Document:

Exhibit
4.1

 

EXECUTION
VERSION 

 

 

MORGAN
STANLEY CAPITAL I INC.,

as Depositor

 

Wells
Fargo Bank, National Association,

as General Master Servicer

 

Rialto
Capital Advisors, LLC,

as General Special Servicer

 

National
Cooperative Bank, n.a.,

as NCB Master Servicer and as NCB Special Servicer

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

as Operating Advisor and as Asset Representations Reviewer

 

 

 

POOLING
AND SERVICING AGREEMENT

 

Dated
as of March 1, 2021

 

 

 

Commercial
Mortgage Pass-Through Certificates

Series 2021-BNK32

 

     

     

    

 

TABLE
OF CONTENTS

 

Page 

	 	ARTICLE
    I	 
	 	 	 
	DEFINITIONS	 	6
	 	 	 
	Section 1.01	Defined Terms	6
	Section 1.02	Certain Calculations	140
	 	 	 
	 	ARTICLE II	 
	 	 	 
	CONVEYANCE OF MORTGAGE LOANS; ORIGINAL
    ISSUANCE OF CERTIFICATES	141
	 	 
	Section 2.01	Conveyance of Mortgage Loans	141
	Section 2.02	Acceptance by Trustee	148
	Section 2.03	Representations, Warranties and Covenants of
    the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and
    Breaches of Representations and Warranties	154
	Section 2.04	Execution of Certificates; Issuance of Lower-Tier
    Regular Interests	170
	Section 2.05	Creation of the Grantor Trust	171
	 	 	 
	 	ARTICLE III	 
	 	 	 
	ADMINISTRATION AND SERVICING OF
    THE TRUST FUND	171
	 	 
	Section 3.01	Master Servicers to Act as Master Servicers;
    Special Servicers to Act as Special Servicers; Administration of the Mortgage Loans, the Serviced Companion Loans, and REO
    Properties	171
	Section 3.02	Collection of Mortgage Loan Payments	180
	Section 3.03	Collection of Taxes, Assessments and Similar
    Items; Servicing Accounts.	186
	Section 3.04	The Collection Accounts, the Lower-Tier REMIC
    Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve
    Account, the Excess Interest Distribution Account, the Gain-on-Sale Reserve Account and the Retained Certificate Gain-on-Sale
    Reserve Account	191
	Section 3.05	Permitted Withdrawals from the Collection Accounts,
    the Distribution Accounts and the Companion Distribution Account	198 
	Section 3.06	Investment of Funds in Collection Accounts,
    REO Accounts and Loss of Value Reserve Fund	209
	Section 3.07	Maintenance of Insurance Policies; Errors and
    Omissions and Fidelity Coverage	 
	Section 3.08	Enforcement of Due-on-Sale Clauses; Assumption
    Agreements	217

 

    -i- 

     

    

 

	Section 3.09	Realization Upon Defaulted
    Loans and Companion Loans	222
	Section 3.10	Trustee and Certificate Administrator to Cooperate;
    Release of Mortgage Files	226
	Section 3.11	Servicing Compensation	228
	Section 3.12	Inspections; Collection of Financial Statements	235
	Section 3.13	Access to Certain Information	242
	Section 3.14	Title to REO Property; REO Account	256
	Section 3.15	Management of REO Property	257
	Section 3.16	Sale of Defaulted Loans and REO Properties	260
	Section 3.17	Additional Obligations of Master Servicers and
    Special Servicers	267
	Section 3.18	Modifications, Waivers, Amendments and Consents	270
	Section 3.19	Transfer of Servicing Between Master Servicers
    and Special Servicers; Recordkeeping; Asset Status Report	284
	Section 3.20	Sub-Servicing Agreements	291
	Section 3.21	Interest Reserve Account	294
	Section 3.22	Directing Certificateholder and Operating Advisor
    Contact with Master Servicers and Special Servicers	295
	Section 3.23	Controlling Class Certificateholders, Directing
    Certificateholder and the Risk Retention Consultation Party; Certain Rights and Powers of Directing Certificateholder and
    the Risk Retention Consultation Party	295
	Section 3.24  	Intercreditor Agreements	300
	Section 3.25	Rating Agency Confirmation	303
	Section 3.26	The Operating Advisor	305
	Section 3.27	Companion Paying Agent	313
	Section 3.28	Serviced Companion Noteholder Register	314
	Section 3.29	Certain Matters Relating to the Non-Serviced
    Mortgage Loans and the Serviced Pari Passu Companion Loans	314
	Section 3.30	Certain Matters with Respect to Joint Mortgage
    Loans	317
	Section 3.31	[RESERVED]	322
	Section 3.32	Litigation Control	322
	Section 3.33	Delivery of Excluded Information to the Certificate
    Administrator	325
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS	326
	 	 
	Section 4.01	Distributions	326
	Section 4.02	Distribution Date Statements; CREFC®
    Investor Reporting Packages; Grant of Power of Attorney	340
	Section 4.03	P&I Advances	347
	Section 4.04	Allocation of Realized Losses	350
	Section 4.05	Appraisal Reduction Amounts; Collateral Deficiency
    Amounts	352
	Section 4.06	Grantor Trust Reporting	357
	Section 4.07	Investor Q&A Forum; Investor Registry; and
    Rating Agency Q&A Forum and Document Request Tool	358
	Section 4.08	Secure Data Room	361

 

    -ii- 

     

    

 

	 	ARTICLE
    V	 
	 	 	 
	THE CERTIFICATES	362
	 	 
	Section 5.01	The Certificates	362
	Section 5.02	Form and Registration	363
	Section 5.03	Registration of Transfer and Exchange of Certificates	366
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates	375
	Section 5.05	Persons Deemed Owners	375
	Section 5.06  	Access to List of Certificateholders’
    Names and Addresses; Special Notices	375
	Section 5.07	Maintenance of Office or Agency	376
	Section 5.08	Appointment of Certificate Administrator	377
	Section 5.09	[RESERVED]	377
	Section 5.10	Voting Procedures	377
	Section 5.11	Exchangeable Certificates	379
	 	 	 
	 	ARTICLE VI	 
	 	 	 
	THE DEPOSITOR, THE MASTER SERVICERS,
    THE SPECIAL SERVICERS, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE DIRECTING CERTIFICATEHOLDER AND THE
    RISK RETENTION CONSULTATION PARTY	381
	 	 
	Section 6.01	Representations, Warranties and Covenants of
    each Applicable Master Servicer, each Applicable Special Servicer, the Operating Advisor and the Asset Representations Reviewer	381
	Section 6.02	Liability of the Depositor, each applicable
    Master Servicer, the Operating Advisor, each applicable Special Servicer and the Asset Representations Reviewer	387
	Section 6.03	Merger, Consolidation or Conversion of the Depositor,
    a Master Servicer, the Operating Advisor, a Special Servicer or the Asset Representations Reviewer	387
	Section 6.04	Limitation on Liability of the Depositor, each
    applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Asset Representations Reviewer and
    Others	389
	Section 6.05	Depositor, Master Servicers and Special Servicers
    Not to Resign	395
	Section 6.06	Rights of the Depositor in Respect of each applicable
    Master Servicer and Special Servicer	396
	Section 6.07	Master Servicers and Special Servicers as Certificate
    Owners	396
	Section 6.08	The Directing Certificateholder and the Risk
    Retention Consultation Party	396
	Section 6.09	Knowledge of Wells Fargo Bank, National Association	404

 

    -iii- 

     

    

 

	 	ARTICLE
    VII	 
	 	 	 
	SERVICER TERMINATION EVENTS	405
	 	 
	Section 7.01	Servicer Termination Events; Master Servicers
    and Special Servicers Termination	405
	Section 7.02	Trustee to Act; Appointment of Successor	413
	Section 7.03	Notification to Certificateholders	415
	Section 7.04	Waiver of Servicer Termination Events	415
	Section 7.05	Trustee as Maker of Advances	416
	 	 	 
	 	ARTICLE VIII	 
	 	 	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE
    ADMINISTRATOR	416
	 	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	416
	Section 8.02	Certain Matters Affecting the Trustee and the
    Certificate Administrator	418
	Section 8.03	Trustee and Certificate Administrator Not Liable
    for Validity or Sufficiency of Certificates or Mortgage Loans	420
	Section 8.04	Trustee or Certificate Administrator May Own
    Certificates	420
	Section 8.05	Fees and Expenses of Trustee and Certificate
    Administrator; Indemnification of Trustee and Certificate Administrator	421
	Section 8.06	Eligibility Requirements for Trustee and Certificate
    Administrator	422
	Section 8.07	Resignation and Removal of the Trustee and Certificate
    Administrator	423
	Section 8.08	Successor Trustee or Certificate Administrator	425
	Section 8.09	Merger or Consolidation of Trustee or Certificate
    Administrator	426
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	426
	Section 8.11	Appointment of Custodians	427
	Section 8.12	Representations and Warranties of the Trustee	428
	Section 8.13	Provision of Information to Certificate Administrator,
    Master Servicers and Special Servicers	429
	Section 8.14	Representations and Warranties of the Certificate
    Administrator	429
	Section 8.15	Compliance with the PATRIOT Act	430
	 	 	 
	 	ARTICLE IX	 
	 	 	 
	TERMINATION	431
	 	 
	Section 9.01	Termination upon Repurchase or Liquidation of
    All Mortgage Loans	431
	Section 9.02	Additional Termination Requirements	435
	 	 	 
	 	ARTICLE X	 
	 	 	 
	ADDITIONAL REMIC PROVISIONS	436
	 	 
	Section 10.01	REMIC Administration	436

 

    -iv- 

     

    

 

	Section 10.02	Use of Agents	440
	Section 10.03	Depositor, Master Servicers and Special Servicers
    to Cooperate with Certificate Administrator	440
	Section 10.04	Appointment of REMIC Administrators	440
	 	 	 
	 	ARTICLE XI	 
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION
    AB COMPLIANCE	441
	 	 
	Section 11.01	Intent of the Parties; Reasonableness	441
	Section 11.02	Succession; Subcontractors	442
	Section 11.03	Filing Obligations	444
	Section 11.04	Form 10-D and Form ABS-EE Filings	445
	Section 11.05	Form 10-K Filings	449
	Section 11.06	Sarbanes-Oxley Certification	452
	Section 11.07	Form 8-K Filings	453
	Section 11.08	Form 15 Filing	455
	Section 11.09	Annual Compliance Statements	456
	Section 11.10	Annual Reports on Assessment of Compliance with
    Servicing Criteria.	457
	Section 11.11	Annual Independent Public Accountants’
    Attestation Report	459
	Section 11.12	Indemnification	461
	Section 11.13	Amendments	463
	Section 11.14	Regulation AB Notices	464
	Section 11.15	Certain Matters Relating to the Future Securitization
    of the Serviced Pari Passu Companion Loans	464
	Section 11.16	Certain Matters Regarding Significant Obligors	469
	Section 11.17	Impact of Cure Period	470
	 	 	 
	 	ARTICLE XII	 
	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER	470
	 	 
	Section 12.01  	Asset Review	470
	Section 12.02	Payment of Asset Representations Reviewer Fees
    and Expenses; Limitation of Liability	476
	Section 12.03	Resignation of the Asset Representations Reviewer	477
	Section 12.04	Restrictions of the Asset Representations Reviewer	477
	Section 12.05	Termination of the Asset Representations Reviewer	478
	 	 	 
	 	ARTICLE XIII	 
	 	 	 
	MISCELLANEOUS PROVISIONS	481
	 	 
	Section 13.01	Amendment.	481
	Section 13.02	Recordation of Agreement; Counterparts	486
	Section 13.03	Limitation on Rights of Certificateholders	486

 

    -v- 

     

    

 

	Section 13.04	Governing Law; Submission
    to Jurisdiction; Waiver of Jury Trial	487
	Section 13.05	Notices	488
	Section 13.06	Severability of Provisions	496
	Section 13.07  	Grant of a Security Interest	496
	Section 13.08	Successors and Assigns; Third Party Beneficiaries	496
	Section 13.09	Article and Section Headings	497
	Section 13.10	Notices to the Rating Agencies	497
	Section 13.11	Cooperation with the Mortgage Loan Sellers with
    Respect to Rights Under the Mortgage Loan Agreements	499
	 	 	 

    -vi- 

     

    

 

EXHIBITS

 

	EXHIBIT A-1	Form of Certificate (Other than Class R and Class V Certificates)
	EXHIBIT A-2	Form of Class R Certificate
	EXHIBIT A-3	Form of Class V Certificate
	EXHIBIT A-4	Form of RR Interest
	EXHIBIT B	Mortgage Loan Schedule
	EXHIBIT C	Form of Investment Representation Letter
	EXHIBIT D-1	Form of Transferee Affidavit for Transfers of Class R Certificates
	EXHIBIT D-2	Form of Transferor Letter for Transfers of Class R Certificates
	EXHIBIT D-3	Form of Transferee Certificate for Transfers of RR Interest
	EXHIBIT D-4	Form of Transferor Certificate for Transfers of RR Interest
	EXHIBIT E	Form of Request for Release
	EXHIBIT F-1	Form of ERISA Representation Letter Regarding ERISA Restricted Certificates
	EXHIBIT F-2	Form of ERISA Representation Letter Regarding Class R Certificates and Class V Certificates
	EXHIBIT G	Form of Distribution Date Statement
	EXHIBIT H	Form of Omnibus Assignment
	EXHIBIT I	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate During Restricted Period
	EXHIBIT J	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate After Restricted Period
	EXHIBIT K	Form of Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate During Restricted Period
	EXHIBIT L	Form of Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate After Restricted Period
	EXHIBIT M	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Book-Entry Certificate
	EXHIBIT N	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Book-Entry Certificate
	EXHIBIT O	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Book-Entry Certificate
	EXHIBIT P-1A	Form of Investor Certification for Non-Borrower Party and/or the Risk Retention Consultation Party (for Persons Other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1B	Form of Investor Certification for Non-Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1C	Form of Investor Certification for Borrower
    Party (for Persons Other than the Directing Certificateholder, the
    Risk Retention Consultation Party and/or a Controlling Class Certificateholder)
	EXHIBIT P-1D	Form of Investor Certification for Borrower
    Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1E	Form of Notice of Excluded Controlling Class Holder
	EXHIBIT P-1F	Form of Notice of [Excluded Loan] [Excluded Controlling Class Holder] to Certificate Administrator
	EXHIBIT P-1G	Form of Certification of the Directing Certificateholder

 

    -vii- 

     

    

  

	EXHIBIT P-1H	Form of Certification of
    the Risk Retention Consultation Party
	EXHIBIT P-2	Form of Certification for NRSROs
	EXHIBIT P-3	Online Market Data Provider Certification
	EXHIBIT Q	Custodian Certification/Exception Report
	EXHIBIT R-1	Form of Power of Attorney – Master     Servicers
	EXHIBIT R-2	Form of Power of Attorney – Special
    Servicers
	EXHIBIT S	Initial Serviced Companion Noteholders
	EXHIBIT T	Form of Notice Relating to the Non-Serviced
    Mortgage Loan
	EXHIBIT U	Form of Notice and Certification Regarding Defeasance
    of Mortgage Loan
	EXHIBIT V	Form of Operating Advisor Annual Report
	EXHIBIT W	Form of Notice from Operating Advisor Recommending
    Replacement of a Special Servicer
	EXHIBIT X	Form of Confidentiality Agreement
	EXHIBIT Y	Form Certification to be Provided with Form
    10-K
	EXHIBIT Y-1	Form of Certification to be Provided to Depositor
    by Certificate Administrator
	EXHIBIT Y-2	Form of Certification to be Provided to Depositor
    by Master Servicer
	EXHIBIT Y-3	Form of Certification to be Provided to Depositor
    by Special Servicer
	EXHIBIT Y-4	Form of Certification to be Provided to Depositor
    by Trustee
	EXHIBIT Y-5	Form of Certification to be Provided to Depositor
    by Operating Advisor
	EXHIBIT Y-6	Form of Certification to be Provided to Depositor
    by Custodian
	EXHIBIT Y-7	Form of Certification to be Provided to Depositor
    by Asset Representations Reviewer
	EXHIBIT Z	Servicing Criteria to be Addressed in Assessment
    of Compliance
	EXHIBIT AA	Additional Form 10-D Disclosure
	EXHIBIT BB	Additional Form 10-K Disclosure
	EXHIBIT CC	Form 8-K Disclosure Information
	EXHIBIT DD	Additional Disclosure Notification
	EXHIBIT EE	Initial Sub-Servicers
	EXHIBIT FF	Servicing Function Participants
	EXHIBIT GG	Form of Annual Compliance Statement
	EXHIBIT HH	Form of Report on Assessment of Compliance with
    Servicing Criteria
	EXHIBIT II	CREFC® Payment Information
	EXHIBIT JJ	Form of Notice of Additional Indebtedness Notification
	EXHIBIT KK	[Reserved]
	EXHIBIT LL	Additional Disclosure Notification (Accounts)
	EXHIBIT MM	Form of Notice of Purchase of Controlling Class
    Certificate
	EXHIBIT NN	Form of Asset Review Report by the Asset Representations
    Reviewer
	EXHIBIT OO	Form of Asset Review Report Summary
	EXHIBIT PP	Asset Review Procedures
	EXHIBIT QQ	Form of Certification to Certificate Administrator
    Requesting Access to Secure Data Room
	EXHIBIT RR	Form of Notice of [Additional Delinquent Loan][Cessation
    of Delinquent Loan][Cessation of Asset Review Trigger]
	EXHIBIT SS	Form
of Intercreditor Agreement and Subordination Agreement for NCB Co-op Mortgage Loans

	

         
	

    -viii- 

     

    

 

	EXHIBIT TT	Form of Exchange Letter
	EXHIBIT UU	Form of Certificate Administrator Receipt of
    the RR Interest
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE 1	Mortgage Loans With Additional Debt
	SCHEDULE 2	Class A-SB Planned Principal Balance Schedule
	SCHEDULE 3	Mortgage Loans (Other than NCB Co-op Mortgage
    Loans) With Escrows or Reserves Exceeding 10% of the Initial Principal Balance of the Mortgage Loan or (if applicable) Whole
    Loan

 

    -ix- 

     

    

 

This
Pooling and Servicing Agreement is dated and effective as of March 1, 2021, between Morgan Stanley Capital I Inc., as Depositor,
Wells Fargo Bank, National Association, as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Master Servicer and as NCB Special Servicer, Wells Fargo Bank, National Association, as
Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT

 

The
Depositor intends to sell commercial mortgage pass-through certificates (collectively, the “Certificates”),
to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest in the
Trust to be created hereunder, the primary assets of which will be a pool of commercial mortgage loans. As provided herein, the
Certificate Administrator shall elect or shall cause an election to be made to treat designated portions of the Trust (exclusive
of the Excess Interest and the proceeds thereof in the Excess Interest Distribution Account) for federal income tax purposes as
two (2) separate real estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier
REMIC”, and each a “Trust REMIC” as described herein).

 

In
addition, the parties intend that the portion of the Trust Fund consisting of the Grantor Trust Designated Portions shall be classified
as an “investment trust” under section 301.7701-4(c) of the Treasury Regulations and that the holders of the Exchangeable
Certificates, the Class V Certificates and the RR Interest shall be treated as holding undivided beneficial ownership interests
in the corresponding Grantor Trust Designated Portion, under subpart E, part I of subchapter J of the Code (such arrangement,
the “Grantor Trust”). The Certificate Administrator shall take all actions expressly required hereunder to
ensure that the Grantor Trust remains classified as a trust and that the holders of the Exchangeable Certificates, the Class V
Certificates and the RR Interest continue to be the owners of their Grantor Trust Designated Portions for federal income tax purposes.
The Grantor Trust shall not be treated as part of either Trust REMIC.

 

The
Depositor intends to sell the Certificates to the Underwriters and the Initial Purchasers.

 

LOWER-TIER
REMIC

 

The
Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LASB,
Class LA3, Class LA4, Class LA5, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH and LRR Uncertificated
Interests (the “Lower-Tier Regular Interests”), which will be the “regular interests” in the Lower-Tier
REMIC. The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole Class of “residual interests”
in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

 

     

     

    

 

The
following table sets forth the Class designation, the Original Lower-Tier Principal Amounts and per annum rates of interest
for the Lower-Tier Regular Interests and the Class LR Interest:

 

	Class
Designation
	Interest
Rate 
	Original
Lower-Tier

Principal Amount

	Class
    LA1	(1)	$          8,800,000
	Class
    LA2	(1)	$          28,200,000
	Class
    LASB	(1)	$          18,727,000
	Class
    LA3	(1)	$          16,672,500
	Class
    LA4	(1)	$          161,500,000
	Class
    LA5	(1)	$          367,780,000
	Class
    LAS	(1)	$          68,764,000
	Class
    LB	(1)	$          42,977,000
	Class
    LC	(1)	$          40,828,000
	Class
    LD	(1)	$          25,787,000
	Class
    LE	(1)	$          19,339,000
	Class
    LF	(1)	$          20,414,000
	Class
    LG	(1)	$          9,670,000
	Class
    LH	(1)	$          30,084,822
	Class
    LR	None(2)	                None
	LRR	(1)	$          45,239,148.55

  

 

 

		(1)	The
                                         interest rate for each Class of Lower-Tier Regular Interests on any Distribution Date
                                         will be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

		(2)	The
                                         Class LR Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or Notional Amount, will not bear interest and will not be entitled to distributions
                                         of Prepayment Premiums or Yield Maintenance Charges. Any Aggregate Available Funds remaining
                                         in the Lower-Tier REMIC Distribution Account after distributing the Lower-Tier Distribution
                                         Amount will be deemed distributed to the Class LR Interest and shall be payable to the
                                         Holders of the Class R Certificates.

 

UPPER-TIER
REMIC

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-2, Class A-SB, Class A-3, Class
X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G and Class H Certificates, the Class
A-4, Class A-4-X1, Class A-4-X2, Class A-5, Class A-5-X1, Class A-5-X2, Class A-S, Class A-S-X1, Class A-S-X2, Class B, Class
B-X1, Class B-X2, Class C, Class C-X1 and Class C-X2 Upper-Tier Regular Interests, and the regular interest component of the RR
Interest (the Excess Interest component of the RR Interest will be held through the Grantor Trust), each of which will represent
a “regular interest” in the Upper-Tier REMIC (the “Upper-Tier Regular Interests”). Each of the
Upper-Tier Regular Interests designated Class A-1, Class A-2, Class A-SB, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F,
Class X-G, Class X-H, Class D, Class E, Class F, Class G and Class H will be represented by a Class of Regular Certificates with
the same alphanumeric designation and Pass-Through Rate, Certificate Balance or Notional Amount and entitlements as such Class
of Regular Certificates.

 

     -2-

     

    

 

The
Upper-Tier REMIC will also issue the uncertificated Class UR Interest, which will be the sole Class of “residual interests”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates. The Class R Certificates
will not have a Certificate Balance or a Notional Amount, bear interest or be entitled to distributions of Prepayment Premiums
or Yield Maintenance Charges. Any Aggregate Available Funds remaining in the Upper Tier REMIC Distribution Account, after all
required distributions under this Agreement have been made to each Class of Regular Certificates and Exchangeable Upper-Tier Regular
Interests will be deemed distributed to the Class UR Interest and shall be payable to the Holders of the Class R Certificates.

 

THE
UPPER-TIER REGULAR INTERESTS

 

The
following table (and related paragraphs) sets forth the designation, the initial Pass-Through Rate and the aggregate initial principal
amount (the “Original Certificate Balance”) or Notional Amount (the “Original Notional Amount”),
as applicable, for each Class of Upper-Tier Regular Interests:

 

	Designation
of 

Upper-Tier 

Regular Interest 
	Initial
Pass-Through Rate 
	Original
Certificate

 Balance or Notional

 Amount 

	Class
    A-1	0.6330%	$ 8,880,000
	Class
    A-2	1.9850%	$ 28,200,000
	Class
    A-SB 	2.3320%	$ 18,727,500
	Class
    A-3	2.0590%	$ 16,672,500
	Class
    A-4	1.3490%	$ 161,500,000
	Class
    A-4-X1	0.5000%	$ 161,500,000(2)
	Class
    A-4-X2	0.5000%	$ 161,500,000(2)
	Class
    A-5	1.6430%	$ 367,780,000
	Class
    A-5-X1	0.5000%	$ 367,780,000(2)
	Class
    A-5-X2	0.5000%	$ 367,780,000(2)
	Class
    X-A 	0.8942%(1)	$ 601,680,000(2)
	Class
    X-B 	0.3474%(1)	$ 152,569,000(2)
	Class
    X-D 	0.8722%(1)	$ 45,126,000(2)
	Class
    X-F 	1.0000%(1)	$ 20,414,000(2)
	Class
    X-G 	1.0000%(1)	$ 9,670,000(2)
	Class
    X-H 	1.0000%(1)	$ 30,084,822(2)
	Class
    A-S 	1.8590%	$ 68,764,000
	Class
    A-S-X1	0.5000%	$ 68,764,000(2)
	Class
    A-S-X2	0.5000%	$ 68,764,000(2)
	Class
    B	1.9600%	$ 42,977,000
	Class
    B-X1	0.5000%	$ 42,977,000(2)
	Class
    B-X2	0.5000%	$ 42,977,000(2)
	Class
    C	2.3722%	$ 40,828,000
	Class
    C-X1	0.5000%	$ 40,828,000(2)
	Class
    C-X2	0.5000%	$ 40,828,000(2)
	Class
    D 	2.5000%	$ 25,787,000
	Class
    E 	2.5000%	$ 19,339,000
	Class
    F 	2.3722%	$ 20,414,000
	Class
    G 	2.3722%	$ 9,670,000

 

     -3-

     

    

 

	Designation
of 

Upper-Tier 

Regular Interest 
	Initial
Pass-Through Rate 
	Original
Certificate

 Balance or Notional

 Amount 

	Class
    H 	2.3722%	$
    30,084,822
	RR
    Interest	None(3)	$ 45,239,148.55

  

 

 

		(1)	The
                                         Pass-Through Rates for the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and
                                         Class X-H Certificates will be calculated in accordance with the definition of “Class
                                         X-A Pass-Through Rate”, “Class X-B Pass-Through Rate”, “Class
                                         X-D Pass-Through Rate”, “Class X-F Pass-Through Rate”, “Class
                                         X-G Pass-Through Rate” and “Class X-H Pass-Through Rate”, respectively.

 

		(2)	None
                                         of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G or Class X-H Certificates
                                         or the Class A-4-X1, Class A-4-X2, Class A-5-X1, Class A-5-X2, Class A-S-X1, Class A-S-X2,
                                         Class B-X1, Class B-X2, Class C-X1 or Class C-X2 Upper-Tier Regular Interests will have
                                         a Certificate Balance or be entitled to distributions of principal; rather, such Classes
                                         will accrue interest as provided herein on the Notional Amount thereof.

 

		(3)	The
                                         RR Interest will be entitled to interest on any Distribution Date equal to the Retained
                                         Certificate Interest Distribution Amount. It will also be entitled to amounts described
                                         below under the caption “The Grantor Trust”.

 

The
foregoing structure is intended to cause all of the cash from the Mortgage Loans to flow through to the Upper-Tier REMIC as cash
flow on the Upper-Tier Regular Interests, without creating any shortfall, actual or potential (other than for credit losses),
to any REMIC regular interests. To the extent that the structure is believed to diverge from such intention, the parties identifying
such ambiguity shall notify the other parties hereto and the parties involved will resolve such ambiguities to accomplish the
intended result and will to the extent necessary rectify any drafting errors or seek clarification to the structure without Certificateholder
approval (but with guidance of counsel) to accomplish such intention, including, to the extent necessary, making any amendments
in accordance with Section 13.01 of this Agreement.

 

THE
GRANTOR TRUST

 

The
following table sets forth each Class of Certificates that represents an undivided beneficial interest in the corresponding portion
of the Grantor Trust (each such portion, a “Grantor Trust Designated Portion”).

 

	Class
of Certificates 
	Corresponding
Grantor Trust Designated Portion 

	Each
    Class of Exchangeable Certificates	The
    related Exchangeable Class Specific Grantor Trust Assets
	Class
    V Certificates	Class
    V Specific Grantor Trust Assets
	RR
    Interest	RR
    Interest Specific Grantor Trust Assets

 

As
provided herein, the Certificate Administrator shall not take any actions that would (i) cause the Grantor Trust not to be classified
as a grantor trust for U.S. federal income tax purposes, (ii) cause the holders of such Classes of Certificates not to be the
owners of their Grantor Trust Designated Portions or (iii) cause the Grantor Trust to be treated as part of any Trust REMIC.

 

     -4-

     

    

 

The
Class V Certificates will not have a Certificate Balance or a Notional Amount, bear interest or be entitled to distributions of
Prepayment Premiums or Yield Maintenance Charges.

 

As
of the close of business on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all
payments of principal due on or before such date, whether or not received, equal to $904,782,971.

 

WHOLE
LOANS

 

	Whole
    Loan	Type	Non-Serviced
    PSA	Mortgage
    Loan	Companion
    Loan(s)
	Pathline
    Park 9 & 10	Serviced
    Whole Loan	N/A	Pathline
    Park 9 & 10 Mortgage Loan	Pathline
    Park 9 & 10 Pari Passu Companion Loans
	Miami
    Design District	Non-Serviced
    Whole Loan 	BANK
    2020-BNK30 (1)	Miami
    Design District Mortgage Loan	Miami
    Design District Pari Passu Companion Loans and Miami Design District Subordinate Companion Loan
	Extra
    Space Rock ‘N Roll Self Storage Portfolio	Serviced
    Whole Loan	N/A	Extra
    Space Rock ‘N Roll Self Storage Portfolio Mortgage Loan	Extra
    Space Rock ‘N Roll Self Storage Portfolio Pari Passu Companion Loan
	605
    Third Avenue	Non-Serviced
    Whole Loan	BANK
    2020-BNK30	605
    Third Avenue Mortgage Loan	605
    Third Avenue Pari Passu Companion Loans and 605 Third Avenue Subordinate Companion Loans
	Boca
    Office Portfolio	Non-Serviced
    Whole Loan	Benchmark
    2021-B24	Boca
    Office Portfolio Mortgage Loan	Boca
    Office Portfolio Pari Passu Companion Loans
	McClellan
    Park	Non-Serviced
    Whole Loan	BANK
    2020-BNK30	McClellan
    Park Mortgage Loan	McClellan
    Park Pari Passu Companion Loans

 

		(1)	On
                                         and after the Miami Design District Lead Note Securitization Date, the Miami Design District
                                         Whole Loan will be serviced pursuant to the Non-Serviced PSA governing the securitization
                                         of the Miami Design District Lead Note.

 

Each
of the Whole Loans listed above consists of the corresponding Mortgage Loan and Companion Loan(s) listed next to such Whole Loan.
With respect to any Whole Loan, each of the Mortgage Loan and any related Pari Passu Companion Loan(s) are pari passu with
each other to the extent provided in the related Intercreditor Agreement, and any related AB Subordinate Companion Loan(s) are
generally subordinate to the related Mortgage Loan and any Pari Passu Companion Loan(s) to the extent provided in the related
Intercreditor Agreement. Each Serviced Whole Loan will be serviced and administered in accordance with this Agreement and the
related Intercreditor Agreement. Each Non-Serviced Whole Loan will be serviced and administered in accordance with the related
Non-Serviced PSA and the related Intercreditor Agreement.

 

The
Companion Loans are not part of the Trust Fund, but are each secured by the applicable Mortgage that secures the related Mortgage
Loan that is part of the Trust Fund. Amounts attributable to any Companion Loan will not be part of the Trust Fund, and (except
to

 

     -5-

     

    

 

the extent that such amounts are payable or reimbursable to any party to this Agreement) will be owned by the related Companion
Holders.

 

In
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.01 Defined Terms.

 

Whenever
used in this Agreement, including in the Preliminary Statement, the following capitalized terms, unless the context otherwise
requires, shall have the meanings specified in this Article.

 

“10-K
Filing Deadline”: As defined in Section 11.05(a).

 

“15Ga-1
Notice”: As defined in Section 2.02(g).

 

“15Ga-1
Repurchase Request”: As defined in Section 2.02(g).

 

“17g-5
Information Provider”: The Certificate Administrator.

 

“17g-5
Information Provider’s Website”: The 17g-5 Information Provider’s Internet website, which shall initially
be located within the Certificate Administrator’s Website (initially “www.ctslink.com”), under the “NRSRO”
tab on the page relating to this transaction.

 

“605
Third Avenue Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of November 23, 2020, by and between
the holders of the respective promissory notes evidencing the 605 Third Avenue Whole Loan, relating to the relative rights of
such holders, as the same may be further amended in accordance with the terms thereof.

 

“605
Third Avenue Mortgage Loan”: With respect to the 605 Third Avenue Whole Loan, the Mortgage Loan that is included in
the Trust (identified as Mortgage Loan No. 4 on the Mortgage Loan Schedule), which is evidenced by promissory notes A-3 and A-4.

 

“605
Third Avenue Mortgaged Property”: The Mortgaged Property that secures the 605 Third Avenue Whole Loan.

 

“605
Third Avenue Pari Passu Companion Loans”: With respect to the 605 Third Avenue Whole Loan, the Companion Loans evidenced
by the related promissory notes A-1, A-2 and A-5 and made by the related Mortgagor and secured by the Mortgage on the 605 Third
Avenue Mortgaged Property.

 

“605
Third Avenue Subordinate Companion Loans”: With respect to the 605 Third Avenue Whole Loan, the Companion Loans evidenced
by the related promissory notes B-1, B-2 and B-3 and made by the related Mortgagor and secured by the Mortgage on the 605 Third
Avenue Mortgaged Property.

 

     -6-

     

    

 

“AB
Control Appraisal Period”: With respect to a Serviced AB Whole Loan, a “Control Appraisal Period” or equivalent
term under the related AB Intercreditor Agreement. There are no Serviced AB Whole Loans as of the Closing Date.

 

“AB
Intercreditor Agreement”: Any Intercreditor Agreement by and among the holder(s) of one or more Subordinate Companion
Loan(s) and the holder of the related Mortgage Loan and the holders of any related Pari Passu Companion Loans, relating to the
relative rights of such holders of the related AB Whole Loan, as the same may be further amended in accordance with the terms
thereof. As of the Closing Date, each of the Miami Design District Intercreditor Agreement and the 605 Third Avenue Intercreditor
Agreement is an AB Intercreditor Agreement.

 

“AB
Major Decision” With respect to a Serviced AB Whole Loan, a “major decision” or equivalent term under the
related AB Intercreditor Agreement.

 

“AB
Modified Loan”: Any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this definition
any Non-Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant
to the related Non-Serviced PSA) due to a modification thereto that resulted in the creation of an A/B note structure (or similar
structure) and as to which the new junior note(s) did not previously exist or the principal amount of the new junior note(s) was
previously part of either an A note held by the Trust or the original unmodified Mortgage Loan and (2) as to which an Appraisal
Reduction Amount is not in effect.

 

“AB
Mortgage Loan”: One or more senior “A notes” that is part of an AB Whole Loan and which is a Mortgage Loan
that is part of the Trust Fund. As of the Closing Date, each of the Miami Design District Mortgage Loan and the 605 Third Avenue
Mortgage Loan is an AB Mortgage Loan.

 

“AB
Mortgaged Property”: The Mortgaged Property that secures the related AB Whole Loan. As of the Closing Date, each of
the Miami Design District Mortgaged Property and the 605 Third Avenue Mortgaged Property is an AB Mortgaged Property.

 

“AB
Subordinate Companion Loan”: With respect to any AB Whole Loan, any related companion loan evidenced by the related
promissory note made by the related Mortgagor and secured by the Mortgage on the related AB Mortgaged Property, which is not included
in the Trust and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the related
Mortgage Loan documents and as provided in the related AB Intercreditor Agreement. As of the Closing Date, each of the Miami Design
District Subordinate Companion Loans and the 605 Third Avenue Subordinate Companion Loan is an AB Subordinate Companion Loan.

 

“AB
Whole Loan”: A Whole Loan that consists of a Mortgage Loan, any related companion loan that is pari passu in right of
payment with such Mortgage Loan and one or more related AB Subordinate Companion Loans. As of the Closing Date, each of the Miami
Design District Whole Loan and the 605 Third Avenue Whole Loan is an AB Whole Loan.

 

“AB
Whole Loan Controlling Holder”: With respect to a Serviced AB Whole Loan, the “Controlling Holder”, “Controlling
Noteholder” or similarly defined party identified in

 

     -7-

     

    

 

the related AB Intercreditor Agreement that is not the holder of the
related Serviced Mortgage Loan. As of the Closing Date there is no AB Whole Loan Controlling Holder.

 

“Accelerated
Mezzanine Loan Lender”: A mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure
or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan.

 

“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan or Serviced Whole Loan, a default under the related Mortgage
Loan documents arising by reason of (i) any failure on the part of the related Mortgagor to maintain with respect to the related
Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty insurance policy that does not specifically
exclude, terrorist or similar acts, and/or (ii) any failure on the part of the related Mortgagor to maintain with respect to the
related Mortgaged Property insurance coverage with respect to damages or casualties caused by terrorist or similar acts upon terms
not materially less favorable than those in place as of the Closing Date, in each case as to which default the applicable Master
Servicer and the applicable Special Servicer may forbear taking any enforcement action, provided that the applicable Master
Servicer (with respect to a Non-Specially Serviced Loan) or the applicable Special Servicer (with respect to a Specially Serviced
Loan), as applicable, has determined, in its reasonable judgment, based on inquiry consistent with the Servicing Standard (and
(i) unless a Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder and
(ii) with respect to a Specially Serviced Loan, after non-binding consultation with the Risk Retention Consultation Party pursuant
to Section 6.08(a) (in either case, other than with respect to any Mortgage Loan that is an Excluded Loan as to such party))
(and after a Control Termination Event has occurred and is continuing, but prior to the occurrence and continuance of a Consultation
Termination Event, after non-binding consultation with the Directing Certificateholder (or, with respect to a Serviced AB Whole
Loan, if an AB Control Appraisal Period is not in effect, with the consent of the related AB Whole Loan Controlling Holder to
the extent required under the related Intercreditor Agreement) as provided in Section 6.08) (other than with respect to
any Mortgage Loan that is an Excluded Loan as to such party), that either (a) such insurance is not available at commercially
reasonable rates and that such hazards are not at the time commonly insured against for properties similar to the related Mortgaged
Property and located in or around the region in which such related Mortgaged Property is located, or (b) such insurance is not
available at any rate; provided, however, that the Directing Certificateholder (or, with respect to a Serviced AB
Whole Loan, the AB Whole Loan Controlling Holder if an AB Control Appraisal Period is not in effect to the extent required under
the related Intercreditor Agreement) and the Risk Retention Consultation Party (if it has the right to consult pursuant to Section
6.08) will not have more than thirty (30) Business Days to respond to the applicable Master Servicer’s or the applicable
Special Servicer’s, as applicable, request for such consent or consultation, as applicable; provided, further,
that upon the applicable Master Servicer’s or the applicable Special Servicer’s, as applicable, determination, consistent
with the Servicing Standard, that exigent circumstances do not allow the applicable Master Servicer or the applicable Special
Servicer, as applicable, to consult with the Directing Certificateholder, the Risk Retention Consultation Party or any applicable
AB Whole Loan Controlling Holder, as applicable, such Master Servicer or such Special Servicer, as applicable, is not required
to do so. The applicable Master Servicer (at its own expense) and the applicable Special Servicer (at the expense of the Trust
Fund) shall be entitled to rely on insurance consultants in making the determinations described above.

 

     -8-

     

    

 

“Act”:
The Securities Act of 1933, as it may be amended from time to time.

 

“Actual/360
Basis”: Interest accrual on the basis of the actual number of days in a month assuming a 360-day year.

 

“Actual/360
Mortgage Loans”: The Mortgage Loans that accrue interest on an Actual/360 Basis; provided, that a Mortgage Loan that
accrues interest for a portion of the Mortgage Loan term on an Actual/360 Basis shall be an Actual/360 Mortgage Loan solely for
such portion of the Mortgage Loan term.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property as of the Closing Date as set forth on Schedule 1
hereto, as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu loan
documents (including any Intercreditor Agreement or subordination agreement).

 

“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached hereto as Exhibit DD.

 

“Additional
Exclusions”: Exclusions in addition to those customarily found in the insurance policies for mortgaged properties similar
to the Mortgaged Properties on or prior to September 11, 2001.

 

“Additional
Form 10-D Disclosure”: As defined in Section 11.04(a).

 

“Additional
Form 10-K Disclosure”: As defined in Section 11.05(a).

 

“Additional
Servicer”: Each Affiliate of any Master Servicer, any Special Servicer or any Mortgage Loan Seller that services any
of the Mortgage Loans and each Person who is not an Affiliate of any Master Servicer, other than any Special Servicer, who services
10% or more of the Mortgage Loans by unpaid principal balance as of any date of determination pursuant to Article XI.

 

“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate (which fee rate accounts for the Trustee Fee), the Operating
Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License
Fee Rate and, in the case of each Non-Serviced Mortgage Loan, the related Non-Serviced Primary Servicing Fee Rate.

 

“Advance”:
Any P&I Advance or Servicing Advance.

 

“Adverse
REMIC Event”: As defined in Section 10.01(f).

 

“Affected
Party”: As defined in Section 7.01(b).

 

“Affected
Reporting Party”: As defined in Section 11.12.

 

     -9-

     

    

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

 

“Affirmative
Asset Review Vote”: As defined in Section 12.01(a).

 

“Aggregate
Available Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)       the
aggregate amount of all cash received on the Mortgage Loans (in the case of a Non-Serviced Mortgage Loan, only to the extent received
by the Trust pursuant to the related Non-Serviced PSA and/or the related Non-Serviced Intercreditor Agreement) (including the
portion of Loss of Value Payments deposited into each applicable Collection Account pursuant to Section 3.05(g) of this
Agreement) and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited
by each applicable Master Servicer pursuant to Section 3.17(a)) on deposit in each applicable Collection Account (in each
case, exclusive of any amount on deposit in or credited to any portion of a Collection Account that is held for the benefit of
the Serviced Companion Noteholders) as of the close of business on the related P&I Advance Date, exclusive of (without duplication):

 

(i)        all
Periodic Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Collection
Period, excluding interest relating to payments prior to, but due after, the Cut-off Date;

 

(ii)       all
unscheduled Principal Prepayments (together with any related payments of interest allocable to the period following the related
Due Date for the related Mortgage Loan), Liquidation Proceeds, Insurance and Condemnation Proceeds and other unscheduled recoveries,
in each case, received subsequent to the related Determination Date (or, with respect to voluntary Principal Prepayments for each
Mortgage Loan with a Due Date occurring after the related Determination Date, subsequent to the related Due Date) allocable to
the Mortgage Loans;

 

(iii)       (A)
all amounts payable or reimbursable to any Person from each applicable Collection Account pursuant to clauses (ii) through
(xviii), inclusive, and (xxii) of Section 3.05(a); (B) all amounts payable or reimbursable to any Person
from the Lower-Tier REMIC Distribution Account pursuant to clauses (ii) through (vii), inclusive, of Section
3.05(b); and (C) any Net Investment Earnings contained therein;

 

(iv)      with
respect to the Actual/360 Mortgage Loans and any Distribution Date occurring in (1) each February or (2) any January in a year
that is not a leap year (in each case, unless the related Distribution Date is the final Distribution Date), an amount equal to
one (1) day of interest on the Stated Principal Balance of

 

     -10-

     

    

 

such Mortgage Loan as of the Distribution Date in the month preceding
the month in which the P&I Advance Date occurs at the related Mortgage Rate to the extent such amounts are Withheld Amounts;

 

(v)       all
Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Excess Interest Certificates and the RR
Interest, as described in Section 4.01(j));

 

(vi)      all
Prepayment Premiums and Yield Maintenance Charges allocable to the Mortgage Loans;

 

(vii)     all
amounts deposited in a Collection Account in error; and

 

(viii)    any
Penalty Charges allocable to the Mortgage Loans;

 

(b)       if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Accounts allocable
to the Mortgage Loans to the applicable Collection Account for such Distribution Date pursuant to Section 3.14(c);

 

(c)       the
aggregate amount of any Compensating Interest Payments made by each applicable Master Servicer in respect of the Mortgage Loans
with respect to such Distribution Date and P&I Advances made by each applicable Master Servicer or the Trustee, as applicable,
with respect to the Mortgage Loans and the Distribution Date (net of the related Certificate Administrator Fee, Operating Advisor
Fee, Asset Representations Reviewer Fee and CREFC® Intellectual Property Royalty License Fee with respect to the
Mortgage Loans for which such P&I Advances are made) pursuant to Section 4.03 or Section 7.05;

 

(d)       with
respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account pursuant to Section
3.21(b); and

 

(e)       solely
with respect to the Distribution Date occurring in April 2021, amounts on deposit in the Collection Account as a result of the
initial deposit made by the Depositor on the Closing Date equal to $243,930.05, in respect of Mortgage Loans that have an initial
Due Date after April 2021.

 

Notwithstanding
the investment of funds held in each applicable Collection Account pursuant to Section 3.06, for purposes of calculating
the Aggregate Available Funds, the amounts so invested shall be deemed to remain on deposit in such accounts.

 

“Aggregate
Excess Prepayment Interest Shortfall”: The aggregate of any Prepayment Interest Shortfalls resulting from any Principal
Prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for any Distribution Date that are not
covered by each applicable Master Servicer’s Compensating Interest Payment for the related Distribution Date and the portion
of the compensating interest payments allocable to any

 

     -11-

     

    

 

Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced
Master Servicer.

 

“Aggregate
Gain-on-Sale Entitlement Amount”: For each Distribution Date, the aggregate amount of (i) the sum of (a)(x) the aggregate
portion of the Interest Distribution Amount for each Class of Non-Retained Certificates that would remain unpaid as of the close
of business on the Distribution Date, divided by (y) the Non-Retained Percentage, and (b)(x) the amount by which the Principal
Distribution Amount exceeds the aggregate amount that would actually be distributed on the Distribution Date in respect of such
Principal Distribution Amount, divided by (y) the Non-Retained Percentage, and (ii) any outstanding Realized Losses and Retained
Certificate Realized Losses outstanding immediately after such Distribution Date, in each case, to the extent such amounts would
occur on such Distribution Date or would be outstanding immediately after such Distribution Date, as applicable, without the inclusion
of the Gain-on-Sale Remittance Amount as part of the definition of Available Funds and the Retained Certificate Gain-on-Sale Remittance
Amount as part of the definition of Retained Certificate Available Funds.

 

“Aggregate
Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of the following amounts:
(a) the Scheduled Principal Distribution Amount for such Distribution Date and (b) the Unscheduled Principal Distribution Amount
for such Distribution Date; provided that the Aggregate Principal Distribution Amount for any Distribution Date shall be
reduced, to not less than zero, by the amount of any reimbursements of (A) Nonrecoverable Advances (including any servicing advance
with respect to the Non-Serviced Mortgage Loan under the related Non-Serviced PSA reimbursed out of general collections on the
Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement Rate that are paid or reimbursed from principal
collections on the Mortgage Loans in a period during which such principal collections would have otherwise been included in the
Aggregate Principal Distribution Amount for such Distribution Date and (B) Workout-Delayed Reimbursement Amounts paid or reimbursed
from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been
included in the Aggregate Principal Distribution Amount for such Distribution Date (provided that, in the case of clauses (A)
and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans (including
REO Loans (but excluding any related Companion Loan)) are subsequently recovered on the related Mortgage Loan (or REO Loan (but
excluding any related Companion Loan)), such recovery will increase the Aggregate Principal Distribution Amount for the Distribution
Date related to the period in which such recovery occurs).

 

“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

 

“Allocated
Appraisal Reduction Amount”: With respect to any Appraisal Reduction Amount, an amount equal to the Non-Retained Percentage
of such Appraisal Reduction Amount.

 

“Allocated
Collateral Deficiency Amount”: With respect to any Collateral Deficiency Amount, the Non-Retained Percentage of such
Collateral Deficiency Amount.

 

     -12-

     

    

 

“Allocated
Cumulative Appraisal Reduction Amount”: With respect to any Cumulative Appraisal Reduction Amount, the Non-Retained
Percentage of such Cumulative Appraisal Reduction Amount.

 

“Anticipated
Repayment Date”: With respect to any ARD Loan, the date upon which such ARD Loan commences accruing interest at the
Revised Rate.

 

“Applicable
DBRS Morningstar Permitted Investment Rating”: (A) in the case of such investments with 30 days or less, the short-term
debt obligations of which are rated at least “R-1 (middle)” or the long term obligations of which are rated at least
“A”, (B) in the case of such investments with 90 days or less but greater than 30 days, the short-term debt obligations
of which are rated at least “R-1 (middle)” or the long term obligations of which are rated at least “AA (low)”,
(C) in the case of such investments with 180 days or less but greater than 90 days, the short-term debt obligations of which are
rated at least “R-1 (high)” or the long term obligations of which are rated at least “AA”, and (D) in
the case of such investments with 365 days or less but greater than 180 days, the short term debt obligations of which are rated
at least “R-1 (high)” or the long term obligations of which are rated at least “AAA”, in the case of each
of clauses (A) through (D), if then rated by DBRS Morningstar and, if not so rated, an equivalent or higher rating by two other
NRSROs.

 

“Applicable
Fitch Permitted Investment Rating”: (A) in the case of such investments with maturities of thirty (30) days or less,
the short-term debt obligations of which are rated at least “F1” by Fitch or the long-term debt obligations of which
are rated at least “A” by Fitch, and (B) in the case of such investments with maturities of more than thirty (30)
days, the short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations of which
are rated at least “AA-” by Fitch.

 

“Applicable
Laws”: As defined in Section 8.15.

 

“Applicable
Moody’s Permitted Investment Rating”: in the case of such investments, the short-term debt obligations of which
are rated at least “P-1” by Moody’s or the long-term debt obligations of which are rated at least “A2”
by Moody’s.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York; and (b) such other state or local tax laws whose applicability shall have been brought to the attention of
the Trustee and the Certificate Administrator by either (i) an Opinion of Counsel delivered to it, or (ii) written notice from
the appropriate taxing authority as to the applicability of such state or local tax laws.

 

“Appraisal”:
An appraisal prepared by an appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged Property
is located and which satisfies the Interagency Appraisal and Evaluation Guidelines jointly issued by The Office of the Comptroller
of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC),
and the National Credit Union Administration (NCUA) relating to real estate appraisals and evaluations used to support real estate-related
financial transactions, as amended from time to time. Any Appraisal ordered by the applicable Master

 

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Servicer or applicable Special
Servicer shall be performed by an Independent MAI-designated appraiser.

 

“Appraisal
Reduction Amount”: For any Distribution Date and for any Serviced Mortgage Loan or Serviced Whole Loan as to which any
Appraisal Reduction Event has occurred, will be an amount, calculated by the applicable Special Servicer (prior to the occurrence
and continuance of a Consultation Termination Event, in consultation with the Directing Certificateholder (except in the case
of an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class), and,
after the occurrence and during the continuance of a Control Termination Event, in consultation with the Directing Certificateholder
(except with respect to any such Excluded Loan) and the Operating Advisor and, after the occurrence and during the continuance
of a Consultation Termination Event, in consultation with the Operating Advisor), as of the first Determination Date that is at
least ten (10) Business Days following the date on which the applicable Special Servicer receives the related Appraisal (together
with information requested by the applicable Special Servicer from the applicable Master Servicer in accordance with Section
4.05 of this Agreement that is in the possession of the applicable Master Servicer and reasonably necessary to calculate the
Appraisal Reduction Amount), or conducts a valuation as described below, equal to the excess of (a) the Stated Principal Balance
of that Mortgage Loan or the Stated Principal Balance of the applicable Serviced Whole Loan over (b) the excess of (i) the sum
of (A) 90% of the Appraised Value of the related Mortgaged Property as determined (1) by one or more Appraisals obtained by the
applicable Special Servicer with respect to that Mortgage Loan (together with any other Mortgage Loan cross-collateralized with
such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance equal to or in excess of
$2,000,000 (the costs of which shall be paid by the applicable Master Servicer as an Advance) or (2) by an internal valuation
performed by the applicable Special Servicer (or at the applicable Special Servicer’s election, by one or more MAI appraisals
obtained by such Special Servicer) with respect to any Mortgage Loan (together with any other Mortgage Loan cross-collateralized
with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance less than $2,000,000,
minus, with respect to any Appraisals, such downward adjustments as the applicable Special Servicer may make (without implying
any obligation to do so) based upon its review of the Appraisals and any other information it deems relevant; provided that, in
the case of an NCB Co-op Mortgage Loan, such Appraised Value shall be determined (i) except as provided in clause (ii) below,
in the case of each Mortgaged Property, assuming such Mortgaged Property is operated as a residential cooperative with such value,
in general, to equal the sum of (x) the gross share value of all cooperative units in such residential cooperative property (generally
applying a discount for sponsor or investor held units that are rent-regulated, rent-stabilized or rent-controlled units and in
certain instances, for market rate units as and if deemed appropriate by the appraiser), based in part on various comparable sales
of cooperative apartment units in the market, plus (y) the amount of the underlying debt encumbering such residential cooperative
property and (ii) if the applicable Special Servicer determines, in accordance with the Servicing Standard, that there is no reasonable
expectation that the related Mortgaged Property will be operated as a residential cooperative following any work-out or liquidation
of the related Mortgage Loan, assuming such Mortgaged Property is operated as a multifamily rental property; and (B) all escrows,
letters of credit and reserves in respect of such Mortgage Loan or Serviced Whole Loan, as applicable, as of the date of calculation
over (ii) the sum of, as of the Due Date occurring in the month of the date of determination, (A) to the extent not previously
advanced by the applicable Master Servicer or the

 

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Trustee, all unpaid interest due on such Mortgage Loan or Serviced Whole Loan,
as the case may be, at a per annum rate equal to its Mortgage Rate (and, with respect to any Serviced AB Whole Loan, any
accrued and unpaid interest on the related AB Subordinate Companion Loan, as applicable), (B) all P&I Advances on the related
Mortgage Loan and all Servicing Advances on the related Mortgage Loan or Serviced Whole Loan, as applicable, not reimbursed from
proceeds of such Mortgage Loan or Serviced Whole Loan, as applicable, and interest thereon at the Reimbursement Rate in respect
of such Mortgage Loan or Serviced Whole Loan, as applicable, and (C) all currently due and unpaid real estate taxes, assessments,
insurance premiums, ground rents, unpaid Special Servicing Fees and all other amounts due and unpaid (including any capitalized
interest whether or not then due and payable) with respect to such Mortgage Loan or Serviced Whole Loan, as the case may be (which
taxes, premiums, ground rents and other amounts have not been the subject of an Advance by the applicable Master Servicer, the
applicable Special Servicer or the Trustee, as applicable); provided, however, that without limiting the applicable
Special Servicer’s obligation to order and obtain such Appraisal or perform such valuation, if the applicable Special Servicer
has not obtained an Appraisal or performed such valuation, as applicable, referred to above within sixty (60) days of the Appraisal
Reduction Event (or with respect to the Appraisal Reduction Events set forth in clauses (i) and (vi) of the definition
of Appraisal Reduction Event, within one hundred twenty (120) days (in the case of clause (i)) or ninety (90) days or one
hundred twenty (120) days, as applicable (in case of clause (vi)) after the initial delinquency for the related Appraisal
Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal
Balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, until such time as such appraisal or valuation referred
to above is received (together with information requested by the applicable Special Servicer from the applicable Master Servicer
in accordance with Section 4.05 of this Agreement that is in possession of the applicable Master Servicer and reasonably
necessary to calculate the Appraisal Reduction Amount) or performed by the applicable Special Servicer and the Appraisal Reduction
Amount is calculated by the applicable Special Servicer as of the first Determination Date that is at least ten (10) Business
Days after the applicable Special Servicer’s receipt of such Appraisal or the completion of the valuation. Within sixty
(60) days after the Appraisal Reduction Event, the applicable Special Servicer shall order and use reasonable efforts to receive
an Appraisal (the cost of which shall be paid by the applicable Master Servicer as a Servicing Advance); provided, further,
however, that with respect to an Appraisal Reduction Event as set forth in clause (i) of the definition of Appraisal
Reduction Event, the applicable Special Servicer shall order and use reasonable efforts to receive such Appraisal within the one
hundred twenty (120) day period set forth in such clause (i), and with respect to an Appraisal Reduction Event as set forth
in clause (vi) of the definition of Appraisal Reduction Event, the applicable Special Servicer shall order and use reasonable
efforts to receive such Appraisal within the ninety (90) day period or one hundred twenty (120) day period, as applicable, set
forth in such clause (vi); provided, further, however, that in no event shall the applicable Special
Servicer be required to obtain any such Appraisal prior to the conclusion of such sixty (60), ninety (90) or one hundred twenty
(120) day period, as applicable, and in each case, the related Appraisal shall be promptly delivered in electronic format by the
applicable Special Servicer to the applicable Master Servicer and the Directing Certificateholder (but in the case of the Directing
Certificateholder, only prior to the occurrence and continuance of a Consultation Termination Event and other than with respect
to any Excluded Loan with respect to the Directing Certificateholder), the Certificate Administrator and the Trustee. In connection
with any Appraisal Reduction Amount, the

 

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applicable Master Servicer shall provide the applicable Special Servicer with the information
as set forth in Section 4.05(c) within four (4) Business Days of its receipt of any such request. No Master Servicer shall
calculate Appraisal Reduction Amounts.

 

With
respect to any Appraisal Reduction Amount calculated for purposes of determining the existence and identity of the Controlling
Class pursuant to Section 4.05(a), the Appraised Value for the related Mortgaged Property determined in connection with
clause (b)(i)(A)(1) or clause (b)(i)(A)(2) of the first paragraph of this definition shall be determined on an “as-is”
basis.

 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan or the related REO Property
will be reduced to zero as of the date on which Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from
the Trust or as otherwise set forth in Section 4.05(d).

 

Any
Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan and allocable to the related Non-Serviced Mortgage Loan shall
be calculated by the applicable party under, and in accordance with and pursuant to the terms of, the applicable Non-Serviced
PSA and shall constitute an “Appraisal Reduction Amount” under the terms of this Agreement with respect to such Non-Serviced
Mortgage Loan and the applicable Master Servicer, the applicable Special Servicer and the Certificate Administrator are entitled
to conclusively rely on such calculation.

 

“Appraisal
Reduction Event”: With respect to any Serviced Mortgage Loan, Serviced Companion Loan and Serviced Whole Loan, the earliest
of (i) one hundred twenty (120) days after an uncured delinquency (without regard to the application of any Grace Period), other
than any uncured delinquency in respect of a Balloon Payment, occurs in respect of such Mortgage Loan, Serviced Companion Loan
or Serviced Whole Loan, as applicable, (ii) the date on which a reduction in the amount of Periodic Payments on such Mortgage
Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable, or a change in any other material economic term of such Mortgage
Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable (other than an extension of the Maturity Date), becomes effective
as a result of a modification of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable, by the applicable
Special Servicer, (iii) thirty (30) days after the date on which a receiver has been appointed for the Mortgaged Property, (iv)
thirty (30) days after the date on which a Mortgagor or the tenant at a single tenant property declares bankruptcy (and the bankruptcy
petition is not otherwise dismissed within such time), (v) sixty (60) days after the date on which an involuntary petition of
bankruptcy is filed with respect to a Mortgagor if not dismissed within such time, (vi) ninety (90) days after an uncured delinquency
occurs in respect of a Balloon Payment with respect to such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as
applicable, except where a refinancing or sale is anticipated within one hundred twenty (120) days after the Maturity Date of
the Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable, in which case one hundred twenty (120) days
after such uncured delinquency, and (vii) immediately after such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan,
as applicable, becomes an REO Loan; provided that the thirty (30) day period referenced in clause (iii) and clause
(iv) shall not apply if the related Mortgage Loan is a Specially Serviced Loan; provided, further, however,
that an Appraisal Reduction Event shall not occur at any time when the aggregate Certificate Balances of all Classes of Subordinate
Certificates have been reduced to zero. The

 

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applicable Special Servicer shall notify the applicable Master Servicer, the Directing
Certificateholder and the Operating Advisor and the Other Servicer and the Other Trustee, if applicable, or the applicable Master
Servicer shall notify the applicable Special Servicer and the Operating Advisor and the Other Servicer and the Other Trustee,
as applicable, promptly upon such Person having notice or knowledge of the occurrence of any of the foregoing events. The obligation
to obtain an Appraisal following the occurrence of an Appraisal Reduction Event shall be subject to the provisions of Section
4.05.

 

For
the avoidance of doubt, with respect to clauses (i) and (ii) above, neither (i) a Payment Accommodation with respect to any Mortgage
Loan or Serviced Whole Loan nor (ii) any default or delinquency that would have existed but for such Payment Accommodation shall
constitute an Appraisal Reduction Event, for so long as the related Mortgagor is complying with the terms of such Payment Accommodation.

 

“Appraisal
Review Period”: As defined in Section 4.05(b)(ii).

 

“Appraised
Value”: (i) With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property and a Mortgaged Property
securing an NCB Co-op Mortgage Loan), the appraised value thereof as determined by the most recent Appraisal of the Mortgaged
Property securing the related Mortgage Loan, Serviced Whole Loan, or Serviced AB Whole Loan, as applicable, (ii) with respect
to each Mortgaged Property securing an NCB Co-op Mortgage Loan, the Appraised Value thereof based upon the most recent Appraisal
obtained or conducted, as appropriate, pursuant to this Agreement and determined as if such property were operated as a residential
cooperative (such “Appraised Value” generally equals the sum of (x) the gross share value of all cooperative units
in such residential cooperative property (generally applying a discount for sponsor or investor held units that are rent-regulated,
rent-stabilized or rent-controlled units and in certain instances, for market rate units as and if deemed appropriate by the appraiser),
based in part on various comparable sales of cooperative apartment units in the market, plus (y) the amount of the underlying
debt encumbering such residential cooperative property) and (iii) with respect to a Non-Serviced Mortgaged Property, the appraised
value allocable thereto, as determined pursuant to the applicable Non-Serviced PSA.

 

“Appraised-Out
Class”: As defined in Section 4.05(b)(i).

 

“Arbitration
Rules”: As defined in Section 2.03(n)(i).

 

“Arbitration
Services Provider”: As defined in Section 2.03(n)(i).

 

“ARD
Loan”: Any Mortgage Loan that is identified on the Mortgage Loan Schedule as having an Anticipated Repayment Date and
Revised Rate. As of the Closing Date, there are no ARD Loans related to the Trust.

 

“Asset
Representations Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, and its successors-in-interest.

 

“Asset
Representations Reviewer Asset Review Fee”: As defined in Section 12.02(b).

 

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“Asset
Representations Reviewer Fee”: As defined in Section 12.02(a).

 

“Asset
Representations Reviewer Fee Rate”: As defined in Section 12.02(a).

 

“Asset
Representations Reviewer Termination Event”: As defined in Section 12.05(a).

 

“Asset
Review”: A review of the compliance of each Delinquent Loan with certain representations and warranties of the applicable
Mortgage Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit PP hereto.

 

“Asset
Review Notice”: As defined in Section 12.01(a).

 

“Asset
Review Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section
12.01(a), the Certificateholders (other than the Holders of the RR Interest) evidencing at least 5% of the aggregate Voting
Rights represented by all of the Certificates that have Voting Rights.

 

“Asset
Review Report”: As defined in Section 12.01(b)(viii), a report setting forth the findings and conclusions of
an Asset Review substantially in the form attached hereto as Exhibit NN.

 

“Asset
Review Report Summary”: As defined in Section 12.01(b)(viii), a summary report setting forth the conclusions
of an Asset Review Report substantially in the form attached hereto as Exhibit OO.

 

“Asset
Review Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith
subject to the express terms of this Agreement. All determinations or assumptions made by the Asset Representations Reviewer in
connection with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion and judgment
based on the facts and circumstances known to it at the time of such determination or assumption.

 

“Asset
Review Trigger”: Any time when either (1) Mortgage Loans with an aggregate outstanding principal balance of 25.0% or
more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any successor REO Loans (but excluding
any related Companion Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent Loans or (2)(A)
prior to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are Delinquent Loans as of the end
of the applicable Collection Period and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes
at least 15.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any successor REO Loans
(but excluding any related Companion Loan)) held by the Trust as of the end of the applicable Collection Period, or (B) after
the second anniversary of the Closing Date, at least fifteen (15) Mortgage Loans are Delinquent Loans as of the end of the applicable
Collection Period and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes at least 20.0% of
the aggregate outstanding principal balance of all of the Mortgage Loans (including any successor REO Loans (but excluding any
related Companion Loan)) held by the Trust as of the end of the applicable Collection Period.

 

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“Asset
Review Vote Election”: As defined in Section 12.01(a).

 

“Asset
Status Report”: As defined in Section 3.19(d).

 

“Assignment”
and “Assignments”: Each as defined in Section 2.01(c).

 

“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar instrument
executed by the Mortgagor, assigning to the mortgagee all of the income, rents and profits derived from the ownership, operation,
leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged and delivered,
as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment
of Mortgage”: With respect to any Mortgaged Property, an assignment of Mortgage without recourse, notice of transfer
or equivalent instrument, in recordable form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged
Property is located to reflect of record the assignment of the Mortgage, which assignment, notice of transfer or equivalent instrument
may be in the form of one or more blanket assignments covering Mortgages encumbering Mortgaged Properties located in the same
jurisdiction, if permitted by law and acceptable for recording.

 

“Assumed
Scheduled Payment”: For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage
Loan) that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making P&I
Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal portion of the
Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant payment
required by the related Mortgage Note or the original amortization schedule of such Mortgage Loan (as calculated with interest
at the related Mortgage Rate), if applicable, assuming such Balloon Payment has not become due, after giving effect to any reduction
in the principal balance thereof occurring in connection with a modification of such Mortgage Loan in connection with a default
or bankruptcy (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan or REO Loan (excluding,
for purposes of determining P&I Advances, the portion allocable to any related Companion Loan) at the applicable Mortgage
Rate (net of interest at the Servicing Fee Rate and the related Non-Serviced Primary Servicing Fee Rate, if applicable).

 

“Authenticating
Agent”: The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating
Agent pursuant to Section 5.02(a), in each case in its capacity as authenticating agent, or if any successor authenticating
agent is appointed pursuant to Section 5.02(a), such successor authenticating agent.

 

“Available
Funds”: With respect to any Distribution Date, an amount equal to the sum of (i) the Non-Retained Percentage of the
Aggregate Available Funds for such Distribution Date and (ii) the Gain-on-Sale Remittance Amount.

 

“Balloon
Mortgage Loan”: Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification entered
into as of the Closing Date provides for an

 

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amortization schedule for such Mortgage Loan or Companion Loan extending beyond its
Maturity Date.

 

“Balloon
Payment”: With respect to any Balloon Mortgage Loan, as of any date of determination, the Periodic Payment payable on
the Maturity Date of such Balloon Mortgage Loan.

 

“BANK
2020-BNK30 Pooling and Servicing Agreement”: The pooling and servicing agreement, dated and effective as of December
1, 2020 (as from time to time amended, supplemented or modified), between Banc of America Merrill Lynch Commercial Mortgage Inc.,
as depositor, Wells Fargo Bank, National Association, as general master servicer, Greystone Servicing Company LLC, as general
special servicer, National Cooperative Bank, N.A., as NCB master servicer and as NCB special servicer, Wells Fargo Bank, National
Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and Park Bridge Lender Services
LLC, as operating advisor and as asset representations reviewer.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base
Interest Fraction”: As defined in Section 4.01(e).

 

“Benchmark
2021-B24 Pooling and Servicing Agreement”: The pooling and servicing agreement, dated and effective as of March 1, 2021
(as from time to time amended, supplemented or modified), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Greystone Servicing Company LLC, as special
servicer, Wells Fargo Bank, National Association, as certificate administrator and trustee, and Park Bridge Lender Services LLC,
as operating advisor and as asset representations reviewer.

 

“Boca
Office Portfolio Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of February 3, 2021,
by and between the holders of the respective promissory notes evidencing the Boca Office Portfolio Whole Loan, relating to the
relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“Boca
Office Portfolio Mortgage Loan”: With respect to the Boca Office Portfolio Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 7 on the Mortgage Loan Schedule), which is evidenced by promissory note A-3.

 

“Boca
Office Portfolio Mortgaged Property”: The portfolio of Mortgaged Properties that collectively secure the Boca Office
Portfolio Whole Loan.

 

“Boca
Office Portfolio Pari Passu Companion Loans”: With respect to the Boca Office Portfolio Whole Loan, each of the Companion
Loans evidenced by the related promissory notes A-1 and A-2 and made by the related Mortgagor and secured by the Mortgages on
the Boca Office Portfolio Mortgaged Property.

 

“Boca
Office Portfolio Whole Loan”: The Boca Office Portfolio Mortgage Loan, together with the Boca Office Portfolio Pari
Passu Companion Loans, each of which is secured by

 

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the same Mortgages on the Boca Office Portfolio Mortgaged Property. References
herein to the Boca Office Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness under the Boca Office
Portfolio Mortgage Loan and the Boca Office Portfolio Pari Passu Companion Loans.

 

“Book-Entry
Certificate”: Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower-Related
Party”: As defined in Section 3.32.

 

“Borrower
Party”: A borrower, a Mortgagor, a manager of a Mortgaged Property, an Accelerated Mezzanine Loan Lender, or any Borrower
Party Affiliate. For the avoidance of doubt, with respect to a Mortgage Loan secured by a residential cooperative property, a
person shall not be considered a “Borrower Party” solely by reason of such person holding one or more cooperative
unit loans that are secured by direct equity interests in the related borrower or owning one or more residential cooperative units
comprising the related Mortgaged Property as a result of any foreclosure, transfer in lieu of foreclosure or other exercise of
remedies with respect to any such unit loan(s).

 

“Borrower
Party Affiliate”: With respect to a borrower, a Mortgagor, a manager of a Mortgaged Property or an Accelerated Mezzanine
Loan Lender, (a) any other Person controlling or controlled by or under common control with such borrower, Mortgagor, manager
or Accelerated Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly, 25% or more of the
beneficial interests in such borrower, Mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable. For purposes of
this definition, “control” when used with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Breach”:
With respect to any Mortgage Loan, a breach of any representation or warranty with respect to such Mortgage Loan set forth in
Section 4(b) of the related Mortgage Loan Purchase Agreement.

 

“Business
Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in California, Kansas, New York,
North Carolina, Pennsylvania or the city and state in which the Corporate Trust Office of the Trustee or the Certificate Administrator,
or the principal place of business or principal commercial mortgage loan servicing office of any Master Servicer or Special Servicer
is located, or the New York Stock Exchange or the Federal Reserve System of the United States of America are authorized or obligated
by law or executive order to remain closed.

 

“CERCLA”:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

 

“Certificate”:
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, as executed and delivered by
the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent. For the avoidance of doubt, the
RR Interest shall be a Certificate.

 

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“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator appointed
hereunder. Wells Fargo Bank, National Association shall perform the certificate administrator role through its Corporate Trust
Services division, including, as applicable, any agents or affiliates utilized thereby.

 

“Certificate
Administrator Fee”: The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s
activities under this Agreement; provided that the Certificate Administrator Fee includes the Trustee Fee, and the Certificate
Administrator shall pay the Trustee Fee to the Trustee.

 

“Certificate
Administrator Fee Rate”: The Certificate Administrator Fee shall be equal to the product of the rate equal to 0.00851%
per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner as interest is calculated
on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion Loan) as of the preceding
Distribution Date. The Certificate Administrator Fee includes the Trustee Fee.

 

“Certificate
Administrator’s Website”: The Certificate Administrator’s Internet website, which shall initially be located
at “www.ctslink.com”.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates or Exchangeable Upper-Tier Regular Interest, (i)
on or prior to the first Distribution Date, an amount equal to the Original Certificate Balance of such Class of Principal Balance
Certificates or Exchangeable Upper-Tier Regular Interest and (ii) as of any date of determination after the first Distribution
Date, the Certificate Balance of such Class of Principal Balance Certificates or Exchangeable Upper-Tier Regular Interest on the
Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii)).
Each Class of Class A-4 Exchangeable Certificates, Class A-5 Exchangeable Certificates, Class A-S Exchangeable Certificates, Class
B Exchangeable Certificates and Class C Exchangeable Certificates shall have a Certificate Balance or Notional Amount equal to
its Class Percentage Interest multiplied by the Certificate Balance of the Class A-4 Upper-Tier Regular Interest, Class A-5 Upper-Tier
Regular Interest, Class A-S Upper-Tier Regular Interest, Class B Upper-Tier Regular Interest or Class C Upper-Tier Regular Interest,
respectively.

 

“Certificate
Factor”: With respect to any Class of Certificates (other than the Class R and Class V Certificates), as of any date
of determination, a fraction, expressed as a decimal carried to at least eight (8) places, the numerator of which is the then-related
Certificate Balance or Notional Amount, and the denominator of which is the related Original Certificate Balance.

 

“Certificate
Owner”: With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Depository Participant or on the books of an indirect participating brokerage
firm for which a Depository Participant acts as agent.

 

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“Certificate
Register” and “Certificate Registrar”: The register maintained and registrar appointed pursuant to
Section 5.03(a).

 

“Certificateholder”
or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register or any beneficial
owner thereof; provided, however, that solely for the purposes of giving any consent, approval, waiver or taking
any action pursuant to this Agreement, any Certificate registered in the name of or beneficially owned by any Master Servicer,
any Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator,
the Depositor, any Mortgage Loan Seller, a Mortgagor, a Borrower Party or any Affiliate of any of such Persons shall be deemed
not to be outstanding (provided that notwithstanding the foregoing, any Controlling Class Certificates owned by an Excluded
Controlling Class Holder shall be deemed not to be outstanding as to such Excluded Controlling Class Holder solely with respect
to any related Excluded Controlling Class Loan; and provided, further, that any Controlling Class Certificates owned
by a Special Servicer or an Affiliate thereof shall be deemed not to be outstanding as to such Special Servicer or such Affiliate
solely with respect to any related Excluded Special Servicer Loan), and the Voting Rights to which it is entitled shall not be
taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval,
waiver or take any such action has been obtained; provided, however, that the foregoing restrictions shall not apply
in the case of any Master Servicer, any Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer),
the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless
such consent, approval or waiver sought from such party would in any way increase its compensation or limit its obligations in
the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review (with respect to an Asset Review
and any Mortgage Loan Seller, solely with respect to any related Mortgage Loan subject to the Asset Review); provided,
further, that so long as there is no Servicer Termination Event with respect to a Master Servicer or a Special Servicer,
as applicable, such Master Servicer and such Special Servicer or any such Affiliate thereof shall be entitled to exercise such
Voting Rights with respect to any issue which could reasonably be believed to adversely affect such party’s compensation
or increase its obligations or liabilities hereunder; and provided, further, that such restrictions shall not apply
to (i) the exercise of any Special Servicer’s, any Master Servicer’s or any Mortgage Loan Seller’s rights, if
any, or any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the Depositor, any Master Servicer,
any Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor Certification in which it has
certified as to the existence of certain policies and procedures restricting the flow of information between it and the Depositor,
such Master Servicer, such Special Servicer, the Trustee or the Certificate Administrator, as applicable. The Trustee and the
Certificate Administrator shall each be entitled to request and rely upon a certificate of any Master Servicer, any Special Servicer
or the Depositor in determining whether a Certificate is registered in the name of an Affiliate of such Person. All references
herein to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and the Depository Participants, except as otherwise specified herein;
provided, however, that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder”
only the Person in whose name a Certificate is registered in the Certificate Register. The Trustee shall be the Holder of the
Lower-Tier Regular Interests for the benefit of the Certificateholders.

 

     -23-

     

    

 

“Certificateholder
Quorum”: The Holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the
application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, the application
of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of all Principal
Balance Certificates (other than the RR Interest) on an aggregate basis.

 

“Certificateholder
Repurchase Request”: As defined in Section 2.03(k)(i).

 

“Certification
Parties”: As defined in Section 11.06.

 

“Certification
Party”: Any one of the Certification Parties.

 

“Certifying
Person”: As defined in Section 11.06.

 

“Certifying
Servicer”: As defined in Section 11.09.

 

“Class”:
With respect to any Certificates, all of the Certificates bearing the same alphanumeric Class designation. Each designated Lower-Tier
Regular Interest shall be a Class. Each Exchangeable Upper-Tier Regular Interest shall be a Class. For the avoidance of doubt,
the RR Interest shall be a Class of Certificates.

 

“Class
A Certificate”: Any Class A-1, Class A-2, Class A-SB or Class A-3 Certificate, Class A-4 Exchangeable Certificate or
Class A-5 Exchangeable Certificate.

 

“Class
A-1 Certificate”: A Certificate designated as “Class A-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.6330%.

 

“Class
A-2 Certificate”: A Certificate designated as “Class A-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.9850%.

 

“Class
A-3 Certificate”: A Certificate designated as “Class A-3” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-3 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.0590%.

 

“Class
A-4 Certificate”: A Certificate designated as “Class A-4” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

     -24-

     

    

 

“Class
A-4 Exchangeable Certificate”: Any of the Class A-4, Class A-4-1, Class A-4-2, Class A-4-X1 and Class A-4-X2 Certificates.

 

“Class
A-4 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.3490%.

 

“Class
A-4 Upper-Tier Regular Interest”, “Class A-4-X1 Upper-Tier Regular Interest” and “Class
A-4-X2 Upper-Tier Regular Interest”: Each, an uncertificated regular interest in the Upper-Tier REMIC which is issued
by the Upper-Tier REMIC, held as an asset of the Grantor Trust and has the initial Pass-Through Rate and Original Certificate
Balance or Original Notional Amount set forth in the Preliminary Statement hereto.

 

“Class
A-4 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.3490%.

 

“Class
A-4-1 Certificate”: A Certificate designated as “Class A-4-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-4-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.8490%.

 

“Class
A-4-2 Certificate”: A Certificate designated as “Class A-4-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-4-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.3490%.

 

“Class
A-4-X1 Certificate”: A Certificate designated as “Class A-4-X1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-4-X1 Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-4-1 Certificates.

 

“Class
A-4-X1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-4-X1 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-4 Upper-Tier Regular
Interest.

 

“Class
A-4-X1 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-4-X2 Certificate”: A Certificate designated as “Class A-4-X2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of

 

     -25-

     

    

 

the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-4-X2 Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-4-2 Certificates.

 

“Class
A-4-X2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.0000%.

 

“Class
A-4-X2 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-4 Upper-Tier Regular
Interest.

 

“Class
A-4-X2 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-5 Certificate”: A Certificate designated as “Class A-5” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-5 Exchangeable Certificate”: Any of the Class A-5, Class A-5-1, Class A-5-2, Class A-5-X1 and Class A-5-X2 Certificates.

 

“Class
A-5 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date and (ii) 2.6430%.

 

“Class
A-5 Upper-Tier Regular Interest”, “Class A-5-X1 Upper-Tier Regular Interest” and “Class
A-5-X2 Upper-Tier Regular Interest”: Each, an uncertificated regular interest in the Upper-Tier REMIC which is issued
by the Upper-Tier REMIC, held as an asset of the Grantor Trust and has the initial Pass-Through Rate and Original Certificate
Balance or Original Notional Amount set forth in the Preliminary Statement hereto.

 

“Class
A-5 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i)
Weighted Average Net Mortgage Rate for such Distribution Date minus 1.0000% and (ii) 1.6430%.

 

“Class
A-5-1 Certificate”: A Certificate designated as “Class A-5-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-5-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i)
the Weighted Average Net Mortgage Rate for such Distribution Date minus 0.5000% and (ii) 2.1430%.

 

“Class
A-5-2 Certificate”: A Certificate designated as “Class A-5-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

     -26-

     

    

 

“Class
A-5-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i)
the Weighted Average Net Mortgage Rate for such Distribution Date minus 1.0000% and (ii) 1.6430%.

 

“Class
A-5-X1 Certificate”: A Certificate designated as “Class A-5-X1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-5-X1 Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-5-1 Certificates.

 

“Class
A-5-X1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-5-X1 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-5 Upper-Tier Regular
Interest.

 

“Class
A-5-X1 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-5-X2 Certificate”: A Certificate designated as “Class A-5-X2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-5-X2 Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-5-2 Certificates.

 

“Class
A-5-X2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.0000%.

 

“Class
A-5-X2 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-5 Upper-Tier Regular
Interest.

 

“Class
A-5-X2 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-S Certificate”: A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-S Exchangeable Certificate”: Any of the Class A-S, Class A-S-1, Class A-S-2, Class A-S-X1 and Class A-S-X2 Certificates.

 

“Class
A-S Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date and (ii) 2.8590%.

 

     -27-

     

    

 

“Class
A-S Upper-Tier Regular Interest”, “Class A-S-X1 Upper-Tier Regular Interest” and “Class
A-S-X2 Upper-Tier Regular Interest”: Each, an uncertificated regular interest in the Upper-Tier REMIC which is issued
by the Upper-Tier REMIC, held as an asset of the Grantor Trust and has the initial Pass-Through Rate and Original Certificate
Balance or Original Notional Amount set forth in the Preliminary Statement hereto.

 

“Class
A-S UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i)
the Weighted Average Net Mortgage Rate for such Distribution Date minus 1.0000% and (ii) 1.8590%.

 

“Class
A-S-1 Certificate”: A Certificate designated as “Class A-S-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-S-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i)
the Weighted Average Net Mortgage Rate for such Distribution Date minus 0.5000% and (ii) 2.3590%.

 

“Class
A-S-2 Certificate”: A Certificate designated as “Class A-S-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-S-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i)
the Weighted Average Net Mortgage Rate for such Distribution Date minus 1.0000% and (ii) 1.8590%.

 

“Class
A-S-X1 Certificate”: A Certificate designated as “Class A-S-X1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
A-S-X1 Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-S-1 Certificates.

 

“Class
A-S-X1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-S-X1 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-S Upper-Tier Regular
Interest.

 

“Class
A-S-X1 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-S-X2 Certificate”: A Certificate designated as “Class A-S-X2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

     -28-

     

    

 

“Class
A-S-X2 Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-S-2 Certificates.

 

“Class
A-S-X2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.0000%.

 

“Class
A-S-X2 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class A-S Upper-Tier Regular
Interest.

 

“Class
A-S-X2 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
A-SB Certificate”: A Certificate designated as “Class A-SB” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-SB Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.3320%.

 

“Class
A-SB Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule 2 hereto relating to the Class A-SB Certificates.

 

“Class
B Certificate”: A Certificate designated as “Class B” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
B Exchangeable Certificate”: Any of the Class B, Class B-1, Class B-2, Class B-X1 and Class B-X2 Certificates.

 

“Class
B Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date and (ii) 2.9600%.

 

“Class
B Upper-Tier Regular Interest”, “Class B-X1 Upper-Tier Regular Interest” and “Class B-X2
Upper-Tier Regular Interest”: Each, an uncertificated regular interest in the Upper-Tier REMIC which is issued by the
Upper-Tier REMIC, held as an asset of the Grantor Trust and has the initial Pass-Through Rate and Original Certificate Balance
or Original Notional Amount set forth in the Preliminary Statement hereto.

 

“Class
B UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date minus 1.0000% and (ii) 1.9600%.

 

“Class
B-1 Certificate”: A Certificate designated as “Class B-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

     -29-

     

    

 

“Class
B-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date minus 0.5000% and (ii) 2.4600%.

 

“Class
B-2 Certificate”: A Certificate designated as “Class B-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
B-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date minus 1.0000% and (ii) 1.9600%.

 

“Class
B-X1 Certificate”: A Certificate designated as “Class B-X1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
B-X1 Notional Amount”: As of any date of determination, the Certificate Balance of the Class B-1 Certificates.

 

“Class
B-X1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
B-X1 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class B Upper-Tier Regular
Interest.

 

“Class
B-X1 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
B-X2 Certificate”: A Certificate designated as “Class B-X2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
B-X2 Notional Amount”: As of any date of determination, the Certificate Balance of the Class B-2 Certificates.

 

“Class
B-X2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.0000%.

 

“Class
B-X2 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class B Upper-Tier Regular
Interest.

 

“Class
B-X2 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
C Certificate”: A Certificate designated as “Class C” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets for
purposes of the REMIC Provisions.

 

     -30-

     

    

 

“Class
C Exchangeable Certificate”: Any of the Class C, Class C-1, Class C-2, Class C-X1 and Class C-X2 Certificates.

 

“Class
C Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net
Mortgage Rate for such Distribution Date.

 

“Class
C Upper-Tier Regular Interest”, “Class C-X1 Upper-Tier Regular Interest” and “Class C-X2
Upper-Tier Regular Interest”: Each, an uncertificated regular interest in the Upper-Tier REMIC which is issued by the
Upper-Tier REMIC, held as an asset of the Grantor Trust and has the initial Pass-Through Rate and Original Certificate Balance
or Original Notional Amount set forth in the Preliminary Statement hereto.

 

“Class
C UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average
Net Mortgage Rate for such Distribution Date minus 1.0000%.

 

“Class
C-1 Certificate”: A Certificate designated as “Class C-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
C-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average
Net Mortgage Rate for such Distribution Date minus 0.5000%.

 

“Class
C-2 Certificate”: A Certificate designated as “Class C-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
C-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average
Net Mortgage Rate for such Distribution Date minus 1.0000%.

 

“Class
C-X1 Certificate”: A Certificate designated as “Class C-X1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
C-X1 Notional Amount”: As of any date of determination, the Certificate Balance of the Class C-1 Certificates.

 

“Class
C-X1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
C-X1 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class C Upper-Tier Regular
Interest.

 

“Class
C-X1 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

     -31-

     

    

 

“Class
C-X2 Certificate”: A Certificate designated as “Class C-X2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing undivided beneficial ownership of the related Exchangeable Class Specific Grantor Trust Assets
for purposes of the REMIC Provisions.

 

“Class
C-X2 Notional Amount”: As of any date of determination, the Certificate Balance of the Class C-2 Certificates.

 

“Class
C-X2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.0000%.

 

“Class
C-X2 UT Notional Amount”: As of any date of determination, the Certificate Balance of the Class C Upper-Tier Regular
Interest.

 

“Class
C-X2 UT Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 0.5000%.

 

“Class
D Certificate”: A Certificate designated as “Class D” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
D Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date and (ii) 2.5000%.

 

“Class
E Certificate”: A Certificate designated as “Class E” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
E Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the lesser of (i) the
Weighted Average Net Mortgage Rate for such Distribution Date and (ii) 2.5000%.

 

“Class
F Certificate”: A Certificate designated as “Class F” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
F Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to (i) the Weighted Average
Net Mortgage Rate for such Distribution Date minus (ii) 1.0000%.

 

“Class
G Certificate”: A Certificate designated as “Class G” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
G Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to (i) the Weighted Average
Net Mortgage Rate for such Distribution Date minus (ii) 1.0000%.

 

     -32-

     

    

 

“Class
H Certificate”: A Certificate designated as “Class H” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
H Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to (i) the Weighted Average
Net Mortgage Rate for such Distribution Date minus (ii) 1.0000%.

 

“Class
LA1 Uncertificated Interest”, “Class LA2 Uncertificated Interest”, “Class LASB Uncertificated
Interest”, “Class LA3 Uncertificated Interest”, “Class LA4 Uncertificated Interest”,
“Class LA5 Uncertificated Interest”, “Class LAS Uncertificated Interest”, “Class
LB Uncertificated Interest”, “Class LC Uncertificated Interest”, “Class LD Uncertificated
Interest”, “Class LE Uncertificated Interest”, “Class LF Uncertificated Interest”,
“Class LG Uncertificated Interest” and “Class LH Uncertificated Interest”: Each, an uncertificated
regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and has the Original Lower-Tier Principal
Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

 

“Class
LR Interest”: The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

 

“Class
Percentage Interest”: With respect to each Class of Exchangeable Certificates and each Corresponding Exchangeable Upper-Tier
Regular Interest, (x) the Certificate Balance (or, if such class has an “X” suffix, Notional Amount) of such Class
of Certificates, divided by (y) the Certificate Balance of the Class A-4 Upper-Tier Regular Interest (if such Class of Exchangeable
Certificates has an “A-4” designation), the Certificate Balance of the Class A-5 Upper-Tier Regular Interest (if such
Class of Exchangeable Certificates has an “A-5” designation), the Certificate Balance of the Class A-S Upper-Tier
Regular Interest (if such Class of Exchangeable Certificates has an “A-S” designation), the Certificate Balance of
the Class B Upper-Tier Regular Interest (if such Class of Exchangeable Certificates has a “B” designation) or the
Certificate Balance of the Class C Upper-Tier Regular Interest (if such Class of Exchangeable Certificates has a “C”
designation).

 

The
initial Class Percentage Interest of each Class of Exchangeable Certificates in each of the Corresponding Exchangeable Upper-Tier
Regular Interests is set forth below:

 

	Class
of Exchangeable Certificates 
	Class
Percentage Interest in the Class A-4 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class A-4-X1 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class A-4-X2 Upper-Tier Regular Interest 

	Class
    A-4 Certificates	100%	100%	100%
	Class
    A-4-1 Certificates	0%	N/A	0%
	Class
    A-4-2 Certificates	0%	N/A	N/A
	Class
    A-4-X1 Certificates	N/A	0%	N/A
	Class
    A-4-X2 Certificates	N/A	0%	0%

 

     -33-

     

    

 

	Class
of Exchangeable Certificates 
	Class
Percentage Interest in the Class A-5 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class A-5-X1 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class A-5-X2 Upper-Tier Regular Interest 

	Class
    A-5 Certificates	100%	100%	100%
	Class
    A-5-1 Certificates	0%	N/A	0%
	Class
    A-5-2 Certificates	0%	N/A	N/A
	Class
    A-5-X1 Certificates	N/A	0%	N/A
	Class
    A-5-X2 Certificates	N/A	0%	0%

 

	Class
of Exchangeable Certificates 
	Class
Percentage Interest in the Class A-S Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class A-S-X1 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class A-S-X2 Upper-Tier Regular Interest 

	Class
    A-S Certificates	100%	100%	100%
	Class
    A-S-1 Certificates	0%	N/A	0%
	Class
    A-S-2 Certificates	0%	N/A	N/A
	Class
    A-S-X1 Certificates	N/A	0%	N/A
	Class
    A-S-X2 Certificates	N/A	0%	0%

 

	Class
of Exchangeable Certificates 
	Class
Percentage Interest in the Class B Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class B-X1 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class B-X2 Upper-Tier Regular Interest 

	Class
    B Certificates	100%	100%	100%
	Class
    B-1 Certificates	0%	N/A	0%
	Class
    B-2 Certificates	0%	N/A	N/A
	Class
    B-X1 Certificates	N/A	0%	N/A
	Class
    B-X2 Certificates	N/A	0%	0%

 

	Class
of Exchangeable Certificates 
	Class
Percentage Interest in the Class C Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class C-X1 Upper-Tier Regular Interest 
	Class
Percentage Interest in the Class C-X2 Upper-Tier Regular Interest 

	Class
    C Certificates	100%	100%	100%
	Class
    C-1 Certificates	0%	N/A	0%
	Class
    C-2 Certificates	0%	N/A	N/A
	Class
    C-X1 Certificates	N/A	0%	N/A
	Class
    C-X2 Certificates	N/A	0%	0%

 

“Class
R Certificate”: A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-2
hereto, and evidencing the sole class of “residual interests” in each Trust REMIC for purposes of the REMIC Provisions.

 

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“Class
UR Interest”: The uncertificated residual interest in the Upper-Tier REMIC, represented by the Class R Certificates.

 

“Class
V Certificate”: A Certificate designated as “Class V” on the face thereof in substantially the form set
forth in Exhibit A-3 and designated as a Class V Certificate, and evidencing undivided beneficial ownership of the Class
V Specific Grantor Trust Assets.

 

“Class
V Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of a portion of any Excess Interest equal
to the product of (A) the Non-Retained Percentage and (B) the aggregate amount of Excess Interest received on or prior to the
related Determination Date, related amounts in the Excess Interest Distribution Account and the proceeds thereof, beneficial ownership
of which is represented by the Class V Certificates.

 

“Class
X Certificates”: The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G or Class X-H Certificates, as the context
may require.

 

“Class
X-A Certificate”: A Certificate designated as “Class X-A” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-A Notional Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A-1, Class
A-2, Class A-SB and Class A-3 Certificates and the Class A-4 and Class A-5 Upper-Tier Regular Interests.

 

“Class
X-A Pass-Through Rate”: The Pass-Through Rate for the Class X-A Certificates for any Distribution Date will equal the
excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average
of the Pass-Through Rates on the Class A-1, Class A-2 and Class A-SB Certificates and the Class A-4, Class A-4-X1, Class A-4-X2,
Class A-5, Class A-5-X1 and Class A-5-X2 Upper-Tier Regular Interests for such Distribution Date, weighted on the basis of their
respective Certificate Balances or Notional Amounts immediately prior to the Distribution Date (but excluding the Notional Amounts
of any Exchangeable Upper-Tier IO Regular Interests from the denominator of such weighted average calculation). The Pass-Through
Rate applicable to the Class X-A Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary
Statement hereto.

 

“Class
X-B Certificate”: A Certificate designated as “Class X-B” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-B Notional Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A-S Upper-Tier
Regular Interest, the Class B Upper-Tier Regular Interest and the Class C Upper-Tier Regular Interest.

 

“Class
X-B Pass-Through Rate”: The Pass-Through Rate for the Class X-B Certificates for any Distribution Date will equal the
excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average
of the Pass-Through Rates of the Class A-S, Class A-S-X1, Class A-S-X2, Class B, Class B-X1, Class B-X2, Class C, Class C-X1 and
Class C-X2 Upper-Tier Regular Interests for such Distribution Date,

 

     -35-

     

    

 

weighted on the basis of their respective aggregate Certificate
Balances or Notional Amounts immediately prior to the Distribution Date (but excluding the Notional Amounts of any Exchangeable
Upper-Tier IO Regular Interests in the denominator of such weighted average calculation). The Pass-Through Rate applicable to
the Class X-B Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class
X-D Certificate”: A Certificate designated as “Class X-D” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-D Notional Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class D and
Class E Certificates.

 

“Class
X-D Pass-Through Rate”: The Pass-Through Rate for Class X-D Certificates for any Distribution Date will equal the excess,
if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through
Rates of the Class D and Class E Certificates for such Distribution Date, weighted on the basis of their respective aggregate
Certificate Balances immediately prior to the Distribution Date. The Pass-Through Rate applicable to the Class X-D Certificates
for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class
X-F Certificate”: A Certificate designated as “Class X-F” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-F Notional Amount”: As of any date of determination, the Certificate Balance of the Class F Certificates.

 

“Class
X-F Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.000%.

 

“Class
X-G Certificate”: A Certificate designated as “Class X-G” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-G Notional Amount”: As of any date of determination, the Certificate Balance of the Class G Certificates.

 

“Class
X-G Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.000%.

 

“Class
X-H Certificate”: A Certificate designated as “Class X-H” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
X-H Notional Amount”: As of any date of determination, the Certificate Balance of the Class H Certificates.

 

     -36-

     

    

 

“Class
X-H Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.000%.

 

“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.
The initial Clearing Agency shall be DTC.

 

“Clearstream”:
Clearstream Banking, Luxembourg or any successor thereto.

 

“Closing
Date”: March 24, 2021.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, and applicable final or temporary regulations of the U.S. Department
of the Treasury issued pursuant thereto.

 

“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any date of determination, shall be an amount, calculated
by the applicable Special Servicer, equal to the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into
account the related junior note(s) and any pari passu notes included therein), over (ii) the sum of (in the case of a Whole
Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged
Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value (or
in the calculation of any related Appraisal Reduction Amount) and to the extent on deposit with, or otherwise under the control
of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor
at the time the Mortgage Loan became (and as part of the modification related thereto) such AB Modified Loan for the benefit of
the related Mortgaged Property or Mortgaged Properties (provided that in the case of a Non-Serviced Mortgage Loan, the
amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by
the applicable Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately
preceding clause (y) and solely to the extent not reflected or taken into account in the calculation of any related Appraisal
Reduction Amount) held by the lender in respect of such AB Modified Loan as of the date of such determination, which such excess,
for the avoidance of doubt, will be determined separately from and exclude any related Appraisal Reduction Amounts. The Certificate
Administrator, the Operating Advisor (unless a Control Termination Event has occurred and is continuing and the applicable Special
Servicer has calculated any such Collateral Deficiency Amount) and the applicable Master Servicer shall be entitled to conclusively
rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

With
respect to any Collateral Deficiency Amount calculated for purposes of determining the existence and identity of the Controlling
Class pursuant to Section 4.05(a), the Appraised Value for the related Mortgaged Property determined in connection with
this definition shall be determined on an “as-is” basis. The Master Servicer shall not calculate any Collateral Deficiency
Amount.

 

“Collection
Account”: A segregated custodial account or accounts created and maintained by each Master Servicer pursuant to Section
3.04(a) on behalf of the Trustee for the

 

     -37-

     

    

 

benefit of the Certificateholders, which, with respect to the Master Servicer, shall
be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, for the benefit of the registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series
2021-BNK32, Collection Account” and, with respect to the NCB Master Servicer, shall be entitled “National Cooperative
Bank, N.A., as NCB Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of BANK 2021- BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Collection Account”. Any
such account or accounts shall be an Eligible Account. Subject to the related Intercreditor Agreement and taking into account
that each Companion Loan is subordinate or pari passu, as applicable, to the related Serviced Mortgage Loan to the extent
set forth in the related Intercreditor Agreement, the subaccount described in the second paragraph of Section 3.04(b) that
is part of the applicable Collection Account shall be for the benefit of the related Serviced Companion Noteholders, to the extent
funds on deposit in such subaccount are attributed to such Companion Loans and shall not be an asset of the Trust, any Trust REMIC
or the Grantor Trust.

 

“Collection
Period”: With respect to any Distribution Date and any Mortgage Loan (including any Companion Loan), the period beginning
with the day after the Determination Date in the month preceding the month in which such Distribution Date occurs (or, in the
case of the first Distribution Date, commencing immediately following the Cut-off Date) and ending with the Determination Date
occurring in the month in which such Distribution Date occurs.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion
Distribution Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the
Companion Paying Agent pursuant to Section 3.04(b) and held on behalf of the Serviced Companion Noteholders, which shall
be entitled “Wells Fargo Bank, National Association, as Companion Paying Agent, for the benefit of the Serviced Companion
Noteholders of the Serviced Companion Loans, relating to the BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series
2021-BNK32, Companion Distribution Account”. The Companion Distribution Account shall not be an asset of the Trust, any
Trust REMIC or the Grantor Trust, but instead shall be held by the Companion Paying Agent on behalf of the Serviced Companion
Noteholders. Any such account shall be an Eligible Account. Notwithstanding the foregoing, if the General Master Servicer and
the Companion Paying Agent are the same entity, the Companion Distribution Account may be the subaccount referenced in the second
paragraph of Section 3.04(b).

 

“Companion
Holders”: Each of the holders of record of any Companion Loan.

 

“Companion
Loan(s)”: The Pathline Park 9 & 10 Pari Passu Companion Loans, the Miami Design District Pari Passu Companion Loans
and the Miami Design District Subordinate Companion Loan, the Extra Space Rock ‘N Roll Self Storage Portfolio Companion
Loan, the 605 Third Avenue Pari Passu Companion Loans and the 605 Third Avenue Subordinate Companion Loans, the Boca Office Portfolio
Pari Passu Companion Loans and the McClellan Park Pari Passu Companion Loans.

 

     -38-

     

    

 

“Companion
Loan Rating Agency”: Any NRSRO rating any class of Serviced Pari Passu Companion Loan Securities.

 

“Companion
Paying Agent”: With respect to the Serviced Companion Loans, if any, the General Master Servicer in its role as Companion
Paying Agent appointed pursuant to Section 3.27.

 

“Compensating
Interest Payments”: With respect to each Master Servicer, an aggregate amount as of any Distribution Date equal to the
lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments
received in respect of the Mortgage Loans (other than Non-Serviced Mortgage Loans) for which such Master Servicer is acting as
Master Servicer and any related Serviced Pari Passu Companion Loans (in each case other than any Specially Serviced Loan or any
Mortgage Loan or related Serviced Pari Passu Companion Loan on which the applicable Special Servicer allowed a prepayment on a
date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that portion of such
Master Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Serviced Mortgage Loan, Serviced
Pari Passu Companion Loan and REO Loan (excluding any portion thereof related to a Subordinate Companion Loan) for which such
Master Servicer is acting as Master Servicer for which Servicing Fees are being paid to such Master Servicer in such Collection
Period, calculated at a rate of 0.0025% per annum, (B) all Prepayment Interest Excesses received by such Master Servicer
during such Collection Period with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loans) (and, so long as
a Serviced Whole Loan is serviced hereunder, any related Serviced Pari Passu Companion Loan) for which such Master Servicer is
acting as Master Servicer subject to such prepayment and (C) to the extent earned on voluntary principal prepayments, net investment
earnings payable to such Master Servicer for such Collection Period received by such Master Servicer during such Collection Period
with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loans) for which such Master Servicer is acting as Master
Servicer or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment. In no event will the rights
of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative. However, if a Prepayment
Interest Shortfall occurs with respect to a Mortgage Loan as a result of the applicable Master Servicer’s allowing the related
Mortgagor to deviate (a “Prohibited Prepayment”) from the terms of the related Mortgage Loan documents regarding
Principal Prepayments (other than (V) a Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage Loan
documents or if the Mortgage Loan is a Specially Serviced Loan, (X) pursuant to applicable law or a court order or otherwise in
such circumstances where the applicable Master Servicer is required to accept such Principal Prepayment in accordance with the
Servicing Standard, (Y)(i) at the request or with the consent of the applicable Special Servicer or, (ii) for so long as no Control
Termination Event has occurred and is continuing and, other than with respect to an Excluded Loan as to the Directing Certificateholder
or the Holder of the majority of the Controlling Class, at the request or with the consent of the Directing Certificateholder,
or (Z) in connection with the payment of any Insurance and Condemnation Proceeds), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, such Master Servicer shall pay, without regard to clause (ii) above,
the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (i)
above in connection with such Prohibited Prepayments. No Master Servicer shall be required to make any Compensating Interest
Payment as a result of any prepayments on

 

     -39-

     

    

 

Mortgage Loans or Companion Loans for which it does not act as Master Servicer or on
any AB Subordinate Companion Loan.

 

For
the avoidance of doubt, Compensating Interest Payments attributable to a Serviced Whole Loan shall be allocated among the related
Mortgage Loan and the related Serviced Pari Passu Companion Loan(s), pro rata, in accordance with their respective principal
balances.

 

“Consultation
Termination Event”: At any date at which (i) no Class of Control Eligible Certificates exists where such Class’s
aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without
regard to the application of any Cumulative Appraisal Reduction Amounts; or (ii) a Holder of the Class G Certificates is the majority
Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling
Class Certificateholder and such rights have not been reinstated to a successor controlling class certificateholder pursuant Section
3.23(l); provided that no Consultation Termination Event resulting solely from the operation of clause (ii) shall be
deemed to have existed or be in continuance with respect to a successor Holder of the Class G Certificates that has not irrevocably
waived its right to exercise any of the rights of the Controlling Class Certificateholder; provided, further, that
no Consultation Termination Event may occur with respect to a Loan-Specific Directing Certificateholder related to a Servicing
Shift Whole Loan and the term “Consultation Termination Event” shall not be applicable to a Loan-Specific Directing
Certificateholder related to such Servicing Shift Whole Loan; provided, further, that a Consultation Termination
Event shall be deemed not continuing in the event that the Certificate Balances of the Principal Balance Certificates other than
the Control Eligible Certificates and the RR Interest have been reduced to zero as a result of the allocation of principal payments
on the Mortgage Loans.

 

“Consumer
Price Index for All Urban Consumers”: The “Consumer Price Index for All Urban Consumers” as published by
the U.S. Department of Labor.

 

“Control
Eligible Certificates”: Any of the Class G or Class H Certificates.

 

“Control
Termination Event”: The occurrence of (i) the Certificate Balance of the Class G Certificates (taking into account the
application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance
with Section 4.05(a)) being reduced to less than 25% of the Original Certificate Balance of such Class or (ii) a Holder
of the Class G Certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing,
to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor
controlling class certificateholder pursuant to Section 3.23(l); provided, that no Control Termination Event may
occur with respect to a Loan-Specific Directing Certificateholder related to a Servicing Shift Whole Loan and the term “Control
Termination Event” shall not be applicable to a Loan-Specific Directing Certificateholder related to such Servicing Shift
Whole Loan; provided, further, that a Control Termination Event shall be deemed not continuing in the event that
the Certificate Balances of the Principal Balance Certificates other than the Control Eligible Certificates and the RR Interest
have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans.

 

     -40-

     

    

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has an aggregate Certificate Balance as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such
Class in accordance with Section 4.05(a), at least equal to 25% of the Original Certificate Balance of that Class; provided,
that if at any time the Certificate Balances of the Principal Balance Certificates other than the Control Eligible Certificates
and the RR Interest have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then
the Controlling Class shall be the most subordinate Class among the Control Eligible Certificates that has a Certificate Balance
greater than zero without regard to any Cumulative Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will
be the Class H Certificates. The Control Eligible Certificates shall not include the RR Interest and the RR Interest shall not
be permitted to be a Controlling Class.

 

“Controlling
Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar, from time to time, upon request by any party hereto. The Depositor, the Trustee, any
Master Servicer, any Special Servicer or the Operating Advisor may from time to time request (the cost of which being an expense
of the Trust) that the Certificate Administrator provide a list of the Holders (or Certificate Owners, if applicable) of the Controlling
Class and the Certificate Administrator shall promptly provide such list without charge to such Depositor, Trustee, Master Servicer,
Operating Advisor or Special Servicer, as applicable. The Trustee, each applicable Master Servicer, each applicable Special Servicer
and the Operating Advisor shall be entitled to rely on any such list so provided.

 

“Conveyed
Property”: As defined in Section 2.01(a).

 

“Corporate
Trust Office”: The principal corporate trust office of the Trustee and the Certificate Administrator at which at any
particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of
the execution of this Agreement is located (i) with respect to Certificate transfers and surrenders, at 600 South 4th Street,
7th Floor, MAC N9300-070, Minneapolis, Minnesota 55479; (ii) with respect to the Trustee at 1100 North Market Street, Wilmington,
Delaware 19890, Attention: CMBS Trustee BANK 2021-BNK32; and (iii) for all other purposes, to the Certificate Administrator at
9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS), BANK 2021-BNK32.

 

“Corrected
Loan”: Any Specially Serviced Loan that has become current and remained current for three (3) consecutive Periodic Payments
(for such purposes taking into account any modification or amendment of the related Mortgage Loan or Companion Loan, as applicable,
whether by a consensual modification or in connection with a bankruptcy, insolvency or similar proceeding involving the Mortgagor),
and (provided that no other Servicing Transfer Event has occurred with respect to such Mortgage Loan or Companion Loan
during such preceding three (3) months, no additional event of default is foreseeable in the reasonable judgment of the applicable
Special Servicer and no other event or circumstance exists that causes such Mortgage Loan or Companion Loan, as applicable, to
otherwise constitute a Specially Serviced Loan) the servicing of which the applicable Special Servicer has returned to the applicable
Master Servicer pursuant to Section 3.19(a).

 

     -41-

     

    

 

“Corresponding
Exchangeable Upper-Tier Regular Interests”: With respect to each Class of Exchangeable Certificates, the Exchangeable
Upper-Tier Regular Interests set forth next to it in the table below.

 

	Class
of Exchangeable Certificates 
	Corresponding
Exchangeable Upper-Tier Regular Interests 

	Class
    A-4	Class
    A-4, Class A-4-X1, Class A-4-X2
	Class
    A-4-1	Class
    A-4, Class A-4-X2
	Class
    A-4-2	Class
    A-4
	Class
    A-4-X1	Class
    A-4-X1
	Class
    A-4-X2	Class
    A-4-X1, Class A-4-X2
	Class
    A-5	Class
    A-5, Class A-5-X1, Class A-5-X2
	Class
    A-5-1	Class
    A-5, Class A-5-X2
	Class
    A-5-2	Class
    A-5
	Class
    A-5-X1	Class
    A-5-X1
	Class
    A-5-X2	Class
    A-5-X1, Class A-5-X2
	Class
    A-S	Class
    A-S, Class A-S-X1, Class A-S-X2
	Class
    A-S-1	Class
    A-S, Class A-S-X2
	Class
    A-S-2	Class
    A-S
	Class
    A-S-X1	Class
    A-S-X1
	Class
    A-S-X2	Class
    A-S-X1, Class A-S-X2
	Class
    B	Class
    B, Class B-X1, Class B-X2
	Class
    B-1	Class
    B, Class B-X2
	Class
    B-2	Class
    B
	Class
    B-X1	Class
    B-X1
	Class
    B-X2	Class
    B-X1, Class B-X2
	Class
    C	Class
    C, Class C-X1, Class C-X2
	Class
    C-1	Class
    C, Class C-X2
	Class
    C-2	Class
    C
	Class
    C-X1	Class
    C-X1
	Class
    C-X2	Class
    C-X1, Class C-X2

 

“COVID
Forbearance Fees”: As defined in Section 3.18(a).

 

“CREFC®”:
The Commercial Real Estate Finance Council®, or any successor organization reasonably acceptable to the Certificate
Administrator, each Master Servicer, each Special Servicer and, prior to the occurrence and continuance of a Control Termination
Event, the Directing Certificateholder.

 

“CREFC®
Advance Recovery Report”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Appraisal Reduction Template” available as of the Closing Date on the CREFC®
Website, or such other form for the

 

     -42-

     

    

 

presentation of such information and containing such additional information as may from
time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format
substantially in the form of and containing the information called for therein, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Delinquent Loan Status Report”: The monthly report in the “Delinquent Loan Status Report” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and
containing the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation
Template” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report” format substantially in the form of and containing the
information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved
from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and REO Loan (other than the portion
of an REO Loan related to any Companion

 

     -43-

     

    

 

Loan) and for any Distribution Date, the amount accrued during the related Interest Accrual
Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of such Mortgage
Loan or REO Loan as of the close of business on the Distribution Date in such Interest Accrual Period; provided that such
amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment
due or deemed due on the related Mortgage Loan or REO Loan is computed and shall be prorated for partial periods. For the avoidance
of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed payable by each applicable Master
Servicer from the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan and REO Loan (but excluding
any related Companion Loan), a rate equal to 0.00050% per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from
time to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time
as the “CREFC® Investor Reporting Package.” As of the Closing Date, the CREFC® Investor
Reporting Package contains eight (8) electronic files ((1) CREFC® Loan Setup File, (2) CREFC® Loan
Periodic Update File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC®
Collateral Summary File, (6) CREFC® Financial File, (7) CREFC® Special Servicer Loan File
and (8) CREFC® Schedule AL File (with respect to the General Master Servicer)) and eleven (11) surveillance reports
((1) CREFC® Servicer Watch List, (2) CREFC® Delinquent Loan Status Report, (3) CREFC®
REO Status Report, (4) CREFC® Comparative Financial Status Report, (5) CREFC® Historical Loan Modification/Forbearance
and Corrected Mortgage Loan Report, (6) CREFC® Operating Statement Analysis Report, (7) CREFC® Servicer
Remittance to Certificate Administrator, (8) CREFC® Significant Insurance Event Report, (9) CREFC®
NOI Adjustment Worksheet, (10) CREFC® Loan Level Reserve/LOC Report and (11) with respect to Mortgage Loans that
have a Companion Loan, as applicable, the CREFC® Total Loan Report). In addition, the CREFC® Investor
Reporting Package shall include the CREFC® Advance Recovery Report. In addition, the CREFC® Investor
Reporting Package shall include the following nine (9) templates: (1) CREFC® Appraisal Reduction Template, (2)
CREFC® Servicer Realized Loss Template, (3) CREFC® Reconciliation of Funds Template, (4) CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template, (5) CREFC® Historical Liquidation Loss
Template, (6) CREFC® Interest Shortfall Reconciliation Template, (7) CREFC® Loan Modification Report,
(8) CREFC® Loan Liquidation Report and (9) CREFC® REO Liquidation Report. The CREFC®
Investor Reporting Package shall be substantially in the form of, and containing the information called for in, the downloadable
forms of the “CREFC® IRP” available as of the Closing Date on the CREFC® Website, or
such other form for the presentation of such information and containing such additional information or reports as may from time
to time be approved by the CREFC® for CMBS transactions generally. For the purposes of the production of the CREFC®
Comparative Financial Status Report by the applicable Master Servicer or the applicable Special Servicer of any such report
that is required to state information for any period prior to the Cut-off Date, the applicable Master Servicer or the applicable
Special Servicer, as the case may be, may conclusively rely (without independent verification), absent

 

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manifest error, on information
provided to it by the Mortgage Loan Sellers or by the related Mortgagor or (x) in the case of such a report produced by any Master
Servicer, by the applicable Special Servicer (if other than such Master Servicer or an Affiliate thereof) and (y) in the case
of such a report produced by any Special Servicer, by the applicable Master Servicer (if other than such Special Servicer or an
Affiliate thereof).

