has not determined that such Servicing Advance would be a Nonrecoverable Servicing Advance: 

(i) the Note Administrator shall (x) terminate the Advancing Agent hereunder and under the Indenture and,
if the Special Servicer is an Affiliate of, or the same entity as, the Advancing Agent, terminate the Special Servicer pursuant to Section 7.02, (y) use reasonable efforts for 90 days after such termination to replace
the Advancing Agent hereunder and under the Indenture in accordance with the applicable procedures set forth in the Indenture, subject to satisfaction of the Rating Agency Condition, and (z) if the Special Servicer is an Affiliate of, or the
same entity as, the Advancing Agent, terminate the Special Servicer and replace the Special Servicer in accordance with the procedures set forth in Section 6.03 of this Agreement (but, for the avoidance of doubt, the Note
Administrator shall not be responsible for making any Servicing Advance); and 
 (ii) within five
(5) Business Days of the Servicer’s receipt of written notice of the Advancing Agent’s failure to make a required Servicing Advance that the Advancing Agent has not determined to be a Nonrecoverable Servicing Advance, the Servicer
shall promptly make such Servicing Advance, but subject to the Servicer’s determination that such Servicing Advance is not a Nonrecoverable Servicing Advance; provided that the Servicer shall be required to make Servicing Advances
pursuant to this Section 5.02(c)(ii) only until a successor Advancing Agent is appointed, subject to satisfaction of the Rating Agency Condition. After the Advancing Agent has been removed pursuant to this
Section 5.02(c), the Servicer shall be primarily responsible for making Servicing Advances hereunder, in the manner set forth in this Section 5.02 until a successor Advancing Agent is appointed,
subject to satisfaction of the Rating Agency Condition. Any successor Advancing Agent’s long-term unsecured debt shall be rated at least “A2” by Moody’s and a rating by KBRA (if rated by KBRA) equivalent to at least a
“A2” rating by Moody’s and short-term unsecured debt shall be rated at least “P-1” by Moody’s (and a rating by KBRA (if rated by KBRA) equivalent to at least a “P-1”
rating by Moody’s). 
 (d) The Advancing Agent or the Servicer, as applicable, each at its own option and in its sole
discretion, as applicable, instead of obtaining reimbursement for any Nonrecoverable Servicing Advance immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Servicing Advance during the period
ending on the then-current Servicer Determination Date for successive one-month periods for a total period not to exceed 12 months (with the consent of the Subordinate Class Representative

  
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and, for so long as no Control Termination Event has occurred and is continuing with respect to any Mortgage Asset, for any deferral in excess of 6 months). If the Advancing Agent or
Servicer, as applicable, makes such an election at its sole option to defer reimbursement with respect to all or a portion of a Nonrecoverable Servicing Advance (and interest thereon), then such Nonrecoverable Servicing Advance (and interest
thereon) or portion thereof shall continue to be fully reimbursable in any subsequent one-month period. 

(e) On the first Business Day after the Servicer Determination Date for the related Remittance Date, the Advancing Agent or the
Special Servicer shall report to the Servicer if the Advancing Agent or the Special Servicer determines that any Servicing Advance previously made by the Advancing Agent or the Servicer is a Nonrecoverable Servicing Advance. The Servicer shall be
entitled to conclusively rely on such a determination, and such determination shall be binding upon the Servicer, but shall in no way limit the ability of the Servicer in the absence of such determination to make its own determination that any
Servicing Advance is a Nonrecoverable Servicing Advance. All such Servicing Advances shall be reimbursable in the first instance from related collections from the Obligors and further as provided in Section 3.03(b) and
Section 3.03(d). 
 (f) Notwithstanding anything herein to the contrary, no Servicing Advance shall
be required hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. Except as set forth in Section 5.02(c)(ii), the Servicer shall have no obligation under this Agreement to make
any Servicing Advances. Notwithstanding anything to the contrary contained in this Section 5.02, the Servicer may in its reasonable judgment elect (but shall not be required) to make a payment from amounts on deposit in the
Collection Account (which shall be deemed first made from amounts distributable as interest collections and then from all other amounts comprising principal collections) to pay for certain expenses set forth below notwithstanding that the Servicer
(or Special Servicer, as applicable) has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Mortgage Loans or REO Loans, the Special Servicer
has notified the Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property (or REO Property) from being uninsured or being sold at a tax sale or (ii) any event that would cause a
loss of the priority of the lien of the related Mortgage or security instrument, or the loss of any security for the related Mortgage Loan; provided that in each instance, the Servicer or the Special Servicer, as applicable, determines in
accordance with the Servicing Standard (as evidenced by an Officer’s Certificate delivered to the Issuer) that making such expenditure is in the best interest of the Relevant Parties in Interest. 

(g) At such time as it is reimbursed for any Servicing Advance out of the Collection Account pursuant to
Section 3.03(b), the Advancing Agent and the Servicer, as the case may be, shall be entitled to receive, out of any amounts then on deposit in the Collection Account in accordance with the provisions of
Section 3.03(b) interest at the Advance Rate in effect from time to time, accrued on the amount of such Servicing Advance from the date made to, but not including, the date of reimbursement. The Servicer shall reimburse the
Advancing Agent or itself, as the case may be, for any outstanding Servicing Advance as soon as practically possible after receipt of payments from the related Obligor that represent reimbursement of such Servicing Advances, Liquidation Proceeds,
Insurance and Condemnation Proceeds and REO 

  
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Proceeds of the Mortgage Loan, Mortgaged Property or REO Property for which such Servicing Advance was made or if such Servicing Advance has been determined to be a Nonrecoverable Servicing
Advance, from general collections in respect of all of the Mortgage Loans as reimbursement for such Servicing Advance. 
 (h)
Neither the Servicer nor the Advancing Agent shall have any liability to the Issuer, the Noteholders, any Companion Participation Holder or any other Person if its determination that a Servicing Advance made or to be made is a Nonrecoverable
Servicing Advance should prove to be wrong or incorrect, so long as such determination in the case of the Advancing Agent was made on a reasonable basis in good faith or, in the case of the Servicer was made in accordance with the Servicing
Standard. 
 (i) The Servicer shall not be obligated to make Interest Advances. 

Section 5.03 Special Servicing Compensation. (a) As compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Special Servicing Fee with respect to each Specially Serviced Mortgage Loan and REO Loan; provided that any Special Servicing Fee allocable to a Companion Participation shall be paid only from amounts
allocated to such Companion Participation in accordance with the related Participation Agreement. As to each Specially Serviced Mortgage Loan and REO Loan, the Special Servicing Fee shall accrue from time to time at the Special Servicing Fee Rate
and shall be computed on the basis of the stated principal balance of such Specially Serviced Mortgage Loan and in the same manner as interest is calculated on the Specially Serviced Mortgage Loans and, in connection with any partial month interest
payment, for the same period respecting which any related interest payment due on such Specially Serviced Mortgage Loan or deemed to be due on such REO Loan is computed. The Special Servicing Fee with respect to any Specially Serviced Mortgage Loan
or REO Loan shall cease to accrue if a Liquidation Event occurs in respect thereof. The Special Servicing Fee shall be payable monthly, on an asset-by-asset basis, in
accordance with the provisions of Section 3.03(b). The right to receive the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s
responsibilities and obligations under this Agreement. The Special Servicer shall be required to pay all expenses related to the Special Servicer’s internal costs consisting as overhead and employees expenses incurred by it in connection with
its servicing activities hereunder and shall not be entitled to reimbursement thereof except as specifically provided for herein. 

(b) The Special Servicer shall be entitled to a Workout Fee with respect to each Corrected Loan at the Workout Fee Rate on such
Mortgage Loan for so long as it remains a Corrected Loan; provided that any Workout Fee allocable to a Companion Participation shall be paid only from amounts allocated to such Companion Participation in accordance with the related
Participation Agreement. The Workout Fee with respect to any Corrected Loan will cease to be payable if such Mortgage Loan again becomes a Specially Serviced Mortgage Loan; provided that a new Workout Fee will become payable if and when such
Specially Serviced Mortgage Loan again becomes a Corrected Loan. If the Special Servicer is terminated or resigns, it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans that became Corrected Loans prior
to the time of such termination or resignation, except the Workout Fees will no longer be payable if the Mortgage Loan 

  
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subsequently becomes a Specially Serviced Mortgage Loan. If the Special Servicer resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced
Mortgage Loans for which the resigning or terminated Special Servicer had cured the event of default through a modification, restructuring or workout negotiated by the Special Servicer and evidenced by a signed writing with respect to which one
(1) scheduled payment has been made, but which had not as of the time the Special Servicer resigned or was terminated become a Corrected Loan solely because the Obligor had not had sufficient time to make three (3) consecutive timely
Monthly Payments and which subsequently becomes a Corrected Loan as a result of the Obligor making such three (3) consecutive timely Monthly Payments. The successor Special Servicer will not be entitled to any portion of such Workout Fees to
which the predecessor Special Servicer is entitled pursuant to the preceding sentence. The Special Servicer shall be entitled to a Liquidation Fee with respect to each Specially Serviced Mortgage Loan as to which the Special Servicer receives any
Liquidation Proceeds or Insurance and Condemnation Proceeds subject to the exceptions set forth in the definition of Liquidation Fee (such Liquidation Fee to be paid out of such Liquidation Proceeds, Insurance and Condemnation Proceeds);
provided that any Liquidation Fee allocable to a Companion Participation shall be paid only from amounts allocated to such Companion Participation in accordance with the related Participation Agreement. Notwithstanding anything to the
contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds received in connection with (w) the repurchase of any Mortgage Loan by the Seller for a breach of representation or warranty or for defective
or deficient Mortgage Loan documentation so long as such repurchase is completed within the period (including any extension thereof) provided for such repurchase in the Mortgage Asset Purchase Agreement (x) the sale of Mortgage Loans pursuant
to Section 12.1 of the Indenture, or (y) the purchase of a Specially Serviced Mortgage Loan or REO Property by any lender or Companion Participation Holder pursuant to any purchase option. If, however, Liquidation Proceeds or Insurance and
Condemnation Proceeds are received with respect to any Corrected Loan and the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation Proceeds and Insurance and
Condemnation Proceeds that constitute principal and/or interest on such Mortgage Loan. Notwithstanding anything herein to the contrary, the Special Servicer shall be entitled to receive only a Liquidation Fee or a Workout Fee, but not both, with
respect to proceeds on any Mortgage Loan. 
 (c) As further compensation for its activities hereunder, the Special Servicer
shall be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.03 or any REO Account pursuant to Section 3.13, amounts constituting Additional
Special Servicer Compensation with respect to the Mortgage Loans. 
 Section 5.04 Operating Advisor
Compensation. As consideration for the performance of its duties with respect to the Mortgage Loans subject to this Agreement, the Operating Advisor shall be entitled to the Operating Advisor Fees for each Mortgage Loan remaining subject to this
Agreement during any calendar month or part thereof. The Operating Advisor Fees shall be payable monthly on the Remittance Date. The Servicer shall pay to the Operating Advisor the Operating Advisor Fees on the Remittance Date of each month from
amounts on deposit in the Collection Account in accordance with Section 3.03(b)(iv) hereof. The right to receive the Operating Advisor Fees may not be transferred in whole or in part except in connection with the transfer
of all of the Operating Advisor’s responsibilities and obligations 

  
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under this Agreement. Except with respect to the Monthly Operating Advisor Fee (for which no invoice from the Operating Advisor shall be required), the Operating Advisor shall provide to the
Servicer an invoice with respect to the Operating Advisor Review Fee for payment of such amount. The Servicer shall be obligated to pay any such Operating Advisor Review Fee out of the Collection Account pursuant to
Section 3.03(b) only after receipt of such invoice (except that no invoice shall be required for the Monthly Operating Advisor Fee), and the Servicer shall be entitled to conclusively rely on such invoice. 

ARTICLE VI 
 THE
SERVICER AND THE ISSUER 
 Section 6.01 No Assignment; Merger or Consolidation. Except as otherwise provided
for in this Section or in Section 2.02 or 6.03(c), neither the Servicer nor the Special Servicer may assign this Agreement or any of its rights, powers, duties or obligations hereunder; provided,
however, that the Servicer or the Special Servicer may assign this Agreement to a Qualified Affiliate upon satisfaction of the Rating Agency Condition and upon the written consent of the Subordinate Class Representative (with respect to
the Servicer) or the applicable Directing Holder (with respect to the Special Servicer). 
 The Servicer or the Special
Servicer may be merged or consolidated with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person resulting from any merger or consolidation to which it shall be a party, or any Person
succeeding to its business, shall be the successor of the Servicer or the Special Servicer hereunder, and shall be deemed to have assumed all of the liabilities of the Servicer or the Special Servicer hereunder. 

Section 6.02 Liability and Indemnification. None of the Servicer, the Special Servicer, the Trustee, the Note
Administrator, the Operating Advisor nor their Affiliates nor any of the managers, members, directors, officers, employees or agents thereof shall be under any liability to either the Issuer or the Co-Issuer
or any third party (including the Noteholders) for taking or refraining from taking any action, in good faith pursuant to or in connection with this Agreement, or for errors in judgment; provided, however, that none of the Servicer,
the Special Servicer, the Note Administrator, the Trustee or the Operating Advisor or any such Person will be protected against any breach of its representations or warranties (if any) made in this Agreement or any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in the performance of its duties hereunder. The Servicer, the Special Servicer, the Note Administrator, the Trustee or the Operating Advisor, as the case may be, and any director,
officer, manager, member, employee or agent thereof may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. The Servicer,
the Sub-Servicer, the Special Servicer, the Note Administrator, the Trustee or the Operating Advisor, as the case may be, and any member, manager, director, officer, employee or agent thereof shall be
indemnified and held harmless by the Issuer and the Co-Issuer against any loss, liability or expense incurred, including reasonable attorneys’ fees, including in connection with the enforcement of such
indemnity, in connection with any claim, legal action, investigation or proceeding relating to this Agreement, the performance hereunder by, or any specific action which the Issuer, the Co-Issuer, the 

  
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Subordinate Class Representative, any Directing Holder, the Servicer, the Special Servicer, the Note Administrator, the Trustee or the Operating Advisor authorized, requested or advised the
Servicer, the Sub-Servicer, the Special Servicer, the Note Administrator, the Trustee or the Operating Advisor, as the case may be, to perform pursuant to this Agreement, as such are incurred, except for any
loss, liability or expense incurred by reason of the willful misfeasance, bad faith, or negligence in the performance of the duties of the Servicer, the Sub-Servicer, the Special Servicer, the Note
Administrator, the Trustee or the Operating Advisor, as the case may be, or breach of the Servicer’s, the Special Servicer’s, the Note Administrator’s, the Trustee’s or the Operating Advisor’s, as the case may be,
representations and warranties set forth in Section 7.01. Any such indemnification shall be payable from any amounts on deposit in the Collection Account (other than in the case of the Note Administrator and the Trustee)
and pursuant to the Priority of Payments under the Indenture. 
 In the event that the Servicer, the Special Servicer, the
Note Administrator, the Trustee or the Operating Advisor, as the case may be, sustains any loss, liability or expense which results from any overcharges to Obligors under the Mortgage Loans, to the extent that such overcharges were collected by the
Servicer or the Special Servicer, as the case may be, and remitted to the Issuer, the Issuer shall promptly remit such overcharge to the related Obligor or other Obligors after the Issuer’s receipt of written notice from the Servicer or the
Special Servicer, as the case may be, regarding such overcharge. 
 The Issuer and any director, officer, employee or agent
thereof shall be indemnified and held harmless by the Servicer, the Special Servicer, the Note Administrator, the Trustee or the Operating Advisor, as the case may be, against any loss, liability or expense incurred, including reasonable
attorneys’ fees, including in connection with the enforcement of this indemnity, by reason of (i) the willful misfeasance, bad faith or negligence in the performance of the duties of the Servicer, the Special Servicer, the Note
Administrator, the Trustee or the Operating Advisor, as applicable, hereunder or (ii) a breach of the representations and warranties of the Servicer, the Special Servicer or the Operating Advisor set forth in
Section 7.01. 
 Each of the Servicer and the Special Servicer, severally and not jointly, shall
indemnify and hold harmless each of the Trustee and the Note Administrator from and against any claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and expenses, including the costs of enforcing this indemnity, and related
costs, judgments and other costs and expenses incurred by the Trustee or the Note Administrator, as the case may be, that arise out of or are based upon the negligence, bad faith, fraud or willful misconduct on the part of the Servicer or the
Special Servicer, as the case may be, in the performance of its obligations under this Agreement or its negligent disregard of its obligations and duties under this Agreement. 

Each of the Trustee and the Note Administrator, severally and not jointly, shall indemnify and hold harmless each of the
Servicer and the Special Servicer from and against any claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and expenses, including the costs of enforcing this indemnity, and related costs, judgments and other costs and
expenses incurred by the Servicer or the Special Servicer, as the case may be, that arise out of or are based upon the negligence, bad faith, fraud or willful misconduct on the part of the Trustee or the Note Administrator, as the case may be, in
the performance of its obligations under this 

  
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Agreement or the Indenture or its negligent disregard of its obligations and duties under this Agreement or the Indenture. 

Each of the Servicer, the Special Servicer and the Operating Advisor shall be entitled to the same rights, protections,
immunities and indemnities afforded to each herein in connection with any matter contained in the Indenture. 
 Neither the
Servicer nor the Special Servicer shall be responsible for any delay or failure in performance resulting from acts beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war); provided
that such delay or failure is not also a result of its own negligence, bad faith or willful misconduct. Additionally, neither the Servicer nor the Special Servicer shall be liable for the actions or omissions of the Issuer, the Co-Issuer, the Directing Holder, the Trustee, the Note Administrator, the Servicer (in the case of the Special Servicer), the Special Servicer (in the case of the Servicer), and without limiting the foregoing,
neither the Servicer nor the Special Servicer shall be under any obligation to verify compliance by any party hereto with the terms of the Indenture (other than itself) or to verify or independently determine the accuracy of information received by
it from the Trustee or Note Administrator (or from any selling institution, agent bank, trustee or similar source) with respect to the Mortgage Loans or Mortgage Assets. 

The provisions of this Section shall survive any termination of the rights and obligations of the Servicer, the Special
Servicer, the Note Administrator, the Trustee or the Operating Advisor hereunder. 
 Section 6.03 Eligibility;
Successor, the Servicer, the Special Servicer or the Operating Advisor. (a) The Issuer, the Servicer, the Special Servicer and the Operating Advisor shall each be liable in accordance herewith only to the extent of the obligations
specifically and respectively imposed upon and undertaken by the Issuer, the Servicer, the Special Servicer and the Operating Advisor herein. 