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the
Closing Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”: The monthly report in the “CREFC® Loan Level Reserve/LOC
Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or
such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally.

 

“CREFC®
Loan Liquidation Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Liquidation Report” available and effective from time to time on the CREFC®
Website, or such other 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 securities transactions generally.

 

“CREFC®
Loan Modification Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Modification Report” available and effective from time to time on the CREFC®
Website, or such other 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 securities transactions generally.

 

“CREFC®
Loan Periodic Update File”: The data file in the “CREFC® Loan Periodic Update File”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Loan Setup File”: The data file in the “CREFC® Loan Setup File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially in
the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Operating Statement Analysis Report”: The report in the “Operating Statement Analysis Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for
the presentation of such

 

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information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Property File”: The data file in the “CREFC® Property File” format substantially in
the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time
on the CREFC® Website, or such other 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 securities transactions
generally.

 

“CREFC®
REO Liquidation Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “REO Liquidation Report” available and effective from time to time on the CREFC®
Website, or such other 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 securities transactions generally.

 

“CREFC®
REO Status Report”: The monthly report in the “REO Status Report” format substantially in the form
of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and
containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally; provided
that the Depositor has confirmed in writing to each Master Servicer and the Certificate Administrator that any change to such
“Schedule AL File” format complies with the requirements of Item 1125 of Regulation AB.

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Servicer Remittance to Certificate Administrator”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Remittance to Certificate Administrator” available and effective
from time to time on the CREFC® Website.

 

“CREFC®
Servicer Watch List”: A monthly report, as of each Determination Date, including and identifying each Non-Specially
Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time by the
CREFC® in the “CREFC® Servicer Watch List” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form (including other portfolio review guidelines) for
the

 

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presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Significant Insurance Event Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Significant Insurance Event Report” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Special Servicer Loan File”: The data file in the “CREFC® Special Servicer Loan File”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Total Loan Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “Total Loan Report” available as of the Closing Date on the CREFC® Website,
or in such other form for the presentation of such information and containing such additional information as may from time to
time be adopted by the CREFC® for CMBS transactions and is reasonably acceptable to each applicable Master Servicer.

 

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

 

“Cross-Over
Date”: The Distribution Date on which the Certificate Balances of the Subordinate Certificates (other than the Class
A-S Exchangeable Certificates, Class B Exchangeable Certificates and Class C Exchangeable Certificates) and the Class A-S Upper-Tier
Regular Interest, Class B Upper-Tier Regular Interest and Class C Upper-Tier Regular Interest have all previously been reduced
to zero as a result of the allocation of Realized Losses to such Certificates.

 

“Crossed
Mortgage Loan Group”: With respect to (i) any mortgage loan that consists of more than one commercial mortgage loan,
the underlying group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two (2) or more individual
mortgage loans that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and cross-defaulted
mortgage loans. There is no Crossed Mortgage Loan Group related to the Trust.

 

“Crossed
Underlying Loan”: With respect to any Crossed Mortgage Loan Group, a mortgage loan that is cross-collateralized and
cross-defaulted with one or more other mortgage loans within such Crossed Mortgage Loan Group. There is no Crossed Underlying
Loan related to the Trust.

 

“Crossed
Underlying Loan Repurchase Criteria”: With respect to any Crossed Mortgage Loan Group as to which one or more (but not
all) of the Crossed Underlying Loans therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such Crossed
Mortgage Loan Group affected by such Material Defect, for purposes of this definition, the “affected Crossed Underlying
Loans” and the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of this definition, the
“remaining Crossed Underlying Loans”)

 

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(i) the debt service coverage ratio for all the remaining Crossed Underlying
Loans for the four (4) most recently reported calendar quarters preceding the repurchase or substitution shall not be less than
the least of (a) the debt service coverage ratio for the Crossed Mortgage Loan Group (including the affected Crossed Underlying
Loan(s)) set forth in Annex A-1 to the Prospectus, (b) the debt service coverage ratio for the Crossed Mortgage Loan Group (including
the affected Crossed Underlying Loan(s)) for the four (4) preceding calendar quarters preceding the repurchase or replacement
and (c) 1.25x, (ii) the loan-to-value ratio for all the remaining Crossed Underlying Loans determined at the time of repurchase
or substitution based upon an Appraisal obtained by the applicable Special Servicer at the expense of the related Mortgage Loan
Seller shall not be greater than the greatest of (a) the loan-to-value ratio, expressed as a whole number percentage (taken to
one (1) decimal place), for the entire Crossed Mortgage Loan Group, (including the affected Crossed Underlying Loan(s)) set forth
in Annex A-1 to the Prospectus, (b) the loan-to-value ratio, expressed as a whole number percentage (taken to one (1) decimal
place), for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s) at the time of repurchase
or substitution, and (c) 75%, (iii) the related Mortgage Loan Seller, at its expense, shall have furnished the Trustee and the
Certificate Administrator with an Opinion of Counsel that any modification relating to the repurchase or substitution of a Crossed
Underlying Loan shall not cause an Adverse REMIC Event, (iv) the related Mortgage Loan Seller causes the affected Crossed Underlying
Loan to become not cross-collateralized and cross-defaulted with the remaining related Crossed Underlying Loans prior to such
repurchase or substitution or otherwise forbears from exercising enforcement rights against the Primary Collateral for any Crossed
Underlying Loan(s) remaining in the Trust (while the Trust forbears from exercising enforcement rights against the Primary Collateral
for the Mortgage Loan removed from the Trust) and (v) (other than with respect to any Mortgage Loan that is an Excluded Loan with
respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class) unless a Control Termination
Event has occurred and is continuing, the Directing Certificateholder shall have consented to the repurchase or substitution of
the affected Crossed Underlying Loan, which consent shall not be unreasonably withheld, conditioned or delayed.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination for any Mortgage Loan, the sum of (i) all Appraisal Reduction
Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The applicable
Master Servicer and the Certificate Administrator shall be entitled to conclusively rely on the applicable Special Servicer’s
calculation or determination of any Cumulative Appraisal Reduction Amount with respect to a Serviced Mortgage Loan. With respect
to a Non-Serviced Mortgage Loan the applicable Special Servicer, the applicable Master Servicer and the Certificate Administrator
shall be entitled to conclusively rely on the applicable Non-Serviced Special Servicer’s calculation or determination of
any Appraisal Reduction Amount with respect to such Non-Serviced Mortgage Loan.

 

“Cure/Contest
Period”: As defined in Section 12.01(b)(vii).

 

“Custodial
Exception Report”: As defined in Section 2.02(b).

 

“Custodian”:
A Person who is at any time appointed by the Trustee pursuant to Section 8.11 as a document custodian for the Mortgage
Files, which Person shall not be the Depositor, any of the Mortgage Loan Sellers or (except to the extent Wells Fargo Bank, National

 

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Association is the Custodian) an Affiliate of any of them. The Certificate Administrator shall be the initial Custodian. Wells
Fargo Bank, National Association will perform its duties as Custodian hereunder through its Document Custody division, including,
as applicable, any agents or affiliates utilized thereby.

 

“Cut-off
Date”: With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in March 2021, or with respect
to any Mortgage Loan that has its first Due Date after March 2021, the date that would have otherwise been the related Due Date
in March 2021.

 

“Cut-off
Date Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan, as of the
Cut-off Date, after application of all payments of principal due on or before such date, whether or not received.

 

“DBRS
Morningstar”: DBRS, Inc., and its successors in interest. If neither DBRS Morningstar nor any successor remains in existence,
“DBRS Morningstar” shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by
the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, each applicable Master
Servicer, the Directing Certificateholder and each applicable Special Servicer and specific ratings of DBRS Morningstar herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Default
Interest”: With respect to any Mortgage Loan or Companion Loan and any Collection Period, all interest accrued in respect
of such Mortgage Loan or Companion Loan during such Collection Period provided for in the related Mortgage Note or Mortgage as
a result of a default (exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate accrued on
the unpaid principal balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

“Defaulted
Loan”: A Serviced Mortgage Loan or a Serviced Whole Loan (other than a Serviced Mortgage Loan or Serviced Whole Loan
that is subject to a Payment Accommodation, for so long as the related Mortgagor is complying with the terms of such Payment Accommodation)
and (i) that is delinquent at least sixty (60) days in respect of its Periodic Payments (other than a Balloon Payment) or in respect
of its Balloon Payment, if any; provided that in respect of a Balloon Payment, such period will be one hundred-twenty (120)
days if the related Mortgagor has provided the applicable Special Servicer with a written and fully executed commitment for refinancing
of the related Mortgage Loan from an acceptable lender reasonably satisfactory in form and substance to the applicable Special
Servicer; and such delinquency is to be determined without giving effect to any Grace Period permitted by the related Mortgage
or Mortgage Note and without regard to any acceleration of payments under the related Mortgage and Mortgage Note or (ii) as to
which the applicable Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity of the indebtedness
evidenced by the related Mortgage Note. For the avoidance of doubt, a defaulted Companion Loan does not constitute a “Defaulted
Loan”.

 

“Defeasance
Accounts”: As defined in Section 3.18(j).

 

“Defect”:
As defined in Section 2.02(f).

 

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“Deficient
Exchange Act Deliverable”: With respect to a Master Servicer, a Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than an Initial Sub-Servicer), any item (x) regarding such party, (y) prepared by such party or any registered
public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on
behalf of such party pursuant to the delivery requirements under Article XI of this Agreement that does not conform to
the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder.

 

“Deficient
Valuation”: With respect to any Mortgage Loan or Serviced Whole Loan, as applicable, a valuation by a court of competent
jurisdiction of the related Mortgaged Property in an amount less than the then-outstanding principal balance of such Mortgage
Loan or Serviced Whole Loan which valuation results from a proceeding initiated under the Bankruptcy Code.

 

“Definitive
Certificate”: Any Certificate in definitive, fully registered form without interest coupons. Initially, the Class R
Certificates, the Class V Certificates, the RR Interest and any Certificate issued pursuant to Section 5.02(c) and Section
5.02(d) shall be Definitive Certificates. For the avoidance of doubt, any RR Interest shall at all times during the RR Interest
Transfer Restriction Period be a Definitive Certificate.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any Grace Period. For the avoidance of doubt,
a delinquency that would have existed but for a Payment Accommodation shall not constitute a delinquency for so long as the related
Mortgagor is complying with the terms of such Payment Accommodation.

 

“Denomination”:
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face thereof or
set forth on a schedule attached thereto (subject, in the case of an Exchangeable Certificate, to any adjustments thereto as reflected
on the schedule attached to such Certificate) or (b) in the case of any beneficial interest in a Book-Entry Certificate, the interest
of the related Certificate Owner in the applicable Class of Certificates as reflected on the books and records of the Depository
or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate Balance or initial Notional Amount,
as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”:
Morgan Stanley Capital I Inc., a Delaware corporation, or its successor in interest.

 

“Depository”:
DTC, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those Certificates
that are to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times be a “clearing corporation”
as defined in Section 8-102(3) of the UCC of the State of New York and a “clearing agency” registered pursuant to
the provisions of Section 17A of the Exchange Act.

 

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“Depository
Participant”: A broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository
effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Designated
Site”: The website to which Diligence Files are uploaded as designated by the Depositor to the Mortgage Loan Sellers.

 

“Determination
Date”: With respect to any Distribution Date, the eleventh (11th) day of each calendar month (or, if the
eleventh (11th) calendar day of that month is not a Business Day, then the next Business Day), commencing in April
2021.

 

“Diligence
File”: With respect to each Mortgage Loan or Companion Loan, if applicable, collectively the following documents in
electronic format:

 

(a)       A
copy of each of the following documents:

 

(i)       the
Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy
of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);

 

(ii)       the
Mortgage, together with a copy of any intervening Assignments of Mortgage, in each case, with evidence of recording indicated
thereon or certified to have been submitted for recording (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)       any
related Assignment of Leases and of any intervening Assignments (if such item is a document separate from the Mortgage), in each
case, with evidence of recording indicated thereon or certified to have been submitted for recording (if in the possession of
the applicable Mortgage Loan Seller);

 

(iv)       all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(v)       the
policy or certificate of lender’s title insurance issued in connection with the origination of such Mortgage Loan, or, if
such policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that
has been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding
escrow instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

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(vi)       any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(vii)       any
Intercreditor Agreement relating to permitted debt of the Mortgagor, including any Intercreditor Agreement relating to a Serviced
Whole Loan;

 

(viii)       any
loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;

 

(ix)       any
ground lease, related ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

 

(x)       other
than with respect to the Mortgage Loans secured by residential cooperative properties, any property management agreement relating
to a Mortgage Loan or a Serviced Whole Loan;

 

(xi)       any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan;

 

(xii)       any
lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiii)       any
related mezzanine intercreditor agreement;

 

(xiv)       all
related environmental reports; and

 

(xv)       all
related environmental insurance policies;

 

(b)       a
copy of any engineering reports or property condition reports;

 

(c)       other
than with respect to a hospitality property (except with respect to tenanted commercial space within a hospitality property) or
a residential cooperative property, copies of a rent roll;

 

(d)       for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;

 

(e)       a
copy of all legal opinions (excluding attorney-client communications between the related Mortgage Loan Seller or an Affiliate
thereof, and its counsel that are privileged communications or constitute legal or other due diligence analyses), if any, delivered
in connection with the closing of the related Mortgage Loan;

 

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(f)       a
copy of all Mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance
policies (to the extent not previously included as part of this definition), if any, delivered in connection with the closing
of the related Mortgage Loan;

 

(g)       a
copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;

 

(h)       for
any Mortgage Loan that the related Mortgaged Property or Mortgaged Properties is leased to a single tenant, a copy of the lease;

 

(i)       a
copy of the applicable Mortgage Loan Seller’s asset summary;

 

(j)       a
copy of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)       a
copy of all zoning reports;

 

(l)       a
copy of financial statements of the related Mortgagor;

 

(m)       a
copy of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

(n)       a
copy of all UCC searches;

 

(o)       a
copy of all litigation searches;

 

(p)       a
copy of all bankruptcy searches;

 

(q)       a
copy of any origination settlement statement;

 

(r)       a
copy of the Insurance Summary Report;

 

(s)       a
copy of the organizational documents of the related Mortgagor and any guarantor;

 

(t)       a
copy of all escrow statements related to the escrow account balances as of the Mortgage Loan origination date;

 

(u)       a
copy of all related environmental reports that were received by the applicable Mortgage Loan Seller;

 

(v)       a
copy of any closure letter (environmental); and

 

(w)       a
copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties;

 

in
each case, to the extent that the related originator received such documents in connection with the origination of such Mortgage
Loan. In the event any of the items identified above were not

 

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included in connection with the origination of such Mortgage Loan
(other than documents that would not be included in connection with the origination of the Mortgage Loan because such document
is inapplicable to the origination of a Mortgage Loan of that structure or type), the Diligence File shall include a statement
to that effect. No information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or
privileged or internal communications shall constitute part of the Diligence File. It is generally not required to include any
of the same items identified above again if such items have already been included under another clause of the definition of Diligence
File, and the Diligence File shall include a statement to that effect. The Mortgage Loan Seller may, without any obligation to
do so, include such other documents as part of the Diligence File that such Mortgage Loan Seller believes should be included to
enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided that such documents
are clearly labeled and identified.

 

“Directing
Certificateholder”: (A) With respect to a Servicing Shift Mortgage Loan, the Directing Certificateholder shall be any
related Loan-Specific Directing Certificateholder, and (B) with respect to each Mortgage Loan (other than a Servicing Shift Mortgage
Loan that has a related Loan-Specific Directing Certificateholder), the initial Directing Certificateholder shall be RREF IV Debt
AIV, LP, a Delaware limited partnership. Thereafter, with respect to the Mortgage Loans described in clause (B) of the first sentence
of this definition, the Directing Certificateholder shall be the Controlling Class Certificateholder (or a representative thereof)
selected by more than 50% of the Controlling Class Certificateholders (by Certificate Balance, as determined by the Certificate
Registrar) from time to time; provided, that (i) absent that selection, or (ii) until a Directing Certificateholder is
so selected or (iii) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance,
that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate
Certificate Balance of the Controlling Class (or a representative thereof) will be the Directing Certificateholder; provided,
that, in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate Balance
of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance with the terms of this
Agreement. After the occurrence and during the continuance of a Control Termination Event, the Directing Certificateholder with
respect to the Mortgage Loans described in clause (B) of the first sentence of this definition shall only retain its consultation
rights to the extent specifically provided for herein. After the occurrence of a Consultation Termination Event, there will be
no Directing Certificateholder with respect to the Mortgage Loans described in clause (B) of the first sentence of this definition.
The Depositor shall promptly provide the name and contact information for the initial Directing Certificateholder upon request
of any party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided
by the Depositor. The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of
the Directing Certificateholder has not changed until such parties receive written notice of a replacement of the Directing Certificateholder
from a party holding the requisite interest in the Controlling Class (as confirmed by the Certificate Registrar), or the resignation
of the then-current Directing Certificateholder. As used herein, the term “Directing Certificateholder,” unless used
in relation to a Servicing Shift Mortgage Loan, means the entity determined pursuant to clause (B) of the first sentence of this
definition.

 

“Directly
Operate”: With respect to any REO Property (except with respect to a Non-Serviced Mortgaged Property), the furnishing
or rendering of services to the tenants thereof,

 

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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 Trust or on behalf of a Companion Holder or the performance of any construction work on
the REO Property 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 applicable 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).

 

“Disclosable
Special Servicer Fees”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan (including
any related REO Property), any compensation and other remuneration (including, without limitation, in the form of commissions,
brokerage fees, or rebates, or as a result of any other fee-sharing arrangement) received or retained by the applicable Special
Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor, any manager,
any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Companion Loan and any purchaser of any such Mortgage Loan
or Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of such Mortgage Loan or
Serviced Companion Loan, the management or disposition of any REO Property, and the performance by the applicable Special Servicer
or any such Affiliate of any other special servicing duties under this Agreement, other than (1) any Permitted Special Servicer/Affiliate
Fees and (2) any compensation to which the applicable Special Servicer is entitled pursuant to this Agreement or any Non-Serviced
PSA.

 

“Disclosure
Parties”: As defined in Section 3.13(f).

 

“Discount
Rate”: As defined in Section 4.01(e).

 

“Dispute
Resolution Consultation”: As defined in Section 2.03(l)(iii).

 

“Dispute
Resolution Cut-off Date”: As defined in Section 2.03(l)(i).

 

“Disqualified
Non-U.S. Tax Person”: With respect to the Class R Certificates, any Non-U.S. Tax Person or its agent other than (a)
a Non-U.S. Tax Person that holds the Class R Certificates in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI or (b) a Non-U.S. Tax
Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax counsel
to the effect that the transfer of the Class R Certificates to it is in accordance with the requirements of the Code and the regulations
promulgated thereunder and that such transfer of the Class R Certificates will not be disregarded for federal income tax purposes.

 

“Disqualified
Organization”: Any of (i) the United States, any State or political subdivision thereof, any possession of the United
States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of
its activities are

 

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subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such governmental
unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing, (iii)
any organization which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the
Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect
to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural electric
and telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v) any other Person so designated by the Trustee
or the Certificate Administrator based upon an Opinion of Counsel as provided to the Trustee or the Certificate Administrator
(at no expense to the Trustee or the Certificate Administrator) that the holding of an Ownership Interest in a Class R Certificate
by such Person may cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding or
any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any federal
tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate
to such Person. The terms “United States,” “State” and “international organization” shall
have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account and the
Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible
Account.

 

“Distribution
Date”: The fourth (4th) Business Day following each Determination Date, beginning in April 2021. The initial Distribution
Date shall be April 16, 2021.

 

“Distribution
Date Statement”: As defined in Section 4.02(a).

 

“Do
Not Hire List”: The list, as may be updated at any time, provided by the Depositor to each applicable Master Servicer,
each applicable Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Asset Representations
Reviewer, which lists certain parties identified by the Depositor as having failed to comply (after any applicable cure period)
with their respective obligations under Article XI of this Agreement or as having failed to comply (after any applicable
cure period) with any similar Regulation AB reporting requirements under any other securitization transaction. For the avoidance
of doubt, as of the Closing Date, no parties appear on the Do Not Hire List.

 

“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended from time to time.

 

“DTC”:
The Depository Trust Company, a New York corporation.

 

“Due
Date”: With respect to (i) any Mortgage Loan or Companion Loan, as applicable, on or prior to its Maturity Date, the
day of the month set forth in the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due, (ii)
any Mortgage Loan or Companion Loan, as applicable, after the Maturity Date therefor, the day of the month set forth in the related
Mortgage Note on which each Periodic Payment on such Mortgage Loan or

 

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Companion Loan, as applicable, had been scheduled to be
first due, and (iii) any REO Loan, the day of the month set forth in the related Mortgage Note on which each Periodic Payment
on the related Mortgage Loan or Companion Loan, as applicable, had been scheduled to be first due.

 

“EDGAR”:
As defined in Section 11.03.

 

“EDGAR-Compatible
Format”: With respect to (a) the CREFC® Schedule AL File and the Schedule AL Additional File, XML format
or such other format as mutually agreed to between the Depositor, Certificate Administrator and each applicable Master Servicer
and (b) any report, file or document other than those listed in clause (a) above, any format compatible with EDGAR, including
HTML, Word or clean, searchable PDFs.

 

“Eligible
Account”: Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered depository
institution or trust company (including the Trustee or the Certificate Administrator), (A) the long-term deposit rating or long-term
unsecured debt obligations or deposits of which are rated at least “A2” by Moody’s, if the deposits are to be
held in such account for thirty (30) days or more, and the short-term debt obligations or deposits of which have a short-term
rating of not less than “P-1” from Moody’s, if the deposits are to be held in such account for less than thirty
(30) days and (B) the long-term unsecured debt obligations or deposits of which are rated at least “A” by Fitch (to
the extent rated by Fitch), if the deposits are to be held in such account for thirty (30) days or more, and the short-term debt
obligations or deposits of which have a short-term rating of not less than “F1” from Fitch (to the extent rated by
Fitch), if the deposits are to be held in such account for less than thirty (30) days; (ii) an account or accounts maintained
with Wells Fargo Bank, National Association so long as Wells Fargo Bank, National Association’s long-term unsecured debt
rating shall be at least “A2” from Moody’s and “A” from Fitch (to the extent rated by Fitch) (if
the deposits are to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s short-term
deposit or short-term unsecured debt rating shall be at least “P-1” from Moody’s and “F1” from Fitch
(to the extent rated by Fitch) (if the deposits are to be held in the account for thirty (30) days or less); (iii) such other
account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clause (i) or (ii) above, with respect to which a Rating Agency Confirmation has been obtained from
each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account,
which account may be an account maintained by or with the Certificate Administrator, the Trustee, any Master Servicer or any Special
Servicer; (iv) any other account or accounts not listed in clauses (i)-(iii) above with respect to which a Rating
Agency Confirmation has been obtained from each and every Rating Agency and a confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion
Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
which account may be an account maintained by or with the Certificate Administrator, the Trustee, any Master Servicer or any Special
Servicer; (v) a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered
depository institution or trust company that has a long-term unsecured debt rating of at least “A2” from Moody’s
(if the deposits are to be held in the account for more than thirty (30) days) or a short-term unsecured debt rating of at least
“P-1” from Moody’s (if the deposits are to be held in the account for thirty (30) days or less) and that, in
either

 

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case, has corporate trust powers, acting in its fiduciary capacity, provided that any state chartered depository
institution or trust company is subject to regulation regarding fiduciary funds substantially similar to 12 C.F.R. § 9.10(b);
or (vi) in the case of Servicing Accounts or reserve accounts with respect to NCB Mortgage Loans with respect to amounts posted
with the lender for Escrow Payments, repairs, replacements, capital improvements and/or environmental testing and remediation
with respect to the related Mortgaged Property, for ongoing or threatened litigation or for any unit maintenance or rent receivables
or negative carry, any account maintained with NCB (provided that, if such account is not otherwise an Eligible Account, NCB has
a combined capital and surplus of at least $40,000,000). Eligible Accounts may bear interest. No Eligible Account shall be evidenced
by a certificate of deposit, passbook or other similar instrument.

 

“Eligible
Asset Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of DBRS Morningstar, Fitch, KBRA, Moody’s or S&P and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of DBRS Morningstar, Fitch, KBRA,
Moody’s or S&P has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for
such transaction citing servicing or other relevant concerns with such Special Servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties
set forth in Section 6.01(d), (c) is not (and is not affiliated with) a Sponsor, a Mortgage Loan Seller, an originator,
any Master Servicer, any Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder,
the Risk Retention Consultation Party or any of their respective Affiliates, (d) has not performed (and is not affiliated with
any party hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect
to any Mortgage Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan
Seller, any Underwriter, any party to this Agreement, the Directing Certificateholder, the Risk Retention Consultation Party or
any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection
with any such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest
in any Certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any
financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Asset
Representations Reviewer (or as Operating Advisor, if applicable).

 

“Eligible
Operating Advisor”: An entity (a) that is a special servicer or operating advisor on a CMBS transaction rated by the
Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been a special servicer or operating
advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its rating or ratings of one or more
classes of certificates for such transaction citing servicing or other relevant concerns with the special servicer or operating
advisor, as applicable, as the sole or a material factor in such rating action; (b) that can and will make the representations
and warranties of the Operating Advisor set forth in Section 6.01(c) of this Agreement; (c) that is not (and is not affiliated
with) the Depositor, the Trustee, the Certificate Administrator, a Master Servicer, a Special Servicer, a Mortgage Loan Seller,
the Directing Certificateholder, the Risk Retention Consultation Party or a depositor, a trustee, a certificate administrator,
a master servicer or a special servicer with respect to the securitization of a Companion Loan, or any of their respective Affiliates;
(d) that has not been paid by any Special Servicer or successor special servicer any fees,

 

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compensation or other remuneration
(x) in respect of its obligations hereunder or (y) for the appointment or recommendation for replacement of a successor special
servicer to become a special servicer under this Agreement; and (e) that (i) has been regularly engaged in the business of analyzing
and advising clients in CMBS matters and has at least five (5) years of experience in collateral analysis and loss projections
and (ii) has at least five (5) years of experience in commercial real estate asset management and experience in the workout and
management of distressed commercial real estate assets.

 

“Enforcing
Party”: The person obligated to or that elects pursuant to Section 2.03 to enforce the rights of the Trust against
the related Mortgage Loan Seller with respect to the Repurchase Request.

 

“Enforcing
Servicer”: The applicable Special Servicer.

 

“Environmental
Assessment”: An “environmental site assessment” as such term is defined in, and meeting the criteria of,
the American Society of Testing Materials Standard Section E 1527-00, or any successor thereto.

 

“Environmental
Indemnity Agreement”: With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA
Plan”: As defined in Section 5.03(r).

 

“ERISA
Restricted Certificate”: Any Certificate (other than a Class R or Class V Certificate) that does not meet the requirements
of Prohibited Transaction Exemption 96-22 (as such exemption may be amended from time to time) as of the date of the acquisition
of such Certificate by a Plan. As of the Closing Date, each of the Class X-H, Class F, Class G and Class H Certificates and the
RR Interest is an ERISA Restricted Certificate.

 

“Escrow
Payment”: Any payment received by the applicable Master Servicer or the applicable Special Servicer for the account
of any Mortgagor for application toward the payment of real estate taxes, assessments, insurance premiums, ground lease rents
and similar items in respect of the related Mortgaged Property, including amounts for deposit to any reserve account.

 

“Euroclear”:
The Euroclear System or any successor thereto.

 

“Excess
Interest”: With respect to each ARD Loan, interest accrued on such ARD Loan after the Anticipated Repayment Date allocable
to the Excess Rate, including all interest accrued thereon to the extent permitted by applicable law and the related Mortgage
Loan documents. The Excess Interest shall not be an asset of either Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

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“Excess
Interest Certificates”: Any Class of commercial mortgage pass-through certificates issued under this Agreement that
are designated as evidencing an interest in the Excess Interest Grantor Trust Assets. The Class V Certificates shall be Excess
Interest Certificates.

 

“Excess
Interest Distribution Account”: The trust account or accounts created and maintained as a separate account or accounts
(or as a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c), which shall
be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates,
Series 2021-BNK32, Class V Certificates and the RR Interest, Excess Interest Distribution Account”, and which must be an
Eligible Account (or a subaccount of an Eligible Account). The Excess Interest Distribution Account shall be held solely for the
benefit of the Holders of the RR Interest and the Excess Interest Certificates.
The Excess Interest Distribution Account shall not be an asset of either Trust REMIC, but rather shall be an asset of the Grantor
Trust. 

 

“Excess
Interest Grantor Trust Assets”: The portion of the Trust Fund consisting of the Excess Interest, the Excess Interest
Distribution Account and the proceeds thereof.

 

“Excess
Modification Fee Amount”: With respect to either the applicable Master Servicer or the applicable Special Servicer,
any Corrected Loan and any particular modification, waiver, extension or amendment with respect to such Corrected Loan that gives
rise to the payment of a Workout Fee, an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of
the related Mortgagor with respect to the related Mortgage Loan (including the related Serviced Companion Loan, if applicable,
unless prohibited under the related Intercreditor Agreement) and received and retained by such Master Servicer or such Special
Servicer, as applicable, as compensation within the prior twelve (12) months of such modification, waiver, extension or amendment,
but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Excess
Modification Fees”: With respect to any Serviced Mortgage Loan or Serviced Whole Loan, the sum of (A) the excess, if
any, of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment of any of the terms of
such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all unpaid or unreimbursed additional expenses (including,
without limitation, reimbursement of Advances and interest on Advances to the extent not otherwise paid or reimbursed by the Mortgagor
but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred on behalf of the Trust
with respect to the related Mortgage Loan or Serviced Whole Loan, as applicable, and reimbursed from such Modification Fees and
(B) expenses previously paid or reimbursed from Modification Fees as described in the preceding clause (A), which expenses
have been recovered from the related Mortgagor or otherwise. With respect to each Master Servicer and Special Servicer, the Excess
Modification Fees collected and earned by such Person from the related Mortgagor (taken in the aggregate with any other Excess
Modification Fees collected and earned by such Person from the related Mortgagor within the prior twelve (12) months of the collection
of the current Excess Modification Fees) will be subject to a cap of 1.0% of the outstanding principal balance of the related
Mortgage Loan or Serviced Whole Loan, as applicable, on the closing date of the related modification, extension, waiver or amendment
(after giving effect to

 

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such modification, extension, waiver or amendment) with respect to any Mortgage Loan or Serviced Whole
Loan, as applicable.

 

“Excess
Prepayment Interest Shortfall”: For any Distribution Date, the Non-Retained Percentage of the Aggregate Excess Prepayment
Interest Shortfall for such Distribution Date.

 

“Excess
Rate”: With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable Mortgage
Rate, each as set forth in the Mortgage Loan Schedule.

 

“Exchange
Act”: The Securities Exchange Act of 1934, as amended from time to time and the rules and regulations of the Commission
thereunder.

 

“Exchange
Date”: As defined in Section 5.11(e).

 

“Exchangeable
Certificate”: Any of the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable Certificates, the Class A-S
Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates.

 

“Exchangeable
Class Specific Grantor Trust Assets”: With respect to any Class of Exchangeable Certificates, its Class Percentage Interest
in each Corresponding Exchangeable Upper-Tier Regular Interest.

 

“Exchangeable
P&I Certificates”: Any of the Class A-4, Class A-4-1, Class A-4-2, Class A-5, Class A-5-1, Class A-5-2, Class A-S,
Class A-S-1, Class A-S-2, Class B, Class B-1, Class B-2, Class C, Class C-1 and Class C-2 Certificates.

 

“Exchangeable
Upper-Tier IO Regular Interest”: Each of the Class A-4-X1 Upper-Tier Regular Interest, the Class A-4-X2 Upper-Tier Regular
Interest, the Class A-5-X1 Upper-Tier Regular Interest, the Class A-5-X2 Upper-Tier Regular Interest, the Class A-S-X1 Upper-Tier
Regular Interest, the Class A-S-X2 Upper-Tier Regular Interest, the Class B-X1 Upper-Tier Regular Interest, the Class B-X2 Upper-Tier
Regular Interest, the Class C-X1 Upper-Tier Regular Interest and the Class C-X2 Upper-Tier Regular Interest.

 

“Exchangeable
Upper-Tier P&I Regular Interest”: Each of the Class A-4 Upper-Tier Regular Interest, the Class A-5 Upper-Tier Regular
Interest, the Class A-S Upper-Tier Regular Interest, the Class B Upper-Tier Regular Interest and the Class C Upper-Tier Regular
Interest.

 

“Exchangeable
Upper-Tier Regular Interest”: Each of the Exchangeable Upper-Tier P&I Regular Interests and the Exchangeable Upper-Tier
IO Regular Interests.

 

“Extra
Space Rock ‘N Roll Self Storage Portfolio Intercreditor Agreement”: That certain Agreement Between Note Holders,
dated as of March 1, 2021, by and between the holders of the respective promissory notes evidencing the Extra Space Rock ‘N
Roll Self Storage Portfolio Whole Loan, relating to the relative rights of such holders, as the same may be further amended in
accordance with the terms thereof.

 

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“Extra
Space Rock ‘N Roll Self Storage Portfolio Mortgage Loan”: With respect to the Extra Space Rock ‘N Roll Self
Storage Portfolio Whole Loan, the Mortgage Loan that is included in the Trust (identified as Mortgage Loan No. 3 on the Mortgage
Loan Schedule), which is evidenced by promissory notes A-1, A-2 and A-3.

 

“Extra
Space Rock ‘N Roll Self Storage Portfolio Mortgaged Property”: The portfolio of Mortgaged Properties that collectively
secure the Extra Space Rock ‘N Roll Self Storage Portfolio Whole Loan.

 

“Extra
Space Rock ‘N Roll Self Storage Portfolio Pari Passu Companion Loan”: With respect to the Extra Space Rock ‘N
Roll Self Storage Portfolio Whole Loan, the Companion Loan evidenced by the related promissory note A-4 and made by the related
Mortgagor and secured by the Mortgages on the Extra Space Rock ‘N Roll Self Storage Portfolio Mortgaged Property.

 

“Extra
Space Rock ‘N Roll Self Storage Portfolio Whole Loan”: The Extra Space Rock ‘N Roll Self Storage Portfolio
Mortgage Loan, together with the Extra Space Rock ‘N Roll Self Storage Portfolio Pari Passu Companion Loan, each of which
is secured by the same Mortgages on the Extra Space Rock ‘N Roll Self Storage Portfolio Mortgaged Property. References herein
to the Extra Space Rock ‘N Roll Self Storage Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the Extra Space Rock ‘N Roll Self Storage Portfolio Mortgage Loan and the Extra Space Rock ‘N Roll Self Storage
Portfolio Pari Passu Companion Loan.

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Loan, the Directing Certificateholder or any
Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class Loan.
Promptly upon obtaining actual knowledge of the Directing Certificateholder or any Controlling Class Certificateholder becoming
an “Excluded Controlling Class Holder”, the Directing Certificateholder or Controlling Class Certificateholder, as
applicable, shall provide notice in the form of Exhibit P-1E hereto to the applicable Master Servicer, the applicable Special
Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which notice shall be physically delivered in
accordance with Section 13.05 of this Agreement and shall specifically identify the Excluded Controlling Class Holder and
the subject Excluded Controlling Class Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate
Administrator a notice substantially in the form of Exhibit P-1F hereto, which notice shall provide each of the CTSLink
User ID associated with such Excluded Controlling Class Holder, and which notice shall direct the Certificate Administrator to
restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as and to the
extent provided in this Agreement. As of the Closing Date, there are no Excluded Controlling Class Holders related to the Trust.

 

“Excluded
Controlling Class Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the
Directing Certificateholder or any Controlling Class Certificateholder is a Borrower Party. For the avoidance of doubt, if a Mortgage
Loan or Whole Loan is not an Excluded Controlling Class Loan, such Mortgage Loan or Whole Loan is also not an Excluded Loan as
to either the Directing Certificateholder or the Holder of the

 

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majority of the Controlling Class. As of the Closing Date, there
are no Excluded Controlling Class Loans related to the Trust.

 

“Excluded
Information”: With respect to any Excluded Controlling Class Loan, any information solely related to such Excluded Controlling
Class Loan, which shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports
related to Specially Serviced Loans prepared by the applicable Special Servicer or any Excluded Special Servicer and which may
include any Operating Advisor reports delivered to the Certificate Administrator regarding a Special Servicer’s net present
value determination or any Appraisal Reduction Amount calculations delivered pursuant to Section 3.26(d) and Section
3.26(e), and any Officer’s Certificates delivered by the Trustee, the applicable Master Servicer or the applicable Special
Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other information
and reports designated as Excluded Information by the applicable Special Servicer, the applicable Master Servicer or the Operating
Advisor, as applicable, but in each case other than information with respect to such Excluded Controlling Class Loan that is aggregated
with information of other Mortgage Loans at a pool level. For the avoidance of doubt, any file or report contained in the CREFC®
Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File
relating to any Excluded Controlling Class Loan) and any Schedule AL Additional File shall not be considered “Excluded Information”.
Each applicable Master Servicer, Special Servicer and the Operating Advisor shall deliver any Excluded Information to the Certificate
Administrator in accordance with Section 3.33. For the avoidance of doubt, the Certificate Administrator’s obligation
to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 3.33.

 

“Excluded
Loan”: With respect to (a) the Directing Certificateholder or the Holder of the majority of the Controlling Class, any
Mortgage Loan or Whole Loan if, as of any date of determination, the Directing Certificateholder or the Holder of the majority
of the Controlling Class is a Borrower Party, or (b) the Risk Retention Consultation Party or the Holder of the majority of the
RR Interest, any Mortgage Loan or Whole Loan if, as of any date of determination, the Risk Retention Consultation Party or the
Holder of the majority of the RR Interest is a Borrower Party. For the avoidance of doubt, any Excluded Loan as to either the
Directing Certificateholder or the Holder of the majority of the Controlling Class is also an Excluded Controlling Class Loan.
As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded
Special Servicer”: With respect to any Excluded Special Servicer Loan, a replacement special servicer that is not a
Borrower Party and satisfies all of the eligibility requirements applicable to a Special Servicer set forth in Section 7.01(g).
As of the Closing Date, there are no Excluded Special Servicers related to the Trust.

 

“Excluded
Special Servicer Information”: With respect to any Excluded Special Servicer Loan, any information solely related to
such Excluded Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final
Asset Status Reports (or summaries thereof), any Operating Advisor reports delivered to the Certificate Administrator regarding
an Excluded Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations delivered
pursuant to Section 3.26(d) and 

 

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Section 3.26(e), and any Officer’s Certificates delivered by the applicable
Master Servicer or the applicable Excluded Special Servicer supporting any determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance, or such other information and reports designated as Excluded Special Servicer Information by the
applicable Excluded Special Servicer, the applicable Master Servicer or the Operating Advisor, as applicable, in each case, other
than information with respect to such Excluded Special Servicer Loan(s) that is aggregated with information with respect to the
other Mortgage Loans at a pool level. For the avoidance of doubt, any file or report contained in the CREFC® Investor
Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to any
Excluded Special Servicer Loan) and any Schedule AL Additional File shall not be considered “Excluded Special Servicer Information”.

 

“Excluded
Special Servicer Loan”: Any Mortgage Loan or Serviced Whole Loan with respect to which, as of any date of determination,
the applicable Special Servicer obtains knowledge that it has become a Borrower Party. There are no Excluded Special Servicer
Loans related to the Trust as of the Closing Date.

 

“Extended
Cure Period”: As defined in Section 2.03(b).

 

“Fannie
Mae”: Federal National Mortgage Association or any successor thereto.

 

“FDIC”:
Federal Deposit Insurance Corporation or any successor thereto.

 

“Final
Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such
other data or supporting information provided by the applicable Special Servicer to the Directing Certificateholder or the Risk
Retention Consultation Party which does not include any communication (other than the related Asset Status Report) between the
applicable Special Servicer and Directing Certificateholder or the Risk Retention Consultation Party with respect to such Specially
Serviced Loan; provided that, with respect to any Mortgage Loan other than an Excluded Loan as to the Directing Certificateholder
or the Holder of the majority of the Controlling Class, so long as no Control Termination Event has occurred and is continuing,
no Asset Status Report shall be considered to be a Final Asset Status Report unless the Directing Certificateholder 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 and consent pursuant to Section 3.19, or has been deemed to have approved or consented to such action or the
Asset Status Report is otherwise implemented by the applicable Special Servicer in accordance with this Agreement. In addition,
after the occurrence and during the continuance of a Control Termination Event, no Asset Status Report shall be a Final Asset
Status Report unless and until the Operating Advisor is consulted with on a non-binding basis or deemed to have been consulted
with pursuant to this Agreement. No such consultation shall be required prior to a Control Termination Event and, during such
period, the Operating Advisor is only required to review Final Asset Status Reports delivered to it by a Special Servicer; provided,
that the Operating Advisor shall be required to request delivery of a Final Asset Status Report to the extent it has actual knowledge
of such Final Asset Status Report.

 

“Final
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(iii).

 

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“Final
Recovery Determination”: A reasonable determination by the applicable Special Servicer, in consultation with the Directing
Certificateholder (if related to a Mortgage Loan other than an Excluded Loan as to such party and made prior to the occurrence
and continuance of a Consultation Termination Event), with respect to any Defaulted Loan (and, if applicable, any defaulted Companion
Loan) or Corrected Loan or REO Property (other than a Mortgage Loan or REO Property, as the case may be, that was purchased by
(i) any of the Mortgage Loan Sellers pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement, (ii) the applicable
Special Servicer or other person pursuant to Section 3.16(b), any Companion Holder, any mezzanine lender, in each case
pursuant to Section 3.16 or (iii) the applicable Master Servicer, the applicable Special Servicer, the Holders of the Controlling
Class, or the Holders of the Class R Certificates pursuant to Section 9.01) that there has been a recovery of all Insurance
and Condemnation Proceeds, Liquidation Proceeds, REO Revenue and other payments or recoveries that, in the applicable Special
Servicer’s judgment, which judgment was exercised without regard to any obligation of such Special Servicer to make payments
from its own funds pursuant to Section 3.07(b), will ultimately be recoverable. With respect to all Mortgage Loans that
are not Excluded Loans with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class,
prior to the occurrence and continuance of any Control Termination Event, the Directing Certificateholder shall have ten (10)
Business Days to review and approve each such recovery determination by the applicable Special Servicer; provided, however,
that if the Directing Certificateholder fails to approve or disapprove any recovery determination within ten (10) Business Days
of receipt of the initial recovery determination, such consent shall be deemed given.

 

“Fitch”:
Fitch Ratings, Inc., and its successors in interest. If neither Fitch nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor, notice of which
designation shall be given to the Trustee, the Certificate Administrator, each Master Servicer, the Directing Certificateholder
and each Special Servicer, and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings
of the party so designated.

 

“Form
8-K Disclosure Information”: As defined in Section 11.07.

 

“Form
15 Suspension Notification”: As defined in Section 11.08.

 

“Freddie
Mac”: Federal Home Loan Mortgage Corporation or any successor thereto.

 

“Gain-on-Sale
Proceeds”: With respect to any Serviced Mortgage Loan, the excess of (i) Liquidation Proceeds net of any related Liquidation
Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage Loan pursuant to the related Intercreditor
Agreement) over (ii) the Purchase Price for such Mortgage Loan on the date on which Liquidation Proceeds were received; provided,
that for purposes of calculating Gain-on-Sale Proceeds, Liquidation Proceeds shall exclude any amounts allocated as a Yield Maintenance
Charge, Prepayment Premium, recovery of any late payment charges and default interest or recovery of any assumption fees and Modification
Fees pursuant to Sections 3.02(a) – (c).

 

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“Gain-on-Sale
Remittance Amount”: For each Distribution Date, the lesser of (i) the amount on deposit in the Gain-on-Sale Reserve
Account on such Distribution Date, and (ii) the Non-Retained Percentage of the Aggregate Gain-on-Sale Entitlement Amount.

 

“Gain-on-Sale
Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Certificateholders
(other than the Holders of the RR Interest), which shall initially be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Gain-on-Sale Reserve Account”.
Any such account shall be an Eligible Account or a subaccount of an Eligible Account.

 

“General
Master Servicer”: Wells Fargo Bank, National Association, and its successors in interest and assigns, or any successor
thereto (as General Master Servicer) appointed as provided herein.

 

“General
Special Servicer”: (i) Rialto Capital Advisors, LLC, a Delaware limited liability company, and its successors in interest
and assigns, or any successor special servicer appointed as provided herein, and (ii) with respect to any Excluded Special Servicer
Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 7.01(g) of this Agreement, as applicable
and as the context may require.

 

“Grace
Period”: The number of days before a payment default is an event of default under the related Mortgage Loan.

 

“Grantor
Trust”: A segregated asset pool within the Trust Fund treated as a “grantor trust” under subpart E, part
I of subchapter J of the Code, consisting of the assets described in the Preliminary Statement hereto.

 

“Grantor
Trust Designated Portion”: As defined in the Preliminary Statement hereto.

 

“Ground
Lease”: The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property
and any estoppels or other agreements executed and delivered by the ground lessor in favor of the lender under the Mortgage Loan.

 

“Hazardous
Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without limitation,
those so identified pursuant to CERCLA or any other federal, state or local environmental related laws and regulations, and specifically
including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and
petroleum products, urea formaldehyde and any substances classified as being “in inventory,” “usable work in
process” or similar classification which would, if classified as unusable, be included in the foregoing definition.

 

“Independent”:
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of the
Commission’s Regulation S-X. When used with respect to any specified Person, any such Person who (i) is in fact independent
of the

 

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Trustee, the Certificate Administrator, the Depositor, each Master Servicer, each Special Servicer, the Directing Certificateholder,
the Risk Retention Consultation Party, the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone
or together with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer and all Affiliates
thereof, (ii) does not have any material direct financial interest in or any material indirect financial interest in any of the
Trustee, the Certificate Administrator, the Depositor, each Master Servicer, each Special Servicer, the Directing Certificateholder,
the Risk Retention Consultation Party, the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone
or together with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer or any Affiliate
thereof and (iii) is not connected with the Trustee, the Certificate Administrator, the Depositor, each Master Servicer, each
Special Servicer, the Directing Certificateholder, the Risk Retention Consultation Party, the Companion Holders (insofar as the
relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating Advisor,
the Asset Representations Reviewer or any Affiliate thereof as an officer, employee, promoter, underwriter, trustee, partner,
director or Person performing similar functions; provided, however, that a Person shall not fail to be Independent
of the Trustee, the Certificate Administrator, the Depositor, any applicable Master Servicer, any applicable Special Servicer,
the Directing Certificateholder, the Risk Retention Consultation Party, the Companion Holders or any Affiliate thereof merely
because such Person is the beneficial owner of 1% or less of any Class of securities issued by the Trustee, the Certificate Administrator,
the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Directing Certificateholder, the Risk Retention Consultation Party, the Companion Holders or any Affiliate thereof,
as the case may be, so long as such ownership constitutes less than 1% of the total assets of such Person. For the avoidance of
doubt, the exception in the proviso above for ownership of 1% or less of any Class of Certificates shall not apply with respect
to the Operating Advisor or the Asset Representations Reviewer.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust within
the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership test
set forth in that Section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class
of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall be
at no expense to the Trustee, the Certificate Administrator, any Master Servicer, any Companion Holder or the Trust, delivered
to the Trustee, any Companion Holder, the Certificate Administrator and any Master Servicer), so long as the Trust does not receive
or derive any income from such Person and provided that the relationship between such Person and the Trust is at arm’s
length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that no Master Servicer or Special Servicer
shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of Counsel
has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other Person (including a Master
Servicer or a Special Servicer) upon receipt by the Trustee, the Certificate Administrator, the Operating Advisor and each applicable
Master Servicer of an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate Administrator, such Master
Servicer, the Operating Advisor or the Trust, to the effect that the taking of any action in respect of any REO Property by such
Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor
will not cause such REO Property to cease to qualify as

 

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“foreclosure property” within the meaning of Section 860G(a)(8)
of the Code or cause any income realized in respect of such REO Property to fail to qualify as Rents from Real Property.

 

“Initial
Cure Period”: As defined in Section 2.03(b).

 

“Initial
Purchasers”: Morgan Stanley & Co. LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Academy Securities, Inc.
and Drexel Hamilton, LLC.

 

“Initial
Requesting Certificateholder”: The first Certificateholder or Certificate Owner (in either case, other than a Holder
of the RR Interest) to deliver a Certificateholder Repurchase Request as described in Section 2.03(k) with respect to a
Mortgage Loan. For the avoidance of doubt, there may not be more than one Initial Requesting Certificateholder with respect to
any Mortgage Loan. A Holder of an RR Interest may not be an Initial Requesting Certificateholder.

 

“Initial
Schedule AL Additional File”: The data file prepared by or on behalf of the Depositor containing additional information
or schedules regarding data points in the Initial Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and Item
601(b)(103) of Regulation S-K under the Securities Act and filed as Exhibit 103 to the Form ABS-EE incorporated by reference into
the Prospectus.

 

“Initial
Schedule AL File”: The data file prepared by or on behalf of the Depositor containing the information required by Item
1111(h)(3) or Item 1125 of Regulation AB or Item 601(b)(102) of Regulation S-K under the Securities Act and filed as Exhibit 102
to the Form ABS-EE incorporated by reference into the Prospectus.

 

“Initial
Sub-Servicer”: With respect to each Mortgage Loan that is subject to a Sub-Servicing Agreement with any Master Servicer
as of the Closing Date, the Sub-Servicer under any such Sub-Servicing Agreement. As of the Closing Date, each entity listed on
Exhibit EE is an Initial Sub-Servicer.

 

“Initial
Sub-Servicing Agreement”: Any Sub-Servicing Agreement in effect as of the Closing Date.

 

“Inquiry”
and “Inquiries”: As each is defined in Section 4.07(a).

 

“Institutional
Accredited Investor”: An institutional investor which is an “accredited investor” within the meaning of
paragraphs (1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Act or any entity in which all of the equity owners come
within such paragraphs.

 

“Insurance
and Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the full or partial condemnation
of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged
Property or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard
(and in the case of any Mortgage Loan with a related Companion Loan, to the extent any portion of such proceeds are received by
the applicable Master Servicer or

 

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Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations
set forth in the related Intercreditor Agreement) and the REMIC Provisions.

 

“Insurance
Policy”: With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy or other
insurance policy that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

 

“Insurance
Summary Report”: With respect to each Mortgage Loan, a report or other summary prepared either by the related Mortgage
Loan Seller or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary of all
insurance policies covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings of each
such provider and the amount of coverage and any applicable deductible.

 

“Intercreditor
Agreement”: (a) Each of the Pathline Park 9 & 10 Intercreditor Agreement, the Miami Design District Intercreditor
Agreement, the Extra Space Rock ‘N Roll Self Storage Portfolio Intercreditor Agreement, the 605 Third Avenue Intercreditor
Agreement, the Boca Office Portfolio Intercreditor Agreement and the McClellan Park Intercreditor Agreement, (b) any intercreditor
agreement entered into in connection with the issuance to the direct or indirect equity holders in the Mortgagor of any existing
mezzanine indebtedness or any future mezzanine indebtedness permitted under the related Mortgage Loan documents and (c) solely
with respect to a Joint Mortgage Loan treated as a Serviced Whole Loan in accordance with Section 3.30 hereof (to the extent
there is no related Intercreditor Agreement governing the relationship of the promissory notes comprising such Joint Mortgage
Loan), the applicable Mortgage Loan documents together with the provisions of Section 3.30 hereof.

 

“Interest
Accrual Amount”: With respect to any Distribution Date and any Class of Regular Certificates (other than the RR Interest)
or Exchangeable Upper-Tier Regular Interest, the amount of interest for the related Interest Accrual Period accrued at the Pass-Through
Rate for such Class of Certificates or Exchangeable Upper-Tier Regular Interest on the Certificate Balance or Notional Amount,
as applicable, for such Class of Certificates or Exchangeable Upper-Tier Regular Interest immediately prior to that Distribution
Date. Calculations of interest for each Interest Accrual Period will be made on 30/360 basis.

 

“Interest
Accrual Period”: For each Distribution Date, the calendar month prior to the month in which that Distribution Date occurs.

 

“Interest
Distribution Amount”: With respect to any Class of Regular Certificates (other than the RR Interest) or Exchangeable
Upper-Tier Regular Interest for any Distribution Date, an amount equal to (A) the sum of (i) the Interest Accrual Amount with
respect to such Class of Certificates or Exchangeable Upper-Tier Regular Interest for such Distribution Date and (ii) the Interest
Shortfall, if any, with respect to such Class of Certificates or Exchangeable Upper-Tier Regular Interest for such Distribution
Date, less (B) any Excess Prepayment Interest Shortfall allocated to such Class of Certificates on such Distribution Date.

 

For
purposes of clause (B) above, the Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated
to each Class of Non-Retained Certificates (other than the Exchangeable Certificates) and the Exchangeable Upper-Tier Regular
Interests in an amount

 

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equal to the product of (i) the amount of such Excess Prepayment Interest Shortfall and (ii) a fraction,
the numerator of which is the Interest Accrual Amount for such Class for such Distribution Date and the denominator of which is
the aggregate Interest Accrual Amounts for all Classes of Regular Certificates and the Exchangeable Upper-Tier Regular Interests
for such Distribution Date. For any Distribution Date, any portion of the Excess Prepayment Interest Shortfall allocated to an
Exchangeable Upper-Tier Regular Interest, shall be allocated among the Classes of Exchangeable Certificates representing an interest
therein, pro rata, in accordance with their respective Class Percentage Interests therein.

 

“Interest
Reserve Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate
Administrator pursuant to Section 3.04(b) initially in the name of “Wells Fargo Bank, National Association, as Certificate
Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BANK
2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Interest Reserve Account”, into which the
amounts set forth in Section 3.21 shall be deposited directly and which must be an Eligible Account or subaccount of an
Eligible Account.

 

“Interest
Shortfall”: With respect to any Distribution Date for any Class of Regular Certificates (other than the RR Interest)
or Exchangeable Upper-Tier Regular Interest, the sum of (a) the portion of the Interest Distribution Amount for such Class or
Exchangeable Upper-Tier Regular Interest remaining unpaid as of the close of business on the preceding Distribution Date, and
(b) to the extent permitted by applicable law, (i) other than in the case of Class X Certificates or Exchangeable Upper-Tier IO
Regular Interests, one month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class
or Exchangeable Upper-Tier Regular Interest for the current Distribution Date and (ii) in the case of the Class X Certificates
or Exchangeable Upper-Tier IO Regular Interests, one month’s interest on that amount remaining unpaid at the Weighted Average
Net Mortgage Rate for such Distribution Date.

 

“Interested
Person”: As of the date of any determination, the Depositor, any Master Servicer, any Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Certificateholder, the
Risk Retention Consultation Party, any Sponsor, any Borrower Party, any Independent Contractor engaged by a Special Servicer,
the trustee for the securitization of a Companion Loan (with respect to a Whole Loan if it is a Defaulted Loan), any related Companion
Holder or its representative, any holder of a related mezzanine loan or any known Affiliate of any such party described above.

 

“Investment
Account”: As defined in Section 3.06(a).

 

“Investment
Representation Letter”: As defined in Section 5.03(e), a form of which is attached hereto as Exhibit C.

 

“Investor-Based
Exemption”: Any of PTCE 84-14 (for transactions by independent “qualified professional asset managers”),
PTCE 91-38 (for transactions by bank collective investment funds), PTCE 90-1 (for transactions by insurance company pooled separate
accounts), PTCE 95-60 (for transactions by insurance company general accounts) or PTCE 96-23 (for transactions effected by “in-house
asset managers”) or a similar exemption under Similar Law.

 

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“Investor
Certification”: A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A, Exhibit
P-1B, Exhibit P-1C or Exhibit P-1D to this Agreement or in the form of an electronic certification contained
on the Certificate Administrator’s Website (which may be a click-through confirmation), representing (i) that such Person
executing the certificate is a Certificateholder, the Directing Certificateholder or the Risk Retention Consultation Party, a
beneficial owner of a Certificate, a prospective purchaser of a Certificate or a Companion Holder (or any investment advisor,
manager or other representative of the foregoing), (ii) that either (a) such Person is the Risk Retention Consultation Party or
is a Person who is not a Borrower Party, in which case such Person shall have access to all the reports and information made available
to Certificateholders via the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which
case (1) if such Person is the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall have access
to all the reports and information made available to Certificateholders via the Certificate Administrator’s Website hereunder
other than any Excluded Information as set forth herein or (2) if such Person is not the Directing Certificateholder or a Controlling
Class Certificateholder, such Person shall only receive access to the Statements to Certificateholders prepared by the Certificate
Administrator, (iii) (other than with respect to a Companion Holder) that such Person has received a copy of the final Prospectus
and (iv) such Person agrees to keep any Privileged Information confidential and will not violate any securities laws; provided,
however, that any Excluded Controlling Class Holder (i) shall be permitted to reasonably request and obtain in accordance
with Section 4.02(f) of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect
to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available
to such Excluded Controlling Class Holder via the Certificate Administrator’s Website on account of it constituting Excluded
Information) and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its ability to obtain
information with respect to any related Excluded Controlling Class Loan. The Certificate Administrator may require that Investor
Certifications be re-submitted from time to time in accordance with its policies and procedures and shall restrict access to the
Certificate Administrator’s Website to any mezzanine lender upon notice from any party to this Agreement that such mezzanine
lender has become an Accelerated Mezzanine Loan Lender.

 

“Investor
Q&A Forum”: As defined in Section 4.07(a).

 

“Investor
Registry”: As defined in Section 4.07(b).

 

“Joint
Mortgage Loan”: Any Mortgage Loan for which one or more promissory notes will be contributed to this securitization
by more than one Mortgage Loan Seller. As of the Closing Date, there are no Joint Mortgage Loans related to the Trust.

 

“KBRA”:
Kroll Bond Rating Agency, Inc., and its successors in interest. If neither KBRA nor any successor remains in existence, “KBRA”
shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor, notice of which
designation shall be given to the Trustee, the Certificate Administrator, each Master Servicer, the Directing Certificateholder
and each Special Servicer and specific ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings of
the party so designated.

 

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“Late
Collections”: With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to
the related Determination Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which
represent late payments or collections of principal or interest due in respect of such Mortgage Loan, Whole Loan or Companion
Loan, as applicable (without regard to any acceleration of amounts due thereunder by reason of default), on a Due Date prior to
the immediately preceding Determination Date and not previously recovered. With respect to any REO Loan, all amounts received
in connection with the related REO Property prior to the related Determination Date, whether as Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenues or otherwise, which represent late collections of principal or interest due or deemed due in
respect of such REO Loan or the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable (without regard to any
acceleration of amounts due under the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable, by reason of default),
on a Due Date prior to the immediately preceding Determination Date and not previously recovered. The term “Late Collections”
shall specifically exclude Penalty Charges. With respect to any Whole Loan, as used in this Agreement, Late Collections shall
refer to such portion of Late Collections to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable,
pursuant to the terms of the related Intercreditor Agreement.

 

“Liquidation
Event”: With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage
Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller pursuant to Section 5 of the related Mortgage
Loan Purchase Agreement; (iv) such Mortgage Loan is purchased by any Special Servicer, or by any Companion Holder, any mezzanine
lender (as applicable), in each case pursuant to Section 3.16 (and the related Intercreditor Agreement); (v) such Mortgage
Loan is purchased by any Special Servicer, any Master Servicer, the Holder of the majority of the Controlling Class or the Holders
of the Class R Certificates pursuant to Section 9.01 or acquired by the Sole Certificateholder in exchange for its Certificates
pursuant to Section 9.01; or (vi) such Mortgage Loan is sold by any Special Servicer pursuant to the terms of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by any Special
Servicer in connection with a liquidation of any Specially Serviced Loan or REO Property (except with respect to a Non-Serviced
Mortgaged Property) pursuant to Section 3.16 (including, without limitation, legal fees and expenses, committee or referee
fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the applicable Special Servicer with respect to (a) each Specially Serviced Loan or REO Property
(except with respect to a Non-Serviced Mortgaged Property) as to which such Special Servicer receives (i) a full, partial or discounted
payoff from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including with respect
to the related Companion Loan, if applicable), or REO Property (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, partial or discounted
payoff or other partial payment or the Liquidation Proceeds or Insurance and Condemnation Proceeds (net of the related costs and
expenses associated with the related

 

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liquidation) related to such liquidated Specially Serviced Loan or REO Property, as the case
may be or (b) any Loss of Value Payment or Purchase Price paid by a Mortgage Loan Seller with respect to any Mortgage Loan (except
if such Mortgage Loan Seller makes such Loss of Value Payment in connection with a breach or document defect within the 90-day
initial cure period or, if applicable, within the subsequent 90-day extended cure period); provided, however, that
no Liquidation Fee shall be payable with respect to (a) the purchase of any Specially Serviced Loan by any Special Servicer or
any Affiliate thereof (except if such Affiliate purchaser is the Directing Certificateholder or any Affiliate thereof; provided,
however, that prior to a Control Termination Event, if the Directing Certificateholder or an Affiliate thereof purchases
any Specially Serviced Loan within ninety (90) days after the applicable Special Servicer delivers to the Directing Certificateholder
for its approval the initial Asset Status Report with respect to such Specially Serviced Loan, such Special Servicer will not
be entitled to a Liquidation Fee in connection with such purchase by the Directing Certificateholder or its Affiliates), (b) any
event described in clause (iv) of the definition of “Liquidation Proceeds” (or any substitution in lieu of
a repurchase) so long as such repurchase or substitution occurs prior to the termination of the Extended Cure Period, (c) any
event described in clauses (v) and (vi) of the definition of “Liquidation Proceeds”, as long as, with
respect to a purchase pursuant to clause (vi) of the definition of “Liquidation Proceeds”, a purchase occurs
within ninety (90) days of such holder’s purchase option first becoming exercisable during that period prior to such Mortgage
Loan becoming a Corrected Loan pursuant to the related Intercreditor Agreement, (d) a Serviced Companion Loan, (x) a repurchase
of such Serviced Companion Loan by the applicable Mortgage Loan Seller for a breach of a representation or warranty or for a defective
or deficient mortgage loan documentation under an Other Pooling and Servicing Agreement within the time period (or extension thereof,
if applicable) provided for such repurchase or such repurchase occurs prior to the termination of such time period (or extension
of such time period, if applicable) or (y) a purchase of such Serviced Companion Loan by any applicable party to the Other Pooling
and Servicing Agreement pursuant to a clean-up call or similar liquidation of the Other Securitization; or (e) if a Mortgage Loan
or Serviced Whole Loan becomes a Specially Serviced Loan solely because of a Servicing Transfer Event described in clause (i)
of the definition of “Servicing Transfer Event”, Liquidation Proceeds are received within ninety (90) days following
the related Maturity Date as a result of such Mortgage Loan or Serviced Whole Loan being refinanced or otherwise repaid in full
(but, in the event that a Liquidation Fee is not payable due to the application of any of clauses (a) through (e)
above, each Special Servicer may still collect and retain a Liquidation Fee and similar fees from the related Mortgagor to the
extent provided for in, or not prohibited by, the related loan documents); provided that the Liquidation Fee with respect
to any Specially Serviced Loan will be reduced by the amount of any Excess Modification Fees paid by or on behalf of the related
Mortgagor with respect to the related Mortgage Loan and any related Companion Loan, as applicable, or REO Property and received
by the applicable Special Servicer as compensation within the prior twelve (12) months, but only to the extent those fees have
not previously been deducted from a Workout Fee or Liquidation Fee. No Liquidation Fee shall be payable in connection with a Loss
of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within ninety
(90) days of receipt of notice of a breach (and giving effect to an extension period of ninety (90) days).

 

“Liquidation
Fee Rate”: A rate equal to 1.00% with respect to any Mortgage Loan, any Specially Serviced Loan (and each related Serviced
Companion Loan) or REO Property, in each case as described in Section 3.11(c); provided that if such rate would
result in an aggregate

 

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Liquidation Fee less than $25,000, then the Liquidation Fee Rate will be equal to the lesser of (i) 3.0%
and (ii) such lower rate as would result in an aggregate Liquidation Fee equal to $25,000.

 

“Liquidation
Proceeds”: Cash amounts received by or paid to any Master Servicer or any Special Servicer in connection with: (i) the
liquidation (including a payment in full) of a Mortgaged Property or other collateral constituting security for a Defaulted Loan
or defaulted Companion Loan, if applicable, through a trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive
of any portion thereof required to be released to the related Mortgagor in accordance with applicable law and the terms and conditions
of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a Mortgagor; (iii)
any sale of (A) a Specially Serviced Loan pursuant to Section 3.16(a) or (B) any REO Property pursuant to Section 3.16(b);
(iv) the repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller pursuant to Section 5 of the related Mortgage Loan
Purchase Agreement; (v) the purchase of a Specially Serviced Loan or REO Property by the Holder of the majority of the Controlling
Class, any Special Servicer, any Master Servicer or the Holders of the Class R Certificates pursuant to Section 9.01; (vi)
the purchase of a Mortgage Loan or an REO Property by (a) the applicable Subordinate Companion Holder, or (b) the related mezzanine
lender, in each case pursuant to Section 3.16 and the related Intercreditor Agreement; or (vii) the transfer of any Loss
of Value Payments from the Loss of Value Reserve Fund to the applicable Collection Account in accordance with Section 3.05(g)
of this Agreement (provided that, for the purpose of determining the amount of the Liquidation Fee (if any) payable
to the applicable Special Servicer in connection with such Loss of Value Payment, the full amount of such Loss of Value Payment
shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any) is payable as of such
time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect to any Whole Loan, as used in this
Agreement, Liquidation Proceeds shall refer to such portion of Liquidation Proceeds to the extent allocable to the related Mortgage
Loan or related Companion Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.

 

“Loan-Specific
Directing Certificateholder”: With respect to a Servicing Shift Mortgage Loan, prior to the related Servicing Shift
Securitization Date, the Loan-Specific Directing Certificateholder with respect to a Servicing Shift Mortgage Loan will be the
holder of the related “Controlling Note” or other analogous term under the related Intercreditor Agreement. With respect
to a Servicing Shift Mortgage Loan, on and after the related Servicing Shift Securitization Date, there will be no Loan-Specific
Directing Certificateholder with respect to such Servicing Shift Whole Loan. As of the Closing Date, there is no Loan-Specific
Directing Certificateholder under this Agreement.

 

“Loss
of Value Payment”: As defined in Section 2.03(b) of this Agreement.

 

“Loss
of Value Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(i) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(c).

 

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“Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interests, (i) on or prior to the first Distribution
Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Preliminary Statement hereto,
and (ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of the
Class of Related Certificates or Related Exchangeable Upper-Tier Regular Interest on the Distribution Date immediately prior to
such date of determination (determined as adjusted pursuant to Section 1.02(iii)), and as set forth in Section 4.01(c).

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4, Class LA5, Class LAS, Class LB,
Class LC, Class LD, Class LE, Class LF, Class LG, Class LH and LRR Uncertificated Interests.

 

“Lower-Tier
REMIC”: One of two (2) separate REMICs comprising a portion of the Trust Fund, which consist of the Mortgage Loans (exclusive
of Excess Interest) and the proceeds thereof, any REO Property with respect thereto (or an allocable portion thereof, in the case
of any Serviced Mortgage Loan), or the Trust’s beneficial interest in the REO Property with respect to a Non-Serviced Whole
Loan, such amounts as shall from time to time be held in the applicable Collection Account (other than with respect to any Companion
Loan), the related portion of the REO Account, if any, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Retained
Certificate Gain-on-Sale Reserve Account, the Lower-Tier REMIC Distribution Account, and all other properties included in the
Trust Fund that are not in the other Trust REMIC or the Grantor Trust, except for the Loss of Value Reserve Fund.

 

“Lower-Tier
REMIC Distribution Account”: The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall initially
be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates,
Series 2021-BNK32, Lower-Tier REMIC Distribution Account”. Any such account, accounts or sub-accounts shall be an Eligible
Account.

 

“LRR
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“LTV
Ratio”: With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage, the
numerator of which is the scheduled principal balance of such Mortgage Loan, as of such date (assuming no defaults or prepayments
on such Mortgage Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: As defined in Section 6.08(a).

 

“Master
Servicer”: With respect to (a) any Mortgage Loan (other than an NCB Mortgage Loan) and any related Serviced Companion
Loan, any REO Property acquired by the

 

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Trust with respect to a Mortgage Loan (other than an NCB Mortgage Loan) and any matters
relating to the foregoing, the General Master Servicer and (b) any NCB Mortgage Loan, any REO Property acquired by the Trust with
respect to an NCB Mortgage Loan and any matters relating to the foregoing, the NCB Master Servicer.

 

“Master
Servicer Decision”: As defined in Section 3.18(m).

 

“Material
Defect”: With respect to any Mortgage Loan, a Defect in any Mortgage File or a Breach, which Defect or Breach, as the
case may be, materially and adversely affects the value of such Mortgage Loan, the value of the related Mortgaged Property or
the interests of the Trustee or any Certificateholder therein or causes such Mortgage Loan to be other than a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code, but without regard to the rule of Treasury Regulations Section
1.860G-2(f)(2) that causes a defective obligation to be treated as a “qualified mortgage”.

 

“Maturity
Date”: With respect to any Mortgage Loan, Whole Loan or Companion Loan, as of any date of determination, the date on
which the last payment of principal is due and payable under the related Mortgage Note, after taking into account all Principal
Prepayments received prior to such date of determination, but without giving effect to (i) any acceleration of the principal of
such Mortgage Loan, Whole Loan or Companion Loan by reason of default thereunder or (ii) any Grace Period permitted by the related
Mortgage Note.

 

“McClellan
Park Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of November 20, 2020, by and between
the holders of the respective promissory notes evidencing the McClellan Park Whole Loan, relating to the relative rights of such
holders, as the same may be further amended in accordance with the terms thereof.

 

“McClellan
Park Mortgage Loan”: With respect to the McClellan Park Whole Loan, the Mortgage Loan that is included in the Trust
(identified as Mortgage Loan No. 14 on the Mortgage Loan Schedule), which is evidenced by promissory note A-5.

 

“McClellan
Park Mortgaged Property”: The Mortgaged Property that secures the McClellan Park Whole Loan.

 

“McClellan
Park Pari Passu Companion Loans”: With respect to the McClellan Park Whole Loan, each of the Companion Loans evidenced
by the related promissory notes A-1, A-2, A-3, A-4, A-6, A-7 and A-8 and made by the related Mortgagor and secured by the Mortgage
on the McClellan Park Mortgaged Property.

 

“McClellan
Park Whole Loan”: The McClellan Park Mortgage Loan, together with the McClellan Park Pari Passu Companion Loans, each
of which is secured by the same Mortgage on the McClellan Park Mortgaged Property. References herein to the McClellan Park Whole
Loan shall be construed to refer to the aggregate indebtedness under the McClellan Park Mortgage Loan and the McClellan Park Pari
Passu Companion Loans.

 

“Mediation
Rules”: As defined in Section 2.03(m)(i).

 

“Mediation
Services Provider”: As defined in Section 2.03(m)(i).

 

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“Merger
Notice”: As defined in Section 6.03(b).

 

“Miami
Design District Deferred 2020 Collection Amount”: The debt service payments for May, June and July 2020 with respect
to the Miami Design District Mortgage Loan, which amounts are payable on the earlier of the related Maturity Date or the date
the Mortgage Loan is paid in full, in each case in accordance with the terms of the related Mortgage Loan agreement (as amended,
supplemented or otherwise modified) and to be distributed in accordance with the terms of the Miami Design District Intercreditor
Agreement (as amended, supplemented or otherwise modified).

 

“Miami
Design District Intercreditor Agreement”: That certain Agreement Between Noteholders, dated as of December 3, 2020,
by and between the holders of the respective promissory notes evidencing the Miami Design District Whole Loan, relating to the
relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“Miami
Design District Lead Note”: The pari passu note A-1 of the Miami Design District Whole Loan.

 

“Miami
Design District Lead Note Securitization Date”: The closing date of the securitization of the Miami Design District
Lead Note.

 

“Miami
Design District Mortgage Loan”: With respect to the Miami Design District Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 2 on the Mortgage Loan Schedule), which is evidenced by promissory note A-4, note
A-8, note A-10 and note A-11.

 

“Miami
Design District Mortgaged Property”: The Mortgaged Property that secures the Miami Design District Whole Loan.

 

“Miami
Design District Pari Passu Companion Loans”: With respect to the Miami Design District Whole Loan, the Companion Loans
evidenced by the related promissory notes A-1, A-2, A-3, A-5, A-6, A-7, A-9, A-12, A-13, A-14 and A-15 and made by the related
Mortgagor and secured by the Mortgage on the Miami Design District Mortgaged Property.

 

“Miami
Design District Subordinate Companion Loan”: With respect to the Miami Design District Whole Loan, the Companion Loan
evidenced by the related promissory note B and made by the related Mortgagor and secured by the Mortgage on the Miami Design District
Mortgaged Property.

 

“Miami
Design District Whole Loan”: The Miami Design District Mortgage Loan, together with the Miami Design District Pari Passu
Companion Loans and the Miami Design District Subordinate Companion Loan, each of which is secured by the same Mortgage on the
Miami Design District Mortgaged Property. References herein to the Miami Design District Whole Loan shall be construed to refer
to the aggregate indebtedness under the Miami Design District Mortgage Loan, Miami Design District Pari Passu Companion Loans
and the Miami Design District Subordinate Companion Loan.

 

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“Modification
Fees”: With respect to any Serviced Mortgage Loan or Serviced Whole Loan, any and all fees with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage Loan documents and/or related
Serviced Whole Loan documents (as evidenced by a signed writing) agreed to by the applicable Master Servicer or the applicable
Special Servicer, as applicable (other than all assumption fees, assumption application fees, consent fees, defeasance fees, Special
Servicing Fees, Liquidation Fees or Workout Fees).

 

“Moody’s”:
Moody’s Investors Service, Inc., and its successors in interest. If neither Moody’s nor any successor remains in existence,
“Moody’s” shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the
Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, each Master Servicer, the
Directing Certificateholder and each Special Servicer, and specific ratings of Moody’s herein referenced shall be deemed
to refer to the equivalent ratings of the party so designated.

 

“Mortgage”:
With respect to any Mortgage Loan or Companion Loan, the mortgage(s), deed(s) of trust or other instrument(s) securing the related
Mortgage Note and creating a first mortgage lien on the fee and/or leasehold interest in the related Mortgaged Property.

 

“Mortgage
File”: With respect to each Mortgage Loan or Companion Loan, if applicable, but subject to Section 2.01, collectively
the following documents:

 

(i)       the
original Mortgage Note, endorsed on its face or by allonge to the Mortgage Note, without recourse, to “Pay to the order
of Wilmington Trust, National Association, as Trustee for the benefit of the registered holders of BANK 2021-BNK32, Commercial
Mortgage Pass-Through Certificates, Series 2021-BNK32, without recourse, representation or warranty” or in blank and further
showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note has been lost, an affidavit
to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy of the Mortgage Note and
an indemnity properly assigned and endorsed to the Trustee);

 

(ii)       the
original or a copy of the Mortgage, together with an original or copy of any intervening Assignments of Mortgage, in each case
with evidence of recording indicated thereon or certified to have been submitted for recording (or a copy provided by the applicable
recording office if a certified copy cannot be provided by such office, provided that the Custodian is not required to investigate
whether the recording office cannot provide a certified copy);

 

(iii)       an
original Assignment of Mortgage in blank or in favor of “Wilmington Trust, National Association, as trustee for the benefit
of the registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32” (or in the
case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or similar capacity under the
related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject to the completion of certain
missing recording information and, if

 

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applicable, the assignee’s name) in recordable form (or, if the related Mortgage Loan
Seller is responsible for the recordation of that Assignment of Mortgage, a copy thereof certified to be the copy of such Assignment
of Mortgage submitted or to be submitted for recording);

 

(iv)       the
original or a copy of any related Assignment of Leases and of any intervening Assignments (if such item is a document separate
from the Mortgage), with evidence of recording indicated thereon or certified to have been submitted for recording (or a copy
provided by the applicable recording office if a certified copy cannot be provided by such office, provided that the Custodian
is not required to investigate whether the recording office cannot provide a certified copy);

 

(v)       an
original Assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in blank or in
favor of “Wilmington Trust, National Association, as trustee for the benefit of the registered holders of BANK 2021-BNK32,
Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32” (or in the case of any Serviced Whole Loan, in its capacity
as “Lead Securitization Note Holder” or similar capacity under the related Intercreditor Agreement on behalf of the
related Serviced Companion Noteholders) and (subject to the completion of certain missing recording information and, if applicable,
the assignee’s name) in recordable form (or, if the related Mortgage Loan Seller is responsible for the recordation of that
Assignment, a copy thereof certified to be the copy of such Assignment submitted or to be submitted for recording);

 

(vi)       the
original assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned
pursuant to clause (iii) or clause (v) above;

 

(vii)       originals
or copies of all modification, consolidation, assumption, written assurance and substitution agreements in those instances in
which the terms or provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(viii)       the
original or a copy of the policy or certificate of lender’s title insurance (which may be in electronic form) issued in
connection with the origination of such Mortgage Loan, or, if such policy has not been issued or located, an irrevocable, binding
commitment (which may be a marked version of the policy that has been executed by an authorized representative of the title company
or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title
company) to issue such title insurance policy;

 

(ix)       any
filed copies (bearing evidence of filing) or evidence of filing of any Uniform Commercial Code financing statements, related amendments
and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

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(x)       an
original Assignment in favor of the Trustee of any financing statement executed and filed in favor of the applicable Mortgage
Loan Seller or an affiliate thereof in the relevant jurisdiction (or, if the related Mortgage Loan Seller is responsible for the
filing of that Assignment, a copy thereof certified to be the copy of such Assignment submitted or to be submitted for recording);

 

(xi)       the
original or a copy of any intercreditor agreement relating to existing debt of the borrower, including any Intercreditor Agreement
relating to a Serviced Whole Loan, if applicable;

 

(xii)       the
original or copies of any loan agreement, escrow agreement, security agreement relating to such Mortgage Loan or Serviced Whole
Loan, as well as the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan, which
letter of credit shall either (A)(x) in the case of the Mortgage Loans other than the NCB Mortgage Loans, name as beneficiary
“Wells Fargo Bank, National Association, as General Master Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, for the benefit of registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32”
or (y) in the case of the NCB Mortgage Loans, name as beneficiary “National Cooperative Bank, N.A., as NCB Master Servicer,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of registered holders of BANK 2021-BNK32, Commercial
Mortgage Pass-Through Certificates, Series 2021-BNK32” or (B) be accompanied by all documentation necessary in order to
transfer all rights of the named beneficiary in such letter of credit to the applicable Master Servicer on behalf of the Trustee
and to receive, after presentment by the applicable Master Servicer (in accordance with Section 3.01(f)) to the bank issuing
such letter of credit, a reissued letter of credit in the name of the applicable Master Servicer on behalf of the Trustee;

 

(xiii)       the
original or a copy of any ground lease, ground lessor estoppel, environmental insurance policy, environmental indemnity or guaranty
relating to such Mortgage Loan or Serviced Whole Loan;

 

(xiv)       other
than with respect to the Mortgage Loans secured by residential cooperative properties, the original or a copy of any property
management agreement relating to such Mortgage Loan or Serviced Whole Loan;

 

(xv)       the
original or a copy of any franchise agreements and comfort letters or similar agreements relating to such Mortgage Loan or Serviced
Whole Loan and, with respect to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements
or any notice to the franchisor of the transfer of such Mortgage Loan or Serviced Whole Loan and/or request for the issuance of
a new comfort letter in favor of the Trustee, in each case, as applicable;

 

(xvi)       the
original or a copy of any lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

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(xvii)       the
original or a copy of any related mezzanine intercreditor agreement; and

 

(xviii)       the
original or a copy of all related environmental insurance policies;

 

provided,
however, that (a) whenever the term “Mortgage File” is used to refer to documents held by the Custodian, such
term shall not be deemed to include such documents and instruments required to be included therein unless they are actually received
by the Custodian, (b) if there exists with respect to any Crossed Mortgage Loan Group only one original or certified copy of any
document referred to in the definition of “Mortgage File” covering all of the Mortgage Loans in such Crossed Mortgage
Loan Group, then the inclusion of such original or certified copy in the Mortgage File for any of the Mortgage Loans constituting
such Crossed Mortgage Loan Group shall be deemed the inclusion of such original or certified copy in the Mortgage File for each
such Mortgage Loan, (c) to the extent that this Agreement refers to a “Mortgage File” for a Companion Loan, such “Mortgage
File” shall be construed to mean the Mortgage File for the related Mortgage Loan (except that references to the Mortgage
Note for a Companion Loan otherwise described above shall be construed to instead refer to a photocopy of such Mortgage Note),
(d) with respect to any Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation of any Assignment in
the name of the Trustee shall not be construed to limit the beneficial interest of the related Companion Holder(s) in such instrument
and the benefits intended to be provided to them by such instrument, it being acknowledged that (I) the Trustee shall hold such
record title for the benefit of the Trust as the holder of the related Mortgage Loan and the related Companion Holder(s) collectively
and (II) any efforts undertaken by the Trustee, the applicable Master Servicer, or the applicable Special Servicer on its behalf
to enforce or obtain the benefits of such instrument shall be construed to be so undertaken by the Trustee, the applicable Master
Servicer or the applicable Special Servicer for the benefit of the Trust as the holder of the applicable Mortgage Loan and the
related Companion Holder(s) collectively, (e) in connection with any Non-Serviced Mortgage Loan, the preceding document delivery
requirements will be met by the delivery by the applicable Mortgage Loan Seller of copies of the documents specified above (other
than the Mortgage Note and intervening endorsements evidencing such Mortgage Loan, with respect to which the original shall be
required or the requirements of clause (i) of the definition of “Mortgage File” shall otherwise be satisfied)
including a copy of the Mortgage securing the applicable Mortgage Loan and any assignments or other transfer documents referred
to in clauses (iii), (v), (vi), (vii), (ix) and (x) above as being in favor of the Trustee
shall instead be in favor of the applicable Non-Serviced Trustee and need only be in such form as was delivered to the applicable
Non-Serviced Trustee or a custodian on its behalf, and (f) so long as the Custodian is also the Non-Serviced Custodian, in connection
with any Non-Serviced Mortgage Loan, any and all document delivery requirements with respect to the related Mortgage File (or
any portion thereof) set forth herein or in the related Mortgage Loan Purchase Agreement will be satisfied by the delivery, in
compliance with the terms of the related Non-Serviced PSA, by the applicable Mortgage Loan Seller of the documents specified above
(other than the Mortgage Note and intervening endorsements evidencing such Mortgage Loan or shall otherwise satisfy the requirements
of clause (i) of the definition of “Mortgage File”) to the custodian under the related Non-Serviced PSA (in
such form as was delivered to the custodian under the related Non-Serviced PSA); provided that (a) the Custodian shall
perform its duties under this Agreement (including, without limitation, Article II), and be liable to the other parties
hereto, with respect to such Non-Serviced Mortgage Loan as if such documents were required to be delivered and included in the

 

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Mortgage File and as if the Non-Serviced Custodian’s receipt of the documents contained in the related “mortgage file”
delivered under the related Non-Serviced PSA constituted delivery of those same documents to the Custodian under this Agreement,
(b) the Custodian shall not resign as the related Non-Serviced Custodian without giving at least thirty (30) days’ advance
written notice of resignation to each other party hereto, and (c) if for any reason the Custodian shall resign as Custodian hereunder
or resign as the related Non-Serviced Custodian or shall otherwise no longer act as Custodian hereunder or as the related Non-Serviced
Custodian or shall otherwise be required to surrender possession of the related “mortgage file” delivered under the
related Non-Serviced PSA (including by reason of the Non-Serviced Companion Loan being removed from the related securitization
trust), the Custodian shall include the documents contemplated by clauses (ii) through (xviii) above in the Mortgage
File for such Non-Serviced Whole Loan (to the extent such documents were delivered in connection with the related Other Securitization)
that shall be maintained by it or any successor custodian hereunder.

 

Notwithstanding
anything to the contrary contained herein, with respect to a Joint Mortgage Loan, delivery of the Mortgage File (other than with
respect to the original Mortgage Note and the other documents referenced in clause (i) of the definition of “Mortgage File”
held by or from the related Mortgage Loan Seller) by either of the applicable Mortgage Loan Sellers shall satisfy the delivery
requirements for both of the applicable Mortgage Loan Sellers.

 

“Mortgage
Loan”: Each of the mortgage loans (which, for the avoidance of doubt, includes each Crossed Mortgage Loan Group, each
of which, for the purposes of this Agreement, shall be treated as one Mortgage Loan, provided that each individual Crossed Underlying
Loan within any such Crossed Mortgage Loan Group shall not be included in this definition of Mortgage Loan) transferred and assigned
to the Trustee pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage Loan”
includes the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related agreements.
The term “Mortgage Loan” shall, as of any date of determination, include any Qualified Substitute Mortgage Loan that
has replaced a Mortgage Loan pursuant to Section 2.03 and exclude any such replaced Mortgage Loan.

 

“Mortgage
Loan Purchase Agreement”: Each agreement between the Depositor and each Mortgage Loan Seller, relating to the transfer
of all of such Mortgage Loan Seller’s right, title and interest in and to the related Mortgage Loans.

 

“Mortgage
Loan Schedule”: The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of the Trust Fund,
attached hereto as Exhibit B, as any such schedule may be amended from time to time in connection with a substitution under
Section 2.03 and in accordance with the relevant Mortgage Loan Purchase Agreement, and which list sets forth the following
information with respect to each Mortgage Loan so transferred:

 

(i)       the
loan identification number;

 

(ii)       the
name of the related Mortgage Loan Seller;

 

(iii)       the
name of the related Mortgaged Property;

 

(iv)       the
Cut-off Date Balance;

 

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(v)       the
street address, city and state of the related Mortgaged Property;

 

(vi)       the
date of the related Mortgage Note;

 

(vii)      the
Maturity Date or Anticipated Repayment Date;

 

(viii)     the
Mortgage Rate;

 

(ix)        the
original term to stated maturity or anticipated repayment date;

 

(x)         the
remaining term to stated maturity or anticipated repayment date;

 

(xi)        the
original amortization term;

 

(xii)        whether
the Mortgage Loan is an ARD Loan;

 

(xiii)       the
applicable Servicing Fee Rate; and

 

(xiv)       the
applicable Non-Serviced Primary Servicing Fee Rate (if any).

 

“Mortgage
Loan Seller”: Each of (i) Bank of America, National Association, a national banking association, or its successor in
interest, (ii) Morgan Stanley Mortgage Capital Holdings LLC, a New York limited liability company, or its successor in interest,
(iii) Wells Fargo Bank, National Association, a national banking association, or its successor in interest, and (iv) National
Cooperative Bank, N.A., a national banking association, or its successor in interest.

 

“Mortgage
Loan Seller Percentage Interest”: With respect to a Joint Mortgage Loan and each applicable Mortgage Loan Seller with
respect thereto, a fraction, expressed as a percentage, the numerator of which is equal to the aggregate Cut-off Date principal
balance of the promissory notes contributed by such Mortgage Loan Seller to this securitization, and the denominator of which
is equal to the Cut-off Date principal balance of such Joint Mortgage Loan.

 

“Mortgage
Note”: The original executed promissory note(s) evidencing the indebtedness of a Mortgagor under a Mortgage Loan or
Companion Loan, as the case may be, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement
thereof.

 

“Mortgage
Rate”: With respect to: (i) any Mortgage Loan (including the Non-Serviced Mortgage Loans) or related Companion Loan
on or prior to its Maturity Date, the annual rate at which interest is scheduled (in the absence of a default) to accrue on such
Mortgage Loan or related Companion Loan from time to time in accordance with the related Mortgage Note and applicable law, without
giving effect to any default rate or Revised Rate; or (ii) any Mortgage Loan or related Companion Loan after its Maturity Date,
the annual rate described in clause (i) above determined without regard to the passage of such Maturity Date. For the avoidance
of doubt, the Mortgage Rate of any ARD Loan shall not be construed to include the related Excess Rate.

 

“Mortgaged
Property”: The real property subject to the lien of a Mortgage.

 

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“Mortgagor”:
The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note and including in connection with any Mortgage Loan
that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner/payment guarantor/mortgagor
individually and collectively, as the context may require.

 

“NCB”:
National Cooperative Bank, N.A., a national banking association, or its successor in interest.

 

“NCB
Co-op Mortgage Loan”: Any NCB Mortgage Loan.

 

“NCB
CREFC® Schedule AL File”: Any CREFC® Schedule AL File prepared by NCB with respect to
the NCB Mortgage Loans.

 

“NCB
Master Servicer”: NCB, and its successors in interest and assigns, or any successor thereto (as NCB Master Servicer)
appointed as provided herein.

 

“NCB
Mortgage Loans”: Those Mortgage Loans sold to the Depositor pursuant to the related Mortgage Loan Purchase Agreement
by NCB and indicated as an NCB Mortgage Loan on the Mortgage Loan Schedule.

 

“NCB
Schedule AL Additional File”: Any Schedule AL Additional File prepared by NCB with respect to the NCB Mortgage Loans.

 

“NCB
Special Servicer”: NCB, and its successors in interest and assigns, or any successor special servicer appointed as provided
herein (including with respect to any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer appointed
pursuant to Section 7.01(g) of this Agreement, as applicable and as the context may require) (as NCB Special Servicer).

 

“NCB
Subordinate Debt Conditions”: With respect to an NCB Co-op Mortgage Loan and any encumbrance of the related Mortgaged
Property with a subordinate mortgage, the following conditions: (i) each of the subordinate mortgage loans, or the sole subordinate
mortgage loan, to be secured by such subordinate mortgage is made by NCB or any Affiliate thereof (ii) such subordinate mortgage
is expressly made in compliance with the underwriting standards which NCB customarily employs in connection with making subordinate
mortgages for its own mortgage loan portfolio, (iii) the aggregate outstanding principal balance of the NCB Co-op Mortgage Loan,
any other existing loans secured by a mortgage then encumbering the related Mortgaged Property and the proposed new subordinate
mortgage loan shall not exceed 40% of the Appraised Value of the related Mortgaged Property, (iv) NCB or any Affiliate thereof
that originates the subordinate mortgage loan, executes and delivers to the Trustee for inclusion in the Mortgage File an intercreditor
agreement and subordination agreement with respect to such subordinate mortgage in substantially the form of Exhibit SS hereto
or in such other form as shall be acceptable to the NCB Special Servicer and, unless a Control Termination Event has occurred
and is continuing, the Directing Certificateholder (other than with respect to an Excluded Loan as to such party) (provided that
the Trustee shall have no responsibility for determining the sufficiency or validity thereof), (v) if the subordinate mortgage
loan will not be a fully amortizing loan, the stated maturity

 

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date of the subordinate mortgage loan shall be no earlier than the
maturity date of the related NCB Co-op Mortgage Loan, (vi) the subordinate mortgage loan is made principally for the purpose of
funding capital expenditures, major repairs or reserves at or with respect to the Mortgaged Property in question, (vii) NCB or
any Affiliate thereof that originates the subordinate mortgage loan receives borrower legal opinions as to authority and enforceability
customarily required of borrowers in connection with the origination of similar mortgage loans; and (viii) the aggregate amount
of subordinate debt encumbering the Mortgaged Property in question (including the proposed new subordinate mortgage debt and any
other existing loans secured by a mortgage then encumbering the related Mortgaged Property, but excluding the Mortgage Loan in
question) does not exceed $7,500,000.

 

“Net
Investment Earnings”: With respect to each applicable Collection Account, the Servicing Accounts or the REO Accounts
or the Companion Distribution Account for any period from any Distribution Date to the immediately succeeding P&I Advance
Date, the amount, if any, by which the aggregate of all interest and other income realized during such period on funds relating
to the Trust held in such account, exceeds the aggregate of all losses, if any, incurred during such period in connection with
the investment of such funds in accordance with Section 3.06.

 

“Net
Investment Loss”: With respect to each applicable Collection Account, the Servicing Accounts or the REO Accounts or
the Companion Distribution Account for any period from any Distribution Date to the immediately succeeding P&I Advance Date,
the amount by which the aggregate of all losses, if any, incurred during such period in connection with the investment of funds
relating to the Trust held in such account in accordance with Section 3.06, exceeds the aggregate of all interest and other
income realized during such period on such funds.

 

“Net
Mortgage Rate”: With respect to each Mortgage Loan (including a Non-Serviced Mortgage Loan) and any REO Loan (other
than the portion of an REO Loan related to any Companion Loan) as of any date of determination, a rate per annum equal
to the related Mortgage Rate then in effect (without regard to any increase in the interest rate of any ARD Loan after its respective
Anticipated Repayment Date), minus the related Administrative Cost Rate; provided, however, that for purposes
of calculating Pass-Through Rates, the Net Mortgage Rate for any Mortgage Loan will be determined without regard to any modification,
waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the applicable Master Servicer, the applicable
Special Servicer, a related Non-Serviced Master Servicer or a related Non-Serviced Special Servicer or resulting from a bankruptcy,
insolvency or similar proceeding involving the related Mortgagor; provided, further, that for any Mortgage Loan
that does not accrue interest on the basis of a 360-day year consisting of twelve (12) 30-day months, then, solely for purposes
of calculating Pass-Through Rates and the Weighted Average Net Mortgage Rate, the Net Mortgage Rate of such Mortgage Loan or for
any one month period preceding a related Due Date will be the annualized rate at which interest would have to accrue in respect
of such Mortgage Loan on the basis of a 360-day year consisting of twelve (12) 30-day months in order to produce the aggregate
amount of interest actually accrued in respect of such Mortgage Loan during such one month period at the related Net Mortgage
Rate; provided, further, that, with respect to each Actual/360 Mortgage Loan, the Net Mortgage Rate for the one
month period (A) preceding the Due Dates that occur in January and February in any year which is not a leap year or preceding
the Due Date that occurs in February in any year which is a leap year (in either case, unless the

 

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related Distribution Date is
the final Distribution Date), will be determined exclusive of any Withheld Amounts, and (B) preceding the Due Date in March (or
February, if the related Distribution Date is the final Distribution Date), will be determined inclusive of the amounts withheld
in the immediately preceding January and February, if applicable. With respect to any REO Loan (but excluding any related Companion
Loan), the Net Mortgage Rate shall be calculated as described above, determined as if the predecessor Mortgage Loan had remained
outstanding.

 

“Net
Operating Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating
Income will be calculated in accordance with the standard definition of “Net Operating Income” approved from time
to time endorsed and put forth by the CREFC®.

 

“New
Lease”: Any lease of REO Property entered into at the direction of the applicable Special Servicer on behalf of the
Trust, including any lease renewed, modified or extended on behalf of the Trust, if the Trust has the right to renegotiate the
terms of such lease.

 

“Non-Book
Entry Certificates”: As defined in Section 5.02(c).

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. For the avoidance of doubt, Workout-Delayed
Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination in accordance with
the procedures specified herein, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from Late Collections, Default Interest,
Insurance and Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage Loan or the
related REO Property (without giving effect to potential recoveries on deficiency judgments or recoveries from guarantors), or
(b) has determined that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts
(that have not been reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately
recoverable from the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which the Trustee
determines in its good faith business judgment or the applicable Master Servicer or the applicable Special Servicer determines
in accordance with the Servicing Standard, will not be ultimately recoverable, together with any accrued and unpaid interest thereon
at the Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan or REO Loan (but
excluding any related Companion Loan); provided, however, that the applicable Special Servicer may, at its option,
make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made
is a Nonrecoverable P&I Advance and shall deliver to the applicable Master Servicer (and with respect to a Serviced Mortgage
Loan, to any Other Servicer, and with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Master Servicer and
Non-Serviced Special Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information Provider
notice of such determination. Any such determination (other than by the applicable Special Servicer) shall not

 

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be binding upon
(but may be conclusively relied upon by) the applicable Master Servicer and the Trustee, and any such determination by the applicable
Special Servicer shall be conclusive and binding upon the applicable Master Servicer and the Trustee (but this statement shall
not be construed to entitle the applicable Special Servicer to reverse the determination of the applicable Master Servicer or
the Trustee or to prohibit the applicable Master Servicer or the Trustee from making a determination that a P&I Advance would
be a Nonrecoverable Advance), provided, however, that such Special Servicer shall have no such obligation to make
an affirmative determination that any P&I Advance is or would be recoverable and in the absence of a determination by such
Special Servicer that such P&I Advance is or would be a Nonrecoverable P&I Advance, such decision shall remain with the
applicable Master Servicer or Trustee, as applicable. If a Special Servicer makes a determination that only a portion, and not
all, of any previously made or proposed P&I Advance is a Nonrecoverable P&I Advance, the applicable Master Servicer and
the Trustee shall have the right to make its own subsequent determination that any remaining portion of any such previously made
or proposed P&I Advance is a Nonrecoverable P&I Advance. With respect to any Non-Serviced Whole Loan, if any Non-Serviced
Master Servicer, Non-Serviced Trustee or Non-Serviced Special Servicer, as applicable, in connection with a securitization of
the related Non-Serviced Companion Loan determines that a principal and interest advance with respect to the related Non-Serviced
Companion Loan, if made, would be nonrecoverable, such determination shall not be binding on the applicable Master Servicer and
the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage Loan. Similarly, with
respect to the related Non-Serviced Mortgage Loan, if the applicable Master Servicer, the applicable Special Servicer or the Trustee,
as applicable, determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be a Nonrecoverable
P&I Advance, such determination shall not be binding on the related Non-Serviced Master Servicer and related Non-Serviced
Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Companion Loan (unless the related
Non-Serviced PSA provides otherwise). In making such recoverability determination, the applicable Master Servicer, the applicable
Special Servicer or the Trustee, as applicable, will be entitled (a) to consider (among other things) (i) the obligations of the
Mortgagor under the terms of the related Mortgage Loan or Companion Loan, as applicable, as it may have been modified and (ii)
the related Mortgaged Properties in their “as-is” or then-current conditions and occupancies, as modified by such
party’s assumptions (consistent with the Servicing Standard in the case of the applicable Master Servicer or the applicable
Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) regarding
the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (b) to estimate and consider
(consistent with the Servicing Standard in the case of the applicable Master Servicer and the applicable Special Servicer or in
its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses,
(c) to estimate and consider (consistent with the Servicing Standard in the case of the applicable Master Servicer and the applicable
Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among
other things) the timing of recoveries and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the
time of such consideration, the recovery of which are being deferred or delayed by the applicable Master Servicer, in light of
the fact that related proceeds are a source of recovery not only for the Advance under consideration but also a potential source
of recovery for such delayed or deferred Advance. In addition, any Person, in considering whether a P&I Advance is a Nonrecoverable
Advance, will be entitled to

  

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give due regard to the existence of any outstanding Nonrecoverable Advance or Workout-Delayed Reimbursement
Amount with respect to other Mortgage Loans, the reimbursement of which, at the time of such consideration, is being deferred
or delayed by a Master Servicer or the Trustee because there is insufficient principal available for such recovery, in light of
the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration,
but also as a potential source of reimbursement of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which
are or may be being deferred or delayed. In addition, any such Person may update or change its recoverability determinations at
any time (but not reverse any other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent
with the Servicing Standard, in the case of the applicable Master Servicer or in its good faith business judgment in the case
of the Trustee (solely in its capacity as Trustee), may obtain at the expense of the Trust any reasonably required analysis, Appraisals
or market value estimates or other information for making a recoverability determination. Absent bad faith, the applicable Master
Servicer’s, the applicable Special Servicer’s or the Trustee’s determination as to the recoverability of any
P&I Advance shall be conclusive and binding on the Certificateholders. The determination by the applicable Master Servicer,
the applicable Special Servicer or the Trustee, as the case may be, that a Nonrecoverable P&I Advance has been made or that
any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any updated or changed recoverability
determination, shall be evidenced by an Officer’s Certificate delivered by either the applicable Special Servicer or the
applicable Master Servicer to the other and to the Trustee, the Certificate Administrator and the Directing Certificateholder
(but in the case of the Directing Certificateholder, only prior to the occurrence and continuance of a Consultation Termination
Event and only with respect to any Mortgage Loan other than an Excluded Loan as to such party) (and in the case of a Serviced
Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of a Special Servicer) and the Depositor, or by
the Trustee to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Operating Advisor and the Certificate
Administrator (and, in the case of a Serviced Mortgage Loan, any Other Servicer). The Officer’s Certificate shall set forth
such determination of nonrecoverability and the considerations of the applicable Master Servicer, the applicable Special Servicer
or the Trustee, as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available,
related income and expense statements, rent rolls (or, with respect to residential cooperative properties, maintenance schedules),
occupancy status, property inspections and any other information used by such Master Servicer, such Special Servicer or the Trustee,
as applicable, to make such determination and shall include any existing Appraisal of the related Mortgage Loan or the related
Mortgaged Property). The Trustee shall be entitled to conclusively rely on the applicable Master Servicer’s or the applicable
Special Servicer’s determination that a P&I Advance is or would be nonrecoverable, and each Master Servicer and the
Trustee shall be entitled to conclusively rely on and shall be bound by the applicable Special Servicer’s determination
that a P&I Advance is or would be nonrecoverable. In the case of a cross-collateralized Mortgage Loan (if any), such recoverability
determination shall take into account the cross-collateralization of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Serviced Mortgage Loan,
Serviced Whole Loan or REO Property which the Trustee determines in its reasonable business judgment, or the applicable Master
Servicer or applicable Special Servicer determines in accordance with the Servicing Standard, as the case may be, will not be
ultimately recoverable, together with any accrued and

 

     -88-

     

    

 

unpaid interest thereon, at the Reimbursement Rate, from Late Collections
or any other recovery on or in respect of such Mortgage Loan, Serviced Whole Loan or REO Property. In making such recoverability
determination, such Person will be entitled (a) to consider (among other things) (i) the obligations of the Mortgagor under the
terms of the related Mortgage Loan or Companion Loan, as applicable, as it may have been modified and (ii) the related Mortgaged
Properties in their “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions
(consistent with the Servicing Standard in the case of the applicable Master Servicer or the applicable Special Servicer or in
its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) regarding the possibility and
effects of future adverse changes with respect to such Mortgaged Properties, (b) to estimate and consider (consistent with the
Servicing Standard in the case of the applicable Master Servicer or the applicable Special Servicer or in its good faith business
judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses, (c) to estimate
and consider (consistent with the Servicing Standard in the case of the applicable Master Servicer or the applicable Special Servicer
or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the
timing of recoveries and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration,
the recovery of which are being deferred or delayed by the applicable Master Servicer or the Trustee because there is insufficient
principal available for such recovery, in light of the fact that related proceeds are a source of recovery not only for the Advance
under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition, any Person, in
considering whether a Servicing Advance is a Nonrecoverable Servicing Advance, will be entitled to give due regard to the existence
of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, the reimbursement
of which, at the time of such consideration, is being deferred or delayed by a Master Servicer, in light of the fact that proceeds
on the related Mortgage Loan are a source of recovery not only for the Servicing Advance under consideration, but also as a potential
source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred
or delayed. In addition, any such Person may update or change its recoverability determinations at any time (but not reverse any
other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard, in
the case of the applicable Master Servicer or in its good faith business judgment in the case of the Trustee (solely in its capacity
as Trustee), may obtain at the expense of the Trust any reasonably required analysis, Appraisals or market value estimates or
other information for making a recoverability determination. Absent bad faith, the applicable Master Servicer’s, the applicable
Special Servicer’s or the Trustee’s determination as to the recoverability of any Servicing Advance shall be conclusive
and binding on the Certificateholders. The determination by the applicable Master Servicer, the applicable Special Servicer or
the Trustee, as the case may be, that a Nonrecoverable Servicing Advance has been made or that any proposed Servicing Advance,
if made, would constitute a Nonrecoverable Servicing Advance, or any updated or changed recoverability determination, shall be
evidenced by an Officer’s Certificate delivered by either the applicable Special Servicer or the applicable Master Servicer
to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder (but in the case of the Directing
Certificateholder, only prior to the occurrence and continuance of a Consultation Termination Event and only with respect to any
Mortgage Loan other than an Excluded Loan as to such party) (and in the case of a Serviced Mortgage Loan, any Other Servicer),
the Operating Advisor (but only in the case of a Special Servicer) and the Depositor, or by the Trustee to the

  

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Depositor, the
applicable Master Servicer, the applicable Special Servicer, the Operating Advisor and the Certificate Administrator (and in the
case of a Serviced Mortgage Loan, any Other Servicer); provided, however, that the applicable Special Servicer may,
at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed
to be made is a Nonrecoverable Servicing Advance and shall deliver to the applicable Master Servicer (and with respect to a Serviced
Mortgage Loan, to any Other Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information
Provider notice of such determination. Any such determination (other than by the applicable Special Servicer) shall not be binding
upon (but may be conclusively relied upon by) the applicable Master Servicer and the Trustee, and any such determination by the
applicable Special Servicer shall be binding upon the applicable Master Servicer and the Trustee (but this statement shall not
be construed to entitle the applicable Special Servicer to reverse the determination of the applicable Master Servicer or the
Trustee or to prohibit the applicable Master Servicer or the Trustee from making a determination that a Servicing Advance would
be a Nonrecoverable Advance), provided, however, that the applicable Special Servicer shall have no such obligation
to make an affirmative determination that any Servicing Advance is or would be recoverable and in the absence of a determination
by the applicable Special Servicer that such Servicing Advance is or would be a Nonrecoverable Servicing Advance, such decision
shall remain with the applicable Master Servicer or the Trustee, as applicable. If the applicable Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance,
the applicable Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining
portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance. The Officer’s Certificate
shall set forth such determination of nonrecoverability and the considerations of the applicable Master Servicer, the applicable
Special Servicer or the Trustee, as applicable, forming the basis of such determination (which shall be accompanied by, to the
extent available, related income and expense statements, rent rolls (or, with respect to residential cooperative properties, maintenance
schedules), occupancy status, property inspections and any other information used by such Master Servicer, such Special Servicer
or the Trustee, as applicable, to make such determination and shall include any existing Appraisal with respect to the related
Mortgage Loan, Serviced Companion Loan or related Mortgaged Property). The applicable Special Servicer shall promptly furnish
any party required to make Servicing Advances hereunder with any information in its possession regarding the Specially Serviced
Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes of making recoverability
determinations. The Trustee shall be entitled to conclusively rely on the applicable Master Servicer’s or the applicable
Special Servicer’s determination that a Servicing Advance is or would be nonrecoverable, and the applicable Master Servicer
shall be entitled to conclusively rely on the applicable Special Servicer’s determination that a Servicing Advance is or
would be nonrecoverable. Notwithstanding anything herein to the contrary, if the applicable Special Servicer requests that the
applicable Master Servicer make a Servicing Advance, such Master Servicer may conclusively rely on such request as evidence that
such advance is not a Nonrecoverable Servicing Advance; provided, however, that such Special Servicer shall not
be entitled to make such a request more frequently than once per calendar month with respect to Servicing Advances other than
emergency advances (although such request may relate to more than one Servicing Advance). In the case of a cross-collateralized
Mortgage Loan (if any), such recoverability determination shall take into account the cross-collateralization of the related

 

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cross-collateralized
Mortgage Loan. The determination as to the recoverability of any servicing advance or property protection advance previously made
or proposed to be made in respect of a Non-Serviced Whole Loan shall be made by the related Non-Serviced Master Servicer, Non-Serviced
Special Servicer or Non-Serviced Trustee, as the case may be, pursuant to the related Non-Serviced PSA.

 

“Non-Registered
Certificate”: Unless and until registered under the Securities Act, any Class X-D, Class X-F, Class X-G, Class X-H,
Class D, Class E, Class F, Class G, Class H, Class V or Class R Certificate or the RR Interest.

 

“Non-Retained
Certificate”: Any Senior Certificate or Subordinate Certificate.

 

“Non-Retained
Percentage”: An amount expressed as a percentage equal to 100% less the Required Credit Risk Retention Percentage. For
the avoidance of doubt, at all times, the sum of the Required Credit Risk Retention Percentage and the Non-Retained Percentage
shall equal 100%.

 

“Non-Serviced
Certificate Administrator”: The “Certificate Administrator” under a Non-Serviced PSA.

 

“Non-Serviced
Companion Loan”: Each of the Non-Serviced Pari Passu Companion Loans and the Non-Serviced Subordinate Companion Loans.

 

“Non-Serviced
Custodian”: With respect to each Non-Serviced Whole Loan, the “Custodian” under the related Non-Serviced
PSA.

 

“Non-Serviced
Depositor”: The “Depositor” under a Non-Serviced PSA.

 

“Non-Serviced
Gain-on-Sale Proceeds”: Any “gain-on-sale proceeds” received in respect of a Non-Serviced Mortgage Loan
pursuant to the related Non-Serviced PSA.

 

“Non-Serviced
Indemnified Parties”: As defined in Section 6.04(i).

 

“Non-Serviced
Intercreditor Agreement”: Each Intercreditor Agreement related to a Non-Serviced Whole Loan.

 

“Non-Serviced
Master Servicer”: The “Master Servicer” or “Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loan”: Each of the Miami Design District Mortgage Loan, the 605 Third Avenue Mortgage Loan, the Boca Office
Portfolio Mortgage Loan and the McClellan Park Mortgage Loan.

 

“Non-Serviced
Mortgaged Property”: Each of the Miami Design District Mortgaged Property, the 605 Third Avenue Mortgaged Property,
the Boca Office Portfolio Mortgaged Property and the McClellan Park Mortgaged Property.

 

     -91-

     

    

 

“Non-Serviced
Operating Advisor”: The “Operating Advisor” (or analogous term) (if any) under a Non-Serviced PSA.

 

“Non-Serviced
Pari Passu Companion Loan”: Each of the Miami Design District Pari Passu Companion Loans, the 605 Third Avenue Pari
Passu Companion Loans, the Boca Office Portfolio Pari Passu Companion Loans, and the McClellan Park Pari Passu Companion Loans.

 

“Non-Serviced
Paying Agent”: The “Paying Agent” (or analogous term) under a Non-Serviced PSA.

 

“Non-Serviced
Primary Servicing Fee”: With respect to each Non-Serviced Mortgage Loan, the fee payable to the Non-Serviced Master
Servicer pursuant to the related Non-Serviced PSA.

 

“Non-Serviced
Primary Servicing Fee Rate”: With respect to (i) Miami Design District Mortgage Loan, 0.00250% per annum, (ii)
the 605 Third Avenue Mortgage Loan, 0.00250% per annum, (iii) the Boca Office Portfolio Mortgage Loan, 0.00125% per
annum, (iv) the McClellan Park Mortgage Loan, 0.00125% per annum and (v) any Servicing Shift Mortgage Loan, on and
after the related Servicing Shift Securitization Date, 0.00250% per annum.

 

“Non-Serviced
PSA”: With respect to (i) the Miami Design District Whole Loan, (A) prior to the Miami District Lead Note Securitization
Date, the BANK 2020-BNK30 PSA and (B) following the Miami Design District Lead Note Securitization Date, the pooling and servicing
agreement or trust and servicing agreement relating to the securitization of the Miami Design District Lead Note, (ii) the 605
Third Avenue Whole Loan and the McClellan Park Whole Loan, the BANK 2020-BNK30 PSA and (iii) the Boca Office Portfolio Whole Loan,
the Benchmark 2021-B24 PSA.

 

“Non-Serviced
Special Servicer”: The applicable “Special Servicer” of a Non-Serviced Whole Loan under a Non-Serviced PSA.

 

“Non-Serviced
Subordinate Companion Loan”: Each of the Miami Design District Subordinate Companion Loan and the 605 Third Avenue Subordinate
Companion Loan.

 

“Non-Serviced
Trust”: The “Trust” formed under a Non-Serviced PSA.

 

“Non-Serviced
Trustee”: The “Trustee” under a Non-Serviced PSA.