(b) (i) Subject to the provisions of Sections 6.03(f) and 7.03, within thirty
(30) days of the Servicer or the Special Servicer receiving a notice of termination pursuant to Section 7.02, the Trustee shall retain a successor servicer or special servicer, as applicable (subject to the
satisfaction of the Rating Agency Condition), or (ii) on or after the date the Issuer receives the resignation of the Servicer or the Special Servicer in accordance with Section 8.01(a), the resigning Servicer or
Special Servicer, as the case may be, shall identify and retain a successor servicer or special servicer who shall assume the Servicer’s or Special Servicer’s duties pursuant to Section 6.03(c), subject to
satisfaction of the Rating Agency Condition. Such successor servicer or special servicer, as the case may be, shall be collectively referred to herein as “Successor.” The Successor shall be the successor in all respects to the
Servicer or Special Servicer, as the case may be, in its capacity as Servicer or Special Servicer under this Agreement and the transactions set forth or provided for herein and shall have all the rights and powers and be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Servicer or Special Servicer, as the case may be, accruing after such termination or resignation; provided, however, that any failure to perform such duties or
responsibilities caused by the Servicer’s or Special Servicer’s failure to comply with Section 7.01 shall not be considered a default by the Successor hereunder. In its capacity as Successor, the Successor

  
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shall have the same limitation of liability herein granted to the Servicer or Special Servicer, as the case may be. In connection with any such appointment and assumption, the Trustee may make
such arrangements for the compensation of such Successor as it and such Successor shall agree; provided, however, that no compensation shall be in excess of that permitted the Servicer or Special Servicer, as the case may be,
hereunder. If no Successor servicer or special servicer, as the case may be, shall have been so appointed and have accepted appointment within thirty (30) days after the Servicer or Special Servicer receives notice of termination in accordance
with Section 8.01, the Issuer may petition any court of competent jurisdiction for the appointment of a Successor servicer or special servicer, as the case may be. Except as provided in
Section 6.03(c) herein, until the Successor is appointed and has accepted such appointment, the Servicer or the Special Servicer shall continue to serve as Servicer or Special Servicer hereunder, as applicable, and shall
have all the rights, benefits and powers and be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer or Special Servicer, as the case may be, hereunder. Once appointed, the Servicer or the Special
Servicer, as the case may be, shall cooperate with the Successor to take such reasonable action, consistent with this Agreement, to effectuate any such succession. 

(c) Subject to the provisions of Section 6.01, neither the Servicer nor the Special Servicer shall
resign from the obligations and duties hereby imposed on it, except in the event that (i) its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities
carried on by it or (ii) a successor servicer or special servicer that is a Qualified Servicer, as applicable, has assumed the Servicer’s or the Special Servicer’s, as applicable, responsibilities and obligations, and the Rating
Agency Condition has been satisfied with respect to appointment of a successor servicer or special servicer. Any determination under clause (i) of the immediately preceding sentence permitting the resignation
of the Servicer shall be evidenced by an opinion of counsel to such effect delivered to the Issuer, the Note Administrator and the Trustee and the 17g-5 Information Provider. Except for a resignation described
above in Section 6.03(c)(i), no resignation by the Servicer or the Special Servicer under this Agreement shall become effective until the Successor, in accordance with
Section 6.03(b), shall have assumed the Servicer’s or Special Servicer’s, as the case may be, responsibilities and obligations. Resignation under Section 6.03(c)(i) shall be
effective within thirty (30) days of such notice. 
 (d) The Operating Advisor may resign from its obligations and
duties hereby imposed on it (a) upon thirty (30) days prior written notice to the Issuer, the Servicer, the Special Servicer, the Note Administrator and the Trustee and (b) upon the appointment of, and the acceptance of such
appointment by, a successor operating advisor meeting the requirements for an Eligible Operating Advisor and the Rating Agency Condition has been satisfied with respect to appointment of a successor operating advisor. No such resignation by the
Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the Operating Advisor’s responsibilities and obligations. The resigning party shall pay all costs and expenses (including costs and expenses
incurred by the Trustee and the Note Administrator) associated with a transfer of its duties pursuant to this Section 6.03(d). 

(e) In addition to the foregoing, the Operating Advisor will be automatically terminated from its obligations and duties
hereunder, without payment of any penalty, at any time when the Aggregate Outstanding Amounts (excluding any Deferred Interest Amounts) of 

  
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the Class A, the Class A-S, the Class B, the Class C and the Class D Notes have been reduced to zero. No successor operating
advisor shall be required to be appointed in connection with, or as a condition to, such resignation. 
 (f) The Directing
Holder with respect to the largest amount of Mortgage Assets by aggregate Principal Balance after subtracting any Appraisal Reduction Amounts allocated to such Mortgage Assets will have the right to designate any successor Servicer appointed under
this Agreement; provided, however, that if such Directing Holder does not appoint a successor Servicer (including that the assumption by such successor Servicer becomes effective) within 60 days from notice of termination or
resignation, as applicable, the Servicer may appoint such successor Servicer. 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES; TERMINATION EVENTS 

Section 7.01 Representations and Warranties. (a) The Servicer hereby makes the following representations and
warranties to each of the other parties hereto: 
 (i) Due Organization, Qualification and Authority.
The Servicer is a national banking association duly organized, validly existing and in good standing under the laws of the United States, and is licensed in each state to the extent necessary to ensure the enforceability of each Mortgage Loan and to
perform its duties and obligations under this Agreement in accordance with the terms of this Agreement; the Servicer has the full power, authority and legal right to execute and deliver this Agreement and to perform in accordance herewith; the
Servicer has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; this Agreement constitutes the valid, legal, binding obligation of the Servicer, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law); 
 (ii) No Conflicts. Neither the execution and delivery of this
Agreement, nor the fulfillment of or compliance with the terms and conditions of this Agreement by the Servicer, (v) conflicts with or results in a breach of any of the terms, conditions or provisions of the Servicer’s articles of
association, as amended, or by laws; (w) conflicts with or results in a breach of any material agreement or material instrument to which the Servicer is now a party or by which it (or any of its properties) is bound, or constitutes a default or
results in an acceleration under any of the foregoing if compliance therewith is necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Servicer to perform its obligations under this Agreement in accordance with
the terms hereof; (x) conflicts with or results in a breach of any legal restriction if compliance therewith is necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Servicer to perform its obligations under
this Agreement in accordance with the terms hereof; (y) results in the violation of any law, rule, regulation, order, judgment or decree to which the Servicer or its property is subject if compliance therewith is necessary (1) to ensure

  
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the enforceability of any Mortgage Loan, or (2) for the Servicer to perform its obligations under this Agreement in accordance with the terms hereof; or (z) results in the creation or
imposition of any lien, charge or encumbrance that would have a material adverse effect upon any of its properties pursuant to the terms of any mortgage, contract, deed of trust or other instrument, or materially impairs the ability of (1) the
Issuer and the Companion Participation Holder to realize on the Mortgage Loans, or (2) the Servicer to perform its obligations hereunder; 

(iii) No Litigation Pending. There is no action, suit, or proceeding pending or, to Servicer’s
knowledge, threatened against the Servicer which, either in any one instance or in the aggregate, would draw into question the validity of this Agreement or the Mortgage Loans, or would be likely to impair materially the ability of the Servicer to
perform its duties and obligations under the terms of this Agreement; 
 (iv) No Consent Required. No
consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over the Servicer is required for (x) the Servicer’s execution
and delivery of this Agreement, or (y) the consummation of the transactions of the Servicer contemplated by this Agreement, or, to the extent required, such consent, approval, authorization, order, registration, filing or notice has been
obtained, made or given (as applicable), except that the Servicer may not be duly qualified to transact business as an entity or licensed in one or more states if such qualification or licensing is not necessary (1) to ensure the enforceability
of any Mortgage Loan, or (2) for the Servicer to perform its obligations under this Agreement in accordance with the terms hereof; 

(v) No Default/Violation. The Servicer is not in default with respect to any order or decree of any
court or any order, regulation or demand of any federal, state, municipal or governmental agency, which, in the judgment of the Servicer, will have consequences that would materially and adversely affect the financial condition or operations of the
Servicer or its properties taken as a whole or its performance hereunder; 
 (vi) E&O Insurance.
The Servicer currently maintains a fidelity bond and errors and omissions insurance or self-insures, in either case meeting the requirements of Section 3.05(c); 

(b) The Special Servicer hereby makes the following representations and warranties to the each of the other parties hereto:

 (i) Due Organization, Qualification and Authority. The Special Servicer is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of Delaware, in good standing and licensed in each state to the extent necessary to ensure the enforceability of each Mortgage Loan and to perform its duties
and obligations under this Agreement in accordance with the terms of this Agreement; the Special Servicer has the full power, authority and legal right to execute and deliver this Agreement and to perform in accordance herewith; the Special Servicer
has duly authorized the execution, delivery and performance of this Agreement and has duly 

  
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executed and delivered this Agreement; this Agreement constitutes the valid, legal, binding obligation of the Special Servicer, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 

(ii) No Conflicts. Neither the execution and delivery of this Agreement, nor the fulfillment of or
compliance with the terms and conditions of this Agreement by the Special Servicer, (v) conflicts with or results in a breach of any of the terms, conditions or provisions of the Special Servicer’s certificate of formation, as amended, or
operating agreement, as amended; (w) conflicts with or results in a breach of any agreement or instrument to which the Special Servicer is now a party or by which it (or any of its properties) is bound, or constitutes a default or results in an
acceleration under any of the foregoing if compliance therewith is necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Special Servicer to perform its obligations under this Agreement in accordance with the
terms hereof; (x) conflicts with or results in a breach of any legal restriction if compliance therewith is necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Special Servicer to perform its obligations
under this Agreement in accordance with the terms hereof; (y) results in the violation of any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject if compliance therewith is necessary
(1) to ensure the enforceability of any Mortgage Loan, or (2) for the Special Servicer to perform its obligations under this Agreement in accordance with the terms hereof; or (z) results in the creation or imposition of any lien,
charge or encumbrance that would have a material adverse effect upon any of its properties pursuant to the terms of any mortgage, contract, deed of trust or other instrument, or materially impairs the ability of (1) the Issuer and the Companion
Participation Holder to realize on the Mortgage Loans, or (2) the Special Servicer to perform its obligations hereunder; 

(iii) No Litigation Pending. There is no action, suit, or proceeding pending or, to Special
Servicer’s knowledge, threatened against the Special Servicer which, either in any one instance or in the aggregate, would draw into question the validity of this Agreement or the Mortgage Loans, or would be likely to impair materially the
ability of the Special Servicer to perform its duties and obligations under the terms of this Agreement; 

(iv) No Consent Required. No consent, approval, authorization or order of, or registration or filing
with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over the Special Servicer is required for (x) the Special Servicer’s execution and delivery of this Agreement, or (y) the
consummation of the transactions of the Special Servicer contemplated by this Agreement, or, to the extent required, such consent, approval, authorization, order, registration, filing or notice has been obtained, made or given (as applicable),
except that the Special Servicer may not be duly qualified to transact business as a foreign limited liability company or licensed in one or more states if such qualification or licensing is not necessary (1) to ensure the

  
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enforceability of any Mortgage Loan, or (2) for the Special Servicer to perform its obligations under this Agreement in accordance with the terms hereof. 

(v) No Default/Violation. The Special Servicer is not in default with respect to any order or decree of
any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which, in the judgment of the Special Servicer, will have consequences that would materially and adversely affect the financial condition or
operations of the Special Servicer or its properties taken as a whole or its performance hereunder; 
 (vi)
E&O Insurance. The Special Servicer currently maintains a fidelity bond and errors and omissions insurance or self-insures, in either case meeting the requirements of Section 3.05(c) hereof. 

(c) The Issuer hereby makes the following representations and warranties to the each of the other parties hereto: 

(i) Due Authority. The Issuer has the full power, authority and legal right to execute and deliver this
Agreement and to perform in accordance herewith; the Issuer has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; the Issuer has the right to authorize the Servicer to
perform the actions contemplated herein; this Agreement constitutes the valid, legal, binding obligation of the Issuer, except as enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws
relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

(ii) Non-Exempt Person. The Issuer is a Non-Exempt Person. 
 (iii) Anti-Money Laundering/International Trade
Law Compliance. As of the date of this Agreement, each Remittance Date or payment date under Section 3.02 or Section 3.03, and at all times until the Agreement has been terminated and all
amounts hereunder have been paid in full, that: (A) no Covered Entity (1) is a Sanctioned Person; (2) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any
Anti-Terrorism Law; (3) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (4) engages in any dealings or
transactions prohibited by any Anti-Terrorism Law; (B) the proceeds of this Agreement will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in
violation of any Law; (C) the funds used to pay the Servicer are not derived from any unlawful activity; and (D) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any
Laws, including but not limited to any Anti-Terrorism Laws. The Issuer covenants and agrees that it shall immediately notify the Servicer in writing upon the occurrence of a Reportable Compliance Event. 

  
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 (iv) Ownership of Mortgage Assets. The
Issuer is the beneficial owner of the Mortgage Assets and has the right to perform the actions contemplated herein. 

(v) No Conflicts. Neither the execution and delivery of this Agreement, nor the fulfillment of or
compliance with the terms and conditions of this Agreement by the Issuer: (v) conflicts with or results in a breach of any of the terms, conditions or provisions of the Issuer’s Governing Documents; (w) conflicts with or results in a
breach of any agreement or instrument to which the Issuer is now a party or by which it (or any of its properties) is bound, or constitutes a default or results in an acceleration under any of the foregoing if compliance therewith is necessary
(1) to ensure the enforceability of any Mortgage Loan, or (2) for the Issuer to perform its obligations under this Agreement in accordance with the terms hereof; (x) conflicts with or results in a breach of any legal restriction if
compliance therewith is necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Issuer to perform its obligations under this Agreement in accordance with the terms hereof; (y) results in the violation of any
law, rule, regulation, order, judgment or decree to which the Issuer or its property is subject if compliance therewith is necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Issuer to perform its obligations
under this Agreement in accordance with the terms hereof; or (z) results in the creation or imposition of any lien, charge or encumbrance that would have a material adverse effect upon any of its properties pursuant to the terms of any
mortgage, contract, deed of trust or other instrument, or materially impairs the ability of (1) the Issuer and the Companion Participation Holder to realize on the Mortgage Loans, or (2) the Issuer to perform its obligations hereunder.

 (vi) No Litigation Pending. There is no action, suit, or proceeding pending or, to Issuer’s
knowledge, threatened against the Issuer which, either in any one instance or in the aggregate, would draw into question the validity of this Agreement or the Mortgage Loans, or would be likely to impair materially the ability of the Issuer to
perform its duties and obligations under the terms of this Agreement. 
 (vii) No Consent Required. No
consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over the Issuer is required for (x) the Issuer’s execution and
delivery of this Agreement, or (y) the consummation of the transactions of the Issuer contemplated by this Agreement, or, to the extent required, such consent, approval, authorization, order, registration, filing or notice has been obtained,
made or given (as applicable), except that the Issuer may not be duly qualified to transact business as a foreign company or licensed in one or more states if such qualification or licensing is not necessary (1) to ensure the enforceability of
any Mortgage Loan, or (2) for the Issuer to perform its obligations under this Agreement in accordance with the terms hereof. 

(viii) No Default/Violation. The Issuer is not in default with respect to any order or decree of any
court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default would materially and adversely affect the ability of the Issuer to perform its obligations hereunder. 

  
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 (ix) Commercial or Multifamily Loans. The Mortgage Loans
relate to or are comprised of only commercial or multifamily loans, the proceeds of which loans were used primarily for commercial or multifamily purposes and not for personal, single family or single household purposes. 

(d) The Operating Advisor hereby makes the following representations and warranties to each of the other parties hereto: 

(i) Due Organization, Qualifications and Authority. The Operating Advisor has the full power, authority
and legal right to execute and deliver this Agreement and to perform in accordance herewith; the Operating Advisor has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; this
Agreement constitutes the valid, legal, binding obligation of the Operating Advisor, except as enforceability may be limited by: (A) bankruptcy, insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the
rights of creditors generally; (B) by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); and (C) public policy considerations regarding the enforceability of provisions
providing or purporting to provide indemnification or contribution with respect to violations of securities laws. 

(ii) No Conflicts. Neither the execution and delivery of this Agreement, nor the fulfillment of or
compliance with the terms and conditions of this Agreement by the Operating Advisor, (v) conflicts with or results in a breach of any of the terms, conditions or provisions of the Operating Advisor’s certificate of formation, as amended,
or limited liability company agreement, as amended; (w) conflicts with or results in a breach of any agreement or instrument to which the Operating Advisor is now a party or by which it (or any of its properties) is bound, or constitutes a
default or results in an acceleration under any of the foregoing if compliance therewith is necessary for the Operating Advisor to perform its obligations under this Agreement in accordance with the terms hereof; (x) conflicts with or results
in a breach of any legal restriction if compliance therewith is necessary for the Operating Advisor to perform its obligations under this Agreement in accordance with the terms hereof; or (y) results in the violation of any law, rule,
regulation, order, judgment or decree to which the Operating Advisor or its property is subject if compliance therewith is necessary for the Operating Advisor to perform its obligations under this Agreement in accordance with the terms hereof. 

(iii) No Litigation Pending. There is no action, suit, or proceeding pending or, to the Operating
Advisor’s knowledge, threatened against the Operating Advisor which, either in any one instance or in the aggregate, would draw into question the validity of this Agreement or the Mortgage Loans, or would be likely to impair materially the
ability of the Operating Advisor to perform its duties and obligations under the terms of this Agreement. 

(iv) No Consent Required. No consent, approval, authorization or order of, or registration or filing
with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over the Operating Advisor is required for (x) the 

  
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Operating Advisor’s execution and delivery of this Agreement, or (y) the consummation of the transactions of the Operating Advisor contemplated by this Agreement, or, to the extent
required, such consent, approval, authorization, order, registration, filing or notice has been obtained, made or given (as applicable), except that the Operating Advisor may not be duly qualified to transact business as a foreign limited liability
company or licensed in one or more states if such qualification or licensing is not necessary (1) to ensure the enforceability of any Mortgage Loan, or (2) for the Operating Advisor to perform its obligations under this Agreement in
accordance with the terms hereof. 
 (v) No Default/Violation. The Operating Advisor is not in default
with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default would materially and adversely affect the ability of the Operating Advisor to perform its
obligations hereunder. 
 (e) The representations and warranties of the Servicer, the Special Servicer, the Operating Advisor
and the Issuer set forth in this Section 7.01 shall survive until the termination of this Agreement. 