 

“Non-Serviced
Whole Loan”: Each of the Miami Design District Whole Loan, the 605 Third Avenue Whole Loan, the Boca Office Portfolio
Whole Loan and the McClellan Park Whole Loan.

 

“Non-Serviced
Whole Loan Controlling Holder”: The “directing holder” or similarly defined party under a Non-Serviced PSA.

 

“Non-Specially
Serviced Loan”: Any Serviced Mortgage Loan or Serviced Companion Loan that is not a Specially Serviced Loan.

 

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“Non-U.S.
Beneficial Ownership Certification”: As defined in Section 5.03(f).

 

“Non-U.S.
Tax Person”: Any person other than a U.S. Tax Person.

 

“Non-Waiving
Successor”: As defined in Section 3.23(l).

 

“Notional
Amount”: With respect to each of the following Classes of Certificates or Upper-Tier Regular Interests, the amount set
forth next to it in the table below:

 

	Class
of Certificates, Upper-Tier Regular

 Interest or Lower-Tier Regular Interest 
	Notional
Amount 

	Class
    A-4-X1 Certificates	Class
    A-4-X1 Notional Amount
	Class
    A-4-X2 Certificates	Class
    A-4-X2 Notional Amount
	Class
    A-4-X1 Upper-Tier Regular Interest	Class
    A-4-X1 UT Notional Amount
	Class
    A-4-X2 Upper-Tier Regular Interest	Class
    A-4-X2 UT Notional Amount
	Class
    A-5-X1 Certificates	Class
    A-5-X1 Notional Amount
	Class
    A-5-X2 Certificates	Class
    A-5-X2 Notional Amount
	Class
    A-5-X1 Upper-Tier Regular Interest	Class
    A-5-X1 UT Notional Amount
	Class
    A-5-X2 Upper-Tier Regular Interest	Class
    A-5-X2 UT Notional Amount
	Class
    X-A Certificates	Class
    X-A Notional Amount
	Class
    X-B Certificates	Class
    X-B Notional Amount
	Class
    X-D Certificates	Class
    X-D Notional Amount
	Class
    X-F Certificates	Class
    X-F Notional Amount
	Class
    X-G Certificates	Class
    X-G Notional Amount
	Class
    X-H Certificates	Class
    X-H Notional Amount
	Class
    A-S-X1 Certificates	Class
    A-S-X1 Notional Amount
	Class
    A-S-X2 Certificates	Class
    A-S-X2 Notional Amount
	Class
    A-S-X1 Upper-Tier Regular Interest	Class
    A-S-X1 UT Notional Amount
	Class
    A-S-X2 Upper-Tier Regular Interest	Class
    A-S-X2 UT Notional Amount
	Class
    B-X1 Certificates	Class
    B-X1 Notional Amount
	Class
    B-X2 Certificates	Class
    B-X2 Notional Amount
	Class
    B-X1 Upper-Tier Regular Interest	Class
    B-X1 UT Notional Amount
	Class
    B-X2 Upper-Tier Regular Interest	Class
    B-X2 UT Notional Amount
	Class
    C-X1 Certificates	Class
    C-X1 Notional Amount
	Class
    C-X2 Certificates	Class
    C-X2 Notional Amount
	Class
    C-X1 Upper-Tier Regular Interest	Class
    C-X1 UT Notional Amount
	Class
    C-X2 Upper-Tier Regular Interest	Class
    C-X2 UT Notional Amount

 

“NRSRO”:
Any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, including
the Rating Agencies.

 

“NRSRO
Certification”: A certification (a) substantially in the form of Exhibit P-2 executed by a NRSRO or (b) provided
electronically and executed by such NRSRO by means of a “click-through” confirmation on the 17g-5 Information Provider’s
Website, in either case in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency under this Agreement
or that such NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the
Exchange Act, that such NRSRO has access to the Depositor’s 17g-5 website and that such NRSRO will keep such information
confidential, except to the extent such information has been made available to the general public. Each NRSRO shall

 

     -93-

     

    

 

be deemed
to recertify to the foregoing each time it accesses the Certificate Administrator’s Website.

 

“OCC”:
Office of the Comptroller of the Currency.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the applicable Master Servicer or the applicable Special
Servicer or any Additional Servicer, as the case may be, or a Responsible Officer of the Trustee or Certificate Administrator,
as the case may be.

 

“Offshore
Transaction”: Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“Operating
Advisor”: Park Bridge Lender Services LLC, a New York limited liability company, and its successors-in-interest and
assigns, or any successor operating advisor appointed as herein provided.

 

“Operating
Advisor Annual Report”: As defined in Section 3.26(c)(i).

 

“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and
performed its duties with respect to such Major Decision equal to $10,000 (or such lesser amount as the related Mortgagor actually
pays) with respect to any Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan), payable pursuant to Section
3.05 of this Agreement; provided, however, that no such fee shall be payable unless specifically paid by the
related Mortgagor as a separately identifiable fee; provided, further, that the Operating Advisor may in its sole
discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision; provided, further, however,
that to the extent such fee is incurred after the outstanding Certificate Balances of the Control Eligible Certificates and the
corresponding portion of the RR Interest have been reduced to zero as a result of the allocation of Realized Losses to such Certificates,
such fee shall be payable in full to the Operating Advisor as an expense of the Trust; provided, further, that the
applicable Master Servicer or the applicable Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with
the Servicing Standard (provided that the applicable Master Servicer or the applicable Special Servicer, as applicable,
shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction).

 

“Operating
Advisor Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts
or additional trust fund expenses payable to the Operating Advisor pursuant to this Agreement (other than the Operating Advisor
Fee and the Operating Advisor Consulting Fee).

 

“Operating
Advisor Fee”: With respect to each Mortgage Loan and REO Loan (but excluding any related Companion Loan), the fee payable
to the Operating Advisor pursuant to Section 3.26(i).

 

“Operating
Advisor Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a per
annum rate of 0.00147%.

 

     -94-

     

    

 

“Operating
Advisor Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best
interest of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the
holders of the related Companion Loan (as a collective whole as if such Certificateholders and Companion Holders constituted a
single lender), and not to any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise
of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that
the Operating Advisor or any of its Affiliates may have with any of the underlying Mortgagors, any Sponsor, any Mortgage Loan
Seller, the Depositor, each Master Servicer, each Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder,
any Certificateholders, the Risk Retention Consultation Party or any of their Affiliates.

 

“Operating
Advisor Termination Event”: Any of the following events, whether any such event is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body:

 

(a)       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 any of its representations or warranties under this Agreement, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee by the Holders
of Certificates (other than the RR Interest) having greater than 25% of the aggregate Voting Rights, provided that any
such failure which is not curable within such thirty (30) day period, the Operating Advisor will have an additional cure period
of thirty (30) days to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day period
and has provided the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has diligently
pursued, and is continuing to pursue, such cure;

 

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

 

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

 

(d)       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

 

     -95-

     

    

 

entered against the operating advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(e)       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; or

 

(f)       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.

 

“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor, a Master
Servicer, a Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and delivered to
the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) the qualification of any Trust
REMIC as a REMIC, (b) compliance with the REMIC Provisions, (c) the qualification of the Grantor Trust as a grantor trust, or
(d) the resignation of any Master Servicer, any Special Servicer or the Depositor pursuant to Section 6.05, must be an
opinion of counsel who is in fact Independent of the Depositor, such Master Servicer, such Special Servicer, the Operating Advisor
and the Asset Representations Reviewer.

 

“Original
Certificate Balance”: As defined in the Preliminary Statement.

 

“Original
Lower-Tier Principal Amount”: With respect to any Class of Lower-Tier Regular Interest, the initial principal amount
thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original
Notional Amount”: As defined in the Preliminary Statement.

 

“Other
Asset Representations Reviewer”: Any asset representations reviewer under an Other Pooling and Servicing Agreement.

 

“Other
Certificate Administrator”: Any certificate administrator under an Other Pooling and Servicing Agreement.

 

“Other
Depositor”: Any depositor under an Other Pooling and Servicing Agreement.

 

“Other
Exchange Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements
of the Exchange Act, the Other Servicer, Other Trustee, Other Certificate Administrator or Other Depositor under the related Other
Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D, Form ABS-EE and
Form 10-K with respect to such Other Securitization Trust, as identified in writing to the parties to this Agreement; and, with
respect to any Other Securitization Trust that is not subject to the reporting requirements of the Exchange Act, the trustee,
certificate administrator,

 

     -96-

     

    

 

master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement
that is responsible for the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified
in writing to the parties to this Agreement.

 

“Other
Pooling and Servicing Agreement”: Any trust and servicing agreement or pooling and servicing agreement that creates
a trust whose assets include any Serviced Companion Loan.

 

“Other
Securitization”: As defined in Section 11.06.

 

“Other
Servicer”: Any master servicer or special servicer, as applicable, under an Other Pooling and Servicing Agreement.

 

“Other
Trustee”: Any trustee under an Other Pooling and Servicing Agreement.

 

“Ownership
Interest”: As to any Certificate, any ownership or security interest in such Certificate as the Holder thereof and any
other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

 

“P&I
Advance”: As to any Mortgage Loan or REO Loan (but not any related Companion Loan), any advance made by the applicable
Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 or Section 7.05.

 

“P&I
Advance Date”: The Business Day immediately prior to each Distribution Date.

 

“P&I
Advance Determination Date”: With respect to any Distribution Date, the close of business on the related Determination
Date.

 

“Pari
Passu Companion Loans”: Collectively, the Serviced Pari Passu Companion Loans and the Non-Serviced Pari Passu Companion
Loans.

 

“Pari
Passu Companion Loan Holder”: Any holder of record of any Serviced Pari Passu Companion Loan or Non-Serviced Pari Passu
Companion Loan.

 

“Pass-Through
Rate”: With respect to each Class of Certificates, Upper-Tier Regular Interest or Lower-Tier Regular Interest, the rate
set forth next to it in the table below:

 

	Class
of Certificates, Upper-Tier Regular 

Interest or Lower-Tier Regular Interest 
	Pass-Through
Rate 

	Class
    A-1 Certificates	Class
    A-1 Pass-Through Rate
	Class
    A-2 Certificates	Class
    A-2 Pass-Through Rate
	Class
    A-SB Certificates	Class
    A-SB Pass-Through Rate
	Class
    A-3 Certificates	Class
    A-3 Pass-Through Rate
	Class
    A-4 Certificates	Class
    A-4 Pass-Through Rate
	Class
    A-4-1 Certificates	Class
    A-4-1 Pass-Through Rate
	Class
    A-4-2 Certificates	Class
    A-4-2 Pass-Through Rate
	Class
    A-4-X1 Certificates	Class
    A-4-X1 Pass-Through Rate
	Class
    A-4-X2 Certificates	Class
    A-4-X2 Pass-Through Rate

 

     -97-

     

    

 

	Class
of Certificates, Upper-Tier Regular 

Interest or Lower-Tier Regular Interest 
	Pass-Through
Rate 

	Class
    A-4 Upper-Tier Regular Interest	Class
    A-4 UT Pass-Through Rate
	Class
    A-4-X1 Upper-Tier Regular Interest	Class
    A-4-X1 UT Pass-Through Rate
	Class
    A-4-X2 Upper-Tier Regular Interest	Class
    A-4-X2 UT Pass-Through Rate
	Class
    A-5 Certificates	Class
    A-5 Pass-Through Rate
	Class
    A-5-1 Certificates	Class
    A-5-1 Pass-Through Rate
	Class
    A-5-2 Certificates	Class
    A-5-2 Pass-Through Rate
	Class
    A-5-X1 Certificates	Class
    A-5-X1 Pass-Through Rate
	Class
    A-5-X2 Certificates	Class
    A-5-X2 Pass-Through Rate
	Class
    A-5 Upper-Tier Regular Interest	Class
    A-5 UT Pass-Through Rate
	Class
    A-5-X1 Upper-Tier Regular Interest	Class
    A-5-X1 UT Pass-Through Rate
	Class
    A-5-X2 Upper-Tier Regular Interest	Class
    A-5-X2 UT Pass-Through Rate
	Class
    X-A Certificates	Class
    X-A Pass-Through Rate
	Class
    X-B Certificates	Class
    X-B Pass-Through Rate
	Class
    X-D Certificates	Class
    X-D Pass-Through Rate
	Class
    X-F Certificates	Class
    X-F Pass-Through Rate
	Class
    X-G Certificates	Class
    X-G Pass-Through Rate
	Class
    X-H Certificates	Class
    X-H Pass-Through Rate
	Class
    A-S Certificates	Class
    A-S Pass-Through Rate
	Class
    A-S-1 Certificates	Class
    A-S-1 Pass-Through Rate
	Class
    A-S-2 Certificates	Class
    A-S-2 Pass-Through Rate
	Class
    A-S-X1 Certificates	Class
    A-S-X1 Pass-Through Rate
	Class
    A-S-X2 Certificates	Class
    A-S-X2 Pass-Through Rate
	Class
    A-S Upper-Tier Regular Interest	Class
    A-S UT Pass-Through Rate
	Class
    A-S-X1 Upper-Tier Regular Interest	Class
    A-S-X1 UT Pass-Through Rate
	Class
    A-S-X2 Upper-Tier Regular Interest	Class
    A-S-X2 UT Pass-Through Rate
	Class
    B Certificates	Class
    B Pass-Through Rate
	Class
    B-1 Certificates	Class
    B-1 Pass-Through Rate
	Class
    B-2 Certificates	Class
    B-2 Pass-Through Rate
	Class
    B-X1 Certificates	Class
    B-X1 Pass-Through Rate
	Class
    B-X2 Certificates	Class
    B-X2 Pass-Through Rate
	Class
    B Upper-Tier Regular Interest	Class
    B UT Pass-Through Rate
	Class
    B-X1 Upper-Tier Regular Interest	Class
    B-X1 UT Pass-Through Rate
	Class
    B-X2 Upper-Tier Regular Interest	Class
    B-X2 UT Pass-Through Rate
	Class
    C Certificates	Class
    C Pass-Through Rate
	Class
    C-1 Certificates	Class
    C-1 Pass-Through Rate
	Class
    C-2 Certificates	Class
    C-2 Pass-Through Rate
	Class
    C-X1 Certificates	Class
    C-X1 Pass-Through Rate
	Class
    C-X2 Certificates	Class
    C-X2 Pass-Through Rate
	Class
    C Upper-Tier Regular Interest	Class
    C UT Pass-Through Rate
	Class
    C-X1 Upper-Tier Regular Interest	Class
    C-X1 UT Pass-Through Rate
	Class
    C-X2 Upper-Tier Regular Interest	Class
    C-X2 UT Pass-Through Rate
	Class
    D Certificates	Class
    D Pass-Through Rate
	Class
    E Certificates	Class
    E Pass-Through Rate
	Class
    F Certificates	Class
    F Pass-Through Rate
	Class
    G Certificates	Class
    G Pass-Through Rate
	Class
    H Certificates	Class
    H Pass-Through Rate

 

     -98-

     

    

 

“Pathline
Park 9 & 10 Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of March 24, 2021, by
and between the holders of the respective promissory notes evidencing the Pathline Park 9 & 10 Whole Loan, relating to the
relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“Pathline
Park 9 & 10 Street Mortgage Loan”: With respect to the Pathline Park 9 & 10 Whole Loan, the Mortgage Loan that
is included in the Trust (identified as Mortgage Loan No. 1 on the Mortgage Loan Schedule), which is evidenced by promissory note
A-1.

 

“Pathline
Park 9 & 10 Mortgaged Property”: The Mortgaged Property that secures the Pathline Park 9 & 10 Whole Loan.

 

“Pathline
Park 9 & 10 Pari Passu Companion Loans”: With respect to the Pathline Park 9 & 10 Whole Loan, the Companion
Loans evidenced by the related promissory notes A-2 and A-3 and made by the related Mortgagor and secured by the Mortgage on the
Pathline Park 9 & 10 Mortgaged Property.

 

“Pathline
Park 9 & 10 Whole Loan”: The Pathline Park 9 & 10 Mortgage Loan, together with the Pathline Park 9 & 10
Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Pathline Park 9 & 10 Mortgaged Property.
References herein to the Pathline Park 9 & 10 Whole Loan shall be construed to refer to the aggregate indebtedness under the
Pathline Park 9 & 10 Mortgage Loan and the Pathline Park 9 & 10 Pari Passu Companion Loans.

 

“Payment
Accommodation”: For any Mortgage Loan or Serviced Whole Loan, the entering into of any temporary forbearance agreement
as a result of the COVID-19 emergency (and qualification as a COVID-19 emergency forbearance shall be determined by the Special
Servicer in its sole and absolute discretion in accordance with the Servicing Standard) relating to payment obligations or operating
covenants under the related Mortgage Loan documents or the use of funds on deposit in any reserve account or escrow account for
any purpose other than the explicit purpose described in the related Mortgage Loan documents, that in each case (i) is entered
into by June 30, 2021, (ii) defers no greater than three (3) monthly debt service payments (but no greater than nine (9) monthly
debt service payments in the aggregate with any other Payment Accommodations) and (iii) requires full repayment of deferred payments,
reserves and escrows by the date that is twelve (12) months following the date of the first Payment Accommodation for such Mortgage
Loan or Serviced Whole Loan. For the avoidance of doubt, a Payment Accommodation shall only be entered into by the applicable
Special Servicer on behalf of the Trust in its sole and absolute discretion in accordance with the Servicing Standard and the
Master Servicer shall have no processing, consent or other rights with respect thereto. No Payment Accommodation shall be granted
if the Mortgage Loan or Serviced Whole Loan is in default with respect to any loan provision other than the provision(s) subject
to the forbearance request.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty
Charges”: With respect to any Serviced Mortgage Loan or Serviced Companion Loan (or any successor REO Loan), any amounts
actually collected thereon (or, in the case of a Serviced Companion Loan (or any successor REO Loan thereto) that is part of a
Serviced

 

     -99-

     

    

 

Whole
Loan, actually collected on such Serviced Whole Loan, and allocated and paid on such Serviced Companion Loan (or any successor
REO Loan), as applicable, in accordance with the related Intercreditor Agreement) that represent late payment charges or Default
Interest, other than a Prepayment Premium, a Yield Maintenance Charge or any Excess Interest.

 

“Percentage
Interest”: As to any Certificate (other than the Class R and Class V Certificates), the percentage interest evidenced
thereby in distributions required to be made with respect to the related Class. With respect to any Certificate (other than the
Class R and Class V Certificates), the percentage interest is equal to the Denomination as of the Closing Date of such Certificate
(subject, in the case of an Exchangeable Certificate, to any adjustments thereto as reflected on the schedule attached to such
Certificate) divided by the Original Certificate Balance or Original Notional Amount, as applicable, of such Class of Certificates
as of the Closing Date (subject, in the case of an Exchangeable Certificate, to any adjustments thereto as reflected on the schedule
attached to such Certificate). With respect to a Class R or a Class V Certificate, the Percentage Interest is set forth on the
face thereof.

 

“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

“Periodic
Payment”: With respect to any Mortgage Loan or any related Companion Loan, the scheduled monthly payment of principal
and/or interest (other than Excess Interest) on such Mortgage Loan or Companion Loan, including any Balloon Payment, which is
payable (as the terms of the applicable Mortgage Loan or Companion Loan may be changed or modified in connection with a bankruptcy
or similar proceedings involving the related Mortgagor or by reason of a modification, extension, waiver or amendment granted
or agreed to pursuant to the terms hereof) by a Mortgagor from time to time under the related Mortgage Note and applicable law,
without regard to any acceleration of principal of such Mortgage Loan or Companion Loan by reason of default thereunder and without
regard to any Excess Interest.

 

“Permitted
Investments”: Any one or more of the following obligations or securities (including obligations or securities of the
Certificate Administrator, or managed by the Certificate Administrator or any Affiliate of the Certificate Administrator, if otherwise
qualifying hereunder), regardless of whether issued by the Depositor, the applicable Master Servicer, the applicable Special Servicer,
the Trustee, the Certificate Administrator, or any of their respective Affiliates and having the required ratings, if any, provided
for in this definition and which shall not be subject to liquidation prior to maturity:

 

(i)       direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed
by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition;
provided that any obligation of, or guarantee by, the United States of America, Fannie Mae or Freddie Mac or any such agency
or instrumentality of the United States of America, other than an unsecured senior debt obligation thereof, shall be a Permitted
Investment only if such investment would not result in the downgrading,

 

     -100-

     

    

 

withdrawal
or qualification of the then-current rating assigned by each Rating Agency to any Certificate (or, insofar as there is then outstanding
any class of Serviced Companion Loan Securities that are then rated by such Rating Agency, such class of securities) as evidenced
in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury (direct or fully funded obligations), U.S. Department
of Housing and Urban Development public housing agency bonds, Federal Housing Administration debentures, Government National Mortgage
Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt obligations and SBA-guaranteed participation
certificates and guaranteed pool certificates and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home
Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations, and Fannie Mae debt obligations rated at least
“A-1” by S&P, if such obligations mature in sixty (60) days or less, or rated at least “AA-”, “A-1+”
or “AAAm” by S&P, if such obligations mature in 365 days or less;

 

(ii)      time
deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the date
of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or organized
under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state
banking authorities that, in each case, satisfy the Applicable Fitch Permitted Investment Rating, the Applicable DBRS Morningstar
Permitted Investment Rating and the Applicable Moody’s Permitted Investment Rating; or, in each case, such other rating
as would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating Agency
to any Class of Certificates (or, insofar as there is then outstanding any class of Serviced Companion Loan Securities that is
then rated by such rating agency, such class of securities) as evidenced in writing;

 

(iii)     repurchase
agreements or obligations with respect to any security described in clause (i) above where such security has a remaining
maturity of one year or less and where such repurchase obligation has been entered into with a depository institution or trust
company (acting as principal) described in clause (ii) above;

 

(iv)    debt
obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any state thereof which mature in one (1) year or less from the date of acquisition that, in each case, satisfy
the Applicable Fitch Permitted Investment Rating, the Applicable DBRS Morningstar Permitted Investment Rating and the Applicable
Moody’s Permitted Investment Rating (or, in the case of any such Rating Agency, such lower rating as is the subject of a
Rating Agency Confirmation by such Rating Agency); provided, however, that securities issued by any particular corporation
will not be Permitted Investments to the extent that investment therein will cause the then outstanding principal amount of securities
issued by such corporation and held in the accounts established hereunder to exceed 10% of the sum of the

 

     -101-

     

    

 

aggregate principal
balance and the aggregate principal amount of all Permitted Investments in such accounts;

 

(v)     commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to any withholding
imposed by any non-United States jurisdiction) that, in each case, satisfy the Applicable Fitch Permitted Investment Rating, the
Applicable DBRS Morningstar Permitted Investment Rating and the Applicable Moody’s Permitted Investment Rating (or such
lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency relating to the Certificates and any Serviced
Companion Loan Securities);

 

(vi)    money
market funds, which seek to maintain a constant net asset value per share (including the Federated Prime Obligation Money Market
Fund, US Bank Long Term Eurodollar Sweep, the Wells Fargo Money Market Funds or the Wells Fargo Advantage Government Money Market
Fund) so long as any such fund is rated “Aaa-mf” by Moody’s and in the highest short term unsecured debt ratings
category by each of Fitch and DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating (or higher) by at least
two (2) NRSROs (which may include any of the Rating Agencies)) relating to the Certificates and any Serviced Companion Loan Securities;

 

(vii)   any
other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more of
the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi) above with
respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth
in the applicable clause is not satisfied with respect to such demand, money market or time deposit, obligation, security or investment
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25); and

 

(viii)  any
other demand, money market or time deposit, obligation, security or investment not listed in clauses (i) – (vi)
above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency;

 

provided,
however, that each Permitted Investment qualifies as a “cash flow investment” pursuant to Section 860G(a)(6)
of the Code, and that (a) it shall have a predetermined fixed dollar of principal due at maturity that cannot vary or change and
(b) any such investment that provides for a variable rate of interest must have an interest rate that is tied to a single interest
rate index plus a fixed spread, if any, and move proportionately with such index; and provided, further, however,
that no such instrument shall be a Permitted Investment (a) if such instrument evidences principal

 

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and interest payments derived
from obligations underlying such instrument and the interest payments with respect to such instrument provide a yield to maturity
at the time of acquisition of greater than 120% of the yield to maturity at par of such underlying obligations, (b) if such instrument
may be redeemed at a price below the purchase price or (c) if such investment is purchased at a premium over par; and provided,
further, however, that no amount beneficially owned by any Trust REMIC (even if not yet deposited in the Trust)
may be invested in investments (other than money market funds) treated as equity interests for federal income tax purposes, unless
the applicable Master Servicer receives an Opinion of Counsel, at its own expense, to the effect that such investment will not
adversely affect the status of any Trust REMIC. Permitted Investments may not be interest-only securities. All investments shall
mature or be redeemable upon the option of the holder thereof on or prior to the Business Day preceding the day before the date
such amounts are required to be applied hereunder.

 

“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance
(or title agency fees) and/or other fees, insurance commissions or fees received or retained by the applicable Special Servicer
or any of its Affiliates in connection with any services performed by such party with respect to any Mortgage Loan and Serviced
Companion Loan (including any related REO Property) in accordance with this Agreement.

 

“Permitted
Transferee”: Any Person or any agent thereof other than (a) a Disqualified Organization, (b) any other Person so designated
by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person
requesting the transfer) to the effect that the transfer of an Ownership Interest in any Class R Certificate to such Person will
not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Person that
is a Disqualified Non-U.S. Tax Person, (d) any partnership if any of its interests are (or under the partnership agreement are
permitted to be) owned, directly or indirectly (other than through a U.S. corporation), by a Disqualified Non-U.S. Tax Person
or (e) a U.S. Tax Person with respect to whom income from the Class R Certificate is attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any other U.S. Tax Person.

 

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

 

“Plan”:
As defined in Section 5.03(n).

 

“Plan
Fiduciary”: As defined in Section 5.03(r).

 

“Pre-Close
Information”: As defined in Section 3.13(c).

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(i).

 

“Prepayment
Assumption”: A “constant prepayment rate” of 0% used for determining the accrual of original issue discount
and market discount, if any, and the amortization

 

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premium, if any, on the Certificates for federal income tax purposes; provided
that it is assumed that each Mortgage Loan with an Anticipated Repayment Date prepays on such date.

 

“Prepayment
Interest Excess”: For any Distribution Date and with respect to any Serviced Mortgage Loan or Serviced Whole Loan that
was subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was
applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Due Date and prior to the following Determination
Date, the amount of interest (net of the related Servicing Fees, Non-Serviced Primary Servicing Fees and any Excess Interest),
to the extent collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance Charge actually
collected), that would have accrued at a rate per annum equal to (x) in the case of any such Mortgage Loan other than a
Serviced Mortgage Loan, the sum of (i) the related Net Mortgage Rate for such Mortgage Loan, and (ii) the Certificate Administrator
Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual
Property Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan, the Mortgage Rate (net of Servicing Fees, Non-Serviced
Primary Servicing Fees and any Excess Interest) on the amount of such Principal Prepayment from such Due Date to, but not including,
the date of such prepayment (or any later date through which interest accrues). Prepayment Interest Excesses (to the extent not
offset by Prepayment Interest Shortfalls or required to be paid as Compensating Interest Payments) collected on the Serviced Mortgage
Loans and any Serviced Companion Loan, will be retained by the applicable Master Servicer as additional servicing compensation.

 

“Prepayment
Interest Shortfall”: For any Distribution Date and with respect to any Serviced Mortgage Loan or Serviced Whole Loan
that was subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment
was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Determination Date (or, with respect
to each such Mortgage Loan or Serviced Whole Loan, as applicable, with a Due Date occurring after the related Determination Date,
the related Due Date) and prior to the following Due Date, the amount of interest (net of the related Servicing Fees, Non-Serviced
Primary Servicing Fees and any Excess Interest), to the extent not collected from the related Mortgagor (without regard to any
Prepayment Premium or Yield Maintenance Charge actually collected), that would have accrued at a rate per annum equal to
(x) in the case of any Mortgage Loan other than a Serviced Mortgage Loan, the sum of (i) the related Net Mortgage Rate for such
Mortgage Loan, and (ii) the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer
Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and (y) in the case of any Serviced Whole
Loan, the Mortgage Rate (net of Servicing Fees, Non-Serviced Primary Servicing Fees and any Excess Interest) on the amount of
such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage
Loan or Serviced Whole Loan, as applicable, and ending on such following Due Date. With respect to any Serviced AB Whole Loan,
any Prepayment Interest Shortfall for any Distribution Date shall be allocated first to the related AB Subordinate Companion
Loan, and then to the related Mortgage Loan and any related Serviced Pari Passu Companion Loan, on a pro rata basis.

 

“Prepayment
Premium”: With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance
Charge) paid or payable, as the context requires, by a Mortgagor in connection with a principal prepayment on, or other early
collection

 

     -104-

     

    

 

of principal of, that Mortgage Loan or any successor REO Loan (but excluding any related Companion Loan) with respect
thereto (including any payoff of a Mortgage Loan by a mezzanine lender on behalf of the subject Mortgagor if and as set forth
in the related Intercreditor Agreement).

 

“Primary
Collateral”: With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as directly
securing such Crossed Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed
upon by exercise of the cross-collateralization provisions of such Crossed Underlying Loan.

 

“Primary
Servicing Fee”: The monthly fee payable by the applicable Master Servicer solely from the Servicing Fee to each Initial
Sub-Servicer, which monthly fee accrues at the rate per annum specified as such in the Sub-Servicing Agreement with such
Initial Sub-Servicer.

 

“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of the New York City edition
of The Wall Street Journal (or, if such section or publication is no longer available, such other comparable publication
as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the
“Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable
discretion) as may be in effect from time to time.

 

“Principal
Balance Certificates”: Each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class D, Class E, Class F, Class G and
Class H Certificates, the Exchangeable P&I Certificates and the RR Interest.

 

“Principal
Distribution Amount”: With respect to any Distribution Date and the Principal Balance Certificates (other than the RR
Interest), an amount equal to the sum of (a) the Principal Shortfall for such Distribution Date and (b) the Non-Retained Percentage
of the Aggregate Principal Distribution Amount for such Distribution Date.

 

“Principal
Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan or Serviced Whole Loan that is received
in advance of its scheduled Due Date as a result of such prepayment.

 

“Principal
Shortfall”: For any Distribution Date after the initial Distribution Date with respect to the Mortgage Loans, the amount,
if any, by which (a) the related Principal Distribution Amount for the preceding Distribution Date, exceeds (b) the aggregate
amount actually distributed on the preceding Distribution Date in respect of such Principal Distribution Amount. The Principal
Shortfall for the initial Distribution Date will be zero.

 

“Privileged
Communications”: Any correspondence between the Directing Certificateholder or the Risk Retention Consultation Party
and a Special Servicer referred to in clause (i) of the definition of “Privileged Information”.

 

“Privileged
Information”: Any (i) correspondence between the Directing Certificateholder or the Risk Retention Consultation Party
and a Special Servicer related to any Specially Serviced Loan (other than with respect to any Excluded Loan as to such party)
or the exercise of the Directing Certificateholder’s consent or consultation rights or the Risk Retention

 

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Consultation Party’s
consultation rights under this Agreement, (ii) strategically sensitive information that the applicable Special Servicer has reasonably
determined could compromise the Trust’s position in any ongoing or future negotiations with the related Mortgagor or other
interested party, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status
Report. Each Master Servicer, each Special Servicer, the Operating Advisor and the Asset Representations Reviewer shall be entitled
to rely on any identification of materials as “attorney-client privileged” without liability for any such reliance
hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing
such Privileged Information (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 (in the case of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as evidenced by an Officer’s Certificate
(which, in the case of the Master Servicer or the Special Servicer, shall be from a Servicing Officer and, in the case of the
Trustee or the Certificate Administrator, shall be from a Responsible Officer) certifying that such party has determined that
it is required by law, rule, regulation, order, judgment or decree to disclose such information and delivered to each of the Master
Servicer, the Special Servicer, the Directing Certificateholder, the Operating Advisor, the Asset Representations Reviewer, the
Certificate Administrator and the Trustee) required by law, rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, each
Master Servicer, each Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the
Certificate Administrator, any Additional Servicer designated by a Master Servicer or a Special Servicer, the Operating Advisor,
any Affiliate of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Companion
Holder who provides an Investor Certification, any Non-Serviced Master Servicer, any master servicer under an Other Pooling and
Servicing Agreement, any Person (including the Directing Certificateholder or Risk Retention Consultation Party) who provides
the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides the Certificate
Administrator with an NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted electronically
via the Certificate Administrator’s Website; provided, however, that in no event may a Borrower Party (other
than a Borrower Party that is the Risk Retention Consultation Party or a Special Servicer) be entitled to receive (i) if such
party is the Directing Certificateholder or any Controlling Class Certificateholder, any Excluded Information via the Certificate
Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which
case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party
is not the Directing Certificateholder or any Controlling Class Certificateholder, any information other than the Distribution
Date Statement. In determining whether any Person is an Additional Servicer or an Affiliate of the Operating Advisor, the Certificate
Administrator may rely on direction by any Master Servicer, any Special Servicer, any Mortgage Loan Seller or the Operating Advisor,
as the case may be.

  

     -106-

     

    

 

Notwithstanding
anything to the contrary in this Agreement, if a Special Servicer obtains knowledge that it has become a Borrower Party, such
Special Servicer shall nevertheless be a Privileged Person; provided that such Special Servicer (i) shall not directly
or indirectly provide any information related to the related Excluded Special Servicer Loan to (A) the related Borrower Party,
(B) any of such Special Servicer’s employees or personnel or any of its Affiliate involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party and (ii) shall maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above; provided,
further, that nothing in this Agreement shall be construed as an obligation of any Master Servicer or the Certificate Administrator
to restrict access by a Special Servicer or any Excluded Special Servicer to any information related to any Excluded Special Servicer
Loan and in no case shall any Master Servicer or the Certificate Administrator be held liable if a Special Servicer accesses any
Excluded Special Servicer Information relating to the Excluded Special Servicer Loan; provided, further, that (a)
the applicable Master Servicer shall not restrict access by the applicable Special Servicer to any information related to any
Mortgage Loan, including any Excluded Special Servicer Loan and (b) the Certificate Administrator shall not restrict access by
the applicable Special Servicer to any information related to any Mortgage Loan, including any Excluded Special Servicer Loan;
and provided, further, however, that any Excluded Controlling Class Holder shall be permitted to reasonably
request and to obtain in accordance with Section 4.02(f) of this Agreement any Excluded Information relating to any Excluded
Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded
Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website
on account of it constituting Excluded Information).

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Prohibited
Prepayment”: As defined in the definition of Compensating Interest Payments.

 

“Proposed
Course of Action”: As defined in Section 2.03(l)(i).

 

“Proposed
Course of Action Notice”: As defined in Section 2.03(l)(i).

 

“Prospectus”:
The Prospectus, dated March 17, 2021, relating to the Registered Certificates.

 

“PSA
Party Repurchase Request”: As defined in Section 2.03(k)(ii).

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Purchase
Price”: With respect to any Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the
final paragraph hereof, any related Companion Loan) to be purchased pursuant to (A) Section 5 of the related Mortgage Loan Purchase
Agreement by the related Mortgage Loan Seller, (B) Section 3.16, or (C) Section 9.01, a price, without duplication,
equal to:

 

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(i)       the
outstanding principal balance of such Mortgage Loan (or any related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)) as of the date of purchase; plus

 

(ii)      all
accrued and unpaid interest on the Mortgage Loan (or any related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)), at the related Mortgage Rate in effect from time to time
(excluding any portion of such interest that represents Default Interest or Excess Interest on any ARD Loan), to, but not including,
the Due Date therefor immediately preceding or coinciding with the Determination Date for the Collection Period of purchase; plus

 

(iii)     all
related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement Rate, Special
Servicing Fees (whether paid or unpaid) and any other additional trust fund expenses (except for Liquidation Fees) in respect
of such Mortgage Loan (or related REO Loan (including for such purpose, to the extent required pursuant to the final paragraph
hereof, the related Companion Loan)), if any; plus

 

(iv)     if
such Mortgage Loan (or related REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller, pursuant to
Section 5 of the applicable Mortgage Loan Purchase Agreement, all reasonable out-of-pocket expenses reasonably incurred or to
be incurred by the applicable Master Servicer, the applicable Special Servicer, the Depositor, the Certificate Administrator or
the Trustee in respect of the omission, breach or defect giving rise to the repurchase or substitution obligation, including any
expenses arising out of the enforcement of the repurchase or substitution obligation, including, without limitation, legal fees
and expenses and any additional trust fund expenses relating to such Mortgage Loan (or related REO Loan); provided, however,
that such out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting
an Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate
Owner’s, as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(l);

 

(v)      Liquidation
Fees, if any, payable with respect to such Mortgage Loan (or related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)) (which will not include any Liquidation Fees if such repurchase
occurs or a Loss of Value Payment is received during the Initial Cure Period or, if applicable, prior to the expiration of the
Extended Cure Period); plus

 

(vi)     solely in the case of a repurchase or substitution by the related Mortgage Loan Seller, any Asset
Representations Reviewer Asset Review Fee for such Mortgage Loan, to the extent not previously paid by the related Mortgage
Loan Seller.

 

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Solely
with respect to any Serviced Whole Loan to be sold pursuant to Section 3.16(a)(iii), “Purchase Price” shall
mean the amount calculated in accordance with the preceding sentence in respect of the related Whole Loan, including, for such
purposes, the Mortgage Loan and the related Companion Loan, as applicable. With respect to any REO Property to be sold pursuant
to Section 3.16(b), “Purchase Price” shall mean the amount calculated in accordance with the second
preceding sentence in respect of the related REO Loan (including any related Companion Loan). With respect to any sale pursuant
to Section 3.16(a)(ii) or Section 3.16(e) or for purposes of calculating any Gain-on-Sale Proceeds, the “Purchase
Price” shall be allocated between the related Mortgage Loan and Companion Loan, as applicable, in accordance with, and shall
be equal to the amount provided pursuant to, the provisions of the related Intercreditor Agreement. With respect to any Joint
Mortgage Loan, the Purchase Price that would be payable by each of the applicable Mortgage Loan Sellers for its related Mortgage
Note shall be its respective Mortgage Loan Seller Percentage Interest as of the Closing Date of the total Purchase Price for such
Mortgage Loan. Notwithstanding the foregoing, with respect to any repurchase pursuant to sub-clause (A) and sub-clause
(C) hereof, the “Purchase Price” shall not include any amounts payable in respect of any related Companion Loan.

 

“Qualified
Institutional Buyer”: A “qualified institutional buyer” as defined in Rule 144A under the Act.

 

“Qualified
Insurer”: (i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security or bonding
company qualified to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength rating
of at least: (a) “A3” by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) two other NRSROs
(which may include Fitch and/or DBRS Morningstar) or (B) one other NRSRO (which may include Fitch or DBRS Morningstar) and A.M.
Best Company, Inc.), (b) “A” by Fitch (or, if not rated by Fitch, at least an equivalent rating by one other NRSRO
(which may include Moody’s or DBRS Morningstar)) and (c) “A(low)” by DBRS Morningstar (or, if not rated by DBRS
Morningstar, at least an equivalent rating by one other nationally recognized insurance rating organization (which may include
Fitch or Moody’s)), and (ii) with respect to the fidelity bond and errors and omissions insurance policy required to be
maintained pursuant to Section 3.07(c), except as otherwise permitted by Section 3.07(c), an insurance company that
has a claims paying ability (or the obligations which are guaranteed or backed by a company having such claims paying ability)
rated by at least one (1) of the following rating agencies of at least(a) “A3” by Moody’s, (b) “A-“
by S&P, (c) “A-” by Fitch, (d) “A-:X” by A.M. Best Company, Inc., or (e) “A(low)” by DBRS
Morningstar, or, in the case of clauses (i) or (ii), any other insurer acceptable to the Rating Agencies, as evidenced
by a Rating Agency Confirmation and a confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25).

 

“Qualified
Replacement Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to the applicable Special Servicer contained in this Agreement, (ii) is not the Operating Advisor, the Asset Representations
Reviewer or an Affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating
Advisor (x) any fees or otherwise compensate the Operating

 

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Advisor in respect of its obligations under this Agreement, and (y)
for the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement special
servicer to become a Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than
compensation that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed
as the replacement special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as
successor special servicer, in each case, unless such fee is expressly approved by 100% of the Certificateholders, (vi) currently
has a special servicer rating of at least “CSS3” from Fitch, (vii) is currently acting as a special servicer in a
commercial mortgage-backed securities transaction rated by Moody’s on a transaction-level basis (as to which a commercial
mortgage-backed securities transaction there are outstanding commercial mortgage-backed securities rated by Moody’s), and
has not been publicly cited by Moody’s as having servicing concerns as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities in a transaction serviced by the applicable servicer prior to the time of determination, and (viii) is not a special
servicer that has been cited by DBRS Morningstar as having servicing concerns as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or
withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination.

 

“Qualified
Substitute Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution
will be permitted) replacing a removed Mortgage Loan that must, on the date of substitution: (i) have an outstanding principal
balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
whether or not received, not in excess of the Stated Principal Balance of the removed Mortgage Loan as of the Due Date in the
calendar month during which the substitution occurs; (ii) have a fixed Mortgage Rate not less than the Mortgage Rate of the removed
Mortgage Loan, determined without regard to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan;
(iii) have the same Due Date as and Grace Period no longer than that of the removed Mortgage Loan; (iv) accrue interest on the
same basis as the removed Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve (12) 30-day months);
(v) have a remaining term to stated maturity not greater than, and not more than five (5) years less than, the remaining term
to stated maturity of the removed Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the lesser
of the loan-to-value ratio for the removed Mortgage Loan as of the Closing Date and 75%, in each case using the “value”
for the Mortgaged Property as determined using an Appraisal; (vii) comply as of the date of substitution in all material respects
with all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an environmental
report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and which will
be delivered as a part of the related Mortgage File; (ix) have a then-current debt service coverage ratio at least equal to (A)
with respect to any Mortgage Loan other than an NCB Co-op Mortgage Loan, the greater of (i) the original debt service coverage
ratio of the removed Mortgage Loan as of the Closing Date and (ii) 1.25x; or (B) in the case of an NCB Co-op Mortgage Loan, the
original debt service coverage ratio of the removed Mortgage Loan as of the Closing Date; (x) constitute a “qualified replacement
mortgage” within the meaning of Section 860G(a)(4) of the Code as evidenced by an Opinion of Counsel (provided at the applicable
Mortgage Loan Seller’s expense); (xi) not have a maturity date or an amortization period that extends to a date that is
after the date

 

     -110-

     

    

 

five (5) years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions to those
of the removed Mortgage Loan; (xiii) not be substituted for a removed Mortgage Loan unless the Trustee and the Certificate Administrator
have received Rating Agency Confirmation from each Rating Agency (the cost, if any, of obtaining such Rating Agency Confirmation
to be paid by the applicable Mortgage Loan Seller); (xiv) have been approved, so long as a Control Termination Event has not occurred
and is not continuing and the affected Mortgage Loan is not an Excluded Loan with respect to either the Directing Certificateholder
or the Holder of the majority of the Controlling Class, by the Directing Certificateholder; (xv) prohibit defeasance within two
(2) years of the Closing Date; (xvi) not be substituted for a removed Mortgage Loan if it would result in an Adverse REMIC Event
other than the imposition of a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement,
as determined by an Opinion of Counsel at the cost of the related Mortgage Loan Seller; (xvii) have an engineering report that
indicates no material adverse property condition or deferred maintenance with respect to the related Mortgaged Property that will
be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal
and interest then due. In the event that more than one mortgage loan is substituted for a removed Mortgage Loan, then the amounts
described in clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each such proposed
Qualified Substitute Mortgage Loan shall individually satisfy each of the requirements specified in clauses (ii) through
(xviii); provided that the rates described in clause (ii) above and the remaining term to stated maturity
referred to in clause (v) above shall be determined on a weighted average basis; provided, further, that
no individual Mortgage Rate (net of the Servicing Fee Rate, any Non-Serviced Primary Servicing Fee Rate, the Certificate Administrator
Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual
Property Royalty License Fee Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on, or subject to a
cap equal to, the Weighted Average Net Mortgage Rate) of any Class of Principal Balance Certificates having a Certificate Balance
then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a removed Mortgage Loan, the applicable Mortgage
Loan Seller shall certify that the Qualified Substitute Mortgage Loan meets all of the requirements of the above definition and
shall send such certification to the Trustee, the Certificate Administrator and, prior to the occurrence and continuance of a
Consultation Termination Event, the Directing Certificateholder.

 

“RAC
No-Response Scenario”: As defined in Section 3.25(a).

 

“RAC
Requesting Party”: As defined in Section 3.25(a).

 

“Rated
Final Distribution Date”: As to each Class of Certificates, the Distribution Date in April 2054.

 

“Rating
Agency”: Each of DBRS Morningstar, Fitch and Moody’s or their successors in interest. If no such rating agency
nor any successor thereof remains in existence, “Rating Agency” shall be deemed to refer to such NRSRO or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
each applicable Special Servicer and each applicable Master Servicer, and specific ratings of DBRS Morningstar, Fitch and Moody’s
herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

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“Rating
Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated
by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from each Rating Agency with respect to such matter.

 

“Rating
Agency Inquiry”: As defined in Section 4.07(c).

 

“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 4.07(c).

 

“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the product of (A) the Non-Retained Percentage
and (B) the aggregate Stated Principal Balance (for purposes of this definition only, not giving effect to any reductions of the
Stated Principal Balance for payments of principal collected on the Mortgage Loans that were used to reimburse any Workout-Delayed
Reimbursement Amounts pursuant to Section 3.05(a)(v) to the extent such Workout-Delayed Reimbursement Amounts are not otherwise
determined to be Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (excluding any portion allocable to any related
Companion Loan, if applicable) expected to be outstanding immediately following such Distribution Date, is less than (ii) the
then-aggregate Certificate Balance of the Principal Balance Certificates (other than the RR Interest) after giving effect to distributions
of principal on such Distribution Date.

 

“Received
Classes”: As defined in Section 5.11(c).

 

“Record
Date”: With respect to any Distribution Date, the last Business Day of the month immediately preceding the month in
which that Distribution Date occurs.

 

“Registered
Certificates”: The Class A-1, Class A-2, Class A-SB, Class A-3, Class X-A and Class X-B Certificates, the Class A-4
Exchangeable Certificates, the Class A-5 Exchangeable Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable
Certificates and the Class C Exchangeable Certificates.

 

“Regular
Certificates”: Any of the Class A-1, Class A-2, Class A-SB, Class A-3, Class D, Class E, Class F, Class G, Class H,
Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-H Certificates and the RR Interest.

 

“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 provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

 

“Regulation
AB Companion Loan Securitization”: As defined in Section 11.15(a).

 

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“Regulation
AB Servicing Officer”: Any officer or employee of any Master Servicer or any Special Servicer, as applicable, involved
in, or responsible for, the administration and servicing of the Mortgage Loans or Companion Loans, or this Agreement and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s
knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing
Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the
Trustee and/or the Certificate Administrator by the applicable Master Servicer or the applicable Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Book-Entry Certificates”: The Non-Registered Certificates sold to institutions that are non-United States Securities
Persons in Offshore Transactions in reliance on Regulation S and represented by one or more Book-Entry Non-Registered Certificates
deposited with the Certificate Administrator as custodian for the Depository.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.03(d) and P&I Advances in accordance with Section 4.03(d), which rate per annum shall equal the Prime
Rate.

 

“Related
Certificates,” “Related Exchangeable Upper-Tier Regular Interest” and “Related Lower-Tier
Regular Interests”: For each of the following Classes of Certificates and Exchangeable Upper-Tier Regular Interests,
the related Class of Lower-Tier Regular Interests; and for each of the following Classes of Lower-Tier Regular Interests, the
related Class of Certificates or Exchangeable Upper-Tier Regular Interest set forth below:

 

	 	Related
Certificates or Related 

Exchangeable Upper-Tier Regular 

Interest 
	 	Related
                                         Lower-Tier Regular Interest

        
	 
	 	Class
    A-1 Certificates	 	Class
    LA1 Uncertificated Interest	 
	 	Class
    A-2 Certificates	 	Class
    LA2 Uncertificated Interest	 
	 	Class
    A-SB Certificates	 	Class
    LASB Uncertificated Interest	 
	 	Class
    A-3 Certificates	 	Class
    LA3 Uncertificated Interest	 
	 	Class
    A-4 Upper-Tier Regular Interest	 	Class
    LA4 Uncertificated Interest	 
	 	Class
    A-5 Upper-Tier Regular Interest	 	Class
    LA5 Uncertificated Interest	 
	 	Class
    A-S Upper-Tier Regular Interest	 	Class
    LAS Uncertificated Interest	 
	 	Class
    B Upper-Tier Regular Interest	 	Class
    LB Uncertificated Interest	 
	 	Class
    C Upper-Tier Regular Interest	 	Class
    LC Uncertificated Interest	 
	 	Class
    D Certificates	 	Class
    LD Uncertificated Interest	 
	 	Class
    E Certificates	 	Class
    LE Uncertificated Interest	 
	 	Class
    F Certificates	 	Class
    LF Uncertificated Interest	 
	 	Class
    G Certificates	 	Class
    LG Uncertificated Interest	 
	 	Class
    H Certificates	 	Class
    LH Uncertificated Interest	 
	 	RR
    Interest	 	LRR
    Uncertificated Interest	 

 

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“Relevant
Servicing Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit Z attached
hereto. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect
to a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, a Master Servicer or a Special Servicer,
the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to such
Master Servicer, such Special Servicer, the Trustee and/or the Certificate Administrator.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860D of the Code (or any successor thereto).

 

“REMIC
Administrator”: The Certificate Administrator or any REMIC administrator appointed pursuant to Section 10.04.

 

“REMIC
Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear
at Sections 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and temporary and final Treasury
Regulations (or proposed regulations that would apply by reason of their proposed effective date to the extent not inconsistent
with temporary or final regulations) and any rulings or announcements promulgated thereunder, as the foregoing may be in effect
from time to time.

 

“Remittance
Date”: The Business Day immediately preceding each Distribution Date.

 

“Rents
from Real Property”: With respect to any REO Property, gross income of the character described in Section 856(d) of
the Code.

 

“REO
Account”: A segregated custodial account or accounts created and maintained by (a) with respect to each of the Mortgage
Loans other than the NCB Co-op Mortgage Loans, the General Special Servicer pursuant to Section 3.14(b) on behalf of the
Trustee for the benefit of the Certificateholders and with respect to any Serviced Whole Loan, for the benefit of the related
Serviced Companion Noteholder, which shall initially be entitled “Rialto Capital Advisors, LLC, as General Special Servicer,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BANK 2021-BNK32,
Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, REO Account” and (b) with respect to the NCB Co-op Mortgage
Loans, the NCB Special Servicer, pursuant to and for the benefit of the Persons specified in Section 3.14(b), which shall be titled
“National Cooperative Bank, N.A., as NCB Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered holders of the BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32”.
Any such account or accounts shall be an Eligible Account.

 

“REO
Acquisition”: The acquisition for federal income tax purposes of any REO Property pursuant to Section 3.09.

 

“REO
Disposition”: The sale or other disposition of the REO Property pursuant to Section 3.16.

 

“REO
Extension”: As defined in Section 3.14(a).

 

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“REO
Loan”: Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan, as applicable),
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 applicable portion of the related REO Property (or beneficial interest therein, in the case of a Non-Serviced
Mortgage Loan) remains part of the Trust Fund and provides for Assumed Scheduled Payments on each Due Date therefor, and otherwise
has the same terms and conditions as its predecessor Mortgage Loan or Companion Loan, if applicable, including, without limitation,
with respect to the calculation of the Mortgage Rate in effect from time to time (such terms and conditions to be applied without
regard to the default on such predecessor Mortgage Loan or Companion Loan, if applicable). 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 or Companion Loan, if applicable, as of the date of the related REO Acquisition.
All amounts due and owing in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the
related REO Acquisition, 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 applicable Master Servicer, the applicable Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of the predecessor
Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation,
any unpaid Special Servicing Fees and Servicing Fees, additional trust fund expenses and any unreimbursed Advances, together with
any interest accrued and payable to the applicable Master Servicer or the Trustee, as applicable, in respect of such Advances
in accordance with Section 3.03(d) or Section 4.03(d), shall continue to be payable or reimbursable to the applicable
Master Servicer, the applicable Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator
or the Trustee, as applicable, in respect of an REO Loan. In addition, Unliquidated Advances and Nonrecoverable Advances with
respect to such REO Loan, in each case, that were paid from collections on the related Mortgage Loans and resulted in principal
distributed to the Certificateholders being reduced as a result of the first proviso in the definition of “Aggregate Principal
Distribution Amount” shall be deemed outstanding until recovered. Notwithstanding anything to the contrary, with respect
to each Serviced Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to the related Serviced Pari
Passu Companion Loan, as applicable, will be available for amounts due to the Certificateholders or to reimburse the Trust, other
than in the limited circumstances related to Servicing Advances, indemnification payments, Special Servicing Fees and other reimbursable
expenses related to such Serviced Whole Loan incurred with respect to such Serviced Whole Loan, in accordance with Section
3.05(a), or with respect to an AB Subordinate Companion Loan, as set forth in the related Intercreditor Agreement.

 

“REO
Property”: A Mortgaged Property acquired by the applicable Special Servicer on behalf of, and in the name of, the Trustee
or a nominee thereof for the benefit of the Certificateholders (and the related Companion Holder, subject to the related Intercreditor
Agreement, with respect to a Mortgaged Property securing a Serviced Whole Loan) to the extent set forth herein and the Trustee
(as holder of the Lower-Tier Regular Interests) (and also including, if applicable, the Trust’s beneficial interest in a
Non-Serviced Mortgaged Property acquired by the applicable Non-Serviced Special Servicer on behalf of, and in the name of, the
applicable Non-Serviced Trustee or a nominee thereof for the benefit of the certificateholders under the

 

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applicable Non-Serviced
Trust) 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. References herein to a Special Servicer acquiring, maintaining, managing,
inspecting, insuring, selling or reporting or to Appraisal Reduction Amounts and Final Recovery Determinations with respect to
an “REO Property”, shall not include the Trust’s beneficial interest in a Non-Serviced Mortgaged Property. For
the avoidance of doubt, REO Property, to the extent allocable to a Companion Loan, shall not be an asset of the Trust Fund, any
Trust REMIC or the Grantor Trust.

 

“REO
Revenues”: All income, rents and profits derived from the ownership, operation or leasing of any REO Property.

 

“Reportable
Event”: As defined in Section 11.07.

 

“Reporting
Requirements”: As defined in Section 11.12.

 

“Reporting
Servicer”: Each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian or any Servicing Function Participant engaged by such parties, as the case may be.

 

“Repurchase
Request”: A Certificateholder Repurchase Request or a PSA Party Repurchase Request.

 

“Repurchase
Request Recipient”: As defined in Section 2.02(g).

 

“Repurchased
Note”: As defined in Section 3.30(a).

 

“Repurchasing
Mortgage Loan Seller”: As defined in Section 3.30(a).

 

“Request
for Release”: A release signed by a Servicing Officer of the applicable Master Servicer or the applicable Special Servicer,
as applicable, in the form of Exhibit E attached hereto.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.05(b).

 

“Required
Credit Risk Retention Percentage”: 5%.

 

“Residual
Ownership Interest”: Any record or beneficial interest in the Class R Certificates.

 

“Resolution
Failure”: As defined in Section 2.03(k)(iii).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement,

 

     -116-

     

    

 

(iv) the applicable Mortgage Loan Seller
has made a Loss of Value Payment, (v) a contractually binding agreement has been entered into between the Enforcing Servicer,
on behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations
under the related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a
result of a sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Agreement and, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) the Certificate
Administrator, any officer assigned to the Corporate Trust Services group with direct responsibility for the administration of
this Agreement and, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate
Administrator because of such officer’s knowledge of and familiarity with the particular subject.

 

“Restricted
Period”: The forty (40) day period prescribed by Regulation S commencing on the later of (a) the date upon which Certificates
are first offered to Persons other than the Initial Purchasers or Underwriters and any other distributor (as such term is defined
in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retained
Certificate Available Funds”: With respect to any Distribution Date, an amount equal to the sum of (i) the Required
Credit Risk Retention Percentage of the Aggregate Available Funds for such Distribution Date and (ii) the Retained Certificate
Gain-on-Sale Remittance Amount.

 

“Retained
Certificate Gain-on-Sale Remittance Amount”: For each Distribution Date, the lesser of (i) the amount on deposit in
the Retained Certificate Gain-on-Sale Reserve Account on such Distribution Date, and (ii) the Required Credit Risk Retention Percentage
of the Aggregate Gain-on-Sale Entitlement Amount.

 

“Retained
Certificate Gain-on-Sale Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account)
created and maintained by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit
of the Holders of the RR Interest, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BANK
2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Retained Certificate Gain-on-Sale Reserve Account”.
Any such account shall be an Eligible Account or a subaccount of an Eligible Account.

 

“Retained
Certificate Interest Distribution Amount”: With respect to the RR Interest for any Distribution Date, an amount equal
to the product of (A) the Risk Retention Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders
of the Certificates (other than the RR Interest) and Exchangeable Upper-Tier Regular Interests pursuant to Sections 4.01(a)(i),
(iv), (vii), (x), (xiii), (xvi), (xix), (xxii) and (xxv) on such Distribution
Date.

 

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“Retained
Certificate Principal Distribution Amount”: With respect to the RR Interest for any Distribution Date, an amount equal
to the product of (A) the Risk Retention Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders
of the Regular Certificates (other than the RR Interest) and Exchangeable Upper-Tier Regular Interests pursuant to Sections
4.01(a)(ii), (v), (viii), (xi), (xiv), (xvii), (xx), (xxiii) and (xxvi)
on such Distribution Date.

 

“Retained
Certificate Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the product of (A)
the Required Credit Risk Retention Percentage and (B) the aggregate Stated Principal Balance (for purposes of this definition
only, not giving effect to any reductions of the Stated Principal Balance for payments of principal collected on the Mortgage
Loans that were used to reimburse any Workout-Delayed Reimbursement Amounts pursuant to Section 3.05(a)(v) to the extent
such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans and
any successor REO Loans (but excluding any related Companion Loans) expected to be outstanding immediately following such Distribution
Date, is less than (ii) the Certificate Balance of the RR Interest after giving effect to distributions of principal on such Distribution
Date.

 

“Retained
Certificate Realized Loss Distribution Amount”: With respect to the RR Interest for any Distribution Date, an amount
equal to the product of (A) the Risk Retention Allocation Percentage and (B) the aggregate amount of reimbursed Realized Losses
and interest thereon distributed to the Holders of the Regular Certificates (other than the RR Interest) and Exchangeable Upper-Tier
Regular Interests pursuant to Sections 4.01(a)(iii), (vi), (ix), (xii), (xv), (xviii),
(xxi), (xxiv) and (xxvii) on such Distribution Date.

 

“Retained
Defeasance Rights and Obligations”: Any of the rights and obligations of the Mortgage Loan Sellers defined in Section
3.18(i).

 

“Retained
Fee Rate”: A rate equal to (A) 0.0100% per annum with respect to each NCB Mortgage Loan, and (B) with respect to each
Mortgage Loan (other than the NCB Mortgage Loans) a rate that causes the Transferable Servicing Interest to equal zero.

 

“Retained
Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed
to be owned by the Holders of the RR Interest in proportions equal to their respective Percentage Interests.

 

“Retaining
Parties”: Each of Wells Fargo Bank, National Association, Morgan Stanley Bank, N.A. and Bank of America, National Association,
acting as Holder of the RR Interest, and any successor Holder of all or part of the RR Interest.

 

“Retaining
Sponsor”: Morgan Stanley Mortgage Capital Holdings LLC, acting as retaining sponsor as such term is defined in Risk
Retention Rules.

 

“Reverse
Sequential Order”: With respect to any distribution or allocation relating to principal in respect of the Principal
Balance Certificates (other than any Exchangeable Certificates and the RR Interest) and the Exchangeable Upper-Tier Regular Interests:

 

first,
to the Class H Certificates;

 

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second,
to the Class G Certificates;

 

third,
to the Class F Certificates;

 

fourth,
to the Class E Certificates;

 

fifth,
to the Class D Certificates;

 

sixth,
to the Class C Upper-Tier Regular Interest (and, correspondingly, to the Class C, Class C-1 and Class C-2 Certificates, pro
rata in proportion to their Class Percentage Interests in the Class C Upper-Tier Regular Interest);

 

seventh,
to the Class B Upper-Tier Regular Interest (and, correspondingly, to the Class B, Class B-1 and Class B-2 Certificates, pro
rata in proportion to their Class Percentage Interests in the Class B Upper-Tier Regular Interest);

 

eighth,
to the Class A-S Upper-Tier Regular Interest (and, correspondingly, to the Class A-S, Class A-S-1 and Class A-S-2 Certificates,
pro rata in proportion to their Class Percentage Interests in the Class A-S Upper-Tier Regular Interest); and

 

ninth,
pro rata (based on their respective Certificate Balances), to the Class A-1, Class A-2, Class A-SB and Class A-3 Certificates
and the Class A-4 and Class A-5 Upper-Tier Regular Interests (and, correspondingly, to the Class A-4, Class A-4-1, Class A-4-2,
Class A-5, Class A-5-1 and Class A-5-2 Certificates, pro rata in proportion to their Class Percentage Interests in the
Class A-4 Upper-Tier Regular Interest or the Class A-5 Upper-Tier Regular Interest, as applicable),

 

in
each case until the remaining Certificate Balances of such Classes of Certificates or Exchangeable Upper-Tier Regular Interests
have been reduced to zero.

 

“Review
Materials”: As defined in Section 12.01(b)(i).

 

“Review
Package”: A Rating Agency Confirmation request and any supporting documentation delivered therewith.

 

“Revised
Rate”: With respect to any ARD Loan, the increased interest rate after the related Anticipated Repayment Date (in the
absence of a default) for each applicable Mortgage Loan, as calculated and as set forth in the related Mortgage Loan.

 

“Risk
Retention Allocation Percentage”: A percentage equal to the Required Credit Risk Retention Percentage divided by the
Non-Retained Percentage.

 

“Risk
Retention Consultation Party”: The Risk Retention Consultation Party shall be the party selected by the Holders of more
than 50% of the RR Interest (by Certificate Balance, as determined by the Certificate Registrar) from time to time. The Depositor
shall promptly provide the name and contact information for the initial Risk Retention Consultation Party upon request of any
party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided by the
Depositor. The Certificate Administrator and the

 

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other parties hereto shall be entitled to assume that the identity of the Risk
Retention Consultation Party has not changed until such parties receive written notice of the identity and contact information
of a replacement of the Risk Retention Consultation Party from a party holding the requisite interest in the RR Interest (as confirmed
by the Certificate Registrar). The initial Risk Retention Consultation Party shall be Morgan Stanley Mortgage Capital Holdings
LLC, a New York limited liability company.

 

“Risk
Retention Requirements”: The credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C. §78o-11),
as added by Section 941 of the Dodd-Frank Act.

 

“Risk
Retention Rules”: The joint final rule that was promulgated to implement the Risk Retention Requirements (which such
joint final rule has been codified, inter alia, at 17 C.F.R. § 246), as such rule may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the Office of the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Commission
and the Department of Housing and Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by the staff of any
such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective, from time to
time, as of the applicable compliance date specified therein. Any reference to a Section of the Risk Retention Rules shall mean
the subsection of the Risk Retention Rules identified with the same corresponding number as the referenced “Section”.
For example, “Section 7 of the Risk Retention Rules” means 17 C.F.R. § 246.7.

 

“RR
Interest”: A Certificate (or all Certificates, as the context may require) designated as “RR Interest” on
the face thereof, in the form of Exhibit A-4 hereto, and evidencing (i) a beneficial interest in a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and (ii) beneficial ownership of the RR Interest Specific Grantor
Trust Assets.

 

“RR
Interest Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of a portion of any Excess Interest
equal to the product of (A) the Required Credit Risk Retention Percentage and (B) the aggregate amount of Excess Interest received
on or prior to the related Determination Date, related amounts in the Excess Interest Distribution Account and the proceeds thereof,
beneficial ownership of which is represented by the RR Interest.

 

“RR
Interest Transfer Restriction Period”: The period from the Closing Date to the earlier of: (a) the latest of (i) the
date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal balance of the Principal
Balance Certificates has been reduced to 33.0% of the aggregate outstanding principal balance of the Principal Balance Certificates
as of the Closing Date; and (iii) two years after the Closing Date; and (b) the date on which the Risk Retention Rules have been
effectively abolished or amended or officially determined by the OCC, the Board of Governors of the Federal Reserve System, the
FDIC, the Federal Housing Finance Agency, the Commission and the Department of Housing and Urban Development to be no longer applicable
to the Trust.

 

“Rule
144A”: Rule 144A under the Act.

 

     -120-

     

    

 

“Rule
144A Book-Entry Certificate”: With respect to the Non-Registered Certificates offered and sold in reliance on Rule 144A,
a single, permanent Book-Entry Certificate, in definitive, fully registered form without interest coupons.

 

“Rules”:
As defined in Section 2.03(n)(iv).

 

“S&P”:
S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and its successors in interest. If
neither S&P nor any successor remains in existence, “S&P” shall be deemed to refer to such other NRSRO or
other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the
Certificate Administrator, each Master Servicer, the Directing Certificateholder and each Special Servicer and specific ratings
of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Sarbanes-Oxley
Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley
Certification”: As defined in Section 11.05(a)(iv).

 

“Schedule
AL Additional File”: The data file containing additional information or schedules regarding data points in the CREFC®
Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation S-K under the Securities
Act.

 

“Scheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal
portions of the following: (a) all Periodic Payments (excluding Balloon Payments) due in respect of such Mortgage Loans during
or, if and to the extent not previously received or advanced pursuant to Section 4.03 in respect of a preceding Distribution
Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled
Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the
Mortgagor as of the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period
ending after the related Determination Date, the related Due Date or last day of such Grace Period, as applicable, to the extent
received by the applicable Master Servicer as of the Business Day preceding the related P&I Advance Date) or (ii) advanced
by the applicable Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 in respect of such Distribution
Date, and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination
Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the related Determination
Date, the related Due Date or last day of such Grace Period, as applicable, to the extent received by the applicable Master Servicer
as of the Business Day preceding the related P&I Advance Date), and to the extent not included in clause (a) above.

 

“Secure
Data Room”: The webpage, which shall initially be located within the Certificate Administrator’s Website (initially
“www.ctslink.com”), under the “Secure Data Room” tab on the page relating to this transaction.

 

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“Securities
Act”: The Securities Act of 1933, as it may be amended from time to time.

 

“Security
Agreement”: With respect to any Mortgage Loan, any security agreement or equivalent instrument, whether contained in
the related Mortgage or executed separately, creating in favor of the holder of such Mortgage a security interest in the personal
property constituting security for repayment of such Mortgage Loan.

 

“Senior
Certificate”: Any Class A Certificate (other than a Class A-S Exchangeable Certificate) or Class X Certificate.

 

“Serviced
AB Mortgage Loan”: Any AB Mortgage Loan serviced pursuant to this Agreement. There are no Serviced AB Mortgage Loans
as of the Closing Date.

 

“Serviced
AB Whole Loan”: Any AB Whole Loan serviced pursuant to this Agreement. There are no Serviced AB Whole Loans as of the
Closing Date.

 

“Serviced
Companion Loan”: Any Serviced Pari Passu Companion Loans and any AB Subordinate Companion Loan related to a Serviced
AB Whole Loan, as applicable.

 

“Serviced
Companion Loan Securities”: For so long as the related Mortgage Loan or any successor REO Loan is in the Trust Fund,
any class of securities backed, wholly or partially, by any Serviced Companion Loan.

 

“Serviced
Companion Noteholder”: Each of the holders of (a) the Pathline Park 9 & 10 Pari Passu Companion Loans and (b) the
Extra Space Rock ‘N Roll Self Storage Portfolio Pari Passu Companion Loan and (c) any AB Subordinate Companion Loan related
to a Serviced AB Whole Loan, as applicable.

 

“Serviced
Companion Noteholder Register”: The register maintained by the Companion Paying Agent pursuant to Section 3.28.

 

“Serviced
Mortgage Loan”: A Mortgage Loan serviced and administered under this Agreement.

 

“Serviced
Pari Passu Companion Loan”: Each of (a) the Pathline Park 9 & 10 Pari Passu Companion Loans and (b) the Extra Space
Rock ‘N Roll Self Storage Portfolio Pari Passu Companion Loan.

 

“Serviced
Pari Passu Companion Loan Holder”: Any holder of record of any Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Companion Loan Securities”: For so long as the related Mortgage Loan or any successor REO Loan is in the
Trust Fund, any class of securities issued by another securitization and backed by a Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Mortgage Loan”: Any Mortgage Loan serviced pursuant to this Agreement that is part of a Serviced Pari Passu
Whole Loan. Each of the following is a

 

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Serviced Pari Passu Mortgage Loan: (a) the Pathline Park 9 & 10 Mortgage Loan, (b)
the Extra Space Rock ‘N Roll Self Storage Portfolio Mortgage Loan and (c) each Servicing Shift Mortgage Loan (prior to the
related Servicing Shift Securitization Date).

 

“Serviced
Pari Passu Whole Loan”: Any Whole Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan and
one or more Serviced Pari Passu Companion Loans. Each of the following is a Serviced Pari Passu Whole Loan: (a) the Pathline Park
9 & 10 Whole Loan, (b) the Extra Space Rock ‘N Roll Self Storage Portfolio Whole Loan and (c) each Servicing Shift Whole
Loan (prior to the related Servicing Shift Securitization Date).

 

“Serviced
REO Loan”: Any REO Loan that is serviced by a Special Servicer pursuant to this Agreement.

 

“Serviced
REO Property”: Any REO Property that is serviced by a Special Servicer pursuant to this Agreement.

 

“Serviced
Securitized Companion Loan”: Any Companion Loan that is a component of a Serviced Whole Loan, if and for so long as
each such Companion Loan is included in a Regulation AB Companion Loan Securitization.

 

“Serviced
Whole Loan”: Each of the Serviced Pari Passu Whole Loans, any Serviced AB Whole Loan and each Servicing Shift Whole
Loan (prior to the related Servicing Shift Securitization Date).

 

“Serviced
Whole Loan Controlling Holder”: The “Controlling Noteholder” or similar term identified in the Intercreditor
Agreement related to a Serviced Whole Loan.

 

“Serviced
Whole Loan Remittance Date”: With respect to any Serviced Companion Loan: (i) the date specified as the applicable remittance
date (or equivalent concept) in the related Intercreditor Agreement or (ii) if no such applicable remittance date (or equivalent
concept) is so specified in the related Intercreditor Agreement, then the earlier of (A) the Remittance Date and (B) one (1) Business
Day after the “determination date” (or any term substantially similar thereto) as defined in the related Other Pooling
and Servicing Agreement, in each case, as long as the date on which the remittance is required is at least one (1) Business Day
after the Due Date.

 

“Servicer
Termination Event”: One or more of the events described in Section 7.01(a).

 

“Servicing
Account”: The account or accounts created and maintained pursuant to Section 3.03(a).

 

“Servicing
Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’
fees and expenses and fees of real estate brokers) incurred by the applicable Master Servicer, the applicable Special Servicer,
Certificate Administrator, or the Trustee, as applicable, in connection with the servicing and administering of (a) a Mortgage
Loan (and in the case of a Serviced Mortgage Loan, the related Serviced Companion Loan, as applicable), other than a Non-Serviced
Mortgage Loan, in respect of which a default, delinquency

 

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or other unanticipated event has occurred or as to which a default is
reasonably foreseeable or (b) a Mortgaged Property securing a Serviced Mortgage Loan or an REO Property (other than an REO Property
related to a Non-Serviced Mortgage Loan), including, in the case of each of such clause (a) and clause (b), but
not limited to, (x) the cost of (i) compliance with the applicable Master Servicer’s obligations set forth in Section
3.03(c), (ii) the preservation, restoration and protection of a Mortgaged Property and the priority of a Mortgage, (iii) obtaining
any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi)
of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged
Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and
(y) 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 applicable Master Servicer or the applicable
Special Servicer, 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. Each applicable Master Servicer, each applicable Special Servicer and the Trustee shall not
make any Servicing Advance in connection with the exercise of any cure rights or purchase rights granted to the holder of a Companion
Loan under the related Intercreditor Agreement or this Agreement.

 

“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to
time and which as of the Closing Date are listed on Exhibit Z hereto.

 

“Servicing
Fee”: With respect to each Mortgage Loan (including each Non-Serviced Mortgage Loan), Serviced Companion Loan, and any
REO Loan, the fee payable to the applicable Master Servicer pursuant to the first paragraph of Section 3.11(a).

 

“Servicing
Fee Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan, a per annum
rate equal to the sum of the rates set forth on the Mortgage Loan Schedule under the headings “Master Servicing Fee
Rate” and “Primary Servicing Fee Rate”, which rate includes, in each such case, the rate at which applicable
master, primary (other than any Non-Serviced Primary Servicing Fee Rate, which is not included under such heading) and sub-servicing
fees accrue, in each case computed on the basis of the Stated Principal Balance of the related Mortgage Loan or REO Loan in the
same manner in which interest is calculated in respect of such loans. With respect to each Serviced Companion Loan (or successor
REO Loan), a per annum rate equal to 0.00250%; provided, that with respect to each Servicing Shift Mortgage Loan,
on and after the related Servicing Shift Securitization Date, the “Primary Servicing Fee Rate” with respect to such
Mortgage Loan comprising a part of the related Servicing Fee Rate shall be 0% per annum.

 

“Servicing
File”: A photocopy or electronic copy of all items required to be included in the Mortgage File, together with each
of the following, (a) to the extent such items were actually delivered to the related Mortgage Loan Seller, with respect to a
Mortgage Loan and (to the extent that the identified documents existed on or before the Closing Date and the applicable reference
to Servicing File relates to any period after the Closing Date) delivered by the related Mortgage Loan Seller, to the applicable
Master Servicer: (i) a copy of any engineering reports or

 

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property condition reports; (ii) other than with respect to a hospitality
property (except with respect to tenanted commercial space within a hospitality property), copies of a rent roll (or, with respect
to residential cooperative properties, maintenance schedules) and, for any office, retail, industrial or warehouse property, a
copy of all leases and estoppels and subordination and non-disturbance agreements delivered to the related Mortgage Loan Seller;
(iii) copies of related financial statements or operating statements; (iv) all legal opinions (excluding attorney-client communications
between the related Mortgage Loan Seller, and its counsel that are privileged communications or constitute legal or other due
diligence analyses), Mortgagor’s certificates and certificates of hazard insurance and/or hazard insurance policies or other
applicable insurance policies, if any, delivered in connection with the closing of the related Mortgage Loan; (v) a copy of the
Appraisal for the related Mortgaged Property(ies); (vi) the documents that were delivered by or on behalf of the Mortgagor, which
documents were required to be delivered in connection with the closing of the related Mortgage Loan; (vii) for any Mortgage Loan
that the related Mortgaged Property is leased to a single tenant, a copy of the lease; and (viii) a copy of all environmental
reports that were received by the applicable Mortgage Loan Seller relating to the relevant Mortgaged Property and (b) copies of
all modifications, extensions and amendments related to the above, any Appraisals and any other document necessary to service
the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any Serviced Companion Loan, in each case, that are created
or prepared after the Closing Date.

 

“Servicing
Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than any Master
Servicer, any Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator, that is performing activities
that address the Servicing Criteria, unless (i) such Person’s activities relate only to 5% or less of the Mortgage Loans
by unpaid principal balance as of any date of determination in accordance with Article XI or (ii) the Depositor reasonably
determines that a Master Servicer or a Special Servicer may, for the purposes of the Exchange Act reporting requirements pursuant
to applicable Commission guidance, take responsibility for the assessment of compliance with the Servicing Criteria of such Person.
The Servicing Function Participants as of the Closing Date are listed on Exhibit FF hereto. Exhibit FF shall be
updated and provided to the Depositor and the Certificate Administrator in accordance with Section 11.10(c).

 

“Servicing
Officer”: Any officer and/or employee of a Master Servicer, a Special Servicer or any Additional Servicer involved in,
or responsible for, the administration and servicing of the Mortgage Loans or Serviced Companion Loans, whose name and specimen
signature appear on a list of servicing officers furnished by such Master Servicer, such Special Servicer or any Additional Servicer
to the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor on the Closing Date as such list may be
amended from time to time thereafter.

 

“Servicing
Shift Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other
evidence of indebtedness and/or agreements evidencing the indebtedness of a Mortgagor under such Servicing Shift Whole Loan including
any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Non-Serviced
Trust will cause servicing to shift from this Agreement to the related Non-Serviced PSA pursuant to the terms of the related Intercreditor
Agreement for such Servicing Shift Whole Loan. There are no Servicing Shift Lead Notes as of the Closing Date.

 

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“Servicing
Shift Mortgage Loan” With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust Fund that
will be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the related Non-Serviced
PSA entered into in connection with the securitization, if any, of the related Servicing Shift Lead Note on and after the applicable
Servicing Shift Securitization Date. There are no Servicing Shift Mortgage Loans as of the Closing Date.

 

“Servicing
Shift Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing
Shift Lead Note is included in a Non-Serviced Trust; provided that the holder of such Servicing Shift Lead Note provides
each of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Non-Serviced
PSA) with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Lead Note is to
be included in such Non-Serviced Trust which notice shall include contact information for the related Non-Serviced Master Servicer,
Non-Serviced Special Servicer, Non-Serviced Certificate Administrator and Non-Serviced Trustee. There are no Servicing Shift Whole
Loans as of the Closing Date.

 

“Servicing
Shift Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date that includes a related Servicing
Shift Mortgage Loan included in the Trust Fund and one or more Companion Loans not included in the Trust Fund, but the servicing
of which is expected to shift to the related Non-Serviced PSA entered into in connection with the securitization, if any, of the
related Servicing Shift Lead Note on or after the applicable Servicing Shift Securitization Date. There are no Servicing Shift
Whole Loans as of the Closing Date.

 

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

 

“Servicing
Transfer Event”: With respect to any Serviced Mortgage Loan, or related Serviced Companion Loan, the occurrence of any
of the following events:

 

(i)       the
related Mortgagor has failed to make when due any Balloon Payment, and the Mortgagor has not delivered to the applicable Master
Servicer or applicable Special Servicer, on or before the due date of such Balloon Payment, a written and fully executed (subject
only to customary final closing conditions) refinancing commitment from an acceptable lender and reasonably satisfactory in form
and substance to the applicable Master Servicer or the applicable Special Servicer, as applicable (and such Master Servicer or
such Special Servicer, as applicable, shall promptly forward such commitment to the Special Servicer or the Master Servicer, as
applicable) which provides that such refinancing will occur within one hundred-twenty (120) days after the date on which such
Balloon Payment will become due (provided that if either (x) such refinancing does not occur before the expiration of the
time period for refinancing specified in such refinancing commitment or (y) the applicable Master Servicer is required to make
a P&I Advance in respect of such Mortgage Loan (or, in the case of any Serviced Whole Loan, in respect of the Mortgage Loan
included in the same Serviced Whole Loan) at any time prior to such refinancing, a Servicing Transfer Event will occur immediately);
or

 

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(ii)      the
related Mortgagor has failed to make when due any Periodic Payment (other than a Balloon Payment) or any other payment (other
than a Balloon Payment) required under the related Mortgage Note or the related Mortgage, which failure has continued unremedied
for sixty (60) days; or

 

(iii)     the
applicable Master Servicer determines (in accordance with the Servicing Standard) or receives from the applicable Special Servicer
a written determination of such Special Servicer (which determination the applicable Special Servicer shall make in accordance
with the Servicing Standard and (A) with the consent of the Directing Certificateholder (other than with respect to an Excluded
Loan with respect to such party and only if no Control Termination Event has occurred and is continuing (or, with respect to a
Serviced AB Whole Loan if an AB Control Appraisal Period is not in effect, the prior consent of the related AB Whole Loan Controlling
Holder, to the extent required by the terms of the related Intercreditor Agreement)) or (B) following consultation with the Directing
Certificateholder (other than with respect to (x) an Excluded Loan with respect to such party and only if a Control Termination
Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing or (y) a Serviced AB
Whole Loan if an AB Control Appraisal Period is not in effect)), that a default in making any Periodic Payment (other than a Balloon
Payment) or any other material payment (other than a Balloon Payment) required under the related Mortgage Note or the related
Mortgage is likely to occur in the foreseeable future, and such default is likely to remain unremedied for at least sixty (60)
days beyond the date on which the subject payment will become due; or the applicable Master Servicer determines (in accordance
with the Servicing Standard) or receives from the applicable Special Servicer a written determination of such Special Servicer
(which determination the applicable Special Servicer shall make in accordance with the Servicing Standard and (A) with the consent
of the Directing Certificateholder (other than with respect to an Excluded Loan with respect to such party and only if no Control
Termination Event has occurred and is continuing (or, with respect to a Serviced AB Whole Loan if an AB Control Appraisal Period
is not in effect, the prior consent of the holder of the related AB Whole Loan Controlling Holder, to the extent required by the
terms of the related Intercreditor Agreement)) or (B) following consultation with the Directing Certificateholder (other than
with respect to (x) an Excluded Loan with respect to such party and only if a Control Termination Event has occurred and is continuing
but no Consultation Termination Event has occurred and is continuing or (y) a Serviced AB Whole Loan if an AB Control Appraisal
Period is not in effect), that a default in making a Balloon Payment is likely to occur in the foreseeable future, and such default
is likely to remain unremedied for at least sixty (60) days beyond the date on which such Balloon Payment will become due (or,
if the Mortgagor has delivered a written and fully executed (subject only to customary final closing conditions) refinancing commitment
from an acceptable lender and reasonably satisfactory in form and substance to the applicable Master Servicer or the applicable
Special Servicer (and such Master Servicer or such Special Servicer, as applicable, shall promptly forward such documentation
to the applicable Special Servicer or applicable Master Servicer, as applicable) which provides that a refinancing will occur
within one

 

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hundred-twenty (120) days following the date on which such Balloon Payment will become due, the applicable Master Servicer
determines (in accordance with the Servicing Standard) or receives from the applicable Special Servicer a written determination
of such Special Servicer (which determination the applicable Special Servicer shall make in accordance with the Servicing Standard
and (A) with the consent of the Directing Certificateholder (other than with respect to an Excluded Loan with respect to such
party and only if no Control Termination Event has occurred and is continuing (or, with respect to a Serviced AB Whole Loan if
an AB Control Appraisal Period is not in effect, the prior consent of the related AB Whole Loan Controlling Holder, to the extent
required by the terms of the related Intercreditor Agreement)) or (B) following consultation with the Directing Certificateholder
(other than with respect to (x) an Excluded Loan with respect to such party and only if a Control Termination Event has occurred
and is continuing but no Consultation Termination Event has occurred and is continuing or (y) a Serviced AB Whole Loan prior to
the occurrence of a Control Appraisal Period)), that (A) the Mortgagor is likely not to make one or more Assumed Scheduled Payments
prior to such a refinancing or (B) such refinancing is not likely to occur within one hundred-twenty (120) days following the
date on which such Balloon Payment will become due); or

 

(iv)     there
shall have occurred a default (including, in the applicable Master Servicer’s or the applicable Special Servicer’s
judgment, the failure of the related Mortgagor to maintain any insurance required to be maintained pursuant to the related Mortgage
Loan documents, unless such default has been waived in accordance with Section 3.07 or Section 3.18) under the related
Mortgage Loan documents, other than as described in clause (i) or (ii) above, that may, in the good faith and reasonable
judgment of the applicable Master Servicer or the applicable Special Servicer (and, in the case of the applicable Special Servicer
(A) with the consent of the Directing Certificateholder (other than with respect to an Excluded Loan with respect to such party
and only if no Control Termination Event has occurred and is continuing (or, with respect to a Serviced AB Whole Loan, if an AB
Control Appraisal Period is not in effect, the prior consent of the related AB Whole Loan Controlling Holder, to the extent required
by the terms of the related Intercreditor Agreement) or (B) following consultation with the Directing Certificateholder (other
than with respect to an Excluded Loan with respect to such party and only if a Control Termination Event has occurred and is continuing
but no Consultation Termination Event has occurred and is continuing))), materially impair the value of the related Mortgaged
Property as security for such Mortgage Loan or Serviced Whole Loan or otherwise materially and adversely affect the interests
of Certificateholders (or, in the case of any Serviced Whole Loan, the interests of any related Serviced Companion Noteholder),
which default has continued unremedied for the applicable cure period under the terms of such Mortgage Loan or Serviced Whole
Loan (or, if no cure period is specified, sixty (60) days); or

 

(v)      a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or

 

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future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the related Mortgagor and such decree or order shall have remained
in force undischarged or unstayed for a period of sixty (60) days; or

 

(vi)     the
related Mortgagor shall have consented to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshalling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all
or substantially all of its property; or

 

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

 

(viii)   the
applicable Master Servicer or the applicable Special Servicer shall have received notice of the commencement of foreclosure or
similar proceedings with respect to the corresponding Mortgaged Property;

 

(ix)      the
applicable Master Servicer or the applicable Special Servicer (and in the case of the applicable Special Servicer, with the consent
of the Directing Certificateholder (other than with respect to an Excluded Loan with respect to such party and only if no Control
Termination Event has occurred and is continuing (or, with respect to a Serviced AB Whole Loan if an AB Control Appraisal Period
is not in effect, the prior consent of the related AB Whole Loan Controlling Holder, to the extent required by the terms of the
related Intercreditor Agreement))) determines that (i) a default (including, in the applicable Master Servicer’s or the
applicable Special Servicer’s judgment, the failure of the related Mortgagor to maintain any insurance required to be maintained
pursuant to the related Mortgage Loan documents, unless such default has been waived in accordance with Section 3.07 or
Section 3.18) under the Mortgage Loan documents (other than as described in clause (iii) above) is imminent or reasonably
foreseeable, (ii) such default will materially impair the value of the corresponding Mortgaged Property as security for the Mortgage
Loan or Serviced Pari Passu Companion Loan (if any) or otherwise materially and adversely affect the interests of Certificateholders
(or the related Serviced Pari Passu Companion Loan Holder) and (iii) the default is likely to continue unremedied for the applicable
cure period under the terms of the Mortgage Loan documents, or, if no cure period is specified and the default is capable of being
cured, for sixty (60) days; or

 

(x)       a
default occurs beyond any applicable grace period or cure period under a Payment Accommodation with respect to any Mortgage Loan
or Serviced Whole Loan, as determined by the applicable Special Servicer in its sole and absolute discretion in accordance with
the Servicing Standard.

 

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provided
that any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced Loan
shall be a Specially Serviced Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Loan. If any
Serviced Companion Loan becomes a Specially Serviced Loan, the related Serviced Mortgage Loan shall also become a Specially Serviced
Loan. If any Serviced Mortgage Loan becomes a Specially Serviced Loan, any related Serviced Companion Loan shall also become a
Specially Serviced Loan. With respect to a Non-Serviced Mortgage Loan, the occurrence of a “Servicing Transfer Event”
shall be as defined in the Non-Serviced PSA.

 

For
the avoidance of doubt, with respect to clauses (ii), (iii), (iv), (vii) and (ix) above, neither (i) a Payment Accommodation with
respect to any Mortgage Loan or Serviced Whole Loan nor (ii) any default or delinquency that would have existed but for such Payment
Accommodation will constitute a Servicing Transfer Event, for so long as the related Mortgagor is complying with the terms of
such Payment Accommodation.

 

“Significant
Obligor”: As defined in Section 11.16.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth (4th) calendar
quarter of any calendar year), the date that is fifteen (15) days after the Distribution Date occurring on or immediately following
the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the
related Mortgage Loan documents.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the ninetieth (90th) day after
the end of such calendar year.

 

“Similar
Law”: As defined in Section 5.03(n).

 

“Sole
Certificateholder”: Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate or
a Holder of a Definitive Certificate holding 100% of the then-outstanding Class X-F, Class X-G, Class X-H, Class F, Class G and
Class H Certificates; provided, that the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3, Class
D and Class E Certificates and the Class A-4, Class A-5, Class A-S, Class B and Class C Upper-Tier Regular Interests have been
reduced to zero.

 

“Special
Notice”: As defined in Section 5.06.

 

“Special
Servicer”: With respect to (i) each of the Mortgage Loans (other than any NCB Mortgage Loan, any Non-Serviced Mortgage
Loan and any Excluded Special Servicer Loan), the Serviced Companion Loans, any REO Property acquired by the Trust with respect
to any such Mortgage Loan and any matters relating to the foregoing, the General Special Servicer, and its successors in interest
and assigns, or any successor special servicer appointed as provided herein, (ii) any NCB Mortgage Loan, any REO Property acquired
by the Trust with respect to any such NCB Mortgage Loan and any matters relating to the foregoing, the NCB Special Servicer and
(iii) any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 7.01(g)
of this Agreement, as applicable and as the context may require.

 

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“Special
Servicer Decision”: With respect to any Mortgage Loan:

 

(i)        other
than with respect to residential cooperative mortgage loans secured by a residential cooperative property, approval of any waiver
regarding the receipt of financial statements (other than immaterial timing waivers including late financial statements);

 

(ii)       subject
to the proviso at the end of this definition, consent to actions and releases related to condemnation of parcels of a Mortgaged
Property;

 

(iii)      other
than with respect to a Non-Specially Serviced Loan secured by a residential cooperative property, any requests for the funding
or disbursement of amounts from any escrow accounts, reserve funds or letters of credit held as “performance”, “earn-out”,
“holdback” or similar escrows or reserves, including the funding or disbursement of any such amounts with respect
to any Mortgage Loan, but excluding, as to Mortgage Loans that are not Specially Serviced Loans, any routine and/or customary
escrow and reserve fundings or disbursements for which the satisfaction of performance-related criteria or lender discretion is
not required or permitted pursuant to the terms of the related Mortgage Loan documents (for the avoidance of doubt, any request
with respect to a Mortgage Loan that is not a Specially Serviced Loan for Routine Disbursements or any other funding or disbursement
as mutually agreed upon by the applicable Master Servicer and the applicable Special Servicer, will not constitute a Special Servicer
Decision; provided, that in the case of any such Mortgage Loan (other than with respect to a Non-Specially Serviced Loan that
is an NCB Co-op Mortgage Loan) whose escrows, reserves, holdbacks and related letters of credit exceed, in the aggregate, at the
related origination date, 10% of the initial principal balance of such Mortgage Loan including any related Companion Loans (which
Mortgage Loans are identified on Schedule 3 hereto), no such funding or disbursement of such escrows, reserves, holdbacks
or letters of credit shall be deemed to constitute a Routine Disbursement, and shall instead constitute Special Servicer Decisions,
except for the routine funding of tax payments and insurance premiums when due and payable and except for any such funding or
disbursement as to which the related Mortgage Loan documents do not provide for lender discretion);

 

(iv)    
other than any request with respect to a residential cooperative property that constitutes a Master Servicer Decision
pursuant to clause (xiv) of the definition of “Master Servicer Decision”, requests to incur additional
debt in accordance with the terms of the Mortgage Loan documents;

 

(v)      subject
to the proviso at the end of this definition, any approval or consent to grants of easements or rights of way (including, without
limitation, for utilities, access, parking, public improvements or another purpose) or subordination of the lien of the Mortgage
Loan to easements, that materially affect the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments
with respect to the related Mortgage Loan or any related Companion Loan;

 

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(vi)    
determining whether to cure any default by a Mortgagor under a Ground Lease or permit any Ground Lease modification, amendment
or subordination, nondisturbance and attornment agreement or entry into a new Ground Lease; and

 

(vii)    other
than with respect to a Ground Lease, any modification, waiver or amendment of any lease, the execution of a new lease or the granting
of a subordination, non-disturbance and attornment agreement in connection with any lease at a Mortgaged Property or REO Property
if the lease affects an area greater than the lesser of (1) 30% of the net rentable area of the improvements at the Mortgaged
Property and (2) 30,000 square feet of the improvements at the Mortgaged Property; provided that the applicable Special Servicer
shall reach a decision on any such Special Servicer Decision within twenty (20) Business Days of its receipt from the Mortgagor
of all information reasonably requested by the applicable Special Servicer in order to process the Special Servicer Decision (such
twenty (20) Business Days being inclusive of the five (5) Business Day period within which the Directing Certificateholder is
required to grant or withhold its consent);

 

provided
that, with respect to a Non-Specially Serviced Loan, if the applicable Special Servicer determines (a) with respect to clause
(ii) above, that a condemnation is not with respect to a material parcel or a material income producing parcel and that such condemnation
does not materially affect the use or value of the related Mortgaged Property or the ability of the related Mortgagor to pay amounts
due in respect of the related Mortgage Loan or Companion Loan when due, or (b) with respect to clause (v) above that an easement
or right of way will not materially affect the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments
with respect to the related Mortgage Loan or any related Companion Loan, it shall provide written notice of such determination
to the Master Servicer, in which case, the Master Servicer shall process such decision and such decision shall be deemed a Master
Servicer Decision not a Special Servicer Decision; provided, further, that the applicable Special Servicer shall
make any such determination and provide any such notice within two (2) Business Days of its receipt of a request related to any
such decision.

 

“Special
Servicing Fee”: With respect to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan),
the fee payable to the related Special Servicer pursuant to Section 3.11(b).

 

“Special
Servicing Fee Rate”: With respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced Mortgage
Loan) on a loan by loan basis, (a) other than with respect to the NCB Special Servicer, the greater of 0.2500% and the per
annum rate that would result in a Special Servicing Fee for the related month of $5,000, and (b) with respect to the NCB Special
Servicer, the greater of 0.2500% and the per annum rate that would result in a Special Servicing Fee of $1,000 for the
related month.

 

“Specially
Serviced Loan”: As defined in Section 3.01(a).

 

“Sponsors”:
The Mortgage Loan Sellers.

 

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“Startup
Day”: The day designated as such in Section 10.01(b).

 

“Stated
Principal Balance”: With respect to any Mortgage Loan, as of any date of determination, an amount equal to (x) the Cut-off
Date Balance of such Mortgage Loan (or in the case of a Qualified Substitute Mortgage Loan, as of the date it is added to the
Trust, the unpaid principal balance of such Mortgage Loan after application of all scheduled payments of principal and interest
due during or prior to the month of substitution, whether or not received) minus (y) the sum of:

 

(i)        the
principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, due after the Due Date in the related month of substitution), to the extent received from the Mortgagor or advanced
by the applicable Master Servicer;

 

(ii)       all
Principal Prepayments received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, after the Due Date in the related month of substitution);

 

(iii)      the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on such Mortgage Loan) and
Liquidation Proceeds received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, after the Due Date in the related month of substitution); and

 

(iv)     any
reduction in the outstanding principal balance of such Mortgage Loan resulting from a Deficient Valuation or a modification of
such Mortgage Loan pursuant to the terms and provisions of this Agreement that occurred prior to the end of the Collection Period
for the most recent Distribution Date.

 

With
respect to any REO Loan that is a successor to a Mortgage Loan (but excluding any related Companion Loan), as of any date of determination,
the Stated Principal Balance shall be an amount equal to (x) the Stated Principal Balance of the predecessor Mortgage Loan as
of the date of the related REO Acquisition, minus (y) the sum of:

 

(i)        the
principal portion of any P&I Advance made with respect to such REO Loan; and

 

(ii)       the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on the related Mortgage Loan),
Liquidation Proceeds and REO Revenues received with respect to such REO Loan (but excluding any related Companion Loan).

 

A
Mortgage Loan or an REO Loan that is a successor to a Mortgage Loan (but excluding any related Companion Loan) shall be deemed
to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution Date on which the payments
or other proceeds, if any, received in connection with a Liquidation Event in respect thereof are to be (or, if no such payments
or other proceeds are received in connection with such Liquidation Event, would have been) distributed to Certificateholders.

 

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With
respect to each Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance
of such Companion Loan as of such date. On any date of determination, the Stated Principal Balance of each Whole Loan shall equal
the sum of the Stated Principal Balances of the related Mortgage Loan and the related Companion Loan(s), as applicable, on such
date.

 

With
respect to any REO Loan that is a successor to a Companion Loan as of any date of determination, the Stated Principal Balance
shall equal (x) the Stated Principal Balance of the predecessor Companion Loan as of the date of the related REO Acquisition,
minus (y) the principal portion of any amounts allocable to the related Companion Loan in accordance with the related Intercreditor
Agreement.

 

With
respect to any Mortgage Loan or REO Loan that is paid in full or any Mortgage Loan or REO Loan (or REO Property) liquidated, as
of the first Distribution Date that follows the end of the Collection Period during which payments or other proceeds are received
in connection with a Liquidation Event with respect to such Mortgage Loan or REO Loan (or REO Property), as applicable, notwithstanding
that a loss may occur in connection with such Liquidation Event, the Stated Principal Balance of the Mortgage Loan or REO Loan
shall be zero.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the CMBS market) of Mortgage Loans but performs one or more discrete functions identified in Item
1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of a Master Servicer, a Special Servicer,
the Operating Advisor, an Additional Servicer or a Sub-Servicer.

 

“Subject
Loan”: As defined in Section 12.02(b).

 

“Subordinate
Certificate”: Any Class A-S Exchangeable Certificate, Class B Exchangeable Certificate, Class C Exchangeable Certificate,
Class D, Class E, Class F, Class G or Class H Certificate.

 

“Subordinate
Companion Holder”: The holder of any AB Subordinate Companion Loan.

 

“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of a Master Servicer, a Special Servicer or an Additional Servicer and is responsible
for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the material servicing
functions required to be performed by such Master Servicer, such Special Servicer or an Additional Servicer under this Agreement,
with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

“Sub-Servicing
Agreement”: The written contract between a Master Servicer or a Special Servicer, as the case may be, and any Sub-Servicer
relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b), an amount equal to the excess,
if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the Stated Principal
Balance of the

 

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related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal and interest
due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage Loans are substituted
(at the same time by the same Mortgage Loan Seller) for one or more removed Mortgage Loans, the Substitution Shortfall Amount
shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage Loan(s)
being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loan(s).

 

“Surrendered
Classes”: As defined in Section 5.11(c).

 

“Surviving
Entity”: As defined in Section 6.03(b).

 

“Tax
Returns”: The federal income tax returns on (i) Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment
Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable
Income or Net Loss Allocation, or any successor forms, to be filed on behalf of each Trust REMIC due to its respective classification
as a REMIC under the REMIC Provisions and (ii) Internal Revenue Service Form 1041 or Internal Revenue Service Form 1099, as applicable,
or any successor forms to be filed on behalf of the Grantor Trust, together with any and all other information, reports or returns
that may be required to be furnished to the Certificateholders or filed with the Internal Revenue Service or any other governmental
taxing authority under any applicable provisions of federal tax law or Applicable State and Local Tax Law.

 

“Temporary
Regulation S Book-Entry Certificate”: As defined in Section 5.02(a).

 

“Termination
Purchase Amount”: The sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Loans) then
included in the Trust, (2) the appraised value of the Trust’s portion of all REO Properties then included in the Trust (which
fair market value for any REO Property may be less than the Purchase Price for the corresponding REO Loan), as determined by an
appraiser selected by the applicable Special Servicer and approved by the applicable Master Servicer and the Controlling Class
and (3) if the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-Serviced
PSA, the pro rata portion of the fair market value of the related property, as determined by the related Non-Serviced Master
Servicer in accordance with clause (2) above.

 

“Test”:
As defined in Section 12.01(b)(iv).

 

“Transaction
Parties”: As defined in Section 5.03(r).

 

“Transfer”:
Any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Certificate.

 

“Transferable
Servicing Interest”: With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan (and any successor REO
Loan with respect thereto), the amount by which the related Servicing Fee otherwise payable to the applicable Master Servicer
hereunder exceeds the sum of (i) the fee payable to the applicable Master Servicer as the portion of the Servicing Fee attributable
to primary servicing and (ii) the amount of the Servicing Fee calculated using the Retained Fee Rate, which Transferable Servicing
Interest is subject to reduction by the

 

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Trustee pursuant to Section 3.11(a) of this Agreement. The Transferable Servicing
Interest with respect to each Mortgage Loan is (A) with respect to each NCB Mortgage Loan, six (6) basis points, and (B) with
respect to each Mortgage Loan (other than the NCB Mortgage Loans), zero.

 

“Transferee”:
Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.03(o)(ii).

 

“Transferor”:
Any Person who is disposing by Transfer any Ownership Interest in a Certificate.

 

“Transferor
Letter”: As defined in Section 5.03(o)(ii).

 

“Trust”:
The trust created hereby and to be administered hereunder. The Trust shall be named: “BANK 2021-BNK32”.

 

“Trust
Fund”: The corpus of the Trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans
as from time to time are subject to this Agreement (including any Qualified Substitute Mortgage Loan replacing a removed Mortgage
Loan), together with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan, the interests of the
related Serviced Companion Noteholder in the related Mortgage File); (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due
Date in the month of substitution); (iii) any REO Property (to the extent of the Trust’s interest therein) or the Trust’s
beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related Non-Serviced PSA;
(iv) all revenues received in respect of any REO Property (to the extent of the Trust’s interest therein); (v) the applicable
Master Servicer’s, the applicable Special Servicer’s, the Certificate Administrator’s and the Trustee’s
rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and
any proceeds thereof (to the extent of the Trust’s interest therein); (vi) any Assignment of Leases and any security agreements
(to the extent of the Trust’s interest therein); (vii) any letters of credit, indemnities, guaranties or lease enhancement
policies given as additional security for any related Mortgage Loans (to the extent of the Trust’s interest therein); (viii)
all assets deposited in the Loss of Value Reserve Fund and the Servicing Accounts (to the extent of the Trust’s interest
therein), amounts on deposit in each applicable Collection Account (to the extent of the Trust’s interest therein), the
Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the
Interest Reserve Account, the Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such Gain-on-Sale Reserve
Account), the Retained Certificate Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such Retained
Certificate Gain-on-Sale Reserve Account) and any REO Account (to the extent of the Trust’s interest in such REO Account),
including any reinvestment income, as applicable; (ix) any Environmental Indemnity Agreements (to the extent of the Trust’s
interest therein); (x) the rights and remedies of the Depositor under each Mortgage Loan Purchase Agreement (to the extent transferred
to the Trustee); (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned
on deposits in the lock-box accounts, cash collateral accounts, escrow accounts and any reserve accounts, to the

 

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extent such interest
belongs to the related Mortgagor). For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be an asset
of the Trust.

 

“Trust-Related
Litigation”: As defined in Section 3.32.

 

“Trust
REMIC”: As defined in the Preliminary Statement.

 

“Trustee”:
Wilmington Trust, National Association, or its successor in interest, in its capacity as trustee and its successors in interest,
or any successor trustee appointed as herein provided.

 

“Trustee
Fee”: The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which
fee is included as part of the Certificate Administrator Fee. No portion of the Trustee Fee shall be calculated by reference to
any Companion Loan or the Stated Principal Balance of any Companion Loan. The Trustee Fee shall be equal to $290 per month and
shall be paid as a portion of the Certificate Administrator Fee.

 

“UCC”:
The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC
Financing Statement”: A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Uncovered
Amount”: With respect to any Master Servicer’s Collection Account, any additional trust fund expense, Nonrecoverable
Advance or other item that would be payable or reimbursable out of general funds (as opposed to a specific source of funds) in
such Collection Account pursuant to this Agreement, but which cannot be so paid or reimbursed because such general funds are insufficient
to cover such payment or reimbursement; provided, that any such additional trust fund expense, Nonrecoverable Advance or other
item shall be an Uncovered Amount only to the extent that such general funds are insufficient to cover the payment or reimbursement
thereof.

 

“Underwriters”:
Morgan Stanley & Co. LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Academy Securities, Inc. and Drexel Hamilton,
LLC.

 

“Uninsured
Cause”: Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is
not fully reimbursable by the hazard insurance policies or flood insurance policies required to be maintained pursuant to Section
3.07.

 

“United
States Securities Person”: Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant
to subsections (iii) and (iv) of Section 3.05(a) but that has not been recovered from the Mortgagor or otherwise
from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which the Advance was made.

 

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“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portions
of all Liquidation Proceeds, Insurance and Condemnation Proceeds (net of Special Servicing Fees, Liquidation Fees, accrued interest
on Advances and other additional expenses of the Trust incurred in connection with the related Mortgage Loan) and, if applicable,
REO Revenues received with respect to such Mortgage Loan and any REO Loans (but excluding any related Companion Loans) on or prior
to the related Determination Date, but in each case only to the extent that such principal portion represents a recovery of principal
for which no advance was previously made pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Unsolicited
Information”: As defined in Section 12.01(b)(iii).

 

“Upper-Tier
Regular Interests”: As defined in the Preliminary Statement.

 

“Upper-Tier
REMIC”: One of the REMICs comprising the Trust, the assets of which consist of the Lower-Tier Regular Interests and
such amounts as shall from time to time be held in the Upper-Tier REMIC Distribution Account.

 

“Upper-Tier
REMIC Distribution Account”: The segregated account or accounts (or a subaccount of the Distribution Account) created
and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the
Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BANK 2021-BNK32,
Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Upper-Tier REMIC Distribution Account”. Any such account
or accounts shall be an Eligible Account.

 

“U.S.
Dollars” or “$”: Lawful money of the United States of America.

 

“U.S.
Tax Person”: A citizen or resident of the United States, a corporation or 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. Tax 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 that have elected to be treated as U.S. Tax Persons).

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times
during the term of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows:
(i) 2% in the case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as of
the date of determination) and (ii) in the case of the Principal Balance Certificates (other than the RR Interest), a percentage
equal to the product of 98% and a fraction, the numerator of which is equal to the Certificate Balance (and solely in connection
with any vote for purposes of

 

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determining whether to remove the applicable Special Servicer pursuant to Section 7.01(d)
or the Operating Advisor pursuant to Section 3.26(j), taking into account any notional reduction in the Certificate Balance
for Cumulative Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a)) of such Class, in
each case, determined as of the Distribution Date immediately preceding such time, and the denominator of which is equal to the
aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the applicable
Special Servicer pursuant to Section 7.01(d) or the Operating Advisor pursuant to Section 3.26(j), taking into account
any notional reduction in the Certificate Balance for Cumulative Appraisal Reduction Amounts allocated to the Certificates pursuant
to Section 4.05(a)) of the Principal Balance Certificates (other than the RR Interest), determined as of the Distribution
Date immediately preceding such time. None of the Class R or Class V Certificates or RR Interest will be entitled to any Voting
Rights.

 

“Weighted
Average Net Mortgage Rate”: With respect to any Distribution Date, the weighted average of the applicable Net Mortgage
Rates of the Mortgage Loans (including any Non-Serviced Mortgage Loans) as of the first day of the related Collection Period,
weighted on the basis of their respective Stated Principal Balances immediately following the preceding Distribution Date (or,
in the case of the initial Distribution Date, as of the Closing Date).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22) or successor
provisions.

 

“WHFIT
Regulations”: Treasury Regulations Section 1.671-5, as amended or successor provisions.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole
Loan”: Any of (i) the Pathline Park 9 & 10 Whole Loan, (ii) the Miami Design District Whole Loan, (iii) the Extra
Space Rock ‘N Roll Self Storage Portfolio Whole Loan, (iv) the 605 Third Avenue Whole Loan, (v) the Boca Office Portfolio
Whole Loan and (vi) the McClellan Park Whole Loan.

 

“Withheld
Amounts”: As defined in Section 3.21(a).

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage
Loan on or before the date such Mortgage Loan becomes (or, but for the making of three (3) Periodic Payments under its modified
terms, would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to
the extent that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance
on or before the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance (and accrued
and unpaid interest thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified
loan documents. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner
limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable Advance.

 

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“Workout
Fee”: The fee paid to the applicable Special Servicer with respect to each Corrected Loan in accordance with Section
3.11(c).

 

“Workout
Fee Rate”: With respect to each Corrected Loan and in accordance with Section 3.11(c), a fee of 1.00% of each
collection (other than Penalty Charges and Excess Interest) of interest and principal (other than any amount for which a Liquidation
Fee would be paid), including (i) Periodic Payments, (ii) Balloon Payments, (iii) Principal Prepayments and (iv) payments (other
than those included in clause (i) or (ii) of this definition) at maturity or on the Anticipated Repayment Date,
received on each Corrected Loan for so long as it remains a Corrected Loan.

 

“XML”:
Extensible Markup Language.

 

“Yield
Maintenance Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable,
as the context requires, by a Mortgagor in connection with a principal prepayment on, or other early collection of principal of,
a Mortgage Loan, calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that
reflects the lost interest, including any specified amount or specified percentage of the amount prepaid which constitutes the
minimum amount that such Yield Maintenance Charge may be.

 

Section
1.02 Certain Calculations.

 

Unless
otherwise specified herein, for purposes of determining amounts with respect to the Certificates and the rights and obligations
of the parties hereto, the following provisions shall apply:

 

(i)        All
calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on
the basis of a three hundred-sixty (360) day year consisting of twelve (12) 30-day months.

 

(ii)       Any
Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the applicable
Master Servicer or the applicable Special Servicer; provided, however, that for purposes of calculating distributions
on the Certificates, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied
in accordance with the Servicing Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding
principal balance of such Mortgage Loan, on which interest accrues.

 

(iii)      Any
reference to the Certificate Balance of any Class of Principal Balance Certificates on or as of a Distribution Date shall refer
to the Certificate Balance of such Class of Principal Balance Certificates on such Distribution Date after giving effect to (a)
any distributions made on such Distribution Date pursuant to Section 4.01(a) or Section 4.01(b), as applicable,
and Section 4.01(c), (b) any Realized Losses or Retained Certificate Realized Losses, as applicable, allocated to such
Class of Principal Balance Certificates on that Distribution Date pursuant to Section 4.04, and (c) any recoveries on the
related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously reimbursed from principal collections
on the related Mortgage Loans, that resulted in a reduction of the Principal Distribution Amount or the Retained Certificate

 

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Principal
Distribution Amount, as applicable, which recoveries are allocated to such Class of Principal Balance Certificates, and added
to the Certificate Balance pursuant to Section 4.04(a).

 

(iv)      Unless
otherwise specifically provided for herein, all net present value calculations and determinations made with respect to a Mortgage
Loan, Serviced Companion Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing
Standard”) shall be made, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal
and interest payments on a Mortgage Loan, Serviced Companion Loan, as applicable, or sale by the applicable Special Servicer of
a Defaulted Loan, the highest of (x) the rate determined by the applicable Master Servicer or the applicable Special Servicer,
as applicable, that approximates the market rate that would be obtainable by the related Mortgagor on similar non-defaulted debt
of such Mortgagor as of such date of determination, (y) the Mortgage Rate on the applicable Mortgage Loan or Serviced Companion
Loan based on its outstanding principal balance and (z) the yield on 10-year U.S. treasuries as of such date of determination,
and (b) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent Appraisal
(or update of such Appraisal) of the related Mortgaged Property.

 

(v)       Any
reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall
be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Intercreditor
Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor Agreement
refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit the following
application of trust fund expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu,
to the Trust and Serviced Pari Passu Companion Loans in accordance with the respective outstanding principal balances of the related
Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loans or (ii) with respect to any Serviced AB Whole Loan,
first, to the related AB Subordinate Companion Loan and then, pro rata and pari passu, to the Trust
and Serviced Pari Passu Companion Loans in accordance with the respective outstanding principal balances of the related Serviced
AB Mortgage Loan and Serviced Pari Passu Companion Loans.

 

[End
of Article I]

 

Article
II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

 

Section
2.01 Conveyance of Mortgage Loans. (a) The Depositor, concurrently with the execution and delivery hereof, does
hereby establish a trust, appoint the Trustee as trustee of the trust, assign, sell, transfer and convey to the Trustee, in
trust, without recourse, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular
Interests) all the right, title and interest of the Depositor, whether now owned or existing or hereafter acquired or
arising, including any security interest therein for the benefit of the Depositor, in, to and under

 

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(i) the Mortgage Loans
identified on the Mortgage Loan Schedule, (ii) Sections 2, 3, 4 (other than Section 4(c), (d), (e) and (g)) and 5 (other than
Section 5(f), (g), (h) and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of
each of the Mortgage Loan Purchase Agreements; (iii) the Intercreditor Agreements; (iv) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute
Mortgage Loan, the Due Date in the month of substitution); (v) any REO Property (to the extent of the Depositor’s
interest therein) or the Depositor’s beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan
acquired under the related Non-Serviced PSA; (vi) all revenues received in respect of any REO Property (to the extent of the
Depositor’s interest therein); (vii) the applicable Master Servicer’s, the applicable Special Servicer’s,
the Certificate Administrator’s and the Trustee’s rights under the insurance policies with respect to the
Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds thereof (to the extent of the
Depositor’s interest therein); (viii) any Assignment of Leases and any security agreements (to the extent of the
Depositor’s interest therein); (ix) any letters of credit, indemnities, guaranties or lease enhancement policies given
as additional security for any related Mortgage Loans (to the extent of the Depositor’s interest therein); (x)
all assets deposited in the Loss of Value Reserve Fund and the Servicing Accounts (to the extent of the Depositor’s
interest therein), amounts on deposit in each applicable Collection Account (to the extent of the Depositor’s interest
therein), the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest
Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account (to the extent of the Depositor’s
interest in such Gain-on-Sale Reserve Account), the Retained Certificate Gain-on-Sale Reserve Account (to the extent of the
Depositor’s interest in such Retained Certificate Gain-on-Sale Reserve Account) and any REO Account (to the extent of
the Depositor’s interest in such REO Account), including any reinvestment income, as applicable; (xi) any Environmental
Indemnity Agreements (to the extent of the Depositor’s interest therein); (xii) the rights and remedies of the
Depositor under each Mortgage Loan Purchase Agreement (to the extent not covered by clause (ii) above); (xiii) the
Lower-Tier Regular Interests; (xiv) with respect to the Exchangeable Certificates, each of the Exchangeable Upper-Tier
Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the lock-box
accounts, cash collateral accounts, escrow accounts and any reserve accounts, to the extent such interest belongs to the
related Mortgagor, and any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans) (collectively, the
“Conveyed Property”). Such assignment includes all interest and principal received or receivable on or
with respect to the Mortgage Loans (in each case, other than (i) payments of principal and interest due and payable on the
Mortgage Loans on or before the Cut-off Date (including the Miami Design District Deferred 2020 Collection Amount); (ii)
prepayments of principal collected on or before the Cut-off Date; and (iii) with respect to those Mortgage Loans that
were closed in March 2021 but have their first Due Date after March 2021, any interest amounts relating to the period prior
to the Cut-off Date). The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute
and, notwithstanding Section 13.07, is intended by the parties to constitute a sale. In connection with the assignment
to the Trustee of Sections 2, 3, 4 (other than Section 4(c), (d) and (f)) and 5 (other than Section 5(f), (g), (h) and (i))
and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each of the Mortgage Loan
Purchase Agreements, it is intended that the Trustee get the benefit of Sections 10, 13 and 15 thereof in connection with any
exercise of rights under the assigned Sections, and the Depositor

 

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shall use its best efforts to make available to the Trustee
the benefits of Sections 10, 13 and 15 in connection therewith.

 

(b)           In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement
to deliver and deposit with, or cause to be delivered to and deposited with, the Custodian, (A) on or before the Closing Date,
the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee or in blank as specified in clause (i)
of the definition of “Mortgage File” (or, alternatively, if the original executed Mortgage Note has been lost,
a lost note affidavit and indemnity with a copy of such Mortgage Note as specified in clause (i) of the definition of “Mortgage
File”) and (B) on or before the date that is 45 days following the Closing Date, the remainder of the Mortgage File for
each Mortgage Loan and, except in the case of a Mortgage Loan that is a Non-Serviced Whole Loan as of the Closing Date, any other
items required to be delivered or deposited by the Mortgage Loan Seller pursuant to this Agreement (other than amounts from reserve
accounts and originals of letters of credit, which shall be transferred to the applicable Master Servicer) for each Mortgage Loan.
If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage
Note, the delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed
to have been satisfied upon such Mortgage Loan Seller’s delivery of a copy or duplicate original of such Mortgage Note,
together with an affidavit certifying that the original thereof has been lost or destroyed and indemnifying the Trustee and the
Trust. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents
and/or instruments referred to in clauses (ii), (iv), (vii) and (ix) of the definition of “Mortgage
File” (or, if applicable, a copy thereof) with evidence of filing or recording thereon (if intended to be recorded or filed),
solely because of a delay caused by the public filing or recording office where such document or instrument has been delivered,
or will be delivered within ten (10) Business Days of the Closing Date, for filing or recordation, the delivery requirements of
the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied on a provisional
basis as of the Closing Date as to such non-delivered document or instrument, and such non-delivered document or instrument shall
be deemed to have been included in the Mortgage File, if a duplicate original or a photocopy of such non-delivered document or
instrument (certified by the applicable public filing or recording office, the applicable title insurance company or the applicable
Mortgage Loan Seller to be a true and complete copy of the original thereof submitted or to be submitted for filing or recording)
is delivered to the Custodian on or before the date set forth herein, and either the original of such non-delivered document or
instrument, or a photocopy thereof (certified by the appropriate county recorder’s office or the applicable title insurance
company, in the case of the documents and/or instruments referred to in clause (ii) of the definition of “Mortgage
File”, to be a true and complete copy of the original thereof submitted for recording), with evidence of filing or recording
thereon, is delivered to the Custodian within one hundred-eighty (180) days of the Closing Date (or within such longer period,
not to exceed eighteen (18) months, after the Closing Date as the Custodian shall consent to as long as the applicable Mortgage
Loan Seller is, as certified in writing to the Trustee and the Custodian no less often than every ninety (90) days following such
180–day period after the Closing Date, attempting in good faith to obtain from the appropriate public filing office or county
recorder’s office such original or photocopy). If the applicable Mortgage Loan Seller is required to, but cannot, deliver,
or cause to be delivered, as to any Mortgage Loan, any of the documents

 

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and/or instruments referred to in clauses (ii),
(iv), (vii), and (ix) (or, if applicable, a copy thereof) of the definition of “Mortgage File,”
with evidence of filing or recording thereon (if intended to be recorded or filed), for any other reason, including, without limitation,
that such non-delivered document or instrument has been lost or destroyed, the delivery requirements of the applicable Mortgage
Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document
or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, if a
photocopy of such non-delivered document or instrument (with evidence of filing or recording thereon and certified in the case
of the documents and/or instruments referred to in clause (ii) of the definition of “Mortgage File” by the
appropriate county recorder’s office or the applicable title insurance company to be a true and complete copy of the original
thereof submitted for recording) is delivered to the Custodian on or before the date set forth herein. Neither the Trustee nor
any Custodian shall in any way be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b). If, on the Closing Date as to any
Mortgage Loan, subject to the next sentence, the applicable Mortgage Loan Seller is required to, but cannot, deliver (in complete
and recordable form or form suitable for filing or recording, if applicable) any one of the assignments in favor of the Trustee
referred to in clause (iii), clause (v), or clause (x) of the definition of “Mortgage File” solely
because of the unavailability of filing or recording information as to any existing document or instrument, such Mortgage Loan
Seller may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section
2.01(b) with respect to such assignment by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment
of such Mortgage Loan substantially in the form of Exhibit H; provided that all required original assignments with
respect to such Mortgage Loan (in fully complete and recordable form or form suitable for filing or recording, if applicable)
are delivered to the Custodian within one hundred-eighty (180) days after the Closing Date (or within such longer period, not
to exceed eighteen (18) months, which the Custodian shall consent to so long as the applicable Mortgage Loan Seller is, as certified
in writing to the Trustee and the Custodian no less often than every ninety (90) days following such 180–day period after
the Closing Date, attempting in good faith to obtain from the appropriate public filing office or county recorder’s office
the applicable filing or recording information as to the related document or instrument); and provided, further,
that in the case of a Non-Serviced Mortgage Loan, the delivery of any such assignments shall be subject to clause (e) and
clause (f) of the first proviso to the definition of “Mortgage File” herein. As to any Mortgage Loan, the related
Mortgage Loan Seller or its agent is responsible for recording or filing, as applicable, any one of the assignments in favor of
the Trustee referred to in clause (iii), clause (v), or clause (x) of the definition of “Mortgage File”,
and such Mortgage Loan Seller may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement
and this Section 2.01(b) with respect to such assignment by delivering to the Custodian with respect to such Mortgage Loan
on the Closing Date a copy of such assignment in the form sent for recording or filing or (except for recording or filing information
not yet available) to be sent for recording or filing; provided that an original or copy of such assignment (with evidence
of recording or filing, as applicable, indicated thereon) shall be delivered to the Custodian as contemplated by Section 2.01(c)
of this Agreement. Notwithstanding anything herein to the contrary, with respect to the delivery of a letter of credit in
the manner described in clause (A) of clause (xii) of the definition of “Mortgage File”, the applicable
Mortgage Loan Seller shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase

 

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Agreement
and this Section 2.01(b) by delivering to the Custodian within ten (10) Business Days following the Closing Date with respect
to any such letter(s) of credit a copy of such letter of credit, the transfer documentation and such transmittal communication
to the issuing bank indicating that such document has been delivered to the issuing bank for reissuance. If a letter of credit
is not in a form that would allow the applicable Master Servicer to draw on such letter of credit on behalf of the Trust in accordance
with the applicable terms thereof and/or of the related Mortgage Loan documents, the applicable Mortgage Loan Seller shall deliver
copies of the appropriate transfer or assignment documents to the Custodian promptly following receipt of written notification
thereof. If not otherwise paid by the related Mortgagor, the applicable Mortgage Loan Seller shall pay any transfer fee required
in order to transfer the beneficiary’s interest from such Mortgage Loan Seller to the applicable Master Servicer on behalf
of the Trust as required hereunder and shall cooperate with the reasonable requests of the applicable Master Servicer in connection
with effectuating a draw under any such letter of credit prior to the date such letter of credit is reissued to the applicable
Master Servicer on behalf of the Trust. Regardless of the manner of delivery, the related Mortgage Loan Seller is required pursuant
to the related Mortgage Loan Purchase Agreement to indemnify the Trust for any liabilities, charges, costs, fees or other expenses
accruing from the failure of such Mortgage Loan Seller to assign all rights in and to the letter of credit hereunder including
the right and power to draw on the letter of credit.

 

(c)            Except
in the case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller is required at its sole cost and expense, to itself,
or to engage a third party to, put each Assignment of Mortgage, each assignment of Assignment of Leases and each assignment of
each UCC Financing Statement (collectively, the “Assignments” and, individually, “Assignment”)
relating to the Mortgage Loans conveyed by it under the applicable Mortgage Loan Purchase Agreement in proper form for filing
or recording, as applicable, and to submit such Assignments for filing or recording, as the case may be, in the applicable public
filing or recording office. On the Closing Date, the Mortgage Loan Sellers may deliver one (1) omnibus assignment for all such
Mortgage Loans substantially in the form of Exhibit H hereto to the Custodian as provided in Section 2.01(b). Except
under the circumstances provided for in the last sentence of this Section 2.01(c) and except in the case of a Non-Serviced
Mortgage Loan, the related Mortgage Loan Seller will itself, or a third party at such Mortgage Loan Seller’s expense will,
promptly (and in any event within one hundred-twenty (120) days after the later of the Closing Date and the related Mortgage Loan
Seller’s actual receipt of the related documents and the necessary recording and filing information) cause to be submitted
for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements,
as appropriate, each Assignment. Each such Assignment submitted for recording shall reflect that it (or a file copy thereof in
the case of a UCC Assignment) should be returned by the public recording office to the Custodian or its designee following recording
or filing (or to the related Mortgage Loan Seller or its agent who will then be responsible for delivery of the same to the Custodian
or its designee). Any such Assignment received by the Custodian shall be promptly included in the related Mortgage File and be
deemed a part thereof, and any such Assignment received by the related Mortgage Loan Seller or its agent shall be required to
be delivered to the Custodian to be included as part of the related Mortgage File within thirty (30) days after receipt. If any
such document or instrument is determined to be incomplete or not to meet the recording or filing requirements of the jurisdiction
in which it is to be recorded or filed, or is lost by the public office or returned unrecorded or unfiled, as the case may be,
because of a defect therein, on or about one hundred-eighty (180) days after the Closing Date, the related Mortgage Loan Seller
or its designee

 

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shall prepare, at its own expense, a substitute therefor or cure such defect, as the case may be, and thereafter
the related Mortgage Loan Seller or its designee shall, at the expense of such Mortgage Loan Seller, upon receipt thereof cause
the same to be duly recorded or filed, as appropriate. If, by the first anniversary of the Closing Date, the Custodian has not
received confirmation of the recording or filing as the case may be, of any such Assignment, it shall so advise the related Mortgage
Loan Seller who may then pursue such confirmation itself or request that the Custodian pursue such confirmation at the related
Mortgage Loan Seller’s expense, and upon such a request and provision for payment of such expenses satisfactory to the Custodian,
the Custodian, at the expense of the applicable Mortgage Loan Seller, shall cause a search of the land records of each applicable
jurisdiction and of the records of the offices of the applicable Secretary of State for confirmation that the Assignment appears
in such records and retain a copy of such confirmation in the related Mortgage File. In the event that confirmation of the recording
or filing of an Assignment cannot be obtained, the Custodian or the related Mortgage Loan Seller, as applicable, shall promptly
inform the other and the Custodian shall provide such Mortgage Loan Seller with a copy of the Assignment and request the preparation
of a new Assignment. The related Mortgage Loan Seller shall pay the expenses for the preparation of replacement Assignments for
any Assignments which, having been properly submitted for filing or recording to the appropriate governmental office by the Custodian,
fail to appear of record and must be resubmitted. Notwithstanding the foregoing, there shall be no requirement to record any assignment
to the Trustee referred to in clause (iii) or (v) of the definition of “Mortgage File,” or to file any
UCC-3 to the Trustee referred to in clause (ix) of the definition of “Mortgage File,” in those jurisdictions
where, in the written opinion of local counsel (which opinion shall be an expense of the related Mortgage Loan Seller) acceptable
to the Depositor and the Trustee, such recordation and/or filing is not required to protect the Trustee’s interest in the
related Mortgage Loan against sale, further assignment, satisfaction or discharge by the related Mortgage Loan Seller, the applicable
Master Servicer, the applicable Special Servicer, any Sub-Servicer or the Depositor.

 

(d)           All
documents and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession relating to the Mortgage
Loans (including, in the case of such Mortgage Loan Seller, and except in the case of a Mortgage Loan that is part of a Non-Serviced
Whole Loan, originals or copies of all financial statements, operating statements, appraisals, environmental reports, engineering
reports, Insurance Policies, certificates, guaranty/indemnity agreements, property inspection reports, escrow analysis, tax bills,
third-party management agreements, asset summary and financial information on the borrower/sponsor and any guarantor, but in any
case excluding the applicable Mortgage Loan Seller’s internal communications (including such communications between such
Mortgage Loan Seller and its Affiliates) and underwriting analysis (including documents prepared by the applicable Mortgage Loan
Seller or any of its Affiliates for such purposes), draft documents, attorney-client communications that are privileged communications
or constitute legal or other due diligence analyses and credit underwriting or due diligence analyses or data) that (i) are not
required to be a part of a Mortgage File in accordance with the definition thereof and (ii) are reasonably necessary for the servicing
of each such Mortgage Loan, together with copies of all documents in each Mortgage File, shall be delivered by the Depositor or
the applicable Mortgage Loan Seller to the applicable Master Servicer within five (5) Business Days after the Closing Date and
shall be held by such Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders (and as Holder
of the Lower-Tier Regular Interests) and, if applicable, on behalf of the related Companion Holder; provided, that with respect
to the Mortgage File, if any document required to be contained therein is not available

 

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on the date that is five (5) Business
Days after the Closing Date, such document shall be delivered to the applicable Master Servicer on or before the date such document
is required to be delivered to the Custodian pursuant to Section 2.01(b). Such documents and records shall be any documents
and records (with the exception of any items excluded under the immediately preceding sentence) that would otherwise be a part
of the Servicing File.

 

(e)            In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver to the Trustee
and the applicable Master Servicer, on or before two (2) Business Days after the Closing Date, a fully executed original counterpart
of each of the Mortgage Loan Purchase Agreements, as in full force and effect, without amendment or modification, on the Closing
Date.

 

(f)            The
Depositor shall use its reasonable best efforts to require that, promptly after the Closing Date, but in all events within three
(3) Business Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all funds on deposit in escrow accounts
maintained with respect to the Serviced Mortgage Loans transferred by such Mortgage Loan Seller, whether such accounts are held
in the name of the applicable Mortgage Loan Seller or any other name to be transferred to the applicable Master Servicer (or a
Sub-Servicer) for deposit into Servicing Accounts.

 

(g)           [Reserved]

 

(h)           Each
Mortgage Loan Purchase Agreement shall provide that within sixty (60) days after the Closing Date, each Mortgage Loan Seller shall
deliver or cause to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading such Diligence
Files to the Designated Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than sixty
(60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide the Depositor a certificate (with a copy
(which may be sent by e-mail) to each of the applicable Master Servicer, the applicable Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Directing Certificateholder, the Asset Representations Reviewer and the Operating Advisor) certifying
that the electronic copies of the documents and information uploaded to the Designated Site constitute all documents and information
required under the definition of “Diligence File” and such Diligence Files are organized and categorized in accordance
with the electronic file structure reasonably agreed to by the Depositor and the applicable Mortgage Loan Seller (the “Diligence
File Certification”).

 

(i)             Notwithstanding
anything to the contrary contained herein, (i) with respect to a Joint Mortgage Loan, the obligations of each of the applicable
Mortgage Loan Sellers to deliver a Mortgage Note (and any related allonge or assignment) to the Custodian shall be limited to
delivery of only the Mortgage Note (and any related allonge or assignment) held by such party to the Custodian. With respect to
a Joint Mortgage Loan that is serviced under this Agreement, the obligations of the applicable Mortgage Loan Sellers to deliver
the remaining portion of the related Mortgage File or any document required to be delivered with respect thereto shall be joint
and several, provided that either of the applicable Mortgage Loan Sellers may deliver one Mortgage File or one of any other document
required to be delivered with respect to such Mortgage Loan hereunder and such delivery shall satisfy such delivery requirements
for each of the applicable Mortgage Loan Sellers.

 

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(j)        Within
five (5) Business Days of the Closing Date, the Depositor shall deliver in EDGAR-Compatible Format and Excel format to each Master
Servicer via email to ssreports@wellsfargo.com (in the case of the General Master Servicer) and investorreporting@ncb.coop
(in the case of the NCB Master Servicer) the Initial Schedule AL File covering all of the Mortgage Loans (in the case of the General
Master Servicer) or the NCB Mortgage Loans (in the case of the NCB Master Servicer), the Initial Schedule AL Additional File covering
all of the Mortgage Loans (in the case of the General Master Servicer) or the NCB Mortgage Loans (in the case of the NCB Master
Servicer) and the Annex A-1 to the Prospectus.

 

(k)       Notwithstanding
anything to the contrary contained in this Section 2.01 or in Section 2.02, in connection with each Servicing Shift
Whole Loan, (1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant to this Agreement (other
than the endorsements to the note(s) evidencing the related Servicing Shift Mortgage Loan) until the earlier of (i) the Servicing
Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Non-Serviced
PSA, (ii) the Servicing Shift Whole Loan becoming a Specially Serviced Loan prior to the Servicing Shift Securitization Date and
(iii) 180 days after the Closing Date, in which case assignments and recordations shall be effected in accordance with this Section
2.01 until the occurrence, if any, of the Servicing Shift Securitization Date, (2) no letter of credit need be amended (including,
without limitation, to change the beneficiary thereon) until the earliest of (i) the Servicing Shift Securitization Date, in which
case such amendment shall be in accordance with the related Non-Serviced PSA, (ii) the Servicing Shift Whole Loan becoming a Specially
Serviced Loan prior to the Servicing Shift Securitization Date in which case such amendment shall be effected in accordance with
the terms of this Section 2.01 and (iii) the earlier of (A) 180 days after the Closing Date and (B) any such time as any
such letter of credit is required to be drawn upon by the applicable Master Servicer in which case such amendment shall be effected
in accordance with the terms of this Section 2.01, and (3) on and following the Servicing Shift Securitization Date, the
Person selling the related Servicing Shift Lead Note to the related Non-Serviced Depositor, at its own expense, shall be (a) entitled
to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the
Mortgage Loan documents relating to the Servicing Shift Whole Loan in its possession (other than the original note(s) evidencing
the Servicing Shift Mortgage Loan) to the related Non-Serviced Trustee or the related Non-Serviced Custodian, (b) if the right
under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies of Mortgage
Loan documents related to the Servicing Shift Whole Loan so delivered to such Non-Serviced Trustee or such Non-Serviced Custodian,
(c) entitled to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph,
the preparation, execution and delivery) and recordation of instruments of assignment in the name of the related Non-Serviced
Trustee or related Non-Serviced Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee
or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled to require the applicable
Master Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of, the Servicing File,
and any Escrow Payments, reserve funds and items specified in clauses (x) and (xii) of the definition of “Mortgage
File” for the Servicing Shift Whole Loan to the related Non-Serviced Master Servicer.

 

Section
2.02   Acceptance by Trustee.  (a) The Trustee, by the execution and delivery of this Agreement (1)
acknowledges receipt by it or the Custodian on its behalf, subject

 

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to the provisions of Section 2.01, in good faith and without notice of any adverse
claim, of the applicable documents specified in clause (i) of the definition of “Mortgage File” with respect
to each Mortgage Loan and of all other assets included in the Trust Fund and (2) declares (a) that it or the Custodian on its
behalf holds and will hold such documents and the other documents delivered or caused to be delivered by the Mortgage Loan Sellers
that constitute the Mortgage Files in the name of the Trust for the benefit of all present and future Certificateholders and Serviced
Companion Noteholders, as applicable, and (b) that it holds and will hold such other assets included in the Trust Fund, in trust
for the exclusive use and benefit of all present and future Certificateholders (and for the benefit of the Trustee as holder of
the Lower-Tier Regular Interests), as applicable. If any Mortgage Loan Seller is unable to deliver or cause the delivery of any
original Mortgage Note, such Mortgage Loan Seller may deliver a copy of such Mortgage Note, together with a signed lost note affidavit
and appropriate indemnity and shall thereby be deemed to have satisfied the document delivery requirements of Section 2.01
and of this Section 2.02.

 

(b)       Within
sixty (60) days after the Closing Date (or with respect to a Qualified Substitute Mortgage Loan within sixty (60) days after the
Due Date in the month of substitution), the Custodian, shall review the Mortgage Loan documents delivered or caused to be delivered
by the Mortgage Loan Sellers constituting the Mortgage Files; and, promptly following such review (but in no event later than
sixty (60) days after the Closing Date), the Custodian shall, in the form attached as Exhibit Q, certify in writing to
the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Directing Certificateholder (so long as
no Consultation Termination Event shall have occurred and be continuing and only with respect to Mortgage Loans other than any
Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class), the Trustee,
the Certificate Administrator, the Asset Representations Reviewer, the Operating Advisor and the applicable Mortgage Loan Seller
(as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full)) that, except as specifically
identified in any exception report annexed to such writing (the “Custodial Exception Report”), (i) subject
to the first proviso of the definition of “Mortgage File” herein and Section 2.01, all documents specified
in clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii), if any, of
the definition of “Mortgage File”, as applicable, are in its possession, (ii) the foregoing documents delivered or
caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian and appear regular on their face and appear
to be executed and to relate to such Mortgage Loan, and (iii) based on such examination and only as to the foregoing documents,
the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (vii) and (viii)
in the definition of “Mortgage Loan Schedule” is correct. With respect to each Mortgage Loan listed on the Custodial
Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the nature of such exception (in
the form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating items required to be in the
Mortgage File but never delivered from items which were delivered by the related Mortgage Loan Seller but are out for filing or
recording and have not been returned by the filing office or the recorder’s office).

 

(c)       The
Custodian shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about the first anniversary
of the Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing to each of the Depositor,
each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate Administrator, the Directing Certificateholder
and the applicable Mortgage Loan Seller (as to each

 

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Mortgage Loan listed on the Mortgage Loan Schedule (other than any related
Mortgage Loan as to which a Liquidation Event has occurred) or any related Mortgage Loan specifically identified in any exception
report annexed to such writing) that, (i) subject to the first proviso of the definition of “Mortgage File” herein
and Section 2.01, all documents specified in clauses (i) through (v), (viii), (ix), (xi),
(xii) and (xiii), if any, of the definition of “Mortgage File”, as applicable, are in its possession,
(ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian
and appear regular on their face and appear to be executed and relate to such Mortgage Loan, if applicable, and (iii) based on
such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect
to the items specified in clauses (vii) and (viii) in the definition of “Mortgage Loan Schedule” is
correct.

 

(d)       Notwithstanding
anything contained in this Section 2.02 and Section 2.03(b) to the contrary, in the case of a Material Defect in
any of the documents specified in clauses (ii) through (v), (vii), (viii) and (ix) in the definition
of “Mortgage File”, which Material Defect results solely from a delay in the return of the related documents from
the applicable filing or recording office and gives rise to a repurchase or substitution obligation on the part of the related
Mortgage Loan Seller with respect to the subject Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement, the Directing
Certificateholder, in its sole judgment, may (other than with respect to any Excluded Loan with respect to the Directing Certificateholder
or the Holder of the majority of the Controlling Class and, with respect to any other Mortgage Loan, only prior to the occurrence
and continuance of a Control Termination Event), and the applicable Special Servicer may, in accordance with the Servicing Standard,
after the occurrence and during the continuance of a Control Termination Event, permit the related Mortgage Loan Seller in lieu
of repurchasing or substituting for the related Mortgage Loan, to deposit with the applicable Master Servicer an amount, to be
held in trust in a segregated Eligible Account (which may be a sub-account of the Collection Account), equal to 25% of the Stated
Principal Balance of the related Mortgage Loan (in the alternative, the related Mortgage Loan Seller may deliver to the applicable
Master Servicer a letter of credit in such amount, with a copy to the Custodian). Such funds or letter of credit, as applicable,
shall be held by the applicable Master Servicer (i) until the date on which the Custodian determines and notifies such Master
Servicer that such Material Defect has been cured or the related Mortgage Loan is no longer part of the Trust Fund, at which time
such Master Servicer shall return such funds (or letter of credit) to the related Mortgage Loan Seller, or (ii) until same are
applied to the Purchase Price (or the Substitution Shortfall Amount, if applicable) as set forth below in this Section 2.02(d)
in the event of a repurchase or substitution by the related Mortgage Loan Seller. Notwithstanding the two (2) immediately
preceding sentences, if the applicable Master Servicer or the applicable Special Servicer certifies to the Trustee, the Certificate
Administrator and the Custodian that it has determined in the exercise of its reasonable judgment that the document with respect
to which such Material Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or
remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the related
Mortgage Loan, establishing the validity or priority of any lien on collateral securing the related Mortgage Loan or for any immediate
significant servicing obligation, the related Mortgage Loan Seller shall be required to repurchase or substitute for the related
Mortgage Loan in accordance with, and to the extent required by, the terms and conditions of Section 2.03(b) and Section
5 of the related Mortgage Loan Purchase Agreement; provided, however, that such Mortgage Loan Seller shall not be
required to repurchase the Mortgage Loan for a period of ninety

 

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(90) days after receipt of a notice to repurchase (together with
any applicable extension period) if it is attempting to recover the document from the applicable filing or recording office and
provides an officer’s certificate setting forth what actions such Mortgage Loan Seller is pursuing in connection with such
recovery. In the event of a repurchase or substitution, upon the date of such repurchase or substitution, and in the event that
the related Mortgage Loan Seller has delivered a letter of credit to the applicable Master Servicer in accordance with this Section
2.02(d), such Master Servicer shall, to the extent necessary, draw on the letter of credit and deposit the proceeds of such
draw, into its Collection Account to be applied to the Purchase Price (or the Substitution Shortfall Amount, if applicable, in
which event, the amount of such funds or proceeds that exceed the Substitution Shortfall Amount shall be returned to the related
Mortgage Loan Seller) in accordance with Section 2.03(b). All such funds deposited in a Collection Account shall be invested
in Permitted Investments, at the direction and for the benefit of the related Mortgage Loan Seller. Such funds shall be treated
as an “outside reserve fund” under the REMIC Provisions, which, together with any reimbursement from the Lower-Tier
REMIC, is beneficially owned by the related Mortgage Loan Seller for federal income tax purposes, which Mortgage Loan Seller shall
remain liable for any taxes payable on income or gain with respect thereto.

 

(e)       It
is herein acknowledged that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine whether any
of the documents specified in clauses (vi), (vii) and (xii) through (xviii) of the definition of “Mortgage
File” exist or are required to be delivered by the Depositor, the Mortgage Loan Sellers or any other Person or (ii) to inspect,
review or examine any of the documents, instruments, certificates or other papers relating to the Mortgage Loans delivered to
it to determine that the same are genuine, enforceable, duly authorized, sufficient to perfect and maintain the perfection of
a security interest or appropriate for the represented purpose or that they are other than what they purport to be on their face
and, with respect to the documents specified in clause (viii) of the definition of the “Mortgage File”, whether
the insurance is effective as of the date of the recordation, whether all endorsements or riders issued are included in the file
or if the policy has not been issued whether any acceptable replacement document has been dated the date of the related Mortgage
Loan funding. Further, with respect to the UCC Financing Statements referenced in the Mortgage File, absent actual knowledge to
the contrary or copies of UCC Financing Statements delivered to the Custodian as part of the Mortgage File indicating otherwise,
the Custodian may assume, for the purposes of the filings and the certification to be delivered in accordance with this Section
2.02 that the related Mortgage File should include one (1) state level UCC Financing Statement filing for each Mortgaged Property
(or with respect to any Mortgage Loan that has two (2) or more Mortgagors, for each Mortgagor, except to the extent multiple Mortgagors
are named as debtors in the same UCC Financing Statement filing), or if the Custodian has received notice that a particular UCC
Financing Statement was filed as a fixture filing, that the related Mortgage File should include only a local UCC Financing Statement
filing for each Mortgaged Property (or with respect to any Mortgage Loan that has two (2) or more Mortgagors, for each Mortgagor,
except to the extent multiple Mortgagors are named as debtors in the same UCC Financing Statement filing). The assignments of
the UCC Financing Statements to be assigned to the Trust will be delivered on the national forms (or on such other form as may
be acceptable for filing or recording in the applicable jurisdiction) and in a format suitable for filing or recording, as applicable,
and will be filed or recorded in the jurisdiction(s) where such UCC Financing Statements were originally filed or recorded, as
indicated in the documents provided, and in accordance with then-current laws.

 

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(f)        If,
in the process of reviewing the Mortgage Files or at any time thereafter, the Custodian finds any document or documents constituting
a part of a Mortgage File and required to be delivered or caused to be delivered by the applicable Mortgage Loan Seller (1) not
to have been properly executed, (2) subject to the timing requirements of Sections 2.01(b) and 2.01(c), not to have
been delivered, (3) to contain information that does not conform in any material respect with the corresponding information set
forth in the Mortgage Loan Schedule or (4) to be defective on its face (each, a “Defect” in the related Mortgage
File), the Custodian shall promptly so notify the Depositor, the Trustee, the applicable Master Servicer, the applicable Special
Servicer, the Certificate Administrator, the Directing Certificateholder, the applicable Mortgage Loan Seller (and in no event
later than ninety (90) days after the Closing Date and every calendar quarter thereafter until all Defects are corrected) by providing
a Custodial Exception Report setting forth for each affected Mortgage Loan, with particularity, the nature of such Defect (in
a form reasonably acceptable to the Custodian and such Mortgage Loan Seller and separating items required to be in the Mortgage
File but never delivered from items which were delivered by such Mortgage Loan Seller but are out for recording or filing and
have not been returned by the recorder’s office or filing office).

 

(g)       If
a Master Servicer or a Special Servicer (i) receives a Repurchase Request or any other request or demand from any Person for a
Mortgage Loan Seller to repurchase or replace a Mortgage Loan because of an alleged Defect or Breach (together with a Repurchase
Request, a “15Ga-1 Repurchase Request”) (such Master Servicer or such Special Servicer, as applicable, to the
extent it receives such 15Ga-1 Repurchase Request, the “Repurchase Request Recipient” with respect to such
15Ga-1 Repurchase Request); or (ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such 15Ga-1 Repurchase
Request or any rejection of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the applicable Master
Servicer or the applicable Special Servicer by another party hereto), then the Repurchase Request Recipient shall deliver 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 15Ga-1 Repurchase Request or withdrawal or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1
Notice”) to the applicable Mortgage Loan Seller (other than in the case of a rejection by such Mortgage Loan Seller)
and the Depositor, 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 Loan, (ii) the date the 15Ga-1 Repurchase Request is received
by the Repurchase Request Recipient or the date any withdrawal of the 15Ga-1 Repurchase Request is received by the Repurchase
Request Recipient, as applicable, (iii) if known, the basis for the 15Ga-1 Repurchase Request (as asserted in the 15Ga-1 Repurchase
Request), (iv) the identity of the Person making such 15Ga-1 Repurchase Request, and (v) a statement from the Repurchase Request
Recipient as to whether it currently plans to pursue such 15Ga-1 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 Loan Purchase Agreements will provide that (i) any 15Ga-1 Notice provided
pursuant to this Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers and Depositor 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

 

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(ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no information provided
pursuant to this Section 2.02(g) 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 related Mortgage Loan Purchase Agreement,
including with respect to any 15Ga-1 Repurchase Request that is the subject of a 15Ga-1 Notice.

 

In
the event that the Depositor, the Trustee, any Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer or the Custodian receives a 15Ga-1 Repurchase Request, such party shall promptly forward or otherwise
provide written notice of such 15Ga-1 Repurchase Request to the applicable Master Servicer, if relating to a Non-Specially Serviced
Loan, or to the applicable Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following
statement in the related correspondence: “This is a ‘15Ga-1 Repurchase Request’ under Section 2.02 of
the Pooling and Servicing Agreement relating to BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32
requiring action by you as the ‘Repurchase Request Recipient’ thereunder.” Upon receipt of such 15Ga-1 Repurchase
Request by the applicable Master Servicer or the applicable Special Servicer, as applicable, such party shall be deemed to be
the Repurchase Request Recipient in respect of such 15Ga-1 Repurchase Request, and such party shall comply with the procedures
set forth in this Section 2.02(g) with respect to such 15Ga-1 Repurchase Request. In no event shall the Custodian, by virtue
of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement in connection
with its review of the Mortgage File.

 

If
the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives notice or has knowledge of a withdrawal or a rejection of a 15Ga-1 Repurchase Request of which notice has been previously
received or given, and such notice was not received from or copied to the applicable Master Servicer or the applicable Special
Servicer, then such party shall give notice of such withdrawal or rejection to such Master Servicer or such Special Servicer,
as applicable. Any such notice received by the Trustee, the Certificate Administrator, the Certificate Registrar, Operating Advisor,
Asset Representations Reviewer or the Custodian shall also be provided to the Depositor and, in the case of a withdrawal notice,
to the applicable Mortgage Loan Seller.

 

In
the event that a Mortgage Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the applicable Master
Servicer (with respect to Non-Specially Serviced Loans) or the applicable Special Servicer (with respect to Specially Serviced
Loans) shall promptly notify the Depositor of such repurchase or replacement.

 

(h)       The
parties hereto acknowledge the obligation of each Mortgage Loan Seller pursuant to Section 2(c) of the related Mortgage Loan Purchase
Agreement to deliver, on or prior to the fifth (5th) Business Day after the Closing Date, at its expense, to the Custodian five
(5) originals of limited powers of attorney substantially in the form attached as Exhibit F thereto in favor of the Custodian
(on behalf of the Trustee) and the applicable Special Servicer to empower the Custodian (on behalf of the Trustee) and, in the
event of the failure or incapacity of the Custodian (on behalf of the Trustee), the applicable Special Servicer, to sign and/or
deliver to a third party for submission, or to cause the Custodian to sign and/or deliver to a third party for submission, at
the expense of the related Mortgage Loan Seller, any mortgage loan documents

 

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required to be recorded as described in Section
2.01 of this Agreement and any intervening assignments with evidence of recording thereon that are required to be included
in the Mortgage Files (so long as original counterparts have previously been delivered to the Trustee (or the Custodian on its
behalf)); provided, that if the Mortgage Loan Seller fails to promptly pay the applicable Special Servicer or Custodian
the expenses associated with recording documents as provided in this sentence, then such expenses shall be payable out of the
Trust (it being understood for the avoidance of doubt that the applicable Mortgage Loan Seller will nonetheless remain responsible
for reimbursing the Trust for such expenses). Neither the applicable Special Servicer nor the Custodian shall be liable for any
failure of such third party in connection with the foregoing, so long as the third party was chosen with due care (in the case
of the Custodian) or in accordance with the Servicing Standard (in the case of the applicable Special Servicer). Each Mortgage
Loan Seller has agreed to reasonably cooperate with the Custodian, the Trustee and the applicable Special Servicer in connection
with any additional powers of attorney or revisions thereto that are requested by such parties for purposes of such recordation.
The parties hereto agree that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization
by any party hereto except to the extent that the absence of a document described in the second preceding sentence with respect
to such Mortgage Loan remains unremedied as of the earlier of (i) the date that is one hundred eighty (180) days following the
delivery of notice of such absence to the Mortgage Loan Seller, but in no event earlier than eighteen (18) months from the Closing
Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Loan. The Custodian or the applicable
Special Servicer, as applicable, shall submit such documents for recording, at the related Mortgage Loan Seller’s expense,
after the periods set forth above, provided, the Custodian or the applicable Special Servicer, as applicable, shall not submit
such assignments for recording if the related Mortgage Loan Seller produces evidence that it or a third-party on its behalf has
sent any such assignment for recording and certifies that such Mortgage Loan Seller is awaiting its return from the applicable
recording office.

 

Section
2.03   Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution
of Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties. (a) The Depositor hereby
represents and warrants that:

 

(i)        The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and
the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement
by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby,
including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this
Agreement;

 

(ii)       Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity

 

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(regardless
of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)      The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute
a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor
or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable
to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which
would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;
the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required
for the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)      There
is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any court
or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of the
Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement; and

 

(v)       The
Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the Mortgage
Loans have been validly transferred to the Trust.

 

(b)       After
receipt of a Repurchase Request, the Enforcing Servicer shall request in writing that the applicable Mortgage Loan Seller, not
later than ninety (90) days after (i) except in the case of the succeeding clause (ii), the applicable Mortgage Loan Seller’s
receipt of such notice of such Repurchase Request or, if earlier, such Mortgage Loan Seller’s discovery of such Material
Defect or (ii) in the case of a Material Defect relating to a Mortgage Loan not being a “qualified mortgage” within
the meaning of Section 860G(a)(3) of the Code, but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that
causes a defective Mortgage Loan to be treated as a qualified mortgage, the earlier of (x) discovery by the related Mortgage Loan
Seller or any party to this Agreement of such Material Defect and (y) receipt of notice of the Material Defect from any party
to this Agreement (such ninety (90) day period, the “Initial Cure Period”), (A) cure such Material Defect in
all material respects, at such Mortgage Loan Seller’s own expense, including reimbursement of any related reasonable additional
expenses of the Trust reasonably incurred by any party to this Agreement, (B) repurchase the affected Mortgage Loan or successor
REO Loan (but excluding any related Companion Loan) (or, in the case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller
Percentage Interest thereof), at the applicable Purchase Price and in conformity with the applicable Mortgage Loan Purchase Agreement
and this Agreement or (C) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, for which
no substitution will be permitted) for such affected Mortgage Loan or REO Loan (provided that in no event shall any such
substitution occur on or after the second anniversary of the Closing Date) and pay the applicable Master Servicer for deposit
into the applicable Collection Account, any Substitution Shortfall Amount in connection therewith and in conformity with the applicable
Mortgage Loan Purchase Agreement and this Agreement;

  

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provided, however, that except with respect to a Material Defect
resulting solely from the failure by the Mortgage Loan Seller to deliver to the Trustee or Custodian the actual policy of lender’s
title insurance required pursuant to clause (viii) of the definition of “Mortgage File” by a date not later
than eighteen (18) months following the Closing Date, if such Material Defect is capable of being cured but is not cured within
the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such
Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller shall have an additional ninety (90) days
commencing immediately upon the expiration of the Initial Cure Period (such additional ninety (90) day period, the “Extended
Cure Period”) to complete such cure (or, failing such cure, to repurchase the related Mortgage Loan or successor REO
Loan (but excluding any related Companion Loan) (or, in the case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller
Percentage Interest thereof) or substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, for
which no substitution will be permitted)); provided, further, that with respect to such Extended Cure Period the
applicable Mortgage Loan Seller shall have delivered an officer’s certificate to the Trustee, the Certificate Administrator
(who shall promptly deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the applicable Master
Servicer, the applicable Special Servicer, the Operating Advisor and (with respect to any Mortgage Loan other than an Excluded
Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class, prior to the occurrence
and continuance of a Consultation Termination Event) the Directing Certificateholder, setting forth the reason such Material Defect
is not capable of being cured within the Initial Cure Period and what actions the applicable Mortgage Loan Seller is pursuing
in connection with the cure thereof and stating that the applicable Mortgage Loan Seller anticipates that such Material Defect
will be cured within the Extended Cure Period; and provided, further, that, if any such Material Defect is not cured
after the Initial Cure Period and any such Extended Cure Period solely due to the failure of the related Mortgage Loan Seller
to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to defer its cure, repurchase
and/or substitution obligations in respect of such Material Defect until eighteen (18) months after the Closing Date for so long
as such Mortgage Loan Seller certifies to the Trustee, the applicable Master Servicer, the applicable Special Servicer, the Directing
Certificateholder (prior to the occurrence and continuance of a Consultation Termination Event) and the Certificate Administrator
no less than every ninety (90) days, beginning at the end of such Extended Cure Period, that such Material Defect is still in
effect solely because of its failure to have received the recorded document and that such Mortgage Loan Seller is diligently pursuing
the cure of such Material Defect (specifying the actions being taken). Notwithstanding the foregoing, any Defect or Breach which
causes any Mortgage Loan not to be a “qualified mortgage” (within the meaning of Section 860G(a)(3) of the Code, but
without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated
as a qualified mortgage) shall be deemed to materially and adversely affect the interests of Certificateholders therein, and (subject
to the applicable Mortgage Loan Seller’s right to cure such Defect or Breach during the Initial Cure Period) such Mortgage
Loan shall be repurchased or substituted for without regard to the Extended Cure Period described in the preceding sentence. If
the affected Mortgage Loan is to be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage
Loan Seller are to be remitted by wire transfer to the applicable Master Servicer for deposit into the applicable Collection Account.
In the event the Special Servicer is required to enforce the Repurchase Request related to a Non-Specially Serviced Loan under
this Section 2.03(b), within five (5) days of request by the Special

 

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Servicer, the Master Servicer shall deliver to the
Special Servicer a copy of the Servicing File with respect to any such Non-Specially Serviced Loan.

 

If
a Mortgage Loan Seller, in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage
Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Enforcing
Servicer on behalf of the Trust (and, for so long as no Control Termination Event has occurred and is continuing and in respect
of any Mortgage Loan that is not an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority
of the Controlling Class, in either case, with the consent of the Directing Certificateholder or the Holder of the majority of
the Controlling Class, the consent of the Directing Certificateholder) (each such payment, a “Loss of Value Payment”)
with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve
Fund to be applied in accordance with Section 3.05(g) of this Agreement. In connection with any Loss of Value Payment with
respect to any Non-Specially Serviced Loan, the applicable Master Servicer shall promptly provide the applicable Special Servicer,
but in any event within the time frames and in the manner provided in Section 3.19 (as if such Mortgage Loan were subject
to a Servicing Transfer Event), with the Servicing File and all information, documents and records relating to such Non-Specially
Serviced Loan and any related Serviced Companion Loan, either in the applicable Master Servicer’s possession or otherwise
reasonably available to the applicable Master Servicer, and reasonably required by the applicable Special Servicer to permit the
applicable Special Servicer to calculate the Loss of Value Payment, to the extent set forth in Section 3.19 (as if such
Mortgage Loan were subject to a Servicing Transfer Event). The Loss of Value Payment shall include the portion of any Liquidation
Fees payable to the applicable Special Servicer in respect of such Loss of Value Payment and the portion of fees of the Asset
Representations Reviewer attributable to the Asset Review of such Mortgage Loan (or, in the case of a Joint Mortgage Loan, the
applicable Mortgage Loan Seller Percentage Interest thereof) and not previously paid by the Mortgage Loan Seller. If such Loss
of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders and the
Trustee on their behalf regarding any such Material Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise
cure such Material Defect or repurchase or substitute for the affected Mortgage Loan based on such Material Defect under any circumstances.
This paragraph is intended to apply only to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the
Enforcing Servicer on behalf of the Trust, provided that (i) prior to any such agreement or settlement nothing in this
paragraph shall preclude the Mortgage Loan Seller or the Enforcing Servicer from exercising any of its rights related to a Material
Defect in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding
this paragraph) (including any right to cure, repurchase or substitute for (or make a Loss of Value Payment with respect to) such
Mortgage Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan; and
(iii) a Material Defect as a result of a Mortgage Loan not constituting a “qualified mortgage” within the meaning
of Section 860G(a)(3) of the Code (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a
defective Mortgage Loan to be treated as a qualified mortgage) may not be cured by a Loss of Value Payment.

 

If
any Breach that constitutes a Material Defect pertains to a representation or warranty that the related Mortgage Loan documents
or any particular Mortgage Loan document requires the related Mortgagor to bear the costs and expenses associated with any particular
action

 

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or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable
cure period (as the same may be extended) by reimbursing the Trust (by wire transfer of immediately available funds) for (i) the
reasonable amount of any such costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer,
the Certificate Administrator, the Trustee or the Trust that are incurred as a result of such Breach and have not been reimbursed
by the related Mortgagor and (ii) the amount of any fees payable by the related Mortgage Loan Seller to the Asset Representations
Reviewer to the extent not previously paid by such Mortgage Loan Seller to the Asset Representations Reviewer attributable to
the Asset Review of such Mortgage Loan; provided that if the Breach relates to a Joint Mortgage Loan, each Mortgage Loan
Seller shall only be responsible for its Mortgage Loan Seller Percentage Interest of all such costs and expenses unless such Breach
relates solely to the Mortgage Note sold by such Mortgage Loan Seller. Except as provided in the proviso to the immediately preceding
sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses to the Enforcing Servicer for disbursement
to the applicable Persons and, upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured
such Breach in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller
are subsequently obtained from the related Mortgagor, the portion of the cure payment made by the related Mortgage Loan Seller
equal to such fees or expenses obtained from the related Mortgagor shall promptly be returned to the related Mortgage Loan Seller.
Periodic Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month
of substitution, and Periodic Payments due with respect to each Mortgage Loan being repurchased or replaced after the related
Cut-off Date and received by the applicable Master Servicer or the applicable Special Servicer on behalf of the Trust on or prior
to the related date of repurchase or substitution, shall be part of the Trust Fund. Periodic Payments due with respect to each
Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Periodic Payments
due with respect to each Mortgage Loan being repurchased or replaced and received by the applicable Master Servicer or the applicable
Special Servicer on behalf of the Trust after the related date of repurchase or substitution, shall not be part of the Trust Fund
and are to be remitted by such Master Servicer (or by such Special Servicer to the applicable Master Servicer who shall remit
such funds) to the applicable Mortgage Loan Seller effecting the related repurchase or substitution promptly following receipt.
Notwithstanding anything contained in this Agreement or the related Mortgage Loan Purchase Agreement, a delay in either the discovery
of a Material Defect or in providing notice of such Material Defect shall relieve the applicable Mortgage Loan Seller of its obligation
to cure, repurchase or substitute for (or make a Loss of Value Payment with respect to) the related Mortgage Loan if (i) the related
Mortgage Loan Seller did not otherwise discover or have knowledge of such Material Defect, (ii) such delay is a result of the
failure by a party to the applicable Mortgage Loan Purchase Agreement, or this Agreement, to provide prompt notice as required
by the terms of the applicable Mortgage Loan Purchase Agreement, or this Agreement, after such party has actual knowledge of such
Material Defect (knowledge shall not be deemed to exist by reason of the Custodial Exception Report or possession of the Mortgage
File) (iii) such delay precludes such Mortgage Loan Seller from curing such Material Defect and such Material Defect was otherwise
curable and (iv) such Material Defect does not relate to the applicable Mortgage Loan not being a “qualified mortgage”
within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury regulations Section 1.860G-2(f)(2) that
causes a defective obligation to be treated as a qualified mortgage. Notwithstanding the foregoing, if a Mortgage Loan is not
secured by a Mortgaged Property that

 

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is, in whole or in part, a hotel or other hospitality property, restaurant (operated by a
borrower), healthcare facility, nursing home, assisted living facility, self-storage facility, theater or fitness center (operated
by a borrower), then the failure to deliver copies of the UCC Financing Statements with respect to such Mortgage Loan shall not
be a Material Defect.

 

Pursuant
to each Mortgage Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties with
respect to a Mortgage Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan (or, in the
case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) if (i) the affected Mortgaged
Property may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such
Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth
in the Mortgage Loan documents and the related Mortgage Loan Seller provides an opinion of counsel to the effect that such release
in lieu of repurchase would not (A) cause any Trust REMIC to fail to qualify as a REMIC or (B) result in the imposition of a tax
upon any Trust REMIC or the Trust and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

(c)       Subject
to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further subject
to Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage File to be deemed
to have a Material Defect: (i) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with a copy of the Mortgage Note that appears to be regular on its face; (ii)
the absence from the Mortgage File of the original signed Mortgage that appears to be regular on its face, unless there is included
in the Mortgage File either a copy of the Mortgage with evidence of recording thereon or a copy of the Mortgage and a certificate
from the related Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation; (iii) the absence from
the Mortgage File of the item called for by clause (viii) of the definition of “Mortgage File”; (iv) the absence
from the Mortgage File of any intervening assignments required to create a complete chain of assignments to the Trustee on behalf
of the Trust, unless there is included in the Mortgage File either a copy of the assignment with evidence of recording thereon
or a copy of the intervening assignment and a certificate from the related Mortgage Loan Seller stating that the original intervening
assignments were sent for filing or recordation, as applicable; (v) the absence from the Mortgage File of any required letter
of credit; or (vi) with respect to any related leasehold Mortgage Loan, the absence from the related Mortgage File of a copy (or
an original, if available) of the related Ground Lease; provided, however, that no Defect (except the Defects previously
described in sub-clauses (i) through (vi) of this Section 2.03(c)) shall be considered to materially and
adversely affect the value of the related Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee
or Certificateholders unless the document with respect to which the Defect exists is required in connection with an imminent enforcement
of the mortgagee’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or
third party with respect to the related Mortgage Loan, establishing the validity or priority of any lien on any collateral securing
the related Mortgage Loan or for any immediate significant servicing obligation; provided, further, that no Defect
relating to any Non-Serviced Mortgage Loan previously described in sub-clauses (ii) through (vi) of this Section
2.03(c) shall be considered to materially and adversely affect the value of such Mortgage Loan, the value of the related Mortgaged
Property or the interests of the Trustee or Certificateholders unless the related

 

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Mortgage Loan Seller, after receipt of notice
of such Defect, is unable to produce a copy of the document with respect to which the Defect exists within a reasonable period
after receiving such notice or otherwise establish that the original or copy, as applicable, of such document has been delivered,
in compliance with the terms of the related Non-Serviced PSA, to the custodian under the related Non-Serviced PSA. Notwithstanding
the foregoing, the delivery of executed escrow instructions or a binding commitment to issue a lender’s title insurance
policy, as provided in clause (viii) of the definition of “Mortgage File” herein, in lieu of the delivery of
the actual policy of lender’s title insurance, shall not be considered a Material Defect with respect to any Mortgage File
if such actual policy is delivered to the Custodian not later than eighteen (18) months following the Closing Date. Notwithstanding
the foregoing, to the extent a Mortgage Loan Seller has otherwise complied with its document delivery requirements under this
Agreement and the related Mortgage Loan Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant
to Section 2.02 above of a document that is part of the Mortgage File or a Mortgage Loan Seller can otherwise prove delivery
of the document, and the Custodian subsequently loses a document, the fact that such document is lost may not be utilized as the
basis for a claim of a Material Defect against a Mortgage Loan Seller pursuant to Section 5(a) of the related Mortgage Loan Purchase
Agreement and/or this Section 2.03 and the Custodian shall be liable for any such loss to the extent provided for in Section
8.01.

 

(d)       In
connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for a Mortgage Loan contemplated by
this Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the applicable Master Servicer and the applicable
Special Servicer shall each tender to the applicable Mortgage Loan Seller, upon delivery to each of the Trustee, the Certificate
Administrator, the Custodian, the applicable Master Servicer and the applicable Special Servicer of a trust receipt executed by
the applicable Mortgage Loan Seller evidencing such repurchase or substitution, all portions of the Mortgage File and other documents
pertaining to such Mortgage Loan possessed by each of the Trustee, the Certificate Administrator, the Custodian, the applicable
Master Servicer and the applicable Special Servicer (other than attorney-client communications that are privileged communications),
and each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed
or assigned, as the case may be to the applicable Mortgage Loan Seller in the same manner as provided in Section 5 of the related
Mortgage Loan Purchase Agreement and, if applicable, the definition of “Mortgage File” herein, so as to vest in such
Mortgage Loan Seller the legal and beneficial ownership of such repurchased or substituted Mortgage Loan (including property acquired
in respect thereof and proceeds of any insurance policy with respect thereto) and the related Mortgage Loan documents.

 

(e)       Section
5 of each of the Mortgage Loan Purchase Agreements and the provisions of this Section 2.03 provide the sole remedy available
to the Certificateholders (subject to the limitations on the rights of the Certificateholders under this Agreement), or the Trustee
on behalf of the Certificateholders, the applicable Master Servicer or the applicable Special Servicer, with respect to any Material
Defect.

 

(f)       The
Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests),
enforce the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement. Such enforcement,
including, without limitation, the legal prosecution of claims, if any, shall be carried

 

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out in the best interest of the Certificateholders
in accordance with the Servicing Standard. Any costs incurred by an applicable Master Servicer or applicable Special Servicer
with respect to the enforcement of the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase
Agreement shall, to the extent not recovered from the applicable Mortgage Loan Seller, be deemed to be Servicing Advances to the
extent not otherwise provided for herein. The applicable Master Servicer or the applicable Special Servicer, as applicable, shall
be reimbursed for the reasonable costs of such enforcement: first, from a specific recovery, if any, of costs, expenses
or attorneys’ fees against the applicable Mortgage Loan Seller; second, pursuant to Section 3.05(a)(vii) herein
out of the related Purchase Price, to the extent that such expenses are a specific component thereof; and third, if at
the conclusion of such enforcement action it is determined that the amounts described in clauses first and second
are insufficient, then pursuant to Section 3.05(a)(vii) herein out of general collections on the Mortgage Loans on
deposit in the related Collection Account. Any costs, expenses or attorneys’ fees related to a repurchase of a Companion
Loan shall be paid pursuant to the related Intercreditor Agreement or pursuant to the documents related to an Other Securitization,
if applicable.

 

(g)       If
a Mortgage Loan Seller incurs any expense in connection with the curing of a Breach that constitutes a Material Defect, which
also constitutes a default under the related Mortgage Loan and is reimbursable thereunder, such Mortgage Loan Seller shall have
a right, and shall be subrogated to the rights of the Trustee and the Trust under the Mortgage Loan to recover the amount of such
expenses from the related Mortgagor; provided, however, that such Mortgage Loan Seller’s rights pursuant to
this Section 2.03(g) shall be junior, subject and subordinate to the rights of the Trustee, the Certificate Administrator,
the Trust, each applicable Master Servicer and each applicable Special Servicer to recover amounts owed by the related Mortgagor
under the terms of such Mortgage Loan including, without limitation, the rights to recover unreimbursed Advances, accrued and
unpaid interest on Advances at the Reimbursement Rate, fees owed to each applicable Master Servicer or each applicable Special
Servicer, and unpaid or unreimbursed expenses of the Trustee, the Certificate Administrator, the Trust, each applicable Master
Servicer or each applicable Special Servicer allocable to such Mortgage Loan. The Enforcing Servicer shall use reasonable efforts
to recover such expenses for such Mortgage Loan Seller to the extent consistent with the Servicing Standard, but taking into account
the subordinate nature of the reimbursement to the related Mortgage Loan Seller; provided, however, that the Enforcing
Servicer determines in the exercise of its sole discretion consistent with the Servicing Standard that such actions by it will
not impair the Enforcing Servicer’s collection or recovery of principal, interest and other sums due with respect to the
related Mortgage Loan that would otherwise be payable to the applicable Master Servicer, the applicable Special Servicer, the
Trustee, the Certificate Administrator and the Certificateholders pursuant to the terms of this Agreement; provided, further,
that such Special Servicer may waive the collection of amounts due on behalf of such Mortgage Loan Seller in its sole discretion
in accordance with the Servicing Standard.

 

(h)       If
(i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in this Section 2.03
and (ii) the applicable Material Defect does not constitute a Material Defect as to any other Crossed Underlying Loan in the
related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect shall be deemed to
constitute a Material Defect as to any other Crossed Underlying Loan in the related Crossed Mortgage Loan Group for purposes of
this paragraph, and the related Mortgage Loan Seller shall repurchase or substitute for such other Crossed Underlying Loan(s)
in

 

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the related Crossed Mortgage Loan Group as provided in Section 2.03(b) unless such other Crossed Underlying Loans satisfy
the Crossed Underlying Loan Repurchase Criteria. In the event that the remaining Crossed Underlying Loans in such Crossed Mortgage
Loan Group satisfy the Crossed Underlying Loan Repurchase Criteria, the applicable Mortgage Loan Seller may elect either to repurchase
or substitute for only the affected Crossed Underlying Loan(s) as to which the related Material Defect exists or to repurchase
or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group. Any reserve or other cash collateral
or letters of credit securing the Crossed Underlying Loans shall be allocated among the related Crossed Underlying Loans in accordance
with the related Mortgage Loan documents or otherwise on a pro rata basis based upon their outstanding Stated Principal
Balances. Except as provided in this Section 2.03(h) and Section 2.03(i), all other terms of the related Mortgage
Loans shall remain in full force and effect without any modification thereof.

 

(i)        Notwithstanding
the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying Loans, the Depositor
may cause the related Mortgage Loan Seller to repurchase only that Crossed Underlying Loan required to be repurchased pursuant
to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however,
that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the related Mortgage,
this Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase Criteria, (ii)
in connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at such Mortgage Loan
Seller’s expense) to the effect that the contemplated action will not cause an Adverse REMIC Event and (iii) in connection
with such partial release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications
to the Mortgage prepared and executed in connection with such partial release.

 

(j)        With
respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase or substitute
for such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) or Section 2.03(i) while the Trustee
continues to hold any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage Loan
Seller and the Enforcing Servicer, on behalf of the Trustee, as assignee of the Depositor, will, as set forth in the related Mortgage
Loan Purchase Agreement, forbear from enforcing any remedies against the other’s Primary Collateral but each will be permitted
to exercise remedies against the Primary Collateral securing its respective related Mortgage Loans, including with respect to
the Trustee, the Primary Collateral securing the Mortgage Loans still held by the Trustee, so long as such exercise does not materially
impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise of the remedies
by one party would materially impair the ability of the other party to exercise its remedies with respect to the Primary Collateral
securing the Crossed Underlying Loans held by such party, then both parties have agreed in the related Mortgage Loan Purchase
Agreement to forbear from exercising such remedies until the Mortgage Loan documents evidencing and securing the relevant Mortgage
Loan can be modified in a manner that complies with the related Mortgage Loan Purchase Agreement to remove the threat of material
impairment as a result of the exercise of remedies.

 

(k)       (i)
In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage Loan
be repurchased by the applicable

 

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Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the applicable Master Servicer and the applicable Special
Servicer, and the Enforcing Servicer shall promptly forward the Certificateholder Repurchase Request to the related Mortgage Loan
Seller and each other party to this Agreement. Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing
Party with respect to a Certificateholder Repurchase Request.

 

(ii)       In
the event that the Depositor, a Master Servicer, a Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder identifies a Material Defect with respect
to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that party shall
deliver prompt written notice of such Material Defect to each other party to this Agreement, the Directing Certificateholder and
the related Mortgage Loan Seller identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA
Party Repurchase Request” and each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, the
“Repurchase Request”). The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the
Trust against the related Mortgage Loan Seller with respect to a PSA Party Repurchase Request.

 

(iii)       In
the event the Repurchase Request is not Resolved within one hundred-eighty (180) days after the Mortgage Loan Seller receives
the Repurchase Request (a “Resolution Failure”), then the provisions described in Section 2.03(l) below
shall apply. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request
is sent to the related Mortgage Loan Seller. A Resolved Repurchase Request shall not preclude the applicable Master Servicer (in
the case of Non-Specially Serviced Loans) or the applicable Special Servicer (in the case of Specially Serviced Loans) from exercising
any of their respective rights related to a Material Defect in the manner and timing otherwise set forth in this Agreement, in
the related Mortgage Loan Purchase Agreement or as provided by law.

 

(l)        (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder, a party to this Agreement or the Directing Certificateholder), the Enforcing
Servicer shall send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder,
if any, to the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate
Administrator (which shall be delivered via electronic mail to trustadministrationgroup@wellsfargo.com). The Certificate
Administrator shall make the Proposed Course of Action Notice available to all other Certificateholders and Certificate Owners
by posting such notice on the Certificate Administrator’s Website indicating the Enforcing Servicer’s intended course
of action with respect to the Repurchase Request (a “Proposed Course of Action”). The Proposed Course of Action
Notice shall include (a) a request to Certificateholders to indicate their agreement with or dissent from such Proposed Course
of Action by clearly marking “agree” or “disagree” to the Proposed Course of Action on such notice within
thirty (30) days after the date of such notice and a disclaimer that responses received after such thirty (30)-day period will
not be taken into consideration, (b) a statement that in the event any

 

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Certificateholder disagrees with the Proposed Course of
Action, the Enforcing Servicer (either as the Enforcing Party or as the Enforcing Servicer in circumstances where a Certificateholder
is acting as the Enforcing Party) shall be compelled to follow the course of action agreed to and/or proposed by the majority
of the responding Certificateholders that involves referring the matter to mediation or arbitration, as the case may be, (c) a
statement that responding Certificateholders will be required to certify their holdings in connection with such response, (d)
a statement that only responses clearly marked “agree” or “disagree” with such Proposed Course of Action
will be taken into consideration and (e) instructions for responding Certificateholders to send their responses to the Enforcing
Servicer and the Certificate Administrator. The Certificate Administrator shall, within three (3) Business Days after the expiration
of the 30-day response period, tabulate the responses received from the Certificateholders and share the results with the Enforcing
Servicer. The Certificate Administrator shall only count responses timely received that clearly indicate agreement or dissent
with the related Proposed Course of Action and additional verbiage or qualifying language shall not be taken into consideration
for purposes of determining whether the related Certificateholder agrees or disagrees with the Proposed Course of Action. The
Certificate Administrator shall be under no obligation to answer any questions from Certificateholders regarding such Proposed
Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection with this Section
2.03(l) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree”
to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate
Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation
of the responses of the responding Certificateholders. If (a) the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request does not involve pursuing further action to exercise rights against the related Mortgage Loan Seller
with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or
Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration,
or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the applicable
Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other
Certificateholder (other than the holder of the RR Interest) or Certificate Owner does not agree with the dispute resolution method
selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or
Certificate Owner may deliver to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election
Notice”) within thirty (30) days from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s
Website (the “Dispute Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter
to either mediation or arbitration. In the event any Certificateholder or Certificate Owner entitled to do so delivers a Preliminary
Dispute Resolution Election Notice, and the Enforcing Servicer has also received responses from other Certificateholders or Certificate
Owners supporting the Enforcing Servicer’s initial Proposed Course of Action, such responses will be considered Preliminary
Dispute Resolution Election Notices supporting the Proposed Course of Action.

 

(ii)       If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner entitled to do
so delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder
or Certificate Owner otherwise entitled to do so shall have the right to refer the Repurchase Request to mediation or arbitration,
and the Enforcing Servicer shall

 

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be the sole party entitled to determine a course of action, including, but not limited to, enforcing
the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation rights of the Directing
Certificateholder pursuant to Section 6.08.

 

(iii)      Promptly
and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a)
the Initial Requesting Certificateholder, if any, or (b) any other Certificateholder (other than of the RR Interest) or Certificate
Owner (each of clauses (a) and (b), a “Requesting Certificateholder”), the Enforcing Servicer
shall consult with each Requesting Certificateholder regarding such Requesting Certificateholder’s intention to elect either
mediation (including nonbinding arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request
(the “Dispute Resolution Consultation”) so that such Requesting Certificateholder may consider the views of
the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions
to occur and be completed no later than ten (10) Business Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer
shall be entitled to establish procedures the Enforcing Servicer deems in good faith to be appropriate relating to the timing
and extent of such consultations. No later than five (5) Business Days after completion of the Dispute Resolution Consultation,
a Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right
to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)      If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)       If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If more than one Requesting Certificateholder timely deliver a Final Dispute Resolution Election
Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders of a
majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to such
mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the terms
of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (A) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (B) if the Proposed Course
of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then
the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material

 

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Defect shall not be deemed waived with respect to a Requesting
Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material
change in the facts and circumstances known to such party at the time when the Proposed Course of Action Notice is posted on the
Certificate Administrator’s Website, and (C) if the Proposed Course of Action Notice had indicated a course of action other
than the course of action under clause (B), then the Enforcing Servicer shall again become the Enforcing Party and, as
such, shall be the sole party entitled to enforce the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)      Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)     In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)    For
the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller nor any of their respective affiliates shall be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)      The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting
Certificateholder shall not be entitled to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(m)      If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)        The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
within sixty (60) days of receipt of written notice of the Enforcing Party’s selection of mediation (such provider, the
“Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation Rules”)
promulgated by the Mediation Services Provider.

 

(ii)       The
mediator shall be impartial, an attorney admitted to practice in the state of New York and have at least fifteen (15) years of
experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten (10) potential qualified mediators by the Mediation Services Provider each party will have the right to exercise
two (2) peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference.
The Mediation Services Provider shall select

 

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the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)      Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)      The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within ten (10)
Business Days of the selection of the mediator and to conclude the mediation within sixty (60) days thereafter.

 

(v)      The
expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)      Out
of pocket costs and expenses of the applicable Special Servicer for mediation or arbitration, to the extent not agreed to be paid
by the Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the
case of arbitration) shall be reimbursable as a Servicing Advance.

 

(n)       If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)        The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)       The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least fifteen (15) years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied
a list of at least ten (10) potential arbitrators by the Arbitration Services Provider each party will have the right to exercise
two (2) peremptory challenges within fourteen (14) days and to rank the remaining potential arbitrators in order of preference.
The Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference
choices of the parties to the extent possible.

 

(iii)      Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)      After
consulting with the parties at an organizational conference held not later than ten (10) Business Days after its appointment,
the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties,
with the goal of expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority
to schedule, hear, and determine any and

 

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all motions, including dispositive and discovery motions, in accordance with the Federal
Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing
and post hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)       Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)      The
arbitrator shall make its final determination no later than thirty (30) days after the conclusion of the hearings and submission
of any post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage
Loan Purchase Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent
with those agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration
conducted by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice
at the Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including
the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable
attorneys’ fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination
of the arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties.
The final determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination
permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)     By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)    No
person may bring a putative or certificated class action to arbitration.

 

(o)       The
following provisions will apply to both mediation and third-party arbitration:

 

(i)        Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)       If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then

 

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any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of New York
for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)      The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)      In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such
proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder (provided
that a Consultation Termination Event has not occurred and is not continuing) and in accordance with the Servicing Standard. All
amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in
the applicable Collection Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the
event a Requesting Certificateholder is allocated any related costs and expenses pursuant to the terms of the arbitrator’s
decision or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible
for any such costs and expenses allocated to the Requesting Certificateholder.

 

(v)       In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay any expenses
allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the
mediation proceedings.

 

(vi)      The
Trust (or the Trustee or the Enforcing Servicer, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally

 

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identifiable customer information included in any information provided for purposes of any mediation
or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that (A) the
Certificateholders shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided
in Section 5.06 and (B) the Enforcing Servicer shall be permitted to include such information in any 15Ga-1 Notice as it
is required pursuant to Section 2.02(g).

 

(vii)     For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan (including without limitation, a liquidation, foreclosure,
negotiation of a loan modification or workout, acceptance of a discounted pay off or deed in lieu, or bankruptcy or other litigation)
or the exercise of any rights of a Directing Certificateholder.

 

(viii)    In
the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then
utilize the alternative method.

 

(ix)      Any
out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration or related
responsibilities pursuant to this Agreement shall be reimbursable as additional Trust Fund expenses.

 

(p)       Notwithstanding
anything to the contrary herein, with respect to any Joint Mortgage Loan, the obligations of each of the applicable Mortgage Loan
Sellers to repurchase with respect to a Material Defect with respect to the related Mortgage Loan shall be limited to a repurchase
with respect to the Mortgage Note it sold to the Depositor in accordance with the related Mortgage Loan Purchase Agreement. With
respect to any Joint Mortgage Loan, any cure by either of the applicable Mortgage Loan Sellers with respect to the Mortgage Note
sold by it to the Depositor in accordance with the related Mortgage Loan Purchase Agreement that also cures the Material Defect
with respect to the entire related Joint Mortgage Loan shall satisfy the cure obligations of both Mortgage Loan Sellers with respect
to such Joint Mortgage Loan.

 

Section
2.04  Execution of Certificates; Issuance of Lower-Tier Regular Interests.  The Trustee hereby acknowledges the
assignment to it of the Mortgage Loans and, subject to Section 2.01 and Section 2.02, the delivery to the Custodian
of the Mortgage Files and a fully executed original counterpart of each of the Mortgage Loan Purchase Agreements, together with
the assignment to it of all of the other assets included in the Lower-Tier REMIC and the Grantor Trust. Concurrently with such
assignment and delivery, (i) in exchange for the Mortgage Loans (other than Excess Interest) and the other assets comprising the
Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee acknowledges the issuance of the Lower-Tier Regular Interests
and the Class LR Interest to the Depositor; (ii) the Trustee acknowledges the creation of the Grantor Trust (as described in Section
2.05 below); (iii) the Trustee acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier
REMIC; (iv) immediately thereafter, in exchange for the Lower-Tier Regular Interests, the Trustee acknowledges that it has caused
the Certificate Administrator to issue the Class UR Interest and

 

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the Exchangeable Upper-Tier
Regular Interests and has caused the Certificate Registrar to execute and caused the Authenticating Agent to authenticate and
to deliver to or upon the order of the Depositor, the Regular Certificates and the Class R Certificates, and the Depositor hereby
acknowledges the receipt by it or its designees, of such Certificates in authorized Denominations evidencing, together with the
Exchangeable Upper-Tier Regular Interests, the entire beneficial ownership of the Upper-Tier REMIC (and in the case of the Class
R Certificates, the Class LR Interest and the Class UR Interest); (v) the Trustee acknowledges the contribution by the Depositor
of the Exchangeable Upper-Tier Regular Interests to the Grantor Trust; (vi) the Trustee acknowledges that it has caused the Certificate
Administrator to issue the Class V Certificates and has caused the Certificate Registrar to execute and cause the Authenticating
Agent to deliver to or upon the order of the Depositor such Certificates, and the Depositor hereby acknowledges the receipt by
it, or its designees, of such Certificates in authorized denominations, evidencing beneficial ownership of their respective portions
of the Grantor Trust; and (vii) immediately thereafter, in exchange for the Exchangeable Upper-Tier Regular Interests, the Trustee
acknowledges that it has caused the Certificate Administrator to issue the Exchangeable Certificates and has caused the Certificate
Administrator to execute and caused the Authentication Agent to authenticate and to deliver to or upon the order of the Depositor,
the Exchangeable Certificates, and the Depositor hereby acknowledges the receipt by it or its designees, of such Certificates
in authorized Denominations evidencing beneficial ownership of their respective portions of the Grantor Trust.

 

Section
2.05   Creation of the Grantor Trust.  Each Class of Exchangeable Certificates, the Class V Certificates and the
RR Interest are hereby designated as undivided beneficial interests in their corresponding Grantor Trust Designation Portions,
which portions shall be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.

 

[End
of Article II]

 

Article
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section
3.01  Master Servicers to Act as Master Servicers; Special Servicers to Act as Special Servicers; Administration of the Mortgage
Loans, the Serviced Companion Loans, and REO Properties.  (a) Each applicable Master Servicer and each applicable
Special Servicer shall diligently service and administer the applicable Mortgage Loans (other than any Non-Serviced Mortgage Loan),
any related Serviced Companion Loans and the applicable REO Properties (other than any REO Property related to a Non-Serviced
Mortgage Loan) it is obligated (as provided below) to service in accordance with applicable law, this Agreement and the Mortgage
Loan documents and, in the case of a Serviced Whole Loan, the related Intercreditor Agreement on behalf of the Trust and in the
best interests of and for the benefit of the Certificateholders and, in the case of the Serviced Companion Loans, the Companion
Holders and the Trustee (as Holder of the Lower-Tier Regular Interests), as a collective whole, taking into account the subordinate
or pari passu nature of such Companion Loans (as determined by the applicable Master Servicer or the applicable Special
Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement (and,
with respect to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related

 

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Intercreditor Agreement) and the terms of the respective Mortgage Loans and, if applicable, the related Companion
Loan, taking into account the subordinate or pari passu nature of the Companion Loan. With respect to each Serviced Whole
Loan, in the event of a conflict between this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement
shall control; provided that in no event shall the applicable Master Servicer or the applicable Special Servicer, as the
case may be, take any action or omit to take any action in accordance with the terms of any Intercreditor Agreement that would
cause such Master Servicer or such Special Servicer, as the case may be, to violate the Servicing Standard or the REMIC Provisions.
The General Master Servicer shall be the Master Servicer with respect to all Mortgage Loans (other than the NCB Mortgage Loans),
any related Serviced Companion Loan and other related assets in the Trust and, as such, shall service and administer such Mortgage
Loans, any related Serviced Companion Loan and such other assets as shall be required of the applicable Master Servicer hereunder
and under any related Intercreditor Agreement. The General Special Servicer shall be the Special Servicer with respect to all
the Mortgage Loans (other than the NCB Mortgage Loans), any Serviced Companion Loan and other related assets in the Trust and,
as such, shall service and administer such Mortgage Loans, any related Serviced Companion Loan and such other assets as shall
be required of the applicable Special Servicer hereunder and under any related Intercreditor Agreement. The NCB Master Servicer
shall be the Master Servicer with respect to the NCB Mortgage Loans and other related assets in the Trust and, as such, shall
service and administer such NCB Mortgage Loans and such other assets as shall be required of the applicable Master Servicer hereunder.
The NCB Special Servicer shall be the Special Servicer with respect to the NCB Co-op Mortgage Loans and other related assets in
the Trust and, as such, shall service and administer such NCB Co-op Mortgage Loans and such other assets as shall be required
of the applicable Special Servicer hereunder. For purposes of this Agreement and any references to the duties and obligations
of a Master Servicer or Special Servicer, any references to Mortgage Loans in the context of such duties and/or obligations shall
be deemed to refer solely to the Mortgage Loans serviced by the applicable Master Servicer or the applicable Special Servicer
and no other Mortgage Loan, Serviced Companion Loan or other related asset in the Trust serviced hereunder, unless specifically
indicated otherwise. To the extent consistent with the foregoing, each Master Servicer and each Special Servicer shall service
the applicable Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the related Serviced Companion Loans in accordance
with the higher of the following standards of care: (1) in the same manner in which, and with the same care, skill, prudence and
diligence with which such Master Servicer or such Special Servicer, as the case may be, services and administers similar mortgage
loans for other third party portfolios and (2) the same care, skill, prudence and diligence with which such Master Servicer or
such Special Servicer, as the case may be, services and administers similar mortgage loans owned by such Master Servicer or such
Special Servicer, as the case may be, with a view to the (A) the timely recovery of all payments of principal and interest under
the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an REO Property, maximization of
recovery of principal and interest on a net present value basis on such Mortgage Loans and any related Serviced Companion Loans,
and the best interests of the Trust and the Certificateholders (as a collective whole as if such Certificateholders constituted
a single lender) (and in the case of any Whole Loan, the best interests of the Trust, the Certificateholders and any related Companion
Holder (as a collective whole as if such Certificateholders and the holder or holders of the related Companion Loans constituted
a single lender), taking into account the subordinate or pari passu, as applicable, nature of the related Companion Loans),
as determined by the applicable Master

 

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Servicer or the applicable Special Servicer, as the case may be, in its reasonable judgment,
in either case giving due consideration to the customary and usual standards of practice of prudent institutional commercial,
multifamily and manufactured housing community mortgage loan servicers, but without regard to any conflict of interest arising
from: (i) any relationship that the applicable Master Servicer, the applicable Special Servicer or any Affiliate of such Master
Servicer or such Special Servicer may have with any Mortgagor, any Mortgage Loan Seller, any other parties to this Agreement,
any Sponsor, any originator of a Mortgage Loan or any Affiliate of any of the foregoing; (ii) the ownership of any Certificate,
Companion Loan, mezzanine loan, or subordinate debt relating to a Mortgage Loan by the applicable Master Servicer, the applicable
Special Servicer or any Affiliate of such Master Servicer or such Special Servicer, as applicable; (iii) the obligation, if any,
of the applicable Master Servicer to make Advances; (iv) the right of the applicable Master Servicer or the applicable Special
Servicer, as the case may be, or any of its Affiliates to receive compensation for its services and reimbursement for its costs
hereunder or with respect to any particular transaction; (v) the ownership, servicing or management for others of (a) a Non-Serviced
Mortgage Loan and a Non-Serviced Companion Loan or (b) any other mortgage loans, subordinate debt, mezzanine loans or properties
not covered by this Agreement or held by the Trust by the applicable Master Servicer or the applicable Special Servicer, as the
case may be, or any of its Affiliates; (vi) any debt that the applicable Master Servicer or the applicable Special Servicer, as
the case may be, or any of its Affiliates, has extended to any Mortgagor or an Affiliate of any Mortgagor (including, without
limitation, any mezzanine financing); (vii) any option to purchase any Mortgage Loan or a related Companion Loan the applicable
Master Servicer or the applicable Special Servicer, as the case may be, or any of its Affiliates, may have; and (viii) any obligation
of the applicable Master Servicer or the applicable Special Servicer, or any of their respective Affiliates, to repurchase or
substitute for a Mortgage Loan as a Mortgage Loan Seller (if such Master Servicer or such Special Servicer or any of their respective
Affiliates is a Mortgage Loan Seller) (the foregoing, collectively referred to as the “Servicing Standard”).

 

The
applicable Master Servicer and the applicable Special Servicer shall act in accordance with the Servicing Standard with respect
to any action required to be taken regarding the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

Without
limiting the foregoing, subject to Section 3.19, the applicable Special Servicer shall be obligated to service and administer
(i) any Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing
Transfer Event has occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise provided
herein with respect to Non-Specially Serviced Loans in connection with any Major Decision or Special Servicer Decision and (ii)
any REO Properties (other than the Non-Serviced Mortgaged Properties); provided that the applicable Master 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 Loans, except for the reports specified herein as prepared by the applicable Special Servicer,
as if no Servicing Transfer Event had occurred and with respect to the REO Properties (and the related REO Loans) as if no REO
Acquisition had occurred, and to render such services with respect to such Specially Serviced Loans and REO Properties as are
specifically provided for herein; provided, further, however, that the applicable Master Servicer shall not
be liable for failure to comply with such duties insofar as such failure results from a failure of the applicable Special Servicer
to provide sufficient

 

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information to such Master Servicer to comply with such duties or failure by such Special Servicer to otherwise
comply with its obligations hereunder. No Master Servicer or Special Servicer, in its capacity as a Master Servicer or Special
Servicer, as applicable, shall have any responsibility for the performance by any other Master Servicer or Special Servicer, in
its capacity as a Master Servicer or Special Servicer, as applicable, of such other Master Servicer’s or Special Servicer’s
duties under this Agreement. Each Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Loan
shall continue as such until satisfaction of the conditions specified in Section 3.19(a). Without limiting the foregoing,
subject to Section 3.19 and in accordance with the terms of this Agreement, the applicable Master Servicer shall be obligated
to service and administer any Non-Specially Serviced Loan or any related Serviced Companion Loan. The applicable Special Servicer
shall make the property inspections, use its reasonable efforts to collect the financial statements, budgets, operating statements
and rent rolls (or, with respect to residential cooperative properties, maintenance schedules) and forward to the applicable Master
Servicer the reports in respect of the related Mortgaged Properties with respect to Specially Serviced Loans in accordance with
Section 3.12. After notification to the applicable Master Servicer, the applicable Special Servicer may contact the Mortgagor
of any Non-Specially Serviced Loan if efforts by such Master 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 applicable Master
Servicer. No provision herein contained shall be construed as an express or implied guarantee by the applicable Master Servicer
or the applicable Special Servicer of the collectability or recoverability of payments on the Mortgage Loans or any related Serviced
Companion Loan or be construed to impair or adversely affect any rights or benefits provided by this Agreement to such Master
Servicer or such Special Servicer (including with respect to Servicing Fees, Special Servicing Fees or the right to be reimbursed
for Advances and interest accrued thereon). Any provision in this Agreement for any Advance by the applicable Master Servicer
or the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders 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 or any related Serviced
Companion Loans. No provision hereof shall be construed to impose liability on any Master Servicer or Special Servicer for the
reason that any recovery to the Certificateholders 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.

 

(b)       Subject
only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08) and of the
respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable, and applicable
law, each applicable Master Servicer and each applicable Special Servicer shall have full power and authority, acting alone or,
subject to Section 3.20, through one or more Sub-Servicers, to do or cause to be done any and all things in connection
with such servicing and administration for which it is responsible which it may deem necessary or desirable. Without limiting
the generality of the foregoing, each of the applicable Master Servicer and the applicable Special Servicer, in its own name (or
in the name of the Trustee and, if applicable, the related Serviced Companion Noteholder), is hereby authorized and empowered
by the Trustee to execute and deliver, on behalf of the Certificateholders (and, with respect to a Serviced Companion Loan, the
related Serviced Companion Noteholder) and the Trustee or any of them, with respect to each Mortgage Loan and any related Serviced
Companion Loan it is obligated to service under this Agreement: (i) any and all financing statements, continuation statements
and other documents or instruments necessary to

 

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maintain the lien created by the related Mortgage or other security document in
the related Mortgage File on the related Mortgaged Property and related collateral, and shall, from time to time, execute and/or
deliver such financing statements, continuation statements and other documents or instruments as necessary to maintain the lien
created by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and
related collateral; (ii) subject to Sections 3.08, 3.18 and 6.08, any and all modifications, waivers, amendments
or consents to, under or with respect to any documents contained in the related Mortgage File; (iii) any and all instruments of
satisfaction or cancellation, pledge agreements and other documents in connection with a defeasance, or of partial or full release
or discharge, and all other comparable instruments; and (iv) any or all complaints or other pleadings to initiate and/or to terminate
any action, suit or proceeding on behalf of the Trust (in their representative capacities (except as set forth below in this paragraph)).
The applicable Master Servicer (with respect to Non-Specially Serviced Loans) and the applicable Special Servicer (with respect
to Specially Serviced Loans) shall provide to the Mortgagor related to such Mortgage Loans that it is servicing any reports required
to be provided to them pursuant to the related Mortgage Loan documents. Subject to Section 3.10, the Trustee shall (i)
on the Closing Date, furnish to the applicable Master Servicer and the applicable Special Servicer original powers of attorney
in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed
to by the Trustee and such Master Servicer or such Special Servicer, as applicable) and (ii) upon request, furnish, or cause to
be furnished, to the applicable Master Servicer or the applicable Special Servicer any powers of attorney in the form of Exhibit
R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed to by the Trustee and such
Master Servicer or such Special Servicer, as applicable) and other documents necessary or appropriate to enable the applicable
Master Servicer or the applicable Special Servicer, as the case may be, to carry out its servicing and administrative duties hereunder;
provided, however, that the Trustee shall not be held responsible or liable for any acts of the applicable Master
Servicer or the applicable Special Servicer, or for any negligence with respect to, or misuse of, any such power of attorney by
such Master Servicer or such Special Servicer. Notwithstanding anything contained herein to the contrary, the applicable Master
Servicer or the applicable Special Servicer, as the case may be, shall not, without the Trustee’s written consent: (i) initiate
any action, suit or proceeding solely under the Trustee’s name without indicating such Master Servicer’s or such Special
Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction
in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided
that such Master Servicer or such Special Servicer, as applicable, shall then provide five (5) Business Days’ written
notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required
in the judgment of such Master Servicer or such Special Servicer, as applicable, made in accordance with the Servicing Standard)
prior to filing such action, suit or proceeding, and shall not be required to obtain the Trustee’s consent or indicate such
Master Servicer’s or such Special Servicer’s, as applicable, representative capacity)) or (ii) take any action with
the intent to cause, and that actually causes, the Trustee to be required to be registered to do business in any state.

 

(c)       To
the extent the applicable Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion
Loan documents (including any related Intercreditor Agreement) to exercise its discretion with respect to any action that requires
Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its

 

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then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the applicable Master
Servicer shall require the costs of such Rating Agency Confirmation to be borne by the related Mortgagor. To the extent the terms
of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) require the
Mortgagor to bear the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan
Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the
applicable Master Servicer shall not waive the requirement that such costs and expenses be borne by the related Mortgagor. To
the extent that the terms of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor
Agreement) are silent as to who bears the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced
Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
the applicable Master Servicer shall use reasonable efforts to have the Mortgagor bear such costs and expenses. The applicable
Master Servicer shall not be responsible for the payment of such costs and expenses out of pocket other than as a Servicing Advance.

 

(d)       The
relationship of each applicable Master Servicer and each applicable Special Servicer to the Trustee under this Agreement is intended
by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

 

(e)       Each
Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan documents,
and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)       Within
sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents) after the
later of (i) the receipt thereof by the applicable Master Servicer and (ii) the Closing Date, the applicable Master Servicer shall
notify each lessor under a Ground Lease for each Mortgage Loan identified as subject to a leasehold interest on the Mortgage Loan
Schedule, that the Trust is the leasehold mortgagee and that the applicable Master Servicer or the applicable Special Servicer
shall service the related Mortgage Loan for the benefit of the Certificateholders. The costs and expenses of any modifications
to Ground Leases shall be paid by the related Mortgagor.

 

With
respect to letters of credit delivered in accordance with sub-clause (B) of clause (xii) of the definition of “Mortgage
File”, (a) within sixty (60) days of the Closing Date or such shorter period as is required by the terms of such letter
of credit or other applicable Mortgage Loan documents, the related Mortgage Loan Seller shall notify the bank issuing the letter
of credit that the applicable Master Servicer on behalf of the Trustee shall be the beneficiary under such letter of credit, and
(b) within sixty (60) days of the Closing Date, the applicable Master Servicer

 

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shall
present such letter of credit and the related assignment documentation delivered by the Mortgage Loan Seller in accordance
with such sub-clause of the definition of “Mortgage File” to the letter of credit bank issuing such letter of
credit and request that such letter of credit bank reissue the letter of credit in the name of (x) in the case of the
Mortgage Loans other than the NCB Mortgage Loans, “Wells Fargo Bank, National Association, as General Master Servicer,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of registered holders of BANK 2021-BNK32,
Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32” or (y) in the case of the NCB Mortgage Loans,
“National Cooperative Bank, N.A., as NCB Master Servicer, on behalf of Wilmington Trust, National Association, as
Trustee, for the benefit of registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series
2021-BNK32”. The applicable Master Servicer shall otherwise use reasonable efforts to obtain such reissued letter of
credit back from the issuing letter of credit bank within sixty (60) days (and in any event within ninety (90) days)
following the Closing Date. The related Mortgage Loan Seller shall provide such reasonable cooperation as requested by the
applicable Master Servicer, including without limitation by delivering such additional assignment or amendment documents
required by the issuing bank in order to reissue a letter of credit as provided above.

 

If
a letter of credit is required to be drawn upon earlier than the date that the letter of credit has been revised as contemplated
in the preceding paragraph, such Mortgage Loan Seller shall cooperate with the reasonable requests of the applicable Master Servicer
or the applicable Special Servicer in connection with making a draw under such letter of credit. If the Mortgage Loan documents
do not require the related Mortgagor to pay any costs and expenses relating to any modifications to or assignment of the related
letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses as and to the extent required under
the applicable Mortgage Loan Purchase Agreement. If the Mortgage Loan documents require the related Mortgagor to pay any costs
and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails to pay such costs and expenses
after the applicable Master Servicer has exercised reasonable efforts to collect such costs and expenses from such Mortgagor,
then such Master Servicer shall give the applicable Mortgage Loan Seller notice of such failure and the amount of costs and expenses,
and such Mortgage Loan Seller shall pay such costs and expenses as and to the extent required under the applicable Mortgage Loan
Purchase Agreement. The costs and expenses of any modifications to Ground Leases shall be paid by the related Mortgagor. Neither
the applicable Master Servicer nor the applicable Special Servicer shall have any liability for the failure of any Mortgage Loan
Seller to perform its obligations under the related Mortgage Loan Purchase Agreement.

 

Each
Master Servicer acknowledges that any letter of credit held by it shall be held in its capacity as agent of the Trust, and if
such Master Servicer sells its rights to service the applicable Mortgage Loan, such Master Servicer shall assign the applicable
letter of credit to the Trust or (with respect to any Specially Serviced Loan) at the direction of the applicable Special Servicer
to such party as such Special Servicer may instruct, in each case at the expense of the applicable Master Servicer. Each Master
Servicer shall indemnify the Trust for any loss caused by the ineffectiveness of such assignment.

 

(g)       Notwithstanding
anything herein to the contrary, in no event shall the applicable Master Servicer (or the Trustee, as applicable) make an Advance
with respect to any

 

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Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer included
in the Trust Fund.

 

(h)       Servicing
and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related Intercreditor Agreement
for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust Fund or for such longer
period as is contemplated by the related Intercreditor Agreement and, to the extent consistent with the related Intercreditor
Agreement, as any amounts payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance
with the related Intercreditor Agreement remain due and owing.

 

(i)        The
applicable Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or
Serviced Whole Loan that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section
3.19, use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the
extent such Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee
pursuant to any such Intercreditor Agreement. The costs and expenses incurred by such Special Servicer in connection with such
enforcement shall be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, (i) with
respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion
Loan Holder(s), in accordance with the respective outstanding principal balances of the related Serviced Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan(s) or (ii) with respect to any Serviced AB Whole Loan, first, by the related AB
Subordinate Companion Loan(s) and then, pro rata and pari passu, by the Trust and any Serviced Pari Passu
Companion Loan(s), in accordance with the respective outstanding principal balances of the related Serviced AB Mortgage Loan and
Serviced Pari Passu Companion Loan(s).

 

(j)        Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under the related Intercreditor
Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not with respect to making
Advances) even if the related Serviced Mortgage Loan is no longer part of the Trust Fund, until such time as a separate servicing
agreement is entered into in accordance with the related Intercreditor Agreement (it being acknowledged that no Master Servicer
or Special Servicer shall be obligated under a separate agreement to which it is not a party); provided that, other than
pursuant to Section 6.04 (and, with respect to Section 6.04, solely with respect to claims, losses, penalties, fines,
forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses (including
reasonable attorneys’ fees and expenses and expenses relating to the enforcement of such indemnity) incurred in connection
with a legal claim or action resulting from an action or inaction taken or not taken while the related Serviced Mortgage Loan
was part of the Trust Fund), no costs, expenses, losses or fees accruing with respect to such Serviced Whole Loan on and after
the date the related Serviced Mortgage Loan is no longer part of the Trust Fund shall be payable out of the Trust Fund and the
applicable Master Servicer shall have no obligation to make any Advance on or after the date such Serviced Mortgage Loan ceases
to be part of the Trust Fund; provided, however, that if, in the case of any Serviced Whole Loan, the related Serviced
Companion Loan continues to be included in an Other Securitization, then for so long as a separate servicing agreement (pursuant
to the related Intercreditor Agreement)

 

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has not been entered into, the applicable Master Servicer shall inform the related Other
Servicer of any need to make Servicing Advances with respect to a Serviced Whole Loan within three (3) Business Days of determining
that such an Advance is necessary or being notified that such an Advance is necessary, or in the case of a Servicing Advance that
needs to be made on an emergency or urgent basis, within one (1) Business Day. With respect to Servicing Advances made by any
Other Servicer as contemplated in the second proviso to the preceding sentence, the applicable Master Servicer shall, from collections
on the related Serviced Whole Loan (but never out of general collections on the Mortgage Loans and REO Properties) received by
such Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same manner and on the same level of priority
as if such Servicing Advances had been made by such Master Servicer hereunder.

 

(k)       Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the applicable Master Servicer’s and the
applicable Special Servicer’s obligations and responsibilities hereunder and the applicable Master Servicer’s and
the applicable Special Servicer’s authority with respect to a Non-Serviced Mortgage Loan are limited by and subject to the
terms of the related Non-Serviced Intercreditor Agreement and the rights of the related Non-Serviced Master Servicer and Non-Serviced
Special Servicer with respect thereto under the related Non-Serviced PSA. The applicable Master Servicer (or, with respect to
any Specially Serviced Loan, the applicable Special Servicer) shall use reasonable efforts consistent with the Servicing Standards
to enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan) under the related Non-Serviced Intercreditor
Agreement and Non-Serviced PSA.

 

(l)        The
parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related Non-Serviced
Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement, (i) the related
Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced Special
Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the related Non-Serviced Companion Loan
is no longer part of the trust fund created by the related Non-Serviced PSA and (B) the related Non-Serviced Mortgage Loan is
included in the Trust Fund, then, as set forth in the related Non-Serviced Intercreditor Agreement, the related Non-Serviced Whole
Loan shall continue to be serviced in accordance with the related Non-Serviced PSA, until such time as a new servicing agreement
has been agreed to by the parties to the related Non-Serviced Intercreditor Agreement in accordance with the provisions of such
agreement and confirmation has been obtained from the Rating Agencies that such new servicing agreement would not result in a
downgrade, qualification or withdrawal of the then-current ratings of any Class of Certificates then outstanding.

 

(m)       Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the applicable Master Servicer’s and the
applicable Special Servicer’s obligations and responsibilities hereunder and the applicable Master Servicer’s and
the applicable Special Servicer’s authority with respect to a Serviced Whole Loan are limited by, and subject to, the terms
of the related Intercreditor Agreement. The applicable Master Servicer (or, if a Serviced Whole Loan becomes a Specially Serviced
Loan, the applicable Special Servicer) shall use reasonable efforts consistent with the Servicing Standard to obtain the benefits
of the rights of the Trust (as holder of the related Serviced Mortgage Loan) under the related Intercreditor Agreement. In the
event of any conflict between this Agreement and the related Intercreditor Agreement, the provisions of the related Intercreditor
Agreement shall control.

 

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(n)       [RESERVED].

 

(o)       For
the avoidance of doubt, each applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator and the
Trustee have no obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer,
Non-Serviced Certificate Administrator or Non-Serviced Trustee or (b) make Servicing Advances with respect to any Non-Serviced
Whole Loan. The obligation of the applicable Master Servicer to provide information and collections and make P&I Advances
to the Certificate Administrator for the benefit of the Certificateholders with respect to each Non-Serviced Mortgage Loan is
dependent on its receipt of the corresponding information and/or collections from the applicable Non-Serviced Master Servicer
or Non-Serviced Special Servicer.

 

(p)       Nothing
contained in this Agreement shall limit the ability of the applicable Master Servicer or the applicable Special Servicer to lend
money to (to the extent not secured, in whole or in part, by any Mortgaged Property, except, in the case of an NCB Co-op Mortgage
Loan, any such indebtedness as to which the NCB Subordinate Debt Conditions have been satisfied, which indebtedness may be secured
by a lien on the related Mortgaged Property), accept deposits from or otherwise generally engage in any kind of business or dealings
with any Mortgagor as though the applicable Master Servicer or the applicable Special Servicer was not a party to this Agreement
or to the transactions contemplated hereby; provided that this sentence shall not be construed to modify or supersede the
Servicing Standard.

 

Section
3.02  Collection of Mortgage Loan Payments.  (a) Each of the applicable Master Servicer and the applicable Special
Servicer shall each make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage
Loans (other than the Non-Serviced Mortgage Loans) and the Serviced Companion Loans it is obligated to service hereunder, and
shall follow such collection procedures as are consistent with this Agreement (including, without limitation, the Servicing Standard);
provided that with respect to each Mortgage Loan that has an Anticipated Repayment Date, for so long as the related Mortgagor
is in compliance with each provision of the related Mortgage Loan documents, the applicable Master Servicer and the applicable
Special Servicer shall be permitted to take any enforcement action with respect to the failure of the related Mortgagor to make
any payment of Excess Interest to the extent permitted under the related Mortgage Loan documents; provided, further,
that the applicable Master Servicer or the applicable Special Servicer, as the case may be, may take action to enforce the Trust’s
right to apply excess cash flow to principal in accordance with the terms of the Mortgage Loan documents. The applicable Master
Servicer or the applicable Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with
any delinquent payment on a Mortgage Loan or Serviced Companion Loan that it is obligated to service hereunder three (3) times
during any period of twenty-four (24) consecutive months with respect to any Mortgage Loan or Serviced Companion Loan; provided
that such Master Servicer or such Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection
with any delinquent payment on a Mortgage Loan or Serviced Companion Loan one additional time in such 24-month period so long
as with respect to any of the foregoing waivers, no Advance or additional expense of the Trust has been incurred and remains unreimbursed
to the Trust with respect to such Mortgage Loan or Serviced Companion Loan. Any additional waivers during such 24-month period
with respect to such Mortgage Loan may be made, subject to the Servicing Standard, only after the applicable Master Servicer or
the applicable Special Servicer, as the case may be, has,

 

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prior to the
occurrence and continuance of a Consultation Termination Event, given notice of a proposed waiver to the Directing Certificateholder
and, prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder has consented to
such additional waiver (provided that if such Master Servicer or such Special Servicer, as applicable, fails to receive
a response to such notice from the Directing Certificateholder in writing within five (5) days of giving such notice, then the
Directing Certificateholder shall be deemed to have consented to such proposed waiver); provided, further, that
after the occurrence and during the continuance of a Control Termination Event, the applicable Master Servicer or the applicable
Special Servicer, as the case may be, may waive any Penalty Charge in accordance with the Servicing Standard without the consent
of the Directing Certificateholder; provided, further, that the Directing Certificateholder shall not have any consent
or consultation rights with respect to any Mortgage Loan that is an Excluded Loan as to such party with respect to the foregoing
waivers.

 

(b)       (i)
All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts due and owing under
the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the express provisions
of the Mortgage Loan documents (including any related Intercreditor Agreement); provided, however, that absent express
provisions in the related Mortgage Loan documents (including any related Intercreditor Agreement) or to the extent otherwise agreed
to by the related Mortgagor in connection with a workout of a Mortgage Loan, all amounts collected by or on behalf of the Trust
in respect of a Mortgage Loan in the form of payments from the related Mortgagor, Liquidation Proceeds or Insurance and Condemnation
Proceeds under the Mortgage Loan (in the case of each Serviced Whole Loan, exclusive of amounts payable to any applicable Companion
Loan pursuant to the terms of the related Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid additional trust
fund expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the Trust Fund from general
collections);

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on such Mortgage Loan (as described in the first proviso in the definition
of Aggregate Principal Distribution Amount);

 

third,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of accrued and unpaid interest on such Mortgage Loan to the extent of the excess of (i) accrued and unpaid interest (exclusive
of default interest and Excess Interest) on such Mortgage Loan at the related Mortgage Rate in effect from time to time through
the end of the applicable mortgage interest accrual period, over (ii) after taking into account any allocations pursuant to clause
fifth below on earlier dates, the aggregate portion of the accrued and unpaid interest described in sub-clause (i)
of this clause third that (A)(x) was not advanced because of the reductions (if any) in the amount of related
P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or (y) with
respect to any accrued and unpaid interest that

 

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was not advanced due to a determination that the related P&I Advance would
be a Nonrecoverable Advance, constitutes the amount of interest that (absent such determination of nonrecoverability preventing
such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I
Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, or (B) accrued
at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral
Deficiency Amount in effect from time to time and as to which no P&I Advance was made;

 

fourth,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of principal of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default
thereunder (or, if the Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid
principal balance);

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the sum of (A) the cumulative amount of the
reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related
Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I
Advance not having been made as a result of a determination that such P&I Advance would have been a Nonrecoverable Advance,
and (B) any unpaid interest (exclusive of default interest and Excess Interest) that accrued at the related Net Mortgage Rate
on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in effect
from time to time and as to which no P&I Advance was made (in each case, to the extent collections have not been allocated
as recovery of such accrued and unpaid interest pursuant to this clause fifth on earlier dates);

 

sixth,
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

tenth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

eleventh,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to
Operating Advisor Consulting Fees);

 

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twelfth,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

thirteenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided
that to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s
rights under the related Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in connection
with a condemnation) at a time when the loan to value ratio of the related Mortgage Loan or Serviced Whole Loan, as applicable,
exceeds 125%, or would exceed 125% following any partial release (based solely on the value of real property and excluding personal
property and going concern value, if any, unless otherwise permitted under the applicable REMIC Provisions as evidenced by an
Opinion of Counsel to the Trustee) must be collected and allocated to reduce the principal balance of the Mortgage Loan or Serviced
Whole Loan in the manner required by the REMIC Provisions; provided, further, that if a Non-Serviced Mortgage Loan
and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become REO Loans, the treatment of the foregoing
amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced Intercreditor Agreement
and Non-Serviced PSA, in that order; provided, further, that with respect to each Mortgage Loan related to a Serviced
Whole Loan, amounts collected with respect to the related Serviced Whole Loan shall be allocated first pursuant to the terms of
the related Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan shall be subject to
application as described above.

 

(ii)       Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of each Serviced
Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s), as applicable, pursuant to the related
Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid additional trust fund
expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the Trust Fund from general collections)
with respect to such Mortgage Loan;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition
of Aggregate Principal Distribution Amount);

 

third,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of accrued and unpaid interest on such Mortgage Loan to the extent of the excess of (i) accrued and unpaid interest (exclusive
of default interest and Excess Interest) on such Mortgage Loan at the related Mortgage Rate in effect from time to time

 

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through
the end of the applicable mortgage interest accrual period, over (ii) after taking into account any allocations pursuant to clause
fifth below or clause fifth of the prior paragraph on earlier dates, the aggregate portion of the accrued
and unpaid interest described in sub-clause (i) of this clause third that (A)(x) was not advanced because
of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with
related Appraisal Reduction Amounts or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination
that the related P&I Advance would be a Nonrecoverable Advance, constitutes the amount of interest that (absent such determination
of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in
the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction
Amounts, or (B) accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan
equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance was made;

 

fourth,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of principal of such Mortgage Loan to the extent of its entire unpaid principal balance;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the sum of (A) the cumulative amount of the
reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related
Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I
Advance not having been made as a result of a determination that such P&I Advance would have been a Nonrecoverable Advance
and (B) any unpaid interest (exclusive of default interest and Excess Interest) that accrued at the related Net Mortgage Rate
on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in effect
from time to time and as to which no P&I Advance was made (in each case, to the extent collections have not been allocated
as recovery of accrued and unpaid interest pursuant to this clause fifth or clause fifth of the prior
paragraph on earlier dates);

 

sixth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

seventh,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

eighth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and

 

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tenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided
that if a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan becomes
an REO Loan, the treatment of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms
of the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further, that
with respect to each Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole
Loan shall be allocated first pursuant to the terms of the related Intercreditor Agreement and then, any amounts allocated to
the related Serviced Mortgage Loan shall be subject to application as described above.

 

(iii)      Notwithstanding
clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority of distributions of payments
pursuant to the provisions of this Agreement. To the extent that such amounts are paid by a party other than a Mortgagor, such
amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged Property (in the case of Insurance
and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the Mortgage Loan or Companion Loan, as
applicable, or in accordance with Section 3.02(b)(ii) above.

 

(c)       To
the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related Serviced
Companion Loan, as applicable, and the related Intercreditor Agreement) and applicable law, the applicable Master Servicer shall
apply all Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the
related Mortgage Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately
succeeding the month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii)
above.

 

(d)       In
the event that the applicable Master Servicer or the applicable Special Servicer receives Excess Interest prior to the Determination
Date for any Collection Period, or receives notice from the related Mortgagor that such Master Servicer or such Special Servicer
will be receiving Excess Interest prior to the Determination Date for any Collection Period, such Master Servicer or such Special
Servicer, as the case may be, shall notify the Trustee and Certificate Administrator two (2) Business Days prior to the related
Distribution Date. None of the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator or the
Trustee shall be responsible for any failure of the related Mortgagor to pay any such Excess Interest or prepayment penalty. The
preceding statements shall not, however, be construed to limit the provisions of Section 3.02(a).

 

(e)       In
connection with the Mortgage Loans or any Serviced Pari Passu Companion Loan for which the related Mortgagor was required to escrow
funds or to post a letter of credit related to obtaining performance objectives, such as targeted debt service coverage levels
or leasing criteria with respect to the Mortgaged Property as a whole or particular portions thereof, if the mortgagee has the
discretion under the applicable Mortgage Loan documents to retain the cash or letter of credit (or the proceeds of such letters
of credit) as additional collateral if the relevant conditions to release are not satisfied, then the related Master Servicer
may continue to

 

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hold such escrows or letters of credit (or the proceeds of such letters of credit) as additional collateral or
use such funds to reduce the principal balance of the related Mortgage Loan or Serviced Pari Passu Companion Loan (to the extent
the related Mortgage Loan documents allow such action), unless holding or application of such funds would otherwise be inconsistent
with the Mortgage Loan documents or the Servicing Standard.

 

(f)       Promptly
following the Closing Date, in the case of any Non-Serviced Whole Loan and, with respect to any Servicing Shift Mortgage Loan,
promptly following receipt of notice in connection with the Servicing Shift Securitization Date, the Certificate Administrator
shall send written notice (in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer (with
a copy to any other applicable party set forth on the schedule of addresses to Exhibit T) stating that, as of such date,
the Trustee is the holder of the related Non-Serviced Mortgage Loan and directing such Non-Serviced Master Servicer to remit to
the applicable Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as the case may be,
to the applicable Master Servicer all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to, the holder of such Non-Serviced Mortgage Loan under the related Non-Serviced Intercreditor
Agreement and the related Non-Serviced PSA. The applicable Master Servicer shall, within two (2) Business Days of receipt of properly
identified funds, deposit into the applicable Collection Account all amounts received with respect to the related Non-Serviced
Mortgage Loan, the related Non-Serviced Mortgaged Property or any related REO Property.

 

Section
3.03  Collection of Taxes, Assessments and Similar Items; Servicing Accounts.  (a) Each Master Servicer shall
establish and maintain one or more accounts (the “Servicing Accounts”), into which all Escrow Payments received
by it shall be deposited and retained, and shall administer such Servicing Accounts in accordance with the related Mortgage Loan
documents and, if applicable, the Companion Loan documents. Any Servicing Account related to a Serviced Whole Loan shall be held
for the benefit of the Certificateholders and the related Serviced Companion Noteholder(s) collectively, but this shall not be
construed to modify the respective interests of any noteholder therein as set forth in the related Intercreditor Agreement. Amounts
on deposit in Servicing Accounts may only be invested in accordance with the terms of the related Mortgage Loan documents and
Companion Loan documents, or in Permitted Investments in accordance with the provisions of Section 3.06. Servicing Accounts
shall be Eligible Accounts to the extent permitted by the terms of the related Mortgage Loan documents. Withdrawals of amounts
so deposited from a Servicing Account may be made only to: (i) effect payment of items for which Escrow Payments were collected
and comparable items; (ii) reimburse the Trustee and then the applicable Master Servicer, if applicable, for any Servicing Advances;
(iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest to Mortgagors on balances in the Servicing
Account, if required by applicable law or the terms of the related Mortgage Loan or Companion Loan and as described below or,
if not so required, to the applicable Master Servicer; (v) after the occurrence of an event of default under the related Mortgage
Loan or Companion Loan, apply amounts to the indebtedness under the applicable Mortgage Loan or Companion Loan; (vi) withdraw
amounts deposited in error; (vii) pay Penalty Charges to the extent permitted by the related Mortgage Loan documents; or (viii)
clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. As part
of its servicing duties, the applicable Master Servicer shall pay or cause to be paid to the related Mortgagors interest on funds
in Servicing Accounts, to the extent required

 

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by law or the terms of the related Mortgage Loan or Companion Loan; provided,
however, that in no event shall the applicable Master Servicer be required to remit to any Mortgagor any amounts in excess
of actual net investment income or funds in the related Servicing Account. If allowed by the related Mortgage Loan documents and
applicable law, the applicable Master Servicer may charge the related Mortgagor an administrative fee for maintenance of the Servicing
Accounts.

 

(b)      The
applicable Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the
applicable Master Servicer, in the case of all other related Serviced Mortgage Loans and each related Serviced Companion Loan,
shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of real estate taxes, assessments
and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable
in respect thereof. The applicable Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced
Mortgage Loan), and the applicable Master Servicer, in the case of all other related Serviced Mortgage Loans and each related
Serviced Companion Loan, shall use reasonable efforts consistent with the Servicing Standard to obtain, from time to time, all
bills for the payment of such items (including renewal premiums) and shall effect payment thereof from the REO Account or by the
applicable Master Servicer as Servicing Advances prior to the applicable penalty or termination date and, in any event, prior
to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such
items, employing for such purpose Escrow Payments (which shall be so applied by the applicable Master Servicer at the written
direction of the applicable Special Servicer in the case of REO Loans) as allowed under the terms of the related Serviced Mortgage
Loan and Companion Loan. Other than with respect to any Non-Serviced Mortgage Loan, the applicable Master Servicer shall service
and administer any reserve accounts (including monitoring, maintaining or changing the amounts of required escrows) in accordance
with the terms of such Mortgage Loan and the related Serviced Companion Loan, as applicable, and the Servicing Standard. To the
extent that a Serviced Mortgage Loan and any related Companion Loan, as applicable, does not require a Mortgagor to escrow for
the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the applicable
Special Servicer, in the case of REO Loans, and the applicable Master Servicer, in the case of all other such Mortgage Loans or
Companion Loan, as applicable, that it is responsible for servicing hereunder, shall use reasonable efforts consistent with the
Servicing Standard to cause the Mortgagor to comply with its obligation to make payments in respect of such items at the time
they first become due and, in any event, prior to the institution of foreclosure or similar proceedings with respect to the related
Mortgaged Property for nonpayment of such items.

 

(c)       In
accordance with the Servicing Standard and for each Serviced Mortgage Loan and each Serviced Whole Loan, as applicable, the applicable
Master Servicer 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 thereon, (ii) ground rents (if applicable) and (iii) premiums
on Insurance Policies, in each instance if and to the extent Escrow Payments collected from the related Mortgagor (or related
REO Revenues, if applicable) are insufficient to pay such item when due and the related Mortgagor has failed to pay such item
on a timely basis, 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 taxes and assessments,
the applicable Master Servicer shall not be required to make such advance until the later of (i) five (5) Business Days after
such Master Servicer, the applicable

 

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Special Servicer, the Certificate Administrator or the Trustee, as the case may be, has received
confirmation that such item has not been paid and (ii) the date prior to the date after which any penalty or interest would accrue
in respect of such taxes or assessments. The applicable Special Servicer shall give the applicable Master Servicer and the Trustee
no less than five (5) Business Days’ written (facsimile or electronic) notice before the date on which such Master Servicer
is requested to make any Servicing Advance with respect to a given Specially Serviced Loan or REO Property; 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 applicable 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 once per calendar month (although such request may relate to more than one Servicing Advance). The applicable
Master Servicer may pay the aggregate amount of such Servicing Advances listed on a monthly request to the applicable Special
Servicer, in which case such Special Servicer shall remit such Servicing Advances to the ultimate payees. The applicable Special
Servicer shall have no obligation to make any Servicing Advances; provided that in an urgent or emergency situation requiring
the making of a Servicing Advance, such Special Servicer may make a Servicing Advance in its sole discretion. Within five (5)
Business Days of making such a Servicing Advance, such Special Servicer shall deliver to the applicable Master Servicer a request
for reimbursement for such Servicing Advance, along with all information and documentation in such Special Servicer’s possession
regarding the subject Servicing Advance as such Master Servicer may reasonably request, and such Master Servicer shall be obligated,
out of such Master Servicer’s own funds, to reimburse such Special Servicer for any unreimbursed Servicing Advances (other
than Nonrecoverable Servicing Advances) made by such Special Servicer pursuant to the terms hereof, together with interest thereon
at the Reimbursement Rate from the date made to, but not including, the date of reimbursement. Such reimbursement and any accompanying
payment of interest shall be made within five (5) Business Days of the written request therefor pursuant to the preceding sentence
by wire transfer of immediately available funds to an account designated in writing by such Special Servicer. Upon the applicable
Master Servicer’s reimbursement to the applicable Special Servicer of any Servicing Advance and payment to such Special
Servicer of interest thereon, all in accordance with this Section 3.03, such Master Servicer shall for all purposes of
this Agreement be deemed to have made such Servicing Advance at the same time as such Special Servicer actually made such Servicing
Advance, and accordingly, such Master Servicer shall be entitled to be reimbursed for such Servicing Advance, together with interest
thereon at the Reimbursement Rate, at the same time, in the same manner and to the same extent as such Master Servicer would otherwise
have been entitled if it had actually made such Servicing Advance at the time such Special Servicer did. Notwithstanding the foregoing
provisions of this Section 3.03(c), the applicable Master Servicer shall not be required to reimburse the applicable Special
Servicer out of its own funds for, or to make at the direction of such Special Servicer, any Servicing Advance if such Master
Servicer determines in its reasonable judgment that such Servicing Advance, although not characterized by such Special Servicer
as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The applicable Master Servicer shall notify
such Special Servicer in writing of such determination and, if applicable, such Nonrecoverable Servicing Advance shall instead
be reimbursed to such Special Servicer pursuant to Section 3.05 of this Agreement.