Section 7.02 Servicer Termination Event. Any one of the following events shall be a “Servicer Termination
Event”: 
 (a) any failure (i) by the Servicer to remit to the Note Administrator the amount required to be so
remitted by the Servicer on any Remittance Date pursuant to Section 3.03(b)(x) of this Agreement, which continues unremedied by the Servicer by 11:00 a.m. on the following Business Day, (ii) by the Special
Servicer to remit to the Issuer or its nominee any payment required to be so remitted by the Servicer or the Special Servicer, as the case may be, under the terms of this Agreement, when and as due which continues unremedied by the Servicer or the
Special Servicer, as the case may be, for a period of two (2) Business Days after the date on which such remittance was due, or (iii) by the Servicer to remit to the Seller or a Companion Participation Holder any payment required to be so
remitted by the Servicer under the terms of this Agreement, when and as due which continues unremedied by the Servicer for a period of two (2) Business Days after the date on which such remittance was due; or 

(b) any failure by the Advancing Agent to make a Servicing Advance in a circumstance that
Section 5.02(c) of this Agreement requires termination of the Special Servicer; 
 (c) any failure
on the part of the Servicer or the Special Servicer, as the case may be, duly to observe or perform in any material respect any other of the covenants or agreements on the part of the Servicer or the Special Servicer, as the case may be, contained
in this Agreement, or any representation or warranty set forth by the Servicer or the Special Servicer, as the case may be, in Section 7.01 shall be untrue or incorrect in any material respect, and, in either case, such
failure or breach materially and adversely affects the value of any Mortgage Loan or the priority of the lien on any Mortgage Loans or the interest of the Issuer therein, which in either case continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure or breach, requiring the same to be remedied, shall have been given to the Servicer or the Special Servicer, as the case may be, by the Issuer (or the Trustee acting on behalf of
the Issuer) (or such extended period of time approved by the Issuer 

  
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(or the Trustee acting on behalf of the Issuer) provided that the Servicer or the Special Servicer, as the case may be, is diligently proceeding in good faith to cure such failure or
breach); or 
 (d) a decree or order of a court or agency or supervisory authority having jurisdiction in respect of the
Servicer or the Special Servicer, as the case may be, for the commencement of an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, for the appointment of a conservator or receiver or liquidator in
any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs shall have been entered against the Servicer or the
Special Servicer, as the case may be, and such decree or order shall remain in force undischarged or unstayed for a period of sixty (60) days; or 

(e) the Servicer or the Special Servicer, as the case may be, shall consent to the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or the Special Servicer, as the case may be, or relating to all or substantially all of such
entity’s property; or 
 (f) the Servicer or the Special Servicer, as the case may be, shall admit in writing its
inability to pay its debts generally as they become due, file a petition to take advantage of any applicable federal or state bankruptcy, insolvency or similar law, make an assignment for the benefit of its creditors or voluntarily suspend payment
of its obligations; or 
 (g) the Servicer or the Special Servicer, as the case may be, receives actual knowledge that any
Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Notes, or (B) placed one or more classes of Notes on “watch status” in contemplation of a rating downgrade or withdrawal
(and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by such Rating Agency within sixty (60) days of the date that the Servicer or the Special Servicer, as the case may be, obtained such
actual knowledge) and, in the case of either of clauses (A) or (B) above, publicly citing servicing concerns with the Servicer or the Special Servicer, as the case may be, as the sole or material factor in such
rating action; or 
 (h) the Servicer or, following removal or resignation of the Special Servicer, any successor to the
Special Servicer, ceases to be a Qualified Servicer, 
 then, and in each and every case, so long as the applicable Servicer Termination
Event has not been remedied, (i) the Issuer (or the Trustee acting on behalf of the Issuer) may, or (ii) in the case of a Servicer Termination Event with respect to the Special Servicer that materially and adversely affects any Companion
Participation Holder, the Issuer shall, at the direction of such Companion Participation Holder, or (iii) in the case of a Servicer Termination Event with respect to the Special Servicer under clause (b) above, the
Note Administrator shall, by notice in writing to the Servicer (if such Servicer Termination Event is with respect to the Servicer) or the Special Servicer (if such Servicer Termination Event is with respect to the Special Servicer), as the case may
be, in addition to whatever rights the Issuer may have at law or in equity, including injunctive relief and specific performance, terminate all of the rights and obligations of the Servicer or the Special Servicer, as the case may be, under this
Agreement and in and to the 

  
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Mortgage Loans and the proceeds thereof, without the Issuer incurring any penalty or fee of any kind whatsoever in connection therewith; provided, however, that such termination
shall be without prejudice to any rights of the Servicer or the Special Servicer, as the case may be, relating to the payment of its Servicing Fees, Special Servicing Fees, Additional Servicing Compensation and the reimbursement of any Servicing
Advance or Servicing Expense which have been made by it under the terms of this Agreement through and including the date of such termination. Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be
exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any
Event of Default. On or after the receipt by the Servicer or the Special Servicer, as the case may be, of such written notice of termination from the Issuer (or the Note Administrator acting on behalf of the Issuer), all authority and power of the
Servicer or the Special Servicer, as the case may be, under this Agreement, whether with respect to the Mortgage Loans, any Participations or otherwise, shall pass to and be vested in the Trustee, and the Servicer or the Special Servicer, as
applicable, agrees to cooperate with the Trustee in effecting the termination of the responsibilities and rights hereunder of the Servicer or the Special Servicer, including, without limitation, the transfer of the Servicing Files and the funds held
in the Accounts as set forth in Section 8.01. 
 The Issuer may waive any Servicer Termination
Event (other than a Servicer Termination Event under clause (b), (g), or (h) above), as the case may be, in the performance of its obligations hereunder and its consequences provided that no waiver shall
be effective without the consent of the Note Administrator, which may be withheld in its sole discretion; provided that, consent of the Directing Holder with respect to the largest amount of Mortgage Assets by aggregate Principal Balance
after subtracting any Appraisal Reduction Amounts allocated to such Mortgage Asset shall have the right to consent to any waiver of a Servicer Termination Event under this Agreement. Upon any such waiver of a past default, such default shall cease
to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to
the extent expressly so waived. 
 Section 7.03 Termination of the Special Servicer by the Directing Holder.
Prior to a Control Termination Event with respect to a Mortgage Asset, the related Directing Holder shall be entitled to terminate the rights and obligations of the Special Servicer under this Agreement with respect to such Mortgage Asset, with or
without cause, upon ten (10) Business Days’ notice to the Issuer, Special Servicer, the Servicer, the Operating Advisor, the Note Administrator and the Trustee; provided that (a) such removal is subject to
Section 5.03 and Section 6.02 hereof, (b) all applicable costs and expenses of any such termination made by the related Directing Holder without cause shall be paid by such Directing Holder,
(c) all applicable accrued and unpaid Special Servicing Fees or Additional Servicing Compensation and Servicing Expenses owed to the Special Servicer are paid in full, (d) the terminated Special Servicer shall retain the right to receive
any applicable Liquidation Fees or Workout Fees earned by it and payable to it in accordance with the terms hereof and (e) satisfaction of the Rating Agency Condition with respect to the appointment of any successor thereto; provided,
however, that, if a Mortgage Loan was being administered by the Special Servicer at the time of termination, the terminated Special Servicer and the successor Special Servicer shall agree to apportion the 

  
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applicable Liquidation Fee, if any, between themselves in a manner that reflects their relative contributions in earning the fee. 

Section 7.04 Termination of the Special Servicer by the Noteholders. If a Control Termination Event has
occurred and is continuing with respect to the CLO Controlled Mortgage Assets, upon (i) the written direction of holders of Notes evidencing not less than 25% of the aggregate Voting Rights of the Notes Outstanding requesting a vote to replace
the Special Servicer with a new Special Servicer with respect to such Mortgage Assets and (ii) payment by such Holders, as applicable, to the Note Administrator of the reasonable fees and expenses (including any legal fees) to be incurred by
the Note Administrator in connection with administering such vote, the Note Administrator shall promptly provide written notice to all Noteholders of such request by posting such notice on its internet website, and by mail, and conduct the
solicitation of votes of all the Notes in such regard. Upon receipt by the Note Administrator and Trustee of the written direction of holders of the Notes evidencing at least 75% of the aggregate Voting Rights of all the Notes Outstanding at such
time (voting as a single Class), the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the applicable Mortgage Assets under the Indenture and Servicing Agreement and, subject to the
satisfaction of the Rating Agency Condition, appoint the successor Special Servicer with respect to such Mortgage Assets designated or approved by such Noteholders, subject to the indemnification rights, right to outstanding fees, right to
reimbursement of advances and other rights of the outgoing Special Servicer as set forth in the Indenture and this Agreement which will survive removal of the Special Servicer. The Note Administrator will include on each Monthly Report a statement
that each Noteholder may access such notices on the Note Administrator’s website and each Noteholder may register to receive email notifications when such notices are posted on the website. The Note Administrator will be entitled to
reimbursement from the requesting Noteholders for the reasonable expenses of posting notices of such requests. In the event that such vote to replace the Special Servicer does not take place within 180 days of notice from the Note Administrator of
the request for such vote, such initial request for replacement of the Special Servicer with respect to the CLO Controlled Mortgage Assets (and the related subsequent vote to replace the Special Servicer with respect to the CLO Controlled Mortgage
Assets) shall be of no force and effect. 
 Notes owned by the Issuer, the
Co-Issuer, the Special Servicer or any affiliate thereof will not be deemed to be outstanding for purposes of voting on removal or replacement of the Special Servicer. 

Section 7.05 Termination of the Special Servicer Upon Operating Advisor’s Recommendation. After
the occurrence and during the continuance of a Consultation Termination Event with respect to any CLO Controlled Mortgage Asset, if the Operating Advisor determines that the Special Servicer is not performing its duties with respect to such Mortgage
Asset, as required hereunder or is otherwise not acting in accordance with the Servicing Standard with respect to any CLO Controlled Mortgage Asset, the Operating Advisor shall deliver to the Trustee, the Note Administrator, with a copy to the
Special Servicer, a written recommendation detailing the reasons supporting its position (along with relevant information justifying its recommendation) and recommending a suggested replacement special servicer with respect to any CLO Controlled
Mortgage Asset, which shall be a Qualified Servicer. In such event, pursuant to the terms of the Indenture, the Note Administrator shall promptly post notice 

  
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of such recommendation on the Note Administrator’s Website, and conduct the solicitation of votes of all Noteholders in such regard. Upon (i) the written direction of holders of greater
than 75% of the aggregate Voting Rights of the Notes, voting as a single Class within 180 days from the time of recommendation and posting and (ii) satisfaction of the Rating Agency Condition with respect to the appointment of such
successor Special Servicer, the Note Administrator shall notify the Trustee and the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer with respect to the applicable Mortgage Assets under this Agreement and
appoint a successor special servicer with respect to such Mortgage Assets as recommended by the Operating Advisor and designated or approved by the Noteholders and (y) promptly notify such outgoing Special Servicer of the effective date of such
termination. Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s
successor hereunder and the Rating Agency Condition with respect to such appointment shall have been satisfied. The Note Administrator shall, upon request, deliver the results of any such votes to the Trustee, and shall provide the Trustee with any
additional information in its possession reasonably necessary for the Trustee to determine the requisite percentage of Noteholders required to effectuate such termination. 

In the event that such vote to replace the Special Servicer does not take place within 180 days of notice from the Note
Administrator of the request for such vote, such initial request for replacement of the Special Servicer (and the related subsequent vote to replace the Special Servicer) shall be of no force and effect. 

The reasonable costs and expenses associated with administering the vote of the Noteholders, if applicable, will be an Issuer
expense. 
 In no event may a successor Special Servicer be a current or former Operating Advisor or any affiliate of a
current or former Operating Advisor. 
 Section 7.06 Termination of the Operating Advisor. (a) Upon
(i) the written direction of holders of Notes evidencing not less than 15% of the Voting Rights of the Notes (voting as a single Class) requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor
that is an Eligible Operating Advisor and (ii) payment by such Noteholders to the Note Administrator of the reasonable fees and expenses to be incurred by the Note Administrator in connection with administering such vote, the Note Administrator
shall promptly provide written notice of such request to the Operating Advisor and to all Noteholders (by posting such notice on its internet website and by mailing such notice to all Noteholders). Upon receipt by the Note Administrator and the
Trustee of the written direction of holders of more than 50% of the Voting Rights of the Notes that exercise their right to vote (voting as a single Class), and satisfaction of the Rating Agency Condition, the Trustee shall terminate all of the
rights and obligations of the Operating Advisor under this Agreement by written notice to the Operating Advisor, other than any rights and obligations that accrued prior to the date of such termination (including accrued and unpaid Operating Advisor
compensation and indemnification rights arising out of events occurring prior to the date of such termination). In the event that less than 50% of the Voting Rights of the Notes exercise their right to vote, the Trustee shall not remove the
Operating Advisor. The Note Administrator shall include on each Monthly Report a statement that each Noteholder and beneficial owner of Notes may access such 

  
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notices on the Note Administrator’s website and each Noteholder and beneficial owner of Notes may register to receive email notifications when such notices are posted on the website. The
Note Administrator shall be entitled to reimbursement from the requesting Noteholders for the reasonable expenses of posting such notices. In connection with any appointment of and assumption by a successor Operating Advisor, the Trustee may make
such arrangements for the compensation of such successor Operating Advisor as it and such successor Operating Advisor shall agree. In the event the Trustee is unable to identify a successor Operating Advisor at the rate of compensation provided
hereunder, the Trustee is hereby authorized to make arrangements for payment of increased compensation at whatever market rate is reasonably necessary to identify and retain a successor Operating Advisor. Any such increased compensation (including
in the event that the Trustee or the Note Administrator or an affiliate of the Trustee or the Note Administrator is the successor Operating Advisor) shall be an expense of the Issuer. 

(b) As soon as practicable, but in no event later than 15 Business Days after the Trustee notifies the Noteholders that an
Operating Advisor Termination Event has occurred and has not been cured, the Trustee on behalf of the Issuer shall, upon the written direction of the holders evidencing at least 25% of the Voting Rights of the Notes (voting as a single Class),
terminate all of the rights and obligations of the Operating Advisor under this Agreement, other than any rights and obligations that accrued prior to the date of such termination (including accrued and unpaid Operating Advisor compensation and
indemnification rights arising out of events occurring prior to the date of such termination), by written notice to the Operating Advisor. The terminated party shall pay all costs and expenses (including without limitation all costs and expenses
incurred by the Trustee) related to a transfer of its duties pursuant to this Section 7.06(b) (and if such terminated party does not pay such costs and expenses, then such costs and expenses shall be an expense of the
Issuer). Following such termination of the Operating Advisor, the Trustee shall appoint a successor Operating Advisor that is an Eligible Operating Advisor, subject to satisfaction of the Rating Agency Condition, which successor Operating Advisor
may be an affiliate of the Note Administrator or the Trustee; however, if the Note Administrator or the Trustee, as applicable, is acting as the successor Servicer or the successor Special Servicer, neither the Note Administrator nor the Trustee, as
the case may be, nor any of such party’s affiliates may be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating Advisor to the Servicer, the Special Servicer, the Note
Administrator and the Preferred Share Paying Agent, within one business day of such appointment. The Operating Advisor may not at any time be the Servicer, the Special Servicer, the Subordinate Class Representative, the Directing Holder, or an
affiliate of any of them. The appointment of the successor Operating Advisor shall not be subject to the vote, consent or approval of the Noteholders. Upon any termination of the Operating Advisor and appointment of a successor Operating Advisor,
the Trustee shall, as soon as possible, give written notice of the termination and appointment to the 17g-5 Information Provider, the Note Administrator, the Special Servicer, the Servicer and the Preferred
Share Paying Agent. 
 For purposes of this Section 7.06(b), “Operating Advisor
Termination Event” shall mean: 
 (i) any failure by the Operating Advisor to observe or perform in
any material respect any of its covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure continues unremedied for a period of 30 

  
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days after the date on which written notice of such failure is given to the Operating Advisor by any party to this Agreement or to the Operating Advisor and the Trustee by the holders of more
than 25% of the Notes; provided, that with respect to any such failure which is not curable within such 30 day period, the Operating Advisor shall have an additional cure period of 30 days to effect such cure so long as it has commenced to
cure such failure within the initial 30 day period and has provided the Trustee with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure; 

(ii) any failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which
failure continues unremedied for a period of 30 days after the date on which written notice of such failure is given to the Operating Advisor by any party to this Agreement; 

(iii) any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure continues
unremedied for a period of 30 days after the date on which written notice of such failure is given to the Operating Advisor by any party to this Agreement; 

(iv) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an
involuntary case under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or
similar proceedings, or for the winding up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; 

(v) the Operating Advisor consents to the appointment of a conservator or receiver or liquidator or liquidation
committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the Operating Advisor or of or relating to all or substantially all of its property; and 

(vi) the Operating Advisor admits in writing its inability to pay its debts generally as they become due, files
a petition to take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends payment of its obligations. 

As soon as practicable, upon a Responsible Officer of the Trustee obtaining actual knowledge that an Operating Advisor
Termination Event has occurred, the Trustee shall provide written notice to the Note Administrator, and the Note Administrator shall promptly provide written notice to all Noteholders electronically by posting such notice the 17g-5 Website and by mail, unless such Operating Advisor Termination Event has been remedied or waived. The Trustee at the direction of the Controlling Class may waive any default by the Operating Advisor in
the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement. 

  
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No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 

Section 7.07 Note Administrator/Trustee Termination Event. As used herein, a “Note Administrator/Trustee
Termination Event” means any one of the following: 
 (a) any failure on the part of the Note Administrator or the
Trustee, as applicable, duly to observe or perform in any material respect any of the covenants or agreements on the part of the Note Administrator or Trustee, as applicable, contained in this Agreement, or any representation or warranty set forth
by the Trustee in Section 7.01 shall be untrue or incorrect in any material respect, and, in either case, such failure or breach materially and adversely affects the value of any Mortgage Loan or the priority of the lien on
any Mortgage Loans or the interest of the Issuer therein, which in either case continues unremedied for a period of thirty (30) days after the date on which written notice of such failure or breach, requiring the same to be remedied, shall have
been given to the Note Administrator or the Trustee, as applicable, by the Issuer (or such extended period of time approved by the Issuer provided that the Note Administrator or the Trustee, as applicable, is diligently proceeding in good
faith to cure such failure or breach); or 
 (b) a decree or order of a court or agency or supervisory authority having
jurisdiction in respect of the Note Administrator or the Trustee, as applicable, for the commencement of an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, for the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs shall have been entered against
the Note Administrator or the Trustee, as applicable, and such decree or order shall remain in force undischarged or unstayed for a period of sixty (60) days; or 

(c) the Note Administrator or the Trustee, as applicable, shall consent to the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Note Administrator or the Trustee, as applicable, or relating to all or substantially all of its property; or 

(d) the Note Administrator or the Trustee, as applicable, shall admit in writing its inability to pay its debts generally as
they become due, file a petition to take advantage of any applicable federal or state bankruptcy, insolvency or similar law, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 

(e) the Trustee no longer qualifies as a Qualified Trustee or the Note Administrator no longer satisfies the standards set
forth in the definition of Qualified Trustee. 
 then, and in each and every case, so long as an Event of Default with respect to the Note
Administrator or the Trustee, as applicable, shall not have been remedied, the Issuer may, by notice in writing to the Note Administrator or the Trustee, as applicable, in addition to whatever rights the Issuer may have at law or in equity,
including injunctive relief and specific performance, terminate all of the rights and obligations of the Note Administrator or the Trustee, as applicable, under this Agreement and in and to the Mortgage Loans and the proceeds thereof,

  
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without the Issuer incurring any penalty or fee of any kind whatsoever in connection therewith; provided, however, that such termination shall be without prejudice to any rights of
the Note Administrator or the Trustee, as applicable, relating to the payment of any compensation due hereunder or the reimbursement of any Servicing Advance or Servicing Expense which have been made by it under the terms of this Agreement through
and including the date of such termination. Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to
any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default. On or after the receipt by the Note Administrator or the Trustee, as
applicable, of such written notice of termination from the Issuer, all authority and power of the Note Administrator or the Trustee, as applicable, under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be
vested in the Issuer, and the Note Administrator or the Trustee, as applicable, agrees to cooperate with the Issuer in effecting the termination of the responsibilities and rights hereunder of the Note Administrator or the Trustee, as applicable.

 The Issuer may waive any default by the Note Administrator or the Trustee, as applicable, in the performance of its
obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 

Section 7.08 Trustee to Act; Appointment of Successor. (a) No appointment of a successor to the Servicer or
the Special Servicer hereunder shall be effective until the assumption by such successor of all the Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder. 

(b) Notwithstanding anything herein to the contrary but subject to the rights of the Directing Holder pursuant to
Section 6.03(f), the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act or if the Noteholders entitled to a majority of the voting rights so request in writing to the Trustee or if the
Trustee is not a Qualified Servicer, promptly appoint a Qualified Servicer as the successor to the Servicer or Special Servicer, as the case may be, of all of the responsibilities, duties and liabilities of the Servicer or the Special Servicer, as
the case may be, hereunder. Pending appointment of a successor to the Servicer or the Special Servicer, as the case may be, hereunder, unless the Trustee shall be prohibited by law from so acting or is unable to act, the Trustee shall act in such
capacity as hereinabove provided. In connection with any such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans or otherwise as it and
such successor shall agree; provided, however, the Trustee is hereby authorized to make arrangements for payment of increased compensation (including in the event that the Trustee or an affiliate of the Trustee is the successor
Servicer or Special Servicer) at whatever market rate is reasonably necessary to identify and retain an acceptable successor Servicer or Special Servicer, as the case may be. Any such increased compensation shall be an expense of the Issuer. 

Section 7.09 Closing Conditions; Issuer Covenants. 

  
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 (a) Contemporaneously with the execution of this Agreement and from time to time
as necessary during the term of the Agreement, the Issuer and any Companion Participation Holder shall deliver to each of the Servicer and the Special Servicer, with a copy to the Note Administrator, evidence satisfactory to each of the Servicer and
the Special Servicer substantiating that it is not a Non-Exempt Person and that the Servicer and the Special Servicer is not obligated under applicable law to withhold Taxes on sums paid to it with respect to
the Mortgage Loans or otherwise under this Agreement. Without limiting the effect of the foregoing, provided it is a Qualified REIT Subsidiary at the time of the execution of this Agreement, (A) the Issuer shall satisfy the requirements of the
preceding sentence by furnishing to each of the Servicer and the Special Servicer, with a copy to the Note Administrator, an Internal Revenue Service Form W-9 and (B) if the Issuer ceases to be a
Qualified REIT Subsidiary or entity disregarded as separate from a REIT (for U.S. federal income tax purpose), then the Issuer shall satisfy the requirements of the preceding sentence by furnishing to each of the Servicer and the Special Servicer,
with a copy to the Note Administrator, an Internal Revenue Service Form W-8ECI, Form W-8EXP, Form W-8IMY (with appropriate
statements), Form W-8BEN-E or successor forms, as may be required from time to time, duly executed by the Issuer, as evidence of such Issuer’s exemption from the
withholding of United States tax with respect thereto. Each of the Servicer and the Special Servicer shall not be obligated to make any payments hereunder to the Issuer or any Companion Participation Holder until the Issuer or such Companion
Participation Holder, as the case may be, shall have furnished to each of the Servicer and the Special Servicer the requested forms, certificates, statements or documents. 

(b) The obligations of each of the Servicer and the Special Servicer under this Agreement or any transaction contemplated
hereby shall be subject to Issuer’s compliance with all Laws, including Anti-Terrorism Laws, and the continued truthfulness and completeness of Issuer’s representations and warranties found in Section 7.01(c)(ii)
and (iii). 
 Section 7.10 Post-Closing Performance Conditions. 

The Servicer, the Special Servicer and the Issuer agree to cooperate with reasonable requests made by the Servicer or the
Special Servicer or the Issuer, as applicable, after signing this Agreement to the extent reasonably necessary for the other to comply with laws and regulations applicable to financial institutions in connection with this transaction (e.g., the USA
PATRIOT Act, OFAC and related regulations). 
 ARTICLE VIII 

TERMINATION; TRANSFER OF MORTGAGE ASSETS 

Section 8.01 Termination of Agreement. (a) Subject to the appointment of a Successor and the acceptance of
such appointment by such Successor pursuant to Section 6.03(b), this Agreement may be terminated by the Issuer with respect to any or all of the Mortgage Loans only (i) upon thirty (30) days written notice to the
Servicer or without cause upon thirty (30) days written notice to the Special Servicer or the Operating Advisor, as applicable, or (ii) in connection with a transfer described in Section 8.02 upon thirty
(30) days prior written notice. Subject to the appointment of a Successor and the acceptance of such appointment by such Successor pursuant to Section 6.03(c), the Servicer or the Special Servicer, 

  
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as the case may be, may resign from its duties and obligations hereunder with respect to any Mortgage Loans, without cause, upon thirty (30) days written notice to the Issuer. 

(b) Termination pursuant to this Section or as otherwise provided herein shall be without prejudice to any rights of the
Issuer, the Note Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor or any Companion Participation Holder, as the case may be, which may have accrued through the date of termination hereunder. Upon such
termination, the Servicer shall (i) remit all funds in the related Accounts to the Issuer or such other Person designated by the Issuer, net of accrued Servicing Fees, Additional Servicing Compensation, Special Servicing Fees, Workout Fees or
Liquidation Fees, Monthly Operating Advisor Fees, Operating Advisor Review Fees, Operating Advisor Consulting Fees (to the extent paid by the related Obligor), and Servicing Advances or Servicing Expenses through the termination date to which the
Servicer, Special Servicer and/or Operating Advisor would be entitled to payment or reimbursement hereunder; (ii) deliver all related Servicing Files to the successor servicer or to Persons designated by the Trustee; and (iii) fully
cooperate with the Trustee, the Note Administrator and any new servicer or special servicer to effectuate an orderly transition of Servicing or Special Servicing of the related Mortgage Loans. Upon such termination, any Servicing Fees, Special
Servicing Fees, Workout Fees, Liquidation Fees, Additional Servicing Compensation, Monthly Operating Advisor Fees, Operating Advisor Review Fees, Operating Advisor Consulting Fees (to the extent paid by the related Obligor), Servicing Advances (with
interest thereon at the Advance Rate), Servicing Expenses (with interest thereon at the Advance Rate) which remain unpaid or unreimbursed after the Servicer or the Special Servicer, as the case may be, has netted out such amounts pursuant to the
preceding sentence, shall be remitted by the Issuer to the Servicer, the Special Servicer or the Operating Advisor, as the case may be, within ten (10) Business Days after the Issuer’s receipt of an itemized invoice therefor to the extent
the Servicer, the Special Servicer or the Operating Advisor is terminated without cause. 
 Section 8.02 Transfer of
Mortgage Assets. (a) The Servicer or the Special Servicer, as the case may be, acknowledges that any or all of the Mortgage Assets may be sold, transferred, assigned or otherwise conveyed by the Issuer to any third party
pursuant to the terms and conditions of this Agreement and the Indenture without the consent or approval of the Servicer or the Special Servicer, as the case may be. Any such transfer shall constitute a termination of this Agreement with respect to
such Mortgage Loan and any Companion Participation, subject to the Issuer’s notice requirements under Section 8.01(a). The Issuer acknowledges that the Servicer or the Special Servicer, as the case may be, shall not be
obligated to perform Servicing or Special Servicing, as applicable, with respect to such transferred Mortgage Assets (or the related Mortgage Loans) for any such third party unless and until the Servicer or the Special Servicer, as applicable, and
such third party execute a servicing agreement having terms which are mutually agreeable to the Servicer or the Special Servicer, as applicable, and such third party; provided, however, no such third party shall be obligated to engage
the Servicer or the Special Servicer, as the case may be, to perform Servicing or Special Servicing with respect to the transferred Mortgage Assets (or the related Mortgage Loans) (or be liable for any of the obligations of Issuer hereunder). 

(b) Until the Servicer, the Special Servicer or the Operating Advisor, as the case may be, receives written notice from the
Issuer of the sale, transfer, assignment or 

  
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conveyance of one or more Mortgage Assets, the Issuer shall be presumed to be the owner and holder of such Mortgage Assets, the Servicer, the Special Servicer or the Operating Advisor, as the
case may be, shall continue to earn Servicing Fees, Special Servicing Fees, Workout Fees or Liquidation Fees, Additional Servicing Compensation, Monthly Operating Advisor Fees, Operating Advisor Review Fees, Operating Advisor Consulting Fees and any
other compensation hereunder with respect to such Mortgage Assets (or any related Companion Participations as provided herein) and the Servicer shall continue to remit payments and other collections in respect of such Mortgage Assets to the Issuer
or the Note Administrator, as applicable, pursuant to the terms and provisions hereof. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment; Waiver. This Agreement contains the entire agreement between the parties relating to the
subject matter hereof, and no term or provision hereof may be amended or waived except from time to time by: 
 (a) The
mutual agreement of the Issuer, the Note Administrator, the Trustee, the Advancing Agent, the Servicer, the Operating Advisor and the Special Servicer, without the consent of any of the Noteholders or the Rating Agencies, (i) to cure any
ambiguity, (ii) to correct or supplement any provision herein which may be inconsistent with any other provision herein or in the Offering Memorandum, (iii) to add any other provisions with respect to matters or questions arising under
this Agreement or (iv) for any other purpose provided, that such action shall not adversely affect in any material respect the interests of any Noteholder without the consent of such Noteholder. 

(b) The Issuer, the Note Administrator, the Trustee, the Operating Advisor, the Servicer and the Special Servicer, and with the
written consent of the Noteholders evidencing, in the aggregate, not less than a majority of the Voting Rights of the Noteholders for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of this Agreement
that materially and adversely affect the rights of the Noteholders; provided, however, that no such amendment shall (i) reduce in any manner the amount of, delay the timing of or change the manner in which payments received on or
with respect to the Mortgage Loans are required to be distributed with respect to any Underlying Note without the consent of the Noteholders, (ii) adversely affect in any material respect the interests of the holders of a Class of Notes in
a manner other than as set forth in (i) above without the consent of the holders of such Class of Notes evidencing, in the aggregate, not less than 51% of the Voting Rights of such Class of Notes; (iii) reduce the aforesaid
percentages of Voting Rights of the Notes, the holders of which are required to consent to any such amendment without the consent of 51% of the holders of any affected Class of Notes of then outstanding or, (iv) alter the obligations of
the Issuer to make an advance or to alter the Servicing Standard set forth herein. 
 (c) It shall not be necessary for the
consent of Noteholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of

  
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evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable regulations as the Issuer may prescribe. 

(d) In connection with any proposed amendment hereto, the Trustee, the Note Administrator, the Servicer and the Special
Servicer (i) shall each be entitled to receive such officer’s certificates as required for amendments to and pursuant to this Agreement, and (ii) shall not be required to enter into any amendment that affects its obligations, rights,
or indemnities hereunder. 
 (e) No amendment of this Agreement shall adversely affect in any material respect the interests
of any Companion Participation Holder without the consent of such Companion Participation Holder. 
 (f) Promptly after the
execution of any amendment to this Agreement, the Issuer or the Note Administrator shall furnish a copy of such amendment to each Noteholder and the 17g-5 Information Provider pursuant to the terms of the
Indenture. 
 (g) The parties to this Agreement shall be entitled to rely upon an Officer’s Certificate of the Issuer in
determining whether or not the Securityholders would be materially or adversely affected by such change (after giving notice of such change to the Securityholders). Such determination shall be conclusive and binding on all present and future
Securityholders. None of the parties to this Agreement shall be liable for any such determination made in good faith. 

Section 9.02 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without giving effect to principles of conflicts of laws. 

Section 9.03 Notices. All demands, notices and communications hereunder shall be in writing and addressed in each
case as follows: 
  

	 	(a)	 if to the Issuer, at: 

TPG Real Estate Finance 2018-FL1 Issuer, Ltd. 

888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Deborah Ginsberg 

Facsimile number: (212) 405-8626 

Email: dginsberg@tpg.com; 

with a copy to: 

  
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 TPG Real Estate Finance 2018-FL1 Issuer,
Ltd. 
 888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Jason Ruckman 

Facsimile number: (212) 430-7525 

Email: jruckman@tpg.com; 
  

	 	(b)	 if to the Servicer, at 

Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 

Three Wells Fargo 

MAC D1050-084, 401 South Tryon Street, 8th Floor 

Charlotte, North Carolina 28202 

Attention: TRTX 2018-FL1 Asset Manager 

Facsimile number: (704) 715-0036 

 

	 	(c)	 if to the Note Administrator, at 

Wells Fargo Bank, National Association 

Corporate Trust Services 

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Corporate Trust Services – TRTX 2018-FL1 

with a copy by email to: 

trustadmistrationgroup@wellsfargo.com and 

cts.cmbs.bond.admin@wellsfargo.com 
  

	 	(d)	 if to the Trustee, at 

Wilmington Trust, National Association 

1100 North Market Street 

Wilmington, Delaware 19890 

Attention: CMBS Trustee – TRTX 2018-FL1 

Facsimile number: (302) 636-6196 

with a copy to: 

E-mail: cmbstrustee@wilmingtontrust.com 

  
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	 	(e)	 if to the Special Servicer, at 

Situs Holdings, LLC 

101 Montgomery Street, Suite 2250 

San Francisco, California 94104 

Attention: Stacey Ciarlanti; 

E-mail: stacey.ciarlanti@situs.com; 

with a copy to: 

Situs Group, LLC 

5065 Westheimer, Suite 700E 

Houston, Texas 77056 

Attention: Legal Department 

E-mail: legal@situs.com; 

 

	 	(f)	 if to the Operating Advisor, at 

Park Bridge Lender Services LLC 

600 Third Avenue, 40th Floor 

New York, New York 10016 

Attention: TRTX 2018-FL1 – Surveillance Manager 

(with a copy sent via email to: 

cmbs.notices@parkbridgefinancial.com); 
  

	 	(g)	 if to the Advancing Agent, at 

TPG RE Finance Trust CLO Loan Seller, LLC 

888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Deborah Ginsberg 

Facsimile number: (212) 405-8626 

Email: dginsberg@tpg.com; 

with a copy to: 

TPG RE Finance Trust CLO Loan Seller, LLC 

888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Jason Ruckman 

Facsimile number: (212) 430-7525 

Email: jruckman@tpg.com; 

  
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	 	(h)	 if to the initial Subordinate Class Representative, at 

TPG RE Finance Trust 2018-FL1 Retention Holder, LLC 

888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Deborah Ginsberg 

Facsimile number: (212) 405-8626 

Email: dginsberg@tpg.com; 

with a copy to: 

TPG RE Finance Trust 2018-FL1 Retention Holder, LLC 

888 Seventh Avenue, 35th Floor 

New York, New York 10106 

Attention: Jason Ruckman 

Facsimile number: (212) 430-7525 

Email: jruckman@tpg.com; 
  

	 	(i)	 if to the Participation Agent, at 

Wells Fargo Bank, National Association 

9062 Old Annapolis Road 

Columbia, Maryland 21045 

Attention: Corporate Trust Services, CRE-CLO Desk – TRTX 2018-FL1 – Custodial Participation Agent 
 Email: cts.cmbs.admin@wellsfargo.com 

with a copy to: 

Email: trustadministrationgroup@wellsfargo.com 
  

	 	(j)	 if to the initial Companion Participation Holders, at the addresses set forth on Exhibit F hereto; and

  

	 	(k)	 if to the initial Directing Holders, at the addresses set forth on Exhibit F hereto.

 Any of the above-referenced Persons may change its address for notices hereunder by giving notice of
such change to the other Persons. All notices and demands shall be deemed to have been given at the time of the delivery at the address of such Person for notices hereunder if personally delivered, mailed by certified or registered mail, postage
prepaid, return receipt requested, or sent by overnight courier or telecopy; provided, however, that any notice delivered after normal business hours of the recipient or on a day which is not a Business Day shall be deemed to have been
given on the next succeeding Business Day. 
 To the extent that any demand, notice or communication hereunder is given to
the Servicer, the Special Servicer or the Operating Advisor, as the case may be, by a Responsible Officer of the Issuer, such Responsible Officer shall be deemed to have the requisite power and 

  
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authority to bind the Issuer with respect to such communication, and the Servicer, the Special Servicer or the Operating Advisor, as the case may be, may conclusively rely upon and shall be
protected in acting or refraining from acting upon any such communication. To the extent that any demand, notice or communication hereunder is given to the Issuer by a Responsible Officer of the Servicer, the Special Servicer, the Trustee, the Note
Administrator or the Operating Advisor, as the case may be, such Responsible Officer shall be deemed to have the requisite power and authority to bind such party with respect to such communication, and the Issuer may conclusively rely upon and shall
be protected in acting or refraining from acting upon any such communication. 
 Section 9.04 Severability of
Provisions. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement
and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions or the rights of any parties thereunder. To the extent permitted by law, the parties hereto hereby waive any provision of law
that renders any provision of this Agreement invalid or unenforceable in any respect. 
 Section 9.05 Inspection and
Audit Rights. (a) The Servicer and the Special Servicer, as the case may be, agree that, on reasonable prior notice, it will permit any agent or representative of the Issuer, during the normal business hours, to examine all the books of
account, records, reports and other papers of the Servicer and the Special Servicer, as the case may be, relating to the Mortgage Loans, to make copies and extracts therefrom, to cause such books to be audited by accountants selected by the Issuer,
and to discuss matters relating to the Mortgage Loans with the officers, employees and accountants of the Servicer and the Special Servicer (and by this provision the Servicer and the Special Servicer hereby authorize such accountants to discuss
with such agents or representatives such matters), all at such reasonable times and as often as may be reasonably requested. Any expense incident to the exercise by the Issuer of any right under this Section shall be borne by the Issuer. 

(b) The Special Servicer shall, on reasonable prior notice, permit any agent or representative of the Operating Advisor, the
Note Administrator, the Trustee and any applicable person in accordance with the control and consultation procedures of Section 3.23, during normal business hours, to examine all the books of account, records, reports and
other papers of the Special Servicer relating to the Specially Serviced Mortgage Loans and to generally review the Special Servicer’s operational practices in respect of Specially Serviced Interests to formulate an opinion as to whether or not
those operational practices generally satisfy the Servicing Standard under this Agreement. 
 Section 9.06 Operating
Advisor Contact with the Servicer and the Special Servicer. Each of the Servicer and the Special Servicer shall, not more frequently than once per month, without charge, make a knowledgeable servicing officer available via telephone during
normal business hours to verbally answer questions from (i) the Operating Advisor and (ii) the applicable person in accordance with the control and consultation procedures of Section 3.23, regarding the
performance and servicing of the Mortgage Loans and/or REO Properties for which the Servicer or the Special Servicer, as the case may be, is responsible. 

  
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 Section 9.07 Binding Effect; No Partnership; Counterparts. The
provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto. Nothing herein contained shall be deemed or construed to create a partnership or joint venture
between the parties hereto and the services of the parties hereto other than the Issuer shall be rendered as an Independent Contractor for the Issuer. For the purpose of facilitating the execution of this Agreement as herein provided and for other
purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed
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 to this Agreement. 