 

Any
request by a Special Servicer that the applicable Master Servicer make a Servicing Advance shall be deemed to be a determination
by such Special Servicer that such

 

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requested Servicing Advance is not a Nonrecoverable Servicing Advance, and such Master Servicer
and the Trustee shall be entitled to conclusively rely on such determination; provided that the determination shall not
be binding on such Master Servicer or Trustee. On the first Business Day after the Determination Date for the related Distribution
Date, the applicable Special Servicer shall report to the applicable Master Servicer if such Special Servicer determines any Servicing
Advance previously made by such Master Servicer with respect to a Specially Serviced Loan or REO Loan is a Nonrecoverable Servicing
Advance. Such Master Servicer shall be entitled to conclusively rely on such a determination, and such determination shall be
binding upon such Master Servicer, and shall in no way limit the ability of such Master Servicer in the absence of such determination
to make its own determination that any Advance is a Nonrecoverable Advance. If the applicable Special Servicer makes a determination
that only a portion of, and not all of, any previously made or proposed Servicing Advance is a Nonrecoverable Advance, the applicable
Master Servicer shall have the right to make its own subsequent determination that any remaining portion of any such previously
made or proposed Servicing Advance is a Nonrecoverable Advance. If the applicable Master Servicer, the applicable Special Servicer
or the Trustee determines that a proposed Servicing Advance with respect to a Serviced Whole Loan, if made, or any outstanding
Servicing Advance with respect to a Serviced Whole Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance,
the applicable Master Servicer or the Trustee, as applicable, shall provide the applicable Other Servicer written notice of such
determination within two (2) Business Days of the date of such determination. Any such determination by the applicable Special
Servicer that a Servicing Advance is or would be a Nonrecoverable Servicing Advance shall be binding on the applicable Master
Servicer and the Trustee. All such Advances shall be reimbursable in the first instance from related collections from the Mortgagors
and further as provided in Section 3.05(a). No costs incurred by a Master Servicer or a Special Servicer in effecting the
payment of real estate taxes, assessments and, if applicable, ground rents on or in respect of the Mortgaged Properties shall,
for purposes hereof, including, without limitation, the Certificate Administrator’s calculation of monthly distributions
to Certificateholders, be added to the unpaid principal balances of the related Mortgage Loans, any related Serviced Companion
Loan, if applicable, notwithstanding that the terms of such Mortgage Loans, related Serviced Companion Loan, if applicable, so
permit. If the applicable Master Servicer fails to make any required Servicing Advance as and when due (including any applicable
cure periods), to the extent the Trustee has actual knowledge of such failure, the Trustee shall make such Servicing Advance pursuant
to Section 7.05. 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. In addition, each applicable Master Servicer
shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations.
No Special Servicer shall have an obligation to make any Servicing Advances or recoverability determination with respect to any
Servicing Advance under this Agreement.

 

Notwithstanding
anything to the contrary contained in this Section 3.03(c), the applicable Master Servicer may in its good faith judgment
elect (but shall not be required unless directed by the applicable Special Servicer with respect to Specially Serviced Loans and
REO Loans) to make a payment from amounts on deposit in the applicable Collection Account (or any Companion Distribution Account
maintained as a subaccount thereof by a Companion Paying Agent, if applicable) (which shall be deemed first made from amounts
distributable as principal and then from all other amounts comprising general collections) to pay for certain expenses
set

 

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forth below notwithstanding that the applicable Master Servicer (or the applicable Special Servicer, as the case may be) has
determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with
respect to Specially Serviced Loans or REO Loans, the applicable Special Servicer has notified the applicable Master Servicer
to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged 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
the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that in each instance, the
applicable Master Servicer or the applicable Special Servicer, as the case may be, determines in accordance with the Servicing
Standard (as evidenced by an Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best
interest of the Certificateholders (and, if applicable, the Companion Holders), all as a collective whole (taking into account
the subordinate or pari passu nature of any Companion Loans). The applicable Master Servicer or the Trustee may elect to
obtain reimbursement of Nonrecoverable Servicing Advances from the Trust pursuant to the terms of Section 3.17(c). The
parties acknowledge that pursuant to the applicable Non-Serviced PSA, the applicable Non-Serviced Master Servicer is obligated
to make servicing advances with respect to the related Non-Serviced Whole Loan. The applicable Non-Serviced Master Servicer shall
be entitled to reimbursement for nonrecoverable servicing advances with respect to such Non-Serviced Whole Loan (with, in each
case, any accrued and unpaid interest thereon provided for under the applicable Non-Serviced PSA) in the manner set forth in the
applicable Non-Serviced PSA and the applicable Non-Serviced Intercreditor Agreement.

 

(d)       In
connection with its recovery of any Servicing Advance out of the applicable Collection Account (or any Companion Distribution
Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the
Trustee, the applicable Special Servicer and then the applicable Master Servicer, as the case may be and in that order, shall
be entitled to receive, out of any amounts then on deposit in the applicable Collection Account interest at the Reimbursement
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. Subject to Section 3.17(c), the applicable Master Servicer shall reimburse itself, the applicable
Special Servicer or the Trustee, as the case may be, for any outstanding Servicing Advance as soon as practically possible after
funds available for such purpose are deposited in the applicable Collection Account (or any Companion Distribution Account maintained
as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the applicable Master Servicer’s or the
Trustee’s options and rights to defer recovery of such amounts as provided herein; provided, however, that
such Master Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall not alter such Master
Servicer’s obligation to reimburse such Special Servicer for any outstanding Servicing Advance as provided for in this sentence.
To the extent amounts on deposit in the Companion Distribution Account with respect to the related Companion Loan are insufficient
for any such reimbursement, the applicable Master Servicer shall use efforts in accordance with the Servicing Standard to enforce
the rights of the holder of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement available
from the holder of the related Companion Loan.

 

(e)       To
the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Serviced Mortgage
Loan, the applicable Master Servicer shall request from the Mortgagor written confirmation thereof within a reasonable time

 

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after
the later of the Closing Date and the date as of which plan is required to be established or completed. To the extent any repairs,
capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced
Mortgage Loan, the applicable Master Servicer shall request from the Mortgagor written confirmation of such actions and remediations
within a reasonable time after the later of the Closing Date and the date as of which action or remediations are required to be
or to have been taken or completed. To the extent a Mortgagor shall fail to promptly respond to any inquiry described in this
Section 3.03(e), the applicable Master Servicer shall report any such failure to the applicable Special Servicer within
a reasonable time after the date as of which actions or remediations are required to be or to have been taken or completed.

 

Section
3.04  The Collection Accounts, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the
Companion Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Gain-on-Sale
Reserve Account and the Retained Certificate Gain-on-Sale Reserve Account. (a) Each Master Servicer shall establish and
maintain, or cause to be established and maintained, a Collection Account in which such Master Servicer shall deposit or
cause to be deposited on a daily basis and in no event later than the second (2nd) Business Day following receipt
of available and properly identified funds (in the case of payments by Mortgagors or other collections on the Mortgage Loans
or Companion Loans), except as otherwise specifically provided herein, the following payments and collections received or
made by or on behalf of it subsequent to the Cut-off Date (other than in respect of principal and interest on the Mortgage
Loans or Companion Loans due and payable on or before the Cut-off Date (including the Miami Design District Deferred 2020
Collection Amount), which payments shall be delivered promptly to the appropriate Mortgage Loan Seller or its respective
designee and other than any amounts received from Mortgagors which are received in connection with the purchase of defeasance
collateral), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a
period subsequent thereto, in each case, with respect to the Mortgage Loans for which it acts as Master Servicer:

 

(i)        all
payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on Serviced Companion
Loans;

 

(ii)       all
payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment Premiums,
Yield Maintenance Charges and Default Interest;

 

(iii)      late
payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of the
Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

(iv)     all
Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale Proceeds)
received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds that are
received in connection with the purchase by the applicable Master Servicer, the applicable Special Servicer, the Holder of the
majority of the Controlling Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties
in the Trust Fund and that are to be deposited in the Lower-Tier

 

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REMIC Distribution Account pursuant to Section 9.01 and
(B) any proceeds that are received in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization
by the related mortgage loan seller, which shall be paid directly to the servicer of such securitization) together with any recovery
of Unliquidated Advances in respect of the related Mortgage Loans;

 

(v)      any
amounts required to be transferred from the applicable REO Account pursuant to Section 3.14(c);

 

(vi)     any
amounts required to be deposited by any Master Servicer pursuant to Section 3.06 in connection with losses incurred with
respect to Permitted Investments of funds held in its Collection Account; and

 

(vii)    any
amounts required to be deposited by any Master Servicer or any Special Servicer pursuant to Section 3.07(b) in connection
with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding
the foregoing requirements, a Master Servicer need not deposit into its Collection Account any amount that such Master Servicer
would be authorized to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be
entitled to instead immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts
shall be applied in accordance with the terms hereof and shall be reported as if deposited in such Collection Account and then
withdrawn.

 

The
foregoing requirements for deposit in each applicable Collection Account shall be exclusive, it being understood and agreed that,
without limiting the generality of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for
beneficiary statements or demands, assumption fees, modification fees, extension fees, defeasance fees, amounts collected for
Mortgagor checks returned for insufficient funds or other amounts any Master Servicer or any Special Servicer would be entitled
to retain as additional servicing compensation need not be deposited by such Master Servicer in its Collection Account. If any
Master Servicer shall deposit in its Collection Account any amount not required to be deposited therein, it may at any time withdraw
such amount from its Collection Account, any provision herein to the contrary notwithstanding. Assumption, extension and modification
fees actually received from Mortgagors on Specially Serviced Loans shall be promptly delivered to the applicable Special Servicer
as additional servicing compensation.

 

Upon
receipt of any of the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced
Loans, the applicable Special Servicer shall remit within one (1) Business Day such amounts to the applicable Master Servicer
for deposit into the applicable Collection Account, in accordance with this Section 3.04(a), provided that to the
extent any of the foregoing amounts are received after 2:00 p.m. (Eastern Time) on any given Business Day, the applicable Special
Servicer shall use commercially reasonable efforts to remit such amounts within one (1) Business Day of receipt of such amount,
but, in any event, the applicable Special Servicer shall remit such amounts to the applicable Master Servicer within two (2) Business
Days of receipt of such amounts; Any such amounts received by the applicable Special Servicer with respect to an REO Property
shall be deposited by such Special Servicer into its REO Account and remitted

 

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to the applicable Master Servicer for deposit into
its Collection Account, pursuant to Section 3.14(c). With respect to any such amounts paid by check to the order of the
applicable Special Servicer, such Special Servicer shall endorse without recourse or warranty such check to the order of the applicable
Master Servicer and shall promptly deliver any such check to such Master Servicer by overnight courier. Funds in each applicable
Collection Accounts may only be invested in Permitted Investments in accordance with the provisions of Section 3.06. As
of the Closing Date, the Collection Account for the General Master Servicer shall be located at the offices of Wells Fargo Bank,
National Association. As of the Closing Date, the Collection Account for the NCB Master Servicer shall be located at the offices
of Wells Fargo Bank, National Association. Each Master Servicer shall give written notice to the Trustee, each applicable Special
Servicer, the Certificate Administrator and the Depositor of the new location of its Collection Account prior to any change thereof.

 

(b)       The
Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution Account,
the Interest Reserve Account, the Gain-on-Sale Reserve Account and the Retained Certificate Gain-on-Sale Reserve Account in trust
for the benefit of the Certificateholders (other than the Holders of the Excess Interest Certificates), (ii) the Upper-Tier REMIC
Distribution Account in trust for the benefit of the Certificateholders (other than the Holders of the Excess Interest Certificates)
and (iii) the Excess Interest Distribution Account in trust for the benefit of the Holders of the Excess Interest Certificates
and the RR Interest. Each Master Servicer shall deliver to the Certificate Administrator each month on or before the P&I Advance
Date therein, for deposit (x) in the Lower-Tier REMIC Distribution Account, that portion of the Aggregate Available Funds attributable
to the Mortgage Loans for which it acts as Master Servicer (in each case, calculated without regard to clauses (a)(iii)(B),
(a)(iv), (c) and (d) of the definition of Aggregate Available Funds) for the related Distribution Date and
(y) in the Excess Interest Distribution Account all Excess Interest for the related Distribution Date then on deposit in the applicable
Collection Account maintained by the applicable Master Servicer after giving effect to withdrawals of funds pursuant to Section
3.05(a)(ii). For the avoidance of doubt, so long as Wells Fargo Bank, National Association is the Certificate Administrator,
all funds held in the Distribution Account, the Interest Reserve Account and the Excess Interest Distribution Account shall remain
uninvested.

 

The
Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the
extent required to make the distributions of Excess Interest required by Section 4.01(j) of this Agreement.

 

With
respect to each Serviced Companion Loan, the Companion Paying Agent shall establish and maintain the Companion Distribution Account,
which may be a subaccount of the related Collection Account, for distributions to each Serviced Companion Noteholder. Funds in
the Companion Distribution Account shall be held for the benefit of the related Serviced Companion Noteholders. The Companion
Paying Agent shall separately track for each Serviced Companion Loan all amounts deposited in the Companion Distribution Account
with respect to such Serviced Companion Loan.

 

On
each Serviced Whole Loan Remittance Date, (1) first, the applicable Master Servicer shall withdraw from its Collection Account
(or applicable portion thereof) an aggregate amount equal to all payments and/or collections actually received on, and payable
in respect of,

 

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the Serviced Companion Loans prior to such date and deposit such amount in the Companion Distribution Account;
provided, however, that in no event shall the applicable Master Servicer be required to transfer to the Companion
Distribution Account any portion thereof that is payable or reimbursable to or at the direction of any party to this Agreement
under the other provisions of this Agreement and/or the related Intercreditor Agreement; and (2) then, the Companion Paying Agent
shall make the payments and remittance described in Section 4.01(k). With respect to any Serviced Whole Loan, in the event
the applicable Master Servicer has received written notice that an Other Servicer or Other Trustee has made an advance of a monthly
debt service payment on a related Serviced Pari Passu Companion Loan and such Master Servicer subsequently receives Late Collections
in respect of such advanced payment, such Master Servicer shall remit to the applicable Other Servicer or Other Trustee, within
two (2) Business Days following receipt of such Late Collections in properly identified funds, the amount allocable to such Serviced
Pari Passu Companion Loan in accordance with the terms of this Agreement and the related Intercreditor Agreement.

 

The
Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the
Gain-on-Sale Reserve Account, the Retained Certificate Gain-on-Sale Reserve Account and the Interest Reserve Account, may be subaccounts
of a single Eligible Account, which shall be maintained as a segregated account separate from other accounts.

 

In
addition to the amounts required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04,
each Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier
REMIC Distribution Account:

 

(i)        any
amounts required to be deposited by such Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments
(other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection
with Prepayment Interest Shortfalls;

 

(ii)       any
P&I Advances required to be made by such Master Servicer in accordance with Section 4.03;

 

(iii)      any
Liquidation Proceeds paid by such Master Servicer, the applicable Special Servicer, the Holders of the Controlling Class or the
Holders of the Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in the
Trust Fund pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited in the related Collection
Account pursuant to Section 9.01);

 

(iv)      any
Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

(v)       any
other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any provision of
this Agreement.

 

If,
as of the close of business (New York City time) on any P&I Advance Date or on such other date as any amount referred to in
the foregoing clauses (i) through (v) or any Excess

 

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Interest are required to be delivered hereunder, the applicable
Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account
or the Excess Interest Distribution Account, as applicable, the amounts required to be deposited therein pursuant to the provisions
of this Agreement (including any P&I Advance with respect to the Mortgage Loans, pursuant to Section 4.03(a)), the
applicable Master Servicer shall pay the Certificate Administrator interest on such late payment at the Prime Rate from and including
the date such payment was required to be made (without regard to any Grace Period set forth in Section 7.01(a)(i)) until
(but not including) the date such late payment is received by the Certificate Administrator.

 

The
Certificate Administrator shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution
Account, as applicable, any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement
to be deposited therein.

 

Promptly
on each Distribution Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account
and deposit in the Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier
Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated
in payment of the Lower-Tier Regular Interests as specified in Section 4.01(c) and Section 4.01(e), respectively.

 

Funds
on deposit in the Gain-on-Sale Reserve Account, the Retained Certificate Gain-on-Sale Reserve Account, the Interest Reserve Account,
the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account or the Lower-Tier REMIC Distribution Account
shall not be invested for so long as Wells Fargo Bank, National Association is the Certificate Administrator; provided,
however, that such funds may be invested and, if invested, shall be invested by, and at the risk of, the Certificate Administrator
(but only if the Certificate Administrator is not Wells Fargo Bank, National Association) in Permitted Investments selected by
the party hereunder that maintains such account which shall mature, unless payable on demand, not later than such time on the
Distribution Date which will allow the Certificate Administrator to make withdrawals from the Distribution Account, and any such
Permitted Investment shall not be sold or disposed of prior to its maturity unless payable on demand. All such Permitted Investments
to be administered by the Certificate Administrator, shall be made in the name of “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee for the Holders of BANK 2021-BNK32,
Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 as their interests may appear”, or in the name of any successor
trustee, as Trustee for the Holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 as their
interests may appear. None of the Trust, the Depositor, the Mortgagors, any Master Servicer or any Special Servicer shall be liable
for any loss incurred on such Permitted Investments.

 

An
amount equal to all income and gain realized from any such investment shall be paid to the Certificate Administrator as additional
compensation and shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect
of any such investments shall be for the account of the Certificate Administrator which shall deposit the amount of such loss
(to the extent not offset by income from other investments) in the Distribution

 

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Accounts, as the case may be, out of its own funds
immediately as realized. If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may
be, any amount not required to be deposited therein or transferred thereto, it may at any time withdraw such amount or retransfer
such amount from the Distribution Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

As
of the Closing Date, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution
Account and the Lower-Tier REMIC Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate
Administrator shall give notice to the Trustee, each applicable Master Servicer, and the Depositor of the proposed location of
the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier
REMIC Distribution Account, and, if established, the Gain-on-Sale Reserve Account and the Retained Certificate Gain-on-Sale Reserve
Account prior to any change thereof.

 

For
the avoidance of doubt, the applicable Collection Account (other than (i) any portion holding Excess Interest and (ii) the Companion
Distribution Account, if it is a sub-account of the applicable Collection Account), the Lower-Tier REMIC Distribution Account,
the Gain-on-Sale Reserve Account, the Retained Certificate Gain-on-Sale Reserve Account, any Servicing Account, the REO Account
and the Interest Reserve Account (including interest, if any, earned on the investment of funds in such accounts) will be owned
by the Lower-Tier REMIC; the Excess Interest Distribution Account (and any portion of the applicable Collection Account holding
Excess Interest) (including interest, if any, earned on the investment of funds in such account) will be owned by the Grantor
Trust for the benefit of the Holders of the Excess Interest Certificates and the RR Interest; the Companion Distribution Account
(including interest, if any, earned on the investment of funds in such account) will be owned by the Companion Holders; and the
Upper-Tier REMIC Distribution Account (including interest, if any, earned on the investment of funds such account) will be owned
by the Upper-Tier REMIC, each for federal income tax purposes.

 

(c)       Prior
to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage Loan, and upon
notification from a Master Servicer or a Special Servicer pursuant to Section 3.02(d), the Certificate Administrator, on
behalf of the Certificateholders, shall establish and maintain the Excess Interest Distribution Account in its own name on behalf
of the Trustee in trust for the benefit of the Holders of the Excess Interest Certificates and the RR Interest. The Excess Interest
Distribution Account shall be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). Prior
to the applicable Distribution Date, the applicable Master Servicer shall remit to the Certificate Administrator for deposit in
the Excess Interest Distribution Account an amount equal to the Excess Interest received by such Master Servicer prior to the
Determination Date for the applicable Collection Period.

 

(d)       Following
the distribution of the applicable portions of Excess Interest to Holders of the Excess Interest Certificates and the RR Interest,
as applicable, on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to
their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

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(e)       The
Certificate Administrator shall establish (upon notice from the applicable Special Servicer of an event occurring that generates
Gain-on-Sale Proceeds) and maintain (i) the Gain-on-Sale Reserve Account for the benefit of the Certificateholders (other than
the Holders of the RR Interest) and (ii) the Retained Certificate Gain-on-Sale Reserve Account for the benefit of the Holders
of the RR Interest. Each of the Gain-on-Sale Reserve Account and the Retained Certificate Gain-on-Sale Reserve Account shall be
maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from trust funds for mortgage
pass-through certificates of other series administered by the Certificate Administrator.

 

Upon
the disposition of any REO Property, in accordance with Section 3.09 or Section 3.16, the applicable Special Servicer
will calculate the Gain-on-Sale Proceeds, if any, realized that are allocable to the Mortgage Loan and any gain that is allocable
to any related Serviced Companion Loan in connection with such sale and remit such funds to the applicable Master Servicer on
the later of (x) the related Determination Date or (y) the date that is two (2) Business Days after such amounts are received
and properly identified and determined to be available, along with a notation of the amount of Gain-on-Sale Proceeds in the CREFC®
REO Liquidation Report. On the related Remittance Date, the applicable Master Servicer shall remit such funds that are allocable
to the Mortgage Loan to the Certificate Administrator, who shall deposit (i) the Non-Retained Percentage of such funds into the
Gain-on-Sale Reserve Account and (ii) the Required Credit Risk Retention Percentage of such funds into the Retained Certificate
Gain-on-Sale Reserve Account. Any gain on such disposition that is allocable to any related Companion Loan in accordance with
the terms of the related Intercreditor Agreement shall be remitted to the Companion Paying Agent for deposit into the Companion
Distribution Account.

 

(f)        Any
Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced
PSA shall be remitted to the Certificate Administrator as follows: (i) the Non-Retained Percentage of such funds for deposit into
the Gain-on-Sale Reserve Account and (ii) the Required Credit Risk Retention Percentage of such funds for deposit into the Retained
Certificate Gain-on-Sale Reserve Account.

 

(g)       [RESERVED].

 

(h)       [RESERVED].

 

(i)        If
any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(g)
of this Agreement, the applicable Special Servicer shall establish and maintain one or more non-interest bearing accounts
(collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for
purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible
Account or a sub-account of an Eligible Account. The applicable Special Servicer shall, within two (2) Business Days of receipt
of properly identified and available Loss of Value Payments, deposit in the Loss of Value Reserve Fund all Loss of Value Payments
received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within
the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust. Furthermore,
for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund
through the applicable Collection Account to the Certificateholders as paid to and distributed by

 

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the Trust REMICs and (ii) treat
any amounts paid out of the Loss of Value Reserve Fund through the applicable Collection Account to a Mortgage Loan Seller as
distributions by the Trust to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable
Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall
be taxable on all income earned thereon.

 

Section
3.05 Permitted Withdrawals from the Collection Accounts, the Distribution Accounts and the Companion Distribution
Account. (a) Each Master Servicer may, from time to time, make withdrawals from its Collection Account (or the
applicable subaccount of the applicable Collection Account exclusive of the Companion Distribution Account) for any of the
following purposes (the following not being an order of priority and without duplication of the same payment or
reimbursement):

 

(i)        (A)
no later than 4:00 p.m., New York City time, on each P&I Advance Date, to remit to the Certificate Administrator for deposit
in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts required to be remitted
by such Master Servicer pursuant to the first paragraph of Section 3.04(b) or that may be applied to make P&I
Advances pursuant to Section 4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b), to remit to the
Companion Paying Agent for deposit in the Companion Distribution Account the amounts required to be so deposited with respect
to the Companion Loans;

 

(ii)       (A)
to pay itself (or, with respect to any Transferable Servicing Interest, to pay Wells Fargo Bank, National Association if Wells
Fargo Bank, National Association is no longer the General Master Servicer or NCB if NCB is no longer the NCB Master Servicer,
any such interest pursuant to Section 3.11(a)) unpaid Servicing Fees in respect of each Mortgage Loan, Serviced Companion
Loan, Specially Serviced Loan, and REO Loan, as applicable, the applicable Master Servicer’s rights to payment of Servicing
Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, related Serviced Companion Loan, Specially Serviced
Loan or REO Loan, as applicable, being limited to amounts received on or in respect of such Mortgage Loan or related Serviced
Companion Loan (whether in the form of payments, Liquidation Proceeds or Insurance and Condemnation Proceeds) or such REO Loan
(whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery
of interest thereon, (B) to pay the applicable Special Servicer any unpaid Special Servicing Fees, Liquidation Fees and Workout
Fees in respect of each Specially Serviced Loan or REO Loan or Corrected Loan, as applicable, and any expense incurred by such
Special Servicer in connection with performing any inspections pursuant to Section 3.12(a), remaining unpaid first,
out of related REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds and collections in respect of the related
Specially Serviced Loan (provided that, in the case of such payment relating to a Serviced Whole Loan, such payment shall
be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan(s),
in accordance with their respective outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan, first,
from the related AB Subordinate Companion Loan(s) and then, from the Serviced AB Mortgage Loan and any Serviced Pari Passu

 

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Companion Loans on a pro rata and pari passu basis) and then out of general collections on the Mortgage Loans
and REO Properties serviced by such Master Servicer, (C) to pay the Operating Advisor (or the applicable Master Servicer, if applicable)
any unpaid Operating Advisor Fees or Operating Advisor Consulting Fees in respect of each Mortgage Loan, Specially Serviced Loan
or REO Loan (other than any related Companion Loan), as applicable, the Operating Advisor’s right to payment of the Operating
Advisor Fee or Operating Advisor Consulting Fee pursuant to this clause (ii)(C) with respect to any Mortgage Loan, Specially
Serviced Loan or REO Loan (other than any related Companion Loan), as applicable, being limited to amounts received on or in respect
of such Mortgage Loan (whether in the form of payments, P&I Advances (solely with respect to the Operating Advisor Fee), Liquidation
Proceeds or Insurance and Condemnation Proceeds), such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or
Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, and (D) to pay the Asset Representations
Reviewer, any unpaid Asset Representations Reviewer Fee and (subject to Section 12.02(b)) Asset Representations Reviewer
Asset Review Fee, if any, payable in connection with any Asset Review performed as a result of an Affirmative Asset Review Vote;

 

(iii)      to
reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the applicable Master Servicer’s
or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent
Late Collections of interest (net of the related Servicing Fee) on and principal of the particular Mortgage Loans and REO Loans
with respect to which P&I Advances were made; provided that with respect to each Serviced Whole Loan, reimbursement
of P&I Advances shall be made only from amounts collected with respect to the related Serviced Mortgage Loan and not from
any amounts collected with respect to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any
Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans) prior to reimbursement from other funds unrelated
to such Serviced Whole Loan on deposit in such Collection Account; provided, further, that if such P&I Advance
with respect to a Mortgage Loan becomes a Workout-Delayed Reimbursement Amount, then the maker of such P&I Advance shall additionally,
but without duplication, thereafter be entitled to reimbursement for such P&I Advance from the portion of general collections
and recoveries on or in respect of the Mortgage Loans and REO Properties serviced by such Master Servicer on deposit in such Collection
Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;
and provided, further, that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable
pursuant to clause (v) below;

 

(iv)      to
reimburse the Trustee, the applicable Special Servicer and itself, as applicable (in that order), for unreimbursed Servicing Advances,
the applicable Master Servicer’s, the applicable Special Servicer’s or the Trustee’s respective rights to receive
payment pursuant to this clause (iv) with respect to any Serviced Mortgage Loan or any related Companion Loan or any REO
Property being limited to, as applicable, related

 

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payments, Liquidation Proceeds, Insurance and Condemnation Proceeds and REO
Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursements shall
be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan(s) in
accordance with their respective outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan, first,
from the related AB Subordinate Companion Loan(s) and then, from the related Serviced AB Mortgage Loan and any Serviced
Pari Passu Companion Loans on a pro rata and pari passu basis (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan, any Serviced
Pari Passu Companion Loans and the AB Subordinate Companion Loans), prior to reimbursement from other funds unrelated to such
Serviced Whole Loan on deposit in such Collection Account related to any Mortgage Loan); provided, however, that
if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then the maker of such Servicing Advance shall additionally,
but without duplication, thereafter be entitled to reimbursement for such Servicing Advance from the portion of general collections
and recoveries on or in respect of the Mortgage Loans and REO Properties serviced by such Master Servicer on deposit in such Collection
Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;
provided, further, that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable
pursuant to clause (v) below;

 

(v)       to
reimburse the Trustee, the applicable Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable Advances
first, out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related
Mortgage Loan and any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable Servicing Advances
made with respect thereto), then, out of the principal portion of general collections on the Mortgage Loans and REO Properties
serviced by such Master Servicer, then, to the extent the principal portion of general collections is insufficient and
with respect to such excess only, subject to any exercise of the sole option to defer reimbursement thereof pursuant to Section
3.17(c), out of general collections on the Mortgage Loans and REO Properties serviced by such Master Servicer, (2) for Workout-Delayed
Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties serviced
by such Master Servicer net of such amounts being reimbursed pursuant to (1) above; (provided that, in the case of such
reimbursement of a Nonrecoverable Servicing Advance relating to a Serviced Whole Loan, such reimbursement shall be made, subject
to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and
pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan(s) in accordance
with their respective outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan, first, from the
related AB Subordinate Companion Loan(s) and then, from the related Serviced AB Mortgage Loan and any Serviced Pari Passu
Companion Loans on a pro rata and pari passu basis and provided, further, that, in the case of such
reimbursement with respect to Nonrecoverable Servicing Advances relating to a Serviced Whole Loan, such reimbursement shall be
made

 

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as described above in this clause (v)(1) and (v)(2), prior to reimbursement from other funds unrelated to such
Serviced Whole Loan on deposit in such Collection Account; provided, further, that with respect to a Serviced Mortgage
Loan, reimbursement of Nonrecoverable P&I Advances from funds collected from the related Serviced Whole Loan shall be made
only from amounts collected with respect to such Serviced Mortgage Loan (and not from any amounts collected with respect to the
related Serviced Companion Loan), in accordance with the terms of the related Intercreditor Agreement (provided that, with
respect to any Serviced Companion Loan, the foregoing with respect to Nonrecoverable Servicing Advances and Nonrecoverable P&I
Advances shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected
with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan, any Serviced Pari Passu Companion
Loans and AB Subordinate Companion Loan), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit
in such Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage Loan, any related
Companion Loan, if applicable, or REO Property any related earned Servicing Fee that remained unpaid in accordance with clause
(ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or REO Property and the deposit
into such Collection Account of all amounts received in connection therewith;

 

(vi)      at
such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for a
related securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance (including
any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii) or clause
(v) above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest accrued and payable
thereon in accordance with Sections 4.03(d) and 3.11(d), (b) any unreimbursed Servicing Advances (including any
such Servicing Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) or clause (v)
above, to pay itself, the applicable Special Servicer or the Trustee, or Other Trustee or Other Servicer as the case may be,
any interest accrued and payable thereon in accordance with Section 3.03(d) and Section 3.11(d) or (c) any Nonrecoverable
Advances pursuant to clause (v) above, to pay itself, the applicable Special Servicer or the Trustee, or Other Trustee
or Other Servicer as the case may be, any interest accrued and payable thereon; provided that in all events, subject to
the related Intercreditor Agreement, interest on P&I Advances on any Serviced Mortgage Loan shall not be paid from funds actually
distributable to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate Companion Loan,
the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts
collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu
Companion Loans and AB Subordinate Companion Loans);

 

(vii)     to
reimburse itself, the applicable Special Servicer or the Trustee, as the case may be, for any unreimbursed expenses reasonably
incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of a Mortgage
Loan Seller or any other obligation of such Mortgage Loan Seller under Section 4 of the applicable Mortgage Loan Purchase Agreement,
including, without limitation, any

 

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expenses arising out of the enforcement of the repurchase or substitution obligation or any
other obligation of such Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this clause (vii)
with respect to any Mortgage Loan being limited to that portion of the Purchase Price, the Loss of Value Payment or Substitution
Shortfall Amount paid with respect to such Mortgage Loan, that represents such expense in accordance with clause (iv) of
the definition of Purchase Price;

 

(viii)    in
accordance with Section 2.03(f), to reimburse itself or the applicable Special Servicer, as the case may be, first,
out of Liquidation Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan,
and then out of general collections on the Mortgage Loans and REO Properties serviced by such Master Servicer, for any
unreimbursed expense reasonably incurred by such Person in connection with the enforcement of a Mortgage Loan Seller’s obligations
under Section 4 of the applicable Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable
pursuant to clause (vii) above or otherwise; provided that, in the case of such reimbursement out of Liquidation
Proceeds, and Insurance and Condemnation Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall
be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective outstanding principal balances or (ii) with respect to a Serviced AB Whole Loan, first, from the
related AB Subordinate Companion Loan and then, from the related Serviced AB Mortgage Loan and any Serviced Pari Passu
Companion Loans on a pro rata and pari passu basis (provided that, with respect to any AB Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced
Pari Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections
with respect to the Mortgage Loans;

 

(ix)       to
pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c) first, out of REO Revenues, Liquidation
Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or REO Loan and
then out of general collections on the Mortgage Loans and REO Properties serviced by such Master Servicer; provided
that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the
terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari
passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan(s) in accordance with their
respective outstanding principal balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB
Subordinate Companion Loan(s) and then, from the related Serviced AB Mortgage Loan and any Serviced Pari Passu Companion
Loans on a pro rata and pari passu basis (provided that, with respect to any AB Subordinate Companion Loan,
the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts
collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu

 

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Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections with
respect to the Mortgage Loan;

 

(x)        to
pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and investment income
earned in respect of amounts relating to the Trust Fund held in such Collection Account and the Companion Distribution Account
as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to such Collection Account
and the Companion Distribution Account for the period from and including the prior Distribution Date to and including the P&I
Advance Date related to such Distribution Date) and (2) Penalty Charges (other than Penalty Charges collected while the related
Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only to the extent collected from the
related Mortgagor and to the extent that all amounts then due and payable with respect to the related Mortgage Loan and any related
Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses
incurred by the Trust (including Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d);
and (b) to pay the applicable Special Servicer, as additional servicing compensation in accordance with Section 3.11(c),
Penalty Charges collected on Specially Serviced Loans (but only to the extent collected from the related Mortgagor and to the
extent that all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and such Penalty
Charges are not needed to pay interest on Advances or costs and expenses incurred by the Trust (including Special Servicing Fees,
Liquidation Fees and Workout Fees) in accordance with Section 3.11(d));

 

(xi)       to
recoup any amounts deposited in such Collection Account in error;

 

(xii)      to
pay itself, the applicable Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of
their respective directors, officers, members, managers, employees and agents, or CREFC®, as the case may be, out
of general collections, any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a) or Section
6.04(b); provided that, in the case of such reimbursement (other than a reimbursement of any amounts payable to CREFC®)
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
(i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu
Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances or (ii)
with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan and then, from the
related Serviced AB Mortgage Loan and any Serviced Pari Passu Companion Loans on a pro rata and pari passu basis
(provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the
terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are
allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans),
in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

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(xiii)     to pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b), 3.18(b), 3.18(d), 3.18(i), 10.01(f)
and Section 13.02(a) to the extent payable out of the Trust Fund, (b) the cost of any Opinion of Counsel contemplated
by Sections 13.01(a) or Section 13.01(c) in connection with an amendment to this Agreement requested by the
Trustee or the applicable Master Servicer, which amendment is in furtherance of the rights and interests of
Certificateholders and (c) the cost of obtaining the REO Extension contemplated by Section 3.14(a); provided that,
in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms
of the related Intercreditor Agreement (i) with respect to the related Serviced Pari Passu Whole Loan, pro rata
and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan(s) in
accordance with their respective outstanding principal balances or (ii) with respect to a Serviced AB Whole Loan, first,
from the related AB Subordinate Companion Loan(s) and then, from the related Serviced AB Mortgage Loan and any
Serviced Pari Passu Companion Loans on a pro rata and pari passu basis (provided that, with respect to
any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor
Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related
Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loan(s)), in each case,
prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiv)    to
pay out of general collections on the Mortgage Loans and the REO Properties serviced by such Master Servicer any and all federal,
state and local taxes imposed on any Trust REMIC, or any of their assets or transactions, together with all incidental costs and
expenses, to the extent that none of the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator
or the Trustee is liable therefor pursuant to Section 10.01(g);

 

(xv)     to
reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties serviced by such Master
Servicer for expenses incurred by and reimbursable to it by the Trust pursuant to Section 10.01(c);

 

(xvi)    to
pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously purchased
by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods
after the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated
by Section 2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received thereon
subsequent to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments
due thereon during or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xvii)   to
remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in the
Interest Reserve Account pursuant to Section 3.21;

 

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(xviii)  so
long as such Master Servicer has received notice of the applicable Uncovered Amount on or before the related Determination Date,
to pay or reimburse the applicable Person for any Uncovered Amount in respect of the other Master Servicer’s Collection
Account, any such Person’s right to payment or reimbursement for any such Uncovered Amount being limited to any general
funds in the subject Master Servicer’s Collection Account that are not otherwise to be applied to make any of the payments
or reimbursements contemplated to be made out of the subject Master Servicer’s Collection Account pursuant to any of clauses
(i) – (xvii) above;

 

(xix)     to
reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to
Section 3.26(i);

 

(xx)      to
remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be deposited pursuant
to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i)
above;

 

(xxi)     [Reserved];

 

(xxii)    to
clear and terminate such Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxiii)   to
pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

Each
Master Servicer shall also be entitled to make withdrawals from time to time, from its Collection Account of amounts necessary
for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Trust, the applicable Non-Serviced
Master Servicer, the applicable Non-Serviced Special Servicer, the applicable Non-Serviced Trustee, the applicable Non-Serviced
Paying Agent or any other applicable party to the applicable Non-Serviced PSA by the holder of a Non-Serviced Mortgage Loan pursuant
to the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced PSA.

 

Each
Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property by property basis when appropriate,
for the purpose of justifying any withdrawal from its Collection Account.

 

Each
Master Servicer shall pay to the applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer from its Collection Account amounts permitted to be paid to it therefrom monthly upon receipt
of a certificate of a Servicing Officer of such Special Servicer, or an officer of the Operating Advisor or the Asset Representations
Reviewer or a Responsible Officer of the Trustee or the Certificate Administrator describing the item and amount to which such
Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer is entitled.
The applicable Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts
stated therein. The applicable Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and
REO Loan, on a loan-by-loan basis (or when appropriate, property-by-property basis), for the purpose of justifying any request

 

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for withdrawal from the applicable Collection Account. Notwithstanding the above, no written certificate is required for a payment
of Special Servicing Fees and/or Workout Fees arising from collections other than the initial collection on a Corrected Loan.

 

Notwithstanding
anything to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the
applicable Master Servicer, the applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer out of general collections that do not specifically relate to a Serviced Whole Loan may
be reimbursable from amounts that would otherwise be payable to the related Companion Loan, as applicable.

 

(b)       The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the
following purposes (the following not being an order of priority):

 

(i)        to
be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount of any Prepayment
Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(e) in the Upper-Tier REMIC Distribution Account,
and to make distributions on the Class R Certificates in respect of the Class LR Interest pursuant to Section 4.01(c);

 

(ii)       to
pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may
be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)      to
pay the Certificate Administrator and the Trustee, the Certificate Administrator Fee and the Trustee Fee, as applicable, as contemplated
by Section 8.05(a) with respect to the Mortgage Loans;

 

(iv)      to
pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator as
provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the Certificate
Administrator, any Master Servicer or any Special Servicer as contemplated by Section 3.18(d), (C) the Trustee or the Certificate
Administrator as contemplated by Section 5.08(c) or Section 8.02 to the extent payable out of the Trust Fund, (D)
the Trustee, the Certificate Administrator, any Master Servicer or any Special Servicer as contemplated by Section 10.01(f)
or Section 10.01(l) to the extent payable out of the Trust Fund, or (E) the Trustee, the Certificate Administrator,
any Master Servicer or any Special Servicer as contemplated by Section 13.01(a) or Section 13.01(c) in connection
with any amendment to this Agreement requested by the Trustee or the Certificate Administrator, which amendment is in furtherance
of the rights and interests of Certificateholders, in each case, to the extent not paid pursuant to Section 13.01(g);

 

(v)       to
pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets or transactions
of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the

 

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Certificate Administrator,
the REMIC Administrator, any Master Servicer or any Special Servicer is liable therefor pursuant to Section 10.01(g);

 

(vi)      to
pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the Lower-Tier
REMIC or the Upper-Tier REMIC;

 

(vii)     to
pay to the applicable Master Servicer any amounts deposited by such Master Servicer in the Distribution Accounts not required
to be deposited therein;

 

(viii)    to
clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01;
and

 

(ix)       termination
of this Agreement pursuant to Section 9.01.

 

(c)       The
Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the
extent required to make the distributions of Excess Interest required by Section 4.01(j).

 

(d)       The
Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account for any
of the following purposes:

 

(i)        to
make distributions to the Holders of the Regular Certificates and the Exchangeable Certificates (and to the Holders of the Class
R Certificates in respect of the Class UR Interest) on each Distribution Date pursuant to Section 4.01 or Section 9.01,
as applicable; and

 

(ii)       to
clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(e)       [RESERVED].

 

(f)        Notwithstanding
anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in each applicable Collection Account
and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee listed in Section
3.05(a)(ii), the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate Administrator Fee listed in
Section 3.05(b)(iii), then the Certificate Administrator Fee shall be paid in full prior to the payment of any Servicing
Fees payable under Section 3.05(a)(ii) and then, after payment of Servicing Fees, the Operating Advisor Fees payable under
Section 3.05(a)(ii) and in the event that amounts on deposit in each applicable Collection Account and the Lower-Tier REMIC
Distribution Account are not sufficient to pay the full amount of such Certificate Administrator Fee, the Certificate Administrator
shall be paid based on the amount of such fees and (ii) if amounts on deposit in each applicable Collection Account are not sufficient
to reimburse the full amount of Advances and interest thereon listed in Sections 3.05(a)(ii), (a)(iii), (a)(iv),
(a)(v), and (a)(vi) then reimbursements shall be paid first to the Certificate Administrator and to the Trustee,
pro rata, second to the applicable Special Servicer, third to the applicable Master Servicer and then
to the Operating Advisor.

 

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(g)       If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
Serviced REO Property, then the applicable Special Servicer shall promptly upon written direction from the applicable Master Servicer
(provided that, (1) with respect to clause (iv) below, such Special Servicer shall have provided notice to the applicable
Master Servicer of the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate Administrator
shall have provided the applicable Master Servicer and such Special Servicer with five (5) Business Days’ prior notice of
such final Distribution Date) transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value
Reserve Fund to the applicable Master Servicer for deposit into the applicable Collection Account for the following purposes:

 

(i)        to
reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, in accordance with Section 3.05(a)
of this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced
REO Property (together with any interest on such Advances);

 

(ii)       to
pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of
such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)      to
offset any portion of Realized Losses or Retained Certificate Realized Losses, as applicable, that are attributable to such Mortgage
Loan or related REO Property, as the case may be (as calculated without regard to the application of such Loss of Value Payments),
incurred with respect to such Mortgage Loan or any related successor REO Loan;

 

(iv)      following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property and any related
transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect
of any other Mortgage Loan or Serviced REO Loan; and

 

(v)       On
the final Distribution Date after all distributions have been made as set forth in clauses (i)-(iv) above, to each Mortgage
Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage
Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses or Retained Certificate
Realized Losses, as applicable, that are attributable to such Mortgage Loan or related REO Property, as the case may be, additional
trust fund expenses or any Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

(h)       Any
Loss of Value Payments transferred to a Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be
treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan (but excluding
any related Companion Loan) with respect thereto for which such Loss of Value Payments were

 

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received; and any Loss of Value Payments
transferred to a Collection Account pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds
received by the Trust in respect of the related Mortgage Loan or REO Loan (but excluding any related Companion Loan) for which
such Loss of Value Payments are being transferred to such Collection Account to cover an item contemplated by clauses (i)-(iv)
of the prior paragraph.

 

(i)        The
Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account to make distributions
pursuant to Section 4.01(k).

 

Section
3.06 Investment of Funds in Collection Accounts, REO Accounts and Loss of Value Reserve Fund. (a) Each Master
Servicer may direct any depository institution maintaining its Collection Account, the Companion Distribution Account (with
respect to the General Master Servicer) or any Servicing Account (for purposes of this Section 3.06, an
“Investment Account”), each Special Servicer may direct any depository institution maintaining its REO
Account or Loss of Value Reserve Fund (also for purposes of this Section 3.06, an “Investment
Account”) to invest or if it is such depository institution, may itself invest, the funds held therein, only in one
or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later
than the Business Day immediately preceding the next succeeding date on which funds are required to be withdrawn from such
account pursuant to this Agreement, if a Person other than the depository institution maintaining such account is the obligor
thereon and (ii) no later than the date on which funds are required to be withdrawn from such account pursuant to this
Agreement, if the depository institution maintaining such account is the obligor thereon. All such Permitted Investments
shall be held to maturity, unless payable on demand. Any funds held in an Investment Account shall be held in the name of the
applicable Master Servicer or the applicable Special Servicer, as the case may be, on behalf of the Trustee (in its capacity
as such) for the benefit of the Certificateholders. Each Master Servicer (in the case of the applicable Collection Account,
the Companion Distribution Account or any Servicing Account maintained by or for such Master Servicer), each Special Servicer
(in the case of the REO Account, the Loss of Value Reserve Fund or any Servicing Account maintained by or for such
Special Servicer) on behalf of the Trustee, shall maintain continuous physical possession of any Permitted Investment of
amounts in such Collection Account, such Companion Distribution Account, such Servicing Accounts, such Loss of Value Reserve
Fund or such REO Account, as applicable, that is either (i) a “certificated security,” as such term is defined in
the UCC (such that the Trustee shall have control pursuant to Section 8-106 of the UCC) or (ii) other property in which a
secured party may perfect its security interest by physical possession under the UCC or any other applicable law. In the case
of any Permitted Investment held in the form of a “security entitlement” (within the meaning of Section
8-102(a)(17) of the UCC), each Master Servicer or each Special Servicer, as the case may be, shall take or cause to be taken
such action as the Trustee deems reasonably necessary to cause the Trustee to have control over such security entitlement. In
the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand,
the applicable Master Servicer (in the case of the applicable Collection Account, the Companion Distribution Account or any
Servicing Account maintained by or for such Master Servicer) or the applicable Special Servicer (in the case of the REO
Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for such Special Servicer) shall:

 

(i)        consistent with any notice required to be given thereunder, demand that payment thereon be made on the last
day such Permitted Investment may otherwise mature

 

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hereunder in an amount equal to the lesser of (a) all amounts then payable thereunder and (b) the amount
required to be withdrawn on such date; and

 

(ii)       demand
payment of all amounts due thereunder promptly upon determination by the applicable Master Servicer, the applicable Special Servicer,
the Certificate Administrator or the Trustee, as the case may be, that such Permitted Investment would not constitute a Permitted
Investment in respect of funds thereafter on deposit in the Investment Account.

 

(b)       Interest
and investment income realized on funds deposited in the applicable Collection Account, the Companion Distribution Account or
any Servicing Account maintained by or for the applicable Master Servicer to the extent of the Net Investment Earnings, if any,
with respect to such account for the period from and including the prior Distribution Date to and including the P&I Advance
Date related to the current Distribution Date, shall be for the sole and exclusive benefit of the applicable Master Servicer to
the extent (with respect to Servicing Accounts) not required to be paid to the related Mortgagor and shall be subject to its withdrawal,
or withdrawal at its direction, in accordance with Section 3.03 or Section 3.05(a), as the case may be. Interest
and investment income realized on funds deposited in the REO Account, the Loss of Value Reserve Fund or any Servicing Account
maintained by or for the applicable Special Servicer, to the extent of the Net Investment Earnings, if any, with respect to such
account for each period from and including any Distribution Date to and including the immediately succeeding P&I Advance Date,
shall be for the sole and exclusive benefit of the applicable Special Servicer and shall be subject to its withdrawal in accordance
with Section 3.14(c). In the event that any loss shall be incurred in respect of any Permitted Investment (as to which
the applicable Master Servicer or applicable Special Servicer, as the case may be, would have been entitled to any Net Investment
Earnings hereunder) directed to be made by the applicable Master Servicer or the applicable Special Servicer, as the case may
be, and on deposit in any of the applicable Collection Account, the Companion Distribution Account, the Servicing Account, Loss
of Value Reserve Fund or the REO Account, the applicable Master Servicer (in the case of the applicable Collection Account, the
Companion Distribution Account or any Servicing Account maintained by or for such Master Servicer), the applicable Special Servicer
(in the case of the REO Account, the Loss of Value Reserve Fund or any Servicing Account maintained by or for such Special Servicer)
shall deposit therein, no later than the P&I Advance Date, without right of reimbursement, the amount of Net Investment Loss,
if any, with respect to such account for the period from and including the prior Distribution Date to and including the P&I
Advance Date related to the current Distribution Date; provided that neither the applicable Master Servicer nor the applicable
Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account 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
Investment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition
of Eligible Account at the time such investment was made (and such federal or state chartered depository institution or trust
company is not an Affiliate of such Master Servicer or such Special Servicer, as applicable, unless such depository institution
or trust company satisfied the qualification set forth in the definition of Eligible Account both (x) at the time the investment
was made and (y) thirty (30) days prior to such insolvency).

 

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(c)       Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the applicable Master Servicer may and,
upon the request of Holders of Certificates entitled to more than 50% of the Voting Rights allocated to any Class shall, take
such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings.

 

Section
3.07 Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a) Each Master Servicer
(with respect to the applicable Serviced Mortgage Loans and any related Serviced Companion Loan) shall use its efforts
consistent with the Servicing Standard to cause the Mortgagor to maintain (other than with respect to a Non-Serviced Mortgage
Loan), and each Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Properties) shall
maintain, to the extent required by the terms of the related Mortgage Loan documents, all insurance coverage as is required
under the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do so is an
Acceptable Insurance Default (and except as provided in the next sentence with respect to the applicable Master Servicer or
the applicable Special Servicer, as the case may be). If the Mortgagor does not so maintain such insurance coverage, subject
to its recoverability determination with respect to any required Servicing Advance, each Master Servicer (with respect to the
Serviced Mortgage Loans and any related Serviced Companion Loan) or each Special Servicer (with respect to REO Properties
other than a Non-Serviced Mortgaged Property) shall maintain all insurance coverage as is required under the related
Mortgage, but only in the event the Trustee has an insurable interest therein and such insurance is available to such Master
Servicer or such Special Servicer, as applicable, and, if available, can be obtained at commercially reasonable rates. Any
determination that such insurance coverage is not available or not available at commercially reasonable rates shall be made
with the consent of the Directing Certificateholder (prior to the occurrence and continuance of any Control Termination Event
and other than with respect to any Excluded Loan as to the Directing Certificateholder) (or, with respect to any Serviced AB
Whole Loan, if the Directing Certificateholder’s consent is required and an AB Control Appraisal Period is not in
effect, with the consent of the holder of the related AB Subordinate Companion Loan) and, after consultation by the
applicable Special Servicer with the Risk Retention Consultation Party (provided, that prior to the occurrence and
continuance of a Consultation Termination Event, the related Mortgage Loan must also be a Specially Serviced Loan) pursuant
to Section 6.08(a) (in the case of the Directing Certificateholder and Risk Retention Consultation Party, other than
with respect to any Excluded Loan as to such party). Such determination shall be made by each Master Servicer (with respect
to the Serviced Mortgage Loans and any related Serviced Companion Loan) or each Special Servicer (with respect to REO
Properties other than any Non-Serviced Mortgaged Property) except to the extent that the failure of the related Mortgagor to
do so is an Acceptable Insurance Default as determined by such Master Servicer (with respect to a Non-Specially Serviced
Loan) or such Special Servicer (with respect to a Specially Serviced Loan); provided, however, that if any
Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged
Property, such Master Servicer or, with respect to REO Property, such Special Servicer, as applicable, shall impose or
maintain, as applicable, such insurance requirements as are consistent with the Servicing Standard taking into account the
insurance in place at the closing of the Mortgage Loan, provided that, with respect to the immediately preceding
proviso, a Master Servicer shall be obligated to use efforts consistent with the Servicing Standard to cause the Mortgagor to
maintain (or to itself maintain) insurance against property damage

 

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resulting from terrorist
or similar acts unless the Mortgagor’s failure is an Acceptable Insurance Default (as determined by the applicable Master
Servicer (with respect to a Non-Specially Serviced Loan) or the applicable Special Servicer (with respect to a Specially Serviced
Loan) with the consent of the Directing Certificateholder (unless a Control Termination Event has occurred and is continuing)
or, with respect to any Serviced AB Whole Loan, the Subordinate Companion Holder (if an AB Control Appraisal Period is not in
effect) and after consultation by the applicable Special Servicer with the Risk Retention Consultation Party (provided, that prior
to the occurrence and continuance of a Consultation Termination Event, the related Mortgage Loan must also be a Specially Serviced
Loan) pursuant to Section 6.08(a) (in each case, other than with respect to any Excluded Loan as to such party)) and only
in the event the Trustee has an insurable interest therein and such insurance is available to the applicable Master Servicer or
the applicable Special Servicer, as the case may be, and, if available, can be obtained at commercially reasonable rates. Each
Master Servicer and each Special Servicer shall be entitled to rely on insurance consultants (at the applicable servicer’s
expense) in determining whether any insurance is available at commercially reasonable rates. Subject to Section 3.15(a)
and the costs of such insurance being reimbursed or paid to the applicable Special Servicer as provided in the third-to-last sentence
of this paragraph, such Special Servicer shall maintain for each REO Property (other than any Non-Serviced Mortgaged Property)
no less insurance coverage than was previously required of the Mortgagor under the related Mortgage Loan documents unless such
Special Servicer determines with the consent of the Directing Certificateholder (prior to the occurrence and continuance of a
Control Termination Event) and after consultation by the applicable Special Servicer with the Risk Retention Consultation Party
pursuant to Section 6.08(a) (in each case other than with respect to a Mortgage Loan that is an Excluded Loan as to such
party) that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable interest,
in which case the applicable Master Servicer shall be entitled to conclusively rely on such Special Servicer’s determination.
All Insurance Policies maintained by a Master Servicer or a Special Servicer shall (i) contain a “standard” mortgagee
clause, with loss payable to the applicable Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect
of Mortgage Loans (other than any Non-Serviced Mortgage Loan), including any related Serviced Companion Loan, other than REO Properties)
or to the applicable Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties),
(ii) be in the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage
in an amount not less than the lesser of (x) the full replacement cost of the improvements securing Mortgaged Property or the
REO Property, as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan (including any related
Serviced Companion Loan) or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance
provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not
permitted under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days prior written notice to the
insured party (except in the case of nonpayment, in which case such policy shall not be cancelled without ten (10) days prior
notice) and (vi) subject to the first proviso in the second sentence of this Section 3.07(a), be issued by a Qualified
Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by a Master Servicer or a Special
Servicer under any such Insurance Policies (other than amounts to be applied to the restoration or repair of the related Mortgaged
Property or REO Property or amounts to be released to the related Mortgagor, in each case in accordance with the Servicing Standard
and the provisions of the related Mortgage Loan documents) shall be deposited in the applicable

 

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Collection Account, subject to
withdrawal pursuant to Section 3.05(a). Any costs incurred by a Master Servicer in maintaining any such Insurance Policies
in respect of Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and other than any Non-Serviced
Mortgage Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by such Master Servicer as a Servicing
Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then
such cost shall instead be paid out of the applicable Collection Account) and will be charged to the related Mortgagor and (ii)
shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the unpaid principal balance of
the related Mortgage Loan and Serviced Companion Loan (if any), notwithstanding that the terms of such Mortgage Loan or Serviced
Companion Loan so permit. Any cost incurred by a Special Servicer in maintaining any such Insurance Policies with respect to REO
Properties shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the
amount on deposit therein is insufficient therefor, advanced by the applicable Master Servicer as a Servicing Advance (so long
as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall
instead be paid out of the applicable Collection Account). The foregoing provisions of this Section 3.07 shall apply to
any Serviced Whole Loan as if it were a single “Mortgage Loan”. Notwithstanding any provision to the contrary, no
Master Servicer shall be required to maintain, and will not be in default for failing to obtain, any earthquake or environmental
insurance on any Mortgaged Property unless such insurance was required at the time of origination of the related Serviced Mortgage
Loan and is currently available at commercially reasonable rates.

 

Notwithstanding
the foregoing, with respect to the Serviced Mortgage Loans and any related Serviced Companion Loan that either (x) require the
Mortgagor to maintain “all risk” property insurance (and do not expressly permit an exclusion for terrorism) or (y)
contain provisions generally requiring the applicable Mortgagor to maintain insurance in types and against such risks as the holder
of such Mortgage Loan (including any related Serviced Companion Loan) reasonably requires from time to time in order to protect
its interests, each Master Servicer shall, consistent with the Servicing Standard, (A) monitor in accordance with the Servicing
Standard whether the insurance policies for the related Mortgaged Property contain Additional Exclusions; provided that
each Master Servicer shall be entitled to conclusively rely upon certificates of insurance in determining whether such policies
contain Additional Exclusions, (B) request the Mortgagor to either purchase insurance against the risks specified in the Additional
Exclusions or provide an explanation as to its reasons for failing to purchase such insurance and (C) if the related Mortgage
Loan is a Specially Serviced Loan, notify the applicable Special Servicer if it has knowledge that any insurance policy contains
Additional Exclusions or if it has knowledge (such knowledge to be based upon such Master Servicer’s compliance with the
immediately preceding clauses (A) and (B) above) that any Mortgagor under a Specially Serviced Loan fails to purchase
the insurance requested to be purchased by the applicable Master Servicer pursuant to clause (B) above. In addition, upon
the request of the Risk Retention Consultation Party with respect to any individual triggering event, the applicable Special Servicer
shall consult on a non-binding basis pursuant to Section 6.08(a) with the Risk Retention Consultation Party (only with
respect to a Specially Serviced Loan and other than with respect to any Mortgage Loan that is an Excluded Loan as to such party)
within the same time period as it would obtain consent of, or consult with, the Directing Certificateholder in connection with
any such determination by the applicable Special Servicer of an Acceptable Insurance Default. If the applicable Master Servicer
(with

 

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respect to a Non-Specially Serviced Loan) or the applicable Special Servicer (with respect to a Specially Serviced Loan)
determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, such Special Servicer
(with regard to such determination made by the applicable Special Servicer) shall notify the applicable Master Servicer, and the
applicable Master Servicer (in the case of a Specially Serviced Loan, after notice from the applicable Special Servicer) shall
use efforts consistent with the Servicing Standard to cause such insurance to be maintained. Each Master Servicer and each Special
Servicer (at the expense of the Trust) shall be entitled to rely on insurance consultants in making such determinations. Each
Master Servicer shall be entitled to rely on insurance consultants (at the expense of such Master Servicer) in determining whether
Additional Exclusions exist. Furthermore, each Master Servicer or each Special Servicer, as applicable, shall promptly deliver
such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website for
those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal Balances of all of the Mortgage Loans
then included in the Trust or (ii) comprise more than 5% of the outstanding Stated Principal Balance of the Mortgage Loans then
included in the Trust. During the period that a Master Servicer or a Special Servicer is evaluating the availability of such insurance
or waiting for a response from the Directing Certificateholder or any Companion Holder or, with respect to any Serviced AB Whole
Loan, the related Subordinate Companion Holder, and/or with respect (solely with respect to Specially Serviced Loans) upon the
request of the Risk Retention Consultation Party, consulting (on a non-binding basis) with the Risk Retention Consultation Party
pursuant to Section 6.08(a), neither such Master Servicer nor such Special Servicer will be liable for any loss related
to its failure to require the Mortgagor to maintain (or its failure to maintain) such insurance and will not be in default of
its obligations as a result of such failure and such Master Servicer will not itself maintain such insurance or cause such insurance
to be maintained.

 

(b)       (i)
If any Master Servicer or any Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified Insurer insuring
against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but excluding any
Non-Serviced Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as the case may
be, required to be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection equivalent
to the individual policies otherwise required, such Master Servicer or such Special Servicer shall conclusively be deemed to have
satisfied its obligation to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO Properties.
Such Insurance Policy may contain a deductible clause, in which case the applicable Master Servicer or the applicable Special
Servicer shall, if there shall not have been maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance
Policy complying with the requirements of Section 3.07(a), and there shall have been one or more losses which would have
been covered by such Insurance Policy, promptly deposit into its Collection Account from its own funds the amount of such loss
or losses that would have been covered under the individual policy but are not covered under the blanket Insurance Policy because
of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related
Mortgage Loan (including any related Serviced Companion Loan), or in the absence of such deductible limitation, the deductible
limitation which is consistent with the Servicing Standard. In connection with its activities as administrator and Master Servicer
of the Mortgage Loans or any Serviced Companion Loans, the applicable Master Servicer agrees to prepare and present, on behalf
of itself, the Trustee and Certificateholders, claims under any such

 

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blanket Insurance Policy in a timely fashion in accordance
with the terms of such policy. Each Special Servicer, to the extent consistent with the Servicing Standard, may maintain, earthquake
insurance on REO Properties (other than with respect to a Non-Serviced Mortgaged Property), provided coverage is available
at commercially reasonable rates, the cost of which shall be a Servicing Advance.

 

(ii)       If
any Master Servicer or any Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single
interest or force-placed insurance policy with a Qualified Insurer naming such Master Servicer or such Special Servicer on behalf
of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual policies
otherwise required, such Master Servicer or such Special Servicer shall conclusively be deemed to have satisfied its obligation
to cause such insurance to be maintained on the related Mortgaged Properties and REO Properties. In the event any Master Servicer
or any Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed
insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e.,
other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered
thereby) shall be paid by such Master Servicer as a Servicing Advance. Such master single interest or force-placed policy may
contain a deductible clause, in which case such Master Servicer or such 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 3.07(a), and there shall have been one or more losses which would have been covered by such policy had it been
maintained, deposit into the applicable Collection Account from its own funds the amount not otherwise payable under the master
single or force-placed interest policy because of such deductible clause, to the extent that any such deductible exceeds the deductible
limitation that pertained to the related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any
such deductible limitation, the deductible limitation which is consistent with the Servicing Standard.

 

(c)       Each
Master Servicer and each Special Servicer shall obtain and maintain at its own expense and keep in full force and effect throughout
the term of this Agreement a blanket fidelity bond and an errors and omissions insurance policy with a Qualified Insurer covering
losses that may be sustained as a result of an officer’s or employee’s misappropriation of funds or errors or omissions.
Such amount of coverage shall be in such form and amount as are consistent with the Servicing Standard. Coverage of the applicable
Master Servicer or the applicable Special Servicer under a policy or bond obtained by an Affiliate of such Master Servicer or
such Special Servicer and providing the coverage required by this Section 3.07(c) shall satisfy the requirements of this
Section 3.07(c). Each Special Servicer and each Master Servicer will promptly report in writing to the Trustee any material
changes that may occur in their respective fidelity bonds, if any, and/or their respective errors and omissions insurance policies,
as the case may be, and will furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds,
if any, and insurance policies are in full force and effect.

 

(d)       At
the time the applicable Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other
than a Non-Serviced Mortgaged

 

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Property) is in a federally designated special flood hazard area (and such flood insurance has been
made available), such Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in
accordance with applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain,
and, if the related Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent such insurance
is available at commercially reasonable rates (as determined by such Master Servicer in accordance with the Servicing Standard
and to the extent the Trustee, as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only
to the extent the related Serviced Mortgage Loan or related Serviced Companion Loan permits the mortgagee to require such coverage
and the maintenance of such coverage is consistent with the Servicing Standard. Such flood insurance shall be in an amount equal
to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced Companion Loan, if applicable),
and (ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, plus such
additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing Standard.
If the cost of any insurance described above is not borne by the Mortgagor, such Master Servicer shall promptly make a Servicing
Advance for such costs.

 

(e)       During
all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a federally
designated special flood hazard area, the applicable Special Servicer will cause to be maintained, to the extent available at
commercially reasonable rates (as determined by such Special Servicer (with the consent of the Directing Certificateholder (prior
to the occurrence and continuance of a Control Termination Event) and in consultation with the Risk Retention Consultation Party
pursuant to Section 6.08(a) (in either such case, other than with respect to any Mortgage Loan that is an Excluded Loan
as to such party and any Serviced AB Whole Loan if an AB Control Appraisal Period is not in effect)) in accordance with the Servicing
Standard), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration
in an amount representing coverage not less than the maximum amount of insurance which is available under the National Flood Insurance
Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount
consistent with the Servicing Standard. The cost of any such flood insurance with respect to an REO Property shall be an expense
of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is
insufficient therefor, paid by the applicable Master Servicer as a Servicing Advance.

 

(f)        Notwithstanding
the foregoing, so long as the long-term debt obligations or the deposit account or claims-paying ability of the applicable Master
Servicer (or its immediate or remote parent) or the applicable Special Servicer (or its immediate or remote parent), as applicable,
is rated at least “A3” by Moody’s or “A” by Fitch (if rated by Fitch), such Master Servicer (or
its public parent) or such Special Servicer (or its public parent), as applicable, shall be allowed to provide self-insurance
with respect to any of its obligations under this Section 3.07.

 

(g)       Each
of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in full force
and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified Insurer
covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

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Section
3.08 Enforcement of Due-on-Sale Clauses; Assumption Agreements. (a) As to each Serviced Mortgage Loan and any
related Serviced Companion Loan that contains a provision in the nature of a “due-on-sale” clause, which by its
terms:

 

(i)        provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor or principals
of the Mortgagor; or

 

(ii)       provides
that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee in connection with
any such sale or other transfer;

 

then,
for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, other than with respect
to an action that constitutes a Master Servicer Decision pursuant to clause (xiii), (xiv) or (xvi) of the
definition thereof, the Special Servicer, on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right it
may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold
its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights, provided
that if such matter is a Major Decision, (i) (A) prior to the occurrence and continuance of a Control Termination Event and
other than with respect to an Excluded Loan with respect to the Directing Certificateholder, or the holder of the majority of
the Controlling Class, has obtained the prior written consent (or deemed consent) of the Directing Certificateholder to the extent
required by, and pursuant to the process described under, Section 6.08(a), or if such Mortgage Loan is not an Excluded
Loan with respect to the Directing Certificateholder or the holder of the majority of the Controlling Class, a Control Termination
Event shall have occurred and be continuing and no Consultation Termination Event shall have occurred and be continuing, the Special
Servicer shall have consulted with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a),
(B) if such Mortgage Loan is not an Excluded Loan with respect to the Risk Retention Consultation Party and (x) such Mortgage
Loan is a Specially Serviced Loan or (y) a Consultation Termination Event shall have occurred and be continuing, the applicable
Special Servicer shall have consulted with the Risk Retention Consultation Party if and to the extent required pursuant to Section
6.08(a) and (C) with respect to a Serviced AB Whole Loan if an AB Control Appraisal Period is not in effect, the prior consent
of the related Subordinate Companion Holder shall have been obtained, to the extent required by the terms of the related Intercreditor
Agreement, and pursuant to the process described in this Agreement (provided that in the case of clause (A), clause
(B) and clause (C) such consent shall be deemed given or such consultation shall be deemed to have occurred, as applicable,
if a response to the request for consent or consultation, as the case may be, is not provided within ten (10) Business Days after
the receipt of the applicable Special Servicer’s written recommendation and analysis with respect to such waiver and all
information reasonably requested by the Directing Certificateholder or the Risk Retention Consultation Party, as applicable, and
reasonably available to such Special Servicer in order to grant or withhold such consent or conduct such consultation), and (ii)
with respect to any Mortgage Loan (x) with a Stated Principal Balance greater than or equal to $35,000,000, (y) with a Stated
Principal Balance greater than or equal to 5% of the aggregated Stated Principal Balance of the Mortgage Loans then outstanding
or (z) together with all other Mortgage Loans with which it is cross-collateralized or cross-defaulted

 

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or together with all other
Mortgage Loans with the same Mortgagor (or an Affiliate thereof), that is one of the ten (10) largest Mortgage Loans outstanding
(by Stated Principal Balance), the applicable Special Servicer, prior to consenting to any action, shall obtain, a Rating Agency
Confirmation from each Rating Agency and a confirmation of any applicable rating agency that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any)
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25), provided, however,
that with respect to sub-clauses (y) and (z) of this sub-clause (ii), such Mortgage Loan shall also have
a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation requirement to apply. Notwithstanding anything
herein to the contrary, with respect to any Excluded Loan with respect to the Directing Certificateholder or the Holder of the
majority of the Controlling Class (regardless of whether a Control Termination Event has occurred and is continuing), the applicable
Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof,
in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

With
respect to any “due-on-sale” matter described above that is a Major Decision related to any Mortgage Loan that is
not an Excluded Loan with respect to the Risk Retention Consultation Party or the holder of the majority of the RR Interest upon
request of the Risk Retention Consultation Party, the applicable Special Servicer shall consult on a non-binding basis with the
Risk Retention Consultation Party with respect to (i) prior to the occurrence and continuance of a Consultation Termination Event,
Specially Serviced Loans; and (ii) following the occurrence and during the continuance of a Consultation Termination Event, all
Mortgage Loans, within the same time period as it would obtain the consent of, or consult with, the Directing Certificateholder
with respect to such Major Decision.

 

In
connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion
Loan Securities, the related rating agencies) pursuant to this Section 3.08(a), the applicable Special Servicer shall (if
not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information
Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with
Section 3.25 of this Agreement.

 

If
any Serviced Mortgage Loan or related Serviced Companion Loan provides that such Mortgage Loan or related Serviced Companion Loan
may be assumed or transferred without the consent of the mortgagee, provided that certain conditions contained in the related
Mortgage Loan documents are satisfied where no mortgagee discretion is necessary in order to determine if such conditions are
satisfied, then for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the
applicable Master Servicer (with respect to all Non-Specially Serviced Loans) and the applicable Special Servicer (with respect
to all Specially Serviced Loans), on behalf of the Trustee as the mortgagee of record, shall determine in accordance with the
Servicing Standard whether such conditions have been satisfied.

 

(b)       As
to each Serviced Mortgage Loan and any related Serviced Companion Loan that contains a provision in the nature of a “due-on-encumbrance”
clause that by its terms:

 

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(i)        provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor
or principals of the Mortgagor; or

 

(ii)       requires
the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property
or equity interests in the Mortgagor or principals of the Mortgagor;

 

then,
for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement (and other than with
respect to an action that constitutes a Master Servicer Decision pursuant to clause (xiii), clause (xiv) or clause (xvi) of the
definition thereof with respect to such “due-on-encumbrance” clause), the applicable Special Servicer, on behalf of
the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect to such Serviced Mortgage Loan or
related Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent to the creation of any additional
lien or other encumbrance, consistent with the Servicing Standard or (b) waive its right to exercise such rights, provided
that, if such matter is a Major Decision, (i) (A) if such Mortgage Loan is not an Excluded Loan with respect to the Directing
Certificateholder or the Holder of the majority of the Controlling Class, no Control Termination Event shall have occurred and
be continuing and the matter involves a Major Decision, the prior written consent (or deemed consent) of the Directing Certificateholder
shall have been obtained by the applicable Special Servicer to the extent required by, and pursuant to the process described under,
Section 6.08(a), (B) if such Mortgage Loan is not an Excluded Loan with respect to the Directing Certificateholder, a Control
Termination Event shall have occurred and be continuing, and no Consultation Termination Event shall have occurred and be continuing,
the applicable Special Servicer shall have consulted with the Directing Certificateholder if and to the extent required pursuant
to Section 6.08(a), (C) if such Mortgage Loan is not an Excluded Loan with respect to the Risk Retention Consultation Party
and (x) such Mortgage Loan is a Specially Serviced Loan or (y) a Consultation Termination Event shall have occurred and be continuing,
the applicable Special Servicer shall have consulted with the Risk Retention Consultation Party if and to the extent required
pursuant to Section 6.08(a) and (D) with respect to any Serviced AB Whole Loan, if an AB Control Appraisal Period is not
in effect, the prior consent of the related Subordinate Companion Holder shall have been obtained by the applicable Special Servicer,
to the extent required by the terms of the related Intercreditor Agreement (provided that in the case of clause (A),
clause (B) and clause (C) such consent shall be deemed given or such consultation shall be deemed to have occurred,
as applicable, if a response to the request for consent or consultation, as the case may be, is not provided within ten (10) Business
Days after receipt of the applicable Special Servicer’s written recommendation and analysis and all information reasonably
requested by the Directing Certificateholder or the Risk Retention Consultation Party, as applicable, and reasonably available
to such Special Servicer in order to grant or withhold such consent or conduct such consultation) (or after the occurrence and
during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination
Event and other than with respect to an Excluded Loan as to the Directing Certificateholder or the holder of the majority of the
Controlling Class, the Special Servicer has consulted with the Directing Certificateholder), and (ii) the applicable Special Servicer
has obtained Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agency that such action
will not result in the downgrade, withdrawal or

 

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qualification of its then-current ratings of any class of Serviced Companion Loan
Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) if such Mortgage
Loan (A) has an outstanding principal balance that is greater than or equal to 2% of the Stated Principal Balance of the outstanding
Mortgage Loans or (B) has an LTV Ratio greater than 85% (including any existing and proposed debt) or (C) has a debt service coverage
ratio less than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the Mortgage Loan
and related Companion Loan, if any, and the principal amount of the proposed additional lien) or (D) is one of the ten largest
Mortgage Loans (by Stated Principal Balance) or (E) has a Stated Principal Balance greater than $35,000,000; provided,
however, that with respect to sub-clauses (A), (B), (C) and (D) of this sub-clause (ii),
such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation requirement
to apply. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan with respect to the Directing Certificateholder
(regardless of whether a Control Termination Event has occurred and is continuing), the applicable Special Servicer shall consult
with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions
and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set
forth in Section 6.08 for consulting with the Operating Advisor.

 

With
respect to any “due-on-encumbrance” matter described above that is a Major Decision related to any Mortgage Loan that
is not an Excluded Loan with respect to the Risk Retention Consultation Party or the holder of the majority of the RR Interest
upon request of the Risk Retention Consultation Party, the applicable Special Servicer shall consult on a non-binding basis with
the Risk Retention Consultation Party with respect to (i) prior to the occurrence and continuance of a Consultation Termination
Event, Specially Serviced Loans; and (ii) following the occurrence and during the continuance of a Consultation Termination Event,
all Mortgage Loans within the same time period as it would obtain the consent of, or consult with, the Directing Certificateholder
with respect to such Major Decision.

 

In
connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion
Loan Securities, the related rating agencies) pursuant to this Section 3.08(b), the applicable Special Servicer shall (if
not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information
Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with
Section 3.25 of this Agreement.

 

To
the extent permitted by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding
paragraph or in Section 3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage Loan
documents are silent as to who bears the costs of obtaining any such Rating Agency Confirmation, the applicable Special Servicer
shall use reasonable efforts to make the related Mortgagor bear such costs and expenses. Unless determined to be a Nonrecoverable
Advance such costs not collected from the related Mortgagor shall be advanced as a Servicing Advance.

 

If
any Mortgage Loan or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered
without the consent of the mortgagee 

 

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provided that certain conditions contained in the related Mortgage Loan documents
are satisfied where no mortgagee discretion is necessary in order to determine if such conditions are satisfied, then for so long
as such Mortgage Loan or related Companion Loan is being serviced under this Agreement, the applicable Master Servicer (with respect
to all Non-Specially Serviced Loans) and the applicable Special Servicer (with respect to all Specially Serviced Loans), on behalf
of the Trustee as the mortgagee of record, shall determine whether such conditions have been satisfied.

 

After
receiving a request for any matter described in Section 3.08(a) or this Section 3.08(b) that constitutes a consent
or waiver with respect to a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan
that is a Non-Specially Serviced Loan and other than any transfers provided for in clause (xiii) of the definition of “Master
Servicer Decision” and other than any waiver of a “due-on-encumbrance” clause which waiver constitutes a Master
Servicer Decision pursuant to clause (xiii), (xiv) or (xvi) of the definition thereof, the applicable Master
Servicer shall promptly forward such request to the applicable Special Servicer and such Special Servicer shall process such request
(including, without limitation, interfacing with the Mortgagor) and except as provided in the next sentence, the Master Servicer
shall have no further obligation with respect to such request or due-on-sale or due-on-encumbrance. The applicable Master Servicer
shall continue to cooperate with the applicable Special Servicer by delivering any additional information in such Master Servicer’s
possession to the applicable Special Servicer requested by such Special Servicer relating to such consent or waiver with respect
to a “due-on-sale” or “due-on-encumbrance” clause. The applicable Master Servicer will not be permitted
to process any request relating to such consent or waiver with respect to a “due-on-sale” or “due-on-encumbrance”
clause (other than any transfers provided for in clause (xiii) of the definition of “Master Servicer Decision”
and other than any waiver of a “due-on-encumbrance” clause which waiver constitutes a Master Servicer Decision pursuant
to clause (xiii), (xiv) or (xvi) of the definition thereof) and will not be permitted to process any Major
Decision or Special Servicer Decision or be required to interface with the Mortgagor or provide a written recommendation and analysis
with respect to any Major Decision or Special Servicer Decision.

 

(c)       Nothing
in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any additional
lien or other encumbrance with respect to such Mortgaged Property.

 

(d)       Except
as otherwise permitted by Section 3.08(a) and (b) and/or Section 3.18, no Master Servicer or Special Servicer
shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan, as applicable, in connection
with the taking of, or the failure to take, any action pursuant to this Section 3.08. The applicable Master Servicer and
the applicable Special Servicer, as the case may be, shall provide copies of any final waivers (except with respect to provision
of any such waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to Section
3.08(a) or (b) to each other and to the 17g-5 Information Provider with respect to each Mortgage Loan, and shall notify
the Trustee, the Certificate Administrator, each other and, subject to the terms of this Agreement, the 17g-5 Information Provider
(for posting to the 17g-5 Information Provider’s Website in accordance with Section 3.25) and, with respect to a
Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution agreement executed pursuant to Section
3.08(a) or (b) and shall forward thereto a copy of such agreement.

 

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(e)       [Reserved].

 

(f)        For
the avoidance of doubt, no Master Servicer or Special Servicer may waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause other than in compliance with the provisions of Section 3.08(a) through (d)
hereof or, with respect to an NCB Co-op Mortgage Loan, in compliance with the provisions of the following paragraph. In the case
of a Special Servicer, no such waiver or consent that constitutes a Major Decision shall be made without (x) (i) prior to the
occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan, with respect
to the Directing Certificateholder, the consent (or deemed consent) of the Directing Certificateholder having been obtained if
and to the extent required by, and pursuant to the process described under Section 6.08(a) or (y) (i) after the occurrence
and during the continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan with respect to
the Directing Certificateholder, but prior to the occurrence and continuance of a Consultation Termination Event, after having
consulted with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a).

 

(g)       Notwithstanding
the foregoing, and regardless of whether a particular NCB Co-op Mortgage Loan contains specific provisions regarding the incurrence
of subordinate debt, or prohibits the incurrence of subordinate debt, or requires the consent of the mortgagee in order to incur
subordinate debt, the NCB Master Servicer may, nevertheless, in accordance with the Servicing Standard, without the need to obtain
any consent or approval of, or to consult with, the Directing Certificateholder hereunder (and without the need to obtain a Rating
Agency Confirmation), permit the related Mortgagor to incur subordinate debt if the NCB Subordinate Debt Conditions have been
met; provided that, subject to the related Mortgage Loan documents and applicable law, the NCB Master Servicer shall not waive
any right it has, or grant any consent it is otherwise entitled to withhold, in accordance with any related “due-on-encumbrance”
clause under any Mortgage Loan, pursuant to this paragraph, unless in any such case, all associated costs and expenses are covered
without any expense to the Trust.

 

(h)       Notwithstanding
the foregoing provisions of this Section 3.08, if any Master Servicer or any Special Servicer, as applicable, makes a determination
under Section 3.08(a) or 3.08(b) that the applicable conditions in the related Mortgage Loan or Companion Loan documents,
as applicable, with respect to assumptions or encumbrances permitted without the consent of the mortgagee have been satisfied,
the applicable assumptions and transfers may be subject to an assumption or other fee, unless such fees are otherwise prohibited
pursuant to the Mortgage Loan documents; provided that any such fee not provided for in the Mortgage Loan documents does
not constitute a “significant” change in yield pursuant to Treasury Regulations Section 1.1001-3(e)(2).

 

Section
3.09 Realization Upon Defaulted Loans and Companion Loans. (a) Upon an event of default under the Mortgage Loan
documents related to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt, the applicable Master Servicer shall
promptly provide written notice to the related Companion Holder or mezzanine lender, as applicable, with a copy of such
notice to the applicable Special Servicer. If such Serviced Mortgage Loan or Serviced Whole Loan is a Defaulted Loan, the
applicable Special Servicer shall, subject to subsections (b) through (d) of this Section 3.09 and Section
3.24, subject to the Directing Certificateholder’s and the Risk Retention Consultation Party’s respective
rights pursuant to Section 6.08, and any Companion

 

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Holder or mezzanine lender’s rights under
the related Intercreditor Agreement (in the case of a Serviced Whole Loan, on behalf of the holders of the beneficial interest
of the related Companion Loan) or this Agreement, exercise reasonable efforts, consistent with the Servicing Standard, to foreclose
upon or otherwise comparably convert (which may include an REO Acquisition) the ownership of property securing any such Serviced
Mortgage Loan and related Companion Loan, if any, as come into and continue in default as to which no satisfactory arrangements
(including by way of a discounted pay-off) can be made for collection of delinquent payments, and which are not released from
the Trust Fund pursuant to any other provision hereof. The foregoing is subject to the provision that, in any case in which a
Mortgaged Property shall have suffered damage from an Uninsured Cause, the applicable Master Servicer or the applicable Special
Servicer shall not be required to make a Servicing Advance and expend funds toward the restoration of such property unless such
Special Servicer has determined in its reasonable discretion that such restoration will increase the net proceeds of liquidation
of such Mortgaged Property to Certificateholders after reimbursement to such Master Servicer or such Special Servicer, as applicable,
for such Servicing Advance, and such Master Servicer or such Special Servicer has not determined that such Servicing Advance together
with accrued and unpaid interest thereon would constitute a Nonrecoverable Advance. The costs and expenses incurred by the applicable
Special Servicer in any such proceedings shall be advanced by the applicable Master Servicer; provided that, in each case,
such cost or expense would not, if incurred, constitute a Nonrecoverable Servicing Advance. Nothing contained in this Section
3.09 shall be construed so as to require a Master Servicer or a Special Servicer, on behalf of the Trust, to make an offer
on any Mortgaged Property at a foreclosure sale or similar proceeding that is in excess of the fair market value of such property,
as determined by the applicable Master Servicer or the applicable Special Servicer in its reasonable judgment taking into account
the factors described in Section 3.16(b) and the results of any Appraisal obtained pursuant to the following sentence,
all such offers to be made in a manner consistent with the Servicing Standard. If and when the applicable Special Servicer or
the applicable Master Servicer deems it necessary and prudent for purposes of establishing the fair market value of any Mortgaged
Property securing a Defaulted Loan or any related defaulted Companion Loan, whether for purposes of making an offer at foreclosure
or otherwise, the applicable Special Servicer or the applicable Master Servicer, as the case may be, is authorized to have an
Appraisal performed with respect to such property by an Independent MAI-designated appraiser the cost of which shall be paid by
such Master Servicer as a Servicing Advance.

 

(b)       No
Special Servicer shall acquire any personal property pursuant to this Section 3.09 unless either:

 

(i)        such
personal property is incident to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by such Special
Servicer; or

 

(ii)       such
Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the applicable Master Servicer
as a Servicing Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to
the related Companion Loan) will not cause an Adverse REMIC Event.

 

(c)       Notwithstanding
the foregoing provisions of this Section 3.09 and Section 3.24, neither the applicable Master Servicer nor the applicable
Special Servicer shall, on behalf of the Trustee, obtain title to a Mortgaged Property in lieu of foreclosure or otherwise, or

 

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take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of the
Certificateholders and/or any related Companion Holder, 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 CERCLA or any comparable
law, unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee) the applicable Special Servicer
has previously determined in accordance with the Servicing Standard, based on an Environmental Assessment of such Mortgaged Property
performed by an Independent Person who regularly conducts Environmental Assessments and performed within six (6) months prior
to any such acquisition of title or other action, 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 Certificateholders (and with respect to any Serviced Whole Loan, the related
Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted a single
lender, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, 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 Certificateholders
(and with respect to any Serviced Whole Loan, the Companion Holders), as a collective whole as if such Certificateholders and,
if applicable, Companion Holders constituted a single lender, to take such actions with respect to the affected Mortgaged Property.

 

The
cost of any such Environmental Assessment shall be paid by the applicable Master Servicer as a Servicing Advance and the cost
of any remedial, corrective or other further action contemplated by clause (i) and/or clause (ii) of the preceding
sentence shall be paid by the applicable Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance
(in which case it shall be an expense of the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance
with the related Intercreditor Agreement by the applicable Master Servicer from its Collection Account, including from the Companion
Distribution Account (such withdrawal to be made from amounts on deposit therein that are otherwise payable on or allocable to
such Serviced Whole Loan)); and if any such Environmental Assessment so warrants, the applicable Special Servicer shall, except
with respect to any Companion Loan and any Environmental Assessment ordered after such Mortgage Loan has been paid in full, perform
such additional environmental testing at the expense of the Trust as it deems necessary and prudent to determine whether the conditions
described in clauses (i) and (ii) of the preceding sentence have been satisfied. With respect to Non-Specially Serviced
Loans, the applicable Master Servicer and, with respect to Specially Serviced Loans, the applicable Special Servicer (other than
any Non-Serviced Mortgage Loan) shall review and be familiar with the terms and conditions relating to enforcing claims and shall
monitor the dates by which any claim or action must be taken (including delivering any notices to the insurer and using reasonable
efforts to perform any actions required under such policy) under each environmental insurance policy in effect and obtained on

 

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behalf of the mortgagee to receive the maximum proceeds available under such policy for the benefit of the Certificateholders
and the Trustee (as holder of the Lower-Tier Regular Interests).

 

(d)       If
(i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions set forth
in clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not been satisfied with
respect to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Mortgage Loan, any related Companion
Loan, and (ii) there has been no breach of any of the representations and warranties set forth in or required to be made pursuant
to Section 4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage Loan Seller could be required
to repurchase such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement, then the applicable
Special Servicer shall take such action as it deems to be in the best economic interest of the Trust (other than proceeding to
acquire title to the Mortgaged Property) and is hereby authorized, with the consent of the Directing Certificateholder and after
consultation with the Risk Retention Consultation Party pursuant to Section 6.08(a) (in each case, (A) prior to the occurrence
and continuance of a Control Termination Event (or with respect to any AB Mortgage Loan, if an AB Control Appraisal Period is
not in effect, but prior to the occurrence and continuance of a Control Termination Event) and (B) other than with respect to
any Excluded Loan as to such party) at such time as it deems appropriate to release such Mortgaged Property from the lien of the
related Mortgage, provided that, if such Mortgage Loan has a then-outstanding principal balance of greater than $1,000,000,
then prior to the release of the related Mortgaged Property from the lien of the related Mortgage, (i) the applicable Special
Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator, the applicable Master Servicer,
the Directing Certificateholder and the Risk Retention Consultation Party (in the case of the Directing Certificateholder, prior
to the occurrence and continuance of a Consultation Termination Event, and in the case of the Directing Certificateholder or the
Risk Retention Consultation Party other than with respect to any Excluded Loan as to such party), in writing of its intention
to so release such Mortgaged Property and the bases for such intention, (ii) the Certificate Administrator shall have posted such
notice of the applicable Special Servicer’s intention to so release such Mortgaged Property to the Certificate Administrator’s
Website pursuant to Section 3.13(b) and (iii) in addition to the prior written consent of the Directing Certificateholder
as required above, the Holders of Certificates entitled to more than 50% of the Voting Rights shall have consented or have been
deemed to have consented to such release within thirty (30) days of the Certificate Administrator’s posting such notice
to the Certificate Administrator’s Website (failure to respond by the end of such 30-day period being deemed consent of
the Holders of the Certificates). To the extent any fee charged by any Rating Agency in connection with rendering such written
confirmation is not paid by the related Mortgagor, such fee is to be an expense of the Trust; provided that the applicable
Special Servicer shall use commercially reasonable efforts to collect such fee from the Mortgagor to the extent permitted under
the related Mortgage Loan documents.

 

(e)       Each
Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing
Certificateholder and the Risk Retention Consultation Party (in each case, other than with respect to any Excluded Loan as to
such party), each applicable Master Servicer and the 17g-5 Information Provider monthly regarding any actions taken by such Special
Servicer with respect to any Mortgaged Property securing a Defaulted Loan, or defaulted Companion Loan as to which the environmental
testing contemplated in subsection (c) above has revealed that either of the conditions set forth in

 

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clauses (i)
and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of satisfaction
of both such conditions, repurchase of the related Mortgage Loan by the applicable Mortgage Loan Seller or release of the lien
of the related Mortgage on such Mortgaged Property.

 

(f)        Each
Special Servicer shall notify the applicable Master Servicer of any abandoned and/or foreclosed properties which require reporting
to the Internal Revenue Service and shall provide such Master Servicer with all information regarding forgiveness of indebtedness
and required to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and such
Master Servicer shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law,
such information and such Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness
of indebtedness and abandonment and foreclosure to the extent such information has been provided to such Master Servicer by such
Special Servicer. Upon request, the applicable Master Servicer shall deliver a copy of any such report to the Trustee and the
Certificate Administrator.

 

(g)       Each
Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance
of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage
Loan (and if applicable, the related Companion Loan) permit such an action.

 

(h)       Each
Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination
in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any REO
Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall be evidenced
by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing Certificateholder
and the Risk Retention Consultation Party (but in the case of the Directing Certificateholder and the Risk Retention Consultation
Party, other than with respect to any Excluded Loan as to such party) and the applicable Master Servicer and in no event later
than the next succeeding P&I Advance Determination Date.

 

Section
3.10 Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files. (a) Upon the payment in
full of any Serviced Mortgage Loan, or the receipt by the applicable Master Servicer or the applicable Special Servicer, as
the case may be, of a notification that payment in full shall be escrowed in a manner customary for such purposes, the
applicable Master Servicer or the applicable Special Servicer, as the case may be, will promptly notify the Trustee and the
Custodian and request delivery of the related Mortgage File. Any such notice and request shall be in the form of a Request
for Release signed by a Servicing Officer and shall include a statement to the effect that all amounts received or to be
received in connection with such payment which are required to be deposited in the applicable Collection Account pursuant to Section
3.04(a) or remitted to the applicable Master Servicer to enable such deposit, have been or will be so deposited. Within
seven (7) Business Days (or within such shorter period as release can reasonably be accomplished if the applicable Master
Servicer or the applicable Special Servicer notifies the Custodian of an exigency) of receipt of such notice and request, the
Custodian shall release the related Mortgage File to the applicable Master Servicer or the applicable Special Servicer, as
the case may be; provided that in the case of the payment in full of a Serviced

 

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Companion Loan or its related Mortgage Loan, the related Mortgage File
shall not be released by the Custodian unless the related Serviced Whole Loan is paid in full. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be chargeable to a Collection Account.

 

(b)       From
time to time as is appropriate for servicing or foreclosure of any Serviced Mortgage Loan (and any related Companion Loan), the
applicable Master Servicer or the applicable Special Servicer shall deliver to the Custodian a Request for Release signed by a
Servicing Officer. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein to the
applicable Master Servicer or the applicable Special Servicer (or a designee), as the case may be. Upon return of such Mortgage
File or such document to the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer
of the applicable Master Servicer or the applicable Special Servicer, as the case may be, stating that such Mortgage Loan (and,
in the case of a Serviced Whole Loan, the related Companion Loan), was liquidated and that all amounts received or to be received
in connection with such liquidation which are required to be deposited into the applicable Collection Account (including amounts
related to the related Companion Loan, if applicable) pursuant to Section 3.04(a) have been or will be so deposited, or
that such Mortgage Loan has become an REO Property, a copy of the Request for Release shall be released by the Custodian to the
applicable Master Servicer or the applicable Special Servicer (or a designee), as the case may be, with the original being released
upon termination of the Trust.

 

(c)       Within
seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the applicable Special Servicer
notifies the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the applicable Special Servicer
any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale
in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note
(including any note evidencing a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other
remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. The applicable Special
Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature,
such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents
be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of
such a lien upon completion of the foreclosure or trustee’s sale. The Trustee shall not be required to review such documents
for their sufficiency or enforceability.

 

(d)       If,
from time to time, pursuant to the terms of the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced
PSA, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer requests
delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or cause the release
of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

 

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Section
3.11 Servicing Compensation. (a) As compensation for its activities hereunder, the applicable Master Servicer
shall be entitled to receive the Servicing Fee with respect to each Mortgage Loan, Serviced Companion Loan and REO Loan
(other than the portion of any REO Loan related to any Non-Serviced Companion Loan) (including Specially Serviced Loans and
any Non-Serviced Mortgage Loan constituting a “specially serviced loan” under any related Non-Serviced PSA). As
to each Mortgage Loan, Companion Loan and REO Loan, the Servicing Fee shall accrue from time to time at the Servicing Fee
Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan, Companion Loan or REO Loan, as
the case may be, and in the same manner as interest is calculated on such Mortgage Loan, Companion Loan or REO Loan, as the
case may be, and, in connection with any partial month interest payment, for the same period respecting which any related
interest payment due on such Mortgage Loan or Companion Loan or deemed to be due on such REO Loan is computed. The Servicing
Fee with respect to any Mortgage Loan, Companion Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with
respect to the related Mortgage Loan, except that if such Mortgage Loan is part of a Serviced Whole Loan and such Serviced
Whole Loan continues to be serviced and administered under this Agreement notwithstanding such Liquidation Event, then the
applicable Servicing Fee shall continue to accrue and be payable as if such Liquidation Event did not occur. The Servicing
Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan, Companion Loan and
REO Revenues allocable as interest on each REO Loan, and as otherwise provided by Section 3.05(a). Each Master
Servicer shall be entitled to recover unpaid Servicing Fees in respect of any applicable Mortgage Loan, Companion Loan or REO
Loan out of that portion of related payments, Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in
the case of an REO Loan) allocable as recoveries of interest, to the extent permitted by Section 3.05(a).

 

Except
as set forth in the following sentence, the fourth (4th) paragraph of this Section 3.11(a), Section 6.03, Section
6.05 and Section 7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part (except
in connection with a transfer of all of the applicable Master Servicer’s duties and obligations hereunder to a successor
servicer in accordance with the terms hereof). With respect to each Serviced Companion Loan, the Servicing Fee shall be payable
to the applicable Master Servicer from amounts payable in respect of such Serviced Companion Loan, subject to the terms of the
related Intercreditor Agreement.

 

Each
Master Servicer shall be entitled to retain, and shall not be required to deposit in its Collection Account pursuant to Section
3.04(a), additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following
amounts to the extent collected from the related Mortgagor relating to a Mortgage Loan and any related Serviced Companion Loan
for which it acts as Master Servicer:

 

(i)        100%
of Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Non-Specially Serviced Loans
(including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement) that are
Master Servicer Decisions; and for any matter for a Mortgage Loan (including any related Companion Loan) that is not a Specially
Serviced Loan which matter involves a Major Decision or a Special Servicer Decision (other than with respect to a Payment Accommodation),
then such Master Servicer shall be entitled to 50% of such

 

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Excess Modification Fees; provided, that no Master Servicer
shall be entitled to any COVID Forbearance Fees with respect to a Payment Accommodation;

 

(ii)       100%
of all assumption application fees and other similar items received on any Serviced Mortgage Loans that are Non-Specially Serviced
Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement) to
the extent such Master Servicer is processing the underlying transaction and 100% of all defeasance fees (provided that
for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees in connection with a defeasance that
the applicable Special Servicer is entitled to under this Agreement); and

 

(iii)      100%
of assumption, waiver, consent and earnout fees, and other similar fees (other than assumption application fees and defeasance
fees) pursuant to Section 3.08 and Section 3.18 or other actions performed in connection with this Agreement on
the Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor
Agreement) relating to Master Servicer Decisions; and for any matter for a Mortgage Loan (including any related Companion Loan)
that is not a Specially Serviced Loan which matter involves a Major Decision or a Special Servicer Decision (other than with respect
to a Payment Accommodation), then the applicable Master Servicer shall be entitled to 50% of such assumption, waiver, consent
and earnout fees and other similar fees.

 

In
addition, the applicable Master Servicer shall be entitled to charge and retain as additional servicing compensation (other than
with respect to any Non-Serviced Mortgage Loan) any charges for beneficiary statements and demands to the extent such beneficiary
statements or demands are prepared by the applicable Master Servicer and other customary charges, amounts collected for checks
returned for insufficient funds (relating to the accounts held by such applicable Master Servicer) and reasonable review fees
in connection with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents,
in each case only to the extent actually paid by or on behalf of the related Mortgagor and shall not be required to deposit such
amounts in its Collection Account or the Companion Distribution Account pursuant to Section 3.04(a) or Section 3.04(b),
respectively. Subject to Section 3.11(d), the applicable Master Servicer shall also be entitled to additional servicing
compensation in the form of: (i) Penalty Charges to the extent provided in Section 3.11(d), (ii) interest or other income
earned on deposits relating to the Trust Fund in its Collection Account or the Companion Distribution Account in accordance with
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period
from and including the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date),
(iii) interest or other income earned on deposits in its Servicing Accounts which are not required by applicable law or the related
Mortgage Loan to be paid to the Mortgagor, and (iv) the difference, if positive, between Prepayment Interest Excesses and Prepayment
Interest Shortfalls collected on the Mortgage Loans and any Serviced Pari Passu Companion Loan for which it acts as Master Servicer,
during the related Collection Period to the extent not required to be paid as Compensating Interest Payments. The applicable Master
Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts due and owing to any of its Sub-Servicers and the premiums for
any blanket Insurance Policy insuring against hazard losses pursuant to 

 

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Section 3.07), if and to the extent such expenses
are not payable directly out of its Collection Account and the applicable Master Servicer shall not be entitled to reimbursement
therefor except as expressly provided in this Agreement.

 

Notwithstanding
anything to the contrary, if either the Master Servicer or the Special Servicer has partially waived any Penalty Charge (part
of which accrued when the related Mortgage Loan was not a Specially Serviced Loan and part of which accrued when the related Mortgage
Loan was a Specially Serviced Loan), any collections in respect of such Penalty Charge will be shared pro rata by the applicable
Master Servicer and the applicable Special Servicer based on the respective portions of such Penalty Charge to which each would
otherwise have been entitled.

 

With
respect to any of the preceding fees (other than Penalty Charges) as to which both the applicable Master Servicer and the applicable
Special Servicer are entitled to receive a portion thereof, the applicable Master Servicer and the applicable Special Servicer
shall each have the right in its sole discretion, but not any obligation, to reduce or elect not to charge its respective portion
of such fee; provided, that (A) neither the applicable Master Servicer nor the applicable Special Servicer will have the
right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either of the applicable
Master Servicer or the applicable Special Servicer exercises its right to reduce or elect not to charge its respective portion
in any such fee, the party that reduced or elected not to charge its respective portion of such fee will not have any right to
share in any part of the other party’s portion of such fee. If the applicable Master Servicer decides not to charge any
fee (other than Penalty Charges), the applicable Special Servicer shall nevertheless be entitled to charge its portion of the
related fee to which such Special Servicer would have been entitled if such Master Servicer had charged a fee and such Master
Servicer will not be entitled to any of such fee charged by such Special Servicer. Similarly, if the applicable Special Servicer
decides not to charge any fee (other than Penalty Charges), the applicable Master Servicer shall nevertheless be entitled to charge
its portion of the related fee to which such Master Servicer would have been entitled if such Special Servicer had charged a fee
and such Special Servicer shall not be entitled to any portion of such fee charged by such Master Servicer.

 

Notwithstanding
anything herein to the contrary, each of Wells Fargo Bank, National Association and National Cooperative Bank, N.A. may, at its
option, assign or pledge to any third party or retain for itself the Transferable Servicing Interest with respect to any Mortgage
Loan and any Serviced Pari Passu Companion Loan (and any successor REO Loan) for which it acts as Master Servicer; provided,
however, that in the event of any resignation or termination of such Master Servicer, all or any portion of the Transferable
Servicing Interest may be reduced by the Trustee to the extent reasonably necessary (in the sole discretion of the Trustee) for
the Trustee to obtain a qualified successor master servicer that meets the requirements of Section 6.05 and who requires
market-rate servicing compensation that accrues at a per annum rate in excess of the Retained Fee Rate, and any such assignment
of the Transferable Servicing Interest shall, by its terms be expressly subject to the terms of this Agreement and such reduction.
The applicable Master Servicer shall pay the Transferable Servicing Interest to the holder of the Transferable Servicing Interest
at such time and to the extent such Master Servicer is entitled to receive payment of its Servicing Fees hereunder, notwithstanding
any resignation or termination of Wells Fargo Bank, National Association, as General Master Servicer, or National Cooperative
Bank, N.A. as

 

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NCB Master Servicer, as applicable, hereunder (subject to reduction pursuant to the preceding sentence).

 

(b)       As
compensation for its activities hereunder, each Special Servicer shall be entitled to receive the Special Servicing Fee with respect
to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to a Non-Serviced
Mortgaged Property). As to each Specially Serviced 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
Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced Loans or REO
Loans, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any
related interest payment due on such Specially Serviced Loan or deemed to be due on such REO Loan is computed. The Special Servicing
Fee with respect to any Specially Serviced Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to
the related Mortgage Loan. The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in accordance with the
provisions of Section 3.05(a). 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 applicable Special Servicer’s responsibilities and obligations under
this Agreement. No Special Servicer shall be entitled to any Special Servicing Fees with respect to a Non-Serviced Mortgage Loan.

 

(c)       Each
Special Servicer shall be entitled to additional servicing compensation in the form of:

 

(i)        100%
of Excess Modification Fees related to modifications, waivers, extensions or amendments of any Specially Serviced Loans and 100%
of COVID Forbearance Fees related to any Payment Accommodation,

 

(ii)       100%
of assumption application fees and other similar items received with respect to Specially Serviced Loans and 100% of all assumption
application fees and other similar items received with respect to Mortgage Loans (other than Non-Serviced Mortgage Loans) and
Serviced Companion Loans that are Non-Specially Serviced Loans to the extent the applicable Special Servicer processes the underlying
transaction,

 

(iii)      100%
of waiver, consent and earnout fees and fees in respect of other actions performed in connection with this Agreement on the Specially
Serviced Loans or certain other similar fees paid by the related Mortgagor on Specially Serviced Loans,

 

(iv)      100%
of assumption fees and other similar fees received with respect to Specially Serviced Loans,

 

(v)       50%
of all Excess Modification Fees and assumption, waiver, consent and earnout fees and other similar fees (other than assumption
application fees and defeasance fees) received with respect to any Serviced Mortgage Loans or Serviced Companion Loan(s) that
are Non-Specially Serviced Loans to the extent that the matter involves a Major Decision or a Special Servicer Decision (other
than with respect to a Payment Accommodation), and

 

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(vi)      100%
of charges for beneficiary statements and demand charges actually paid by the Mortgagors to the extent such beneficiary statements
or demand charges are prepared by such Special Servicer.

 

and
shall be promptly paid to each Special Servicer by the applicable Master Servicer (or directly from the related Mortgagor) to
the extent such fees are paid by the Mortgagor and shall not be required to be deposited in the applicable Collection Account
pursuant to Section 3.04(a). Subject to Section 3.11(d), each Special Servicer shall also be entitled to additional
servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section 3.11(d) and (ii) interest
or other income earned on deposits relating to the Trust Fund in the REO Account and Loss of Value Reserve Fund in accordance
with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for the
period from and including the prior Distribution Date to and including the P&I Advance Date related to such Distribution Date).
In addition, each Special Servicer shall be entitled to retain as additional servicing compensation (other than with respect to
any Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor request to the extent such review fees
are not prohibited under the related Mortgage Loan documents, and only to the extent actually paid by or on behalf of the related
Mortgagor. Each Special Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with
respect to each Corrected Loan at the Workout Fee Rate on such Corrected Loan for so long as it remains a Corrected Loan; provided,
that after receipt by the applicable Special Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to
$25,000, any Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount received by the applicable
Special Servicer; provided, further, that in the event the Workout Fee collected over the course of such workout
calculated at the Workout Fee Rate is less than $25,000, then the applicable Special Servicer shall be entitled to an amount from
the final payment on the related Corrected Loan (including any related Serviced Companion Loan) that would result in the total
Workout Fees payable to the applicable Special Servicer in respect of that Corrected Loan (including any related Serviced Companion
Loan) being equal to $25,000. The Workout Fee shall be reduced (but not below zero) with respect to each collection on such Corrected
Loan from which fee would otherwise be payable until an amount equal to the Excess Modification Fee Amount has been deducted in
full. The Workout Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced
Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected
Loan. No Special Servicer shall be entitled to any Workout Fee with respect to a Non-Serviced Mortgage Loan. If a Special Servicer
is terminated (other than for cause) or resigns, it shall retain the right to receive any and all Workout Fees payable in respect
of Mortgage Loans or any related Companion Loan that became Corrected Loans prior to the time of that termination or resignation
except the Workout Fees will no longer be payable if the Corrected Loan subsequently becomes a Specially Serviced Loan. If a Special
Servicer resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced Loans
for which the resigning or terminated Special Servicer had determined to grant a forbearance or cured the event of default through
a modification, restructuring or workout negotiated by the applicable Special Servicer and evidenced by a signed writing, but
which had not as of the time the applicable Special Servicer resigned or was terminated become a Corrected Loan solely because
the Mortgagor had not had sufficient time to make three (3) consecutive timely Periodic Payments and which subsequently becomes
a Corrected Loan as a result of the Mortgagor making such three (3) consecutive timely Periodic Payments. The successor special
servicer will not be

 

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entitled to any portion of such Workout Fees. No Special Servicer will be entitled to receive any Workout
Fees after termination of such Special Servicer for cause. A Liquidation Fee will be payable to the Special Servicer with respect
to (a) each Specially Serviced Loan (other than a Non-Serviced Mortgage Loan) or REO Property (other than a Non-Serviced Mortgaged
Property) as to which the applicable Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation Proceeds
and (b) each Mortgage Loan repurchased by a Mortgage Loan Seller or for which a Loss of Value Payment was paid, in each case,
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). If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received
with respect to any Corrected Loan and the applicable 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, each Special Servicer shall
only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to proceeds on any Mortgage Loan. Notwithstanding
the foregoing, with respect to any Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be
computed as provided in the related Intercreditor Agreement or to the extent such Intercreditor Agreement is silent or refers
to this Agreement or indicates such fees are paid in accordance with this Agreement, as provided herein as though such Companion
Loan were a Mortgage Loan. Subject to Section 3.11(d), each Special Servicer will also be entitled to additional fees in
the form of Penalty Charges. Each Special Servicer shall be required to pay out of its own funds all expenses incurred by it in
connection with its servicing activities hereunder (including, without limitation, payment of any amounts, other than management
fees in respect of REO Properties, due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy
obtained by it insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not expressly
payable directly out of the applicable Collection Account or the REO Account, and the applicable Special Servicer shall not be
entitled to reimbursement therefor except as expressly provided in this Agreement.

 

Notwithstanding
anything to the contrary, if either the Master Servicer or the Special Servicer has partially waived any Penalty Charge (part
of which accrued when the related Mortgage Loan was a Specially Serviced Loan and part of which accrued when the related Mortgage
Loan was not a Specially Serviced Loan), any collections in respect of such Penalty Charge will be shared pro rata by the
Master Servicer and the Special Servicer based on the respective portions of such Penalty Charge to which each would otherwise
have been entitled.

 

With
respect to any of the preceding fees (other than Penalty Charges) as to which both the Master Servicer and the Special Servicer
are entitled to receive a portion thereof, the applicable Master Servicer and the applicable Special Servicer shall each have
the right in its sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee;
provided, however, that (A) neither the applicable Master Servicer nor the applicable Special Servicer will have
the right to reduce or elect not to charge the portion of any fee due to the other and (B) to the extent either of the applicable
Master Servicer or the applicable Special Servicer exercises its right to reduce or elect not to charge its respective portion
in any fee, the party that reduced or elected not to charge such fee will not have any right to share in any part of the other
party’s portion of such fee. If the applicable Master Servicer decides not to charge any fee (other than Penalty Charges),
the applicable Special Servicer shall nevertheless be entitled to charge its

 

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portion of the related fee to which the applicable
Special Servicer would have been entitled if the applicable Master Servicer had charged a fee and the applicable Master Servicer
will not be entitled to any of such fee charged by the applicable Special Servicer. Similarly, if the applicable Special Servicer
decides not to charge any fee (other than Penalty Charges), the applicable Master Servicer shall nevertheless be entitled to charge
its portion of the related fee to which the applicable Master Servicer would have been entitled if the applicable Special Servicer
had charged a fee and the applicable Special Servicer shall not be entitled to any portion of such fee charged by the applicable
Master Servicer.

 

(d)       In
determining the compensation of each applicable Master Servicer or each applicable Special Servicer, as applicable, with respect
to Penalty Charges, on any Distribution Date, the aggregate Penalty Charges collected on any Serviced Mortgage Loan and any related
Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the applicable Master Servicer,
the applicable Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable
(and, in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced
Special Servicer or the applicable Non-Serviced Trustee for interest on the servicing advances made by any such party with respect
to a Non-Serviced Whole Loan pursuant to the applicable Non-Serviced PSA, to the extent not prohibited by the applicable Non-Serviced
Intercreditor Agreement) due on such Distribution Date, (ii) the Trust for all interest on Advances previously paid to the applicable
Master Servicer or the Trustee pursuant to Section 3.05(a)(vi) (and, in connection with a Non-Serviced Mortgage Loan, the
related trust for all interest on servicing advances reimbursed by such trust to any party under the applicable Non-Serviced PSA,
which resulted in an additional expense for the Trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor
Agreement) with respect to such Mortgage Loan or related Companion Loan, if applicable and (iii) the Trust for all additional
expenses of the Trust (including Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections
by the applicable Special Servicer and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan.
Penalty Charges (other than with respect to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation
under the related Non-Serviced PSA) remaining thereafter shall be distributed to the applicable Master Servicer, if and to the
extent accrued while such Mortgage Loan and any related Companion Loan was a Non-Specially Serviced Loan, and to the applicable
Special Servicer, if and to the extent accrued on such Mortgage Loan during the period such Mortgage Loan was a Specially Serviced
Loan or REO Loan. Any Penalty Charges paid or payable as additional servicing compensation to each applicable Master Servicer
and each applicable Special Servicer shall be distributed between the applicable Master Servicer and the applicable Special Servicer,
on a pro rata basis, based on such Master Servicer’s and such Special Servicer’s respective entitlements to
such compensation described in the previous sentence. Notwithstanding the foregoing or anything else herein to the contrary, Penalty
Charges with respect to any Companion Loan will be allocated pursuant to the applicable Intercreditor Agreement after payment
of all related Advances and interest thereon and additional expenses of the Trust in accordance with this Section 3.11(d).

 

If
a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization Date, the
applicable Special Servicer shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same
manner as any other Specially Serviced Loan or Serviced REO Property and shall be entitled to all rights and

 

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compensation earned
with respect to such Serviced Whole Loan as the applicable Special Servicer of such Serviced Whole Loan. With respect to a Servicing
Shift Mortgage Loan, prior to the applicable Servicing Shift Securitization Date, no other special servicer will be entitled to
any such compensation or have such rights and obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan
on the applicable Servicing Shift Securitization Date, the Non-Serviced Special Servicer and the applicable Special Servicer shall
be entitled to compensation with respect to such Servicing Shift Whole Loan as if such Special Servicer were being terminated
(other than for cause) as the Special Servicer with respect to such Servicing Shift Whole Loan and the Non-Serviced Special Servicer
were replacing such Special Servicer as the successor Special Servicer with respect to such Servicing Shift Whole Loan.

 

(e)       With
respect to each Distribution Date, each Special Servicer shall deliver or cause to be delivered to the applicable Master Servicer
within two (2) Business Days following the Determination Date, and such Master Servicer shall deliver, to the extent it has received,
to the Certificate Administrator, without charge and on the related Remittance Date, an electronic report (which may include HTML,
Word or Excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate
Administrator and the applicable Special Servicer) that discloses and contains an itemized listing of any Disclosable Special
Servicer Fees received by the applicable Special Servicer or any of its Affiliates, if any, with respect to such Distribution
Date; provided that no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(f)        Each
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or indemnitor in
respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout
or foreclosure of any Mortgage Loan or Serviced Companion Loan, the management or disposition of any REO Property, or the performance
of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.11; provided
that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(g)       Pursuant
to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set
forth on Exhibit II hereto or such other payment instructions as CREFC® may provide to each applicable Master
Servicer in writing at least two (2) Business Days prior to the Remittance Date) the CREFC® Intellectual Property
Royalty License Fee on a monthly basis. Each Master Servicer shall withdraw from its Collection Account and, to the extent sufficient
funds are on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in
accordance with Section 3.05(a)(xii) on a monthly basis, from funds on deposit in its Collection Account.

 

Section
3.12 Inspections; Collection of Financial Statements. (a) Each Master Servicer shall perform (at its own
expense), or shall cause to be performed (at its own expense), a physical inspection of each Mortgaged Property relating to a
Mortgage Loan (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan or an REO Loan) for which it acts as
Master Servicer with a Stated Principal Balance of (i) $2,000,000 or more at least once every twelve (12)

 

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months and (ii) less than $2,000,000 at least once every twenty-four (24) months, in each case, commencing in the
calendar year 2023 (and each Mortgaged Property shall be inspected on or prior to December 31, 2024); provided, however,
that if a physical inspection has been performed by the applicable Special Servicer in the previous twelve (12) months, such Master
Servicer will not be required to perform, or cause to be performed, such physical inspection; provided, further,
that if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan (excluding a delinquency
that would have existed but for a Payment Accommodation, for so long as the related Mortgagor is complying with the terms of such
Payment Accommodation), the applicable Special Servicer shall inspect or cause to be inspected the related Mortgaged Property
as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as such
Mortgage Loan remains a Specially Serviced Loan. The cost of such inspection by a Special Servicer pursuant to the second proviso
of the immediately preceding sentence shall be an expense of the Trust, and, to the extent not paid by the related Mortgagor,
reimbursed first from Penalty Charges actually received from the related Mortgagor and then from the applicable Collection
Account pursuant to Section 3.05(a)(ii), provided that, with respect to a Serviced Whole Loan, such cost shall be
payable, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in
accordance with their respective outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan, first,
from the related AB Subordinate Companion Loan(s) and then, from the Serviced AB Mortgage Loan and any Serviced Pari Passu
Companion Loans on a pro rata and pari passu basis (provided that, with respect to any AB Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced
Pari Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections.
With respect to any Serviced AB Whole Loan, the costs will be allocated, first, as an expense of the related Subordinate
Companion Holder and, second, as an expense of the holder of the related Mortgage Loan to the extent provided in the related
Intercreditor Agreement. The applicable Special Servicer or the applicable Master Servicer, as applicable, shall prepare or cause
to be prepared a written report of each such inspection detailing the condition of and any damage to the Mortgaged Property to
the extent evident from the inspection and specifying the existence of (i) any vacancy at the Mortgaged Property that the preparer
of such report has knowledge of and the applicable Master Servicer or the applicable Special Servicer, as the case may be, deems
material, (ii) any sale, transfer or abandonment of the Mortgaged Property of which the preparer of such report has knowledge
or that is evident from the inspection, (iii) any adverse change in the condition of the Mortgaged Property of which the preparer
of such report has knowledge or that is evident from the inspection, and that the applicable Master Servicer or the applicable
Special Servicer, as the case may be, deems material, (iv) any visible material waste committed on the Mortgaged Property of which
the preparer of such report has knowledge or that is evident from the inspection and (v) photographs of each inspected Mortgaged
Property. The applicable Special Servicer and the applicable Master Servicer shall promptly following preparation deliver or make
available a copy (in electronic format) of each such report prepared by such Special Servicer and such Master Servicer, respectively,
to the other party, to the Directing Certificateholder ((i) prior to the occurrence and continuance of a Control Termination Event
and (ii) other than with respect to any Excluded Loan (as to such party) that is a Specially Serviced

 

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Loan). Within five (5) Business
Days after request for copies of such reports by the Rating Agencies, the applicable Special Servicer or the applicable Master
Servicer, as applicable, shall deliver or make available a copy (in electronic format) of each such report prepared by such Special
Servicer and such Master Servicer, as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website for review by NRSROs (including the Rating Agencies) that are Privileged Persons. The applicable Master Servicer shall
deliver or make available a copy of each such report to the Directing Certificateholder and upon request to each Controlling Class
Certificateholder (which request may state that such items may be delivered until further notice) (except, after the occurrence
and during the continuance of a Consultation Termination Event or with respect to any Specially Serviced Loan that is an Excluded
Loan as to such party).

 

(b)       Each
Special Servicer, in the case of any Specially Serviced Loan, and each Master Servicer, in the case of any Non-Specially Serviced
Loan shall make reasonable efforts to collect promptly and review from each related Mortgagor under the Mortgage Loans for which
it acts as Master Servicer or Special Servicer, as applicable, quarterly and annual (or, in the case of Mortgage Loans secured
by residential cooperative properties, annual only) operating statements, financial statements, budgets and rent rolls (or, with
respect to residential cooperative properties, maintenance schedules) of the related Mortgaged Property, and the quarterly and
annual financial statements of such Mortgagor commencing with the calendar quarter ending on June 30, 2021 and the calendar year
ending on December 31, 2021, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan
documents and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced
Companion Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan documents. The applicable
Master Servicer and the applicable Special Servicer shall not be required to request such operating statements or rent rolls (or,
with respect to residential cooperative properties, maintenance schedules) more than once if the related Mortgagor is not required
to deliver such statements pursuant to the terms of the Mortgage Loan documents. In addition, the applicable Special Servicer
shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared in respect of each REO Property and shall collect all such items promptly following
their preparation. The applicable Special Servicer shall deliver all such items to the applicable Master Servicer within five
(5) Business Days of receipt, and such Master Servicer and such Special Servicer, as applicable, shall deliver or make available
copies of all the foregoing items so collected to the Trustee, the Certificate Administrator, the Directing Certificateholder
and the Depositor, in electronic format, in each case within sixty (60) days of its receipt thereof, but in no event, in the case
of annual statements, later than June 30 of each year commencing in 2021. Upon the request of any Privileged Person (other than
the NRSROs) to receive copies of such items, the applicable Master Servicer (with respect to Non-Specially Serviced Loans) or
the applicable Special Servicer (with respect to Specially Serviced Loans and REO Loans) shall deliver or make available electronic
copies of such items to the Certificate Administrator to be posted on the Certificate Administrator’s Website. Upon the
request of any NRSRO, the applicable Master Servicer (with respect to Non-Specially Serviced Loans) or the applicable Special
Servicer (with respect to Specially Serviced Loans and REO Loans) shall deliver or make available copies of all or any portion
of the foregoing items so collected thereby to the 17g-5 Information Provider pursuant to Section 3.13(c).

 

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In
addition, the applicable Master Servicer (with respect to Non-Specially Serviced Loans) or the applicable Special Servicer (with
respect to Specially Serviced Loans and REO Properties), as applicable, shall prepare with respect to each Mortgaged Property
securing a Serviced Mortgage Loan and REO Property for which it acts as Master Servicer or Special Servicer, as applicable:

 

(i)        Within
forty-five (45) days after receipt of a quarterly operating statement, if any, commencing within forty-five (45) days of receipt
of such quarterly operating statement for the quarter ending June 30, 2021, a CREFC® Operating Statement Analysis
Report (but only to the extent the related Mortgagor is required by the related Mortgage Loan documents to deliver and does deliver,
or otherwise agrees to provide and does provide, such information) for such Mortgaged Property or REO Property as of the end of
that calendar quarter and provides sufficient information to report pursuant to CREFC® guidelines, provided,
however, that any analysis or report with respect to the first calendar quarter of each year will not be required to the
extent provided in the then-current applicable CREFC® guidelines (it being understood that as of the Closing Date,
the applicable CREFC® guidelines provide that such analysis or report with respect to the first calendar quarter
(in each year) is not required for a Mortgaged Property or REO Property unless such Mortgaged Property or REO Property is analyzed
on a trailing twelve (12) month basis, or if the related Serviced Mortgage Loan is on the CREFC® Servicer Watch
List). The applicable Master Servicer (with respect to Non-Specially Serviced Loans) or the applicable Special Servicer (with
respect to Specially Serviced Loans and REO Properties that do not relate to Non-Serviced Mortgage Loans), as applicable, shall
deliver or make available copies (in electronic format) of each CREFC® Operating Statement Analysis Report and,
upon request, the related operating statements (in each case, promptly following the initial preparation and each material revision
thereof) to the Certificate Administrator, the Directing Certificateholder and the related Companion Holder (with respect to any
Serviced Companion Loan).

 

(ii)       Within
forty-five (45) days after receipt by the applicable Special Servicer (with respect to Specially Serviced Loans and REO Properties)
or the applicable Master Servicer (with respect to Non-Specially Serviced Loans) of an annual operating statement or rent rolls
(or, with respect to residential cooperative properties, maintenance schedules) (if and to the extent any such information is
in the form of normalized year-end financial statements that have been based on a minimum number of months of operating results
as recommended by CREFC® in the instructions to the CREFC® guidelines) for each calendar year commencing
within forty-five (45) days of receipt of such annual operating statement for the calendar year ending December 31, 2021, a CREFC®
NOI Adjustment Worksheet (but only to the extent the related Mortgagor is required by the related Mortgage Loan documents
to deliver and does deliver, or otherwise agrees to provide and does provide, such information), presenting the computation to
“normalize” the full year net operating income and debt service coverage numbers used by the applicable Master Servicer
in preparing the CREFC® Comparative Financial Status Report. The applicable Master Servicer (with respect to all
Serviced Mortgage Loans) or the applicable Special Servicer (with respect to REO Properties that do not relate to Non-Serviced
Mortgage Loans), as applicable, shall deliver or make available copies (in electronic format) of each CREFC® NOI Adjustment
Worksheet and, upon request, the related operating statements or rent rolls

 

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(or, with respect to residential cooperative properties,
maintenance schedules) (in each case, promptly following the initial preparation and each material revision thereof) to the Certificate
Administrator, the Directing Certificateholder, the related Companion Holder (with respect to any Serviced Companion Loan) and,
upon request, the 17g-5 Information Provider, and the 17g-5 Information Provider shall post all such items to the 17g-5 Information
Provider’s Website.

 

(c)       At
or before 2:00 p.m. (New York City time) on each Determination Date, each Special Servicer shall prepare and deliver or cause
to be delivered to the applicable Master Servicer and, prior to the occurrence and continuance of a Consultation Termination Event,
the Directing Certificateholder, the CREFC® Special Servicer Loan File and any applicable CREFC®
Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports with
respect to the Specially Serviced Loans (excluding, for the Directing Certificateholder, any Excluded Loans as to such party)
and any REO Properties (other than a Non-Serviced Mortgaged Property), providing the information required of the applicable Special
Servicer in an electronic format, reasonably acceptable to the applicable Master Servicer as of the Business Day preceding such
Determination Date, which CREFC® Special Servicer Loan File shall include data, to enable the applicable Master
Servicer to produce the following supplemental CREFC® reports: (i) a CREFC® Delinquent Loan Status
Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (iii) a CREFC®
REO Status Report, (iv) a CREFC® Comparative Financial Status Report and (v) a CREFC® NOI
Adjustment Worksheet and a CREFC® Operating Statement Analysis Report, in each case with the supporting financial
statements, budgets, operating statements and rent rolls (or, with respect to residential cooperative properties, maintenance
schedules) submitted by the Mortgagor.

 

(d)       Not
later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning April 2021, each Master Servicer shall prepare
(if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the
following reports and data files with respect to the Mortgage Loans for which it acts as Master Servicer: (A) to the extent such
Master Servicer has received the CREFC® Special Servicer Loan File at the time required, the most recent CREFC®
Delinquent Loan Status Report, CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan
Report and the CREFC® REO Status Report, (B) CREFC® Loan Setup File (only with respect to the first
Distribution Date), (C) the most recent CREFC® Property File, and CREFC® Comparative Financial Status
Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File pursuant
to Section 3.12(c) by the applicable Special Servicer and the applicable Master Servicer), (D) a CREFC®
Servicer Watch List with information that is current as of such Determination Date, (E) CREFC® Financial File,
(F) CREFC® Loan Level Reserve/LOC Report, (G) the CREFC® Advance Recovery Report, (H) CREFC®
Total Loan Report and (I) the report on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to
the extent received from the applicable Special Servicer, if any. Additionally, not later than 5:00 p.m. (New York City time)
on the P&I Advance Date beginning April 2021, the applicable Master Servicer shall deliver or cause to be delivered in electronic
format to the Certificate Administrator any applicable CREFC® Loan Liquidation Reports, CREFC® Loan
Modification Reports and CREFC® REO Liquidation Reports received from the applicable Special Servicer. Not later
than 2:00 p.m. (New York City time) two (2) Business Days prior to the Distribution Date beginning April 2021, the applicable
Master Servicer shall deliver or cause to be delivered to the Certificate Administrator via electronic

 

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format the CREFC®
Loan Periodic Update File and, to the extent received by such Master Servicer, the CREFC® Appraisal Reduction
Template. In no event shall any report described in this subsection be required to reflect information that has not been collected
by or delivered to the applicable Master Servicer, or any payments or collections not received by the applicable Master Servicer,
as of the close of business on the Business Day prior to the Business Day on which the report is due.

 

Not
later than two (2) Business Days prior to each P&I Advance Date, the NCB Master Servicer shall deliver to the General Master
Servicer an NCB CREFC® Schedule AL File and any NCB Schedule AL Additional File in both EDGAR-Compatible Format
and Excel format; provided, however, that the NCB Master Servicer shall have no obligation to prepare or deliver such NCB CREFC®
Schedule AL File unless the NCB Master Servicer receives the Initial Schedule AL File from the Depositor pursuant to Section
2.01(j). If the General Master Servicer does not receive such NCB CREFC® Schedule AL File from the NCB Master Servicer
by two (2) Business Days prior to the related P&I Advance Date, it shall immediately request such NCB CREFC®
Schedule AL File from the NCB Master Servicer via email at BANK2021BNK32@ncb.com and send a copy of such request to the Depositor
via email at cmbs_notices@morganstanley.com. In preparing the NCB CREFC® Schedule AL File and any NCB Schedule
AL Additional File for any given Distribution Date, and without any due diligence, investigation or verification, the NCB Master
Servicer shall be entitled to conclusively rely, absent manifest error, on the content, completeness and accuracy of the Initial
Schedule AL File and Annex A-1 to the Prospectus. The NCB CREFC® Schedule AL File and the NCB Schedule AL Additional
File delivered by the NCB Master Servicer shall each be a single file.

 

Not
later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning April 2021, the General Master Servicer shall
deliver to the Certificate Administrator a CREFC® Schedule AL File and may deliver to the Certificate Administrator
a Schedule AL Additional File, each covering all of the Mortgage Loans (which CREFC® Schedule AL File and Schedule
AL Additional File shall include the information contained in the NCB CREFC® Schedule AL File and any NCB Schedule
AL Additional File, respectively, delivered to the General Master Servicer by the NCB Master Servicer for such Distribution Date
pursuant to the immediately preceding paragraph), and each in both EDGAR-Compatible Format and Excel format; provided,
however, that the General Master Servicer shall have no obligation to prepare or deliver the CREFC® Schedule
AL File for any given Distribution Date unless the General Master Servicer receives the Initial Schedule AL File from the Depositor
pursuant to Section 2.01(j) and the NCB CREFC® Schedule AL File for such Distribution Date pursuant to the
immediately preceding paragraph. If the Certificate Administrator does not receive the CREFC® Schedule AL File
from the General Master Servicer by 5:00 p.m. (New York City time) on the P&I Advance Date, it shall request the CREFC®
Schedule AL File from the General Master Servicer via email at ssreports@wellsfargo.com and send a copy of such request
to the Depositor via email at cmbs_notices@morganstanley.com. In preparing the CREFC® Schedule AL File and
any Schedule AL Additional File for any given Distribution Date, and without any due diligence, investigation or verification,
the General Master Servicer shall be entitled to conclusively rely, absent manifest error, on the content, completeness and accuracy
of the Initial Schedule AL File and Annex A-1 to the Prospectus and the NCB CREFC® Schedule AL File and any NCB
Schedule AL Additional File delivered to the General Master Servicer by the NCB Master Servicer for such Distribution Date pursuant
to the immediately preceding paragraph. The CREFC® Schedule AL

 

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File and the Schedule AL Additional File delivered
by the General Master Servicer shall each be a single file. The Certificate Administrator shall not be required to combine multiple
CREFC® Schedule AL Files or Schedule AL Additional Files provided or prepared by or on behalf of any applicable
Master Servicer. The Certificate Administrator shall not be required to review, redact, reconcile, edit or verify the content,
completeness or accuracy of the information contained in any CREFC® Schedule AL File or Schedule AL Additional
File.

 

In
the absence of manifest error, each Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry,
any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively
rely upon each Master Servicer’s reports and each Special Servicer’s reports and any information provided by the Trustee,
without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(e)       Each
Special Servicer shall deliver to the applicable Master Servicer the reports and information required of such Special Servicer
pursuant to Section 3.12(b) and Section 3.12(c), and such Master Servicer shall deliver or make available to the
Certificate Administrator the reports and data files set forth in Section 3.12(d). Such Master Servicer may, absent manifest
error, conclusively rely on the reports and/or data to be provided by the applicable Special Servicer pursuant to Section 3.12(b)
and Section 3.12(c). The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or
data to be provided by the applicable Master Servicer pursuant to Section 3.12(d). In the case of information or reports
to be furnished by the applicable Master Servicer to the Certificate Administrator pursuant to Section 3.12(d), to the
extent that such information or reports are, in turn, based on information or reports to be provided by the applicable Special
Servicer pursuant to Section 3.12(b) or Section 3.12(c) and to the extent that such reports are to be prepared and
delivered by the applicable Special Servicer pursuant to Section 3.12(b) or Section 3.12(c), the applicable Master
Servicer shall have no obligation to provide such information or reports to the Certificate Administrator until it has received
the requisite information or reports from the applicable Special Servicer, and the applicable Master Servicer shall not be in
default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the applicable Special
Servicer’s failure to timely provide any information or report required under Section 3.12(b) or Section 3.12(c)
of this Agreement.

 

(f)        Notwithstanding
the foregoing, however, the failure of a Master Servicer or a Special Servicer to disclose any information otherwise required
to be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent such Master
Servicer or such Special Servicer so fails because such disclosure, in the reasonable belief of such Master Servicer or such Special
Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting disclosure
of information with respect to the Mortgage Loans or Mortgaged Properties. A Master Servicer and a Special Servicer may disclose
any such information or any additional information to any Person so long as such disclosure is consistent with applicable law
and the Servicing Standard. A Master Servicer or a Special Servicer may affix to any information provided by it any disclaimer
it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

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(g)       Unless
otherwise specifically stated herein, if a Master Servicer or a Special Servicer is required to deliver or make available any
statement, report or information under any provisions of this Agreement, such Master Servicer or such Special Servicer, as the
case may be, may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information, (y)
delivering such statement, report or information in a commonly used electronic format or (z) making such statement, report or
information available on such Master Servicer’s website (with respect to items delivered by such Master Servicer (except
with respect to items delivered by such Master Servicer to the Certificate Administrator)) or the Certificate Administrator’s
Website, unless this Agreement expressly specifies a particular method of delivery.

 

Notwithstanding
anything to the contrary in the foregoing, each Master Servicer and each Special Servicer shall deliver any required statements,
reports or other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator
and the applicable Master Servicer or the applicable Special Servicer, as the case may be. The applicable Master Servicer or the
applicable Special Servicer may physically deliver a paper copy of any such statement, report or information as a temporary measure
due to system problems, however, copies in electronic format shall follow upon the correction of such system problems.

 

Section
3.13    Access to Certain Information. (a) Each Master Servicer and Special Servicer shall provide or cause to be
provided to the Certificate Administrator, and the Certificate Administrator shall afford access to any Mortgage Loan Seller
and to any Certificateholder that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of
the Federal Reserve System of the United States of America and the supervisory agents and examiners of such boards and such
corporations, and any other federal or state banking or insurance regulatory authority that may exercise authority over any
such Certificateholder, and to each Holder of a Non-Registered Certificate, access to any documentation or information
regarding the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and, in the case of a Mortgage Loan that is a
portion of a Serviced Whole Loan, the related Companion Loan, and the Trust within its control which may be required by
applicable law. At the election of the applicable Master Servicer, the applicable Special Servicer or the Certificate
Administrator, such access may be afforded to such Person identified above by the delivery of copies of information as
requested by such Person and such Master Servicer, such Special Servicer or the Certificate Administrator shall be permitted
to require payment (other than from the Directing Certificateholder and the Trustee and the Certificate Administrator on its
own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket
costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded
without charge but only upon reasonable prior written request and during normal business hours at the offices of the
Certificate Administrator or the Custodian.

 

The
failure of a Master Servicer or a Special Servicer to provide access as provided in this Section 3.13 as a result of a
confidentiality obligation shall not constitute a breach of this Section 3.13. In connection with providing information
pursuant to this Section 3.13, each applicable Master Servicer and each applicable Special Servicer may each (i) affix
a reasonable disclaimer to any information provided by it for which it is not the original source (without suggesting liability
on the part of any other party hereto); (ii) affix to any information provided by 

 

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it a reasonable statement regarding securities
law restrictions on such information and/or condition access to information on (x) the execution of a confidentiality agreement
substantially in the form of Exhibit X, or (y) execution of a “click-through” confidentiality agreement if
such information is being provided through the applicable Master Servicer’s or the applicable Special Servicer’s website;
(iii) withhold access to confidential information or any intellectual property; and/or (iv) withhold access to items of information
contained in the Servicing File for any Mortgage Loan if the disclosure of such items is prohibited by applicable law or the provisions
of any related Mortgage Loan documents or would constitute a waiver of the attorney-client privilege. Notwithstanding any provision
of this Agreement to the contrary, the failure of a Master Servicer or a Special Servicer to disclose any information otherwise
required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement to the extent that such
Master Servicer or such Special Servicer, as the case may be, determines, in its reasonable good faith judgment consistent with
the applicable Servicing Standard, that such disclosure would violate applicable law or any provision of a Mortgage Loan or Companion
Loan document prohibiting disclosure of information with respect to the Mortgage Loans or Companion Loans or the Mortgaged Properties,
constitute a waiver of the attorney-client privilege on behalf of the Trust or otherwise materially harm the Trust. Without limiting
the generality of the foregoing, a Master Servicer or a Special Servicer may refrain from disclosing information that it reasonably
determines would prejudice the interest of the Certificateholders with respect to a workout or exercise of remedies as to any
particular Mortgage Loan.

 

Notwithstanding
the limitation set forth in the next succeeding paragraph, but subject to the last sentence of the immediately preceding paragraph,
upon the reasonable request of any Certificateholder (or with respect to any AB Subordinate Companion Loan related to a Serviced
AB Whole Loan, the holder of such AB Subordinate Companion Loan) that has delivered an Investor Certification to the applicable
Master Servicer or the applicable Special Servicer, as the case may be, the applicable Master Servicer (with respect to Non-Specially
Serviced Loans) or the applicable Special Servicer (with respect to Specially Serviced Loans), as applicable, may provide (or
make available electronically) or make available at the expense of such Certificateholder or holder of such AB Subordinate Companion
Loan, as applicable, copies of any appraisals, operating statements, rent rolls (or, with respect to residential cooperative properties,
maintenance schedules) and financial statements (in each case, solely relating to the related Serviced Whole Loan or Serviced
AB Whole Loan, if requested by the holder of an AB Subordinate Companion Loan, as the case may be) obtained by the applicable
Master Servicer or the applicable Special Servicer, as the case may be; provided that, in connection with such request,
such Master Servicer or such Special Servicer, as applicable, may require a written confirmation executed by the requesting Person
substantially in such form as may be reasonably acceptable to such Master Servicer or such Special Servicer, as applicable, generally
to the effect that such Person will keep such information confidential and shall use such information only for the purpose of
analyzing asset performance and evaluating any continuing rights the Certificateholder or holder of such AB Subordinate Companion
Loan, as applicable, may have under this Agreement.

 

Notwithstanding
anything to the contrary herein (other than as permitted in the preceding paragraph with respect to any Certificateholder or as
specifically provided for herein with respect to the Directing Certificateholder), unless required by applicable law or court
order, no Certificateholder (except, with respect to a Mortgage Loan Seller, to the extent necessary for such party to comply
with its obligations under the related Mortgage Loan Purchase Agreement,

 

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and except for each applicable Master Servicer and the
Certificate Administrator, acting in such capacities) or beneficial owner shall be given access to, or be provided copies of,
the Mortgage Files or Diligence Files.

 

(b)       The
Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements,
Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available to the
general public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items
were prepared by or delivered to the Certificate Administrator in electronic format:

 

(i)         The
following documents, which will initially be made available under a tab or heading designated “deal documents”:

 

(A)       the
Prospectus and any other disclosure document relating to the Registered Certificates, in the form most recently provided to the
Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)       this
Agreement and any amendments and exhibits hereto;

 

(C)       any
Sub-Servicing Agreements delivered to the Certificate Administrator on or after the Closing Date;

 

(D)       the
Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

 

(E)       the
CREFC® Loan Setup File provided by the applicable Master Servicer to the Certificate Administrator;

 

(ii)        the
following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

(A)       any
reports on Forms 10-D, ABS-EE, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system;

 

(iii)       The
following documents, which will initially be made available under a tab or heading designated “periodic reports”:

 

(A)       all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

(B)       the
CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance
reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including,
without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment
Worksheets), the CREFC® Advance Recovery Report to the extent 

 

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delivered by the applicable Master Servicer pursuant
to this Agreement from time to time; and

 

(C)       all
Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

(iv)       The
following documents, which will initially be made available under a tab or heading designated “additional documents”:

 

(A)       summaries
of Final Asset Status Reports or, if an AB Control Appraisal Period is not in effect, summaries of Asset Status Reports approved
by the holder of the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section
3.19(d);

 

(B)       all
property inspection reports and environmental reports delivered to the Certificate Administrator pursuant to Section 3.12(a);

 

(C)       any
Appraisals delivered to the Certificate Administrator pursuant to Section 3.19; and

 

(D)       CREFC®
Appraisal Reduction Template;

 

(v)        The
following documents, which will initially be made available under a tab or heading designated “special notices”:

 

(A)       any
notice with respect to a release pursuant to Section 3.09(d);

 

(B)       any
notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

(C)       any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.01(h);

 

(D)       any
notice of the occurrence of any Servicer Termination Event or termination of a Master Servicer or a Special Servicer delivered
pursuant to Section 7.01;

 

(E)       any
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required
to be delivered to the Certificateholders pursuant to Section 12.01;

 

(F)       any
Asset Review Report Summary received by the Certificate Administrator;

 

(G)       any
notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

 

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(H)       any
notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by the
successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(I)       any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(J)       any
notice of resignation or termination of a Master Servicer or a Special Servicer pursuant to Section 7.03;

 

(K)       any
notice of termination pursuant to Section 9.01;

 

(L)       any
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance
of appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26
or Section 12.03, respectively;

 

(M)       any
notice of any request by requisite percentage of Certificateholders for a vote to terminate a Special Servicer pursuant to Section
7.01(d), the Operating Advisor pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section
12.05(b);

 

(N)       any
notice of recommendation of termination of a Special Servicer by the Operating Advisor and the related report prepared by the
Operating Advisor in connection with such recommendation;

 

(O)       any
notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred or
is terminated;

 

(P)       any
notice of the occurrence of an Operating Advisor Termination Event;

 

(Q)       any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(R)       any
assessments of compliance delivered to the Certificate Administrator;

 

(S)       any
attestation reports delivered to the Certificate Administrator;

 

(T)       any
“special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant
to Section 5.06;

 

(U)       any
notice or documents provided to the Certificate Administrator by the Depositor or a Master Servicer directing the Certificate
Administrator to post to the “special notices” tab; and

 

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(V)       any
Proposed Course of Action Notice;

 

(vi)       the
“Investor Q&A Forum” pursuant to Section 4.07(a);

 

(vii)      solely
to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section
4.07(b); and

 

(viii)      the
“U.S. Risk Retention Special Notices” tab, which shall contain any notices provided by the Retaining Sponsor relating
to ongoing compliance by each Retaining Party with the Risk Retention Rules;

 

provided,
that with respect to a Control Termination Event or Consultation Termination Event that is deemed to exist due solely to the existence
of an Excluded Loan, the Certificate Administrator will only be required to provide notice of the occurrence and continuance of
such event if it has been notified of or has knowledge of the existence of such Excluded Loan.

 

The
Certificate Administrator shall post on the Certificate Administrator’s Website the items and reports identified in clauses
(iii)(A) and (B) above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator,
and on terms acceptable to the Certificate Administrator, the Certificate Administrator shall make certain other information and
reports related to the Mortgage Loans available through its Internet website.

 

The
Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices”
tab described in clause (viii) above, provide email notification to any Privileged Person (other than the financial market
information providers listed in Section 3.13(e)) that has registered to receive access to the Certificate Administrator’s
Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

Notwithstanding
the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(viii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder that is a Borrower
Party (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only
be prohibited with respect to the related Excluded Controlling Class Loan(s)).

 

Any
Person that is a Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items
made available to the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission
filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Certificateholder or a Controlling
Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the applicable Master
Servicer, the applicable Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form
(or, solely with respect to the applicable Master Servicer, in electronic form) of an investor certification substantially in
the form of Exhibit P-1D and upon delivery to the Certificate Administrator in physical form of an investor certification
substantially in the form of Exhibit P-1F, which shall include each of the CTSLink User ID associated with such Excluded
Controlling Class Holder, all information (other than the Excluded Information with respect to any Excluded Controlling Class

 

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Loans (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only
be prohibited with respect to the related Excluded Controlling Class Loans)) available on the Certificate Administrator’s
Website.

 

In
the case of the Directing Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class
Holder, upon delivery of an investor certification substantially in the form of Exhibit P-1B hereto, the Directing Certificateholder
or Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website.
Each applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee may each rely on (i) an investor certification in the form of Exhibit P-1B hereto from the Directing Certificateholder
or a Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an
investor certification in the form of Exhibit P-1D in physical form (or, solely with respect to the applicable Master Servicer,
in electronic form) from the Directing Certificateholder or a Controlling Class Certificateholder to the effect that such Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Directing
Certificateholder or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly
notify each of the applicable Master Servicer, the applicable Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee in writing substantially in the form of Exhibit P-1E that such party has become an Excluded Controlling
Class Holder with respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate
Administrator a notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such
Excluded Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s
access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon confirmation from
the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new
investor certification substantially in the form of Exhibit P-1D in physical form (or, solely with respect to the applicable
Master Servicer, in electronic form) to access the information on the Certificate Administrator’s Website, except that such
Excluded Controlling Class Holder shall not be entitled to access any Excluded Information related to any Excluded Controlling
Class Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access
shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)) made available on the Certificate Administrator’s
Website. With respect to any Excluded Information sent for posting on the Certificate Administrator’s Website, each of the
applicable Master Servicer, the applicable Special Servicer and the Operating Advisor shall mark or label such information as
“Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall
segregate on the Certificate Administrator’s Website such Excluded Information (and, if possible at a later time, on loan-by-loan
basis) from information relating to other Mortgage Loans or Whole Loans, as applicable.

 

Notwithstanding
anything herein to the contrary, each applicable Master Servicer, each applicable Special Servicer, the Operating Advisor and
the Certificate Administrator shall be entitled to conclusively assume that the Directing Certificateholder and all beneficial
owners of the Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the applicable
Master Servicer, the applicable Special Servicer, the Operating Advisor or the Certificate Administrator, as the case may be,
has received a notice substantially in the form 

 

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of Exhibit P-1E from the Directing Certificateholder or a Controlling Class
Certificateholder that it has become an Excluded Controlling Class Holder. Each applicable Master Servicer, each applicable Special
Servicer, the Operating Advisor and the Certificate Administrator shall not be liable for any communication to the Directing Certificateholder
or a Controlling Class Certificateholder that is an Excluded Controlling Class Holder or disclosure of any information relating
to an Excluded Controlling Class Loan (including any related Excluded Information delivered to the Certificate Administrator for
posting to the Certificate Administrator’s Website) if the applicable Master Servicer, the applicable Special Servicer,
the Operating Advisor or the Certificate Administrator, as the case may be, did not receive prior written notice that the related
Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to any related Excluded Information posted on the Certificate
Administrator’s Website, such information was not delivered to the Certificate Administrator in accordance with Section
3.33.

 

Each
applicable Master Servicer, each applicable Special Servicer, the Operating Advisor and the Certificate Administrator shall
be entitled to conclusively rely on delivery from the Directing Certificateholder or a Controlling Class Certificateholder of
an investor certification substantially in the form of Exhibit P-1B that it is not or is no longer an Excluded
Controlling Class Holder. To the extent the Directing Certificateholder or a Controlling Class Certificateholder receives
access pursuant to this Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the Directing Certificateholder or Controlling Class Certificateholder shall be
deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information to (A) the related
Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of the Directing
Certificateholder or Controlling Class Certificateholder or any of its Affiliates involved in the management of any
investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

To
the extent the Risk Retention Consultation Party or a Holder of an RR Interest receives access pursuant to this Agreement to any
information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset
Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted
by a Special Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports delivered to the Certificate
Administrator regarding such Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations
delivered pursuant to Section 3.26(d) and Section 3.26(e), and any Officer’s Certificates delivered by the
Trustee, a Master Servicer or a Special Servicer, supporting any determination that any Advance was (or, if made, would be) a
Nonrecoverable Advance, but in each case other than information with respect to such Mortgage Loan that is aggregated with information
of other Mortgage Loans at a pool level), on the Certificate Administrator’s Website or otherwise receives access to such
information, such Risk Retention Consultation Party or Holder of an RR Interest shall be deemed to have agreed that it (i) will
not directly or indirectly provide any such information to (A) the related Borrower Party, (B) any employees or personnel of such
Risk Retention Consultation Party or Holder of an RR Interest or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or 

 

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(C) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any such Excluded Loan) shall be considered information
that is aggregated with information of other Mortgage Loans at a pool level. For avoidance of doubt, the covenants and restrictions
in this paragraph are not applicable to Wells Fargo Bank, National Association, acting in its capacity as Master Servicer or as
Certificate Administrator.

 

The
Certificate Administrator makes no representation or warranty as to the accuracy or completeness of any report, document or other
information made available on its Internet website and assumes no responsibility therefor, other than with respect to such reports,
documents or other information prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim
responsibility for any information distributed by it for which it is not the original source. Notwithstanding anything herein
to the contrary, the Certificate Administrator shall not be liable for any disclosure of information relating to any Excluded
Controlling Class Loan to the extent such information was included in any Asset Status Report or Final Asset Status Report inadvertently
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified
as relating to any Excluded Controlling Class Loan.

 

In
connection with providing access to the Certificate Administrator’s Website (other than with respect to access provided
to the general public in accordance with Section 3.13(b)), the Certificate Administrator may require registration and the
acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Questions regarding the Certificate Administrator’s Website can be directed to the Certificate Administrator’s
CMBS customer service desk at (866) 846-4526.

 

(c)       The
17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such
items are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “BANK 2021-BNK32” and an identification of the type of information being
provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto
or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)         any
notices of waivers under Section 3.08(d);

 

(ii)        any
Asset Status Report delivered by the applicable Special Servicer under Section 3.19(d);

 

(iii)       any
notice of final payment on the Certificates;

 

(iv)      any
environmental reports delivered by the applicable Special Servicer under Section 3.09(c);

 

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(v)       any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)      any
annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or 11.10;

 

(vii)     any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)    any
notice to the Rating Agencies relating to the applicable Special Servicer’s determination to take action without receiving
Rating Agency Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

(ix)       copies
of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)       any
requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

 

(xi)       any
notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(xii)      any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xiii)     any
notice of a Servicer Termination Event or termination of a Master Servicer or a Special Servicer delivered pursuant to Section
7.01;

 

(xiv)     any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)      any
notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section
13.01(a)(ix);

 

(xvi)     any
Operating Advisor Annual Report pursuant to Section 3.26;

 

(xvii)    any
summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward
the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator or the Trustee regarding any of
the information delivered to the 17g-5 Information Provider pursuant to this Section 3.13(c) or regarding any request for
a Rating Agency Confirmation or regarding any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage
Loans, any related Companion Loan, the related Mortgaged Properties, the related Mortgagors or any other matters related to this
Agreement or any applicable Intercreditor Agreement; provided that the summary of such oral communication shall not identify
the Rating Agency with whom the communication was held pursuant to Section 3.13(g);

 

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(xviii)   any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation, Section
2.03(b), Section 3.07(a), Section 3.12, Section 3.17, Section 3.18(g); Section 11.09 or
Section 11.10; and

 

(xix)     any
other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section 13.10.

 

The
foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website.
Information will be posted on the same Business Day of receipt unless such information is received after 2:00 p.m., New York City
time, on such Business Day, in which case, it shall be posted by 12:00 p.m., New York City time, on the next Business Day; provided,
however, that any information delivered pursuant to Section 3.13(d) shall be posted in accordance with Section
3.13(d). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether
the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than
what it purports to be. In the event that any information is delivered or posted in error, each of the Certificate Administrator
and the 17g-5 Information Provider may remove such information from the 17g-5 Information Provider’s Website. The Certificate
Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of
any information merely by posting such information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s
Website or merely by filing such information pursuant to this Agreement via EDGAR or otherwise to the extent such information
was not produced by the Certificate Administrator or the 17g-5 Information Provider, as applicable. Access will be provided by
the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit P-2 hereto (which
certification may be submitted electronically via the 17g-5 Information Provider’s Website). Questions regarding delivery
of information to the 17g-5 Information Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com
(specifically referencing “BANK 2021-BNK32” in the subject line).

 

Upon
delivery by the Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information
from the Depositor’s 17g-5 Website (the “Pre-Close Information”), the 17g-5 Information Provider shall
make such information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant
to this Section 3.13(c). Such information shall be provided to the 17g-5 Information Provider via electronic media and
delivered to the 17g-5 Information Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information
Provider to provide access to the Pre-Close Information or any other information on the 17g-5 Information Provider’s Website
to any designee or third party.

 

Upon
request of the Depositor or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered
to the 17g-5 Information Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information
Provider disclose on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

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The
17g-5 Information Provider shall notify any party that delivers any information, report, notice or document to the 17g-5 Information
Provider under this Agreement that such information, report, notice or document was received and that it has been posted. Each
applicable Master Servicer and each applicable Special Servicer may, but shall not be obligated to send such information, report,
notice or document to the applicable Rating Agency so long as such information, report, notice or document (i) was previously
provided to the 17g-5 Information Provider or (ii) is simultaneously provided, by 2:00 p.m. (New York City time) on any Business
Day, to the 17g-5 Information Provider. The 17g-5 Information Provider shall notify each Person that has signed-up for access
to the 17g-5 Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional
document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document
in the subject line or otherwise in the body of the email notice. The 17g-5 Information Provider shall send such notice to such
Person’s email address provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s
Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in
connection with a completed NRSRO Certification in the form of Exhibit P-2 hereto.

 

Any
information required to be delivered or made available to the 17g-5 Information Provider by any party under this Agreement shall
be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference
of “BANK 2021-BNK32” and an identification of the type of information being provided in the body of such electronic
mail, or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established
or approved by the 17g-5 Information Provider.

 

(d)       The
applicable Master Servicer or the applicable Special Servicer, as applicable, may, but shall not be obligated to, provide bulk
information that relates to two or more transactions to the 17g-5 Information Provider. Any such information shall be posted by
the 17g-5 Information Provider and the 17g-5 Information Provider may, but shall not be obligated to post such information in
accordance with the timeframe provided in Section 3.13(c) above, provided, however, that if the 17g-5 Information
Provider is not able to post such information in accordance with the timeframe in Section 3.13(c), then it shall post such
information within a reasonable time.

 

(e)       Certain
information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC®
reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be
provided by the Certificate Administrator at the direction of the Depositor to third parties (including Bloomberg, L.P., Trepp,
LLC, Intex Solutions, Inc., Interactive Data Corp., Markit Group Limited, BlackRock Financial Management, Inc., CMBS.com, Inc.,
Moody’s Analytics, Morningstar Credit Information & Analytics, LLC, RealInsight and Thomson Reuters Corporation) with
the consent of the Depositor, and providing such information shall not constitute a breach of this Agreement by the Certificate
Administrator. Such information will be made available to such third parties upon receipt of a certificate in the form of Exhibit
P-3 hereto, which certification may be submitted electronically via the Certificate Administrator’s Website.

 

(f)        Each
Master Servicer and each Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver,
produce or otherwise make available through its website or otherwise, any additional information relating to the Mortgage 

 

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Loans
(other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the Mortgaged Properties (other than any Non-Serviced
Mortgaged Property), or the related Mortgagors, for review by the Depositor, the Underwriters and any other Persons who deliver
an Investor Certification in accordance with this Section 3.13 and the Rating Agencies (collectively, the “Disclosure
Parties”) (in the case of deliveries to a Rating Agency, only to the extent such additional information is simultaneously
delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance with the
provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited by this Agreement (including
without limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged
Information), applicable law or by the related Mortgage Loan documents. Each Master Servicer and each Special Servicer shall be
entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion
and/or (ii) require that the recipient of such information (A) except for the Depositor and the Rating Agencies, enter into (x)
an Investor Certification, (y) a confidentiality agreement substantially in the form of Exhibit X or (z) a “click-through”
confidentiality agreement if such information is being provided through the applicable Master Servicer’s or Special Servicer’s
website, and (B) acknowledge that such Master Servicer or such Special Servicer may contemporaneously provide such information
to any other Disclosure Party. In addition, to the extent access to such information is provided via the applicable Master Servicer’s
or Special Servicer’s website, such Master Servicer or Special Servicer may require registration and the acceptance of a
reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.
In connection with providing access to or copies of the information described in this Section 3.13(f) to current or prospective
Certificateholders, the form of confidentiality agreement used by the applicable Master Servicer or the applicable Special Servicer,
as applicable, shall be: (i) in the case of a Certificateholder, an Investor Certification executed by the requesting Person indicating
that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may
provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating
the purchase of any Certificate or interest therein (provided that such other Person confirms in writing such ownership
interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective
purchaser of Certificates or interests therein or an investment advisor related thereto, an Investor Certification indicating
that such Person is a prospective purchaser of a Certificate or an interest therein or an investment advisor related thereto and
is requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information
confidential with no further dissemination (except that such Certificateholder may provide such information to its auditors, legal
counsel and regulators). In the case of a licensed or registered investment advisor acting on behalf of a current or prospective
Certificateholder, the Investor Certification shall be executed and delivered by both the investment advisor and such current
or prospective Certificateholder.

 

No
Master Servicer or Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or
by others in violation of the terms of this Agreement. No Master Servicer or Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.13 unless such information was produced by the applicable Master Servicer or the applicable Special Servicer,
as the case may be.

 

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(g)       Each
applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator and the Trustee shall be permitted
(but not obligated) to orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other
matter related to the Mortgage Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to
this Agreement or related Intercreditor 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 in Section 3.13(c) the same day such communication takes place; provided, further
that the summary of such oral communications shall not identify 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 Section 3.13(c).

 

(h)       Each
applicable Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Operating
Advisor such reports and other information produced or otherwise available to the Directing Certificateholder or the Risk Retention
Consultation Party (in each case, other than, prior to the occurrence and continuance of a Control Termination Event, any Asset
Status Reports that are not Final Asset Status Reports), or Certificateholders generally, requested by the Operating Advisor in
support of the performance of its obligations under this Agreement in electronic format.

 

(i)        None
of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the applicable Master Servicer, the Operating Advisor, the Asset Representations
Reviewer or the applicable Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to
(i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to the applicable Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the applicable Special Servicer, as the case may be, (ii) such Rating Agency’s
or NRSRO’s approval of the applicable Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the
applicable Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer, or (iii) such Rating
Agency’s or NRSRO’s evaluation of the applicable Master Servicer’s, the Operating Advisor, the Asset Representations
Reviewer’s or the applicable Special Servicer’s, as the case may be, servicing operations in general; provided
that such Master Servicer, the Operating Advisor, the Asset Representations Reviewer or such Special Servicer, as applicable,
shall not provide any information relating to the Certificates or the Mortgage Loans, to any Rating Agency or NRSRO in connection
with such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific identifiers
are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the
17g-5 Information Provider’s Website or (z) the Rating Agency confirms that it does not intend to use such information in
undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies
may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the
availability results from a breach of this Agreement) or comprised of information collected by the applicable Rating Agency from
the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to)
other than pursuant to this Section 3.13(i).

 

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(j)        The
costs and expenses of compliance with this Section 3.13 by the Depositor, each applicable Master Servicer, each applicable
Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any
other party hereto shall not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

Section
3.14 Title to REO Property; REO Account. (a) If title to any Mortgaged Property is acquired (directly or
through a single member limited liability company established for that purpose) and thus becomes REO Property, the deed or
certificate of sale shall be issued in the name of the Trust where permitted by applicable law or regulation and consistent
with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on behalf of the
Certificateholders and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced Companion Loan.
REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.14. Each
Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder, shall sell any REO
Property prior to the close of the third calendar year following the year in which the Trust acquires ownership of such REO
Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of the Code,
unless such Special Servicer either (i) applies for a qualifying extension of time no later than sixty (60) days prior to the
close of the third calendar year in which it acquired ownership (or the period provided in the then-applicable REMIC
Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal Revenue
Service to sell such REO Property or (ii) obtains for the Trustee and the Certificate Administrator an Opinion of Counsel,
addressed to the Trustee and the Certificate Administrator, to the effect that the holding by the Trust of such REO Property
subsequent to the close of the third calendar year following the year in which acquisition occurred will not cause an Adverse
REMIC Event. If the applicable Special Servicer is granted or not denied the REO Extension contemplated by clause (i)
of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately
preceding sentence, such Special Servicer shall sell such REO Property within such longer period as is permitted by such REO
Extension or such Opinion of Counsel, as the case may be. Any expense incurred by such Special Servicer in connection with
its being granted the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining
the Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall be an expense of the Trust
payable out of the applicable Collection Account pursuant to Section 3.05(a).

 

(b)       Each
Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur, the applicable Special Servicer shall establish and
maintain one or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and, if applicable,
on behalf of any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder of the
Lower-Tier Regular Interests), for the retention of revenues and other proceeds derived from each REO Property. The REO Account
shall be an Eligible Account. The applicable Special Servicer shall deposit, or cause to be deposited, in the REO Account, on
the later of the date that is (i) on or prior to each Determination Date or (ii) two (2) Business Days after receipt of properly
identified funds, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds received and properly identified
in respect of an REO Property. Funds in the REO Account may be invested in Permitted Investments in accordance with Section
3.06. The applicable Special Servicer shall give notice to 

 

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the Trustee, the Certificate Administrator, and the applicable
Master Servicer of the location of the REO Account when first established and of the new location of the REO Account prior to
any change thereof.

 

(c)       The
applicable Special Servicer shall withdraw from the REO Account funds necessary for the proper operation, management, insuring,
leasing, maintenance and disposition of any REO Property, but only to the extent of amounts on deposit in the REO Account relating
to such REO Property. On the later of the date that is (x) on or prior to each Determination Date or (y) two (2) Business Days
after such amounts are received and properly identified and determined to be available (or, with respect to a Serviced Companion
Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the applicable Special Servicer shall withdraw
from the REO Account and remit to the applicable Master Servicer, which shall deposit into the applicable Collection Account (or
the Companion Distribution Account, as applicable), the aggregate of all amounts received in respect of each REO Property during
the most recently ended Collection Period, net of (i) any withdrawals made out of such amounts pursuant to the preceding sentence
and (ii) Net Investment Earnings on amounts on deposit in the REO Account; provided, however, that the applicable
Special Servicer may retain in such REO Account, in accordance with the Servicing Standard, such portion of such balance as may
be necessary to maintain a reasonable reserve for repairs, replacements, leasing, management and tenant improvements and other
related expenses for the related REO Property. In addition, on or prior to the day the applicable Special Servicer remits funds
as provided in this Section 3.14, the applicable Special Servicer shall provide the applicable Master Servicer with a written
accounting of amounts remitted to such Master Servicer for deposit in the applicable Collection Account, as applicable, on such
date. Such Master Servicer shall apply all such amounts as instructed by such Special Servicer on the Determination Date (or with
respect to a Serviced Companion Loan, on each Serviced Whole Loan Remittance Date) for the related Distribution Date.

 

(d)       The
applicable Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting
for all deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c).

 

Section
3.15 Management of REO Property. (a) If title to any REO Property is acquired, the applicable Special Servicer
shall manage, conserve, protect, operate and lease such REO Property (other than any Non-Serviced Mortgaged Property) for the
benefit of the Certificateholders and the related Companion Holders and the Trustee (as holder of the Lower-Tier Regular
Interests) solely for the purpose of its timely disposition and sale in a manner that does not cause such REO Property to
fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or result in the
receipt by the Trust or any Serviced Companion Noteholder of any “income from non-permitted assets” within the
meaning of Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event. Subject to the foregoing, however, the
applicable Special Servicer shall have full power and authority to do any and all things in connection therewith as are in
the best interests of and for the benefit of the Certificateholders (and, in the case of each Serviced Whole Loan, the
related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests) all as a collective whole
(taking into account the subordinate or pari passu nature of any Companion Loan, as the case may be) (as determined by
the applicable Special Servicer in its reasonable judgment in accordance with the Servicing Standard). Notwithstanding
anything to the contrary herein, REO Property with

 

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respect to a Non-Serviced Mortgage Loan is excluded for all purposes of
this Section 3.15. Subject to this Section 3.15, the applicable Special Servicer may allow the Trust or any
commercial mortgage securitization that holds any Serviced Companion Loan to earn “net income from
foreclosure property” within the meaning of Section 860G(d) of the Code if it determines that earning such income is in
the best interests of Certificateholders and, if applicable, any related Companion Holder(s) on a net after-tax basis as
compared with net leasing such REO Property or operating such REO Property on a different basis. In connection therewith, the
applicable Special Servicer shall deposit or cause to be deposited on a daily basis (and in no event later than two (2)
Business Days following receipt of such properly identified funds) in the applicable REO Account all revenues received by it
with respect to each REO Property and the related REO Loan, and shall withdraw from the REO Account, to the extent of amounts
on deposit therein with respect to such REO Property, funds necessary for the proper operation, management, leasing and
maintenance of such REO Property, including, without limitation:

 

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

 

(ii)       all
real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)      any
ground rents in respect of such REO Property, if applicable; and

 

(iv)      all
costs and expenses necessary to maintain and lease such REO Property.

 

To
the extent that amounts on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth
in clauses (i) through (iv) above with respect to such REO Property, the applicable Master Servicer (subject to
receiving notice from the applicable Special Servicer in accordance with the procedures set forth elsewhere in this Agreement)
shall advance from its own funds such amount as is necessary for such purposes unless (as evidenced by an Officer’s Certificate
delivered to the Trustee, the applicable Special Servicer, the Depositor, the Certificate Administrator and the Directing Certificateholder
(with respect to the Directing Certificateholder, in respect of any Mortgage Loan other than an Excluded Loan as to such party,
and prior to the occurrence and continuance of a Consultation Termination Event)) such advances would, if made, constitute Nonrecoverable
Servicing Advances.

 

(b)       Without
limiting the generality of the foregoing, no Special Servicer shall:

 

(i)         permit
the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the 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 10% 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

 

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(iv)      Directly
Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more
than ninety (90) days after its acquisition date;

 

unless,
in any such case, the applicable Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the applicable
Master Servicer as a Servicing Advance) to the effect that such action will not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held for the benefit
of the Trust, in which case the applicable Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

(c)       Each
Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety
(90) days of the acquisition date thereof, provided that:

 

(i)         the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)        the
fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light of the
nature and locality of the Mortgaged Property;

 

(iii)       any
such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses
incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in
subsection (a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses) to the
applicable Special Servicer upon receipt;

 

(iv)       none
of the provisions of this Section 3.15(c) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the applicable Special Servicer of any of its duties and obligations hereunder with respect
to the operation and management of any such REO Property; and

 

(v)       each
Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

 

Each
Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related
to its duties and obligations hereunder for indemnification of the applicable Special Servicer by such Independent Contractor,
and nothing in this Agreement shall be deemed to limit or modify such indemnification.

 

(d)       When
and as necessary, each Special Servicer shall send to the Trustee, the Certificate Administrator and the applicable Master Servicer
a statement prepared by such Special Servicer setting forth the amount of net income or net loss, as determined for federal income
tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary
service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO
Property in accordance with Sections 3.15(a) and 3.15(b).

 

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Section
3.16 Sale of Defaulted Loans and REO Properties. (a) (i) Within thirty (30) days after a Defaulted Loan has
become a Specially Serviced Loan, the applicable Special Servicer shall order (but shall not be required to have received) an
Appraisal and within thirty (30) days of receipt of the Appraisal shall determine the fair value of such Defaulted Loan in
accordance with the Servicing Standard; provided, however, that if the applicable Special Servicer is then in
the process of obtaining an Appraisal with respect to the related Mortgaged Property, such Special Servicer shall make its
fair value determination as soon as reasonably practicable (but in any event within thirty (30) days) after its receipt of
such an Appraisal. The applicable Special Servicer may, from time to time, adjust its fair value determination based upon
changed circumstances, new information and other relevant factors, in each instance in accordance with a review of such
circumstances and new information in accordance with the Servicing Standard including, without limitation, the period and
amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy; provided
that the applicable Special Servicer shall promptly notify the applicable Master Servicer in writing of the initial fair
value determination and any adjustment to its fair value determination.

 

(ii)        If
any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to the extent
otherwise required pursuant to the terms of the related Intercreditor Agreement, then the applicable Special Servicer (with respect
to a Specially Serviced Loan) or the applicable Master Servicer (with respect to a Non-Specially Serviced Loan) shall promptly
notify in writing the other, any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring
notice under the Intercreditor Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related
mezzanine lender, as applicable, will, notwithstanding anything in this Section 3.16 to the contrary, have the option to
purchase the related Mortgage Loan and cure defaults relating thereto as and to the extent set forth in the related Intercreditor
Agreement.

 

(iii)       If
any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion Holder
or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously
exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the applicable Special Servicer shall use
reasonable efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders and the holder of any related
Serviced Companion Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Loan on a net present
value basis, if and when the applicable Special Servicer determines, consistent with the Servicing Standard, that no satisfactory
arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments thereon and such a sale
would be in the best economic interests of the Trust and, if applicable, the related Companion Holder. In the case of a Non-Serviced
Mortgage Loan, to the extent permitted under the related Intercreditor Agreement, and such Non-Serviced Mortgage Loan is not sold
together with the Non-Serviced Companion Loan by the Non-Serviced Special Servicer, the applicable Special Servicer will be entitled
to sell ((i) with the consent of the Directing Certificateholder if no Control Termination Event has occurred and is continuing
and (ii) after consulting with the Risk Retention Consultation Party pursuant to Section 6.08(a), in each case, provided
such Non-Serviced Mortgage Loan is not an Excluded Loan as to such party) such Non-Serviced Mortgage 

 

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Loan if it determines in
accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders and, subject
to the terms of the related Intercreditor Agreement, the applicable Special Servicer shall be entitled to the liquidation fee
that the related Non-Serviced Special Servicer would have otherwise been entitled to in connection with the sale of such Non-Serviced
Mortgage Loan. Each Special Servicer is required to give the Trustee, the Certificate Administrator, the applicable Master Servicer,
the Operating Advisor and the Directing Certificateholder (but only prior to the occurrence and continuance of a Consultation
Termination Event), the Subordinate Companion Holder with respect to any Serviced AB Whole Loan if an AB Control Appraisal Period
is not in effect, and the Risk Retention Consultation Party (in the case of the Directing Certificateholder and the Risk Retention
Consultation Party, other than in respect of any Excluded Loan as to such party) not less than ten (10) days’ prior written
notice of its intention to sell any Defaulted Loan. In the absence of a cash offer at least equal to the Purchase Price, the applicable
Special Servicer may purchase the Defaulted Loan for the Purchase Price or may accept the first cash offer received from any Person
that constitutes a fair price for the Defaulted Loan.

 

(iv)
     (A) In the case of a Specially Serviced Loan as to which a default has occurred and is continuing, in the absence of any offer
at least equal to the Purchase Price pursuant to clause (iii) above (or purchase by the applicable Special Servicer for
such price), the applicable Special Servicer shall solicit offers and, subject to sub-clause (B) below, accept the highest
offer received from any Person that is determined by such Special Servicer to be a fair price for such Specially Serviced Loan,
if the offeror is a Person other than an Interested Person. In determining whether any offer from a Person other than an Interested
Person constitutes a fair price for any Defaulted Loan, the applicable Special Servicer shall take into account (in addition to
the results of any Appraisal, updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within
the prior nine (9) months), among other factors, the period and amount of the occupancy level and physical condition of the related
Mortgaged Property and the state of the local economy. If the offeror is an Interested Person (provided that the Trustee
may not be an offeror), the Trustee shall determine whether the offer constitutes a fair price unless such offer by an Interested
Person (i) is equal to or greater than the applicable Purchase Price and (ii) is the highest offer received. Absent an offer at
least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (x) it is the highest
offer received and (y) at least two (2) other offers are received from independent third parties. In determining whether any offer
received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent
Appraisal (or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the
preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following
paragraph, the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the applicable Master
Servicer.

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, 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 matters with at 

 

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least five (5) years’ experience in valuing
loans similar to the subject Mortgage Loan or Serviced Whole Loan, that has been selected with reasonable care by the Trustee
to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the Trustee designates
such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party shall be covered by, and shall be reimbursable by, the Interested Person; provided that the Trustee
will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The applicable
Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such
expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable
to the Trustee by the applicable Master Servicer as a Servicing Advance but the applicable Special Servicer shall continue to
use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person. Neither the
Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced Loan.

 

(B)       The
applicable Special Servicer will not be obligated to accept the highest offer if such Special Servicer determines (in consultation
with the Directing Certificateholder (unless a Consultation Termination Event has occurred and is continuing) and the Risk Retention
Consultation Party subject, in each case, to the limitations on consultation set forth in and in accordance with Section 6.08(a)
and other than with respect to any Mortgage Loan that is an Excluded Loan as to such party) and, in the case of a Serviced
Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder, in accordance with the Servicing
Standard (and subject to the requirements of any related Intercreditor Agreement), that the rejection of such offer would be in
the best interests of the Holders of Certificates and, in the case of a sale of a Serviced Whole Loan or an REO Property related
to a Serviced Whole Loan, the related Companion Holder (as a collective whole, as if such Certificateholders and, if applicable,
the related Companion Holder constituted a single lender (and, with respect to any Serviced AB Whole Loan, taking into account
the subordinate nature of the related AB Subordinate Companion Loan)). In addition, the applicable Special Servicer may accept
a lower offer from any Person other than an Affiliate of such Special Servicer if it determines, in accordance with the Servicing
Standard, that the acceptance of such offer would be in the best interests of the Holders of Certificates and, in the case of
a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as a collective
whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender (and, with respect
to any Serviced AB Whole Loan, taking into account the subordinate nature of the related AB Subordinate Companion Loan)) (for
example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered by the
prospective buyer making the lower offer are more favorable); provided that the offeror is not the applicable Special Servicer
or a Person that is an Affiliate of such Special Servicer. The applicable Special Servicer shall use reasonable efforts to sell
all Defaulted Loans

 

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prior to the Rated Final Distribution Date. For the avoidance of doubt, the Trustee shall have no obligation
to make any fair value determination, to the extent required to do so pursuant to this Section 3.16, on the basis of anything
other than the related Appraisal.

 

(C)       In
connection with any such sale involving a Serviced AB Whole Loan, the applicable Special Servicer shall have the right (if permitted
by the related Intercreditor Agreement), but not the obligation, to sell the related AB Subordinate Companion Loan if such Special
Servicer determines that such sale is in accordance with the Servicing Standard (taking into account the subordinate nature of
the applicable AB Subordinate Companion Loan).

 

(v)       Unless
and until any Specially Serviced Loan is sold pursuant to this Section 3.16(a), the applicable Special Servicer shall pursue
such other resolution strategies with respect to such Specially Serviced Loan, including, without limitation, workout and foreclosure,
as the applicable Special Servicer may deem appropriate, consistent with the Asset Status Report and the Servicing Standard and
the REMIC Provisions.

 

(b)       (i)The
applicable Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan,
such purchase shall be a purchase of the entire REO Property, including the portion relating to the related Companion Loan). The
applicable Special Servicer may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such
sale shall be a sale of the entire REO Property, including the portion relating to the related Companion Loan), if and when the
applicable Special Servicer determines, consistent with the Servicing Standard, that such a sale would be in the best economic
interest of the Trust and the related Companion Holders. Each Special Servicer shall give the Trustee, the applicable Master Servicer,
each Companion Holder, the Certificate Administrator and the Directing Certificateholder and the Risk Retention Consultation Party
(in the case of the Directing Certificateholder and the Risk Retention Consultation Party, in respect of any Mortgage Loan other
than an Excluded Loan as to such party and prior to the occurrence and continuance of a Consultation Termination Event) not less
than ten (10) days’ prior written notice of its intention to (x) purchase any REO Property at the Purchase Price therefor
or (y) sell any REO Property, in which case such Special Servicer shall accept the highest offer received from any Person for
any REO Property in an amount at least equal to the Purchase Price therefor. To the extent permitted by applicable law, and subject
to the Servicing Standard, the applicable Master Servicer, an Affiliate of the applicable Master Servicer, the applicable Special
Servicer or an Affiliate of such Special Servicer, or an employee of either of them may act as broker in connection with the sale
of any REO Property and may retain from the proceeds of such sale a brokerage commission that does not exceed the commission that
would have been earned by an independent broker pursuant to a brokerage agreement entered into at arm’s length.

 

(A)       In
the absence of any such offer as set forth in clause (i) above, the applicable Special Servicer shall, subject to sub-clause
(C) below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1)
by such Special Servicer, if the highest offeror is a Person other than an Interested Person, or (2) by the Trustee, if the highest
offeror is an Interested 

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Person unless such offer by an Interested Person (i) is equal to or greater than the applicable Purchase
Price and (ii) is the highest offer received; provided, however, that absent an offer at least equal to the Purchase
Price, no offer from an Interested Person shall constitute a fair price unless (A) it is the highest offer received and (B) at
least two (2) other offers are received from independent third parties. Notwithstanding anything to the contrary herein, neither
the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property pursuant
hereto.

 

(B)       No
Special Servicer shall be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if such Special
Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of
the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective
whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans). In addition, such Special
Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that acceptance of such offer would
be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder,
and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion
Loans) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered
by the prospective buyer making the lower offer are more favorable); provided that the offeror is not the applicable Special
Servicer or a Person that is an Affiliate of such Special Servicer.

 

(C)       In
determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall
obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other
Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the applicable Special Servicer shall use efforts consistent with the Servicing Standard
to collect payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty
(30) days of demand for payment, such expense shall be reimbursable to the Trustee by the applicable Master Servicer as a Servicing
Advance but the applicable Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such
amounts from the applicable Interested Person. In determining whether any offer constitutes a fair price for any REO Property,
the applicable Special Servicer or the Trustee (or, if applicable, such appraiser) shall take into account, and any appraiser
or other expert in real estate matters shall be instructed to take into account, as applicable, among other factors, the physical
condition of such REO Property, the state of the local economy and the Trust’s obligation to comply with REMIC Provisions.

 

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(ii)       Subject
to the Servicing Standard, the applicable Special Servicer shall act on behalf of the Trust and the related Companion Holders
in negotiating and taking any other action necessary or appropriate in connection with the sale of any REO Property, including
the collection of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation
or warranty by, the Trustee, the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator,
the Operating Advisor or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary
warranties of title, so long as the only recourse for breach thereof is to the Trust) and, if consummated in accordance with the
terms of this Agreement, each applicable Master Servicer, each applicable Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor and the Trustee shall have no liability to the Trust or any Certificateholder or related Companion Holder
(if applicable) with respect to the purchase price therefor accepted by the applicable Special Servicer or the Trustee.

 

(c)       Any
sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations
thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)       With
respect to each Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this Agreement, if the related
Serviced Whole Loan becomes a Defaulted Loan, and if the applicable Special Servicer determines to sell the related Mortgage Loan
that has become a Defaulted Loan in accordance with this Section 3.16, then the applicable Special Servicer shall sell
the related Serviced Pari Passu Companion Loans (and, to the extent permitted by the related Intercreditor Agreement, the related
AB Subordinate Companion Loans) together with such Mortgage Loan as one whole loan and shall require that all offers be submitted
to such Special Servicer in writing. To the extent a determination is required to be made hereunder as to whether any cash offer
constitutes a fair price for a Serviced Whole Loan, such determination shall be made by the applicable Special Servicer unless
the offeror is an Interested Person and by the Trustee if the offeror is an Interested Person and the offer is less than the Purchase
Price. Notwithstanding the foregoing, the applicable Special Servicer will not be permitted to sell the related Mortgage Loan
together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written consent
of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not required if the holder
of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the applicable Special Servicer
has delivered to the holder of the related Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business Days prior written
notice of any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (10) days prior to the permitted sale date,
a copy of each bid package (together with any amendments to such bid packages) received by the applicable Special Servicer in
connection with any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent
appraisal for such Serviced Whole Loan, and any documents in the servicing file reasonably requested by the holder of the related
Serviced Pari Passu Companion Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time than
is afforded to other offerors and the Directing Certificateholder and the Risk Retention Consultation Party) prior to the proposed
sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved
by the applicable Master Servicer or the applicable Special Servicer in connection with the proposed sale. 

 

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In connection with
any such sale involving any Serviced AB Whole Loan, the applicable Special Servicer will also have the right (subject to the related
Intercreditor Agreement), but not the obligation, to sell the related Subordinate Companion Loan if such Special Servicer determines
that such sale is in accordance with the Servicing Standard (taking into account the subordinate nature of the applicable Subordinate
Companion Loan). The holder of the related Serviced Pari Passu Companion Loan (or its representative) will be permitted to submit
an offer at any sale of such Whole Loan; however, the related Mortgagor and its agents and Affiliates shall not be permitted
to submit an offer at such sale. Notwithstanding the foregoing, with respect to each Serviced Whole Loan, the holder of the related
Companion Loan may waive any of the delivery or timing requirements set forth in this paragraph with respect to the related Whole
Loan. If the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee
may (at its option and at the expense of the offering Interested Person purchaser) designate an independent third party expert
in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing loans similar to
the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes
a fair price for such Mortgage Loan. The Trustee shall act in a commercially reasonable manner in making such determination. If
the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon
such third party’s determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker
opinions of value incurred by any such third party shall be covered by, and shall be reimbursable, from the offering Interested
Person and the applicable Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such
Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment,
such expense shall be reimbursable to the Trustee by the applicable Master Servicer as a Servicing Advance but the applicable
Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable
Interested Person.

 

(e)       (i)
Notwithstanding anything in this Section 3.16 to the contrary, pursuant to the terms of the related Intercreditor Agreement,
the holder of the related AB Subordinate Companion Loan for each applicable Serviced AB Whole Loan will have the right to purchase
the related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the AB Subordinate Companion Loan
shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related
Intercreditor Agreement. If the related Mortgage Loan or related REO Property is purchased by the holder of such AB Subordinate
Companion Loan, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related
AB Subordinate Companion Loan will no longer be subject to this Agreement.

 

(ii)       Notwithstanding
anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase the related Mortgage
Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in the related Intercreditor
Agreement.

 

(f)       Unless
otherwise provided in an Intercreditor Agreement the sale of any Mortgage Loan pursuant to this Section 3.16 will be on
a servicing released basis.

 

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(g)       In
the event the applicable Master Servicer or the applicable Special Servicer has the right to purchase any Companion Loan on behalf
of the Trust pursuant to the related Intercreditor Agreement, neither such Master Servicer nor such Special Servicer shall exercise
such right.

 

Section
3.17 Additional Obligations of Master Servicers and Special Servicers. (a) Each Master Servicer shall deliver
all Compensating Interest Payments with respect to the Mortgage Loans for which it acts as Master Servicer (other than the
portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate
Administrator for deposit in the Lower-Tier REMIC Distribution Account on each P&I Advance Date, without any right of
reimbursement therefor. Each Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a
Serviced Pari Passu Companion Loan to the Companion Paying Agent for deposit in the Companion Distribution Account on each
P&I Advance Date, without any right of reimbursement therefor.

 

(b)       Each
Master Servicer or each Special Servicer, as applicable, shall provide to each Companion Holder any reports or notices required
to be delivered to such Companion Holder pursuant to the related Intercreditor Agreement.

 

(c)       Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the applicable Collection
Account and available for distribution on the next Distribution Date, the applicable Master Servicer or the Trustee, each at its
own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable
Advance pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to refrain from obtaining such reimbursement
for such portion of the Nonrecoverable Advance during the one month collection period ending on the then-current Determination
Date, for successive one month periods for a total period not to exceed twelve (12) months (provided that, other than in
the case of an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling
Class, any such deferral exceeding six (6) months shall require, prior to the occurrence and continuance of any Control Termination
Event, the consent of the Directing Certificateholder), and any election to so defer or not to defer shall be deemed to be in
accordance with the Servicing Standard. If the applicable Master Servicer or the Trustee makes such an election at its sole option
and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with
interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully
reimbursable in the subsequent collection period (subject, again, to the same sole option to defer; it is acknowledged that, in
such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described
above prior to payment from other collections). In connection with a potential election by the applicable Master Servicer or the
Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the Collection Period
for any Distribution Date, the applicable Master Servicer or the Trustee shall further be authorized to wait for principal collections
on the Mortgage Loans serviced by such Master Servicer to be received until the end of such Collection Period before making its
determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof; provided,
however, that if, at any time the applicable 

 

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Master Servicer or the Trustee, as applicable, elects, in its sole discretion,
not to refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable Advance during
a Collection Period will exceed the full amount of the principal portion of general collections on or in respect of Mortgage Loans
deposited in the applicable Collection Account for such Distribution Date, then the applicable Master Servicer or the Trustee,
as applicable, shall use its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’ notice of such
determination for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), unless extraordinary
circumstances make such notice impractical, which shall mean that (i) the applicable Master Servicer or the Trustee, as the case
may be, determines in its sole discretion that waiting fifteen (15) days after such a notice could jeopardize its ability to recover
such Nonrecoverable Advance, (ii) changed circumstances or new or different information becomes known to the applicable Master
Servicer or the Trustee, as the case may be, that could affect or cause a determination of whether any Advance is a Nonrecoverable
Advance or whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (i) above, or (iii)
in the case of the applicable Master Servicer, it has not timely received from the Trustee information required by the applicable
Master Servicer to determine whether to defer reimbursement for a Nonrecoverable Advance. If any of the circumstances described
in clause (i), (ii) or (iii) of the foregoing sentence apply, the applicable Master Servicer or Trustee,
as applicable, shall give the 17g-5 Information Provider a notice for posting of the anticipated reimbursement as soon as reasonably
practicable. Notwithstanding the foregoing, failure to give notice as required by the preceding or second preceding sentence shall
in no way affect the applicable Master Servicer’s or the Trustee’s election whether to refrain from obtaining such
reimbursement or right to obtain such reimbursement as described in this Section 3.17(c). Nothing herein shall give the
applicable Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal
collections then available in the applicable Collection Account pursuant to Section 3.05(a)(v). The applicable Master Servicer
or the Trustee, as the case may be, shall have no liability for any loss, liability or expenses resulting from any notice provided
to the Rating Agencies contemplated by this Section 3.17(c).

 

The
foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure
by such Person to comply with the conditions to making such an election under this Section 3.17 or to comply with the terms
of this Section 3.17 and the other provisions of this Agreement that apply once such an election, if any, has been made;
provided, however, that the fact that a decision to recover such Nonrecoverable Advances over time, or not to do
so, benefits some classes of Certificateholders to the detriment of other classes shall not, with respect to the applicable Master
Servicer or the applicable Special Servicer, as applicable, constitute a violation of the Servicing Standard and/or with respect
to the Trustee (solely in its capacity as Trustee), constitute a violation of any fiduciary duty to Certificateholders or any
contractual obligation hereunder. If the applicable Master Servicer or the Trustee, as the case may be, determines, in its sole
discretion, to fully recover the Nonrecoverable Advances immediately instead of deferring such reimbursement, then such Master
Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest
thereon at the Reimbursement Rate from all amounts in the applicable Collection Account for such Distribution Date (deemed first
from principal and then from interest). Any such election by any such party to refrain from reimbursing itself or obtaining
reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more collection periods shall not limit
the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance 

 

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for the period prior to the actual reimbursement
of such Nonrecoverable Advance. The applicable Master Servicer’s or the Trustee’s, as the case may be, agreement to
defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall
not be construed as an obligation on the part of such Master Servicer or the Trustee, as applicable, or a right of the Certificateholders.
Nothing herein shall be deemed to create in the Certificateholders a right to prior payment of distributions over such Master
Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise) and accrued
interest thereon. In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances
shall be deemed to be in accordance with the Servicing Standard and none of the applicable Master Servicer, the Trustee or the
other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any of the Companion
Holders for any such election that such party makes as contemplated by this Section 3.17 or for any losses, damages or
other adverse economic or other effects that may arise from such an election, nor shall such election constitute a violation of
the Servicing Standard or any duty under this Agreement. Neither the applicable Master Servicer nor the Trustee shall have any
liability whatsoever for making an election, or refraining from making an election, that is authorized under this Section 3.17(c).

 

No
determination by a Master Servicer (or the Trustee, as applicable) to exercise its sole option to defer the reimbursement of Advances
and/or interest thereon under this section shall be construed as an agreement by the applicable Master Servicer (or the Trustee,
as applicable) to subordinate (in respect of realizing losses), to any Class of Certificates, such party’s right to such
reimbursement during such period of deferral.

 

With
respect to any modification or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received),
the applicable Master Servicer or the applicable Special Servicer, as applicable, shall provide to the 17g-5 Information Provider
a copy of any such modification or amendment, which the 17g-5 Information Provider shall promptly post on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c).

 

(d)       With
respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require
the lender to), at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts
held in any reserve account as a prepayment or hold such amounts in a reserve account, the applicable Master Servicer or the applicable
Special Servicer, as the case may be, may not apply such amounts as a prepayment, and will instead continue to hold such amounts
in the applicable reserve account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard.
Such amount may be used, if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan
(or Serviced Whole Loan), or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent
default.

 

(e)       Within
one (1) Business Day after the execution of any amendment or modification of any Intercreditor Agreement, the applicable Master
Servicer or the applicable Special Servicer, as the case may be, shall provide to the Certificate Administrator a copy of any
such modification or amendment of any Intercreditor Agreement, and such amendment or modification shall be a Reportable Event.

 

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Section
3.18 Modifications, Waivers, Amendments and Consents. (a) The
applicable Master Servicer shall process waivers, modifications, amendments and consents that are not Major Decisions or
Special Servicer Decisions with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan that, in either
case, is not a Specially Serviced Loan, without the consent or approval of the Directing Certificateholder (except as
specified in the definition of “Master Servicer Decision”) or the consent or approval of the applicable Special
Servicer. The applicable Special Servicer shall process waivers, modifications, amendments and consents with respect to
Specially Serviced Loans and shall also process waivers, modifications, amendments and consents that are Major Decisions or
Special Servicer Decisions with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan. Except as set
forth in Section 3.08(a), Section 3.08(b), this Section 3.18(a), Section 3.18(d), Section
3.18(h), Section 3.18(i), Section 3.18(m) and Section 6.08, but subject to any other conditions set
forth thereunder and, with respect to any Serviced Mortgage Loan or any Serviced Whole Loan (and with respect to any Serviced
Whole Loan, subject to the rights of the related Companion Holder, as applicable, to advise or consult with the applicable
Special Servicer with respect to, or to consent to, a modification, waiver or amendment, in each case, pursuant to the terms
of the related Intercreditor Agreement), the applicable Special Servicer shall not modify, waive or amend the terms of a
Mortgage Loan and/or related Companion Loan (or consent to any such modification, waiver or amendment) that would constitute
a Major Decision without (x) (i) prior to the occurrence of a Control Termination Event and (ii) other than with respect to
any Excluded Loan with respect to the Directing Certificateholder, the consent (or deemed consent) of the
Directing Certificateholder having been obtained by the applicable Special Servicer to the extent required by, and pursuant
to the process described under, Section 6.08(a) or (y) (i) after the occurrence and during the continuance of a
Control Termination Event and (ii) other than with respect to any Excluded Loan with respect to the Directing
Certificateholder, but prior to the occurrence and continuance of a Consultation Termination Event, the applicable Special
Servicer having consulted with the Directing Certificateholder if and to the extent required pursuant to Section
6.08(a); and provided, further, that no extension entered into pursuant to this Section 3.18(a)
shall extend the Maturity Date beyond the date provided for in the last paragraph of Section 3.18(b). If such
extension would extend the Maturity Date of such Mortgage Loan and/or related Companion Loan for more than twelve (12) months
from and after the original Maturity Date of such Mortgage Loan and/or related Companion Loan and such Mortgage Loan and/or
related Companion Loan is not in default or default with respect thereto is not reasonably foreseeable, prior to any such
extension, (1) the applicable Special Servicer shall provide the Trustee, the Certificate Administrator, the applicable
Master Servicer, the Operating Advisor, the Directing Certificateholder and the Risk Retention Consultation Party (in the
case of the Directing Certificateholder and the Risk Retention Consultation Party, (i) prior to the occurrence and
continuance of a Consultation Termination Event and (ii) other than with respect to any Mortgage Loan that is an Excluded
Loan as to such party), with an Opinion of Counsel (at the expense of the related Mortgagor to the extent permitted under the
Mortgage Loan documents and, if not required or permitted to be paid by the Mortgagor, to be paid as an expense of the Trust
in accordance with Section 3.11(d)) that such extension would not constitute a “significant modification”
of the Mortgage Loan and/or Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (2)
subject to the Servicing Standard, (x) prior to the occurrence and continuance of a Control Termination Event and other than
with respect to any Excluded Loan with respect to the Directing Certificateholder, the applicable Special Servicer shall
obtain the consent (or deemed consent) of the Directing

 

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Certificateholder, (y) after the occurrence and during the
continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event,
and other than with respect to any Excluded Loan with respect to the Directing Certificateholder, consult with the Directing
Certificateholder and (z) (i) prior to the occurrence and continuance of a Consultation Termination Event, with respect to
any Specially Serviced Loan other than an Excluded Loan with respect to the Risk Retention Consultation Party and (ii) after
the occurrence and during the continuance of a Consultation Termination Event, with respect to any Mortgage Loan other than
an Excluded Loan with respect to the Risk Retention Consultation Party, consult with the Risk Retention Consultation Party,
in each case, pursuant to the process described in Section 6.08(a).

 

Except
as otherwise described in this Agreement, prior to the occurrence and continuance of a Control Termination Event, the applicable
Special Servicer will only be permitted to take any of the Special Servicer Decisions in clauses (iv), (v), (vi)
and (vii) of the definition of “Special Servicer Decision” as to which the Directing Certificateholder
has consented in writing within ten (10) Business Days (or, with respect to clause (vii) of the definition of “Special
Servicer Decision”, five (5) Business Days) after receipt of the applicable Special Servicer’s written recommendation
and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably available to the applicable
Special Servicer in order to grant or withhold such consent (provided that if such written consent has not been received
by the applicable Special Servicer within such ten (10) Business Day (or five (5) Business Day) period, the Directing Certificateholder
shall be deemed to have approved such action); provided, that after the occurrence and during the continuance of a Control Termination
Event, but prior to the occurrence and continuance of a Consultation Termination Event, and other than with respect to any Excluded
Loan with respect to the Directing Certificateholder, the Special Servicer shall consult with the Directing Certificateholder
with respect to any such Special Servicer Decision.

 

Notwithstanding
the foregoing, subject to the rights of the related Companion Holder to advise the applicable Master Servicer with respect to,
or consent to, such modification, waiver or amendment pursuant to the terms of the related Intercreditor Agreement, the applicable
Master Servicer, with respect to Non-Specially Serviced Loans, without the consent of the applicable Special Servicer or the Directing
Certificateholder, may modify or amend the terms of any Non-Specially Serviced Loan and/or related Serviced Companion Loan in
order to (i) cure any ambiguity or mistake therein or (ii) correct or supplement any provisions therein which may be inconsistent
with any other provisions therein or correct any error; provided that, if the Serviced Mortgage Loan and/or related Serviced Companion
Loan is not in default or default with respect thereto is not reasonably foreseeable, such modification or amendment would not
be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of
Treasury Regulations Section 1.860G-2(b).

 

Any
fees or other charges charged by the applicable Special Servicer in connection with processing any Payment Accommodation with
respect to any Mortgage Loan or Serviced Whole Loan (in the aggregate with each other such Payment Accommodation with respect
to such Mortgage Loan or Serviced Whole Loan), in each case as a result of the COVID-19 emergency, may not exceed an amount equal
to 0.30% of the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan (“COVID Forbearance Fees”)
(excluding attorneys’ fees and third party expenses) and may only be borne by the Mortgagor, not the Trust Fund. To the
extent that a

 

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Mortgagor with respect to any Mortgage Loan or Serviced Whole Loan defaults under a Payment Accommodation, all caps
and limitations on fees, as described in the preceding sentence, shall no longer be applicable and the applicable Special Servicer
shall be entitled to all other fees that would otherwise be payable to such Special Servicer from the Trust Fund or otherwise,
including Special Servicing Fees, Workout Fees, Liquidation Fees, default interest and all other Mortgagor-paid fees.

 

Subject
to Section 6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the applicable
Master Servicer nor the applicable Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof)
for one or more other parcels of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in
default pursuant to the terms of the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect
thereto is not reasonably foreseeable unless (i) the applicable Master Servicer or the applicable Special Servicer, as the case
may be, obtains Rating Agency Confirmation from each Rating Agency (and delivers such Rating Agency Confirmation to the Directing
Certificateholder and the Risk Retention Consultation Party, if permitted by the applicable Rating Agency) and a confirmation
of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25) and (ii) such substitution would not be a “significant modification” of the Mortgage
Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause
an Adverse REMIC Event (and the applicable Master Servicer or the applicable Special Servicer, as the case may be, may obtain
and rely upon an Opinion of Counsel (at the expense of the related Mortgagor if not prohibited by the terms of the related Mortgage
Loan documents, and if so prohibited, at the expense of the Trust) with respect thereto).

 

Upon
receiving a request for any matter described in this Section 3.18(a) that constitutes a Major Decision or Special Servicer
Decision with respect to a Serviced Mortgage Loan that is not a Specially Serviced Loan, the applicable Master Servicer shall
promptly forward such request to the applicable Special Servicer and such Special Servicer shall process such request (including,
without limitation, interfacing with the Mortgagor) and, except as provided in the next sentence, such Master Servicer shall have
no further obligation with respect to such request or such Major Decision or Special Servicer Decision. The applicable Master
Servicer shall cooperate with reasonable requests of the applicable Special Servicer by delivering to the applicable Special Servicer
any additional information in such Master Servicer’s possession requested by such Special Servicer relating to such Major
Decision or Special Servicer Decision. The applicable Master Servicer shall not be permitted to process any Major Decision or
Special Servicer Decision and shall not be required to interface with the Mortgagor or provide a written recommendation and/or
analysis with respect to any Major Decision or Special Servicer Decision.

 

No
Master Servicer or Special Servicer shall enter into, or structure (including, without limitation, by way of the application of
credits, discounts, forgiveness or otherwise), any modification, waiver, amendment, work-out, consent or approval with respect
to a Mortgage Loan in a manner that would have the effect of placing amounts payable as compensation, or otherwise

 

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reimbursable,
to such Master Servicer or Special Servicer in a higher priority than the allocation and payment priorities set forth in Section
3.02(b) or in the related Intercreditor Agreement.

 

(b)       If
the applicable Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness
or deferral of interest or principal or the substitution of collateral pursuant to the terms of the Serviced Mortgage Loan and/or
related Serviced Companion Loan or otherwise, the release of collateral or the pledge of additional collateral) of the terms of
a Specially Serviced Loan with respect to which a payment default or other material default has occurred or a payment default
or other material default is, in the applicable Special Servicer’s judgment, reasonably foreseeable (as evidenced by an
Officer’s Certificate of such Special Servicer), is reasonably likely to produce a greater (or equivalent) recovery on a
net present value basis (the relevant discounting to be performed at the related Mortgage Rate) to the Trust and, if applicable,
the Companion Holders, as the holders of the related Serviced Companion Loan, than liquidation of such Specially Serviced Loan,
then the applicable Special Servicer may agree to a modification, waiver or amendment of such Specially Serviced Loan, subject
to (w) the provisions of this Section 3.18(b) and Section 3.18(c), (x)(a) with respect to any Major Decision, with
respect to any Mortgage Loan other than any Excluded Loan as to the Directing Certificateholder or the holder of the majority
of the Controlling Class, the approval of the Directing Certificateholder (prior to the occurrence and continuance of a Control
Termination Event) or upon consultation with the Directing Certificateholder (after the occurrence and during the continuance
of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event) as provided in
Section 6.08, and (b) with respect to any Major Decision in respect of a Specially Serviced Loan other than an Excluded
Loan with respect to the Risk Retention Consultation Party, upon consultation with the Risk Retention Consultation Party as provided
in Section 6.08, (y) with respect to any Serviced AB Whole Loan, any rights of the related Subordinate Companion Holder
to consent to such modification, waiver or amendment and (z) additionally, with respect to a Serviced Whole Loan, the rights of
the related Serviced Companion Noteholder or with respect to a Serviced Mortgage Loan with mezzanine debt, the rights of the related
mezzanine lender, to advise or consult with the applicable Special Servicer with respect to, or consent to, such modification,
waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement or mezzanine intercreditor agreement,
as applicable; provided that with respect to any Serviced AB Whole Loan, if an AB Control Appraisal Period is not in effect,
the consent of, or consultation with, the related AB Whole Loan Controlling Holder will be required to the extent set forth in
the related Intercreditor Agreement and the Directing Certificateholder shall have no consent or consultation rights, and the
Risk Retention Consultation Party shall have no consultation rights, regarding the matter; provided, further, that
in the case of any release or substitution of collateral (other than a defeasance), the applicable Special Servicer shall have
obtained an Opinion of Counsel that such release or substitution would not be a “significant modification” of the
Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event. Notwithstanding
anything herein to the contrary, with respect to any Excluded Loan with respect to the Directing Certificateholder (regardless
of whether a Control Termination Event has occurred and is continuing), the applicable Special Servicer shall consult with the
Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions and
consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth
in Section 6.08 for consulting with the Operating Advisor.

 

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In connection with (i) the
release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property from
the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property),
or any portion of such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan
documents require the applicable Master Servicer or the applicable Special Servicer, as the case may be, to calculate (or to approve
the calculation of the related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties
or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes
of REMIC qualification of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions,
exclude the value of personal property and going concern value, if any, as determined by an appropriate third party.

 

If, following any such
release or taking, the loan-to-value ratio as calculated is greater than 125%, the applicable Master Servicer or the applicable
Special Servicer, as the case may be, shall require payment of principal by a “qualified amount” as determined under
Revenue Procedure 2010-30 or successor provisions, unless the related Mortgagor provides an Opinion of Counsel that if such amount
is not paid, the related Mortgage Loan will not fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)
of the Code.

 

The applicable Special
Servicer shall use its reasonable efforts to the extent possible to cause each Specially Serviced Loan to fully amortize prior
to the Rated Final Distribution Date and shall not agree to a modification, waiver or amendment of any term of any Specially Serviced
Loan for which it is acting as Special Servicer if such modification, waiver or amendment would (1) extend the maturity date
of any such Specially Serviced Loan to a date occurring later than the earlier of (a) five (5) years prior to the Rated Final
Distribution Date and (b) if such Specially Serviced Loan is secured solely or primarily by a leasehold estate and not also
the related fee interest, the date occurring twenty (20) years or, to the extent consistent with the Servicing Standard giving
due consideration to the remaining term of the ground lease and (A) prior to the occurrence and continuance of a Control Termination
Event, with the consent of the Directing Certificateholder and (B) to the extent such modification, waiver or amendment constitutes
a Major Decision, after consultation with the Risk Retention Consultation Party pursuant to Section 6.08(a), (in each
case, other than with respect to a Mortgage Loan that is an Excluded Loan as to such party), ten (10) years prior to the expiration
of such leasehold estate (including any options to extend such leasehold estate exercisable unilaterally by the related Mortgagor),
or (2) provide for the deferral of interest unless interest accrues on the related Mortgage Loan, or Serviced Whole Loan generally
at the related Mortgage Rate.

 

(c)     Any provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion
Loan is in default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18
shall be collected by any Master Servicer or any Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction
with any consent or any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount
thereof is specified in the related Mortgage Note) if the collection of such fee would cause such consent, modification, waiver
or amendment to be a “significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

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(d)    
To the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a),
and Section 6.08), the applicable Master Servicer (as provided in Section 3.08(a), Section 3.08(b)
and Section 3.18 if such matter constitutes a Master Servicer Decision) or the applicable Special Servicer (as provided
in Section 3.08(a), Section 3.08(b) and Section 3.18(a) if any such waiver, modification or
amendment constitutes a Major Decision or a Special Servicer Decision or relates to a Specially Serviced Loan) may, consistent
with the Servicing Standard, agree to any waiver, modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that
is not in default or as to which default is not reasonably foreseeable only if the contemplated waiver, modification or amendment
(i) will not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)
and (ii) will not cause an Adverse REMIC Event. In making this determination, the applicable Master Servicer or the applicable
Special Servicer may obtain and rely upon (and shall provide to the Trustee and the Certificate Administrator if obtained) an Opinion
of Counsel (at the expense of the related Mortgagor or such other Person requesting such modification or, if such expense cannot
be collected from the related Mortgagor or such other Person, to be paid out of the applicable Collection Account pursuant to Section 3.05(a);
provided that the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall use its reasonable
efforts to collect such fee from the Mortgagor or such other Person to the extent permitted under the related Mortgage Loan documents).
Notwithstanding the foregoing, neither the applicable Master Servicer nor the applicable Special Servicer may waive the payment
of any Prepayment Premium or Yield Maintenance Charge or the requirement that any prepayment of a Mortgage Loan be made on a Due
Date, or if not made on a Due Date, be accompanied by all interest that would be due on the next Due Date with respect to any Mortgage
Loan or Serviced Companion Loan that is not a Specially Serviced Loan.

 

(e)    
Subject to Section 3.18(c), the applicable Master Servicer and the applicable Special Servicer each may, as
a condition to its granting any request by a Mortgagor for consent, modification (including extensions), waiver or indulgence or
any other matter or thing, the granting of which is within such Master Servicer’s or such Special Servicer’s, as the
case may be, discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or Companion
Loan and is permitted by the terms of this Agreement, require that such Mortgagor pay to such Master Servicer or such Special Servicer,
as the case may be, as additional servicing compensation, a reasonable or customary fee, for the additional services performed
in connection with such request; provided that the charging of such fee is not a “significant modification”
of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(f)    
All modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered into
pursuant to this Section 3.18 shall be in writing, signed by the applicable Master Servicer or the applicable Special
Servicer, as the case may be, and the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such guarantor’s
signature is required by the applicable Special Servicer in accordance with the Servicing Standard).

 

(g)        
With respect to any modification, waiver or amendment for which it is responsible for processing pursuant to Section 3.18,
after completion, the applicable Special Servicer, shall deliver written notice thereof to the applicable Master Servicer, the
Trustee, the 

 

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Certificate Administrator, the Operating
Advisor (after the occurrence and during the continuance of a Control Termination Event), the Directing Certificateholder and
the Risk Retention Consultation Party (in the case of the Directing Certificateholder, other than following the occurrence and
continuance of a Consultation Termination Event, and in the case of the Directing Certificateholder or the Risk Retention Consultation
Party, other than with respect to any Excluded Loan as to such party), the applicable Companion Holder (or, to the extent the
related Serviced Companion Loan has been included in a securitization transaction, to the master servicer under the related Other
Pooling and Servicing Agreement) (unless, with respect to a holder of an AB Subordinate Companion Loan, an AB Control Appraisal
Period is in effect, if applicable), the related Mortgage Loan Seller (if such Mortgage Loan Seller is not the applicable Master
Servicer or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder or the Risk Retention Consultation Party) and
the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c)) in writing of any modification, waiver or amendment (in each case, after it is finalized and executed)
of any term of any Mortgage Loan or Companion Loan that is modified, waived or amended and the date thereof. With respect to any
modification, waiver or amendment (in each case, after it is finalized and executed) for which it is responsible for processing
pursuant to Section 3.18, after completion, the applicable Master Servicer, shall deliver written notice of any such modification,
waiver or amendment to the Trustee, the Certificate Administrator, the applicable Special Servicer (and such Special Servicer
shall forward such notice to the Directing Certificateholder (only prior to the occurrence and continuance of a Consultation Termination
Event, and other than with respect to an Excluded Loan as to such party) and the applicable Companion Holder (or, to the extent
the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer under the related
Other Pooling and Servicing Agreement) (unless, with respect to a holder of an AB Subordinate Companion Loan, an AB Control Appraisal
Period is in effect, if applicable)), the Risk Retention Consultation Party (other than with respect to an Excluded Loan as to
such party) and the related Mortgage Loan Seller (so long as such Mortgage Loan Seller is not the applicable Master Servicer or
Sub-Servicer of such Mortgage Loan or the Directing Certificateholder or Risk Retention Consultation Party) and the 17g-5 Information
Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c)). The party responsible for delivering notice shall deliver to the Custodian with a copy to the applicable Master
Servicer (if such notice is being delivered by the applicable Special Servicer) for deposit in the related Mortgage File, an original
counterpart of the agreement relating to such modification, waiver or amendment, promptly (and in any event within ten (10) Business
Days) following the execution thereof, with a copy to the applicable Companion Holder (or, to the extent the related Serviced
Companion Loan has been included in a securitization transaction, to the master servicer under the related Other Pooling and Servicing
Agreement),, if any. Following receipt of the applicable Master Servicer’s or the applicable Special Servicer’s, as
the case may be, delivery of the aforesaid modification, waiver or amendment to the Certificate Administrator, the Certificate
Administrator shall forward a copy thereof to each Holder of a Certificate (other than the Class R or Class V Certificates). With
respect to any modification, waiver or consent that is a Master Servicer Decision pursuant to clause (iv) of the definition of
“Master Servicer Decision”, if the related lease affects an area greater than or equal to 10% of the net rentable
area of the related Mortgaged Property and less than 30% of the net rentable area of the related Mortgaged Property, the Master
Servicer shall deliver to the Special Servicer a copy of the approved lease. With respect to any modification, waiver or consent
that is a Master Servicer

 

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 Decision pursuant to clause (vii) of the definition of “Master
Servicer Decision”, the Master Servicer shall deliver to the Special Servicer a copy of the approved annual budget. With
respect to the processing of any modification, waiver or consent related to any Mortgagor incurring additional debt or mezzanine
debt, the applicable Special Servicer (if such Special Servicer processes such modification, waiver or consent pursuant to Section 3.18(a))
or the applicable Master Servicer (if such Master Servicer processes such modification, waiver or consent pursuant to Sections
3.18(a) and (m) shall, on or before the later of (i) 3:00 p.m. on the related P&I Advance Date and (ii) five
(5) Business Days immediately following the applicable Master Servicer or the applicable Special Servicer, as the case may be,
obtaining actual knowledge of the incurrence of such additional debt or mezzanine debt, deliver notice of the Mortgagor’s
incurrence of such debt, substantially in the form of Exhibit JJ, to cts.sec.notifications@wellsfargo.com and
an Additional Disclosure Notification in the form attached hereto as Exhibit DD). The notice contemplated in the preceding
sentence shall set forth, to the extent the applicable Special Servicer or the applicable Master Servicer, as the case may be,
has the requisite information or can reasonably obtain such information, (1) the amount of additional debt that was incurred
in the related Collection Period, (2) the total debt service coverage ratio calculated on the basis of such Mortgage Loan
and additional debt, and (3) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and additional debt. In
the event that either (i) the CREFC® Investor Reporting Package is amended to include such information set
forth above, in a manner reasonably acceptable to the applicable Master Servicer, the applicable Special Servicer and the Certificate
Administrator, as applicable, and such Master Servicer confirms with the Certificate Administrator that such amended CREFC®
Investor Reporting Package enables the Certificate Administrator to include such information on Form 10-D in a manner reasonably
acceptable to the Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act, the additional report
in the form of Exhibit JJ shall no longer be required hereunder. From time to time, the applicable Master Servicer,
the applicable Special Servicer and the Certificate Administrator may agree on a different delivery time and format for the information
set forth in this paragraph.

 

(h)        
Subject to the consent rights and processes set forth in Section 6.08 with respect to Major Decisions, each
Master Servicer shall process all defeasance transactions for the Mortgage Loans for which it acts as Master Servicer and shall
be entitled to all defeasance fees paid related thereto (provided that for the avoidance of doubt, any such defeasance fee
shall not include any Modification Fees or waiver fees in connection with a defeasance that any Special Servicer is entitled to
under this Agreement). Notwithstanding the foregoing, such Master Servicer shall not permit (or, with regard to any Non-Serviced
Mortgage Loan, take any act in furtherance of) the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or a Serviced Whole Loan unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii)
and such Master Servicer has received (i) replacement collateral consisting of government securities within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the requirements of the applicable Mortgage Loan documents,
in an amount sufficient to make all scheduled payments under the related Mortgage Loan (or defeased portion thereof) when due,
(ii) a certificate of an Independent certified public accountant to the effect that such substituted property will provide
cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage Loan or
Serviced Whole Loan in compliance with the requirements of the terms of the related Mortgage Loan documents and, if applicable,
Companion Loan documents, (iii) one or more Opinions of Counsel (at the expense of the related Mortgagor) to the effect that
the Trustee, on behalf of the

 

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Trust, will have a first priority perfected security interest in such substituted Mortgaged Property;
provided, however, that, to the extent consistent with the related Mortgage Loan documents and, if applicable, Companion
Loan documents, the related Mortgagor shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to
the extent consistent with the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Mortgagor shall
establish a single purpose entity to act as a successor mortgagor, if so required by the Rating Agencies, (v) to the extent
permissible under the related Mortgage Loan documents and, if applicable, Companion Loan documents, the applicable Master Servicer
shall use its reasonable efforts to require the related Mortgagor to pay all costs of such defeasance, including but not limited
to the cost of maintaining any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan documents and,
if applicable, Companion Loan documents, the applicable Master Servicer shall obtain, at the expense of the related Mortgagor,
Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25); provided,
further, however, that no such confirmation from any Rating Agency shall be required to the extent that the applicable
Master Servicer has delivered a defeasance certificate substantially in the form of Exhibit U hereto for any Mortgage
Loan that (together with any Mortgage Loans cross-collateralized with such Mortgage Loans) is: (i) a Mortgage Loan with a
Cut-off Date Balance less than $35,000,000, (ii) a Mortgage Loan that represents less than 5% of the aggregate Cut-off Date
Balance of all Mortgage Loans a, and (iii) a Mortgage Loan that is not one of the ten (10) largest Mortgage Loans by Stated
Principal Balance. Notwithstanding the foregoing, in the event that requiring the Mortgagor to pay for the items specified in clauses (ii),
(iv) and (v) in the preceding sentence would be inconsistent with the related Mortgage Loan documents, such reasonable
costs shall be paid by the related Mortgage Loan Seller as and to the extent set forth in the applicable Mortgage Loan Purchase
Agreement.

 

(i)     
Notwithstanding anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan documents,
to the contrary, the applicable Master Servicer may permit the substitution of “government securities,” within the
meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii)
for any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan, as applicable (or
any portion thereof), in lieu of the defeasance collateral specified in the related Mortgage Loan documents or Serviced Whole Loan
documents, as applicable; provided that such substitution is consistent with the Servicing Standard and the applicable Master
Servicer reasonably determines that allowing their use would not cause a default or event of default to become reasonably foreseeable
and the applicable Master Servicer receives an Opinion of Counsel (at the expense of the Mortgagor to the extent permitted under
the Mortgage Loan documents and, if applicable or Companion Loan documents or otherwise as a Trust Fund expense) to the effect
that such use would not be and would not constitute a “significant modification” of such Mortgage Loan or Companion
Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise constitute an Adverse REMIC Event with respect
to any Trust REMIC; and provided, further, that the requirements set forth in Section 3.18(h) (including
receipt of any Rating Agency Confirmation) are satisfied; and provided, further, that such securities are backed
by the full faith and credit of the United States government,

 

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or the applicable Master Servicer shall obtain Rating Agency Confirmation
from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25).

 

Notwithstanding the foregoing,
with respect to (i) all of the Mortgage Loans originated or acquired by Bank of America, National Association that are subject
to defeasance (other than the Mortgage Loans identified on Exhibit B hereto as Miami Design District and Boca Office Portfolio)
and (ii) all of the Mortgage Loans originated or acquired by Morgan Stanley Mortgage Capital Holdings LLC that are subject to defeasance,
each of Bank of America, National Association and Morgan Stanley Mortgage Capital Holdings LLC, as applicable, has transferred
to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate the successor borrower
and/or to purchase or cause to be purchased the related defeasance collateral, in each case as set forth in the related Mortgage
Loan Purchase Agreement (any such right or obligation, the “Retained Defeasance Rights and Obligations”). In
the event the General Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan for which Bank of
America, National Association or Morgan Stanley Mortgage Capital Holdings LLC, as applicable, is the related Mortgage Loan Seller,
which such Mortgage Loan provides for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master
Servicer shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to Bank
of America, National Association or Morgan Stanley Mortgage Capital Holdings LLC, as applicable, in the case of any such Mortgage
Loan for which Bank of America, National Association or Morgan Stanley Mortgage Capital Holdings LLC, as applicable, is the related
Mortgage Loan Seller. Until such time as Bank of America, National Association or Morgan Stanley Mortgage Capital Holdings LLC,
as applicable, provides the Master Servicer with written notice to the contrary, the notice of a defeasance of a Mortgage Loan
with Retained Defeasance Rights and Obligations as to which (i) Bank of America, National Association is the related Mortgage Loan
Seller shall be delivered to Bank of America, National Association, One Bryant Park, Mail Code: NY-100-11-07, New York, New York
10036, Attention: Director of CMBS Securitization, email: leland.f.bunch@bofa.com, with copies to Bank of America Legal
Department, 150 North College Street, Mail Code: NC1-028-24-02, Charlotte, North Carolina 28255, Attention: W. Todd Stillerman,
Esq., Associate General Counsel & Director, email: todd.stillerman@bofa.com and cmbsnotices@bofa.com, and Joshua
J. Yablonski, Katten Muchin Rosenman LLP, 550 South Tryon Street, Suite 2900, Charlotte, North Carolina 28202, email: joshua.yablonski@katten.com
or (ii) Morgan Stanley Mortgage Capital Holdings LLC is the related Mortgage Loan Seller shall be delivered to Morgan Stanley Mortgage
Capital Holdings LLC, 1585 Broadway, New York, New York 10036, Attention: Jane Lam (with a copy to Morgan Stanley Mortgage Capital
Holdings LLC, 1633 Broadway, 29th Floor, New York, New York 10019, Attention: Legal Compliance Division, and a copy by email to
cmbs_notices@morganstanley.com). With respect to any Mortgage Loan originated or acquired by Bank of America, National Association
or Morgan Stanley Mortgage Capital Holdings LLC, as applicable, that is subject to defeasance, if the successor borrower is not
designated or formed by Bank of America, National Association or Morgan Stanley Mortgage Capital Holdings LLC, as the case may
be, or any Affiliate or successor thereto, the successor borrower shall be reasonably acceptable to the applicable Master Servicer
in accordance with the Servicing Standard.

 

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(j)     
If required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard,
the applicable Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”),
which shall be Eligible Accounts, into which all payments received by such Master Servicer from any defeasance collateral substituted
for any Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the
Mortgage Loan or Companion Loan documents. Notwithstanding the foregoing, in no event shall the applicable Master Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested
by such Master Servicer in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to
be placed in a separate account, the applicable Master Servicer shall deposit all payments received by it from defeasance collateral
substituted for any Mortgaged Property into the applicable Collection Account and treat any such payments as payments made on the
Mortgage Loan or Companion Loan in advance of its Due Date in accordance with clause (a)(i) of the definition of “Aggregate
Available Funds” and not as a prepayment of the related Mortgage Loan or Companion Loan. Notwithstanding anything herein
to the contrary, in no event shall the applicable Master Servicer permit such amounts to be maintained in the applicable Collection
Account for a period in excess of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in the case of a leap
year).

 

(k)    
Notwithstanding anything to the contrary in this Agreement, neither the applicable Master Servicer nor the applicable Special
Servicer, as the case may be, shall, unless it has received Rating Agency Confirmation from each Rating Agency and a confirmation
of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25) (the cost of which shall be paid by the related Mortgagor, if so allowed by the terms of
the related loan documents and otherwise paid out of general collections) grant or accept any consent, approval or direction regarding
the termination of the related property manager or the designation of any replacement property manager, with respect to any Mortgaged
Property that secures a Mortgage Loan that (i) is one of the ten (10) largest Mortgage Loans a by Stated Principal Balance
or (ii) has an unpaid principal balance that is at least equal to 5% of the then-aggregate principal balance of all Mortgage
Loans or $35,000,000.

 

(l)     
Notwithstanding anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment
in connection with any release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral, the
applicable Special Servicer shall not approve any such modification, waiver or amendment or consent thereto without first having
received a copy of an Opinion of Counsel addressed to such Special Servicer and the applicable Master Servicer that such modification,
waiver, consent or amendment will not cause an Adverse REMIC Event.

 

(m)        
Notwithstanding any other provisions of this Section 3.18 or Section 3.08, but subject to any related
Intercreditor Agreement, the applicable Master Servicer may, without any Directing Certificateholder’s approval, consent
or consultation (except as otherwise provided

 

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below in the definition of “Master Servicer Decision”), Risk Retention
Consultation Party’s consultation or the applicable Special Servicer’s approval, consent or consultation take any of
the following actions with respect to Non-Specially Serviced Loans (and in the case of clause (ix), a Non-Serviced Mortgage Loan)
(each such action, a “Master Servicer Decision”): (i) grant waivers of non-material covenant defaults (other
than financial covenants and receipt of financial statements, but including immaterial timing waivers such as with respect to late
financial statements) (except that, other than with respect to any NCB Co-op Mortgage Loan or any Excluded Loan with respect to
the Directing Certificateholder or the holder of the majority of the Controlling Class, and prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder’s consent (or deemed consent) shall be required to grant
timing waivers of more than three (3) consecutive late deliveries of financial statements); (ii) consents to releases of non-material,
non-income producing parcels of a Mortgaged Property that do not materially affect the use or value of the related Mortgaged Property
or the ability of the related Mortgagor to pay amounts due in respect of the Mortgage Loan as and when due, provided such releases
are required by the related Mortgage Loan documents and there is no lender discretion permitted under the Mortgage Loan documents;
(iii) approve or consent to grants of easements or rights of way (including, without limitation, for utilities, access, parking,
public improvements or another purpose) or subordination of the lien of the Mortgage Loan to easements if the applicable Special
Servicer has determined, in accordance with the proviso to the definition of “Special Servicer Decision”, that such
easements or rights of way do not materially affect the use or value of a Mortgaged Property or a Mortgagor’s ability to
make payments with respect to the related Mortgage Loan or any related Companion Loan; (iv) grant subordination, non-disturbance
and attornment agreements and consents involving leasing activities that do not involve a ground lease and affect an area less
than or equal to the lesser of (a) 30% of the net rentable area of the improvements at the Mortgaged Property and (b) 30,000
square feet of the improvements at the Mortgaged Property, including approval of new leases and amendments to current leases; (v) approve
or consent to actions and releases related to condemnation of parcels of a Mortgaged Property if the applicable Special Servicer
has determined, in accordance with the proviso to the definition of “Special Servicer Decision”, that such condemnation
is not with respect to a material parcel or a material income producing parcel and such condemnation does not materially affect
the use or value of the related Mortgaged Property or the ability of the related Mortgagor to pay amounts due in respect of the
related Mortgage Loan or any related Companion Loan when due; (vi) consent to a change in property management relating to
any Mortgage Loan and related Serviced Companion Loan if the replacement property manager is not a Borrower Party and, other than
with respect to any NCB Co-op Mortgage Loan, the Mortgage Loan has an outstanding principal balance less than $10,000,000; (vii) approve
annual operating budgets for Mortgage Loans; (viii) grant any extension or enter into any forbearance with respect to the anticipated
refinancing of a Mortgage Loan or sale of a Mortgaged Property after the related Maturity Date of such Mortgage Loan so long as
(A) such extension or forbearance does not extend beyond 120 days after the related Maturity Date and (B) the related
Mortgagor has delivered documentation reasonably satisfactory in form and substance to the applicable Master Servicer or the applicable
Special Servicer, which provides that a refinancing of such Mortgage Loan or sale of the related Mortgaged Property will occur
within 120 days after the date on which such Balloon Payment will become due; (ix) any non-material modification, amendment,
consent to a non-material modification or waiver of any term of any Intercreditor Agreement if the applicable Special Servicer
has determined, in accordance with the proviso to the definition of “Major

 

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Decision”, that such modification, amendment
or consent is administrative in nature, including a note splitting amendment, provided, that if any such modification or amendment
would adversely impact the applicable Special Servicer, such modification or amendment will additionally require the consent of
the applicable Special Servicer as a condition to its effectiveness; (x) any determination of Acceptable Insurance Default,
except that, prior to the occurrence and continuance of a Control Termination Event and other than in the case of any Excluded
Loan as to the Directing Certificateholder or the holder of the majority of the Controlling Class, the Directing Certificateholder’s
consent (or deemed consent) shall be required in accordance with this Agreement for any such determination; (xi) approve or
consent to any defeasance of the related Mortgage Loan or Serviced Companion Loan other than agreeing to (A) a modification
of the type of defeasance collateral required under the Mortgage Loan or Serviced Whole Loan documents other than direct, non-callable
obligations of the United States would be permitted or (B) a modification that would permit a principal prepayment instead of defeasance
if the Mortgage Loan or Serviced Whole Loan documents do not otherwise permit such principal prepayment; (xii) any determination
to bring a Mortgaged Property into compliance with applicable environmental laws or to otherwise address hazardous material located
at a Mortgaged Property subject, prior to the occurrence and continuance of a Control Termination Event and other than with respect
to any Excluded Loan as to the Directing Certificateholder or the holder of the majority of the Controlling Class, to the consent
(or deemed consent) of the Directing Certificateholder, (xiii) any transfer of the Mortgaged Property that the Mortgage Loan documents
allow without the consent of the lender but subject to satisfaction of conditions specified in the Mortgage Loan documents where
no lender discretion is necessary in order to determine if such conditions are satisfied; (xiv) with respect to NCB Co-op Mortgage
Loans, consent to the related Mortgagor incurring subordinate debt secured by the related Mortgaged Property, subject to the satisfaction
of the NCB Subordinate Debt Conditions with respect to such subordinate debt; (xv) to the extent not a Major Decision or a Special
Servicer Decision pursuant to clause (x) of the definition of “Major Decision” or clause (iii) of the
definition of “Special Servicer Decision”, respectively, approve any requests for the funding or disbursement of amounts
from any escrow accounts, reserve funds or letters of credit held as “performance”, “earn-out”, “holdback”
or similar escrows or reserves where such request is for the funding or disbursement of ordinary course impounds, repair and replacement
reserves, lender approved budget and operating expenses, and tenant improvements pursuant to an approved lease, or in the case
of any NCB Co-op Mortgage Loan, any other escrow funds, reserve funds or other additional collateral with respect to such Mortgage
Loan, each in accordance with the Mortgage Loan documents (all such fundings and disbursements being collectively referred to as
“Routine Disbursements”) or any other funding or disbursement as mutually agreed upon by the applicable Master
Servicer and the applicable Special Servicer; provided, however, that in the case of any Mortgage Loan (other than an NCB Co-op
Mortgage Loan) whose escrows, reserves, holdbacks and related letters of credit exceed, in the aggregate, at the related origination
date, 10% of the initial principal balance of such Mortgage Loan (which Mortgage Loans are identified on Schedule 3 hereto),
no such funding or disbursement of such escrows, reserves, holdbacks or letters of credit will be deemed to constitute a Routine
Disbursement, and will instead constitute Special Servicer Decisions, except for the routine funding of tax payments and insurance
premiums when due and payable and except for any such funding or disbursement as to which the related Mortgage Loan documents do
not provide for lender discretion; and (xvi) grant or agree to any other waiver, modification, amendment and/or consent that does
not constitute a Major Decision or a Special Servicer Decision; provided that (w) any such action would not in any
way affect a payment term

 

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of the Certificates, (x) any such action would not constitute a “significant modification”
of such Mortgage Loan or Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause
either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes (as evidenced by an Opinion of Counsel (at the
expense of the Trust to the extent not reimbursed or paid by the related Mortgagor), to the extent requesting such opinion is consistent
with the Servicing Standard), (y) agreeing to such action would be consistent with the Servicing Standard, and (z) agreeing
to such action would not violate the terms, provisions or limitations of this Agreement or any Intercreditor Agreement; provided,
further, that, with respect to any Serviced AB Whole Loan if an AB Control Appraisal Period is not in effect with regard to such
Serviced AB Whole Loan, the foregoing matters shall not include (and Master Servicer Decision shall not include) any action that
constitutes a “major decision” under the related Intercreditor Agreement. In the case of any Master Servicer Decision
that requires the consent of the Directing Certificateholder, such consent shall be deemed given if a response to the request for
consent is not provided within ten (10) Business Days after receipt of the applicable Master Servicer’s written recommendation
and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably available to the applicable
Master Servicer in order to grant or withhold such consent. In connection with the processing by the applicable Master Servicer
of any Master Servicer Decision, after completion thereof, the applicable Master Servicer shall deliver notice thereof to the Special
Servicer (and the Special Servicer shall promptly, prior to the occurrence and continuance of a Consultation Termination Event
and other than in respect of any Excluded Loan as to the Directing Certificateholder or the Holder of the majority of the Controlling
Class, deliver notice thereof to the Directing Certificateholder, except to the extent that the Directing Certificateholder notifies
the Special Servicer that the Directing Certificateholder does not desire to receive copies of such items) and the Risk Retention
Consultation Party (other than with respect to any Excluded Loan as to such party). The foregoing is intended to be an itemization
of actions the applicable Master Servicer may take without having to obtain the approval of any other party and is not intended
to limit the responsibilities of the applicable Master Servicer hereunder.