Section 9.08 Protection of Confidential Information. The Servicer, the Special Servicer and the Operating Advisor
shall keep confidential and shall not divulge to any party, without the Issuer’s prior written consent, any information pertaining to the Mortgage Loans or the Obligors except to the extent that (a) it is appropriate for the Servicer, the
Special Servicer and the Operating Advisor to do so (i) in working with legal counsel, auditors, other advisors, taxing authorities, regulators or other governmental agencies or in connection with performing its obligations hereunder,
(ii) in accordance with the Servicing Standard or (iii) when required by any law, regulation, ordinance, administrative proceeding, governmental agency, court order or subpoena or (b) the Servicer, the Special Servicer or the
Operating Advisor, as the case may be, is disseminating general statistical information relating to the assets (including the Mortgage Loans) being serviced by the Servicer or the Special Servicer or in respect of which the Operating Advisor is
performing its duties hereunder, as the case may be, so long as the Servicer, the Special Servicer or the Operating Advisor does not identify the Obligors. Unless prohibited by law, statute, rule or court order, Servicer or the Special Servicer, as
the case may be, shall promptly notify Issuer of any such disclosure pursuant to clause (iii); provided, however, the Servicer, the Special Servicer or the Operating Advisor, as the case may be, shall still
make such disclosure absent a court order directing it to stop or terminate such disclosure. 
 Section 9.09 General
Interpretive Principles. For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

(a) the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as
the singular, and the use of any gender herein shall be deemed to include the other gender; 
 (b) accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles; 

(c) references herein to an “Article,” “Section,” or other subdivision without reference to a document are
to the designated Article, Section or other applicable subdivision of this Agreement; 
 (d) reference to a Section,
subsection, paragraph or other subdivision without further reference to a specific Section is a reference to such Section, subsection, paragraph or 

  
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other subdivision, as the case may be, as contained in the same Section in which the reference appears; 

(e) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular provision; 
 (f) the term “include” or “including” shall
mean without limitation by reason of enumeration; and 
 (g) the Article, Section and subsection headings herein are for
convenience of reference only, and shall not limit or otherwise affect the meaning of the provisions contained therein. 

Section 9.10 Further Agreements. Each party hereto agrees: (a) to execute and deliver to the other such
additional documents, instruments or agreements as may be reasonably requested by the other parties hereto and as may be necessary or appropriate to effectuate the purposes of this Agreement; 

(b) that neither the Servicer, the Special Servicer nor the Operating Advisor, as the case may be, shall be responsible for any
federal, state or local securities reporting requirements related to servicing for the Mortgage Loans; and 
 (c) that
neither the Servicer, the Special Servicer nor the Operating Advisor, as the case may be, shall be (and cannot be) performing any broker-dealer activities. 

Section 9.11 Rating Agency Notices. (a) The Issuer shall deliver written notice of the following events to
(i) Kroll Bond Rating Agency, Inc., 845 Third Avenue, New York, New York 10022, Attention: CMBS Surveillance (or by electronic mail at cmbssurveillance@kbra.com) and (ii) Moody’s Investor Services, Inc., 7 World Trade Center, 250
Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance, (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any Rating Agency shall designate in the future, promptly following the
occurrence thereof: (a) any amendment to this Agreement or any other documents included in the Indenture; (b) any Event of Default; (c) any change in or the termination of the Operating Advisor; (d) the removal of the Servicer or
the Special Servicer or any successor servicer as Servicer or successor special servicer as Special Servicer; (e) any inspection results received in writing (whether structural, environmental or otherwise) of any Mortgaged Property;
(f) final payment to the Noteholders; or (g) any change in a property manager. In addition, the Monthly Reports, the CREFC® Investor Reporting Packet and the CREFC® Special Servicer Loan File and such other reports provided for hereunder or under the Indenture shall be made available to the Rating Agencies at the time such documents are required to be
delivered pursuant to the Indenture. The Servicer or the Special Servicer and the Issuer also shall furnish such other information regarding the Mortgage Loans as may be reasonably requested by the Rating Agencies to the extent such party has or can
obtain such information without unreasonable effort or expense. Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event under this Agreement. 

  
 -115- 

 (b) All information and notices required to be delivered to the Rating Agencies
pursuant to this Agreement or requested by the Rating Agencies in connection herewith, shall first be provided in electronic format to the 17g-5 Information Provider in compliance with the terms of the
Indenture (who shall post such information to the 17g-5 Website in accordance with Section 14.13 of the Indenture). The Servicer may (but is not required to) provide information and notices directly to
the Rating Agencies the earlier of (a) upon notice that the information is posted to the 17g-5 Website and (b) at the same time the information or notice was provided to the 17g-5 Information Provider in accordance with the procedures in Section 14.13 of the Indenture. 

(c) Each party hereto, insofar as it may communicate with any Rating Agency pursuant to any provision of this Agreement, each
other party to this Agreement, agrees to comply (and to cause each and every sub-servicer, subcontractor, vendor or agent for such Person and each of its officers, directors and employees to comply) with the
provisions relating to communications with the Rating Agencies set forth in this Section 9.11 and shall not deliver to the Rating Agencies any report, statement, request or other information relating to the Notes or the
Mortgage Loans other than in compliance with such provisions. 
 (d) The Servicer and the Special Servicer shall be permitted
(but not obligated) to orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matters related to the Mortgage Loans, the related Mortgaged Properties, the related Mortgagors or any other matters
relating to this Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such
written summary in accordance with the procedures set forth herein the same day such communication takes place; provided, further, that the summary of such oral communications shall not identity which Rating Agency the communication
was with. The 17g-5 Information Provider shall post such written summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in
the Indenture. 
 (e) None of the foregoing restrictions in this Section 9.11 prohibit or restrict
oral or written communications, or providing information, between the Servicer or Special Servicer, on the one hand, and any Rating Agency, on the other hand, with regard to (i) such Rating Agency’s review of the ratings, if any, it
assigns to such party, (ii) such Rating Agency’s approval, if any, of such party as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s evaluation of such party’s servicing operations in
general; provided, however, that such party shall not provide any information relating to the Notes or the Mortgage Loans to any Rating Agency in connection with any such review and evaluation by such Rating Agency unless
(x) borrower, property or deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded onto the 17g-5 Website; or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the Notes. 

Section 9.12 Limited Recourse and Non-Petition. (a) Notwithstanding
any other provision of this Agreement, the Servicer, the Special Servicer, the Operating Advisor, the Note Administrator, and the Trustee hereby agree and acknowledge that the obligations of the Issuer under this Agreement are limited recourse
obligations of the Issuer payable solely from 

  
 -116- 

 
the Mortgage Loans as contemplated hereby or in accordance with the Priority of Payments (as defined in the Indenture), and, following realization of all of the Mortgage Loans, all obligations of
the Issuer and all claims of Servicer, the Special Servicer, the Advancing Agent, the Operating Advisor, the Note Administrator and the Trustee against the Issuer under this Agreement shall be extinguished and shall not thereafter revive. Each of
the Servicer, the Special Servicer, the Advancing Agent, the Operating Advisor, the Note Administrator and the Trustee hereby agrees and acknowledges that the Issuer’s obligations hereunder will be solely the corporate obligations of the
Issuer, and that none of the Servicer, the Special Servicer, the Advancing Agent, the Operating Advisor, the Note Administrator or the Trustee will have any recourse to any of the directors, officers, employees, shareholders or Affiliates of the
Issuer with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transaction contemplated hereby. 

(b) Notwithstanding any other provision of this Agreement, the Servicer, the Special Servicer, the Advancing Agent, the
Operating Advisor and the Trustee hereby agree not to file, cause the filing of or join in any petition in bankruptcy against the Issuer for the non-payment to the Servicer, the Special Servicer, the Operating
Advisor, or the Trustee of any amounts due pursuant to this Agreement until at least one year and one day, or, if longer, the applicable preference period then in effect (including any period established pursuant to the laws of the Cayman Islands),
after the payment in full of all Notes. 
 (c) The provisions of this Section 9.12 shall survive
the termination of this Agreement for any reason whatsoever. 
 Section 9.13 Capacity of Trustee and Note
Administrator. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by each of the Trustee and the Note Administrator, not individually or personally, but solely in its respective
capacity as trustee and note administrator on behalf of the related Trust, in the exercise of the powers and authority conferred and vested in it under the Indenture for such Trust, and pursuant to the direction of the Issuer, (ii) each of the
representations, undertakings and agreements by the Trustee and the Note Administrator, as applicable, is made and intended for the purpose of binding only the respective Trust and there shall be no recourse against any of the Trustee or the Note
Administrator in its individual capacity hereunder, (iii) nothing herein contained shall be construed as creating any liability for the Trustee or the Note Administrator, individually or personally, to perform any covenant (either express or
implied) contained herein, and all such liability, if any, is hereby expressly waived by the parties hereto, and such waiver shall bind any third party making a claim by or through one of the parties hereto, (iv) under no circumstances shall
the Trustee or Note Administrator be liable for the payment of any indebtedness or expenses of any Trust, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this
Agreement or any other agreement including the Indenture for such Trust or any related document; and (v) the Trustee and the Note Administrator shall not have any obligations or duties under this Agreement except as expressly set forth herein,
no implied duties on the part of the Trustee or the Note Administrator shall be read into this Agreement, and nothing herein shall be construed to be an assumption by the Trustee or the Note Administrator of any duties or obligations of any party to
this Agreement, the Indenture or any related document, the duties of the Trustee and the 

  
 -117- 

 
Note Administrator being solely those set forth in the related Servicing Agreement and/or Indenture, as applicable. 

Each of the Trustee and the Note Administrator shall be entitled to all the rights, protections, immunities, and indemnities
under the Indenture as if specifically set forth herein. 
 Section 9.14 Third-Party Beneficiaries. The parties
to this Agreement acknowledge that the Seller and each Companion Participation Holder is an intended third-party beneficiary in respect of the rights afforded it under this Agreement and may directly enforce such rights. 

[SIGNATURE PAGES FOLLOW] 

  
 -118- 

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Special Servicer, the Operating
Advisor, the Note Administrator, the Trustee and the Advancing Agent have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the date first above written. 

 

			
	 With respect to the Issuer only, executed as a Deed by

	
	 TPG REAL ESTATE FINANCE 2018-FL1 ISSUER, LTD.,
as Issuer

		
	 By:
	 	  /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	  /s/ Patrick A. Kanar

		 	 Name: Patrick A. Kanar

		 	 Title: Banking Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Note Administrator

		
	 By:
	 	  /s/ Michael J. Baker

		 	 Name: Michael J. Baker

		 	 Title: Vice President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 
			
	 TPG RE FINANCE TRUST CLO LOAN SELLER, LLC, as Advancing Agent

		
	 By:
	 	 /s/ Matthew Coleman

		 	 Name: Matthew Coleman

		 	 Title: Vice President, Transactions

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Servicer

		
	 By:
	 	 /s/ Joseph Newell III

		 	 Name: Joseph Newell III

		 	 Title: Director

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 
			
	 SITUS HOLDINGS, LLC, as Special Servicer

		
	 By:
	 	 /s/ George Wisniewski

		 	 Name: George Wisniewski

		 	 Title: Executive Managing Director

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 
							
	 PARK BRIDGE LENDER SERVICES LLC, as Operating Advisor

		
	 By:
	 	Park Bridge Advisors LLC, a New York limited liability company
		 	Its Sole Member
			
		 	 By:
	 	Park Bridge Financial LLC, a New York limited liability company
		 		 	Its Sole Member
				
		 		 	 By:
	 	 /s/ Robert J. Spinna, Jr.

		 		 		 	Name: Robert J. Spinna, Jr.
		 		 		 	Title: Managing Member

  
 TRTX 2018-FL1 –
Signature Page to Servicing Agreement 

 EXHIBIT A 

MORTGAGE ASSET SCHEDULE 
  

									
	 #
	  	 Property Name
	  	Mortgage Asset
Cut-off Date
Balance	 	  	 Mortgage Asset Type

	1	  	 Cliffside Park
	  	$	60,000,000	 	  	Participation
	2	  	 Park Central 789
	  	$	58,500,000	 	  	Participation
	3	  	 Brookview Village
	  	$	52,845,844	 	  	Participation
	4	  	 Del Amo Crossing
	  	$	50,562,893	 	  	Participation
	5	  	 Aertson
	  	$	45,000,000	 	  	Participation
	6	  	 Presidential Tower
	  	$	40,765,000	 	  	Participation
	7	  	 Jersey City Portfolio
	  	$	40,000,000	 	  	Participation
	8	  	 The Curtis
	  	$	39,962,474	 	  	Participation
	9	  	 1825 Park
	  	$	38,639,224	 	  	Participation
	10	  	 Fresh Direct
	  	$	36,500,000	 	  	Whole Loan
	11	  	 High Street
	  	$	35,900,000	 	  	Participation
	12	  	 180 Livingston
	  	$	35,900,000	 	  	Participation
	13	  	 Presidents Park
	  	$	35,900,000	 	  	Participation
	14	  	 300 Capitol Mall
	  	$	35,900,000	 	  	Participation
	15	  	 LPM Apartments
	  	$	35,900,000	 	  	Participation
	16	  	 Walnut Creek Executive Center
	  	$	35,900,000	 	  	Participation
	17	  	 Sirata Beach Resort
	  	$	32,400,000	 	  	Participation
	18	  	 Doubletree New York
	  	$	32,400,000	 	  	Participation
	19	  	 Solage Calistoga
	  	$	32,400,000	 	  	Participation
	20	  	 The Star
	  	$	30,000,000	 	  	Participation
	21	  	 Freehand
	  	$	28,500,000	 	  	Participation
	22	  	 Colton Corporate Center
	  	$	25,500,000	 	  	Participation
	23	  	 Westin Charlotte
	  	$	24,600,000	 	  	Participation
	24	  	 Woodland Hills Village
	  	$	21,004,747	 	  	Participation
	25	  	 SE Hotels
	  	$	16,100,000	 	  	Participation
	26	  	 Goodland Hotel
	  	$	11,300,000	 	  	Participation

  
 A-1 

 EXHIBIT B 

APPLICABLE SERVICING CRITERIA IN ITEM 1122 OF REGULATION AB 

The assessment of compliance to be delivered shall address, at a minimum, the criteria identified below as “Applicable
Servicing Criteria” (with each Applicable Party(ies) deemed to be responsible for the items applicable to the functions it is performing. In addition, this Exhibit B shall not be construed to impose on any Person any
servicing duty that is not otherwise imposed on such Person under the main body of the Servicing Agreement of which this Exhibit B forms a part or to require an assessment of the criterion that is not encompassed by the
servicing duties of the applicable party that are set forth in the main body of the Servicing Agreement. 
  

					
	 	  	 Applicable Servicing Criteria
	  	 Applicable
Party(ies)

	 Reference
	  	 Criteria
	  	 
		  	General Servicing Considerations	  	
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	Servicer
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	Servicer
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the loans are maintained.	  	N/A
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	Servicer
			
		  	Cash Collection and Administration	  	
			
	 1122(d)(2)(i)
	  	Payments on loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  	Servicer
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	N/A
			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	Servicer

  
 B-1 

					
	 	  	 Applicable Servicing Criteria
	  	 Applicable
Party(ies)

	 Reference
	  	 Criteria
	  	 
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	Servicer
			
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	Servicer
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	Servicer
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	Servicer
			
		  	Investor Remittances and Reporting	  	
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of loans serviced by the Servicer.	  	N/A
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	N/A

  
 B-2 

					
	 	  	 Applicable Servicing Criteria
	  	 Applicable
Party(ies)

	 Reference
	  	 Criteria
	  	 
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records or Note Administrator’s investor records, or such other number of days specified in the transaction
agreements.	  	N/A
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	N/A
			
		  	Loan Administration	  	
			
	 1122(d)(4)(i)
	  	Collateral or security on loans is maintained as required by the transaction agreements or related loan documents.	  	N/A
			
	 1122(d)(4)(ii)
	  	Loan and related documents are safeguarded as required by the transaction agreements.	  	N/A
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	N/A
			
	 1122(d)(4)(iv)
	  	Payments on loans, including any payoffs, made in accordance with the related loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days
specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related loan documents.	  	Servicer
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the loans agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	Servicer
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool
loan documents.	  	N/A
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes
or other requirements established by the transaction agreements.	  	N/A

  
 B-3 

					
	 	  	 Applicable Servicing Criteria
	  	 Applicable
Party(ies)

	 Reference
	  	 Criteria
	  	 
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified
in the transaction agreements, and describe the entity’s activities in monitoring delinquent loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or
unemployment).	  	Servicer
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for loans with variable rates are computed based on the related loan documents.	  	Servicer
			
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s loan documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of
the related loans, or such other number of days specified in the transaction agreements.	  	Servicer
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such
support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	Servicer
			
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	Servicer
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements.	  	Servicer
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	Servicer

  
 B-4 

					
	 	  	 Applicable Servicing Criteria
	  	 Applicable
Party(ies)

	 Reference
	  	 Criteria
	  	 
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	N/A

  
 B-5 

 EXHIBIT C 

[Reserved] 

  
 C-1 

 EXHIBIT D 

FORM OF OPERATING ADVISOR ANNUAL REPORT 

Report Date: Report will be delivered annually no later than [INSERT DATE]. 

Transaction: TPG Real Estate Finance 2018-FL1 Issuer, Ltd. 

Operating Advisor: Park Bridge Lender Services LLC 

Special Servicer: Situs Holdings, LLC 
  

	 	I.	 Executive Summary 

Based on the requirements and qualifications set forth in the Servicing Agreement dated as of February 14, 2018 (the
“Servicing Agreement”), by and among TPG Real Estate Finance 2018-FL1 Issuer, Ltd., Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as note
administrator, Wells Fargo Bank, National Association, as servicer, Situs Holdings, LLC, as special servicer (the “Special Servicer”), TPG RE Finance Trust CLO Loan Seller, LLC, as advancing agent, and Park Bridge Lender Services
LLC, as operating advisor (the “Operating Advisor”), as well as the matters and qualifications set forth below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational activities in light of
the Servicing Standard and the requirements of the Servicing Agreement with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan and REO Property and provides this Operating Advisor Annual Report. 

To the best of the Operating Advisor’s knowledge, no information or any other content included in this Operating Advisor
Annual Report contravenes any provision of the Servicing Agreement. This Operating Advisor Annual Report sets forth the Operating Advisor’s assessment of the Special Servicer’s performance of its duties under the Servicing Agreement during
the prior calendar year on an asset level basis with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan and REO Property during the prior calendar year. 

Subject to the restrictions in the Servicing Agreement, this Operating Advisor Annual Report (A) identifies any material
deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under the Servicing Agreement with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan and REO Property and
(B) complies with all of the confidentiality requirements applicable to the Operating Advisor set forth in the Servicing Agreement. 

In connection with the assessment set forth in this report, the Operating Advisor: 

1. Reviewed any annual compliance statement delivered to the Operating Advisor by the Special Servicer pursuant to
Section 3.11 of the Servicing Agreement and the following issues were noted therein: [                    ] 

  
 D-1 

 Operating Advisor Actions: 

2. Reviewed any annual independent public accountants’ servicing report with respect to the Special Servicer that was
delivered to the Operating Advisor pursuant to Section 3.12 of the Servicing Agreement and the following issues were noted therein:
[                    ] 

Operating Advisor Actions: 

3. Reviewed any [Final] Asset Status Report and other information or communications delivered to the Operating Advisor and the
following issues were noted therein: [                    ] 

Operating Advisor Actions: 

Based on such review and/or consultation with the Special Servicer and performance of the other obligations of the Operating
Advisor under the Servicing Agreement, the Operating Advisor [believes] [does not believe] there are material violations of the Special Servicer’s compliance with its obligations under the Servicing Agreement. 