 

(n)        
No Master Servicer or Special Servicer shall modify any Mortgage Loan into an AB Modified Loan unless the documents evidencing
such modification provide that all payments on the junior or “B” portion of such AB Modified Loan (including interest,
principal and other amounts) shall only be payable after the point in time at which all interest and principal on the senior or
“A” portion of such AB Modified Loan shall have been paid in full and such senior or “A” portion shall
no longer be outstanding; provided, however, that interest and other amounts in respect of such junior or “B” portion
may accrue prior to such point in time.

 

In addition to the foregoing,
the applicable Special Servicer shall be allowed to grant a forbearance if (i) prior to September 30, 2021, the period of forbearance
granted, when added to any prior periods of forbearance granted before or after the Trust acquired such Mortgage Loan (whether
or not such prior grants of forbearance were covered by Revenue Procedure 2020-26), does not exceed six (6) months (or such longer
period of time as may be allowed by future guidance that is binding on federal income tax authorities) or the applicable forbearance
program pursuant to which the related forbearance was granted is otherwise identical or similar to those described in Section 2.07
of Revenue Procedure 2020-26 and such forbearance is covered by Revenue Procedure 2020-26, (ii) such forbearance is permitted under
another provision of this

 

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Agreement and the requirements under such provision are satisfied, or (iii) an Opinion of Counsel is
delivered to the effect that such forbearance will not result in an Adverse REMIC Event.

 

Section 3.19     Transfer of Servicing Between Master Servicers and Special Servicers; Recordkeeping; Asset Status Report. (a) Upon
determining that a Servicing Transfer Event has occurred with respect to any Serviced Mortgage Loan or Serviced Companion Loan,
the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall promptly give notice to the applicable
Master Servicer or the applicable Special Servicer, as the case may be, the Operating Advisor and the Directing Certificateholder
(in the case of the Directing Certificateholder, (i) prior to the occurrence and continuance of a Consultation Termination
Event and (ii) other than with respect to any Excluded Loan as to such party) thereof, and the applicable Master Servicer
shall deliver the related Mortgage File and Servicing File to the applicable Special Servicer and concurrently provide a copy of
such Servicing File, exclusive of all Privileged Communications, to the Operating Advisor. The applicable Master Servicer shall
use its reasonable efforts to provide the applicable Special Servicer with all documents and records (including records stored
electronically on computer tapes, magnetic discs and the like) relating to such Mortgage Loan and, if applicable, the related Serviced
Companion Loan, either in the applicable Master Servicer’s possession or otherwise available to such Master Servicer without
undue burden or expense, and reasonably requested by the applicable Special Servicer to enable it to assume its functions hereunder
with respect thereto. Such Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5)
Business Days of the occurrence of each related Servicing Transfer Event (or, in the case of clauses (iii), (iv),
(viii) or (ix) of the definition of Servicing Transfer Event, within five (5) Business Days of receiving notice from
the applicable Special Servicer of such Servicing Transfer Event when such Special Servicer makes the determination) and in any
event shall continue to act as Master Servicer and administrator of such Mortgage Loan and, if applicable, the related Serviced
Companion Loan until such Special Servicer has commenced the servicing of such Mortgage Loan and, if applicable, the related Serviced
Companion Loan. The applicable Master Servicer shall deliver to the Trustee, the Certificate Administrator, the Operating Advisor,
the Directing Certificateholder (with respect to the Directing Certificateholder (i) prior to the occurrence and continuance
of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan as to such party), a copy of the
notice of such Servicing Transfer Event provided by the applicable Master Servicer to the applicable Special Servicer, or by the
applicable Special Servicer to the applicable Master Servicer, pursuant to this Section 3.19. Prior to the occurrence
and continuance of a Consultation Termination Event, the Certificate Administrator shall deliver to each Controlling Class Certificateholder
a copy of the notice of such Servicing Transfer Event provided by the applicable Master Servicer pursuant to this Section 3.19.

 

Upon determining that
a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three (3) consecutive Periodic
Payments (provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the
applicable Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage
Loan and, if applicable, the related Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto,
the applicable Special Servicer shall immediately give notice thereof to the applicable Master Servicer, the Operating Advisor,
the related Serviced Companion Noteholder (unless with respect to an AB Subordinate Companion Loan an AB Control Appraisal Period
is in effect) and the Directing Certificateholder (with respect

 

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to the Directing Certificateholder, (i) prior to the occurrence
and continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan as to such party)
and shall return the related Mortgage File and Servicing File to the applicable Master Servicer (or copies thereof if copies only
were delivered to the applicable Special Servicer) and upon giving such notice, and returning such Mortgage File and Servicing
File to such Master Servicer, such Special Servicer’s obligation to service such Corrected Loan shall terminate and the obligations
of such Master Servicer to service and administer such Mortgage Loan and, if applicable, the related Companion Loan shall recommence.

 

(b)    
In servicing any Specially Serviced Loans and Serviced Companion Loans, the applicable Special Servicer will provide to
the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related
Mortgage File to the extent within its possession (with a copy of each such original to the applicable Master Servicer), and provide
the applicable Master Servicer with copies of any additional related Mortgage Loan or Serviced Companion Loan information including
correspondence with the related Mortgagor.

 

(c)        
Notwithstanding the provisions of Section 3.12(c), the applicable Master Servicer shall maintain ongoing payment
records with respect to each of the Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect
to a Non-Serviced Mortgage Loan) and shall provide the applicable Special Servicer with any information in its possession with
respect to such records to enable such Special Servicer to perform its duties under this Agreement; provided that this statement
shall not be construed to require such Master Servicer to produce any additional reports.

 

(d)        
No later than sixty (60) days after a Servicing Transfer Event for a Serviced Mortgage Loan and, if applicable, the related
Companion Loan, the applicable Special Servicer shall deliver in electronic format a report (the “Asset Status Report”)
with respect to such Mortgage Loan and related Companion Loan, if applicable, and the related Mortgaged Property to the applicable
Master Servicer, the Directing Certificateholder (but with respect to the Directing Certificateholder, only in respect of any Mortgage
Loan other than (A) any Excluded Loan as to such party or (B) any Serviced AB Whole Loan if an AB Control Appraisal Period is not
in effect, and in any event prior to the occurrence and continuance of a Consultation Termination Event), any related Subordinate
Companion Holder if an AB Control Appraisal Period is not in effect with respect to any Serviced AB Whole Loan, the Risk Retention
Consultation Party (but only with respect to any Mortgage Loan other than an Excluded Loan as to such party), the Operating Advisor
(but, other than with respect to an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority
of the Controlling Class, only after the occurrence and during the continuance of a Control Termination Event and, with respect
to any Serviced AB Whole Loan, only to the extent that such Whole Loan is subject to an AB Control Appraisal Period) and the 17g-5
Information Provider (which shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with
Section 3.13(c)) and, with respect to any related Serviced Companion Loan, to the related Companion Holder or, to the
extent the related Serviced Companion Loan has been included in an Other Securitization, to the applicable master servicer of such
Other Securitization into which the related Serviced Companion Loan has been sold; the applicable Special Servicer shall also deliver
a summary of each Final Asset Status Report to the Certificate Administrator and the Certificate Administrator shall post the summary
of the Final Asset Status Report to the Certificate Administrator’s Website. Each Final Asset Status

 

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Report shall be labeled
or otherwise identified or communicated as being final by the applicable Special Servicer. For the avoidance of doubt, no Master
Servicer shall make any Asset Status Reports available to any Certificateholders on its website. None of the parties to this Agreement
shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator. The applicable Special
Servicer shall notify the Operating Advisor of whether any Asset Status Report delivered to the Operating Advisor is a Final Asset
Status Report, which notification may be satisfied by (i) delivery of an Asset Status Report that is either signed by the Directing
Certificateholder or that otherwise includes an indication that such Asset Status Report is deemed approved due to the passage
of any required consent or consultation time period or (ii) such other method as reasonably agreed to by the Operating Advisor
and the applicable Special Servicer. Further, the Certificate Administrator shall not request any Asset Status Report or Final
Asset Status Report from any Master Servicer. Such Asset Status Report shall set forth the following information to the extent
reasonably determinable based on the information that was delivered to the applicable Special Servicer in connection with the transfer
of servicing pursuant to the Servicing Transfer Event:

 

(i)    
a summary of the status of such Specially Serviced Loan and any negotiations with the related Mortgagor;

 

(ii)        
a discussion of the legal and environmental considerations reasonably known to the applicable 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 any related Serviced Companion Loan) and whether outside legal
counsel has been retained;

 

(iii)       
the most current rent roll (or with respect to residential cooperative properties, maintenance schedule), and income or
operating statement available for the related Mortgaged Property;

 

(iv)       
(A) the applicable Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing
status (including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the applicable
Master Servicer for regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the applicable Special Servicer in connection with the proposed or taken actions;

 

(v)        
the status of any foreclosure actions or other proceedings undertaken with respect to such Specially Serviced Loan, any
proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional
defaults under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)       
a description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air
rights lease, if applicable) or franchise agreement;

 

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(vii)      
the decision that the applicable Special Servicer made, or intends or proposes to make, including a narrative analysis setting
forth such Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)     
an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present
value basis than not taking such action, setting forth (x) the basis on which the applicable Special Servicer made such determination
and (y) the net present value calculation and all related assumptions;

 

(ix)        
the appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property)
together with a description of any adjustments to the valuation of such Mortgaged Property made by the applicable Special Servicer
together with an explanation of those adjustments; and

 

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

 

If within ten (10) Business
Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset Status Report in writing
or if the applicable Special Servicer makes a determination, in accordance with the Servicing Standard that the disapproval by
the Directing Certificateholder (communicated to the applicable Special Servicer within ten (10) Business Days) is not in the best
interest of all the Certificateholders and the holder of any related Companion Loan, as a collective whole (taking into account
the pari passu or subordinate nature of any Companion Loan), the applicable Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, however, that the applicable Special Servicer may not take
any action that is contrary to applicable law, the Servicing Standard or the terms of the applicable Mortgage Loan documents. If,
with respect to any Mortgage Loan other than an Excluded Loan with respect to the Directing Certificateholder or the Holder of
the majority of the Controlling Class, prior to the occurrence and continuance of any Control Termination Event, the Directing
Certificateholder disapproves such Asset Status Report within ten (10) Business Days of receipt and the applicable Special Servicer
has not made the affirmative determination described above, the applicable Special Servicer shall revise such Asset Status Report
and deliver a new Asset Status Report as soon as practicable, but in no event later than thirty (30) days after such disapproval,
to the applicable Master Servicer, the Directing Certificateholder (prior to the occurrence and continuance of a Consultation Termination
Event and, in the case of a Serviced AB Whole Loan, only prior to the occurrence and continuance of a Consultation Termination
Event and if an AB Control Appraisal Period is in effect with respect to the related AB Subordinate Companion Loan), the Operating
Advisor (but only after the occurrence and during the continuance of a Control Termination Event) and the 17g-5 Information Provider
(which shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)).
With respect to any Mortgage Loan other than an Excluded Loan with respect to the Directing Certificateholder or the Holder of
the majority of the Controlling Class, prior to the occurrence and continuance of any Control Termination Event, the applicable
Special Servicer shall revise such Asset Status Report as described above in this Section 3.19(d) until the Directing
Certificateholder shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business Days of receiving
such revised Asset Status Report or until the applicable Special Servicer makes a determination, in accordance with the Servicing
Standard, that

 

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the disapproval is not in the best interests of the Certificateholders and the holder of any related Companion Loan,
as a collective whole (taking into account the pari passu or subordinate nature of any Companion Loan); provided
that, if the Directing Certificateholder has not approved the Asset Status Report for a period of sixty (60) Business Days following
the first submission of an Asset Status Report, the applicable Special Servicer may act upon the most recently submitted form of
Asset Status Report, if consistent with the Servicing Standard; provided, however, that such Asset Status Report
does not, and is not intended to be, a substitute for the approvals that are specifically required pursuant to Section 6.08.
Each Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report;
provided that such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.19(d).
Notwithstanding anything herein to the contrary, with respect to any Excluded Loan with respect to the Directing Certificateholder
or the Holder of the majority of the Controlling Class (regardless of whether a Control Termination Event has occurred and is continuing),
the applicable Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with an Asset Status
Report for an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class
that includes a Major Decision and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance
with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

No direction or disapproval
of the Directing Certificateholder hereunder or under a related Intercreditor Agreement or failure of the Directing Certificateholder
to consent to or approve (including any deemed consents or approvals) any request of the applicable Special Servicer, shall (a) require
or cause the applicable Special Servicer to violate the terms of a Specially Serviced Loan, applicable law or any provision of
this Agreement, including the applicable Special Servicer’s obligation to act in accordance with the Servicing Standard and
to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, or (b) result in the imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions, or (c) expose
the applicable Master Servicer, the applicable Special Servicer, the Depositor, the Operating Advisor, the Mortgage Loan Sellers,
the Trust, the Trustee, the Certificate Administrator or their respective officers, directors, members, employees or agents to
any claim, suit or liability or (d) materially expand the scope of the applicable Special Servicer’s, the Trustee’s
or the applicable Master Servicer’s responsibilities under this Agreement.

 

Prior to the occurrence
and continuance of a Control Termination Event, the applicable Special Servicer shall deliver each Final Asset Status Report to
the Operating Advisor promptly following the approval or deemed approval of the Directing Certificateholder.

 

If a Control Termination
Event has occurred and is continuing (or, with respect to a Serviced AB Whole Loan, if both a Control Termination Event has occurred
and is continuing and an AB Control Appraisal Period is in effect), the applicable Special Servicer shall promptly deliver each
Asset Status Report prepared in connection with a Specially Serviced Loan to the Operating Advisor (and the Directing Certificateholder
(if no Consultation Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded Loan as
to such party)). The Operating Advisor shall provide comments to the applicable Special Servicer in respect of the Asset Status
Report, if any, within ten (10) Business Days following the later of (i) receipt of such Asset Status Report or (ii) receipt
of such additional information reasonably

 

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requested by the Operating Advisor related thereto, and propose possible alternative
courses of action to the extent it determines such alternatives to be in the best interest of the Certificateholders (including
any Certificateholders that are holders of the Control Eligible Certificates), as a collective whole. The applicable Special Servicer
shall consider such alternative courses of action and any other feedback provided by the Operating Advisor (and the Directing Certificateholder
(in each case, if no Consultation Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded
Loan as to such party or a Non-Serviced Mortgage Loan)) in connection with the applicable Special Servicer’s preparation
of any Asset Status Report. The applicable Special Servicer may revise the Asset Status Report as it deems necessary to take into
account any input and/or comments from the Operating Advisor (and the Directing Certificateholder (if no Consultation Termination
Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded Loan as to such party)), to the extent
the applicable Special Servicer determines that the Operating Advisor’s and/or Directing Certificateholder’s input
and/or recommendations are consistent with the Servicing Standard and in the best interest of the Certificateholders as a collective
whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders and the holders of the related Companion
Loan, as a collective whole (taking into account the pari passu or subordinate nature of such Companion Loan)). Promptly upon determining
whether or not to revise any Asset Status Report to take into account any input and/or comments from the Operating Advisor or the
Directing Certificateholder, the applicable Special Servicer shall revise the Asset Status Report, if applicable, and deliver to
the Operating Advisor and the Directing Certificateholder the revised Asset Status Report (until a Final Asset Status Report is
issued) or provide notice that the Special Servicer has decided not to revise such Asset Status Report, as applicable.

 

After the occurrence
and during the continuance of a Control Termination Event (and at any time with respect to any Excluded Loan with respect to the
Directing Certificateholder or the Holder of the majority of the Controlling Class), the Directing Certificateholder shall have
no right to consent to any Asset Status Report under this Section 3.19. After the occurrence and during the continuance
of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder
(except with respect to any Excluded Loan as to such party or any Serviced AB Whole Loan if an AB Control Appraisal Period is not
in effect) and the Operating Advisor shall consult with the applicable Special Servicer and propose alternative courses of action
and provide other feedback in respect of any Asset Status Report. The Directing Certificateholder (other than in its capacity as
a Certificateholder) (in each case, after the occurrence and during the continuance of a Consultation Termination Event (and at
any time with respect to any Excluded Loan as to such party)), shall have no right to receive any Asset Status Report or otherwise
consult with the applicable Special Servicer with respect to Asset Status Reports and the applicable Special Servicer shall only
be obligated to consult with the Operating Advisor with respect to any Asset Status Report as described above. The applicable Special
Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard
to take into account any input and/or recommendations of the Operating Advisor or the Directing Certificateholder during the applicable
periods described above, but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing
Certificateholder.

 

Notwithstanding the foregoing,
if an AB Control Appraisal Period is not in effect with respect to an AB Subordinate Companion Loan, the applicable Special Servicer
shall prepare

 

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an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced Loan pursuant to this
Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval rights over any such
Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be as set forth in the related
Intercreditor Agreement.

 

(e)        
 (i)Upon receiving notice of the occurrence of the events described in clause (iv) or (ix) of the definition
of Servicing Transfer Event (without regard to the 60-day period set forth therein), the applicable Master Servicer shall with
reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the applicable Special Servicer with
all information relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by such Special Servicer to enable
it to negotiate with the related Mortgagor. The applicable Master Servicer shall use its reasonable efforts to comply with the
preceding sentence within five (5) Business Days of the occurrence of each such event.

 

(ii)        
After the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence
of an event described in clause (iv) or (ix) of the definition of Servicing Transfer Event (without regard to
the 60-day period set forth therein), the applicable Master Servicer shall deliver notice thereof to the Operating Advisor at the
same time such notice is provided to the applicable Special Servicer pursuant to clause (i) above.

 

(f)    
Prior to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following the
establishment of a Final Asset Status Report with respect to any Specially Serviced Loan, the applicable Special Servicer shall
deliver in electronic format to the Directing Certificateholder (other than with respect to any Excluded Loan as to such party)
a draft notice that will include a draft summary of the Final Asset Status Report (which briefly summarizes such Final Asset Status
Report, but shall not include any Privileged Information) (and shall deliver each Asset Status Report with respect to a Serviced
AB Mortgage Loan if an AB Control Appraisal Period is not in effect (to the extent approved by the related AB Whole Loan Controlling
Holder), to the Directing Certificateholder). With respect to any Mortgage Loan other than an Excluded Loan with respect to the
Directing Certificateholder or the Holder of the majority of the Controlling Class, if, prior to the occurrence and continuance
of a Control Termination Event, within five (5) Business Days of receipt of such draft summary, the Directing Certificateholder
approves of, or does not disapprove of such draft summary, then the applicable Special Servicer shall deliver in electronic format
such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s
Website pursuant to Section 3.13(b). If the Directing Certificateholder affirmatively disapproves of such summary in
writing, then within two (2) Business Days of receipt of such disapproval, the applicable Special Servicer shall revise the summary
and deliver such new summary to the Directing Certificateholder until the Directing Certificateholder approves such draft summary;
provided, however, that if the Directing Certificateholder has not approved of the draft summary of the Final Asset
Status Report within twenty (20) Business Days of receipt of the initial draft summary of the Final Asset Status Report, then the
most recent draft summary of the Final Asset Status Report delivered by the applicable Special Servicer prior to such twentieth
(20th) Business Day shall be deemed to be the final summary of the Final Asset Status Report; provided, further,
however, that if at any time the applicable Special Servicer determines that any affirmative

 

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disapproval of such draft summary
by the Directing Certificateholder is not in the best interest of all the Certificateholders and the holder of any related Companion
Loan, as a collective whole (taking into account the pari passu or subordinate nature of any Companion Loan), pursuant to
the Servicing Standard, the applicable Special Servicer shall deliver in electronic format such notice and summary of the Final
Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b)
notwithstanding such disapproval. The applicable Special Servicer shall promptly deliver (but in any event no later than two (2)
Business Days following its completion) a copy of each Final Asset Status Report to the Operating Advisor. The applicable Special
Servicer shall prepare a summary of any Final Asset Status Report related to any Serviced AB Whole Loan for which the related holder
of an AB Subordinate Companion Loan is not subject to an AB Control Appraisal Period, which Final Asset Status Report has been
approved or deemed approved by the holder of the related AB Subordinate Companion Loan in accordance with the related Intercreditor
Agreement (to the extent such Intercreditor Agreement requires such approval or deemed approval), and deliver in electronic format
notice of such Final Asset Status Report and the summary of such Final Asset Status Report to the Certificate Administrator for
posting on the Certificate Administrator’s Website pursuant to Section 3.13(b).

 

(g)        
No provision of this Section 3.19 shall require a Special Servicer to take or to refrain from taking any action
because of any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section 3.20    
Sub-Servicing Agreements. (a) Each Master Servicer and each Special Servicer may enter into Sub-Servicing Agreements
to provide for the performance by third parties of any or all of its respective obligations hereunder; provided that the
Sub-Servicing Agreement as amended or modified: (i) is consistent with this Agreement in all material respects and requires
the Sub-Servicer to comply with all of the applicable conditions of this Agreement; (ii) provides that if the applicable Master
Servicer or the applicable Special Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder
(including, without limitation, by reason of a Servicer Termination Event), the Trustee or its designee shall thereupon assume
all of the rights and, except to the extent they arose prior to the date of assumption, obligations of such party under such agreement,
or, alternatively, may act in accordance with Section 7.02 under the circumstances described therein (subject to Section 3.20(g));
(iii) provides that the Trustee (for the benefit of the Certificateholders and the related Companion Holder (if applicable))
and the Trustee (as holder of the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement,
but that (except to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated by
the immediately preceding clause (ii)) none of the Trust, the Trustee, the Operating Advisor, the Certificate Administrator,
any Master Servicer or any Special Servicer, as applicable, (other than the applicable Master Servicer or applicable Special Servicer
that enters into such Sub-Servicing Agreement) any successor master servicer or successor special servicer or any Certificateholder
(or the related Companion Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities arising
therefrom; (iv) permits any purchaser of a Mortgage Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement
with respect to such purchased Mortgage Loan at its option and without penalty; provided, however, that the Initial
Sub-Servicing Agreements may only be terminated by the Trustee or its designees as contemplated by Section 3.20(g)
and in such additional manner and by such other Persons as is provided in such

 

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Sub-Servicing Agreement; (v) does not permit
the Sub-Servicer any direct rights of indemnification that may be satisfied out of assets of the Trust except through the applicable
Master Servicer or the applicable Special Servicer, as the case may be, if and only to the extent provided pursuant to Section 6.04;
(vi) does not permit the Sub-Servicer to modify any Mortgage Loan unless and to the extent the applicable Master Servicer
or the applicable Special Servicer, as the case may be, is permitted hereunder to modify such Mortgage Loan; (vii) does not permit
the Sub-Servicer to take any action constituting a Major Decision without the consent of the applicable Master Servicer or the
applicable Special Servicer, as applicable (which consent shall not be granted except in accordance with Section 6.08);
(viii) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function
Participant or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not
a Prohibited Party and (ix) provides that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement and such
Sub-Servicing Agreement shall be terminated (following the expiration of any applicable grace period) if the Sub-Servicer fails
(A) to deliver by the due date any Exchange Act reporting items required to be delivered to the applicable Master Servicer,
the Certificate Administrator or the Depositor under Article XI or under the Sub-Servicing Agreement or to the applicable
master servicer under any other pooling and servicing agreement that the Depositor is a party to, or (B) to perform in any
material respect any of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining or
delivering any Exchange Act reporting items required for any party to this Agreement to perform its obligations under Article XI
or under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor is a party
to. Any successor master servicer or successor special servicer, as applicable, hereunder shall, upon becoming a successor master
servicer or successor special servicer, as applicable, be assigned and may assume any Sub-Servicing Agreements from the applicable
predecessor Master Servicer or Special Servicer, as the case may be (subject to Section 3.20(g)). In addition, each
Sub-Servicing Agreement entered into by the applicable Master Servicer may but need not provide that the obligations of the Sub-Servicer
thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan becomes a Specially
Serviced Loan; provided, however, that the Sub-Servicing Agreement may provide (if the Sub-Servicing Agreement provides
for Advances by the Sub-Servicer, although it need not so provide) that the Sub-Servicer will continue to make all Advances and
calculations and prepare all reports required under the Sub-Servicing Agreement with respect to Specially Serviced Loans and continue
to collect its Primary Servicing Fees as if no Servicing Transfer Event had occurred and with respect to REO Properties (and the
related REO Loans) as if no REO Acquisition had occurred and to render such incidental services with respect to such Specially
Serviced Loans and REO Properties as are specifically provided for in such Sub-Servicing Agreement. The applicable Master Servicer
or applicable Special Servicer, as the case may be, shall deliver to the Trustee copies of all Sub-Servicing Agreements, and any
amendments thereto and modifications thereof, entered into by it, in each case promptly upon its execution and delivery of such
documents. References in this Agreement to actions taken or to be taken by the applicable Master Servicer include actions taken
or to be taken by a Sub-Servicer on behalf of each Master Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer
(if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) to satisfy the obligations
of the applicable Master Servicer hereunder to make Advances shall be deemed to have been advanced by the applicable Master Servicer
out of its own funds and, accordingly, in such event, such Advances

 

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shall be recoverable by such Sub-Servicer in the same manner
and out of the same funds as if such Sub-Servicer were the applicable Master Servicer, and, for so long as they are outstanding,
such Advances shall accrue interest in accordance with Section 3.03(d), such interest to be allocable between the applicable
Master Servicer and such Sub-Servicer as may be provided (if at all) pursuant to the terms of the Sub-Servicing Agreement. For
purposes of this Agreement, each Master Servicer shall be deemed to have received any payment when a Sub-Servicer retained by it
receives such payment. The applicable Master Servicer or the applicable Special Servicer, as the case may be, shall notify the
applicable Master Servicer or the applicable Special Servicer, as the case may be, the Trustee and the Depositor (and such Special
Servicer shall notify the Operating Advisor) in writing promptly of the appointment by it of any Sub-Servicer, except that a Master
Servicer need not provide such notice as to the Initial Sub-Servicing Agreements.

 

(b)        
Each Sub-Servicer shall be authorized to transact business in the state or states in which the related Mortgaged Properties
it is to service are situated, if and to the extent required by applicable law to the extent necessary to ensure the enforceability
of the related Mortgage Loans or the compliance with its obligations under the Sub-Servicing Agreement and the applicable Master
Servicer’s obligations under this Agreement.

 

(c)        
As part of its servicing activities hereunder, the applicable Master Servicer and the applicable Special Servicer for the
benefit of the Trustee and the Certificateholders, shall (at no expense to the Trustee, the Certificateholders or the Trust) monitor
the performance and enforce the obligations of each of its Sub-Servicers under the related Sub-Servicing Agreement, except that
the applicable Master Servicer shall be required only to use reasonable efforts to cause any Initial Sub-Servicer to comply with
the requirements of Article XI. Such enforcement, including, without limitation, the legal prosecution of claims, termination
of Sub-Servicing Agreements in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in
such form and carried out to such an extent and at such time as is in accordance with the Servicing Standard. The applicable Master
Servicer shall have the right to remove a Sub-Servicer retained by it pursuant to the terms of the related Sub-Servicing Agreement.

 

(d)        
In the event the Trustee or its designee becomes a successor master servicer and assumes the rights and obligations of a
Master Servicer under any Sub-Servicing Agreement, the applicable Master Servicer, at its expense, shall deliver to the assuming
party all documents and records relating to such Sub-Servicing Agreement and the Mortgage Loans and, if applicable, the Companion
Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it thereunder, and otherwise
use reasonable efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

 

(e)    
Notwithstanding the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided
in Article XI with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the applicable Master
Servicer shall remain obligated and responsible to the Trustee, the applicable Special Servicer, holders of the Companion Loans
serviced hereunder and the Certificateholders for the performance of its obligations and duties under this Agreement in accordance
with the provisions hereof to the same extent and under the same terms and conditions as if it alone were servicing and administering
the Mortgage Loans for which it is responsible, and the applicable Master Servicer shall pay the fees of any Sub-Servicer thereunder
as and when due from its own funds. In no event shall the Trust bear any termination

 

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fee required to be paid to any Sub-Servicer
as a result of such Sub-Servicer’s termination under any Sub-Servicing Agreement.

 

(f)    
The Trustee, upon the request of the applicable Master Servicer, shall furnish to any Sub-Servicer any documents necessary
or appropriate to enable such Sub-Servicer to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)        
Each Sub-Servicing Agreement shall provide that, in the event the Trustee or any other Person becomes a successor master
servicer, the Trustee or such successor master servicer shall have the right to terminate such Sub-Servicing Agreement with or
without cause and without a fee. Notwithstanding the foregoing or any other contrary provision in this Agreement, the Trustee and
any successor master servicer shall assume each Initial Sub-Servicing Agreement and (i) the Initial Sub-Servicer’s rights
and obligations under the Initial Sub-Servicing Agreement shall expressly survive a termination of the applicable Master Servicer’s
servicing rights under this Agreement; provided that the Initial Sub-Servicing Agreement has not been terminated in accordance
with its provisions; (ii) any successor master servicer, including, without limitation, the Trustee (if it assumes the servicing
obligations of the applicable Master Servicer) shall be deemed to automatically assume and agree to the then-current Initial Sub-Servicing
Agreement without further action upon becoming the successor master servicer and (iii) this Agreement may not be modified
in any manner which would increase the obligations or limit the rights of the Initial Sub-Servicer hereunder and/or under the Initial
Sub-Servicing Agreement, without the prior written consent of the Initial Sub-Servicer (which consent shall not be unreasonably
withheld).

 

(h)        
With respect to Mortgage Loans subject to a Sub-Servicing Agreement with any Master Servicer, the applicable Special Servicer
shall, upon request (such request to be made reasonably in advance as appropriate to the circumstances surrounding such request)
of the related Sub-Servicer, reasonably cooperate in delivering reports and information, including remittance information, and
affording access to information to the related Sub-Servicer that would be required to be delivered or afforded, as the case may
be, to the applicable Master Servicer pursuant to the terms hereof.

 

(i)     
Notwithstanding any other provision of this Agreement, no Special Servicer shall enter into any Sub-Servicing Agreement
that provides for the performance by third parties of any or all of its obligations herein, without, prior to the occurrence and
continuance of any Control Termination Event and other than with respect to any Mortgage Loan that is an Excluded Loan with respect
to the Directing Certificateholder or the Holder of the majority of the Controlling Class, the consent of the Directing Certificateholder,
except to the extent necessary for the applicable Special Servicer to comply with applicable regulatory requirements.

 

Section 3.21    
Interest Reserve Account.

 

(a)        
On the P&I Advance Date occurring in each February or in any January that occurs in a year that is not a leap year (in
each case, unless the related Distribution Date is the final Distribution Date), the Certificate Administrator, in respect of the
Actual/360 Mortgage Loans, shall deposit into the Interest Reserve Account, an amount equal to one (1) day’s interest on
the Stated Principal Balance of the Actual/360 Mortgage Loans as of the Distribution Date occurring in the month preceding the
month in which the P&I Advance Date occurs at the related Net

 

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Mortgage Rate, to the extent a full Periodic Payment or P&I
Advance is made in respect thereof (all amounts so deposited in any consecutive February and January, “Withheld Amounts”).

 

(b)        
On each P&I Advance Date occurring in March (or February, if the related Distribution Date is the final Distribution
Date), the Certificate Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts
from the preceding January (if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution
Account.

 

Section 3.22    
Directing Certificateholder and Operating Advisor Contact with Master Servicers and Special Servicers. Within a reasonable
time upon request from the Directing Certificateholder or the Operating Advisor, as applicable, and no more often than on a monthly
basis, each applicable Master Servicer and each applicable Special Servicer shall, without charge, make a knowledgeable Servicing
Officer via telephone available to verbally answer questions from (a) the Directing Certificateholder ((i) prior to the
occurrence and continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan as to
such party) and (b) upon the occurrence and during the continuance of any Control Termination Event, the Operating Advisor
(with respect to a Special Servicer only), regarding the performance and servicing of the Mortgage Loans and/or REO Properties
for which the applicable Master Servicer or the applicable Special Servicer, as the case may be, is responsible.

 

Section 3.23    
Controlling Class Certificateholders, Directing Certificateholder and the Risk Retention Consultation Party; Certain
Rights and Powers of Directing Certificateholder and the Risk Retention Consultation Party. (a) Each Controlling Class Certificateholder
is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address to the Certificate Administrator
and to notify the applicable Master Servicer, the Certificate Administrator, the applicable Special Servicer and the Operating
Advisor of the transfer of any Certificate of a Controlling Class by delivering a notice to each such Person substantially in the
form of Exhibit MM attached hereto, the selection of a Directing Certificateholder or the resignation or removal thereof.
The Directing Certificateholder (other than the Loan-Specific Directing Certificateholder) is hereby deemed to have agreed by virtue
of its purchase of a Certificate to notify the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator,
the Trustee and the Operating Advisor when such Certificateholder is appointed Directing Certificateholder and when it is removed
or resigns. To the extent there is only one Controlling Class Certificateholder and it is also the General Special Servicer, it
shall be the Directing Certificateholder.

 

On the Closing Date,
the initial Directing Certificateholder (other than the Loan-Specific Directing Certificateholder) shall execute a certification
substantially in the form of Exhibit P-1G to this Agreement. Upon the resignation or removal of the existing Directing
Certificateholder (other than the Loan-Specific Directing Certificateholder), any successor directing certificateholder shall deliver
to the parties to this Agreement a certification substantially in the form of Exhibit P-1G to this Agreement prior
to being recognized as the new Directing Certificateholder.

 

On the Closing Date,
the initial Risk Retention Consultation Party shall execute a certification substantially in the form of Exhibit P-1H
to this Agreement. Upon the resignation or

 

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removal of the existing Risk Retention Consultation Party, any successor Risk Retention
Consultation Party shall deliver to the parties to this Agreement a certification substantially in the form of Exhibit P-1H
to this Agreement prior to being recognized as the new Risk Retention Consultation Party.

 

(b)        
Once a Directing Certificateholder has been selected, each applicable Master Servicer, each applicable Special Servicer,
the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate
Owner, if applicable) shall be entitled to rely on such selection unless the Controlling Class Certificateholders entitled to appoint
such Directing Certificateholder, by Certificate Balance, or the Directing Certificateholder shall have notified the applicable
Master Servicer, the applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other
Controlling Class Certificateholder, in writing, of the resignation of such Directing Certificateholder or the selection of a new
Directing Certificateholder. In the event that (i) the applicable Master Servicer, the Certificate Administrator, the applicable
Special Servicer, the Trustee or the Operating Advisor receives written notice from a majority of the Controlling Class Certificateholders
that a Directing Certificateholder is no longer designated and (ii) the Controlling Class Certificateholder that owns the
largest aggregate Certificate Balance of the Controlling Class (or a representative thereof) becomes the Directing Certificateholder
pursuant to the proviso of the definition of “Directing Certificateholder”, then the Controlling Class Certificateholder
that owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) shall provide its name and
address to the Certificate Administrator and notify the applicable Master Servicer, the Certificate Administrator, the applicable
Special Servicer, the Trustee and the Operating Advisor that it is the new Directing Certificateholder; provided that the
applicable Master Servicer, the Certificate Administrator, the applicable Special Servicer, the Trustee and the Operating Advisor
shall be entitled to rely on the written notification provided by the purported Controlling Class Certificateholder that owns the
largest aggregate Certificate Balance of the Controlling Class without independently verifying that such Controlling Class Certificateholder
actually owns the largest aggregate Certificate Balance of the Controlling Class. The foregoing provisions shall not be applicable
to the Directing Certificateholder that is a Loan-Specific Directing Certificateholder. Additionally, once a Risk Retention Consultation
Party has been selected, each applicable Master Servicer, each applicable Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless the Holders of the RR Interest entitled to appoint the Risk Retention Consultation Party, by Certificate
Balance, or such Risk Retention Consultation Party shall have notified each applicable Master Servicer, each applicable Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Holder of the RR Interest, in writing,
of the selection of a new Risk Retention Consultation Party.

 

(c)    
Until it receives notice to the contrary, each applicable Master Servicer, each applicable Special Servicer, the Certificate
Administrator, the Operating Advisor and the Trustee shall be entitled to rely on the most recent notification with respect to
the identity of the Controlling Class Certificateholder, the Directing Certificateholder and the Risk Retention Consultation Party.

 

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(d)        
In the event that no Directing Certificateholder or Risk Retention Consultation Party, as applicable, has been appointed
or identified to any Master Servicer or any Special Servicer, as applicable, and such Master Servicer or such Special Servicer,
as the case may be, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified
to such Master Servicer or such Special Servicer, as applicable, then until such time as the new Directing Certificateholder or
Risk Retention Consultation Party, as applicable, is identified to such Master Servicer or such Special Servicer, as applicable,
such Master Servicer or such Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the
approval or consent of the Directing Certificateholder or Risk Retention Consultation Party, as the case may be.

 

(e)        
Upon request, the Certificate Administrator shall deliver to the Depositor, Trustee, each applicable Special Servicer, the
Operating Advisor, each applicable Master Servicer and, prior to the occurrence and continuance of a Consultation Termination Event,
the Directing Certificateholder, a list of each Controlling Class Certificateholder as reflected in the Certificate Register, including
names and addresses. In addition to the foregoing, within five (5) Business Days of receiving notice of the selection of a new
Directing Certificateholder or Risk Retention Consultation Party or the existence of a new Controlling Class Certificateholder,
the Certificate Administrator shall notify the Trustee, the Operating Advisor, the applicable Master Servicer and the applicable
Special Servicer. Notwithstanding the foregoing, (a) RREF IV Debt AIV, LP shall be the initial Directing Certificateholder and
shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination Event
occurs and is continuing, and (b) Morgan Stanley Mortgage Capital Holdings LLC shall be the initial Risk Retention Consultation
Party and shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination
Event occurs and is continuing.

 

Until it receives notice
to the contrary, each applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing Certificateholder
and the Risk Retention Consultation Party.

 

(f)    
If the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of the Class becoming the Controlling
Class.

 

(g)        
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the
Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class or in its own interest; (iii) the
Directing Certificateholder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling
Class (or in the case of the Loan-Specific Directing Certificateholder has no liabilities or duties to the Controlling Class or
the Holders of any Class of Certificates); (iv) the Directing Certificateholder may take actions that favor interests
of the Holders of one or more Classes including the Controlling Class over the interests of the Holders of one or more other Classes
of Certificates; and (v) the Directing Certificateholder shall have no liability whatsoever (other than to a Controlling Class

 

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Certificateholder; provided that the Loan-Specific Directing Certificateholder shall have no such liability) for having
so acted as set forth in clauses (i) through (v) above, and no Certificateholder may take any action whatsoever
against the Directing Certificateholder or any director, officer, employee, agent or principal of the Directing Certificateholder
for having so acted.

 

Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Party may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Risk Retention
Consultation Party may act solely in the interests of the Holders of the RR Interest; (iii) the Risk Retention Consultation
Party does not have any liability or duties to the Holders of any Class of Certificates other than the RR Interest; (iv) the
Risk Retention Consultation Party may take actions that favor interests of the Holders of one or more Classes including the RR
Interest over the interests of the Holders of one or more other Classes of Certificates; and (v) the Risk Retention Consultation
Party shall have no liability whatsoever (other than to a Holder of an RR Interest) for having so acted as set forth in clauses (i)
through (iv) above, and no Certificateholder may take any action whatsoever against the Risk Retention Consultation Party
or any director, officer, employee, agent or principal of the Risk Retention Consultation Party for having so acted.

 

(h)        
All requirements of each Master Servicer and each Special Servicer to provide notices, reports, statements or other information
(including the access to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply
to each Companion Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan,
as applicable; provided, however, that nothing in this subsection (h) shall in any way eliminate the
obligation to deliver any information required to be delivered under the related Intercreditor Agreement.

 

(i)     
Until it receives notice to the contrary, each applicable Master Servicer, each applicable Special Servicer, the Certificate
Administrator, the Trustee and the Operating Advisor shall be entitled to rely on the most recent notification with respect to
the identity and contact information of the Controlling Class Certificateholder, the Directing Certificateholder, the Risk Retention
Consultation Party and any AB Whole Loan Controlling Holder.

 

(j)     
With respect to a Serviced Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced
Whole Loan, the related Serviced Whole Loan Controlling Holder shall exercise such rights in accordance with the related Intercreditor
Agreement.

 

(k)    
The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2)
Business Days of a request from the applicable Master Servicer, the applicable Special Servicer, Certificate Administrator, Trustee,
or any Certificateholder and provide such information to the requesting party.

 

(l)     
At any time that the Controlling Class Certificateholder is the Holder of a majority of the Class G Certificates and the
Class G Certificates are the Controlling Class, such Controlling Class Certificateholder may waive its right (a) to appoint
the Directing Certificateholder and (b) to exercise any of the Directing Certificateholder’s rights under this

 

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Agreement
by irrevocable written notice delivered to the Depositor, the Certificate Administrator (which shall be via email to trustadministrationgroup@wellsfargo.com),
the applicable Master Servicer, the applicable Special Servicer and the Operating Advisor. Notwithstanding anything to the contrary
contained herein, during such time as a Control Termination Event or Consultation Termination Event is in existence solely as a
result of the operation of clause (ii) of the definition of Control Termination Event and clause (ii) of
the definition of Consultation Termination Event, such Control Termination Event or Consultation Termination Event shall be deemed
to no longer be in existence and have not occurred with respect to any unaffiliated third party to whom the Controlling Class Certificateholder
that irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder has sold or transferred
all or a portion of its interest in the Class G Certificates if such unaffiliated third party holds the majority of the Controlling
Class after giving effect to such transfer (the “Non-Waiving Successor”). Following any such sale or transfer,
the Non-Waiving Successor shall again have the rights of the Controlling Class Certificateholder as set forth herein (including
the rights to appoint a Directing Certificateholder or cause the exercise of the rights of the Directing Certificateholder) without
regard to any prior waiver by the predecessor Controlling Class Certificateholder. The Non-Waiving Successor shall also have the
right to irrevocably waive its right to appoint the Directing Certificateholder and to exercise any of the rights of the Controlling
Class Certificateholder. The Non-Waiving Successor shall also have the right to exercise any of the rights of the Controlling Class
Certificateholder. No Non-Waiving Successor described above shall have any consent rights with respect to any Mortgage Loan that
became a Specially Serviced Loan prior to the sale or transfer of the Class G Certificates to the Non-Waiving Successor and had
not also become a Corrected Loan prior to such sale or transfer until such time as such Mortgage Loan becomes a Corrected Loan.

 

(m)       
Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include
on its statement made available pursuant to Section 4.02(a) of this Agreement the identity of the new Controlling Class
and (ii) provide to each applicable Master Servicer, each applicable Special Servicer and the Operating Advisor notice of
such event and the identity and contact information of the new Controlling Class Certificateholder (the cost of obtaining such
information from DTC being an expense of the Trust). The Certificate Administrator shall notify the Operating Advisor, each applicable
Master Servicer and each applicable Special Servicer within ten (10) Business Days of the existence or cessation of (i) any
Control Termination Event or (ii) any Consultation Termination Event. Upon the Certificate Administrator’s determination
that a Control Termination Event or a Consultation Termination Event has occurred or is terminated, the Certificate Administrator
shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s Website pursuant
to this provision.

 

In the event that a Control
Termination Event has occurred pursuant to clause (i) of the definition thereof, such special notice shall state “A Control
Termination Event has occurred due to the reduction of the Certificate Balance of the Class G Certificates to less than 25% of
the aggregate Original Certificate Balance thereof, with regard to the application of any Cumulative Appraisal Reduction Amounts.”

 

In the event that a Consultation
Termination Event has occurred pursuant to clause (i) of the definition thereof, such special notice shall state “A Consultation
Termination Event has occurred due to the reduction of the Certificate Balance of the Class G Certificates to less than

 

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25% of
the aggregate Original Certificate Balance thereof, without regard to the application of any Cumulative Appraisal Reduction Amounts.”

 

In the event that a Control
Termination Event or Consultation Termination Event has occurred pursuant to clause (ii) of the definition of each of such terms,
such special notice shall state “A Control Termination Event and a Consultation Termination Event has occurred due to the
irrevocable waiver by the applicable Controlling Class Certificateholder of its rights as Controlling Class Certificateholder.”

 

In the event that a Consultation
Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates below 25% of its Original Certificate
Balance, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts, such special notice shall
state: “A Consultation Termination Event has occurred because no Class of Control Eligible Certificates exists where such
class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that class, in each
case without regard to the application of any Cumulative Appraisal Reduction Amounts.”

 

In the event of any transfer
of a Class G Certificate, and upon notice to the Certificate Administrator in the form of Exhibit MM that results in
a termination of a Control Termination Event or a Consultation Termination Event, such “special notice” shall state:
“A Consultation Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a
transfer of a majority interest of the Controlling Class Certificates to an unaffiliated third party which has terminated any waiver
by the prior Holder.”

 

The Directing Certificateholder
shall not have any consent or consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to either
the Directing Certificateholder or the Holder of the majority of the Controlling Class. Notwithstanding the proviso to each of
the definitions of “Control Termination Event” and “Consultation Termination Event”, in either such case,
in respect of the servicing of any such Excluded Loan, a Control Termination Event and a Consultation Termination Event will each
be deemed to have occurred with respect to any such Excluded Loan as to such party.

 

The Risk Retention Consultation
Party shall not have any consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to either such
Risk Retention Consultation Party or the Holder of the majority of the RR Interest.

 

Section 3.24    
Intercreditor Agreements. (a) Each Master Servicer and Special Servicer acknowledges and agrees that each Serviced
Whole Loan being serviced under this Agreement and each Mortgage Loan with mezzanine debt is subject to the terms and provisions
of the related Intercreditor Agreement and each agrees to service each such Serviced Whole Loan, and each Mortgage Loan with mezzanine
debt, in accordance with the related Intercreditor Agreement and this Agreement, including, without limitation, effecting distributions
and allocating reimbursement of expenses in accordance with the related Intercreditor Agreement and, in the event of any conflict
between the provisions of this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall govern.
Notwithstanding anything contrary in this Agreement, each applicable Master Servicer and each applicable Special Servicer agrees
not to take any action with respect to a Serviced Whole Loan, or a Mortgage Loan with mezzanine

 

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debt, or the related Mortgaged
Property without the prior consent of the related Companion Holder or mezzanine lender, as applicable, to the extent that the related
Intercreditor Agreement provides that such Companion Holder or mezzanine lender, as applicable, is required or permitted to consent
to such action. Each applicable Master Servicer and each applicable Special Servicer acknowledges and agrees that each Companion
Holder and each mezzanine lender or its respective designee has the right to purchase the related Mortgage Loan pursuant to the
terms and conditions of this Agreement and the related Intercreditor Agreement to the extent provided for therein. Each Master
Servicer and each Special Servicer further acknowledges and agrees that any AB Whole Loan Controlling Holder will have the right
to replace the applicable Special Servicer solely with respect to the related Serviced AB Whole Loan, to the extent provided for
herein and in the related Intercreditor Agreement.

 

(b)        
Neither the applicable Master Servicer nor the applicable Special Servicer shall have any liability for any cost, claim
or damage that arises from any entitlement in favor of a Companion Holder or a mezzanine lender under the related Intercreditor
Agreement or conflict between the terms of this Agreement and the terms of such Intercreditor Agreement. Notwithstanding any provision
of any Intercreditor Agreement that may otherwise require such Master Servicer or such Special Servicer to abide by any instruction
or direction of a Companion Holder or a mezzanine lender, neither such Master Servicer nor such Special Servicer shall be required
to comply with any instruction or direction the compliance with which requires an Advance that constitutes or would constitute
a Nonrecoverable Advance. In no event shall any expense arising from compliance with an Intercreditor Agreement constitute an expense
to be borne by the applicable Master Servicer or the applicable Special Servicer for its own account without reimbursement. In
no event shall the applicable Master Servicer or the applicable Special Servicer be required to consult with or obtain the consent
of any Companion Holder or a mezzanine lender unless such Companion Holder or mezzanine lender has delivered notice of its identity
and contact information to each of the parties to this Agreement (upon which notice each of the parties to this Agreement shall
be conclusively entitled to rely). As of the Closing Date, the contact information for the Companion Holders and mezzanine lenders
is as set forth in the related Intercreditor Agreement. In no event shall the applicable Master Servicer or the applicable Special
Servicer, as the case may be, be required to consult with or obtain the consent of a new Directing Certificateholder or a new Controlling
Class Certificateholder or consult with a new Risk Retention Consultation Party unless the Certificate Administrator has delivered
notice to such Master Servicer or such Special Servicer, as applicable, as required under Section 3.23(e) or such Master
Servicer or such Special Servicer, as applicable, have actual knowledge of the identity and contact information of a new Directing
Certificateholder, a new Controlling Class Certificateholder or a new Risk Retention Consultation Party.

 

(c)    
No direction or disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the applicable
Master Servicer or the applicable Special Servicer to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable
law or any provision of this Agreement, including such Master Servicer’s or such Special Servicer’s obligation to act
in accordance with the Servicing Standard and to maintain the REMIC status of each Trust REMIC and the grantor trust status of
the Grantor Trust, (b) result in the imposition of a “prohibited transaction” or “prohibited contribution”
tax under the REMIC Provisions or (c) materially expand the scope of the applicable Special Servicer’s, Trustee’s,
the Certificate Administrator’s or the applicable Master Servicer’s responsibilities under this Agreement.

 

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(d)        
With respect to any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor, the Directing
Certificateholder or the Risk Retention Consultation Party hereunder may have to consult with respect to any action or other matter
with respect to the servicing of such Companion Loan, to the extent the related Intercreditor Agreement provides that such right
is exercisable by the related Companion Holder or is exercisable in conjunction with any related Companion Holder, the Directing
Certificateholder and the Risk Retention Consultation Party shall not be permitted to exercise such right or, to the extent provided
in the related Intercreditor Agreement, shall be required to exercise such right in conjunction with the related Companion Holder,
as applicable (except to the extent that the Directing Certificateholder or the Risk Retention Consultation Party is the related
Serviced Whole Loan Controlling Holder). Additionally, notwithstanding anything in this Agreement to the contrary, the applicable
Master Servicer or the applicable Special Servicer, as the case may be, shall consult, seek the approval or obtain the consent
of the holder of any Serviced Companion Loan with respect to any matters with respect to the servicing of such Companion Loan to
the extent required under related Intercreditor Agreement and shall not take such actions requiring consent of the related Companion
Holder without such consent. In addition, notwithstanding anything to the contrary, the applicable Master Servicer or the applicable
Special Servicer, as the case may be, shall deliver reports and notices to the related Companion Holder as required under the Intercreditor
Agreement.

 

(e)    
Notwithstanding anything in this Agreement to the contrary, the applicable Special Servicer shall be required (i) to
provide copies of any notice, information and report that it is required to provide to the Controlling Class Certificateholder
pursuant to this Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined in an
Asset Status Report relating to a Serviced Whole Loan to the related Companion Holder, within the same time frame it is required
to provide to the Controlling Class Certificateholder (for this purpose, without regard to whether such items are actually required
to be provided to the Controlling Class Certificateholder under this Agreement due to the occurrence and continuance of a Control
Termination Event or the occurrence and continuance of a Consultation Termination Event) and (ii) to consult with any related
Companion Holder on a strictly non-binding basis, to the extent having received such notices, information and reports, such related
Companion Holder requests consultation with respect to any such Major Decisions or the implementation of any recommended actions
outlined in an Asset Status Report relating to a Serviced Whole Loan, and consider alternative actions recommended by such related
Companion Holder; provided that after the expiration of a period of ten (10) Business Days from the delivery to such related
Companion Holder by the applicable Special Servicer of written notice of a proposed action, together with copies of the notice,
information and report required to be provided to the Controlling Class Certificateholder, the applicable Special Servicer shall
no longer be obligated to consult with such related Companion Holder, whether or not such related Companion Holder has responded
within such ten (10) Business Day period (unless, such Special Servicer proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the related Companion
Holder set forth in the immediately preceding sentence, such Special Servicer may make any Major Decision or take any action set
forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if such Special Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the

 

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Certificateholders and the related
Companion Holder. In no event shall the applicable Special Servicer be obligated at any time to follow or take any alternative
actions recommended by the related Companion Holder.

 

(f)    
In addition to the consultation rights of the holder of a Serviced Pari Passu Companion Loan provided in the immediately
preceding paragraph, such Companion Holder shall have the right to attend (in person or telephonically, in the discretion of the
applicable Master Servicer or applicable Special Servicer, as the case may be) annual meetings with the applicable Master Servicer
or the applicable Special Servicer at the offices of such Master Servicer or such Special Servicer, as applicable, upon reasonable
notice and at times reasonably acceptable to such Master Servicer or such Special Servicer, as applicable, in which servicing issues
related to the related Whole Loan are discussed.

 

(g)        
With respect to any Serviced Whole Loan, the applicable Special Servicer shall not modify, waive or amend the terms of the
related Intercreditor Agreement such that the monthly remittance to the holder of the related Companion Loan is required earlier
than 2 Business Days after receipt by the applicable Master Servicer of the related Periodic Payment without the consent of such
Master Servicer.

 

(h)        
To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor
Agreement for a Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions
as if set forth herein in full.

 

Section 3.25    
Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or other provisions
of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a condition
precedent to such action, if the party (the “RAC Requesting Party”) required to obtain such Rating Agency Confirmation
from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within ten (10) Business
Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency
has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request
nor waiving the requirement for Rating Agency Confirmation, then such RAC Requesting Party shall be required to confirm (through
direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable
Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency
Confirmation again (which may be through direct communication). The circumstances described in the preceding sentence are referred
to in this Agreement as a “RAC No-Response Scenario.” Once the RAC Requesting Party has sent a request for a
Rating Agency Confirmation to the 17g-5 Information Provider, such RAC Requesting Party may, but shall not be obligated to send
such request directly to the Rating Agencies in accordance with the procedures set forth in Section 13.10(d).

 

If there is no response
to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC No-Response Scenario or
if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving
the requirement for Rating Agency Confirmation, then (x) with respect to any

 

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condition in any Mortgage Loan document requiring
such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage
Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be
deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the applicable Master Servicer
or the applicable Special Servicer, as the case may be, may then take such action if the applicable Master Servicer or the applicable
Special Servicer, as the case may be, confirms its original determination (made prior to making such request) that taking the action
with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with
respect to a replacement of the applicable Master Servicer or the applicable Special Servicer, such condition shall be deemed not
to apply (as if such requirement did not exist) if (i) the applicable replacement master servicer or special servicer has been
appointed and currently serves as a master servicer or a special servicer, as applicable, on a transaction-level basis on a commercial
mortgage-backed securities transaction currently rated by Moody’s that currently has securities outstanding and for which
Moody’s has not cited servicing concerns with respect to such replacement master servicer or special servicer as the sole
or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in
contemplation of a rating downgrade or withdrawal) of securities in a commercial mortgage-backed securitization transaction serviced
by the applicable replacement master servicer or special servicer prior to the time of determination, if Moody’s is the non-responding
Rating Agency, (ii) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in
the case of the replacement master servicer) or “CSS3” (in the case of the replacement special servicer), if Fitch
is the non-responding Rating Agency or (iii) DBRS Morningstar has not publicly cited servicing concerns with respect to the
applicable replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of
securities in any other CMBS transaction serviced by such replacement master servicer or special servicer prior to the time of
determination, if DBRS Morningstar is the non-responding Rating Agency.

 

Any Rating Agency Confirmation
request made by any Master Servicer, any Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this
Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation
request, and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency
Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider
shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly following the
applicable Master Servicer’s or the applicable Special Servicer’s determination to take any action discussed in this
Section 3.25(a) following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such
requirement did not exist), such Master Servicer or such Special Servicer, as applicable, shall provide electronic written notice
to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider
shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

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(b)        
Notwithstanding anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage
Loan document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral)
or release or substitution of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which
the applicable Master Servicer or the applicable Special Servicer would have been permitted to waive obtaining or to make a determination
with respect to such Rating Agency Confirmation pursuant to Section 3.25(a) shall be deemed not to apply (as if such
requirement did not exist).

 

(c)    
For all other matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting
Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)        
With respect to any Serviced Pari Passu Companion Loan as to which there exists Serviced Pari Passu Companion Loan Securities,
if any action relating to the servicing and administration of the related Whole Loan or any related REO Property (including, but
not limited to, the replacement of the applicable Master Servicer, the applicable Special Servicer or a sub-servicer) (the “Relevant
Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement,
then such action will also require delivery of a confirmation of each Companion Loan Rating Agency that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Pari Passu Companion Loan Securities,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to this Section 3.25) as a condition
precedent to such action, which confirmation shall be sought by the applicable Master Servicer or the applicable Special Servicer,
as applicable, seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action.

 

Section 3.26    
The Operating Advisor. (a) The Operating Advisor shall promptly review (i) all information made available
to Privileged Persons on the Certificate Administrator’s Website (A) that relates to any Specially Serviced Loan, and
(B) that is contained in the CREFC® Servicer Watch List prepared by the applicable Master Servicer and (ii) each
Final Asset Status Report delivered to the Operating Advisor by the applicable Special Servicer.

 

(b)        
The Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled “Privileged
Information” received from the applicable Special Servicer or Directing Certificateholder in connection with the Directing
Certificateholder’s exercise of its rights under this Agreement (including, without limitation, in connection with the review
and/or approval of any Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure
of such Privileged Information. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating
Advisor agrees that it shall use information received from the applicable Special Servicer pursuant to the terms of this Agreement
solely for purposes of complying with its duties and obligations hereunder.

 

(c)    
 (i) After the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s
review of any assessment of compliance

 

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report, attestation report, Asset Status Report and other information (other than any communications
between the Directing Certificateholder and the applicable Special Servicer that would be Privileged Information) delivered to
the Operating Advisor by such Special Servicer, including each Asset Status Report delivered during the prior calendar year, the
Operating Advisor shall (if any Mortgage Loans (other than Servicing Shift Mortgage Loans) were Specially Serviced Loans during
the prior calendar year) deliver to the applicable Special Servicer, the Certificate Administrator and the 17g-5 Information Provider
within one hundred-twenty (120) days of the end of the prior calendar year for which a Control Termination Event was continuing
as of December 31, an annual report (the “Operating Advisor Annual Report”), substantially in the form
of Exhibit V (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 including, without limitation, provisions herein
relating to Privileged Information; provided, however, that in no event shall the information or any other content
included in the Operating Advisor Annual Report contravene any provision of this Agreement), setting forth the Operating Advisor’s
assessment of the applicable Special Servicer’s performance of its duties under this Agreement during the prior calendar
year with respect to the resolution and/or liquidation of Specially Serviced Loans (other than Servicing Shift Mortgage Loans)
that the applicable Special Servicer is responsible for servicing under this Agreement; provided, further, however,
that in the event the applicable Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to such Special
Servicer that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through
the date of such Operating Advisor Annual Report. Notwithstanding the foregoing, with respect to any Serviced AB Whole Loan, no
Operating Advisor Annual Report will be permitted to include an assessment of the applicable Special Servicer’s performance
in respect of such Serviced AB Whole Loan until an AB Control Appraisal Period is in effect under the related Intercreditor Agreement.
Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(c), each such Operating
Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from the
applicable Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially
Serviced Loans or REO Properties that the applicable Special Servicer is responsible for servicing under this Agreement (other
than with respect to any REO Property related to a Non-Serviced Mortgage Loan or a Servicing Shift Mortgage Loan) and (B) comply
with all of the confidentiality requirements described in this Agreement regarding Privileged Information (subject to any permitted
exceptions); provided that the Operating Advisor shall not be required to report on any instances of non-compliance with,
or deviations from, the Servicing Standard or the applicable Special Servicer’s obligations under this Agreement that the
Operating Advisor determines, in accordance with the Operating Advisor Standard, to be immaterial. Such Operating Advisor Annual
Report shall be delivered to the applicable trustee, the applicable Master Servicer, the applicable Special Servicer, the Rating
Agencies, the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s
Website in accordance with Section 3.13(b)) and the 17g-5 Information Provider (which shall promptly post such Operating
Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)); provided,
however, that the applicable Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report
at least five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider. The
Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by

 

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the
applicable Special Servicer. The Operating Advisor Annual Report will be prepared on the basis of the applicable Special Servicer’s
performance of its duties as they relate to the resolution and/or liquidation of Specially Serviced Loans, taking into account
the applicable Special Servicer’s specific duties under 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. Notwithstanding the foregoing, no Operating Advisor Annual Report shall be required from the
Operating Advisor with respect to any calendar year as to which no Final Asset Status Report was prepared by the applicable Special
Servicer in connection with a Specially Serviced Loan or REO Property.

 

(ii)    
In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual
Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to
the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations
or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability
arising from such limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and
completeness of any information it is provided without liability for any such reliance hereunder. In the event a lack of access
to Privileged Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating
Advisor shall set forth any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating
Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

 

(d)        
With respect to each Serviced Mortgage Loan (other than a Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than
a Servicing Shift Whole Loan), prior to the occurrence and continuance of a Control Termination Event (or, with respect to a Serviced
AB Whole Loan, prior to the occurrence and continuance of a Control Termination Event and if an AB Control Appraisal Period is
not in effect), the applicable Special Servicer will forward any Appraisal Reduction Amount and net present value calculations
used in the applicable Special Servicer’s determination of what course of action to take in connection with the workout or
liquidation of a Specially Serviced Loan to the Operating Advisor after such calculations have been finalized. The Operating Advisor
shall review such calculations but shall not opine on or take any affirmative action with respect to such Appraisal Reduction Amount
calculations and/or net present value calculations (except that if the Operating Advisor discovers a material mathematical error
contained in such calculations, them the Operating Advisor shall notify the applicable Special Servicer of such error).

 

(e)    
 (i) With respect to each Serviced Mortgage Loan (other than a Servicing Shift Mortgage Loan) or Serviced Whole Loan
(other than a Servicing Shift Whole Loan), after the occurrence and during the continuance of a Control Termination Event, and
with respect to any Serviced AB Whole Loan, after the occurrence and during the continuance of a Control Termination Event and
if an AB Control Appraisal Period is in effect, after the calculation but prior to the utilization by the applicable Special Servicer
of any of the calculations related to (i) Appraisal Reduction Amounts or Collateral Deficiency Amount (if the applicable Special
Servicer has calculated any such Appraisal Reduction Amount or Collateral Deficiency Amount)

 

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or (ii) net present value in
accordance with Section 1.02(iv), the applicable Special Servicer shall forward such calculations, together with any
supporting material or additional information necessary in support thereof (including such additional information reasonably requested
by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Communications),
to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations, and
the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting
or additional materials, 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 any such calculation.

 

(ii)    
In connection with this Section 3.26(e), in the event the Operating Advisor does not agree with the mathematical
calculations of the Appraisal Reduction Amount or Collateral Deficiency Amount (if calculated by the applicable Special Servicer)
or net present value or the application of the applicable non-discretionary portions of the formula required to be utilized for
such calculation, the Operating Advisor and the applicable Special Servicer shall consult with each other in order to resolve any
material inaccuracy in the mathematical calculations or the application of the non-discretionary portions of the related formula
in arriving at those mathematical calculations or any disagreement within five (5) Business Days of delivery of such calculations.
The applicable Master Servicer shall cooperate with such Special Servicer and provide any information reasonably requested by such
Special Servicer necessary for the calculation of the Appraisal Reduction Amount or Collateral Deficiency Amount that is either
in its possession or, solely with respect to Non-Specially Serviced Loans, reasonably obtainable by the applicable Master Servicer.
In the event the Operating Advisor and the applicable Special Servicer are not able to resolve such inaccuracies or disagreement
prior to the end of such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator
of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the
Operating Advisor and the applicable Special Servicer and determine which calculation is to apply and shall provide such parties
prompt written notice of its determination. With respect to the Operating Advisor’s review of net present value, Collateral
Deficiency Amount or Appraisal Reduction Amount calculations as described above, the Operating Advisor’s recalculation will
not take into account the reasonableness of Special Servicer’s property and borrower performance assumptions or other similar
discretionary portions of the net present value, Collateral Deficiency Amount or Appraisal Reduction Amount calculation.

 

(iii)        
Notwithstanding the foregoing, the consultation duties of the Operating Advisor set forth in this Agreement shall not be
permitted to be exercised by the Operating Advisor with respect to any Serviced AB Whole Loan until after the occurrence and during
the continuance of a Control Termination Event (except with respect to any Mortgage Loan that is an Excluded Loan with respect
to the Directing Certificateholder or the Holder of the majority of the Controlling Class) and an AB Control Appraisal Period is
in effect.

 

(f)    
Notwithstanding the foregoing, prior to the occurrence and continuance of an Control Termination Event, the Operating Advisor
will be limited to an after-the-action review of any assessment of compliance, attestation report, Final Asset Status Report and
other

 

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information delivered to the Operating Advisor by the applicable Special Servicer or made available to Privileged Persons
that are posted on the Certificate Administrator’s Website during the prior calendar year (together with any additional information
and material reviewed by the Operating Advisor), and, therefore, it shall have no specific involvement with respect to collateral
substitutions, assignments, workouts, modifications, consents, waivers, lockbox management, insurance policies, borrower substitutions,
lease changes, additional borrower debt, defeasances, property management changes, releases from escrow, assumptions and other
similar actions that such Special Servicer may perform under this Agreement.

 

(g)        
The Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not disclose such labeled Privileged Information to any Person (including Certificateholders other than
the Directing Certificateholder), 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, (2) pursuant to a Privileged Information Exception
or (3) where necessary to support specific findings or conclusions concerning allegations of deviations from the Servicing Standard
(i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor to replace a Special
Servicer. Each party to this Agreement that receives Privileged Information from the Operating Advisor with a notice stating that
such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior written
consent of the applicable Special Servicer and, unless a Control Termination Event has occurred and is continuing, the Directing
Certificateholder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and other than any Mortgage Loan that
is an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class) other
than pursuant to a Privileged Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be permitted to
share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound
by the same confidentiality provisions applicable to the Operating Advisor.

 

(h)        
Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in
respect of Privileged Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to
time in accordance with the terms of Section 4.07(a).

 

(i)     
The Operating Advisor shall be paid a fee of $10,000 on the Closing Date. As compensation for its activities hereunder,
the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each Remittance Date with respect to each Mortgage
Loan and each REO Loan (but excluding any related Companion Loan). As to each Mortgage Loan and each REO Loan, the Operating Advisor
Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the Stated Principal
Balance of such Mortgage Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the related
Mortgage Loan or REO Loan, as the case may be, and, in connection with any partial month interest payment, for the same period
respecting which any related interest payment due on the related Mortgage Loan or deemed to be due on such REO Loan is computed.

 

The Operating Advisor
shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a) and/or
6.04(b), such amounts to be reimbursed

 

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from amounts on deposit in the applicable Collection Account as provided by Section 3.05(a).
Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation obligations hereunder. The Operating Advisor Consulting Fee shall be payable from funds on deposit in the applicable
Collection Account as provided in Section 3.05(a)(ii) of this Agreement, but, with respect to the period when the outstanding
Certificate Balances of the Control Eligible Certificates have not been reduced to zero as a result of the allocation of Realized
Losses to such Certificates, only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor.
When the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the applicable Master
Servicer or the applicable Special Servicer, as the case may be, shall use commercially reasonable efforts consistent with the
Servicing Standard to collect the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection with such
Major Decision, but only to the extent not prohibited by the related Mortgage Loan documents, and in no event will it take any
enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection.
The applicable Master Servicer or the applicable Special Servicer, as the case may be, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with
the Servicing Standard; provided that the applicable Master Servicer or the applicable Special Servicer, as applicable,
shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction. Notwithstanding the foregoing,
the Operating Advisor will have no obligations or consultation rights in its capacity as operating advisor with respect to: (i) any
Servicing Shift Mortgage Loan, Non-Serviced Whole Loan or any related REO Property or (ii) any Serviced AB Whole Loan, prior
to the occurrence and continuance of a Control Termination Event and if an AB Control Appraisal Period is not in effect; provided,
further, that the Operating Advisor shall not be entitled to an Operating Advisor Consulting Fee with respect to any
Non-Serviced Whole Loan.

 

(j)    
After the occurrence and during the continuance of a Consultation Termination Event, the Operating Advisor may be removed
upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights (taking into account
the application of Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such
Cumulative Appraisal Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a replacement Operating
Advisor selected by such Certificateholders (provided that the proposed replacement Operating Advisor is an Eligible Operating
Advisor), (ii) payment by such requesting Holders to the Certificate Administrator of all reasonable fees and expenses to
be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and
the Certificate Administrator of Rating Agency Confirmation from each Rating Agency (which confirmations will be obtained by the
Certificate Administrator at the expense of such Holders and will not constitute an additional expense of the Trust). The Certificate
Administrator shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate
Administrator’s Website in accordance with Section 3.13(b), and concurrently by mail, and conduct the solicitation
of votes of all Certificates in such regard. Upon the vote or written direction of Holders of Certificates evidencing at least
75% of the Voting Rights (taking into

 

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account the application of Cumulative Appraisal Reduction Amounts to notionally reduce the
Certificate Balances of Classes to which such Cumulative Appraisal Reduction Amounts are allocable), the Trustee shall immediately
replace the Operating Advisor with the replacement Operating Advisor.

 

(k)        
After the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Holders
of Certificates representing at least 25% of the Voting Rights (taking into account the application of any Cumulative Appraisal
Reduction Amounts to notionally reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate
the Operating Advisor for cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided
that no such termination shall be effective until a successor operating advisor has been appointed and has assumed all of the obligations
of the Operating Advisor under this Agreement. No such termination shall terminate, change, reduce, or otherwise modify the rights
and obligations of the Operating Advisor that accrued prior to such termination, including the right to receive all amounts accrued
and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such termination).
The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible Operating Advisor. Upon any
termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee will, as soon as possible,
be required to give written notice of the termination and appointment to the applicable Special Servicer, the applicable Master
Servicer, the Certificate Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s
Website), the Depositor, the Directing Certificateholder, the Risk Retention Consultation Party, any Companion Loan holder and
the Certificateholders.

 

(l)     
The Holders of Certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination
Event hereunder may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Trustee
of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event,
such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder.
Upon any such waiver of an Operating Advisor Termination Event by certificateholders, the trustee and the certificate administrator
will be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such
Operating Advisor Termination Event prior to such waiver from the Trust.

 

(m)        
Prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder shall have the right
to consent, such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating
Advisor appointed pursuant to this Section 3.26; provided, further, that such consent will be deemed
to have been granted if no objection is made within ten (10) Business Days following the Directing Certificateholder’s
receipt of the request for consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(n)        
The Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days prior
written notice to the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate
Administrator, the Asset

 

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Representations Reviewer, the Directing Certificateholder and the Risk Retention Consultation Party, if
applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor operating advisor that
is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency. No such resignation
by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating
Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all costs and expenses (including costs
and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this
Section 3.26.

 

(o)        
In the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the RR Interest
and the Class X-F, Class F, Class X-G, Class X-H, Class V and Class R Certificates, then all of the rights and obligations
of the Operating Advisor shall terminate without payment of any termination fee (other than any rights or obligations that accrued
prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights arising
out of events occurring prior to such termination). In connection with any termination pursuant to this Section 3.26(o),
no successor operating advisor shall be appointed. Upon receipt of written notice of such acts by a Responsible Officer of the
Trustee, the Trustee shall provide the Operating Advisor with prompt notice upon its termination pursuant to this Section 3.26(o).

 

(p)        
In the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued
and unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor
Expenses pursuant to Section 3.26(i) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(q)        
The parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed,
that (i) subject to Section 6.04, the Operating Advisor shall have no liability to any Certificateholder for any
actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely
as a contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary
duty, or (B) other duty except with respect to its specific obligations under this Agreement, and shall have no duty to any
particular Class of Certificates or particular Certificateholders, and (iv) the Operating Advisor does not constitute an “investment
adviser” within the meaning of the Investment Advisers Act of 1940, as amended, or a broker or dealer within the meaning
of the Exchange Act. Furthermore, the Operating Advisor shall have no obligations or responsibility at any time to review the actions
of a Master Servicer for compliance with the Servicing Standard, and the Operating Advisor shall not be required to consider such
Master Servicer actions in connection with any Operating Advisor Annual Report.

 

(r)    
Neither the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates; provided,
however, that such prohibition shall not apply to (i) riskless principal transactions effected by a broker-dealer Affiliate
of the Operating Advisor or (ii) investments by an Affiliate of the Operating Advisor if the Operating Advisor and such Affiliate
maintain policies and procedures that (A) segregate personnel involved in the activities of the Operating Advisor under this
Agreement from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel
from gaining access to

 

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information regarding the Trust and the Operating Advisor and its personnel from gaining access to such
Affiliate’s information regarding its investment activities.

 

(s)    
The Operating Advisor shall at all times be an Eligible Operating Advisor and if the Operating Advisor ceases to be an Eligible
Operating Advisor, the Operating Advisor shall immediately resign under Section 3.26(n) of this Agreement and the Trustee
shall appoint a successor operating advisor subject to and in accordance with this Section 3.26. Notwithstanding the
foregoing, if the Trustee is unable to find a successor operating advisor within thirty (30) days of the termination of the Operating
Advisor, the Depositor shall be permitted to find a replacement.

 

(t)    
The Operating Advisor may delegate its duties and obligations to agents or subcontractors so long as the related agreements
or arrangements with such agents or subcontractors are consistent with the provisions of this Agreement related to the Operating
Advisor’s duties and obligations; provided that no agent or subcontractor may (i) be affiliated with a Sponsor,
a Master Servicer, a Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder
or any of their respective Affiliates or (ii) have been paid any fees, compensation or other remuneration by an Underwriter,
a Master Servicer, a Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder
or any of their respective Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior
to the Closing Date. Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable
for its obligations hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability
or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person
acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone
were performing its obligations under this Agreement. The Operating Advisor shall be entitled to enter into an agreement with any
agent or subcontractor providing for indemnification of the Operating Advisor by such agent or subcontractor, and nothing contained
in this Agreement shall be deemed to limit or modify such indemnification.

 

(u)    
With respect to the determination of whether a Control Termination Event or Consultation Termination Event has occurred
and is continuing, or has terminated, the Operating Advisor is entitled to rely solely on its receipt from the Certificate Administrator
of notice thereof pursuant to Section 3.23(m), and, with respect to any obligations of the Operating Advisor that are
performed only after the occurrence and continuance of a Control Termination Event and/or Consultation Termination Event, the Operating
Advisor shall have no obligation to perform any such duties until the receipt of such notice or actual knowledge of the occurrence
of a Control Termination Event or Consultation Termination Event, as applicable.

 

Section 3.27    
Companion Paying Agent. (a) With respect to each of the Serviced Companion Loans, the applicable Master Servicer
shall be the Companion Paying Agent hereunder. The Companion Paying Agent undertakes to perform such duties and only such duties
as are specifically set forth in this Agreement.

 

(b)        
No provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent
failure to act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the
Companion Paying Agent shall be

 

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determined solely by the express provisions of this Agreement. The Companion Paying Agent shall
not be liable except for the performance of such duties and obligations, no implied covenants or obligations shall be read into
this Agreement against the Companion Paying Agent. In the absence of bad faith on the part of the Companion Paying Agent, the Companion
Paying Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any
resolutions, certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying
Agent by any Person and which on their face do not contradict the requirements of this Agreement.

 

(c)    
In the case of each of the Serviced Companion Loans, upon the resignation or removal of the applicable Master Servicer pursuant
to Article VII of this Agreement, the applicable Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously
to resign or be removed.

 

(d)        
This Section 3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion
Paying Agent, as regards to rights accrued prior to such resignation or removal.

 

Section 3.28    
Serviced Companion Noteholder Register. The Companion Paying Agent shall maintain a register (the “Serviced
Companion Noteholder Register”) with respect to each Serviced Companion Loan on which it will record the names and address
of, and wire transfer instructions for, the Serviced Companion Noteholders from time to time, to the extent such information is
provided in writing to it by each Serviced Companion Noteholder. The initial Serviced Companion Noteholders, along with their respective
name and address, are listed on Exhibit S hereto. In the event a Serviced Companion Noteholder transfers a Serviced
Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for any misdirected
payment in such Serviced Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Companion Paying
Agent shall promptly provide the name and address of any Serviced Companion Noteholder to any party hereto or any successor Serviced
Companion Noteholder upon written request and any such Person may, without further investigation, conclusively rely upon such information.
The Companion Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

For the avoidance of
doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Serviced Companion
Noteholder with respect to a Serviced Companion Loan that has been included in an Other Securitization shall be provided to the
Other Servicer under the Other Pooling and Servicing Agreement.

 

Section 3.29    
Certain Matters Relating to the Non-Serviced Mortgage Loans and the Serviced Pari Passu Companion Loans.(a) In
the event that any of the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced
Special Servicer shall be replaced in accordance with the terms of the applicable Non-Serviced PSA, the applicable Master Servicer
and the applicable Special Servicer shall acknowledge its successor as the successor to the applicable Non-Serviced Trustee, the
applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the case may be.

 

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(b)    If any of the Trustee, the Certificate Administrator or the applicable Master Servicer receives notice from a Rating Agency
that the applicable Master Servicer is no longer an “approved” master servicer by any of the Rating Agencies rating
the Certificates, then the Trustee, the Certificate Administrator or such Master Servicer, as applicable, shall promptly notify
each Non-Serviced Master Servicer of the same.

 

(c)        
In connection with the securitization of each Serviced Pari Passu Companion Loan, (in each case, only while it is a Serviced
Companion Loan), upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each
of the applicable Master Servicer, the applicable Special Servicer and the Trustee, as applicable, shall use reasonable efforts
to cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide information relating
to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary or appropriate, for inclusion
in any disclosure document(s) relating to such Other Securitization.

 

(d)        
In connection with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices
or materials required to be furnished by the Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan
pursuant to the related Intercreditor Agreement, the applicable Special Servicer shall, prior to the occurrence and continuance
of a Control Termination Event, forward such materials to the Directing Certificateholder for its consent, if such consent is required.
The applicable Special Servicer may (with the consent of the Directing Certificateholder prior to the occurrence and continuance
of a Control Termination Event) waive any timing or delivery requirements related to such sale to the extent set forth in the related
Intercreditor Agreement.

 

(e)        
With respect to any Non-Serviced Mortgage Loan, the Directing Certificateholder (as determined under clause (B) of the definition
thereof), prior to the occurrence and continuance of a Consultation Termination Event, or the applicable Special Servicer, following
the occurrence and during the continuance of a Consultation Termination Event, shall be entitled to exercise any consultation rights
held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling Note Holder” (or similar term identified
in the related Intercreditor Agreement) under the related Intercreditor Agreement.

 

(f)    
With respect to each Mortgage Loan that is part of a Whole Loan, this Agreement is subject to the related Intercreditor
Agreement and incorporates by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

(g)        
With respect to each Serviced Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review”
(or such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and
Servicing Agreement, the applicable Master Servicer, the applicable Special Servicer, the Trustee and the Custodian shall reasonably
cooperate with the Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection
with such Asset Review by providing the Other Asset Representations Reviewer or such other requesting party with any documents
reasonably requested by the Other Asset Representations Reviewer or such other requesting party, but only to the extent such documents
are in the possession of such Master Servicer, such Special Servicer, the Trustee or the Custodian, as the case may be, but in
any event excluding any

 

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documents known to such Master Servicer, such Special Servicer, the Trustee or the Custodian to contain
information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal
communications.

 

(h)        
With respect to any Non-Serviced Mortgage Loan, if the applicable Master Servicer or Special Servicer shall receive any
communication from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer regarding any Major Decision pursuant
to clause (xii) of the definition of such term or “Master Servicer Decision” pursuant to clause (ix)
of the definition of such term, then such Master Servicer or Special Servicer shall forward the communication to the Directing
Certificateholder (and to the applicable Master Servicer, if the applicable Special Servicer is forwarding such communication,
and to the applicable Special Servicer if the applicable Master Servicer is forwarding such communication, and the Master Servicer
or the Special Servicer, as the case may be, shall reasonably cooperate with the applicable Non-Serviced Master Servicer or the
applicable Non-Serviced Special Servicer, as the case may be, in effecting any action by the applicable Non-Serviced Master Servicer
or the applicable Non-Serviced Special Servicer, in any such case subject to and consistent with the related Intercreditor Agreement.

 

(i)    
During the period from and after the date on which a Serviced Pari Passu Companion Loan is deposited into an Other Securitization,
not later than 5:00 p.m. (New York City time) on each related Serviced Whole Loan Remittance Date the General Master Servicer shall
prepare (if and to the extent necessary) and deliver or cause to be delivered in electronic format to the related other master
servicer under the related Other Pooling and Servicing Agreement the following reports and data files with respect to such Serviced
Pari Passu Companion Loan: (A) to the extent the General Master Servicer has received the CREFC® Special Servicer
Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) the
CREFC® Loan Setup File (only with respect to the first “distribution date” (or analogous term) as defined
in the related Other Pooling and Servicing Agreement), (C) the most recent CREFC® Property File and the CREFC®
Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC® Special
Servicer Loan File pursuant to Section 3.12(c) by the General Special Servicer and the General Master Servicer), (D) a
CREFC® Servicer Watch List with information that is current as of such Serviced Whole Loan Remittance Date, (E) a
CREFC® Financial File, (F) a CREFC® Loan Level Reserve/LOC Report, (G) a CREFC®
Advance Recovery Report, (H) a CREFC® Total Loan Report, (I) the CREFC® Loan Periodic Update
File and (J) the CREFC® Significant Insurance Event Report. Additionally, not later than 5:00 p.m. (New York
City time) on each related Serviced Whole Loan Remittance Date, the General Master Servicer shall deliver or cause to be delivered
in electronic format to the related other master servicer under the related Other Pooling and Servicing Agreement any applicable
CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation
Reports received from the General Special Servicer. In no event shall any report described in this Section 3.29(i)
be required to reflect information that has not been collected by or delivered to the General Master Servicer, or any payments
or collections not received by the General Master Servicer, as of the close of business on the Business Day prior to the Business
Day on which the report is due. In addition, the General Master Servicer shall deliver or cause to be delivered in electronic format
to the related other master servicer under the related Other Pooling and Servicing Agreement any and all other reports

 

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required
to be delivered by the General Master Servicer to the Certificate Administrator hereunder pursuant to the terms hereof to the extent
related to such Serviced Pari Passu Companion Loan.

 

(j)     
On a Servicing Shift Securitization Date, (i) the Custodian shall, upon receipt of a Request for Release, transfer
the related Mortgage File (other than the Mortgage Note evidencing the related Servicing Shift Mortgage Loan, the original of which
shall be retained by the Custodian) for the related Servicing Shift Whole Loan to the related Non-Serviced Trustee under the related
Non-Serviced PSA and retain a copy of such Mortgage File and (ii) the applicable Master Servicer shall, upon receipt of notice
from the applicable Mortgage Loan Seller that the applicable Servicing Shift Lead Note has been or is being securitized on the
related Servicing Shift Securitization Date, transfer (and cooperate with reasonable requests in connection with such transfer
of) the Servicing File for the related Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items
specified in clauses (x) and (xii) of the definition of “Mortgage File” for the related Servicing
Shift Whole Loan, to the related Non-Serviced Master Servicer on the related Servicing Shift Securitization Date

 

(k)        
Promptly upon any change in the identity of the applicable Master Servicer, the successor Master Servicer shall deliver
notice of such change (together with the contact information of such successor Master Servicer) to each Non-Serviced Trustee, Non-Serviced
Certificate Administrator, Non-Serviced Special Servicer, Non-Serviced Master Servicer and Non-Serviced Operating Advisor.

 

Section 3.30    
Certain Matters with Respect to Joint Mortgage Loans.

 

(a)        
If a Mortgage Loan Seller with respect to a Joint Mortgage Loan (a “Repurchasing Mortgage Loan Seller”)
repurchases the Mortgage Note(s) (as such term is defined in this Section 3.30(a)) (a “Repurchased Note”)
related to such Joint Mortgage Loan that it sold to the Depositor, but the other Mortgage Loan Seller with respect to such Joint
Mortgage Loan does not repurchase the Mortgage Note(s) related to such Joint Mortgage Loan that it sold to the Depositor, the provisions
of this Section 3.30 shall apply prior to the adoption, pursuant to Section 13.01(l), of any amendment to this
Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has agreed pursuant to the terms of the related
Mortgage Loan Purchase Agreement that the terms set forth in this Section 3.30 with respect to the servicing and administration
of such Joint Mortgage Loan shall apply if one or more of the Mortgage Notes related to such Joint Mortgage Loan has been repurchased
from the Trust and at least one other Mortgage Note related to such Joint Mortgage Loan is included in the Trust until such time
as all of the Mortgage Notes related to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section
3.30, Section 13.01(l) and Section 13.08(a) only, “Mortgage Note” shall mean with respect
to any Joint Mortgage Loan, each original promissory note that collectively represents the Mortgage Note (as defined in Article
I) with respect to such Joint Mortgage Loan and shall not be a collective reference to such promissory notes. With respect
to any Joint Mortgage Loan that is part of a Whole Loan, clauses (b)–(j) below shall not apply, and the terms
of the related Intercreditor Agreement shall continue to govern the relationship between the related Mortgage Notes as if each
related Repurchased Note were a Serviced Pari Passu Companion Loan or Non-Serviced Pari Passu Companion Loan, as applicable. With
respect to any other Joint Mortgage Loan, clauses (b)–(j) below shall apply to such Joint Mortgage Loan.

 

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(b)        
Custody of and record title under the Mortgage Loan documents with respect to the applicable Joint Mortgage Loan shall be
held exclusively by the Custodian as provided under this Agreement or, with respect to a Non-Serviced Mortgage Loan, the Non-Serviced
Custodian as provided under the related Non-Serviced PSA, except that the Repurchasing Mortgage Loan Seller shall hold and retain
title to its original Repurchased Note(s) and any related endorsements thereof.

 

(i)    
All of the Mortgage Notes with respect to any Joint Mortgage Loan shall be of equal priority with each other, and no portion
of any Mortgage Note shall have priority or preference over any other portion of the other Mortgage Notes or security therefor.
Payments from the related Mortgagor (including, without limitation, any Penalty Charges) or any other amounts received with respect
to each Mortgage Note shall be collected as provided in this Agreement by the applicable Master Servicer and shall be applied upon
receipt by such Master Servicer pro rata to each related Mortgage Note based on its respective Mortgage Loan Seller Percentage
Interest, subject to Section 3.30(b)(ii). Payments or any other amounts received with respect to the related Repurchased
Note shall be held in trust for the benefit of the applicable Repurchasing Mortgage Loan Seller and remitted (net of its pro
rata share of amounts payable at the Administrative Cost Rate and any other amounts due to the applicable Master Servicer or
the applicable Special Servicer) to the applicable Repurchasing Mortgage Loan Seller or its designee by the applicable Master Servicer
on each Distribution Date pursuant to instructions provided by the applicable Repurchasing Mortgage Loan Seller and deposited and
applied in accordance with this Agreement, subject to Section 3.30(b)(ii). If any Joint Mortgage Loan to which this Section
3.30 applies becomes an REO Loan, payments or any other amounts received with respect to any such Joint Mortgage Loan shall
be collected and shall be applied upon receipt by the applicable Master Servicer pro rata to each related Mortgage Note
based on its respective Mortgage Loan Seller Percentage Interest, subject to Section 3.30(b)(ii). Any Appraisal Reduction
Amounts calculated with respect to any Joint Mortgage Loan subject to this Section 3.30 shall be allocated to each related
Mortgage Note pro rata based upon the respective unpaid principal balances thereof.

 

(ii)    
If the applicable Master Servicer or the applicable Special Servicer, as applicable, receives an aggregate payment of less
than the aggregate amount due under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Mortgage Loan
Seller shall receive from such Master Servicer an amount equal to its Mortgage Loan Seller Percentage Interest of such payment.
All expenses, losses and shortfalls relating solely to such Joint Mortgage Loan including, without limitation, losses of principal
or interest, Nonrecoverable Advances, interest on Servicing Advances, Special Servicing Fees, Workout Fees and Liquidation Fees
(including any such fees related to the applicable Mortgage Notes), shall be allocated between the holders of the related Mortgage
Notes pro rata based upon the respective unpaid principal balances thereof. In no event shall any costs, expenses, fees
or any other amounts related to any Mortgage Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted
from payments or any other amounts received with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing
Mortgage Loan Seller.

 

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(iii)       
A Joint Mortgage Loan that is not a Non-Serviced Mortgage Loan and to which this Section 3.30 applies shall be serviced
for the benefit of the applicable Repurchasing Mortgage Loan Seller and the Certificateholders pursuant to the terms and conditions
of this Agreement in accordance with the Servicing Standard and in accordance with the provisions herein as if (A) such Joint Mortgage
Loan were a Serviced Whole Loan, (B) the related Mortgage Note(s) not repurchased were (1) a Serviced Pari Passu Mortgage
Loan and (2) the only Mortgage Loan that is part of such Joint Mortgage Loan (or related Serviced Whole Loan), and (C) the related
Repurchased Note were a Serviced Pari Passu Companion Loan. No Repurchasing Mortgage Loan Seller shall be permitted to terminate
the applicable Master Servicer, the applicable Special Servicer or the Operating Advisor as servicer, special servicer or operating
advisor, respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be
exercised by the applicable Master Servicer or the applicable Special Servicer, as applicable, on behalf of the Trust to the extent
of its interest therein and the applicable Repurchasing Mortgage Loan Seller in accordance with this Agreement.

 

(iv)        
With respect to a Joint Mortgage Loan that is not a Non-Serviced Mortgage Loan and to which this Section 3.30 applies,
the related Repurchasing Mortgage Loan Seller shall be treated hereunder as if it were a Serviced Pari Passu Companion Loan holder
on a pari passu basis. Funds collected by the applicable Master Servicer or the applicable Special Servicer, as applicable, and
applied to the applicable Mortgage Notes shall be deposited and disbursed in accordance with the provisions hereof relating to
holders of promissory notes comprising Serviced Whole Loans that are pari passu in right of payment. Compensation shall be paid
to the applicable Master Servicer, the applicable Special Servicer and the Operating Advisor with respect to each Repurchased Note
as provided in this Agreement as if each such Repurchased Note were a Serviced Pari Passu Companion Loan. None of the Trustee,
the Certificate Administrator, the Custodian, the applicable Master Servicer, the applicable Special Servicer or the Operating
Advisor shall have any obligation to make P&I Advances with respect to any Repurchased Note or, if no related Mortgage Note
is part of the Trust, a Servicing Advance with respect to any Repurchased Note. Except as otherwise specified herein, the applicable
Master Servicer and the applicable Special Servicer shall have no reporting requirement with respect to any Repurchased Note other
than to deliver to the related Repurchasing Mortgage Loan Seller any document as is required to be delivered to a holder of a Serviced
Pari Passu Companion Loan hereunder.

 

(c)    
If any non-repurchased Mortgage Note relating to a Joint Mortgage Loan to which this Section 3.30 applies is a Specially
Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The applicable Special
Servicer shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Mortgage
Loan Seller in accordance with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing
Fee, Workout Fee or Liquidation Fee payable to such Special Servicer under this Agreement as with respect to a Serviced Pari Passu
Companion Loan.

 

(d)    
If (A) the applicable Master Servicer shall pay any amount to any Repurchasing Mortgage Loan Seller pursuant to the terms
hereof in the belief or expectation that

 

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a related payment has been made or will be received or collected in connection with any
or all of the applicable Mortgage Notes and (B) such related payment is not received or collected by such Master Servicer, then
the applicable Repurchasing Mortgage Loan Seller shall promptly on demand by such Master Servicer return such amount to such Master
Servicer. If such Master Servicer determines at any time that any amount received or collected by such Master Servicer in respect
of any Joint Mortgage Loan to which this Section 3.30 applies must be returned to the related Mortgagor or paid to any other
person or entity pursuant to any insolvency law or otherwise, notwithstanding any other provision of this Agreement, such Master
Servicer shall not be required to distribute any portion thereof to the related Repurchasing Mortgage Loan Seller, and such Repurchasing
Mortgage Loan Seller shall promptly on demand by such Master Servicer repay (which obligation shall survive the termination of
this Agreement) any portion thereof that such Master Servicer shall have distributed to such Repurchasing Mortgage Loan Seller,
together with interest thereon at such rate, if any, as such Master Servicer may pay to the related Mortgagor or such other person
or entity with respect thereto.

 

(e)    
With respect to a Joint Mortgage Loan that is not a Non-Serviced Mortgage Loan and to which this Section 3.30 applies,
subject to this Agreement (including, without limitation, the consent and consultation rights of the Directing Certificateholder
and any consultation rights of the Operating Advisor), the applicable Master Servicer or the applicable Special Servicer, as applicable,
on behalf of the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service
and make all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Mortgage Loan
documents as provided hereunder. Without limiting the generality of the preceding sentence, the applicable Master Servicer or the
applicable Special Servicer, as applicable, may agree to any modification, waiver or amendment of any term of, forgive interest
on and principal of, capitalize interest on, permit the release, addition or substitution of collateral securing, and/or permit
the release of the related Mortgagor on or any guarantor of any Joint Mortgage Loan it is required to service and administer as
contemplated by this Section 3.30, without the consent of the related Repurchasing Mortgage Loan Seller, subject, however,
to the terms of this Agreement as they pertain to a Serviced Pari Passu Companion Loan.

 

(f)    
In taking or refraining from taking any action permitted hereunder, the applicable Master Servicer and the applicable Special
Servicer shall each be subject to the same degree of care with respect to the administration and servicing of the Joint Mortgage
Loans that are not Non-Serviced Mortgage Loans and to which this Section 3.30 applies as is consistent with this Agreement
and shall be liable to any Repurchasing Mortgage Loan Seller only to the same extent as set forth herein with respect to any holder
of a Serviced Pari Passu Companion Loan.

 

(g)        
If the Trustee, the applicable Master Servicer or the applicable Special Servicer has made a Servicing Advance with respect
to any Repurchased Note which would otherwise be reimbursable to such advancing party under this Agreement, and such Advance is
determined to be a Nonrecoverable Advance, the applicable Repurchasing Mortgage Loan Seller shall reimburse the Trust in an amount
equal to such Repurchasing Mortgage Loan Seller’s Mortgage Loan Seller Percentage Interest of such Nonrecoverable Advance
with interest thereon. Notwithstanding the foregoing, the applicable Repurchasing Mortgage Loan Seller shall not be obligated to
reimburse the Trustee, the applicable Master Servicer or the applicable Special Servicer (and amounts due to the applicable Repurchasing
Mortgage Loan Seller shall not be

 

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offset) for Advances or interest thereon or any amounts related to any Mortgage Loans or any
other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To the extent that the applicable
Repurchasing Mortgage Loan Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the
applicable Repurchasing Mortgage Loan Seller shall receive a reimbursement from such recovery based on its Mortgage Loan Seller
Percentage Interest of such recovery. This reimbursement right shall not limit the Trustee’s, the applicable Master Servicer’s
or the applicable Special Servicer’s rights to reimbursement under this Agreement. Notwithstanding anything to the contrary
contained herein, the total liability of each Repurchasing Mortgage Loan Seller shall not exceed an amount equal to its Mortgage
Loan Seller Percentage Interest of the amount to be reimbursed.

 

(h)        
Each Repurchasing Mortgage Loan Seller shall have the right to assign the related Repurchased Note; provided that,
with respect to a Joint Mortgage Loan that is not a Non-Serviced Mortgage Loan and to which this Section 3.30 applies, the
assignee of the related Repurchased Note shall agree in writing to be bound by the terms of this Agreement.

 

(i)    
With respect to a Joint Mortgage Loan that is not a Non-Serviced Mortgage Loan and to which this Section 3.30 applies,
the applicable Master Servicer and the applicable Special Servicer shall, in connection with their servicing and administrative
duties under this Agreement, exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each
Repurchasing Mortgage Loan Seller as a holder of a pari passu interest in the applicable Joint Mortgage Loan, any and all
financing statements, continuation statements and other documents and instruments necessary to maintain the lien created by any
Mortgage or other security document related to the applicable Joint Mortgage Loan on the related Mortgaged Property and related
collateral, any and all modifications, waivers, amendments or consents to or with respect to the related Joint Mortgage Loan documents,
and any and all instruments of satisfaction or cancellation, or of full release or discharge, and all other comparable instruments
with respect to the related Repurchased Note or related Repurchased Notes and the related Mortgaged Property all in accordance
with, and subject to, the terms of this Agreement. Each Repurchasing Mortgage Loan Seller agrees to furnish, or cause to be furnished,
to the applicable Master Servicer and the applicable Special Servicer any powers of attorney or other documents necessary or appropriate
to enable such Master Servicer or such Special Servicer, as the case may be, to carry out its servicing and administrative duties
under this Agreement related to the applicable Joint Mortgage Loan; provided, that such Repurchasing Mortgage Loan Seller
shall not be liable, and shall be indemnified by the applicable Master Servicer or the applicable Special Servicer, as applicable,
for any negligence with respect to, or misuse of, any such power of attorney by such Master Servicer or such Special Servicer,
as the case may be; provided, further, that the applicable Master Servicer or the applicable Special Servicer, without
the written consent of the applicable Repurchasing Mortgage Loan Seller, shall not initiate any action in the name of such Repurchasing
Mortgage Loan Seller without indicating its representative capacity or take any action with the intent to cause and that actually
causes, such Repurchasing Mortgage Loan Seller to be registered to do business in any state.

 

(j)    
Pursuant to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Mortgage Loan Seller is required to
deliver to the applicable Master Servicer or the applicable Special Servicer, as applicable, the Mortgage Loan documents related
to the applicable Repurchased Note, any requests for release and any court pleadings, requests for trustee’s sale or

 

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other
documents necessary to the foreclosure or trustee’s sale in respect of the related Mortgaged Property or to any legal action
or to enforce any other remedies or rights provided by the Mortgage Note(s) or the Mortgage(s) or otherwise available at law or
equity with respect to the related Repurchased Note.

 

Section 3.31    
[RESERVED].

 

Section 3.32    
Litigation Control. (a) With respect to any Serviced Mortgage Loan, any Serviced Companion Loan or any related REO
Loan or related REO Property, the applicable Special Servicer shall, in accordance with the Servicing Standard, direct, manage,
prosecute and/or defend any action brought by a Mortgagor, guarantor, or other obligor on the related Note or any Affiliates thereof
(each a “Borrower-Related Party”) against the Trust, any Master Servicer and/or any Special Servicer or any
predecessor master servicer or special servicer, and represent the interests of the Trust in any litigation relating to the rights
and obligations of the Trust, or of the Mortgagor or other Borrower-Related Party under the related Mortgage Loan documents, or
with respect to the related Mortgaged Property or other collateral securing such Mortgage Loan (or Serviced Whole Loan), or otherwise
with respect to the enforcement of the obligations of a Borrower-Related Party under the related Mortgage Loan documents (“Trust-Related
Litigation”). In the event that any Master Servicer is named in any Trust-Related Litigation but no Special Servicer
is named in such Trust-Related Litigation (regardless of whether the Trust is named in such Trust-Related Litigation), the applicable
Master Servicer shall notify the applicable Special Servicer of such litigation as soon as practicable but in any event no later
than within ten (10) Business Days of such Master Servicer receiving service of such Trust-Related Litigation. The Operating Advisor
shall not be required to review the actions of the applicable Special Servicer with respect to Trust-Related Litigation unless
such review is otherwise related to the performance of the Operating Advisor’s duties, rights and obligations in respect
of a Final Asset Status Report and/or Asset Status Report.

 

(b)        
To the extent a Master Servicer is named in the Trust-Related Litigation, and neither the Trust nor a Special Servicer is
named, in order to effectuate the role of the applicable Special Servicer as contemplated by the immediately preceding subsection,
such Master Servicer shall (i) provide monthly status reports to the applicable Special Servicer regarding such Trust-Related Litigation;
(ii) seek to have the Trust replace such Master Servicer as the appropriate party to the lawsuit; and (iii) so long as such Master
Servicer remains a party to the lawsuit, consult with and act at the direction of the applicable Special Servicer with respect
to decisions and resolutions related to the interests of the Trust in such Trust-Related Litigation, including but not limited
to the selection of counsel; provided that such Master Servicer shall have the right to engage separate counsel relating
to claims against such Master Servicer to the extent set forth in Section 3.32(e); and provided, however,
that if there are claims against such Master Servicer and such Master Servicer has not determined that separate counsel is required
for such claims, such counsel shall be reasonably acceptable to such Master Servicer.

 

(c)    
No Special Servicer shall (i) undertake (or direct any Master Servicer to undertake) any material settlement of any Trust-Related
Litigation or (ii) initiate any material Trust-Related Litigation unless and until it has notified in writing the Directing Certificateholder
(only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuance of a Consultation Termination
Event) (to the extent the identity of the Directing

 

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Certificateholder is actually known to such Special Servicer; provided
that such Special Servicer shall make due inquiry of the Certificate Administrator as to the identity of the Directing Certificateholder)
and the related holder of any Serviced Companion Loan (if such matter affects such related Serviced Companion Loan) (to the extent
the identity of the holder of such Serviced Companion Loan is actually known to such Special Servicer) and the Directing Certificateholder
(only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuation of a Control Termination
Event) has not objected in writing within five (5) Business Days of having been notified thereof and having been provided with
all information that the Directing Certificateholder has reasonably requested with respect thereto promptly following its receipt
of the subject notice (it being understood and agreed that if such written objection has not been received by such Special Servicer
within such 5 Business Day period, then the Directing Certificateholder shall be deemed to have approved the taking of such action);
provided that, if the applicable Special Servicer determines (consistent with the Servicing Standard) that immediate action
is necessary to protect the interests of the Certificateholders and, with respect to a Serviced Whole Loan, the related Companion
Holders, such Special Servicer may take such action without waiting for the Directing Certificateholder’s response.

 

(d)        
Notwithstanding the foregoing, no Special Servicer or Master Servicer shall follow any advice, direction or consultation
provided by the Directing Certificateholder or the Risk Retention Consultation Party (or any other party to this Agreement) that
would require or cause such Special Servicer or Master Servicer, as applicable, to violate any applicable law, be inconsistent
with the Servicing Standard, require or cause such Special Servicer or Master Servicer, as applicable, to violate provisions of
this Agreement, require or cause such Special Servicer or Master Servicer, as applicable, to violate the terms of any Mortgage
Loan or Serviced Whole Loan, expose any Certificateholder or any party to this Agreement or their Affiliates, officers, directors
or agents to any claim, suit or liability, cause any REMIC created hereunder to fail to qualify as a REMIC, result in the imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or materially
expand the scope of such Special Servicer’s or Master Servicer’s, as the case may be, responsibilities under this Agreement.

 

(e)        
Notwithstanding the right of a Special Servicer to represent the interests of the Trust in Trust-Related Litigation, and
subject to the rights of such Special Servicer to direct the applicable Master Servicer’s actions in this Section 3.32,
such Master Servicer shall retain the right to make determinations relating to claims against such Master Servicer, including but
not limited to the right to engage separate counsel and to appear in any proceeding on its own behalf in such Master Servicer’s
reasonable discretion, the cost of which shall be subject to indemnification as and to the extent provided in this Agreement.

 

(f)    
Further, nothing in this section shall require a Master Servicer to take or fail to take any action which, in such Master
Servicer’s good faith and reasonable judgment, may (i) result in a violation of the REMIC Provisions or (ii) subject such
Master Servicer to liability or materially expand the scope of such Master Servicer’s obligations under this Agreement.

 

(g)        
Notwithstanding any Master Servicer’s right to make determinations relating to claims against such Master Servicer,
the applicable Special Servicer shall have the right at any time in accordance with the Servicing Standard to (i) direct such Master
Servicer to settle any claims asserted against such Master Servicer (whether or not the Trust or the applicable Special

 

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Servicer
is named in any such claims or Trust-Related Litigation) (and with respect to any material settlements with respect to any Mortgage
Loan other than an Excluded Loan, with the consent or consultation of the Directing Certificateholder prior to a Control Termination
Event or Consultation Termination Event, respectively) and (ii) otherwise reasonably direct the actions of such Master Servicer
relating to claims against such Master Servicer (whether or not the Trust or the applicable Special Servicer is named in any such
claims or Trust-Related Litigation), provided in either case that (A) such settlement or other direction does not require
any admission of liability or wrongdoing on the part of such Master Servicer, (B) the cost of such settlement or any resulting
judgment is and shall be paid by the Trust and payment of such cost or judgment is provided for in this Agreement, (C) such Master
Servicer is and shall be indemnified as and to the extent provided in this Agreement for all costs and expenses of such Master
Servicer incurred in defending and settling the Trust-Related Litigation and for any judgment, (D) any such action taken by such
Master Servicer at the direction of the applicable Special Servicer shall be deemed (as to such Master Servicer) to be in compliance
with the Servicing Standard and (E) the applicable Special Servicer provides such Master Servicer with assurance reasonably satisfactory
to such Master Servicer as to the items in clauses (A), (B) and (C).

 

(h)        
In the event both a Master Servicer and a Special Servicer or Trust are named in Trust-Related Litigation, such Master Servicer
and Special Servicer shall cooperate with each other to afford such Master Servicer and Special Servicer the rights afforded to
such party in this Section 3.32.

 

This Section 3.32
shall not apply in the event the applicable Special Servicer authorizes the applicable Master Servicer, and such Master Servicer
agrees (both authority and agreement to be in writing), to make certain decisions or control certain Trust-Related Litigation on
behalf of the Trust in accordance with the Servicing Standard.

 

Notwithstanding the foregoing,
(i) in the event that any action, suit, litigation or proceeding names the Trustee in its individual capacity, or in the event
that any judgment is rendered against the Trustee in its individual capacity, the Trustee, upon prior written notice to the applicable
Master Servicer or the applicable Special Servicer, as the case may be, may retain counsel and appear in any such proceeding on
its own behalf in order to protect and represent its interests (but not to otherwise direct, manage or prosecute such litigation
or claim); (ii) in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding
relating to the enforcement of the obligations of a Mortgagor, guarantor or other obligor under the related Mortgage Loan documents,
or otherwise relating to one or more Mortgage Loans or Mortgaged Properties, no Master Servicer or Special Servicer shall, without
the prior written consent of the Trustee, (A) initiate an action, suit, litigation or proceeding in the name of the Trustee, whether
in such capacity or individually, (B) engage counsel to represent the Trustee, or (C) prepare, execute or deliver any government
filings, forms, permits, registrations or other documents or take any other similar actions with the intent to cause, and that
actually causes, the Trustee to be registered to do business in any state (provided that no Master Servicer or Special Servicer
shall be responsible for any delay due to the unwillingness of the Trustee to grant such consent); and (iii) in the event that
any court finds that the Trustee is a necessary party in respect of any action, suit, litigation or proceeding relating to or arising
from this Agreement or any Mortgage Loan, the Trustee shall have the right to retain counsel and appear in any such proceeding
on its own behalf in order to protect and represent its interests, whether as Trustee or

 

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individually (but not to otherwise direct,
manage or prosecute such litigation or claim); provided, however, that nothing in this subsection shall be interpreted to
preclude the applicable Special Servicer (with respect to any material Trust-Related Litigation with respect to any Mortgage Loan
other than an Excluded Loan, with the consent or consultation of the Directing Certificateholder prior to the occurrence and continuance
of a Control Termination Event or Consultation Termination Event, respectively, to the extent required in Section 3.32(c),
respectively) from initiating any action, suit, litigation or proceeding in its name as representative of the Trustee of the Trust.

 

Section 3.33    
Delivery of Excluded Information to the Certificate Administrator. Any Excluded Information that a Master Servicer,
a Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate
Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as
is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the
applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information
that is not appropriately labeled and delivered in accordance with this Section 3.33 shall not be separately posted
as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered
to the Certificate Administrator pursuant to this Section 3.33 shall be posted on the Certificate Administrator’s
Website under the “Excluded Information” section, as provided under Section 3.13. When so posted, the Excluded
Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling
Class Loans on the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans).
Each applicable Master Servicer, each applicable Special Servicer and the Operating Advisor shall have no obligations to separately
label and deliver any Excluded Information in accordance with this Section 3.33 until such party has received written
notice with respect to the related Excluded Controlling Class Loan in the form of Exhibit P-1E to this Agreement. Nothing
set forth in this Agreement shall prohibit the Directing Certificateholder or any Controlling Class Certificateholder from receiving,
requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing
Certificateholder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not
available on the Certificate Administrator’s Website on account of it constituting Excluded Information, such Directing Certificateholder
or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan
shall be permitted to obtain such information in accordance with Section 4.02(f) of this Agreement.

 

[End of Article III]

 

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Article IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01    
Distributions.