Qualifications related to the work product undertaken and opinions related to this report: 

1. The Operating Advisor did not participate in, or have access to, the Special Servicer’s discussions with any Directing
Holder regarding any Specially Serviced Mortgage Loan. As such, the Operating Advisor generally relied upon its review of the information described above or otherwise provided and its interaction and communications with the Special Servicer in
gathering the relevant information to generate this report. 
 2. The Special Servicer has the legal authority and
responsibility to service the Specially Serviced Mortgage Loans pursuant to the Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein. 

3. Confidentiality and other contractual restrictions may limit the Operating Advisor’s ability to outline herein the
details or substance of certain information it reviewed in connection with its duties under the Servicing Agreement. As a result, this report may not reflect all the relevant information that the Operating Advisor is given access to by the Special
Servicer. However, all such information is considered in preparing this report. 
 4. There are many tasks that the Special
Servicer undertakes on an ongoing basis related to Specially Serviced Mortgage Loans, including routine actions. The Operating Advisor does not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the
Special Servicer’s operational compliance with respect to those types of actions. 

  
 D-2 

 Terms used but not defined herein have the meaning set forth in the Servicing
Agreement as described herein. 
  

							
	 PARK BRIDGE LENDER SERVICES LLC

		
	 By:
	 	Park Bridge Advisors LLC, a New York limited liability company
		 	Its Sole Member
			
		 	By:	 	Park Bridge Financial LLC, a New York limited liability company
		 		 	Its Sole Member
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title

 : 

  
 D-3 

 EXHIBIT E 

FORM OF OPERATING ADVISOR’S TWO QUARTER FUTURE ADVANCE ESTIMATE 

[Date] 
  

			
	 Operating Advisor:
	  	 [cmbs.notices@parkbridgefinancial.com]

		
	 Seller and Future Funding Indemnitor:
	  	 [dginsberg@tpg.com]; and

		  	 [jruckman@tpg.com]

		
	 Note Administrator:
	  	 [trustadministrationgroup@wellsfargo.com]; and

		  	 [cts.cmbs.bond.admin@wellsfargo.com]

 Re: TPG Real Estate Finance 2018-FL1 Issuer, Ltd.
– Two Quarter Future Advance Estimate 
 Ladies and Gentlemen: 

This notification is delivered pursuant to Section 3.26 of the Servicing Agreement entered into in connection with the
above referenced transaction. Capitalized terms used but not defined herein have the respective meanings set forth in the Servicing Agreement. The period covered by this notification is from
             to              (the “Relevant Period”). 

 

			
	 Check One:
	  	
		
	                 
	  	 Nothing has come to the attention of the Operating Advisor in the documentation provided by the Seller that in the
reasonable opinion of the Operating Advisor would support a determination of a Two Quarter Future Advance Estimate for the Relevant Period that is at least 25% higher than Seller’s Two Quarter Future Advance Estimate for the Relevant Period. In
accordance with Section 3.26 of the Servicing Agreement, Seller’s Two Quarter Future Advance Estimate is the controlling estimate for the Relevant Period.

		
	                 
	  	 The Operating Advisor’s Two Quarter Future Advance Estimate for the Relevant Period is
$                    . In accordance with Section 3.26 of the Servicing Agreement, the Operating Advisor’s Two Quarter Future Advance
Estimate is the controlling estimate for the Relevant Period.

  
 E-1 

 
							
	 PARK BRIDGE LENDER SERVICES LLC,
as Operating Advisor

		
	 By:
	 	Park Bridge Advisors LLC, a New York limited liability company
		 	Its Sole Member
			
		 	By:	 	Park Bridge Financial LLC, a New York limited liability company
		 		 	Its Sole Member
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 E-2 

 EXHIBIT F 

PARTICIPATION HOLDER REGISTER 
  

																					
	 #
	 	 Property Name
	 	Mortgage Asset
Principal Balance
(Participation A-2)	 	 	Companion
Participation
Principal Balance
(Participation A-1)	 	 	Outstanding Future
Funding Amount
(Participation A-1)	 	 	
Initial Participation
A-1 Holder
	 	
Initial Participation
A-2 Holder
	 	 Initial Directing Holder

	1	 	Cliffside Park	 	$	60,000,000	 	 	$	47,792,520	 	 	$	18,067,480	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	2	 	Park Central 789	 	$	58,500,000	 	 	$	8,450,000	 	 	$	22,550,000	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	3	 	Brookview Village	 	$	52,845,844	 	 	$	1,149,461	 	 	$	10,904,695	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	4	 	Del Amo Crossing	 	$	50,562,893	 	 	$	19,041,122	 	 	$	20,895,985	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	5	 	Aertson	 	$	45,000,000	 	 	$	97,000,000	 	 	$	46,000,000	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	6	 	Presidential Tower	 	$	40,765,000	 	 	$	0	 	 	$	26,810,000	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	7	 	Jersey City Portfolio	 	$	40,000,000	 	 	$	41,680,835	 	 	$	2,719,165	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	8	 	The Curtis	 	$	39,962,474	 	 	$	107,478,771	 	 	$	25,808,755	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	9	 	1825 Park	 	$	38,639,224	 	 	$	1,301,506	 	 	$	5,059,269	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	10	 	Fresh Direct	 	$	36,500,000	 	 	$	0	 	 	$	0	 	 	N/A	 	N/A	 	TPG RE Finance Trust Holdco, LLC
	11	 	High Street	 	$	35,900,000	 	 	$	49,300,000	 	 	$	8,300,000	 	 	TPG RE Finance 12, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 12, Ltd.
	12	 	180 Livingston	 	$	35,900,000	 	 	$	51,298,179	 	 	$	2,801,821	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	13	 	Presidents Park	 	$	35,900,000	 	 	$	25,486,727	 	 	$	22,813,273	 	 	TPG RE Finance 12, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 12, Ltd.
	14	 	300 Capitol Mall	 	$	35,900,000	 	 	$	29,100,000	 	 	$	0	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	15	 	LPM Apartments	 	$	35,900,000	 	 	$	16,474,000	 	 	$	2,100,000	 	 	TPG RE Finance 12, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 12, Ltd.
	16	 	Walnut Creek Executive Center	 	$	35,900,000	 	 	$	14,240,000	 	 	$	4,100,000	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	17	 	Sirata Beach Resort	 	$	32,400,000	 	 	$	44,728,363	 	 	$	7,821,637	 	 	TPG RE Finance 12, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 12, Ltd.
	18	 	Doubletree New York	 	$	32,400,000	 	 	$	34,600,000	 	 	$	0	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	19	 	Solage Calistoga	 	$	32,400,000	 	 	$	13,600,000	 	 	$	2,500,000	 	 	TPG RE Finance 12, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 12, Ltd.
	20	 	The Star	 	$	30,000,000	 	 	$	69,495,027	 	 	$	22,124,973	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.

  
 F-1 

																					
	 #
	 	 Property Name
	 	Mortgage Asset
Principal Balance
(Participation A-2)	 	 	Companion
Participation
Principal Balance
(Participation A-1)	 	 	Outstanding Future
Funding Amount
(Participation A-1)	 	 	
Initial Participation
A-1 Holder
	 	
Initial Participation
A-2 Holder
	 	 Initial Directing Holder

	21	 	Freehand	 	$	28,500,000	 	 	$	3,500,000	 	 	$	0	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	22	 	Colton Corporate Center	 	$	25,500,000	 	 	$	0	 	 	$	10,500,000	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	23	 	Westin Charlotte	 	$	24,600,000	 	 	$	142,208,316	 	 	$	13,191,684	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	24	 	Woodland Hills Village	 	$	21,004,747	 	 	$	7,367,753	 	 	$	0	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.
	25	 	SE Hotels	 	$	16,100,000	 	 	$	32,900,000	 	 	$	0	 	 	TPG RE Finance 11, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 11, Ltd.
	26	 	Goodland Hotel	 	$	11,300,000	 	 	$	25,700,000	 	 	$	0	 	 	TPG RE Finance 2, Ltd.	 	TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	 	TPG RE Finance 2, Ltd.

  
 F-2 

 Directing Holders and Companion Participation Holders 

 

					
	 Name
	  	 Address
	  	 Wire Instructions

	 TPG RE Finance Trust Holdco, LLC
	  	 888 Seventh Avenue, 35th Floor,
 New York,
New York 10106
 Attention: Deborah Ginsberg
 Facsimile number:
(212) 405-8626
 Email: dginsberg@tpg.com
  

with a copy to:
  

888 Seventh Avenue, 35th Floor
 New York, New York 10106

Attention: Jason Ruckman
 Facsimile number: (212) 430-7525
 Email: jruckman@tpg.com
  
	  	 ##########

Routing No.: ##########
 SWIFT/BIC:
##########
 Deposit Acct No.: ##########

Deposit Account Name: ##########

	 TPG RE Finance 2, Ltd.
	  	 c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor, 10106
 New York, New York
10106
 Attention: Deborah Ginsberg
 Facsimile number: (212) 405-8626
 Email: dginsberg@tpg.com
  
	  	 ##########

Deposit Acct No.: ##########

SWIFT/BIC: ##########
 Routing No.:
##########
 Deposit Account Name: ##########

	 TPG RE Finance 11, Ltd.
	  	 c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor, 10106
 New York, New York
10106
 Attention: Deborah Ginsberg
 Facsimile number: (212) 405-8626
 Email: dginsberg@tpg.com
  
	  	 ##########

Deposit Acct No.: ##########

SWIFT/BIC: ##########
 Routing No.:
##########
 Deposit Account Name: ##########

	 TPG RE Finance 12, Ltd.
	  	 c/o TPG RE Finance Trust Management, L.P.

888 Seventh Avenue, 35th Floor, 10106
 New York, New York
10106
 Attention: Deborah Ginsberg
 Facsimile number: (212) 405-8626
 Email: dginsberg@tpg.com
	  	 ##########

Deposit Acct No.: ##########

SWIFT/BIC: ##########
 Routing No.:
##########
 Deposit Account Name: ##########

  
 F-3Exhibit 10.1

 

RAYONIER ADVANCED MATERIALS INC.

1301 Riverplace Boulevard

Suite 2300

 Jacksonville, Florida 32207

February 18, 2018

Marcato Capital Management, LP

Four Embarcadero Center, Suite 2100

San Francisco, California 94111

 Attention:  Mr. Richard T. McGuire III

Re: Rayonier Advanced Materials Inc.

Dear Mr. McGuire:

You have represented to us that, as of the date hereof, the persons listed on Schedule A to this Letter (the "Marcato Group") are the beneficial owners (as such term is used in this Letter), in the aggregate, of 3,767,327 shares (the "Current Marcato Share Amount") of the common stock ("Common Stock") of Rayonier Advanced Materials Inc. (the "Company").  Given its ownership of the Company's Common Stock, the Marcato Group has requested that Matthew Hepler ("Designee") be appointed as a member of the Board of Directors of the Company (the "Board").  This Letter will serve to confirm our discussions concerning your request.  Certain terms used in this Letter have the meanings set forth in Schedule B to this Letter.

1.            The Company agrees to appoint Designee to serve as a member of the Board as a Class III director, with a term that expires at the 2020 annual meeting of stockholders of the Company (the "2020 Meeting").  Such appointment shall occur no later than the 2018 annual meeting of stockholders of the Company (the "2018 Meeting"). Committee assignments are determined by the Nominating and Corporate Governance Committee in consultation with the Chairman of the Board and Chief Executive Officer and independent Lead Director, and Designee will be considered for committee assignment in accordance with the usual practice of the Board.  As per Board practice for all directors, following Designee's election to the Board, Designee will have access to all Board committee materials.  The Marcato Group will provide, and the Company's obligation under the prior sentence is conditioned upon the Marcato Group providing, to the Company upon request, such information as is required to be disclosed in proxy statements under applicable rules of the SEC and the New York Stock Exchange (the "NYSE") and under the Company's organizational documents and corporate governance guidelines or as is otherwise reasonably required by the Company from all members of the Board.   In connection with the foregoing, the Company agrees as follows:

(a)          the Board will not utilize committees of the Board (including by the formation of an "executive" or similar committee) for the purpose of discriminating against Designee.  In furtherance of the foregoing, so long as Designee is a member of the Board, the Board will not change its practice with respect to the manner in which the Board considers and votes on mergers, acquisitions of material assets, dispositions of material assets, other extraordinary corporate transactions, capital structure, capital allocation, dividend policy, or debt financing transactions, in a manner which discriminates against Designee;

(b)          from and after the Designee's election to the Board, the Designee will be covered by the same indemnification and insurance provisions and coverage as are applicable to the individuals that are currently directors of the Company; and

 

(c)          the Company will not call or hold any interim special meeting of stockholders during which any election of directors would occur.

2.             (a)          If Designee ceases to be a member of the Board (other than due to a resignation resulting from a Qualifying Disposition or a breach by Designee or any member of the Marcato Group or one of its Representatives of this Letter or the Confidentiality Agreement (as defined below)), the Marcato Group shall be entitled to appoint Richard T. McGuire III to the Board as a successor to Matthew Hepler for the duration of Mr. Hepler's remaining term as a Class I director (a "Successor Director"); provided that Successor Director delivers such information as is required to be disclosed in proxy statements under applicable rules of the SEC and the NYSE and under the Company's organizational documents and corporate governance guidelines or as is otherwise reasonably required by the Company from all members of the Board. In the event that such Successor Director is appointed to the Board, then for purposes of this Letter, all references to Designee are deemed references to such Successor Director.

(b)          The Company will notify the Marcato Group in writing whether Designee will be nominated by the Company for election as a director at the 2020 Meeting no later than January 10, 2020, which decision shall be in the sole discretion of the Company.  If Designee notifies the Company in writing that he has agreed to stand for election as a director at the 2020 Meeting, the Company shall recommend that the Company's stockholders vote in favor of Designee and support Designee in a manner no less rigorous and favorable than the manner in which the Company supports its other director nominees at the 2020 Meeting.  If the Company notifies the Marcato Group that the Company will not be nominating Designee for election at the 2020 Meeting, then the Company will take such action as is necessary such that the advance notice deadline for the Marcato Group to nominate director candidates for the 2020 Meeting will expire no earlier than 30 calendar days after the delivery of such notice to the Marcato Group.

3.            Designee is entitled to resign from the Board at any time in his sole discretion.  Designee will immediately tender his resignation from the Board, if (i) a Qualifying Disposition has occurred or (ii) a material breach of this Letter or the Confidentiality Agreement is committed by a member of the Marcato Group (or, in the case of the Confidentiality Agreement, a member of the Marcato Group or one of its Representatives).  Prior to his appointment to the Board, Designee will execute and deliver to the Board a letter in the form attached hereto as Schedule C to this Letter.  Any written resignation tendered by Designee to the Board shall be deemed immediately effective and be deemed accepted by the Board immediately.  Notwithstanding anything to the contrary in this Letter, upon any such resignation, the Company will be permanently relieved of its obligations under paragraphs 1 and 2 of this Letter.

    4.            Designee agrees to, and the Marcato Group will cause Designee to:  (i) comply with the Company's Standard of Ethics and Code of Conduct, Corporate Governance Principles and all other policies, procedures, processes, codes, rules, standards and guidelines applicable to the Board members (the "Company Policies") (it being understood that such Company Policies shall not be applicable to, or deemed to apply or extend to, the other members of the Marcato Group (other than their application to Designee) except as otherwise provided in this Letter) and (ii) recuse himself from participating in any meetings (or portions of meetings) of the Board or committees thereof relating specifically to this Letter or the Confidentiality Agreement. The parties agree that (x) the mere ownership of shares of Common Stock by the Marcato Group will not be deemed to require Designee to recuse himself and (y) this provision shall not be deemed to require Designee to recuse himself in any other circumstances, nor shall it be deemed to limit any obligation that Designee may have to recuse himself in any other circumstances.  To the extent not previously submitted, Designee agrees to submit to the Company all reasonable and customary director onboarding documentation required by the Company from all members of the Board in connection with the appointment or election of a new director as soon as practicable on or after the date of this Letter.  Except as specifically provided for otherwise in this Letter, Designee and Marcato Group each specifically agree that any transfer, sale or other disposition of beneficial ownership of Voting Securities by Designee or Marcato Group while Designee is a member of the Board shall comply with the Company's insider trading policies as if Designee and Marcato Group were each directors of the Company.  Except as the parties may otherwise agree, for so long as Designee remains a director of the Company, the Marcato Group will not, other than through a trading plan established pursuant to Rule 10b-5-1 under the Exchange Act, trade in Company securities (including Common Stock) during trading blackout periods generally applicable to directors.

5.            From the date hereof and continuing until (i) the obligations under this paragraph 5 are terminated in accordance with paragraph 10 below or (ii) the occurrence of a material breach by the Company of its obligations under paragraphs 1 or 2(a) of this Letter:

(a)          The Marcato Group will not, and will cause the Marcato Affiliates not to, directly or indirectly, acquire, agree or seek to acquire, or make any proposal or offer to acquire, or announce any intention to acquire, by purchase or otherwise (but excluding any action by the Company such as a stock dividend and any securities issued to Designee pursuant to a plan established by the Board for members of the Board), beneficial ownership of Voting Securities of the Company if, after giving effect to such acquisition, the Marcato Group and the Marcato Affiliates collectively would have a Net Long Position of, or voting rights (or the right to acquire voting rights) with respect to, 7.5% or more of the outstanding shares of any class of Voting Securities; provided that, for purposes of the foregoing, any derivative, hedging or similar agreement or arrangement that has the effect of decreasing the voting power or economic interest of the members of the Marcato Group or any Marcato Affiliate in the Company's Voting Securities will not be given effect.

(b)          Except as permitted by this Letter, none of the members of the Marcato Group will, and the Marcato Group will cause each Marcato Affiliate not to, directly or indirectly, in any manner:              

          (i)          solicit proxies or written consents of stockholders with respect to, or from the holders of, any Voting Securities, or make, or in any way participate in (other than by voting its shares of Voting Securities in a way that does not violate this Letter), any solicitation of any proxy, consent or other authority to vote any Voting Securities with respect to the election of directors or any other matter, otherwise conduct any nonbinding referendum with respect to the Company, or become a participant in, or seek to advise or encourage any person in, any proxy contest or any solicitation with respect to the Company not approved and recommended by the Board, including relating to the removal or the election of directors, other than solicitations or acting as a participant in support of all of the Company's nominees;

          (ii)          advise or encourage any person (except for any member of the Marcato Group or a Marcato Affiliate) with respect to the voting or disposition of any Voting Securities, or seek to do so;

          (iii)          form, join or in any other way participate in a "partnership, limited partnership, syndicate or other group" within the meaning of Section 13(d)(3) of the Exchange Act with respect to any Voting Securities, or otherwise advise, encourage or participate in any effort by a third party with respect to the matters set forth in clauses (i) and (ii) above (except in the case of clause (ii), for any member of the Marcato Group or a Marcato Affiliate), or deposit any Voting Securities in a voting trust or subject any Voting Securities to any voting agreement or other arrangement of similar effect, other than, in each case, solely with other members of the Marcato Group;

          (iv)          seek to call, or request the call of, a special meeting of the stockholders or holders of any other Voting Securities of the Company, seek to make, or make, a stockholder proposal (whether pursuant to Rule 14a-8 under the Exchange Act or otherwise) at any meeting of the stockholders or holders of other Voting Securities of the Company, make a request for a list of the holders of any of the Voting Securities or other books and records of the Company under Section 220 of the Delaware General Corporation Law or otherwise, or seek election to the Board, seek to place a representative or other nominee on the Board or seek the removal of any director from the Board, or otherwise, acting alone or in concert with others (other than the Designee acting in his capacity as a director), seek to control or influence the management, strategies, governance or policies of the Company;

          (v)          except as set forth below, solicit, effect or seek to effect, offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, or make any statement with respect to, any merger, consolidation, business combination, tender or exchange offer, sale or purchase of assets, sale or purchase of securities, dissolution, liquidation, restructuring, recapitalization or similar transactions of or involving the Company or any of its Affiliates or Associates;

         (vi)          institute, solicit, assist or join as a party, any litigation, arbitration or other proceeding against or involving the Company or any of its Affiliates or Associates or any of their respective current or former directors or officers (including derivative actions), other than (A) to enforce the provisions of this Letter, (B) counterclaims with respect to any proceeding initiated by, or on behalf of, the Company or its Affiliates or Associates against the Marcato Group or a Marcato Affiliate, or (C) the exercise of statutory appraisal rights; provided, that the foregoing shall not prevent any member of the Marcato Group or a Marcato Affiliate from responding to or complying with a validly issued legal process;

         (vii)         make or issue, or cause to be made or issued, any public disclosure, statement, comment or announcement, including the filing or furnishing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist or analyst or the press or media (including social media) (or any private statement or comment to any investors, hedge funds, analysts, investment bankers, press or media that (x) would reasonably be expected to be made public or (y) is made with the purpose of advising or influencing such investors, hedge funds, analysts, investment bankers, press or media to take any action or make any public disclosure, statement, comment or announcement with respect to the Company), (A) in support of any solicitation described in clause (iv) above or (B) disparaging or negatively commenting upon the Company or any of its Affiliates or Associates or any of their respective officers or directors, including the Company's corporate strategy, business, extraordinary or other transactions, corporate activities, policies, Board or management (it being agreed that the prosecution in good faith of litigation asserting that the Company has breached its obligations under this Letter, in and of itself, will not constitute a violation of this clause (vii) to the extent it is necessary in such litigation to describe the facts underlying the asserted breach);

         (viii)         make or disclose any public statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs or any of its securities or assets or this Letter, that is inconsistent with the provisions of this Letter, including any intent, purpose, plan or proposal that is conditioned on, or would require waiver, amendment, nullification or invalidation of, any provision of this Letter, or take any action that would reasonably be expected to require the Company to make any public disclosure relating to any such intent, purpose, plan, proposal or condition;

         (ix)         other than in Rule 144 open market broker sale transactions where the identity of the purchaser is not known and in underwritten widely dispersed public offerings, sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities of the Company or any rights decoupled from the underlying securities held by Marcato to any person or entity not a party to this agreement (a "Third Party") that would knowingly (after due inquiry in connection with a private, non-open-market transaction, it being understood that such knowledge shall be deemed to exist with respect to any publicly available information, including information in documents filed with the SEC) result in such Third Party, together with its Affiliates, owning, controlling or otherwise having any beneficial or other ownership interest in the aggregate of 5% or more of the shares of Common Stock outstanding at such time or would increase the beneficial or other ownership interest of any Third Party who, together with its Affiliates, has a beneficial or other ownership interest in the aggregate of 5% or more of the shares of Common Stock outstanding at such time, except in each case either (A) in a transaction approved by the Board or (B) to a Third Party that is both (x) an investment fund that makes investments in persons for investment purposes only and not with the purpose or effect of changing or influencing the control of such person, and (y) is entitled, and following such transaction continues to be entitled, to file statements on Schedule 13G pursuant to Rule 13d-1(b) or Rule 13d-1(c) promulgated under the Exchange Act;

         (x)         sell, offer or agree to sell, directly or indirectly, through swap or hedging transactions or otherwise, voting rights decoupled from the underlying common stock of the Company held by the Marcato Group;

         (xi)         take any action which could reasonably be expected to cause or require the Company or any Affiliate or Associate of the Company to make a public announcement regarding any of the foregoing, or publicly request to amend, waive or terminate any provision of this paragraph 5; or

         (xii)         enter into any discussions, negotiations, agreements or undertakings with any person with respect to the foregoing or advise, assist, encourage or seek to persuade others to take any action with respect to any of the foregoing.

(c)          The Marcato Group will cause all Voting Securities beneficially owned, directly or indirectly, by the Marcato Group or any Marcato Affiliate as of the record date for any meeting of the Company's stockholders or any proposed action by written consent of the Company's stockholders, or as to which the Marcato Group or the Marcato Affiliates have the right to vote at any meeting of the Company's stockholders or in connection with any written consent of the Company's stockholders, to be present for quorum purposes in the case of a meeting and to be voted, at any such meeting of the Company's stockholders or at any adjournments or postponements thereof, or be subject to a written consent executed, (i) in favor of each director nominated and recommended by the Board for election at any such meeting or action by consent, (ii) against any stockholder nominations for director which are not approved and recommended by the Board for election at any such meeting or action by consent, (iii) in favor of the Company's "say-on-pay" proposal and any proposal by the Company relating to equity compensation that has been approved by the Compensation and Management Development Committee of the Board and (iv) in favor of the Company's proposal for ratification of the appointment of the Company's independent registered public accounting firm. In the event that any proposal submitted by a stockholder is subject to a vote or written consent of the Company's stockholders, the Marcato Group will cause all Voting Securities to be voted in accordance with the Board's recommendation; provided that nothing herein shall restrict the Marcato Group's ability to vote or execute a written consent in accordance with paragraph 5(e)(ix) hereof.

(d)          The Company agrees that it will not, and it will cause its subsidiaries and representatives not to, directly or indirectly, in any manner make or issue, or cause to be made or issued, any public disclosure, statement, comment or announcement, including the filing or furnishing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist or analyst or the press or media (including social media) (or any private statement or comment to any investors, hedge funds, analysts, investment bankers, press or media that (x) would reasonably be expected to be made public or (y) is made with the purpose of advising or influencing such investors, hedge funds, analysts, investment bankers, press or media to take any action or make any public disclosure, statement, comment or announcement with respect to the Marcato Group), disparaging or negatively commenting upon any member of the Marcato Group or any Marcato Affiliate or any of their respective officers or directors, including such Marcato Group member's corporate strategy, business, extraordinary or other transactions, corporate activities, policies, board or management (it being agreed that the prosecution in good faith of litigation asserting that such Marcato Group member has breached its obligations under this Letter, in and of itself, will not constitute a violation to the extent it is necessary in such litigation to describe the facts underlying the asserted breach).

        (e)          Notwithstanding the foregoing, nothing in this paragraph 5 shall be deemed to in any way restrict or limit Designee's or any other member of the Marcato Group's ability to (i) prepare to take any action set forth in clauses (b)(i) through (b)(v) and (b)(viii) of paragraph 5; provided that such preparations are undertaken solely among the members of the Marcato Group and its advisors (and, in the event Designee ceases to be a director prior to the 2020 Meeting, during the 60-day period prior to the advance notice deadline for the 2020 Meeting, individuals whom the Marcato Group is considering in good faith nominating to the Board) privately and on a confidential basis and in a manner not reasonably expected to result in public disclosure of such preparations, (ii) discuss any matter confidentially with the Company, the Board or any of its members, (iii) take any action that the Designee or any member of the Marcato Group reasonably determines is required by applicable law, (iv) publicly comment upon and solicit votes in favor of or against any item presented by the Company for stockholder approval (but, for the avoidance of doubt, not presented by any stockholder), other than the election of directors, the ratification of the appointment of auditors or a proposal put forth by the Company with respect to (A) "say-on-pay" or "say-when-on-pay" or (B) equity compensation that has been approved by the Compensation Committee of the Board at any annual or special meeting of stockholders of the Company, (v) once the Designee ceases to be a member of the Board, publicly comment upon and solicit votes in response to a public announcement by the Company that the Company has entered into an agreement providing for any merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction in any case that requires the approval of the holders of Common Stock, (vi) once the Designee ceases to be a member of the Board, publicly comment upon any public announcement by the Company that the Board has determined to explore a merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction, which announcement did not result in whole or in part from a breach of this Letter, (vii) once the Designee ceases to be a member of the Board, in the event that any third party makes a bona fide unsolicited public proposal to enter into a merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction with the Company which did not result in whole or in part from a breach of this Letter, publicly comment upon such offer, (viii) tender or not tender shares, receive payment for shares or otherwise participate or not participate, in any tender offer or exchange offer involving the Company, or a combination thereof, on the same basis as other stockholders of the Company or (ix) grant any proxy, consent or other authority to act as to any shares of Voting Securities on a third party's proxy card or written consent in connection with an extraordinary or other transaction (including a merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction) or any election of directors in connection therewith.  For the avoidance of doubt, nothing in this paragraph 5 or elsewhere in this Letter shall be deemed to limit the exercise in good faith by Designee of his fiduciary duties solely in his capacity as a director of the Company. In the event that the Designee or another member of the Marcato Group, as applicable, reasonably determines that disclosure of any confidential information is required by applicable law, the Marcato Group will, or will cause Designee to, promptly notify (except where such notice would be legally prohibited) the Company in writing and provide reasonable cooperation, at the Company's expense, so that the Company may, and shall have sufficient time to, seek a protective order or other appropriate remedy or waive compliance with the provisions hereof. In no event will the Marcato Group oppose any action by the Company to obtain a protective order, motion to quash or other relief to prevent the disclosure of any confidential information or to obtain reliable assurance that confidential treatment will be afforded such information.

 

6.            The Company will announce that Designee will be appointed to the Board  by means of a press release in the form attached as Schedule D hereto as soon as practicable on or after the date of this Letter (the "Press Release").

7.            In the event that the Marcato Group is required to file a Schedule 13D or any amendment thereto (a "Schedule 13D") with respect to the Company, the Marcato Group will provide the Company with a reasonable opportunity to review the Schedule 13D prior to filing, and will consider in good faith any changes proposed by the Company solely with respect to Items 4 and 6 thereof.  Except as required by law or the rules of any stock exchange or with the prior written consent of the other party, neither the Company nor the Marcato Group will (i) issue a press release in connection with this Letter or the actions contemplated hereby or (ii) otherwise make any public disclosure, statement, comment or announcement with respect to this Letter or the actions contemplated hereby in each case that is inconsistent with or contrary to the statements made in the Press Release or the terms of this Letter.

8.            The Company hereby agrees that (i) Designee is permitted to provide confidential information subject to and in accordance with the terms of the confidentiality agreement in the form attached hereto as Schedule E (the "Confidentiality Agreement") (which the Marcato Group agrees to execute and deliver to the Company and to cause the Representatives to abide by) to the Representatives of the Marcato Group and (ii) the Company will execute and deliver the Confidentiality Agreement to the Marcato Group substantially contemporaneously with execution and delivery thereof by the other signatories thereto.  Each member of the Marcato Group hereby acknowledges that it is aware that United States securities laws may restrict any person who has material, non-public information about a company from purchasing or selling any securities of such company while in possession of such information.

9.            Each member of the Marcato Group severally (and not jointly) represents and warrants to the Company that, as of the date hereof, (i) it beneficially owns an aggregate number of shares of Common Stock equal to the portion of the Current Marcato Share Amount set forth next to its name on Schedule F hereto, (ii) it beneficially owns a Net Long Position in an aggregate number of shares of Common Stock equal to the portion of the Current Marcato Share Amount set forth next to its name on Schedule F hereto, (iii) it does not have the right to acquire, whether exercisable currently or after the passage of time or the satisfaction of other conditions, any interest in any other shares of Common Stock or other Voting Securities, except as set forth next to its name on Schedule F hereto and (iv) it is not a Receiving Party or Counterparty to any Derivative Contract with respect to the shares of Common Stock or other Voting Securities, except as set forth next to its name on Schedule F hereto. Other than the members of the Marcato Group, no Marcato Affiliate beneficially owns any shares of Common Stock, has the right to acquire, whether exercisable currently or after the passage of time or the satisfaction of other conditions, any interest in any other shares of Common Stock or other Voting Securities or is a Receiving Party or Counterparty to any Derivative Contract with respect to the shares of Common Stock or other Voting Securities.

10.            This Letter and all covenants and agreements contained herein will terminate on the date that is the later to occur of (i) the forty-fifth (45th) day prior to the advance notice deadline for making director nominations at the 2020 Meeting (or, if the Designee (or any other representative of the Marcato Group) is included, and agrees to serve, on the Company's slate of directors for the 2020 Meeting, then the forty-fifth (45th) day prior to the advance notice deadline for making director nominations at the 2021 annual meeting of stockholders of the Company), and (ii) the date on which Designee (or Successor Director, if applicable) no longer serves as a director of the Company (such date, the "Termination Date"). Such termination will not relieve any party hereto from any liability for a breach of this Letter prior to such termination.

11.            The Company will not alter or adopt its Amended and Restated Bylaws or any Company Policies which would in any manner interfere with the ability of Designee to remain on the Board or participate in Board matters, including that would result in a shortening of Designee's tenure on the Board pursuant to this Letter.

12.            The parties hereto recognize and agree that if for any reason any of the provisions of this Letter are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy.  Accordingly, each party agrees that in addition to other remedies the other parties shall be entitled to at law or equity, the other parties shall be entitled to an injunction or injunctions to prevent breaches of this Letter and to enforce specifically the terms and provisions of this Letter exclusively in the Court of Chancery or other federal or state courts of the State of Delaware.  In the event that any action shall be brought in equity to enforce the provisions of this Letter, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law.  Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Letter or the transactions contemplated by this Letter, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Letter or the transactions contemplated by this Letter in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief and (e) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address of such party's principal place of business or as otherwise provided by applicable law. THIS LETTER SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

13.            If any provision of this Letter shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Letter.  The parties hereto shall use their best efforts to agree upon and substitute a valid and enforceable term, provision or covenant for any such provision that is held to be illegal, void or unenforceable by a court of competent jurisdiction.

14.            This Letter may be executed in two or more counterparts which together shall constitute a single agreement.

15.            The terms and provisions of this Letter shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.  No party shall assign this Letter or any rights or obligations hereunder.  This Letter is solely for the benefit of the parties hereto and is not enforceable by any other person.

16.            Each of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Letter, and that it has executed the same with the advice of said counsel.  Each party and its counsel cooperated and participated in the drafting and preparation of this Letter and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation.  Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Letter against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Letter shall be decided without regards to events of drafting or preparation.  The term "including" shall in all instances be deemed to mean "including without limitation."  When a reference is made in this Letter to a paragraph, such reference shall be to a paragraph of this Letter unless otherwise indicated.

17.            All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing (including electronic format) and shall be deemed validly given, made or served, if (i) given by electronic mail, when such electronic mail is transmitted to the email address set forth below (provided that a copy of such notice, consent, request, instruction, approval or other communication is also delivered by overnight courier or certified mail within two business days after such electronic transmission) or (ii) if given by any other means, when actually received during normal business hours at the address specified below:

If to the Company:

Rayonier Advanced Materials Inc.

1301 Riverplace Boulevard

Suite 2300

Jacksonville, Florida 32207

Attention:  Michael R. Herman

 Senior Vice President, General Counsel and Corporate Secretary

Email:  michael.herman@rayonieram.com

If to any member of the Marcato Group:

Marcato Capital Management LP

Four Embarcadero Center, Suite 2100

San Francisco, California  94111

Attention:  Richard T. McGuire III

Email:  Legal@marcatollc.com

with a copy to (which copy shall not constitute notice hereunder):

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

Attention:  Steve Wolosky / Ryan Nebel

Email:  swolosky@olshanlaw.com / rnebel@olshanlaw.com

                       Very truly yours,

                       RAYONIER ADVANCED MATERIALS INC.

                       By:  /s/ Michael R. Herman 

                         Michael R. Herman

                         Senior Vice President, General Counsel and Corporate Secretary

Accepted and agreed as of February 18, 2018:

	
MARCATO CAPITAL MANAGEMENT LP

 

By:  /s/ Richard T. McGuire III 

Name:  Richard T. McGuire III

Title:  Authorized Person of its General Partner

	
MARCATO INTERNATIONAL MASTER FUND, LTD.

 

By:  /s/ Richard T. McGuire III 

Name:  Richard T. McGuire III

Title:  Director

	 	
 

MARCATO ENCORE MASTER FUND, LTD.

 

By:  /s/ Richard T. McGuire III 

Name:  Richard T. McGuire III

        Title:  Director

	 	
By:  /s/ Matthew Hepler 

Matthew Hepler

 

SCHEDULE A

 MARCATO ENTITIES

Marcato Capital Management LP

Marcato International Master Fund Ltd.

Marcato Encore Master Fund, Ltd.

Richard T. McGuire III

 Matthew Hepler

 

SCHEDULE B

 DEFINITIONS

For purposes of this Letter:

1. The terms "Affiliate" and "Associate" will have the respective meanings set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act.

2. The terms "beneficial owner", "beneficial ownership", "beneficially own" and terms of like import will have the meanings set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; provided that (i) if a person is the Receiving Party to a Derivative Contract with respect to any shares of Common Stock or other Voting Securities, such person shall be deemed to be the "beneficial owner" of the Notional Number of shares of Common Stock or other Voting Securities, as applicable, with respect to such Derivatives Contract and (ii) a person shall be deemed to be the "beneficial owner" of the number of Voting Securities with respect to which such person has the right or option to own or acquire any Voting Securities (whether such right or option is exercisable immediately or only after the passage of time or upon the satisfaction of one or more conditions (whether or not within the control of such person), compliance with regulatory requirements or otherwise).

3. The term "Derivatives Contract" means a contract between two parties (the "Receiving Party" and the "Counterparty") that is designed to produce economic benefits and risks to the Receiving Party that correspond substantially to the ownership by the Receiving Party of a number of Voting Securities or shares of Common Stock specified or referenced in such contract (the number corresponding to such economic benefits and risks, the "Notional Number"), regardless of whether (a) obligations under such contract are required or permitted to be settled through the delivery of cash, shares of Common Stock or other property or (b) such contract conveys any voting rights in shares of Common Stock or other Voting Securities.  For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority shall not be deemed to be Derivatives Contracts.

4. The term "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

5. The term "person" will mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature.

6. The term "Marcato Affiliates" has the meaning set forth below in the definition of a "Qualifying Disposition."

7. The term "Net Long Position" will mean, with respect to any person, such shares of Common Stock beneficially owned by such person, directly or indirectly, that constitute such person's "net long position" in the Common Stock as defined in Rule 14e-4 promulgated by the SEC under the Exchange Act; provided that, for the avoidance of doubt, "Net Long Position" will not include any shares as to which such person does not have the right to vote or direct the vote or as to which such person has entered into a derivative contract or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, any of the economic consequences of ownership of such shares.

8. A "Qualifying Disposition" will be deemed to have occurred at such time as the Net Long Position of the Marcato Group, collectively with its Affiliates and Associates (such Associates and Affiliates, collectively and individually, the "Marcato Affiliates"), is less than 2.9% of the outstanding shares of Common Stock as of the date of this Letter (all items as adjusted for any stock dividends, combinations, splits, recapitalizations and the like).

9. The term "SEC" means the Securities and Exchange Commission.

10. "Voting Securities" will mean all Common Stock and any other securities of the Company entitled to vote in the election of directors of the Company.

11. The terms "solicit" and "solicitation" will have the meanings set forth in Regulation 14A under the Exchange Act.

12. The term "Representatives" will have the meaning given to such term in the Confidentiality Agreement.

 

SCHEDULE C

RESIGNATION

[●], 2018

Board of Directors

Rayonier Advanced Materials Inc.

1301 Riverplace Boulevard

Suite 2300

 Jacksonville, Florida 32207

Re: Resignation

Ladies and Gentlemen:

This irrevocable resignation is delivered pursuant to that certain Letter dated as of February 18, 2018, from Rayonier Advanced Materials Inc. and to the members of the Marcato Group signatory thereto (the "Letter Agreement").  Capitalized terms used herein but not defined will have the meanings set forth in the Letter Agreement.  I hereby irrevocably resign from my position as a director of the Company and from any and all committees of the Board on which I serve effective only upon, and subject to, the occurrence of a Qualifying Disposition pursuant to paragraph 3 of the Letter Agreement.

                       Sincerely,

                                                                                                          

SCHEDULE D

 FORM OF PRESS RELEASE

 

	
Contacts:

	 	 
	
Media

	
Ryan Houck                                904-357-9134

	
 

	
Investors

	
Mickey Walsh                            904-357-9162

	
 

Rayonier Advanced Materials Announces Plan to Add

Two New Independent Directors to Board

JACKSONVILLE, Fla., February 20, 2018 – Rayonier Advanced Materials Inc. (the "Company") (NYSE: RYAM) today announced that the Company plans to add two new independent directors to its Board of Directors at the upcoming 2018 Annual Meeting of Stockholders, to be held on May 21, 2018.

[●] will be one of the three Class I directors nominated by the Company for election at the 2018 Annual Meeting, and, if elected, will join the Board of Directors in May, at the same time as the anticipated retirement of another director, Ronald Townsend, who has served on the Board of Directors of the Company since 2014.  Matthew P. Hepler will join the Board of Directors at the same time as a Class III director with a term expiring in 2020. As such, the Board of Directors will increase in size from nine to ten.

[●] and Mr. Hepler collectively bring significant experience to the Company's Board of Directors in international business management (including Canada, where the Company has extensive operations), the chemical and energy industries, financial management and investor relations, as well as the perspective of a current investor in the Company.   Biographical information on each of the new directors will be included with the Company's 2018 proxy statement.

"We are pleased to welcome [●] and Matt to our Board at this exciting time in our history, given our recent transformational Tembec acquisition," said Paul Boynton, Chairman, President and CEO of Rayonier Advanced Materials. "With the depth of knowledge and experience of our current Board members and the addition of [●] and Matt, we feel confident in our strategic direction and our ability to drive the growth of long term, sustainable stockholder value."

In connection with the appointment of Mr. Hepler, who is a Partner with Marcato Capital Management L.P. ("Marcato"), a significant stockholder of the Company, the Company has entered into an agreement with Marcato governing Mr. Hepler's membership on the Board of Directors. The agreement, which provides for customary standstill, voting and other commitments, will be filed with the Securities and Exchange Commission together with a Report on Form 8-K.

About Rayonier Advanced Materials

Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in cell phones, computer screens, filters and pharmaceuticals.  The Company also manufactures products for lumber, paper and packaging markets.  With manufacturing operations in the U.S., Canada and France, Rayonier Advanced Materials employs approximately 4,200 people and generates approximately US$2 billion of pro forma revenues. More information is available at www.rayonieram.com.

 

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Rayonier Advanced Materials' future events, developments, or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.  These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "believe," "intend," "forecast," "anticipate," "guidance," and other similar language.  However, the absence of these or similar words or expressions does not mean a statement is not forward-looking.  While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.  Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are described or will be described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Rayonier Advanced Materials assumes no obligation to update these statements except as is required by law.

SCHEDULE E

CONFIDENTIALITY AGREEMENT

                        February 18, 2018

	To:	
Each of the persons and entities listed on Schedule A hereto (collectively, the "Marcato Group" or "you")

Ladies and Gentlemen:

This Confidentiality Agreement (the "Confidentiality Agreement") shall become effective upon the date of the Agreement (the "Agreement"), dated as of February 18, 2018, among Rayonier Advanced Materials Inc. (the "Company") and the Marcato Group.  Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Agreement.

Designee and, subject to the terms of this Confidentiality Agreement, the other members of the Marcato Group and the Representatives (as hereinafter defined) may receive certain non-public information regarding the Company in connection with Designee's capacity as a member of the Board.  Designee and the other members of the Marcato Group acknowledge that this information is proprietary to the Company and may include trade secrets or other business information the disclosure of which could harm the Company.  Therefore, as a condition to being furnished with such information, Designee and the other members of the Marcato Group agree to treat, and the Marcato Group agrees to cause the Representatives to treat, any and all information concerning or relating to the Company or any of its subsidiaries or affiliates, including any discussions and matters considered in meetings of the Board or committees thereof (regardless of the manner in which it is furnished, including in written or electronic format or orally, gathered by visual inspection or otherwise), together with any notes, analyses, reports, models, compilations, studies, interpretations, documents, records or extracts thereof containing, referring, relating to, based upon or derived from such information, in whole or in part (collectively, "Confidential Information"), in accordance with the provisions of this Confidentiality Agreement.  For the purposes of this Agreement, "Representative" shall mean each of the persons set forth on Schedule B hereto and "Representatives" shall mean such persons collectively.

1.            The term "Confidential Information" does not include information that (i) is or has become generally available to the public other than as a result of a direct or indirect disclosure by you or your Representatives in violation of this Confidentiality Agreement or any obligation of confidentiality, (ii) was within your or any of your Representatives' possession on a non-confidential basis prior to its being furnished to you by Designee, or by or on behalf of the Company or its agents, representatives, attorneys, advisors, directors, officers or employees (collectively, the "Company Representatives"), (iii) is received from a source other than Designee, the Company or any of the Company Representatives or (iv) has been or is independently developed by you or any of your Representatives without the benefit or use of or reference to any Confidential Information and without breaching this Confidentiality Agreement; provided, however, that in the case of clause (ii) or (iii) above, the source of such information was not believed by you, after reasonable inquiry of the disclosing person, to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company at the time the information was disclosed to you.

        2.            Designee, the other members of the Marcato Group and the Representatives shall, and the Marcato Group shall cause the Representatives to, (a) keep the Confidential Information strictly confidential and (b) not disclose any of the Confidential Information in any manner whatsoever without the prior written consent of the Company; provided, however, that you and Designee may privately disclose any of such information: (A) to your Representatives (i) who need to know such information for the sole purpose of advising you on your investment in the Company and (ii) who are informed by you of the confidential nature of such information; and (B) to the Company and the Company Representatives.  You will be responsible for any violation of this Confidentiality Agreement by your Representatives.  It is understood and agreed that Designee shall not disclose to you or your Representatives any information that he reasonably believes to be, or which he has been informed is, Legal Advice (as defined below) that may be included or referenced in the Confidential Information with respect to which such disclosure would or would reasonably be likely to constitute waiver of the Company's attorney-client privilege or the protections afforded by the attorney work product doctrine.  "Legal Advice" as used in this Confidentiality Agreement shall be solely and exclusively limited to the advice provided by legal counsel and shall not include factual information, the formulation or analysis of business strategy or any other information that is not protected by the attorney-client privilege or the attorney work product doctrine.

3.            In the event that you or any of your Representatives are required by applicable subpoena, civil investigative demand, legal process or other legal requirement to disclose any of the Confidential Information, you will promptly notify (except where such notice would be legally prohibited) the Company in writing by email, facsimile or certified mail so that the Company may seek a protective order or other appropriate remedy (and if the Company seeks such an order, you will provide such cooperation as the Company shall reasonably request), at its cost and expense.  Nothing herein shall be deemed to prevent you or your Representatives, as the case may be, from honoring a subpoena, civil investigative demand, legal process or other legal requirement that requires discovery, disclosure or production of the Confidential Information if (a) you produce or disclose only that portion of the Confidential Information which your outside legal counsel of national standing advises you in writing is legally required to be so produced or disclosed and you inform the recipient of such Confidential Information of the existence of this Confidentiality Agreement and the confidential nature of such Confidential Information or (b) the Company consents in writing to having the Confidential Information produced or disclosed pursuant to the subpoena, civil investigative demand, legal process or other legal requirement.  Notwithstanding anything to the contrary set forth in this Confidentiality Agreement, nothing herein shall restrict or limit the ability of the Marcato Group from engaging in a proxy contest following the Termination Date, it being agreed that the Marcato Group and its Representatives shall be entitled to disclose that portion of (and only such portion of) Confidential Information required to be disclosed by applicable law in order to engage in such a proxy contest.  In no event will you or any of your Representatives oppose action by the Company to obtain a protective order or other relief to prevent, condition or limit the disclosure of the Confidential Information or to obtain reliable assurance that confidential treatment will be afforded the Confidential Information.  For the avoidance of doubt, it is understood that there shall be no "legal requirement" requiring you to disclose any Confidential Information solely by virtue of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in derivative or other voluntary transactions with respect to the Common Stock of the Company or otherwise proposing or making an offer to do any of the foregoing.

4.            You acknowledge that (a) none of the Company or any of the Company Representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any Confidential Information, and (b) none of the Company or any of the Company Representatives shall have any liability to you or to any of your Representatives relating to or resulting from the use of the Confidential Information or any errors therein or omissions therefrom.  You and your Representatives (or anyone acting on your or their behalf) shall not directly or indirectly initiate contact or communication with any executive or employee of the Company other than the Chief Executive Officer, Chief Financial Officer, General Counsel, Vice President, Investor Relations and Treasurer and/or such other persons approved in writing by the foregoing or the Board concerning Confidential Information, or to seek any information in connection therewith from any such person other than the foregoing, without the prior consent of the Company; provided, however, the restrictions in this sentence shall not apply to Designee acting in his capacity as a Board member consistent with his fiduciary duties as a member of the Board, the Agreement and the Company's governance and other guidelines to the same extent applicable to the Company's other directors acting in their capacities as directors.

5.            All Confidential Information shall remain the property of the Company.  Neither you nor any of your Representatives shall by virtue of any disclosure of and/or your use of any Confidential Information acquire any rights with respect thereto, all of which rights (including all intellectual property rights) shall remain exclusively with the Company.  At any time after the date on which Designee ceases to be a director of the Company, upon the request of the Company for any reason or no reason, you and your Representatives will promptly return to the Company or destroy, at your option, all hard copies of the Confidential Information and use commercially reasonable efforts to permanently erase or delete all electronic copies of the Confidential Information in your or any of your Representatives' possession or control (and, upon the request of the Company, shall promptly certify to the Company that such Confidential Information has been erased or deleted, as the case may be); provided, however, that (a) your legal department and/or outside counsel may keep one copy of any Confidential Information (in electronic or paper form) solely for purposes of complying with applicable law or regulation and, in the case of your outside counsel, to document its services for the Marcato Group in accordance with applicable professional standards (and such information shall not be disclosed or used for any other purposes) and (b) you and/or your outside counsel may retain Confidential Information to the extent it is "backed-up" on your and/or their electronic information management and communication systems or servers in the ordinary course and is not immediately available to an end user (and such information shall not be recovered from such systems or servers except as expressly permitted above).  Notwithstanding the return or erasure or deletion of Confidential Information, you and your Representatives will continue to be bound by the obligations contained herein.

6.            You acknowledge, and will advise your Representatives, that the Confidential Information may constitute material non-public information under applicable federal and state securities laws, and you and your Representatives shall not, and you shall use your commercially reasonable efforts to ensure that your Representatives do not, trade or engage in any derivative or other transaction, on the basis of any Confidential Information that constitutes material non-public information in violation of such laws.  If the date on which Designee ceases to be a director of the Company is during a blackout period under the Company's insider trading policy, the Company agrees to inform Designee when such blackout period expires.

7.            Each of the Company, on the one hand, and you, on the other hand, hereby represent and warrant to the other party that (i) such party has all requisite company power and authority to execute and deliver this Confidentiality Agreement and to perform its obligations hereunder, (ii) this Confidentiality Agreement has been duly authorized, executed and delivered by such party, and is a valid and binding obligation, enforceable against such party in accordance with its terms, (iii) this Confidentiality Agreement will not result in a violation of any terms or conditions of any agreements to which such party is a party or by which such party may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting such party, and (iv) such party's entry into this Confidentiality Agreement does not require approval by any owners or holders of any equity or other interest in such party (except as has already been obtained).

8.            You acknowledge and agree that the value of the Confidential Information to the Company is unique and substantial, but may be impractical or difficult to assess in monetary terms.  You further acknowledge and agree that in the event of an actual or threatened violation of this Confidentiality Agreement, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy.  Accordingly, you acknowledge and agree that, in addition to any and all other remedies which may be available to the Company at law or equity, the Company shall be entitled to specific relief hereunder, including an injunction or injunctions to prevent breaches of this Confidentiality Agreement and to enforce specifically the terms and provisions of this Confidentiality Agreement exclusively in the Court of Chancery or other federal or state courts of the State of Delaware, in addition to any other remedy to which it is entitled at law or in equity.

9.            Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Confidentiality Agreement or the transactions contemplated by this Confidentiality Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Confidentiality Agreement or the transactions contemplated by this Confidentiality Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief and (e) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address of such party's principal place of business or as otherwise provided by applicable law. THIS CONFIDENTIALITY AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.  Nothing in this Section 9 shall prevent any of the parties hereto from enforcing its rights under this Confidentiality Agreement or shall impose any limitation on any of the parties or their respective past, present or future general partners, directors, officers, or employees in defending any claim, action, cause of action, suit, administrative action or proceeding of any kind, including any federal, state or other governmental proceeding of any kind, against any of them.  The rights and remedies provided in this Confidentiality Agreement are cumulative and do not exclude any rights or remedies provided by law.

10.            This Confidentiality Agreement and the Agreement constitute the entire understanding of the parties hereto with respect to the subject matter hereof and may be amended only by an agreement in writing executed by an authorized representative of each of the parties.  No failure or delay on the part of any party hereto to exercise any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of a right, power or remedy hereunder by a party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

11.            All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing (including electronic format) and shall be deemed validly given, made or served, if (i) given by electronic mail, when such electronic mail is transmitted to the email address set forth below (provided that a copy of such notice, consent, request, instruction, approval or other communication is also delivered by overnight courier or certified mail within two business days after such electronic transmission) or (ii) if given by any other means, when actually received during normal business hours at the address specified below:

If to the Company:

Rayonier Advanced Materials Inc.

1301 Riverplace Boulevard

Suite 2300

Jacksonville, Florida 32207

Attention:  Michael R. Herman

 Senior Vice President, General Counsel and Corporate Secretary

Email:  michael.herman@rayonieram.com

If to any member of the Marcato Group:

Marcato Capital Management LP

Four Embarcadero Center, Suite 2100

San Francisco, California 94111

Attention:  Richard T. McGuire III

Email:  Legal@marcatollc.com

with a copy to (which copy shall not constitute notice hereunder):

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

Attention:  Steve Wolosky / Ryan Nebel

Email:  swolosky@olshanlaw.com / rnebel@olshanlaw.com

12.            If any provision of this Confidentiality Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Confidentiality Agreement.

13.            No licenses or rights under any patent, copyright, trademark or trade secret are granted or are to be implied by this Confidentiality Agreement.

14.            This Confidentiality Agreement may be executed in two or more counterparts which together shall constitute a single agreement.

15.            Each of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Confidentiality Agreement, and that it has executed the same with the advice of said counsel.  Each party and its counsel cooperated and participated in the drafting and preparation of this Confidentiality Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation.  Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Confidentiality Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Confidentiality Agreement shall be decided without regards to events of drafting or preparation.  The term "including" shall in all instances be deemed to mean "including without limitation."

16.            The terms and provisions of this Confidentiality Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.  No party shall assign this Confidentiality Agreement or any rights or obligations hereunder without the prior written consent of the parties hereto.

17.            This Confidentiality Agreement shall expire 12 months from the date on which Designee ceases to be a director of the Company; except that you and your Representatives shall maintain in accordance with the confidentiality obligations set forth herein any Confidential Information constituting trade secrets for such longer time as such information constitutes a trade secret of the Company as defined under 18 U.S.C. § 1839(3).

  Please confirm your agreement with the foregoing by signing and returning one copy of this Confidentiality Agreement to the undersigned, whereupon this Confidentiality Agreement shall become a binding agreement between you and the Company.

                      Very truly yours,

                      RAYONIER ADVANCED MATERIALS INC.

	
                                                              

	
By:                                                                                       

	
 

 
	
          

	
         Name:  Michael R. Herman

	
 

	
          

	
         Title:    Senior Vice President, General Counsel and Corporate Secretary

	
 

                                           

                                              

 

Accepted and agreed as of the date first written above:

 

 

	
MARCATO CAPITAL MANAGEMENT LP

 

By:                                                                                      

Name:  Richard T. McGuire III

Title:    Authorized Person of its General Partner

	
MARCATO INTERNATIONAL MASTER FUND, LTD.

 

By:                                                                                      

Name:  Richard T. McGuire III

Title:    Director

 

 

 

	 	
 

MARCATO ENCORE MASTER FUND, LTD.

 

By:                                                                                      

Name:  Richard T. McGuire III

         Title:    Director

 

 

 

	 	
By:                                                                                      

Matthew Hepler

	 	 

 

SCHEDULE A TO CONFIDENTIALITY AGREEMENT

Marcato Capital Management LP

Marcato International Master Fund Ltd.

Marcato Encore Master Fund, Ltd.

 Matthew Hepler

SCHEDULE B TO CONFIDENTIALITY AGREEMENT

Each member of the Marcato Group, and their respective managing members, partners (other than a partner who is solely a limited partner), directors, officers, employees, consultants, legal counsel, investment bankers, accountants and other advisors.

SCHEDULE F

VOTING SECURITIES

	
Member Of Marcato Group

	
Beneficial Ownership

	
Net Long Position

	
 

Marcato International Master Fund Ltd.

	
 

2,951,327

	
 

792,327

	
 

Marcato Encore Master Fund, Ltd.

	
 

816,000

	
 

764,000

	
 

Marcato Capital Management LP

	
 

3,767,327

	
 

1,556,327

	
 

Richard T. McGuire III

	
 

3,767,327

	
 

1,556,327

 For the avoidance of doubt, the "Beneficial Ownership" column includes certain cash-settled total return swap agreements that are considered "beneficially owned" for purposes of this Letter but are not counted towards "beneficial ownership" within the meaning set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act.

Derivative Contracts to which a member of the Marcato Group is a Receiving Party or Counterparty:

Marcato International Master Fund Ltd. has entered into certain cash-settled total return swap agreements that constitute economic exposure to 2,159,000 notional shares of common stock, which have a reference price of $18.74 per notional share and a maturity date of February 4, 2019.  Marcato Encore Master Fund, Ltd. has entered into certain cash-settled total return swap agreements that constitute economic exposure to 52,000 notional shares of common stock, which have a reference price of $18.71 per notional share and a maturity date of December 24, 2018. The swap agreements provide Marcato International Master Fund Ltd. and Marcato Encore Master Fund, Ltd., respectively, with economic results that are comparable to the economic results of ownership of shares of common stock but do not provide them with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are the subject of the swap agreements.

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