 

(a)    
Distributions of Available Funds. On each Distribution Date, to the extent of the Available Funds for such Distribution
Date, the Certificate Administrator shall be deemed to transfer the Lower-Tier Distribution Amount from the Lower-Tier REMIC Distribution
Account to the Upper-Tier REMIC Distribution Account in the amounts and priorities set forth in Section 4.01(c) with
respect to each Class of Lower-Tier Regular Interests (other than the LRR Uncertificated Interest), and immediately thereafter,
shall make distributions thereof from the Upper-Tier REMIC Distribution Account in the following order of priority, satisfying
in full, to the extent required and possible, each priority before making any distribution with respect to any succeeding priority:

 

(i)     
first, to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates,
the Class A-3 Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class
X-F Certificates, the Class X-G Certificates, the Class X-H Certificates and to the Grantor Trust in respect of the Class A-4 Upper-Tier
Regular Interest, Class A-4-X1 Upper-Tier Regular Interest, Class A-4-X2 Upper-Tier Regular Interest, Class A-5 Upper-Tier Regular
Interest, Class A-5-X1 Upper-Tier Regular Interest and Class A-5-X2 Upper-Tier Regular Interest pro rata (based upon their
respective Interest Distribution Amounts for such Distribution Date), in respect of interest, up to an amount equal to the aggregate
Interest Distribution Amount in respect of such Classes of Certificates or Exchangeable Upper-Tier Regular Interests for such Distribution
Date;

 

(ii)        
second, to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates
and the Class A-3 Certificates and the Grantor Trust in respect of the Class A-4 Upper-Tier Regular Interest and the
Class A-5 Upper-Tier Regular Interest, in reduction of the Certificate Balances thereof: (I) prior to the Cross-Over
Date (1) first, to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution Amount,
until the outstanding Certificate Balance of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal
Balance for such Distribution Date; (2) second, to the Holders of the Class A-1 Certificates, in an amount up
to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clause (1)
above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-1 Certificates has
been reduced to zero; (3) third, to the Holders of the Class A-2 Certificates, in an amount up to the Principal
Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1) and (2)
above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-2 Certificates has
been reduced to zero; (4) fourth, to the Holders of the Class A-3 Certificates, in an amount up to the Principal
Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1), (2)
and (3) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-3
Certificates has been reduced to zero;

 

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(5) fifth, to the Grantor Trust in respect of the Class A-4 Upper-Tier Regular
Interest in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified
in sub-clauses (1), (2), (3) and (4) above have been made on such Distribution Date), until the outstanding
Certificate Balance of the Class A-4 Upper-Tier Regular Interest has been reduced to zero; (6) sixth, to the Grantor
Trust in respect of the Class A-5 Upper-Tier Regular Interest in an amount up to the Principal Distribution Amount (or the portion
thereof remaining after any distributions specified in sub-clauses (1), (2), (3), (4) and (5) above
have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-5 Upper-Tier Regular Interest
has been reduced to zero; and (7) seventh, to the Holders of the Class A-SB Certificates, in an amount up to the
Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1), (2),
(3), (4), (5) and (6) above have been made on such Distribution Date), until the outstanding Certificate Balance
of the Class A-SB Certificates has been reduced to zero; and (II) on or after the Cross-Over Date, to the Class A-1
Certificates, Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates, Class A-4 Upper-Tier Regular Interest
and Class A-5 Upper-Tier Regular Interest, pro rata (based on their respective Certificate Balances) in an amount equal
to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of each of the Class A-1 Certificates,
Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates, Class A-4 Upper-Tier Regular Interest and Class A-5
Upper-Tier Regular Interest is reduced to zero;

 

(iii)        
third, to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates
and the Class A-3 Certificates, and to the Grantor Trust in respect of the Class A-4 Upper-Tier Regular Interest and
the Class A-5 Upper-Tier Regular Interest, up to an amount equal to, and pro rata based upon, first, in an amount
equal to the aggregate unreimbursed Realized Losses previously allocated to each such Class, and then, in an amount equal
to interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was
allocated to such Class;

 

(iv)        
fourth, to the Grantor Trust in respect of the Class A-S Upper-Tier Regular Interest, the Class A-S-X1 Upper-Tier
Regular Interest and the Class A-S-X2 Upper-Tier Regular Interest, in respect of interest, up to an amount equal to, and pro
rata in accordance with, the respective Interest Distribution Amounts in respect of such Upper-Tier REMIC Interests for such
Distribution Date;

 

(v)     
fifth, to the Grantor Trust in respect of the Class A-S Upper-Tier Regular Interest, in reduction of the Certificate
Balance thereof, an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until
the outstanding Certificate Balance of the Class A-S Upper-Tier Regular Interest has been reduced to zero;

 

(vi)       
sixth, to the Grantor Trust in respect of the Class A-S Upper-Tier Regular Interest, first, up to an
amount equal to the unreimbursed Realized Losses previously allocated to such Upper-Tier Regular Interest, and then, up
to an amount equal to interest on that amount at the Pass-Through Rate for such Upper-Tier Regular Interest compounded

 

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monthly
from the date the related Realized Loss was allocated to such Upper-Tier Regular Interest;

 

(vii)      
seventh, to the Grantor Trust in respect of the Class B Upper-Tier Regular Interest, the Class B-X1 Upper-Tier
Regular Interest and the Class B-X2 Upper-Tier Regular Interest, in respect of interest, up to an amount equal to, and pro rata
in accordance with, the respective Interest Distribution Amounts in respect of such Upper-Tier REMIC Interests for such Distribution
Date;

 

(viii)      
eighth, to the Grantor Trust in respect of the Class B Upper-Tier Regular Interest, in reduction of the Certificate
Balance thereof, an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until
the outstanding Certificate Balance of the Class B Upper-Tier Regular Interest has been reduced to zero;

 

(ix)        
ninth, to the Grantor Trust in respect of the Class B Upper-Tier Regular Interest, first, up to an amount
equal to the unreimbursed Realized Losses previously allocated to such Upper-Tier Regular Interest, and then, up to an amount
equal to interest on that amount at the Pass-Through Rate for such Upper-Tier Regular Interest compounded monthly from the date
the related Realized Loss was allocated to such Upper-Tier Regular Interest;

 

(x)    
tenth, to the Grantor Trust in respect of the Class C Upper-Tier Regular Interest, the Class C-X1 Upper-Tier
Regular Interest and the Class C-X2 Upper-Tier Regular Interest, in respect of interest, up to an amount equal to, and pro rata
in accordance with, the respective Interest Distribution Amounts in respect of such Upper-Tier REMIC Interests for such Distribution
Date;

 

(xi)        
eleventh, to the Grantor Trust in respect of the Class C Upper-Tier Regular Interest, in reduction of the Certificate
Balance thereof, an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until
the outstanding Certificate Balance of the Class C Upper-Tier Regular Interest has been reduced to zero;

 

(xii)       
twelfth, to the Grantor Trust in respect of the Class C Upper-Tier Regular Interest, first, up to an
amount equal to the unreimbursed Realized Losses previously allocated to such Upper-Tier Regular Interest, and then, up
to an amount equal to interest on that amount at the Pass-Through Rate for such Upper-Tier Regular Interest compounded monthly
from the date the related Realized Loss was allocated to such Upper-Tier Regular Interest;

 

(xiii)      
thirteenth, to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(xiv)       
fourteenth, to the Holders of the Class D Certificates, in reduction of the Certificate Balance thereof, up
to an amount equal to the Principal Distribution Amount

 

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(reduced by any prior distributions thereof hereunder), until the outstanding
Certificate Balance of the Class D Certificates has been reduced to zero;

 

(xv)       
fifteenth, to the Holders of the Class D Certificates, first, up to an amount equal to the unreimbursed
Realized Losses previously allocated to such Class, and then, up to an amount equal to interest on that amount at the Pass-Through
Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xvi)      
sixteenth, to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(xvii)     
seventeenth, to the Holders of the Class E Certificates, in reduction of the Certificate Balance thereof, up
to an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until the outstanding
Certificate Balance of the Class E Certificates has been reduced to zero;

 

(xviii)   
eighteenth, to the Holders of the Class E Certificates, first, up to an amount equal to the unreimbursed
Realized Losses previously allocated to such Class, and then, up to an amount equal to interest on that amount at the Pass-Through
Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xix)      
nineteenth, to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(xx)       
twentieth, to the Holders of the Class F Certificates, in reduction of the Certificate Balance thereof, up to
an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until the outstanding
Certificate Balance of the Class F Certificates has been reduced to zero;

 

(xxi)      
twenty-first, to the Holders of the Class F Certificates, first, up to an amount equal to the unreimbursed
Realized Losses previously allocated to such Class, and then, up to an amount equal to interest on that amount at the Pass-Through
Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xxii)     
twenty-second, to the Holders of the Class G Certificates, in respect of interest, up to an amount equal to
the Interest Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(xxiii)    
twenty-third, to the Holders of the Class G Certificates, in reduction of the Certificate Balance thereof,
up to an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until the outstanding
Certificate Balance of the Class G Certificates has been reduced to zero;

 

(xxiv)    
twenty-fourth, to the Holders of the Class G Certificates, first, up to an amount equal to the unreimbursed
Realized Losses previously allocated to such Class, and then, up to an amount equal to interest on that amount at the Pass-Through
Rate for such

 

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Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xxv)     
twenty-fifth, to the Holders of the Class H Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(xxvi)    
twenty-sixth, to the Holders of the Class H Certificates, in reduction of the Certificate Balance thereof, up
to an amount equal to the Principal Distribution Amount (reduced by any prior distributions thereof hereunder), until the outstanding
Certificate Balance of the Class H Certificates has been reduced to zero;

 

(xxvii)   
twenty-seventh, to the Holders of the Class H Certificates, first, up to an amount equal to the unreimbursed
Realized Losses previously allocated to such Class, and then, up to an amount equal to interest on that amount at the Pass-Through
Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class; and

 

(xxviii)  
twenty-eighth, to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount,
if any, of the Available Funds remaining in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If, in connection with
any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution to DTC based on the
receipt of payments as of the Determination Date and additional Periodic Payments, balloon payments or unscheduled principal payments
are subsequently received by the applicable Master Servicer and required to be part of the Aggregate Available Funds for such Distribution
Date, such Master Servicer shall promptly notify the Certificate Administrator and the Certificate Administrator will use commercially
reasonable efforts to cause DTC to make the revised distribution on a timely basis on such Distribution Date. Each applicable Master
Servicer, each applicable Special Servicer and the Certificate Administrator shall not be liable or held responsible for any resulting
delay in the making of such distribution to Certificateholders solely on the basis of the actions described in the preceding sentence.

 

Amounts distributable
or otherwise allocable to any Exchangeable Upper-Tier Regular Interest set forth above will be distributed to the corresponding
Classes of Exchangeable Certificates in accordance with their Class Percentage Interests therein pursuant to Section 5.11.

 

(b)        
Distributions of Retained Certificate Available Funds. On each Distribution Date, to the extent of the Retained Certificate
Available Funds for such Distribution Date, the Certificate Administrator shall be deemed to transfer the Lower-Tier Distribution
Amount from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account in the amounts and priorities
set forth in Section 4.01(c) with respect to the LRR Uncertificated Interest, and immediately thereafter, shall make
distributions thereof from the Upper-Tier REMIC Distribution Account in the following order of priority, satisfying in full, to
the extent required and possible, each priority before making any distribution with respect to any succeeding priority:

 

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(i)     
first, to the Holders of the RR Interest, in respect of interest, up to an amount equal to the Retained Certificate
Interest Distribution Amount for such Distribution Date;

 

(ii)        
second, to the Holders of the RR Interest, in reduction of the Certificate Balance thereof, an amount equal to the
Retained Certificate Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the
RR Interest has been reduced to zero; and

 

(iii)        
third, to the Holders of the RR Interest, up to an amount equal to the Retained Certificate Realized Loss Distribution
Amount for such Distribution Date;

 

provided, however,
that to the extent any Retained Certificate Available Funds remain in the Upper-Tier REMIC Distribution Account after applying
amounts as set forth in clauses (i) – (iii) above, any such amounts so remaining shall be disbursed to the Holders
of the Class R Certificates in respect of the Class UR Interest.

 

(c)    
On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal
or reimbursement of Realized Losses or Retained Certificate Realized Losses, as applicable, in an amount equal to the amount of
principal or reimbursement of Realized Losses or Retained Certificate Realized Losses, as applicable, actually distributable to
the Holders of the respective Related Certificates or Related Exchangeable Upper-Tier Regular Interests as provided in Sections 4.01(a),
4.01(b), 4.01(d), 4.01(f) and 4.01(i) such that at all times the Lower-Tier Principal Amount of each
Class of Lower-Tier Regular Interests is equal to the Certificate Balance of the Class of Related Certificates or Related Exchangeable
Upper-Tier Regular Interest. On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions
in respect of interest in an amount equal to the Interest Distribution Amount or Retained Certificate Interest Distribution Amount,
as applicable, in respect of each Class of Related Certificates or Related Exchangeable Upper-Tier Regular Interest plus a pro
rata portion of the Interest Distribution Amount in respect of (i) in the case of the Class LA1, Class LA2, Class LASB,
Class LA3, Class LA4 and Class LA5 Uncertificated Interests, the Class X-A Certificates, (ii) in the case of the
Class LAS, Class LB and Class LC Uncertificated Interests, the Class X-B Certificates, (iii) in the case of the Class LD and
Class LE Uncertificated Interests, the Class X-D Certificates, (iv) in the case of the Class LF Uncertificated Interest, the Class
X-F Certificates, (v) in the case of the Class LG Uncertificated Interest, the Class X-G Certificates or (vi) in the case of the
Class LH Uncertificated Interest, the Class X-H Certificates, in each case, computed based on an interest rate equal to the excess
of the Weighted Average Net Mortgage Rate over the Pass-Through Rate of the Class of Related Certificates or Related Exchangeable
Upper-Tier Regular Interest and a notional amount equal to its related Lower-Tier Principal Amount, in each case to the extent
actually distributable thereon as provided in Section 4.01(a) or 4.01(b), as applicable. Amounts distributable pursuant
to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be
made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier REMIC
Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As of any date, the principal
balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Class of Related Certificates or Related
Exchangeable Upper-

 

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Tier Regular Interest with respect thereto, as adjusted for the allocation of Realized Losses and Retained Certificate
Realized Losses, as provided in Sections 4.04(b) and 4.04(c). The initial principal balance of each Lower-Tier
Regular Interest shall equal the respective Original Lower-Tier Principal Amount. The Pass-Through Rate with respect to each Lower-Tier
Regular Interest for any Distribution Date shall be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

Any amount that remains
in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount
and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(e) shall be distributed
to the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Aggregate
Available Funds for such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

(d)    
After the Certificate Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to
any further distributions in respect of interest or principal other than reimbursement of Realized Losses or Retained Certificate
Realized Losses, as applicable, and other amounts provided for in this Section 4.01.

 

(e)        
Funds on deposit in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield Maintenance
Charges received by the Trust with respect to any Mortgage Loan or REO Loan (but excluding any related Companion Loan) during the
related Collection Period, in each case net of any Liquidation Fees or Workout Fees payable therefrom, shall be distributable as
follows: if any Yield Maintenance Charge or Prepayment Premium is collected during any particular Collection Period with respect
to any Mortgage Loan, then on the Distribution Date corresponding to that Collection Period, the Certificate Administrator shall
pay that Yield Maintenance Charge or Prepayment Premium (net of Liquidation Fees or Workout Fees payable therefrom) in the following
manner:

 

(i)    
to the Non-Retained Certificates, in the following amounts:

 

(A)    
to each Class of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-4-1, Class A-4-2, Class A-5, Class
A-5-1, Class A-5-2, Class A-S, Class A-S-1, Class A-S-2, Class B, Class B-1, Class B-2, Class C, Class C-1, Class
C-2, Class D and Class E Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge
or Prepayment Premium, (2) the related Base Interest Fraction for such Class of Certificates and the applicable principal
prepayment, and (3) a fraction, the numerator of which is equal to the amount of principal distributed to such Class of Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date;

 

(B)    
to the Class A-4-X1 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium,

 

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(2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-4-1 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class A-4 Certificates and the
applicable principal prepayment and (ii) the Base Interest Fraction for the Class A-4-1 Certificates and the applicable principal
prepayment;

 

(C)    
to the Class A-4-X2 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-4-2 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class A-4 Certificates and the
applicable principal prepayment and (ii) the Base Interest Fraction for the Class A-4-2 Certificates and the applicable principal
prepayment;

 

(D)    
to the Class A-5-X1 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-5-1 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class
A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class A-5 Certificates and the
applicable principal prepayment and (ii) the Base Interest Fraction for the Class A-5-1 Certificates and the applicable principal
prepayment;

 

(E)    
to the Class A-5-X2 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-5-2 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class A-5 Certificates and the
applicable principal

 

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prepayment and (ii) the Base Interest Fraction for the Class A-5-2 Certificates and the applicable principal
prepayment;

 

(F)    
to the Class A-S-X1 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-S-1 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class A-S Certificates and the
applicable principal prepayment and (ii) the Base Interest Fraction for the Class A-S-1 Certificates and the applicable principal
prepayment;

 

(G)    
to the Class A-S-X2 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-S-2 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class A-S Certificates and the
applicable principal prepayment and (ii) the Base Interest Fraction for the Class A-S-2 Certificates and the applicable principal
prepayment;

 

(H)    
to the Class B-X1 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class B-1 Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class
A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class B Certificates and the
applicable principal prepayment and (ii) the Base Interest Fraction for the Class B-1 Certificates and the applicable principal
prepayment;

 

(I)     
to the Class B-X2 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class B-2 Certificates for
that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB,

 

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Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class B Certificates and the applicable
principal prepayment and (ii) the Base Interest Fraction for the Class B-2 Certificates and the applicable principal prepayment;

 

(J)     
to the Class C-X1 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class C-1 Certificates for
that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class C Certificates and the applicable
principal prepayment and (ii) the Base Interest Fraction for the Class C-1 Certificates and the applicable principal prepayment;

 

(K)   
to the Class C-X2 Certificates, the product of (1) the Non-Retained Percentage of such Yield Maintenance Charge or Prepayment
Premium, (2) a fraction, the numerator of which is equal to the amount of principal distributed to the Class C-2 Certificates for
that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class A-2,
Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date and (3) the difference between (i) the Base Interest Fraction for the Class C Certificates and the applicable
principal prepayment and (ii) the Base Interest Fraction for the Class C-2 Certificates and the applicable principal prepayment;

 

(L)    
to the Class X-A Certificates, the excess, if any, of (1) the product of (i) the Non-Retained Percentage of such Yield Maintenance
Charge or Prepayment Premium and (ii) a fraction, the numerator of which is equal to the total amount of principal distributed
to the Class A-1, Class A-2, Class A-SB and Class A-3 Certificates and the Class A-4 Exchangeable Certificates and the Class A-5
Exchangeable Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed
to the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates,
the Class A-5 Exchangeable Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the
Class C Exchangeable Certificates for that Distribution Date, over (2) the total amount of such Yield Maintenance Charge or Prepayment
Premium distributed to the Class A-1, Class

 

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A-2, Class A-SB and Class A-3 Certificates and the Class A-4 Exchangeable Certificates
and the Class A-5 Exchangeable Certificates as described above;

 

(M)   
to the Class X-B Certificates, the excess, if any, of (1) the product of (i) the Non-Retained Percentage of such Yield
Maintenance Charge or Prepayment Premium and (ii) a fraction, the numerator of which is equal to the total amount of principal
distributed to the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, Class
A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4 Exchangeable Certificates, the Class A-5 Exchangeable
Certificates, the Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates
for that Distribution Date, over (2) the total amount of such Yield Maintenance Charge or Prepayment Premium distributed to the
Class A-S Exchangeable Certificates, the Class B Exchangeable Certificates and the Class C Exchangeable Certificates as described
above; and

 

(N)   
to the Class X-D Certificates, any remaining portion of the Non-Retained Percentage of such Yield Maintenance Charge or
Prepayment Premium not distributed as described above in this clause (i); and

 

(ii)    
to the RR Interest, the Required Credit Risk Retention Percentage of such Yield Maintenance Charge or Prepayment Premium.

 

For purposes of the first
paragraph of this Section 4.01(e), the relevant “Base Interest Fraction” in connection with any
Principal Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and
with respect to any Class of Principal Balance Certificates (other than the RR Interest), shall be a fraction (A) the numerator
of which is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on such Class for the
related Distribution Date, and (ii) the applicable Discount Rate and (B) the denominator of which is the difference between
(i) the Mortgage Rate on such Mortgage Loan and (ii) the applicable Discount Rate; provided that: (a) under
no circumstances will the Base Interest Fraction be greater than 1.0; (b) if the applicable Discount Rate is greater than
or equal to the Mortgage Rate on such Mortgage Loan and is greater than or equal to the Pass-Through Rate on such Class for the
related Distribution Date, then the Base Interest Fraction will equal zero; and (c) if the applicable Discount Rate is greater
than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through Rate on such Class for the related Distribution
Date, then the Base Interest Fraction shall be equal to 1.0. If a Mortgage Loan provides for a step-up in the Mortgage Rate, then
the Mortgage Rate used in the determination of the Base Interest Fraction will be the Mortgage Rate in effect at the time of the
prepayment.

 

For purposes of the preceding
paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance Charge
collected on any prepaid Mortgage Loan or REO Loan and distributable on any Distribution Date shall be a rate per annum
equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge
pursuant to the terms of the relevant Mortgage Loan or REO Loan, as

 

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the case may be, such discount rate (as reported by the applicable
Master Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount rate was not used in the calculation
of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Loan,
as the case may be, the yield calculated by the linear interpolation of the yields (as reported under the heading “U.S. Government
Securities/Treasury Constant Maturities” in Federal Reserve Statistical Release H.15 (519) published by the Federal Reserve
Board for the week most recently ended before the date of the relevant prepayment (or deemed prepayment) of U.S. Treasury constant
maturities with a maturity date, one longer and one shorter, most nearly approximating the related Stated Maturity Date (in the
case of a Mortgage Loan or REO Loan that is not related to an ARD Loan) or the related Anticipated Repayment Date (in the case
of a Mortgage Loan or REO Loan that is related to an ARD Loan)), such interpolated yield converted to a monthly equivalent yield.
If Federal Reserve Statistical Release H.15 (519) is no longer published, the Certificate Administrator shall select a comparable
publication as the source of the applicable yields of U.S. Treasury constant maturities.

 

No Yield Maintenance
Charge or Prepayment Premium shall be distributed to the Class X-F, Class X-G, Class X-H, Class F, Class G, Class H,
Class R or Class V Certificates.

 

All distributions of
Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates and Exchangeable
Certificates on each Distribution Date pursuant to Section 4.01(e) shall first be deemed to be distributed from
the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests, pro rata based upon the amount
of principal distributed in respect of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c)
above.

 

(f)     
On each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (other
than amounts with respect to a Non-Serviced Mortgage Loan) equal to the Gain-on-Sale Remittance Amount for such Distribution Date.
The Certificate Administrator shall deposit such amounts in the Distribution Account for distribution pursuant to Section 4.01(a)
to the Holders of the Regular Certificates (other than the RR Interest) and the Exchangeable Upper-Tier Regular Interests (and
correspondingly, the Exchangeable Certificates) in order of distribution priority (first deeming such amounts to be distributed
with respect to the Related Lower-Tier Regular Interests). Amounts paid in reimbursement of Realized Losses shall not reduce the
Certificate Balances of the Classes of Certificates receiving such distributions. Any amounts remaining in the Gain-on-Sale Reserve
Account after such distributions shall be applied to offset future Realized Losses with respect to the Principal Balance Certificates
and related Realized Losses in each case allocable to the Regular Certificates (other than the RR Interest) and the Exchangeable
Certificates. Upon termination of the Trust, any amounts remaining in the Gain-on-Sale Reserve Account shall be distributed to
the Holders of the Class R Certificates from the Lower-Tier REMIC in respect of the Class LR Interest.

 

In addition, on each
Distribution Date, the Certificate Administrator shall withdraw amounts from the Retained Certificate Gain-on-Sale Reserve Account
(other than amounts with respect to a Non-Serviced Mortgage Loan) equal to the Retained Certificate Gain-on-Sale Remittance Amount
for such Distribution Date. The Certificate Administrator shall deposit such amounts in the Distribution Account for distribution
pursuant to Section 4.01(b) to the Holders of the RR Interest (first deeming such amounts to be distributed with respect
to the Related Lower-

 

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Tier Regular Interest). Amounts paid in reimbursement of Retained Certificate Realized Losses shall not reduce
the Certificate Balance of the RR Interest if it receives such distributions. Any amounts remaining in the Retained Certificate
Gain-on-Sale Reserve Account after such distributions shall be applied to offset future Retained Certificate Realized Losses with
respect to the RR Interest. Upon termination of the Trust, any amounts remaining in the Retained Certificate Gain-on-Sale Reserve
Account shall be distributed to the Holders of the Class R Certificates from the Lower-Tier REMIC in respect of the Class LR Interest.

 

(g)        
All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata
among the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise specifically
provided in Sections 4.01(h), 4.01(i) and 9.01, all such distributions with respect to each Class on
each Distribution Date shall be made to the Certificateholders of the respective Class of record at the close of business on the
related Record Date and shall be made by wire transfer of immediately available funds to the account of any such Certificateholder
at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate
Administrator with wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions
may be in the form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to such Certificateholder
at its address in the Certificate Register. The final distribution on each Certificate (determined without regard to any possible
future reimbursement of Realized Losses or Retained Certificate Realized Losses, as applicable, previously allocated to such Certificate)
will be made in like manner, but only upon presentation and surrender of such Certificate at the offices of the Certificate Registrar
or such other location specified in the notice to Certificateholders of such final distribution.

 

Each distribution with
respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible
for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures.
Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents
and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating firm”)
for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents.
None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, any Master Servicer, any Special
Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement or applicable
law.

 

(h)        
Except as otherwise provided in Section 9.01, whenever the Certificate Administrator expects that the final
distribution with respect to any Class of Certificates (determined without regard to any possible future reimbursement of any amount
of Realized Losses or Retained Certificate Realized Losses, as applicable, previously allocated to such Class of Certificates)
will be made on the next Distribution Date, the Certificate Administrator shall, no later than the related P&I Advance Determination
Date, post on the Certificate Administrator’s Website pursuant to Section 3.13(b) a notice in electronic format
to the effect that:

 

(i)     
the Certificate Administrator expects that the final distribution with respect to such Class of Certificates will be made
on such Distribution Date but only upon

 

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presentation and surrender of such Certificates at the offices of the Certificate Registrar
or such other location therein specified; and

 

(ii)    
no interest shall accrue on such Certificates from and after such Distribution Date.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h)
shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation in order to receive the final distribution with respect thereto. If within one (1) year after the second notice
all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent,
shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates
as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs and expenses of holding
such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice
to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder
on any amount held in trust hereunder by the Certificate Administrator as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h).

 

(i)    
Distributions in reimbursement of Realized Losses or Retained Certificate Realized Losses, as applicable, previously allocated
to the Regular Certificates and Exchangeable Certificates shall be made in the amounts and manner specified in Section 4.01(a),
Section 4.01(b) or Section 4.01(d), as applicable, to the Holders of the respective Class otherwise entitled
to distributions of interest and principal on such Class on the relevant Distribution Date; provided that all distributions
in reimbursement of Realized Losses or Retained Certificate Realized Losses, as applicable, previously allocated to a Class of
Certificates which has since been retired shall be to the prior Holders that surrendered the Certificates of such Class upon retirement
thereof and shall be made by check mailed to the address of each such prior Holder last shown in the Certificate Register. Notice
of any such distribution to a prior Holder shall be made in accordance with Section 13.05 at such last address. The
amount of the distribution to each such prior Holder shall be based upon the aggregate Percentage Interest evidenced by the Certificates
surrendered thereby. If the check mailed to any such prior Holder is returned uncashed, then the amount thereof shall be set aside
and held uninvested in trust for the benefit of such prior Holder, and the Certificate Administrator shall attempt to contact such
prior Holder in the manner contemplated by Section 4.01(h) as if such Holder had failed to surrender its Certificates.

 

(j)     
On each Distribution Date, any Excess Interest received during the related Collection Period with respect to any ARD Loans
shall be distributed (i) to the Holders of the Excess Interest Certificates in an amount equal to the Non-Retained Percentage
of such Excess Interest and (ii) to the Holders of the RR Interest in an amount equal to the Required Credit Risk Retention
Percentage of such Excess Interest, in each case, from the Excess Interest Distribution

 

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Account. Excess Interest will not be available
to pay any other amounts except for distributions on Excess Interest Certificates and the RR Interest as set forth in the prior
sentence.

 

(k)    
On each Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall
make withdrawals and payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

(i)     
to pay to the applicable Master Servicer for deposit into the applicable Collection Account, as applicable, any amounts
deposited by such Master Servicer in the Companion Distribution Account not required to be deposited therein;

 

(ii)        
to the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee
or the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable
or reimbursable to any such Person pursuant to Section 8.05, to the extent any such amounts relate solely to a Serviced
Whole Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related
Intercreditor Agreement;

 

(iii)       
to pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related
Companion Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)       
to clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All distributions from
the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related Companion Holder
by wire transfer in immediately available funds on each Serviced Whole Loan Remittance Date (and on each additional date required
by this Agreement or the related Intercreditor Agreement) to the account of such Companion Holder or an agent therefor appearing
on the Serviced Companion Noteholder Register on the related Record Date (or, if no such account so appears or information relating
thereto is not provided at least five (5) Business Days prior to the related Record Date, by check sent by first class mail to
the address of such Companion Holder or its agent appearing on the Serviced Companion Noteholder Register). Any such account shall
be located at a commercial bank in the United States.

 

On the final Remittance
Date, each Master Servicer shall withdraw from its Collection Account and deliver to the Certificate Administrator who shall distribute
to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred
from the Loss of Value Reserve Fund to its Collection Account on the immediately preceding Remittance Date.

 

Section 4.02    
Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney.(a) On
each Distribution Date, the Certificate Administrator shall make available pursuant to Section 3.13(b) on the Certificate
Administrator’s Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G
hereto and based in

 

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part upon information supplied to the Certificate Administrator in the related CREFC® Investor
Reporting Package in accordance with CREFC® guidelines) as to the distributions made on such Distribution Date
(each, a “Distribution Date Statement”) which shall include:

 

(i)     
the amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the
Certificate Balance thereof;

 

(ii)        
the aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including
the previous Distribution Date to and including such Distribution Date and details of P&I Advances as of the P&I Advance
Date;

 

(iii)       
the aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid
to the applicable Master Servicer and the applicable Special Servicer, compensation paid to the Operating Advisor, compensation
paid to the Asset Representations Reviewer and CREFC® Intellectual Property Royalty License Fees paid to CREFC®,
in each case, with respect to the Collection Period for such Determination Date together with detailed calculations of servicing
compensation paid to such Master Servicer and such Special Servicer;

 

(iv)       
the aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans (but excluding any related Companion Loans),
with respect to the pool of Mortgage Loans, outstanding immediately before and immediately after such Distribution Date;

 

(v)        
the aggregate amount of unscheduled payments received;

 

(vi)       
the number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average
Mortgage Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period
for such Distribution Date;

 

(vii)      
the number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89
days, (C) delinquent 90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO Property
and (E) for which the related Mortgagor is subject to oversight by a bankruptcy court;

 

(viii)     
the value of any REO Property (and, with respect to any Serviced Whole Loan, the trust’s interest therein) included
in the Trust Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on
the most recent Appraisal or valuation;

 

(ix)        
the Available Funds and Retained Certificate Available Funds for such Distribution Date;

 

(x)        
the (A) Interest Distribution Amount, Interest Accrual Amount and Interest Shortfall or (B) Retained Certificate Interest
Distribution Amount, as applicable, in respect of such Class of Certificates for such Distribution Date, separately identifying
any Interest Distribution Amount, Interest Accrual Amount, Interest Shortfall or Retained Certificate

 

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Interest Distribution Amount,
as applicable, for such Distribution Date allocated to such Class of Certificates;

 

(xi)        
the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable to (A) Yield
Maintenance Charges, (B) in the case of the Class V Certificates and the RR Interest, Excess Interest and (C) Prepayment
Premiums;

 

(xii)       
the Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

(xiii)      
the Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date,
with respect to the pool of Mortgage Loans;

 

(xiv)     
the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately
after such Distribution Date, separately identifying any reduction therein as a result of the allocation of any Realized Loss or
Retained Certificate Realized Loss, as applicable, on such Distribution Date and the aggregate amount of all reductions as a result
of allocations of Realized Losses or Retained Certificate Realized Losses, as applicable, in respect of the Principal Balance Certificates
(other than the RR Interest) and the RR Interest, respectively, to date;

 

(xv)      
the Certificate Factor for each Class of Certificates (other than the Class R and Class V Certificates) immediately
following such Distribution Date;

 

(xvi)     
the amount of any Cumulative Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the
amount allocable to the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan
basis;

 

(xvii)    
the current Controlling Class;

 

(xviii)    
the number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)      
a loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment
occurring;

 

(xx)       
a loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of
the first Distribution Date, as of the Cut-off Date);

 

(xxi)      
all deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

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(xxii)     
in the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Sections 4.01(a),
4.01(b), 4.01(c) and 4.01(f);

 

(xxiii)    
the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of
previously allocated Realized Losses or Retained Certificate Realized Losses, as applicable;

 

(xxiv)    
the aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination
Date, with respect to the pool of Mortgage Loans;

 

(xxv)     
with respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in
the case of the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment
in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection
with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), (C) the
amount of any Realized Loss allocated to the Principal Balance Certificates (other than the RR Interest) in connection with such
Liquidation Event, and (D) the amount of any Retained Certificate Realized Loss allocated to the RR Interest in connection
with such Liquidation Event;

 

(xxvi)    
with respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein)
included in the Trust as to which the applicable Special Servicer determined, in accordance with the Servicing Standard, that all
payments or recoveries with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date,
(A) the loan number of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received
in connection with that determination (separately identifying the portion thereof allocable to distributions on the Certificates),
(C) the amount of any Realized Loss allocated to the Principal Balance Certificates (other than the RR Interest) in respect
of the related REO Loan in connection with that determination, and (D) the amount of any Retained Certificate Realized Loss
allocated to the RR Interest in respect of the related REO Loan in connection with that determination;

 

(xxvii)   
the aggregate amount of interest on P&I Advances paid to the applicable Master Servicer and the Trustee since the previous
Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage
Loans;

 

(xxviii)  
exchanges of Exchangeable Certificates that took place since the last Distribution Date and the designations of the applicable
Classes that were exchanged or, if applicable, that no such exchanges have occurred;

 

(xxix)    
the then-current credit support levels for each Class of Certificates;

 

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(xxx)     
the aggregate amount of Prepayment Premiums and Yield Maintenance Charges on the Mortgage Loans (each separately identified)
collected since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxi)    
a loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

(xxxii)   
a loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan
by the applicable Mortgage Loan Seller;

 

(xxxiii)  
an itemized listing of any Disclosable Special Servicer Fees received by the applicable Special Servicer or any of its Affiliates,
which information will be provided to the Certificate Administrator by the applicable Master Servicer; and

 

(xxxiv)  
the amount of any Excess Interest actually received.

 

In the case of information
furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii), (xxiv)
and (xxxiv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable
Class and per Definitive Certificate.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s website.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Holder of a Certificate, a statement containing the information set forth in clauses (i) and
(x) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which person
was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable, or
that a Certificateholder or Certificate Owner reasonably requests, to enable Certificateholders to prepare their tax returns for
such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code
as from time to time are in force.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for
such period in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the
Certificate Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report Summary
from the Asset Representations Reviewer.

 

(b)        
[RESERVED].

 

(c)        
Each applicable Master Servicer and each applicable Special Servicer may, at its sole cost and expense, make available by
electronic media, bulletin board service or Internet website (in addition to making information available as provided herein) any
reports or other information such Master Servicer or such Special Servicer, as applicable, is required or permitted

 

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to provide
to any party to this Agreement, the Rating Agencies or any Certificateholder or any prospective Certificateholder that has provided
such Master Servicer or such Special Servicer, as applicable, with an Investor Certification or has executed a “click-through”
confidentiality agreement in accordance with Section 3.13 (which may be a licensed or registered investment advisor)
to the extent such action does not conflict with the terms of this Agreement (including without limitation, any requirements to
keep Privileged Information confidential), the terms of the Mortgage Loans or applicable law. Notwithstanding this paragraph, the
availability of such information or reports on the Internet or similar electronic media shall not be deemed to satisfy any specific
delivery requirements in this Agreement except as set forth herein. In connection with providing access to the applicable Master
Servicer’s Internet website, such Master Servicer shall take reasonable measures to ensure that only such parties listed
above may access such information including, without limitation, requiring registration, a confidentiality agreement and acceptance
of a disclaimer. No Master Servicer or Special Servicer, as the case may be, shall be liable for dissemination of this information
in accordance with this Agreement, and no Master Servicer or Special Servicer shall be responsible for any information delivered,
produced, or made available pursuant to Section 3.13 and Section 4.02(a), other than information produced
by such Master Servicer or such Special Servicer, as applicable; provided that such information otherwise meets the requirements
set forth herein with respect to the form and substance of such information or reports. The applicable Master Servicer shall be
entitled to attach to any report provided pursuant to this Section 4.02(c), any reasonable disclaimer with respect
to information provided, or any assumptions required to be made by such report.

 

Each Special Servicer
shall from time to time (and, in any event, as may be reasonably required by the applicable Master Servicer) provide the applicable
Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary
for the applicable Master Servicer to prepare each report and any supplemental information to be provided by the applicable Master
Servicer to the Certificate Administrator. None of the Certificate Administrator, the Trustee or the Depositor shall have any obligation
to recompute, verify or recalculate the information provided thereto by the applicable Master Servicer. Unless the Certificate
Administrator has actual knowledge that any report or file received from such Master Servicer contains erroneous information, the
Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders in accordance
with Section 4.01, preparing the Distribution Date Statement required by Section 4.02(a) and allocating
Realized Losses and/or Retained Certificate Realized Losses, as applicable, to the Certificates in accordance with Section 4.04.

 

Notwithstanding the foregoing,
the failure of a Master Servicer or a Special Servicer to disclose any information otherwise required to be disclosed pursuant
to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c)
or of Section 4.02(d) to the extent such Master Servicer or such Special Servicer so fails because such disclosure,
in the reasonable belief of such Master Servicer or such Special Servicer, as the case may be, would violate any applicable law
or any provision of a Mortgage Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged
Properties. The applicable Master Servicer or the applicable Special Servicer may affix to any information provided by it any disclaimer
it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

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(d)    
Upon the written request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of
a Certificate that is a Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate
as such and, in any case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as
reasonably practicable, at the expense of the requesting party, the Certificate Administrator shall make available to the requesting
party such information that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate
Administrator as is requested by such person, for purposes of satisfying applicable reporting requirements under Rule 144A
under the Securities Act. Neither the Certificate Registrar, nor the Certificate Administrator shall have any responsibility for
the sufficiency under Rule 144A or any other securities laws of any available information so furnished to any person including
any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of any information so furnished
which was prepared or delivered to them by another.

 

(e)    
The information to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder
by the parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except
as specifically provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)    
Upon the reasonable request of the Directing Certificateholder or any Controlling Class Certificateholder that, in either
case, is an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Loan identified to the applicable
Master Servicer’s (in the case of a Non-Specially Serviced Loan) or the applicable Special Servicer’s (in the case
of a Specially Serviced Loan) reasonable satisfaction (at the expense of the Directing Certificateholder or such Controlling Class
Certificateholder) and if such information is in such Master Servicer’s or such Special Servicer’s possession, as applicable,
such Master Servicer or such Special Servicer shall provide or make available (or forward electronically) to the Directing Certificateholder
or such Controlling Class Certificateholder, as applicable, (at the expense of the Directing Certificateholder or such Controlling
Class Certificateholder, as applicable) any Excluded Information (available to Privileged Persons through the Certificate Administrator’s
Website but not accessible to the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, through
the Certificate Administrator’s Website because the Directing Certificateholder or such Controlling Class Certificateholder,
as applicable, is an Excluded Controlling Class Holder with respect to another Excluded Controlling Class Loan) relating to any
Excluded Controlling Class Loan with respect to which the Directing Certificateholder or such Controlling Class Certificateholder,
as applicable, is not a Borrower Party; provided that, in connection therewith, the applicable Master Servicer or the applicable
Special Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to such Master Servicer or such Special Servicer, generally to the effect that such Person is the Directing Certificateholder
or a Controlling Class Certificateholder, will keep such Excluded Information confidential and is not a Borrower Party, upon which
such Master Servicer or such Special Servicer may conclusively rely. In addition, the applicable Master Servicer and the applicable
Special Servicer shall be entitled to conclusively rely on delivery from the Directing Certificateholder or a Controlling Class
Certificateholder, as applicable, of an Investor Certification substantially in the form of Exhibit P-1B that the Directing
Certificateholder or Controlling Class Certificateholder is not an Excluded

 

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Controlling Class Holder with respect to a particular
Mortgage Loan. For the avoidance of doubt, the applicable Special Servicer referenced in this Section 4.02(f) shall
include any applicable Excluded Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section 4.03    
P&I Advances. (a) On or before 4:00 p.m., New York City time, on each P&I Advance Date, the applicable
Master Servicer shall (i) remit to the Certificate Administrator for deposit from its own funds into the Lower-Tier REMIC
Distribution Account, an amount equal to the aggregate amount of P&I Advances, if any, with respect to the Mortgage Loans serviced
by such Master Servicer to be made in respect of the related Distribution Date, (ii) apply amounts held in the applicable
Collection Account, for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make
such P&I Advances or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating
the total amount of P&I Advances to be made. Any amounts held in the applicable Collection Account for future distribution
and so used to make P&I Advances shall be appropriately reflected in the applicable Master Servicer’s records and replaced
by such Master Servicer by deposit in the applicable Collection Account on or before the next succeeding P&I Advance Date (to
the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect
of which such P&I Advances were made). The applicable Master Servicer shall notify the Certificate Administrator of (i) the
aggregate amount of P&I Advances to be made by such Master Servicer for a Distribution Date and (ii) the amount of any
Nonrecoverable P&I Advances with respect to Mortgage Loans serviced by such Master Servicer for such Distribution Date, on
or before two (2) Business Days prior to such Distribution Date. If the applicable Master Servicer fails to make a required P&I
Advance by 4:00 p.m., New York City time, on any P&I Advance Date, the Trustee shall make such P&I Advance pursuant
to Section 7.05 by noon, New York City time, on the related Distribution Date, unless such Master Servicer shall have
cured such failure (and provided written notice of such cure to the Trustee and the Certificate Administrator) by 11:00 a.m.,
New York City time, on such Distribution Date. In the event that the applicable Master Servicer fails to make a required P&I
Advance hereunder, the Certificate Administrator shall notify the Trustee of such circumstances by 4:30 p.m., New York City
time, on the related P&I Advance Date. Notwithstanding the foregoing, the portion of any P&I Advance equal to the CREFC®
Intellectual Property Royalty License Fee shall not be remitted to the Certificate Administrator for deposit into the Lower-Tier
REMIC Distribution Account but shall be deposited into the applicable Collection Account for payment to CREFC® on
such Distribution Date.

 

If the applicable Master
Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Whole Loan with a related Serviced
Companion Loan, then it shall provide to the related other master servicer and Other Trustee under the Other Pooling and Servicing
Agreement written notice of the amount of such P&I Advance with respect to such Mortgage Loan within two (2) Business Days
of making such P&I Advance.

 

If the applicable Master
Servicer or the Trustee makes a P&I Advance with respect to a Non-Serviced Mortgage Loan, then it shall provide to the related
Non-Serviced Master Servicer and Non-Serviced Trustee written notice of the amount of such P&I Advance within two (2) Business
Days of making such P&I Advance.

 

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No Special Servicer shall
have an obligation to make any P&I Advance or any recoverability determination with respect to any P&I Advance under this
Agreement.

 

(b)        
Subject to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made
by each Master Servicer with respect to any Distribution Date, and each Mortgage Loan for which it acts as Master Servicer, shall
be equal to: (i) the Periodic Payments (net of related Servicing Fees and, in the case of any Non-Serviced Mortgage Loan,
a fee accruing at the related Non-Serviced Primary Servicing Fee Rate) other than Balloon Payments, that were due on such Mortgage
Loan (including any Non-Serviced Mortgage Loan) and any REO Loan (other than any portion of an REO Loan related to a Companion
Loan) for which it acts as Master Servicer during the related Collection Period and were not received as of the close of business
on the Business Day preceding the related P&I Advance Date (or not advanced by any Sub-Servicer on behalf of the applicable
Master Servicer) and (ii) with respect to each such Mortgage Loan delinquent in respect of its Balloon Payment as of the P&I
Advance Date (including any REO Loan (other than any portion of an REO Loan related to a Companion Loan) as to which the related
Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to Section 4.03(c)
below, the obligation of the applicable Master Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage
Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan),
shall continue until the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event or the
disposition of the REO Property, as the case may be, with respect thereto are to be distributed. No P&I Advances shall be made
with respect to any Companion Loan.

 

(c)        
Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I
Advance would, if made, constitute a Nonrecoverable P&I Advance. With respect to each Serviced Mortgage Loan, the applicable
Master Servicer, the applicable Special Servicer or the Trustee shall make its determination that a P&I Advance that has been
made on such Serviced Mortgage Loan is a Nonrecoverable Advance or that any proposed P&I Advance would, if made, constitute
a Nonrecoverable Advance with respect to such Serviced Mortgage Loan independently of any determination made by the applicable
Other Servicer or Other Trustee, as the case may be, under the applicable Other Pooling and Servicing Agreement in respect of the
related Serviced Companion Loan. If the applicable Master Servicer, the applicable Special Servicer or the Trustee determines that
a proposed P&I Advance with respect to a Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to
a Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the applicable Master Servicer,
the applicable Special Servicer or the Trustee, as applicable, shall provide the applicable Other Servicer written notice of such
determination within two (2) Business Days of the date of such determination. If the applicable Master Servicer receives written
notice from the related Other Servicer, as the case may be, that an Other Servicer or the Other Trustee has determined, in accordance
with the applicable Other Pooling and Servicing Agreement with respect to a Serviced Companion Loan, that any proposed advance
under the applicable Other Pooling and Servicing Agreement that is similar to a P&I Advance would be, or any outstanding advance
under such Other Pooling and Servicing Agreement that is similar to a P&I Advance is, a nonrecoverable advance, then the applicable
Master Servicer, the applicable Special Servicer or the Trustee may, based upon such determination, determine that any P&I
Advance previously made or proposed to be made with respect to the related Serviced Mortgage Loan will be a

 

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Nonrecoverable P&I
Advance. Thereafter, in either case, the applicable Master Servicer and the Trustee shall not be required to make any additional
P&I Advances with respect to the related Serviced Mortgage Loan unless and until such Master Servicer or the Trustee, as the
case may be, determines that any such additional P&I Advances with respect to the related Serviced Mortgage Loan would not
be a Nonrecoverable P&I Advance, which determination may be as a result of consultation with the related Other Servicer, as
the case may be, or otherwise. For the avoidance of doubt, the applicable Master Servicer, the applicable Special Servicer or the
Trustee, as the case may be, shall have the sole discretion provided in this Agreement to determine that any future P&I Advance
or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable Advance.

 

With respect to each
Non-Serviced Mortgage Loan, the applicable Master Servicer, the applicable Special Servicer or the Trustee shall make its determination
(based on information provided by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer) that a P&I
Advance that has been made on such Non-Serviced Mortgage Loan is a Nonrecoverable Advance or that any proposed P&I Advance
would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently of any determination
made by the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer or the Non-Serviced Trustee,
as the case may be, under the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the applicable
Master Servicer, the applicable Special Servicer or the Trustee determines that a proposed P&I Advance with respect to a Non-Serviced
Mortgage Loan, if made, or any outstanding P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would
be, or is, as applicable, a Nonrecoverable Advance, the applicable Master Servicer, the applicable Special Servicer or the Trustee,
as applicable, shall provide the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer written notice of such
determination within two (2) Business Days of the date of such determination. If the applicable Master Servicer receives written
notice from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, that either
has determined, or the Non-Serviced Trustee has determined, in accordance with the applicable Non-Serviced PSA with respect to
a Non-Serviced Companion Loan, that any proposed advance under the applicable Non-Serviced PSA that is similar to a P&I Advance
would be, or any outstanding advance under such Non-Serviced PSA that is similar to a P&I Advance is, a nonrecoverable advance,
then the applicable Master Servicer, the applicable Special Servicer or the Trustee may, based upon such determination, determine
that any P&I Advance previously made or proposed to be made with respect to the related Non-Serviced Mortgage Loan will be
a Nonrecoverable P&I Advance. Thereafter, in either case, the applicable Master Servicer and the Trustee shall not be required
to make any additional P&I Advances with respect to the related Non-Serviced Mortgage Loan unless and until such Master Servicer
or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related Non-Serviced
Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result of consultation with the related
Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, or otherwise. For the avoidance
of doubt, the applicable Master Servicer, the applicable Special Servicer or the Trustee, as the case may be, shall have the sole
discretion provided in this Agreement to determine that any future P&I Advance or outstanding P&I Advance would be, or
is, as applicable, a Nonrecoverable Advance.

 

(d)        
In connection with the recovery of any P&I Advance out of the applicable Collection Account, pursuant to Section 3.05(a),
the applicable Master Servicer shall be entitled

 

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to pay the Trustee and itself (in that order of priority) as the case may be,
out of any amounts then on deposit in the applicable Collection Account (but in no event from any funds allocable to a Serviced
Companion Noteholder (unless related thereto), except to the extent permitted pursuant to the terms of the related Intercreditor
Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from
the date made to but not including the date of reimbursement; provided, however, that no interest will accrue on
any P&I Advance (i) if the related Periodic Payment is received on or before the related Due Date has passed and any applicable
Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination Date but on or prior
to the related P&I Advance Date. The applicable Master Servicer shall reimburse itself and/or the Trustee, as the case may
be, for any outstanding P&I Advance, subject to Section 3.17 of this Agreement, as soon as practicably possible
after funds available for such purpose are deposited in the applicable Collection Account.

 

(e)    
Notwithstanding the foregoing, (i) neither the applicable Master Servicer nor the Trustee shall make an advance for
Excess Interest, Yield Maintenance Charges, Default Interest, late payment charges, Prepayment Premiums, or Balloon Payments or
make any P&I Advance with respect to any Companion Loan or any cure payment payable by a holder of an AB Subordinate Companion
Loan and (ii) if an Appraisal Reduction Amount has been determined with respect to any Mortgage Loan (or, in the case of a
Non-Serviced Mortgage Loan, an “appraisal reduction amount” (or similar item) has been made in accordance with the
related Non-Serviced PSA and the applicable Master Servicer has notice of such appraisal reduction amount) then in the event of
subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Mortgage Loan for the related
Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such
P&I Advance) to equal the product of (x) the amount of the interest portion of such P&I Advance for such Mortgage
Loan for such Distribution Date without regard to this clause 4.03(e)(ii), and (y) a fraction, expressed as a
percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution
Date, net of the related Appraisal Reduction Amount (or, in the case of a Serviced Whole Loan, the portion of such Appraisal Reduction
Amount allocated to the related Mortgage Loan), if any, and the denominator of which is equal to the Stated Principal Balance of
such Mortgage Loan immediately prior to such Distribution Date. For purposes of the immediately preceding sentence, the Periodic
Payment due on the Maturity Date for a Balloon Mortgage Loan will be the Assumed Scheduled Payment for the related Distribution
Date.

 

Section 4.04     Allocation
of Realized Losses. (a) On each Distribution Date, immediately following the distributions to be made on such date
pursuant to Section 4.01, the Certificate Administrator shall calculate the Realized Loss and
Retained Certificate Realized Loss for such Distribution Date. Any allocation of Realized Losses or Retained Certificate
Realized Losses to a Class of Regular Certificates or Exchangeable Certificates or Exchangeable Upper-Tier Regular Interest
shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses or Retained
Certificate Realized Losses so allocated to a Class of Regular Certificates or Exchangeable Certificates shall be allocated
among the respective Certificates of such Class of Regular Certificates or Exchangeable Certificates in proportion to the
Percentage Interests evidenced thereby. The allocation of Realized Losses or Retained Certificate Realized Losses shall
constitute an allocation of losses and other shortfalls experienced by the Trust. Reimbursement of previously allocated
Realized Losses and Retained Certificate Realized

 

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Losses will not constitute
distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the applicable
Class of Certificates or Upper-Tier Regular Interest in respect of which any such reimbursement is made. With respect to any Class
of Principal Balance Certificates (other than any Exchangeable Certificates) and Exchangeable Upper-Tier P&I Regular Interests,
to the extent any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage
Loans and previously resulted in a reduction of the Aggregate Principal Distribution Amount (and corresponding to a reduction of
the Principal Distribution Amount and Retained Certificate Principal Distribution Amount) are subsequently recovered on the related
Mortgage Loan, the amount of such recovery will be added to the Certificate Balance of the Class or Classes of such Principal Balance
Certificates or Exchangeable Upper-Tier P&I Regular Interests that previously were allocated Realized Losses and Retained Certificate
Realized Losses, as applicable, and in the case of Realized Losses, in sequential order according to the priority of payments for
such Principal Balance Certificates (other than the RR Interest) and Exchangeable Upper-Tier P&I Regular Interests (and with
respect to the Class A-1, Class A-2, Class A-SB and Class A-3 Certificates and the Class A-4 and Class A-5 Upper-Tier Regular Interests
(and, correspondingly, to the Class A-4, Class A-4-1, Class A-4-2, Class A-5, Class A-5-1 and Class A-5-2 Certificates, pro
rata in proportion to their Class Percentage Interests in the Class A-4 Upper-Tier Regular Interest or the Class A-5 Upper-Tier
Regular Interest, as applicable), on a pro rata basis according to the amount of unreimbursed Realized Losses on such Classes),
in each case up to the amount of the unreimbursed Realized Losses and Retained Certificate Realized Losses, as applicable, allocated
to such Class of Principal Balance Certificates or Exchangeable Upper-Tier Regular Interests.

 

(b)    
 (i) On each Distribution Date, the Certificate Balances of the Principal Balance Certificates (other than any Exchangeable
Certificates and the RR Interest) and the Exchangeable Upper-Tier P&I Regular Interests will be reduced without distribution,
as a write-off to the extent of any Realized Losses, if any, allocable to such Certificates or Exchangeable Upper-Tier Regular
Interests with respect to such Distribution Date. Any such write-off shall be allocated in Reverse Sequential Order.

 

(ii)     On each Distribution
Date, the Certificate Balance of the RR Interest will be reduced without distribution, as a write-off to the extent of any Retained
Certificate Realized Losses with respect to such Distribution Date.

 

(iii)    Any Realized
Losses applied to the Class A-4, Class A-5, Class A-S, Class B or Class C Upper-Tier Regular Interests shall be allocated
to the corresponding Classes of Exchangeable Certificates with Certificate Balances that represent an interest therein pro rata
to reduce their Certificate Balances in accordance with their Class Percentage Interests therein.

 

(c)        
With respect to any Distribution Date, any Realized Losses or Retained Certificate Realized Losses allocated to a Class
of Principal Balance Certificates (other than any Exchangeable Certificates) or Exchangeable Upper-Tier P&I Regular Interest
pursuant to Section 4.04(a) or Section 4.04(b) with respect to such Distribution Date shall reduce the
Lower-Tier Principal Amount of the Related Lower-Tier Regular Interest with respect thereto as a write-off.

 

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Section 4.05    
Appraisal Reduction Amounts; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Controlling
Class (and whether a Control Termination Event has occurred and is continuing) and (y) determining the Voting Rights
of the related Classes for purposes of removal of the applicable Special Servicer or the Operating Advisor, Allocated Appraisal
Reduction Amounts and Allocated Collateral Deficiency Amounts (with respect to a Serviced Whole Loan, to the extent allocated
to the related Mortgage Loan) shall be allocated to each Class of Certificates (other than the RR Interest and any Exchangeable
Certificates) and the Exchangeable Upper-Tier Regular Interests in reverse sequential order to notionally reduce the related Certificate
Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first, to the Class H
Certificates, second, to the Class G Certificates, third, to the Class F Certificates, fourth,
to the Class E Certificates, fifth, to the Class D Certificates, sixth, to the Class C Upper-Tier
Regular Interest, seventh, to the Class B Upper-Tier Regular Interest, eighth, to the Class A-S Upper-Tier
Regular Interest, and finally, pro rata based on their respective interest entitlements, to the Class A-1,
Class A-2, Class A-SB and Class A-3 Certificates and the Class A-4 and Class A-5 Upper-Tier Regular Interests). Allocated Appraisal
Reduction Amounts and Allocated Collateral Deficiency Amounts allocated to any Exchangeable Upper-Tier Regular Interest as set
forth above will be allocated to the Classes of Exchangeable P&I Certificates representing interests therein pro rata
in accordance with their respective Class Percentage Interests in such Exchangeable Upper-Tier Regular Interest.

 

Appraisal Reduction Amounts
and Cumulative Appraisal Reduction Amounts allocated to a related Mortgage Loan will be allocated between the RR Interest on the
one hand and the Senior Certificates and Subordinate Certificates, on the other hand, based on the Required Credit Risk Retention
Percentage and the Non-Retained Percentage, respectively.

 

As of the first Determination
Date following a Mortgage Loan becoming an AB Modified Loan, the applicable Special Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the applicable
Special Servicer with respect to such Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.
Upon obtaining knowledge or receipt of notice by the applicable Special Servicer that a Non-Serviced Mortgage Loan has become an
AB Modified Loan, the applicable Special Servicer shall (i) promptly request from the related Non-Serviced Master Servicer,
Non-Serviced Special Servicer and Non-Serviced Trustee the most recent appraisal with respect to such AB Modified Loan, in addition
to all other information reasonably required by the applicable Special Servicer to calculate whether a Collateral Deficiency Amount
exists with respect to such AB Modified Loan, and (ii) as of the first Determination Date following receipt by the applicable Special
Servicer of the appraisal and any other information set forth in the immediately preceding clause (i) that the applicable
Special Servicer reasonably expects to receive, calculate whether a Collateral Deficiency Amount exists with respect to such AB
Modified Loan, taking into account the most recent appraisal obtained by the Non-Serviced Special Servicer with respect to such
Non-Serviced Mortgage Loan, and all other information in its possession relevant to a Collateral Deficiency Amount determination.
Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage Loan has become
an AB Modified Loan, such party shall promptly notify the applicable Special Servicer thereof. Upon reasonable prior written request,
the applicable Master Servicer shall provide the applicable Special Servicer with information in its possession or, with respect
to Non-Specially Serviced Loans, reasonably obtainable by the applicable Master Servicer that is

 

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reasonably required to calculate
or recalculate any Collateral Deficiency Amount. Each applicable Master Servicer, the Operating Advisor (unless a Control Termination
Event has occurred and is continuing and the applicable Special Servicer has calculated any such Collateral Deficiency Amount),
the Trustee and the Certificate Administrator shall not calculate or verify any Collateral Deficiency Amount.

 

For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, Allocated Collateral Deficiency Amounts
allocated to an AB Modified Loan will be allocated to each Class of Control Eligible Certificates in Reverse Sequential Order to
notionally reduce the related Certificate Balances until the Certificate Balance of each such Class of Control Eligible Certificates
is reduced to zero. For the avoidance of doubt, for purposes of determining the Controlling Class or the occurrence and continuance
of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated both applicable Appraisal Reduction
Amounts and applicable Collateral Deficiency Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction
Amount), in accordance with this Section 4.05(a), but only to the extent of the Allocated Appraisal Reduction Amounts
and Allocated Cumulative Appraisal Reduction Amounts.

 

With respect to (i) any
Appraisal Reduction Amount calculated for the purposes of determining the Voting Rights of the related Classes for purposes of
removal of a Special Servicer or Operating Advisor and (ii) any Appraisal Reduction Amount or Collateral Deficiency Amount calculated
for purposes of determining the Controlling Class or the occurrence and continuance of a Control Termination Event, the appraised
value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The applicable Special
Servicer shall promptly notify the applicable Master Servicer and the Certificate Administrator, to the extent it receives such
information, of the amount of any Appraisal Reduction Amount, any Collateral Deficiency Amount and any resulting Cumulative Appraisal
Reduction Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan (which notification shall be satisfied
through delivery of such Appraisal Reduction Amount as included in the CREFC® Appraisal Reduction Amount Template
included in the CREFC® Investor Reporting Package with respect to the Collateral Deficiency Amount and the Cumulative
Appraisal Reduction Amount) and the Certificate Administrator shall promptly post notice of such Appraisal Reduction Amount, Collateral
Deficiency Amount and/or Cumulative Appraisal Reduction Amount, as applicable, to the Certificate Administrator’s Website.
Based on information in its possession, the Certificate Administrator shall determine from time to time which Class of Certificates
is the Controlling Class. Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall
notify the applicable Master Servicer, the applicable Special Servicer and the Operating Advisor of such event, including the identity
and contact information of the new Controlling Class Certificateholder and the identity of the Controlling Class as set forth
in Section 3.23(m) (the cost of obtaining such information from the Depository being an expense of the Trust).

 

(b)        
 (i) The Holders of the majority of Voting Rights of any Class of Control Eligible Certificates that is determined at any
time of determination to no longer be the Controlling Class because its Certificate Balance has been reduced to less than 25% of
its initial Certificate Balance (any such Class, an “Appraised-Out Class”) as a result of an Appraisal Reduction
Amount

 

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or Collateral Deficiency Amount (as applicable) in respect of such Class shall have the right, at their sole expense, to
require the applicable Special Servicer to order (or, with respect to a Non-Serviced Mortgage Loan, require the applicable Special
Servicer to request from the applicable Non-Serviced Special Servicer) a second Appraisal with respect to any Mortgage Loan (or
Serviced Whole Loan) for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount
(such Holders, the “Requesting Holders”). The applicable Special Servicer shall use its reasonable efforts to
cause such second Appraisal to be delivered within thirty (30) days from receipt of the Requesting Holders’ written request
and shall cause such Appraisal to be prepared on an “as-is” basis by an MAI appraiser (provided that such MAI
appraiser may not be the same MAI appraiser that provided the Appraisal in respect of which the Requesting Holders are requesting
the applicable Special Servicer to obtain an additional Appraisal). With respect to any such Non-Serviced Mortgage Loan, the applicable
Special Servicer shall use commercially reasonable efforts to obtain such second Appraisal from the applicable Non-Serviced Special
Servicer.

 

In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the applicable Special Servicer to order
an additional Appraisal of any Serviced Mortgage Loan as to which there exists a Collateral Deficiency Amount if an event has occurred
at, or with respect to, the related Mortgaged Property or Mortgaged Properties that would have a material effect on its or their
appraised value. The applicable Special Servicer shall use its reasonable efforts to cause such additional Appraisal to be delivered
within thirty (30) days from receipt of the Requesting Holders’ written request and shall cause such Appraisal to be prepared
on an “as-is” basis by an MAI appraiser (provided that such MAI appraiser may not be the same MAI appraiser
that provided the Appraisal in respect of which the Requesting Holders are requesting the applicable Special Servicer to obtain
an additional Appraisal).

 

(ii)        
Upon receipt of any supplemental Appraisal pursuant to clause (i) above, the applicable Special Servicer shall
determine, in accordance with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation
of the Appraisal Reduction Amount or Collateral Deficiency Amount (as applicable) is warranted, and if so warranted, such Person
shall recalculate the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based on such supplemental Appraisal
and receipt of information that is in the possession of the Master Servicer and reasonable requested by the Special Servicer from
the Master Servicer. If required by such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class and
each other Appraised-Out Class shall, if applicable, have its related Certificate Balance notionally restored to the extent required
by such recalculation of the Appraisal Reduction Amount, Allocated Appraisal Reduction Amount or Collateral Deficiency Amount,
as applicable. The Holders of an Appraised-Out Class may not exercise any direction, control, consent and/or similar rights of
the Controlling Class until such time, if any, as the Class is reinstated as the Controlling Class (such period beginning upon
receipt by the applicable Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i)
above to but excluding the date on which either (A) the applicable Special Servicer determines that no recalculation of the
Appraisal Reduction Amount or Collateral Deficiency Amount is warranted or (B) the applicable Special Servicer recalculates
the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based on the

 

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supplemental Appraisal, the “Appraisal
Review Period”). The rights of the Controlling Class during each Appraisal Review Period shall be exercised by the next
most senior Class of Control Eligible Certificates that is not an Appraised-Out Class, if any.

 

(c)        
With respect to each Serviced Mortgage Loan, and each Serviced Whole Loan as to which an Appraisal Reduction Event has occurred
(unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such purposes taking into account any amendment
or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole Loan)), the applicable Special Servicer shall
(1) within thirty (30) days of the occurrence or of each anniversary of the related Appraisal Reduction Event, and (2) upon
its determination that the value of the related Mortgaged Property has materially changed, notify the applicable Master Servicer
of the occurrence of such anniversary or determination and order an Appraisal (which may be an update of a prior Appraisal), the
cost of which shall be paid by such Master Servicer as a Servicing Advance or to the extent it would be a Nonrecoverable Advance,
an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following receipt of any such Appraisal
or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section 4.05(b)(i) above),
shall deliver a copy thereof to the applicable Master Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
and ((i) prior to the occurrence and continuance of any Consultation Termination Event and (ii) other than with respect
to any Mortgage Loan that is an Excluded Loan as to such party) the Directing Certificateholder. Based upon such Appraisal or internal
valuation (or any Appraisal obtained in accordance with Section 4.05(b) above) and receipt of information reasonably
requested by the applicable Special Servicer from the applicable Master Servicer and necessary to calculate the Appraisal Reduction
Amount, the applicable Special Servicer shall determine or redetermine, as applicable, and report to the applicable Master Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior to the occurrence and continuance of any
Consultation Termination Event and (ii) other than with respect to any Mortgage Loan that is an Excluded Loan as to such party)
the Directing Certificateholder, the amount and calculation or recalculation of the Appraisal Reduction Amount or Collateral Deficiency
Amount with respect to such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable, and such report shall
be delivered in the CREFC® Appraisal Reduction Template format; provided, however, that the applicable
Special Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure of the
applicable Master Servicer to provide sufficient information to such Special Servicer to comply with such duties or failure by
such Master Servicer to otherwise comply with its obligations hereunder. Following a Master Servicer’s receipt from the applicable
Special Servicer of the calculation of the Appraisal Reduction Amounts, such Master Servicer shall provide such information to
the Certificate Administrator in the form of the CREFC® Loan Periodic Update File and the CREFC®
Appraisal Reduction Template provided to it by the applicable Special Servicer, and the Certificate Administrator will calculate
the Allocated Appraisal Reduction Amount and the Allocated Cumulative Appraisal Reduction Amount. Such report of the Appraisal
Reduction Amount shall also be promptly forwarded by the applicable Special Servicer to the holder of any related Serviced Companion
Loan (or if applicable, to the Other Master Servicer of the securitization into which such Serviced Pari Passu Companion Loan has
been sold). If the applicable Special Servicer is required to redetermine the Appraisal Reduction Amount or Collateral Deficiency
Amount, such redetermined Appraisal Reduction Amount or Collateral Deficiency Amount shall replace the prior Appraisal Reduction
Amount or Collateral Deficiency Amount, as applicable, with respect to such Mortgage Loan, Companion

 

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Loan or Serviced Whole Loan,
as applicable. Prior to the occurrence and continuance of a Consultation Termination Event (and unless the related Mortgage Loan
is an Excluded Loan as to such party), the applicable Special Servicer shall consult with the Directing Certificateholder with
respect to any Appraisal, valuation or downward adjustment in connection with an Appraisal Reduction Amount or Collateral Deficiency
Amount. Notwithstanding the foregoing but subject to Section 4.05(b), the applicable Special Servicer will not be required
to obtain an Appraisal or conduct an internal valuation, as applicable, with respect to a Mortgage Loan or related Companion Loan
or Serviced Whole Loan as to which an Appraisal Reduction Event has occurred to the extent the applicable Special Servicer has
obtained an Appraisal or conducted such a valuation (in accordance with requirements of this Agreement), as applicable, with respect
to the related Mortgaged Property within the twelve-month period immediately prior to the occurrence of such Appraisal Reduction
Event. Instead, the applicable Special Servicer may use such prior Appraisal or valuation, as applicable, in calculating any Appraisal
Reduction Amount with respect to such Mortgage Loan or related Companion Loan or Serviced Whole Loan; provided that the
applicable Special Servicer is not aware of any material change to the related Mortgaged Property having occurred and affecting
the validity of such Appraisal or valuation.

 

The applicable Master
Servicer shall deliver by electronic mail to the applicable Special Servicer any information in its possession or, with respect
to Non-Specially Serviced Loans, reasonably obtainable by the applicable Master Servicer that is reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount and Allocated Appraisal Reduction Amount, using reasonable
efforts to deliver such information, within four (4) Business Days following the applicable Special Servicer’s reasonable
request therefor; provided that such Special Servicer’s failure to timely make such request shall not relieve such
Master Servicer of its obligation to use reasonable efforts to provide such information to such Special Servicer within four (4)
Business Days following such Special Servicer’s reasonable request. The applicable Master Servicer shall not calculate Appraisal
Reduction Amounts.

 

(d)        
Any Serviced Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan previously subject to an Appraisal
Reduction Amount and Allocated Appraisal Reduction Amount, which has become a Corrected Loan (for such purposes taking into account
any amendment or modification of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable),
and with respect to which no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal
Reduction Amount and Allocated Appraisal Reduction Amount. Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan
shall be calculated by the applicable party under and in accordance with and pursuant to the terms of the applicable Non-Serviced
PSA.

 

(e)    
Each Serviced Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount
with respect to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount
in respect of a Serviced AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation
is specified in the related Intercreditor Agreement, then, first, to the related AB Subordinate Companion Loan (until its principal
balance is notionally reduced to zero by such Appraisal Reduction Amounts) and second, pro rata, between the related Serviced
AB Mortgage Loan and any Serviced Pari Passu Companion Loans. Any Appraisal Reduction Amount in respect of any Serviced Pari Passu
Whole Loan will be allocated in

 

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accordance with the related Intercreditor Agreement or, if no allocation is specified in the related
Intercreditor Agreement, then, pro rata, between the related Serviced Pari Passu Mortgage Loan and the related Serviced
Pari Passu Companion Loan, based upon their respective outstanding principal balances.

 

Section 4.06    
Grantor Trust Reporting. (a) The parties intend that the portions of the Trust Fund constituting the Grantor Trust,
shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as, a “grantor
trust” under subpart E, part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently
with this intention. In furtherance of such intention, neither the Trustee nor the Certificate Administrator shall have the power
to vary the investment of the Holders of the Class V Certificates or the RR Interest in the Grantor Trust so as to improve
their rate of return. The Certificate Administrator shall prepare or cause to be prepared, submit to the Trustee for execution
(and the Trustee shall timely execute and timely return to the Certificate Administrator) and timely file all Tax Returns in respect
of the Grantor Trust. In addition, the Certificate Administrator shall (A) file, or cause to be filed, Internal Revenue Service
Form 1041, Form 1099 or such other form as may be applicable with the Internal Revenue Service with copies of the statements
in the following clause, (B) furnish, or cause to be furnished, to the Holders of the Class V Certificates and the RR
Interest, their allocable share of income and expense with respect to the Excess Interest and Excess Interest Distribution Account,
in the time or times and in the manner required by the Code, and (C) furnish, or cause to be furnished, to the Holders of the Exchangeable
Certificates, their allocable share of income and expense with respect to the Exchangeable Upper-Tier REMIC Regular Interests,
in the time or times and in the manner required by the Code.

 

(b)        
As of the Closing Date, the Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required
under the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to
do so is provided to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume
that Hare & Co. LLC is the only “middleman” as defined in the WHFIT Regulations unless and until the Depositor
provides the Certificate Administrator with the identities of other “middlemen” that are Certificateholders. The Certificate
Administrator shall be entitled to indemnification in accordance with the terms of this Agreement in the event that the Internal
Revenue Service makes a determination that the first sentence of this paragraph is incorrect.

 

(c)    
The Certificate Administrator shall report required WHFIT information using either the cash or accrual method, except to
the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under no obligation
to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available
(via its website) WHFIT information to Certificateholders annually. In addition, the Certificate Administrator shall not be responsible
or liable for providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the
Certificateholder.

 

(d)        
The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided
to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the

 

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Certificate
Administrator. Each Holder of a Class V Certificate, an Exchangeable Certificate or an RR Interest, by acceptance of its interest
in such Class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding
any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding
any sale of a Class V Certificate, an Exchangeable Certificate or an RR Interest, including the price, amount of proceeds
and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary
market trading of WHFIT interests.

 

(e)        
To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on
an appropriate website the CUSIP for the Class V Certificates or the Exchangeable Certificates. The CUSIP so published shall
represent the Rule 144A CUSIP. The Certificate Administrator shall make reasonable good faith efforts to keep the website
accurate and updated to the extent such CUSIP has been received. Absent the receipt of such CUSIP, the Certificate Administrator
will use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting
delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section 4.07    
Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool. (a) The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders
and beneficial owners of Certificates that are Privileged Persons may submit questions to (A) the Certificate Administrator
relating to the Distribution Date Statement, (B) the applicable Master Servicer or the applicable Special Servicer, as the
case may be, relating to the reports being made available pursuant to Sections 3.13(b) and Section 3.13(d),
the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties or (C) the Operating Advisor
relating to the Operating Advisor Annual Report or other reports prepared by the Operating Advisor or actions by the applicable
Special Servicer referenced in any Operating Advisor Annual Report (each an “Inquiry” and collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers
thereto. Upon receipt of an Inquiry for the applicable Master Servicer, the applicable Special Servicer, Certificate Administrator
or the Operating Advisor, as applicable, and in the case of any Inquiry relating to a Non-Serviced Mortgage Loan, to the related
Non-Serviced Master Servicer or related Non-Serviced Special Servicer, as applicable, the Certificate Administrator shall forward
the Inquiry to the appropriate person (in the case of the General Master Servicer to the following: REAM_InvestorRelations@wellsfargo.com),
in each case within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the applicable
Master Servicer, the applicable Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, unless
such party determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of such Master Servicer,
such Special Servicer or the Operating Advisor, as applicable, shall be delivered to the Certificate Administrator by electronic
mail. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts
to obtain an answer from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable;
provided that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure
to obtain such answer. The Certificate Administrator shall post (within a commercially reasonable

 

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period of time following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website.
If the Certificate Administrator, the applicable Master Servicer, the applicable Special Servicer or the Operating Advisor determines,
in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering
any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would
be in violation of applicable law, the applicable Mortgage Loan documents or this Agreement, (iv) answering any Inquiry would
materially increase the duties of, or result in significant additional cost or expense to, the applicable Master Servicer, the
applicable Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, (v) answering any Inquiry
would require the disclosure of Privileged Information (subject to the Privileged Information Exception), (vi) that 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 (vii) answering any Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer
such Inquiry and, in the case of the applicable Master Servicer, the applicable Special Servicer or the Operating Advisor, shall
promptly notify the Certificate Administrator of such determination. In addition, no party shall post or otherwise disclose any
direct communications with the Directing Certificateholder or the Risk Retention Consultation Party (in its capacity as Risk Retention
Consultation Party) as part of its response to any Inquiries. The Certificate Administrator shall notify the Person who submitted
such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate Administrator to the Person who
submitted an Inquiry that will not be answered shall include the following statement: “Because the Pooling and Servicing
Agreement provides that a Master Servicer, a Special Servicer, the Certificate Administrator and the Operating Advisor shall not
answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics
described in the Pooling and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust
and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law or the applicable Mortgage
Loan documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional costs
or expenses to the Trustee, a Master Servicer, a Special Servicer, the Certificate Administrator or Operating Advisor, as applicable,
(v) answering any Inquiry would require the disclosure of Privileged Information, or (vi) answering any Inquiry is otherwise,
for any reason, not advisable, no inference should or may be drawn from the fact that a Master Servicer, a Special Servicer, the
Certificate Administrator or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A
Forum will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters
or any of their respective Affiliates. None of the Underwriters, Depositor, any Master Servicer, any Special Servicer, the Certificate
Administrator, the Trustee or the Operating Advisor or any of their respective Affiliates will certify to any of the information
posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information.
The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer
thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The
Investor Q&A Forum will not reflect questions, answers and other communications that are not submitted via the Certificate
Administrator’s Website. Notwithstanding the foregoing, the Operating Advisor shall not be required to respond to any Inquiries
from Certificateholders for which its response would require the Operating Advisor to

 

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provide information to such inquiring Certificateholders
that they are otherwise not entitled to receive under the terms of this Agreement.

 

(b)        
The Certificate Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged
Person, the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate
Administrator’s Website, where Certificateholders and Certificate Owners that are Privileged Persons can register and thereafter
obtain information with respect to any other Certificateholder or Certificate Owner that has so registered. Any person registering
to use the Investor Registry shall certify that (a) it is a Certificateholder or a Certificate Owner and a Privileged Person
and (b) it grants authorization to the Certificate Administrator to make its name and contact information available on the
Investor Registry for at least forty-five (45) days from the date of such certification to persons entitled to access to the Investor
Registry. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name
and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder
or Certificate Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice
may not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor
Registry. The Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor
Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator may
require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)    
The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request
Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5
Information Provider’s Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any
Distribution Date Statements, or submit questions to the applicable Master Servicer or the applicable Special Servicer, as the
case may be, relating to the reports prepared by such parties (each such submission, a “Rating Agency Inquiry”),
and (ii) view Rating Agency Inquiries that have been previously submitted and answered, together with the responses thereto.
In addition, NRSROs may use the forum to submit requests (each such submission also, a “Rating Agency Inquiry”)
to the applicable Master Servicer for loan-level reports and other related information. Upon receipt of a Rating Agency Inquiry
for the applicable Master Servicer or the applicable Special Servicer, the 17g-5 Information Provider shall forward the Rating
Agency Inquiry to the appropriate person (in the case of the General Master Servicer to the following: RAInvRequests@wellsfargo.com;
and, in the case of the NCB Master Servicer, to the following: BANK2021BNK32@ncb.com), in each case within a commercially
reasonable period of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider,
the applicable Master Servicer or the applicable Special Servicer, as the case may be, unless it determines not to answer such
Rating Agency Inquiry as provided below, shall reply by email to the Certificate Administrator. The 17g-5 Information Provider
shall post (within a commercially reasonable period of time following receipt of such response) such Rating Agency Inquiry with
the related response thereto (or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. Any
reports posted by the 17g-5 Information Provider in response to an inquiry may be posted on a separate website or web page accessible
by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the applicable Master

 

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Servicer or
the applicable Special Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency Inquiry
would be in violation of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan documents, (ii) answering
any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege with, or the disclosure
of attorney work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the duties of, or
result in significant additional cost or expense to, the Certificate Administrator, such Master Servicer or such Special Servicer,
as applicable, and (B) the Certificate Administrator, such Master Servicer or such Special Servicer, as applicable, determines
in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance
of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator,
Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency
Inquiry and shall promptly notify the 17g-5 Information Provider by email of such determination. The 17g-5 Information Provider
shall promptly thereafter post the Rating Agency Inquiry with the reason it was not answered to the Rating Agency Q&A Forum
and Document Request Tool. The 17g-5 Information Provider shall not be liable for the failure by any other such Person to so answer.
Questions posted on the Rating Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting NRSRO.
Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall
not be deemed to be answers from any other person. None of the Underwriters, the Depositor, or any of their respective Affiliates
will certify to any of the information posted in the Rating Agency Q&A Forum and Document Request Tool and no such party shall
have any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required
to post to the 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information
Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document
Request Tool will not reflect questions, answers and other communications that are not submitted via the 17g-5 Information Provider’s
Website.

 

Section 4.08    
Secure Data Room. (a) The Certificate Administrator shall create a Secure Data Room and the Depositor shall,
upon the receipt of each Mortgage Loan Seller’s Diligence File Certification and within 120 days following the Closing Date,
deliver to the Certificate Administrator an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded
by the Mortgage Loan Sellers to the Designated Site. Upon receipt thereof, the Certificate Administrator shall promptly upload
the contents of each Diligence File actually received by it to the Secure Data Room. Access to the Secure Data Room shall be granted
by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction
of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator
of a certification substantially in the form of Exhibit QQ hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders
be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation
to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered
to it by the Depositor.

 

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(b)        
The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates
to the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure
Data Room. In the event that any document or information is posted in error, the Certificate Administrator may remove such document
or information from the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic
copies of any document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not
be responsible or held liable for any other Person’s use or dissemination of the documents or information contained on the
Secure Data Room; provided that such event or occurrence is not also a result of its own negligence, bad faith or willful
misconduct. The Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis
and any Person with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties
and responsibilities under this Agreement.

 

(c)    
Upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator
shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor
or the applicable Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable
as part of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the Certificate
Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated,
repurchased or otherwise removed from the Trust, the applicable Special Servicer may direct the Certificate Administrator in writing
to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided that absent such direction,
the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data Room. Following the termination
of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the
Secure Data Room. Upon deletion, in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted
files.

 

[End of Article IV]

 

Article V

THE CERTIFICATES

 

Section 5.01    
The Certificates. (a) The Certificates will be substantially in the respective forms annexed hereto as Exhibit A-1
through and including Exhibit A-4, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary,
appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith,
be determined by the officers executing such Certificates, as evidenced by their execution thereof. The Class X Certificates
will

 

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be issuable only in minimum Denominations of authorized initial Notional Amount of not less than $1,000,000 and in integral
multiples of $1.00 in excess thereof. The Registered Certificates (other than the Class X-A Certificates and Class X-B
Certificates) will be issuable only in minimum Denominations of authorized initial Certificate Balance of not less than $10,000,
and in integral multiples of $1.00 in excess thereof. The Non-Registered Certificates (other than any Class X Certificates and
other than the Class V and Class R Certificates and the RR Interest) will be issuable in minimum Denominations of authorized
initial Certificate Balance of not less than $100,000, and in integral multiples of $1.00 in excess thereof. The RR Interest will
be issuable in minimum Denominations of authorized initial Certificate Balance of not less than $1.00, and in integral multiples
of $0.01 in excess thereof. If the Original Certificate Balance or initial Notional Amount, as applicable, of any Class (other
than the RR Interest) does not equal an integral multiple of $1.00, then a single additional Certificate of such Class may be issued
in a minimum denomination of authorized initial Certificate Balance or initial Notional Amount, as applicable, that includes the
excess of (i) the Original Certificate Balance or initial Notional Amount, as applicable, of such Class over (ii) the
largest integral multiple of $1.00 that does not exceed such amount. The Class R and Class V Certificates shall be issued,
maintained and transferred in minimum percentage interests of 10% of such Class R or Class V Certificates and in integral
multiples of 1% in excess thereof.

 

(b)    
One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If
an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns
the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of
the Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The
signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section 5.02    
Form and Registration. No transfer of any Non-Registered Certificate shall be made unless that transfer is made pursuant
to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state
securities laws, or is made in a transaction which does not require such registration or qualification. If a transfer (other than
one by the Depositor to an Affiliate thereof or by the Initial Purchasers to RREF IV Debt AIV, LP) is to be made in reliance upon
an exemption from the Securities Act, and under the applicable state securities laws, then either:

 

(a)        
Each Class of the Non-Registered Certificates sold to institutions that are non-United States Securities Persons in Offshore
Transactions in reliance on Regulation S under the Act shall initially be represented by a temporary book-entry certificate
in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto
(each a “Temporary Regulation S Book-Entry Certificate”), which shall be deposited on the Closing Date
on behalf of the purchasers of the Non-Registered Certificates represented thereby with the Certificate Registrar, at its principal
trust office, as custodian, for the Depository, and registered in the name of the Depository or the nominee of the Depository for
the account of designated agents holding on behalf of Euroclear and/or Clearstream. Prior to the expiration of the 40-day period
commencing on the later of the commencement of the offering and the Closing Date (the “Restricted Period”),
beneficial interests in each Temporary Regulation S Book-Entry Certificate may be held only through Euroclear or Clearstream.
After the expiration of the

 

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Restricted Period, a beneficial interest in a Temporary Regulation S Book-Entry Certificate may
be exchanged for an interest in the related Regulation S Book-Entry Certificate in the applicable form set forth as an exhibit
hereto in accordance with the procedures set forth in Section 5.03(f). During the Restricted Period, distributions
due in respect of a beneficial interest in a Temporary Regulation S Book-Entry Certificate shall only be made upon delivery
to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After
the expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S
Book-Entry Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest
in the Regulation S Book-Entry Certificate of the same Class is improperly withheld or refused. The aggregate Certificate
Balance of a Temporary Regulation S Book-Entry Certificate or a Regulation S Book-Entry Certificate may from time to
time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository,
as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National Association is hereby
initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery
of the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo Bank, National Association is
removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as Authenticating Agent.
If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent, which may be the Trustee
or an Affiliate thereof.

 

(b)        
Certificates of each Class of Non-Registered Certificates (other than any RR Interest during the RR Interest Transfer Restriction
Period) offered and sold to Qualified Institutional Buyers in reliance on Rule 144A under the Act (“Rule 144A”)
shall be represented by Rule 144A Book-Entry Certificates, which shall be deposited with the Certificate Registrar or an agent
of the Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the
Depository. The aggregate Certificate Balance of a Rule 144A Book-Entry Certificate may from time to time be increased or
decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)    
Certificates of each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional
Accredited Investors that are not Qualified Institutional Buyers (the “Non-Book Entry Certificates”) shall be
in the form of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered
in the name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book
Entry Certificates to the respective beneficial owners or owners. For the avoidance of doubt, the Class R and Class V Certificates
shall only be in the form of Definitive Certificates, and the RR Interest shall be issued in the form of Definitive Certificates
at all times during the RR Interest Transfer Restriction Period.

 

(d)        
Owners of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery
of certificated Certificates unless: (i) the Depository

 

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advises the Certificate Registrar in writing that the Depository is
no longer willing or able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates
of such Class or ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified
successor within ninety (90) days of such notice or (ii) the Trustee has instituted or has been directed to institute any
judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection
with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such
Class; provided, however, that under no circumstances will certificated Non-Registered Certificates be issued to
beneficial owners of a Temporary Regulation S Book-Entry Certificate. Upon notice of the occurrence of any of the events described
in clause (i) or (ii) above with respect to any Certificates of a Class that are in the form of Book-Entry Certificates
and upon surrender by the Depository of any Book-Entry Certificate of such Class and receipt from the Depository of instructions
for re-registration, the Certificate Registrar shall issue Certificates of such Class in the form of Definitive Certificates (bearing,
in the case of a Definitive Certificate issued for a Rule 144A Book-Entry Certificate, the same legends regarding transfer
restrictions borne by such Book-Entry Certificate), and thereafter the Certificate Registrar shall recognize the Holders of such
Definitive Certificates as Certificateholders under this Agreement. Unless and until Definitive Certificates are issued in respect
of a Class of Book-Entry Certificates, beneficial ownership interests in such Class of Certificates will be maintained and transferred
on the book entry records of the Depository and Depository Participants, and all references to actions by Holders of such Class
of Certificates will refer to action taken by the Depository upon instructions received from the related registered Holders of
Certificates through the Depository Participants in accordance with the Depository’s procedures and, except as otherwise
set forth herein, all references herein to payments, notices, reports and statements to Holders of such Class of Certificates will
refer to payments, notices, reports and statements to the Depository or its nominee as the registered Holder thereof, for distribution
to the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s
procedures.

 

(e)    
Subject to the following provisions, during the RR Interest Transfer Restriction Period, any RR Interest shall only be held
as a Definitive Certificate in the Retained Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s
respective interest shall be tracked in the form of an entry in the Certificate Administrator’s trust accounting system under
the Retained Interest Safekeeping Account), for the benefit of the Holder of the related Certificate.

 

The Certificate Administrator
shall hold the RR Interest in safekeeping and shall release the Definitive Certificate representing a portion of the requesting
Retaining Party’s RR Interest only upon receipt of written instructions from the applicable Holder of the RR Interest and
the Retaining Sponsor’s written consent, or in connection with a transfer, in accordance with Section 5.03(i),
and in accordance with any authentication procedures as may be utilized by the Certificate Administrator and in accordance with
this Agreement. There shall be, and hereby is, established by the Certificate Administrator an account which will be designated
the “Retained Interest Safekeeping Account” and into which the RR Interest shall be held and which shall be governed
by and subject to this Agreement. In addition, on and after the date hereof, the Certificate Administrator may establish any number
of subaccounts to the Retained Interest Safekeeping Account for each Retaining Party. The RR Interest to be delivered in physical
form to the Certificate Administrator shall be delivered as set forth herein. No amounts distributable to the RR

 

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Interest shall
be remitted to the Retained Interest Safekeeping Account, but shall be remitted directly to each Retaining Party in accordance
with written instructions provided separately by each Retaining Party to the Certificate Administrator. Under no circumstances
by virtue of safekeeping the RR Interest shall the Certificate Administrator be obligated to bring legal action or institute proceedings
against any person on behalf of the Retaining Parties. During the RR Interest Transfer Restriction Period and for such longer time
as the Retaining Parties may request, the Certificate Administrator shall hold the Definitive Certificate representing the RR Interest
at the below location, or any other location; provided the Certificate Administrator has given notice to each of the Retaining
Parties of such new location:

 

Wells Fargo Bank NA

Attn: Security Control
and Transfer (SCAT) – MAC N9345-010

425 E Hennepin Avenue

Minneapolis, MN 55414

 

The Certificate Administrator
shall make available to each Retaining Party its respective account information as mutually agreed upon by the Certificate Administrator
and each respective Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any
transfer of an RR Interest shall be subject to Section 5.03(g) and Section 5.03(i). The Certificate Administrator
is directed by the Depositor to enter into a safekeeping account agreement to facilitate the initial settlement and sale of the
RR Interest on the Closing Date.

 

On the Closing Date and
upon any transfer of the RR Interest pursuant to Section 5.03(i), the Certificate Administrator shall deliver written confirmation
to the Depositor, the Retaining Sponsor and the initial Holder of the RR Interest substantially in the form of Exhibit UU
to this Agreement evidencing its receipt of the RR Interest.

 

Section 5.03    
Registration of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause
to be kept at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable
regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers
and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate
Registrar”). In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining
the Certificate Register and a record of the aggregate holdings of Certificates of each Class of Non-Registered Certificates represented
by a Temporary Regulation S Book-Entry Certificate, a Regulation S Book-Entry Certificate and a Rule 144A Book-Entry
Certificate and accepting Certificates for exchange and registration of transfer, (ii) holding the RR Interest as Definitive Certificates
on behalf of each Holder of such Class and (iii) transmitting to the Depositor, each applicable Master Servicer and each applicable
Special Servicer any notices from the Certificateholders. No fee or service charge shall be imposed by the Certificate Registrar
for its services in respect of any registration of Transfer or exchange of any Certificate (other than Definitive Certificates)
referred to in this Section 5.03.

 

(b)    
Subject to the restrictions on transfer set forth in this Article V, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

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(c)    
Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial
interest in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository
wishes at any time during the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest
in the Temporary Regulation S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A
Book-Entry Certificate to a Person who is required to take delivery thereof in the form of an interest in the Temporary Regulation S
Book-Entry Certificate of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause
the exchange of such interest for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07, of (1) instructions
given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to
credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Book-Entry Certificate in an amount equal
to the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, (2) a written order given in accordance
with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to be credited with
such increase and the name of such account and (3) a certificate in the form of Exhibit I hereto given by the
holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer restrictions
applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Book-Entry Certificate
and to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Book-Entry Certificate by
the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, to credit
or cause to be credited to the account of the Person specified in such instructions (who shall be the agent member of Euroclear
or Clearstream, or both) a beneficial interest in the Temporary Regulation S Book-Entry Certificate equal to the reduction
in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to be debited, from the account
of the Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry Certificate that is being
exchanged or transferred.

 

(d)        
Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest
in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at
any time following the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest
in the Regulation S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry
Certificate to a Person who is required to take delivery thereof in the form of an interest in a Regulation S Book-Entry Certificate,
such holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an
equivalent beneficial interest in such Regulation S Book-Entry Certificate. Upon receipt by the Certificate Registrar, as
registrar, at its office designated in Section 5.07, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest
in the Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information
regarding the participant account of the Depository to be credited with such increase and (3) a certificate in the form of
Exhibit J hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest
has been made in compliance

 

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with the transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance
with Regulation S, or (B) that the transferee is otherwise entitled to hold its interest in the applicable Certificates
in the form of an interest in the Regulation S Book-Entry Certificate, without any registration of such Certificates under
the Act (in which case such certificate shall enclose an Opinion of Counsel to such effect and such other documents as the Certificate
Registrar may reasonably require), then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Rule 144A Book-Entry Certificate and to increase, or cause to be increased, the Certificate
Balance of the Regulation S Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the
Rule 144A Book-Entry Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in the Regulation S Book-Entry Certificate equal to the reduction in the Certificate
Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to be debited, from the account of the Person making
such exchange or transfer the beneficial interest in the Rule 144A Book-Entry Certificate that is being exchanged or transferred.

 

(e)    
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry
Certificate. If a holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange
its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest
in the Rule 144A Book-Entry Certificate of the same Class, or to transfer its interest in such Temporary Regulation S
Book-Entry Certificate or Regulation S Book-Entry Certificate to a Person who is required to take delivery thereof in the
form of an interest in the Rule 144A Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear
or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent beneficial
interest in the Rule 144A Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07, of (1) instructions from Euroclear or Clearstream, if applicable, and
the Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest in the
Rule 144A Book-Entry Certificate equal to the beneficial interest in the Temporary Regulation S Book-Entry Certificate
or Regulation S Book-Entry Certificate to be exchanged, such instructions to contain information regarding the participant
account with the Depository to be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S
Book-Entry Certificate, information regarding the participant account of the Depository to be debited with such decrease and (3) with
respect to a transfer of an interest in the Temporary Regulation S Book-Entry Certificate for an interest in the Rule 144A
Book-Entry Certificate (i) during the Restricted Period, a certificate in the form of Exhibit K hereto given by
the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation S
Book-Entry Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Book-Entry Certificate
is a Qualified Institutional Buyer or (ii) after the Restricted Period, an Investment Representation Letter in the form of
Exhibit C attached hereto from the transferee to the effect that such transferee is a Qualified Institutional Buyer
(an “Investment Representation Letter”) and is obtaining such beneficial interest in a transaction meeting the
requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and
to increase, or cause to be

 

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increased, the Certificate Balance of the Rule 144A Book-Entry Certificate by the aggregate Certificate
Balance of the beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
to be exchanged, and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause
to be credited, to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Book-Entry
Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate and to debit, or cause to be debited, from the account of the Person making such transfer the beneficial
interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate that is being transferred.

 

(f)    
Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary
Regulation S Book-Entry Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the
case may be, a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or
Clearstream, as applicable, has received a certificate substantially in the form of Exhibit L hereto from the holder
of a beneficial interest in such Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period,
for interests in the Regulation S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange
by delivering to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S
Book-Entry Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry
Certificate initially exchanged for interests in the Regulation S Book-Entry Certificate. The delivery to the Certificate
Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor
and the Certificate Registrar as conclusive evidence that the certificate or certificates referred to therein has or have been
delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Book-Entry Certificate.
Upon any exchange of interests in the Temporary Regulation S Book-Entry Certificate for interests in the Regulation S
Book-Entry Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Book-Entry Certificate to reflect
the reduction in the Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S
Book-Entry Certificate to reflect the corresponding increase in the amount represented thereby. Until so exchanged in full and
except as provided therein, the Temporary Regulation S Book-Entry Certificate, and the Certificates evidenced thereby, shall
in all respects be entitled to the same benefits under this Agreement as the Regulation S Book-Entry Certificate and Rule 144A
Book-Entry Certificate authenticated and delivered hereunder.

 

(g)        
Non-Book Entry Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry Certificate (other than (a)
a Class R Certificate or (b) an RR Interest during the RR Interest Transfer Restriction Period) wishes at any time to exchange
its interest in such Non-Book Entry Certificate for an interest in a Book-Entry Certificate of the same Class, or to transfer all
or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest in a
Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable, and the
Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest in the appropriate
Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in
Section 5.07, of (1) such Non-Book Entry Certificate, duly

 

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endorsed as provided herein, (2) instructions
from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest in
the applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged,
such instructions to contain information regarding the participant account with the Depository to be credited with such increase
and (3) a certificate in the form of Exhibit M hereto (in the event that the applicable Book-Entry Certificate
is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N hereto (in the event that the
applicable Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form of Exhibit O hereto
(in the event that the applicable Book-Entry Certificate is the Rule 144A Book-Entry Certificate), then the Certificate Registrar,
as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute,
authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion
retained by such transferor and shall instruct the Depository to increase, or cause to be increased, such Book-Entry Certificate
by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to
be credited, to the account of the Person specified in such instructions a beneficial interest in the applicable Book-Entry Certificate
equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled. Upon the written direction of the
Depositor (which may be by email to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the Certificate Registrar shall
execute any instrument as may be reasonably required by the Depository to effect such exchange.

 

(h)        
Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and
when permitted by Section 5.02(d), and subject to the issuance and transfer of the RR Interest during the RR Interest
Transfer Restriction Period in accordance with Section 5.03(i), no Non-Book Entry Certificate shall be issued to a
transferee of an interest in any Rule 144A Book-Entry Certificate, Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate or to a transferee of a Non-Book Entry Certificate (or any portion thereof).

 

(i)     
Transfers of RR Interest.  At all times, if a Transfer of any RR Interest after the Closing Date is to be made,
then the following documents shall be delivered to the Certificate Administrator, who will facilitate the transfer in conjunction
with the Certificate Registrar who shall refuse to register such transfer unless it receives (and, upon receipt, may conclusively
rely upon) (A) if such RR Interest is in the possession of the Certificate Administrator, a letter notifying the Certificate
Administrator in writing of the Holder of an RR Interest’s intention to transfer such RR Interest from the Retained Interest
Safekeeping Account and identifying the transferee, (B) a certification from such Certificateholder’s prospective Transferee
substantially in the form attached hereto as Exhibit D-3, which such certification must be countersigned by the Retaining
Sponsor with a medallion stamp guarantee of the Retaining Sponsor, (C) a certification from the Certificateholder desiring
to effect such transfer substantially in the form attached hereto as Exhibit D-4, which such certification must be countersigned
by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, (D) a completed W-9 by the prospective
transferee and (E) contact information and wiring instructions for the prospective transferee. So long as the RR Interest
is held by the Certificate Administrator in the Retained Interest Safekeeping Account, upon the completion of any such Transfer
during the RR Interest Transfer Restriction Period, the Certificate Administrator shall issue a receipt to such transferor and
transferee. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.02(e)
and

 

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Section 5.03(a), reflect such RR Interest in the name of the prospective Transferee. For the avoidance of doubt,
in no event shall an RR Interest be held as a Book-Entry Certificate during the RR Interest Transfer Restriction Period. Any attempted
or purported transfer in violation of this Section 5.03(i) shall be null and void ab initio and shall vest no rights in
any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable Certificates.

 

(j)     
Other Exchanges. In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates
may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of subsections (c)
through (f) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A
or Regulation S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate
Registrar.

 

(k)        
Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates,
transfers of interests in the Temporary Regulation S Book-Entry Certificate to U.S. persons (as defined in Regulation S)
shall be limited to transfers made pursuant to the provisions of subsection (e) above.

 

(l)     
If Non-Registered Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive
legend relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.

 

(m)        
All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the
Certificate Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(n)        
With respect to the ERISA Restricted Certificates, no sale, transfer, pledge or other disposition (other than any initial
transfer to the Initial Purchasers or with respect to the RR Interest, the applicable Retaining Parties) of any such Certificate
shall be made unless the Trustee and Certificate Administrator shall have received either (i) a representation letter from
the proposed purchaser or transferee of such Certificate substantially in the form of Exhibit F-1 attached hereto,
to the effect that such proposed purchaser or transferee is not and will not be (A) an employee benefit plan subject to the
fiduciary responsibility provisions of ERISA or a plan subject to Section 4975 of the Code, or a governmental plan (as defined
in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA) for which no election has been made
under Section 410(d) of the Code or any other plan subject to any federal, state or local law (“Similar Law”)
which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or
(B) a person acting on behalf of (including an entity whose underlying assets include Plan assets within the meaning of Department
of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) or using the assets of any such Plan, other
than an insurance company using the assets of its general account under circumstances whereby the

 

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purchase and holding of such
Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I
and III of Prohibited Transaction Class Exemption 95-60 (or, in the case of a Plan subject to Similar Law, would not
result in a non-exempt violation of Similar Law) or (ii) if such Certificate is presented for registration in the name of
a purchaser or transferee that is any of the foregoing, an Opinion of Counsel in form and substance satisfactory to the Trustee,
the Certificate Administrator and the Depositor to the effect that the acquisition and holding of such Certificate by such purchaser
or transferee will not constitute or result in a non-exempt “prohibited transaction” within the meaning of ERISA, Section 4975
of the Code or a non-exempt violation of any Similar Law, and will not subject the Trustee, the Certificate Administrator, the
Certificate Registrar, any Master Servicer, any Special Servicer, any Sub-Servicer, the Initial Purchasers, the Underwriters, the
Operating Advisor, the Asset Representations Reviewer or the Depositor to any obligation or liability (including obligations or
liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth in the Agreement.
The Trustee and Certificate Administrator shall not register the sale, transfer, pledge or other disposition of any ERISA Restricted
Certificate unless the Trustee and Certificate Administrator have received either the representation letter described in clause (i)
above or the Opinion of Counsel described in clause (ii) above. The costs of any of the foregoing representation letters
or Opinions of Counsel shall not be borne by any of the Depositor, any Master Servicer, any Special Servicer, the Trustee, the
Certificate Administrator, the Initial Purchasers, the Underwriters, the Operating Advisor, the Certificate Registrar, the Asset
Representations Reviewer or the Trust. Each Certificate Owner of an ERISA Restricted Certificate shall be deemed to represent that
it is not and will not become a Person specified in clauses (i)(A) or (i)(B) above. Any transfer, sale, pledge
or other disposition of any ERISA Restricted Certificates that would constitute or result in a prohibited transaction under ERISA,
Section 4975 of the Code or any Similar Law, or would otherwise violate the provisions of this Section 5.03(n)
shall be deemed absolutely null and void ab initio, to the extent permitted under applicable law.

 

(o)        
No Class R or Class V Certificate may be purchased by or transferred to any prospective purchaser or transferee that
is or will be a Plan, or any person acting on behalf of a Plan (including an entity whose underlying assets include Plan assets
within the meaning of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) or using the
assets of a Plan to purchase such Class R or Class V Certificate. Each prospective transferee of a Class R or Class V
Certificate shall deliver to the transferor and the Certificate Administrator a representation letter, substantially in the form
of Exhibit F-2, stating that the prospective transferee is not and will not become a Plan or a person acting on behalf
of or using the assets of a Plan. Any attempted or purported transfer in violation of these transfer restrictions shall be null
and void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations
with respect to the applicable Certificates.

 

Each Person who has or
acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are
expressly subject to the following provisions:

 

(i)    
Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or
hold such Residual Ownership Interest as

 

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agent (including a broker, nominee or other middleman) on behalf of any Person that is
not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in
its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
described in the first sentence of this Section 5.03(o) by a Person who is not a Permitted Transferee or by a Person
who is acting as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the
immediately preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual
Ownership Interest as soon and as fully as possible.

 

(ii)    
No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer,
and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed
transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor, an
affidavit in substantially the form attached as Exhibit D-1 (a “Transferee Affidavit”) of the proposed
transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee
historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands
that, as the holder of a Residual Ownership Interest, it may incur tax liabilities in excess of cash flows generated by the residual
interest, (3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they
become due, (4) the proposed transferee will not cause income with respect to the Residual Ownership Interest to be attributable
to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee
or any other U.S. Tax Person, (5) the proposed transferee will not transfer the Residual Ownership Interest to any Person
that does not provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not
a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted
Transferee, and (6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.03(o)
and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed
transferor substantially in the form attached as Exhibit D-2 (the “Transferor Letter”), that the
proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge
or reason to know that the proposed transferee’s statements in its Transferee Affidavit are false.

 

(iii)        
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if
a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee,
no Transfer to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate
Register; provided, however, that the Certificate Registrar shall not be required to conduct any independent investigation
to determine whether a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred
a Transfer to any Person that is a Disqualified Organization or an agent

 

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thereof (including a broker, nominee or middleman) in
contravention of the foregoing restrictions, and in any event not later than sixty (60) days after a request for information from
the transferor of such Residual Ownership Interest or such agent, the Certificate Registrar agrees to furnish to the Internal Revenue
Service and the transferor of such Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e)
of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor
or to such agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing
such information.

 

(p)    
The Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(q)        
Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding
requirements respecting payments to Certificateholders and other payees of interest or original issue discount that the Certificate
Administrator reasonably believes are applicable under the Code. The consent of Certificateholders or payees shall not be required
for such withholding, and the Certificateholders shall be required to provide the Certificate Administrator with such forms and
such other information reasonably required by the Certificate Administrator. If the Certificate Administrator does withhold any
amount from interest or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal
withholding requirements, the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall be
deemed to have been distributed to such Persons for all purposes of this Agreement.

 

(r)    
Notwithstanding any other provision of this Agreement, none of the Depositor, the Trust, any Underwriter, any Initial Purchaser,
the Trustee, any Master Servicer, any Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any of their respective affiliated entities (the “Transaction Parties”) is undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the acquisition of any Certificates
by any Plan subject to Section 406 of ERISA or Section 4975 of the Code (an “ERISA Plan”). In addition,
each beneficial owner of any Certificate or any interest therein that is an ERISA Plan, including any fiduciary purchasing Certificates
on behalf of an ERISA Plan (“Plan Fiduciary”) will be deemed to have represented by its acquisition of such
Certificate that none of the Transaction Parties has provided any investment recommendation or investment advice on which the ERISA
Plan or the Plan Fiduciary has relied in connection with the decision to acquire Offered Certificates, and they are not otherwise
acting as a fiduciary (within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code) to the ERISA Plan in connection
with the ERISA Plan’s acquisition of Offered Certificates (unless an applicable prohibited transaction exemption is available
to cover the purchase or holding of the Offered Certificates or the transaction is not otherwise prohibited), and (ii) the Plan
Fiduciary making the decision to acquire the Offered Certificates is exercising its own independent judgment in evaluating the
investment in the Offered Certificates.

 

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Section 5.04    
Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate
and (b) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser,
the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust. In connection with the issuance of any new
Certificate under this Section 5.04, the Certificate Registrar may require the payment of a sum sufficient to cover
any expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued
pursuant to this Section 5.04 shall constitute complete and indefeasible evidence of ownership in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.05    
Persons Deemed Owners. Each applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator,
the Trustee and the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all
other purposes whatsoever, and each applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator,
the Trustee, the Certificate Registrar and any agent of any of them shall not be affected by any notice to the contrary; provided,
that to the extent that a party to this Agreement responsible for distributing any report, statement or other information required
to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement shall distribute
such report, statement or other information to such beneficial owner (or prospective transferee).

 

Section 5.06    
Access to List of Certificateholders’ Names and Addresses; Special Notices. (a) The Certificate Registrar
shall maintain in as current form as is reasonably practicable the most recent list available to it of the names and addresses
of the Certificateholders. If any Certificateholder that has provided an Investor Certification (i) requests in writing from
the Certificate Registrar a list of the names and addresses of Certificateholders, (ii) states that such Certificateholder
desires to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates
and (iii) provides a copy of the communication which Certificateholder proposes to transmit, then the Certificate Registrar
shall, within ten (10) Business Days after the receipt of such request, furnish such Certificateholder (at such Certificateholder’s
sole cost and expense) a current list of the Certificateholders. In addition, upon written request to the Certificate Administrator
of any Certificateholder or Certificate Owner (if applicable) that has provided an Investor Certification, the Certificate Administrator
shall promptly notify such Certificateholder or Certificate Owner of the identity of the then-current Directing Certificateholder.
Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable
by reason of the disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source
from which information was derived. Each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor and the Depositor shall be entitled to a list of the names and addresses of Certificateholders
from time to time upon request therefor.

 

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(b)        
 (i) The Certificate Administrator shall include in any Form 10-D any written request received in accordance with
Section 11.04(a) prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date
preceding such Distribution Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners related to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement.
Any Form 10-D containing such disclosure (a “Special Notice”) regarding the request to communicate shall include
the following and no more than the following (a) the name of the Certificateholder or Certificate Owner making the request,
(b) the date the request was received, (c) a statement to the effect that the Certificate Administrator has received
such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner. It is
hereby understood that a disclosure in substantially the following form shall be deemed to satisfy the requirements in the preceding
sentence: “On [date], the Certificate Administrator received from [name], a Certificateholder or Certificate Owner, a request
to communicate with other Certificateholders and Certificate Owners in the securitization transaction to which this report on Form
10-D relates (the “Securitization”). The requesting Certificateholder or Certificate Owner is interested in
communicating with other Certificateholders and Certificate Owners with regard to the possible exercise of rights under the pooling
and servicing agreement governing the Securitization. Other Certificateholders and Certificate Owners may contact the requesting
Certificateholder or Certificate Owner at [telephone number], [email address] and/or [mailing address].”

 

(ii)    
In verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following
documents confirming ownership of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer or
another document acceptable to the Certificate Administrator that is similar to any of the foregoing documents. The Certificate
Administrator shall not have any obligation to verify the information provided by any Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Additionally, any expenses the Certificate Administrator
incurs in connection with any request to communicate will be paid by the Trust.

 

Section 5.07    
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates its office at 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, Minnesota 55479 as its
office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders and the Mortgagors
of any change in the location of the Certificate Register or any such office or agency.

 

     -376-

     

    

 

Section 5.08    
Appointment of Certificate Administrator. (a) Wells Fargo Bank, National Association is hereby initially appointed
Certificate Administrator in accordance with the terms of this Agreement. If the Certificate Administrator resigns or is terminated,
the Trustee shall appoint a successor certificate administrator which may be the Trustee or an Affiliate thereof to fulfill the
obligations of the Certificate Administrator hereunder which must satisfy the eligibility requirements set forth in Section 8.06.

 

(b)    
The Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution,
Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice,
request, consent, order, Appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed
or presented by the proper party or parties.

 

(c)        
The Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses
of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and the
advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action
taken or suffered or omitted by it hereunder in good faith and in accordance therewith.

 

(d)        
The Certificate Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it
in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)    
The Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys shall not
relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)    
The Certificate Administrator shall not be responsible for any act or omission of the Trustee, any Master Servicer, any
Special Servicer or the Depositor.

 

Section 5.09    
[RESERVED]

 

Section 5.10    
Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders
by mail with respect to Definitive Certificates. In each case, such vote shall be administered in accordance with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)    
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website.

 

     -377-

     

    

 

Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)        
In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)        
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)       
Any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall
be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or
answer questions other than process-related questions regarding the administration of the vote.

 

(e)        
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

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Section 5.11    
Exchangeable Certificates. (a) On the Closing Date, the Grantor Trust shall issue the several Classes of Exchangeable
Certificates. Each Class of Exchangeable Certificates shall represent an undivided beneficial ownership interest in the Corresponding
Exchangeable Upper-Tier Regular Interests in an amount equal to the Class Percentage Interest of such Class in each such Corresponding
Exchangeable Upper-Tier Regular Interest. All amounts allocated to an Exchangeable Upper-Tier Regular Interest hereunder, including
principal and interest payable thereon and reimbursement of previously allocated Realized Losses (with interest), shall be allocated
to the Classes of Exchangeable Certificates representing an interest therein, in proportion to their Class Percentage Interests
therein; provided, that the Exchangeable Certificates will be entitled to Prepayment Premiums and Yield Maintenance Charges
as described in Section 4.01(e).

 

(b)        
Certificates of each Class of Exchangeable Certificates (each such Class, in connection with any exchange, an applicable
“Surrendered Class”) may be exchanged on the books of DTC for Certificates of the corresponding Classes of Exchangeable
Certificates set forth next to such Class in the table below (each, an applicable “Received Class”), and vice
versa. The Denomination of each of the Received Classes of Certificates must be equal to the Denomination of each of the Surrendered
Classes of Certificates. No fee shall be required with respect to any exchange of Exchangeable Certificates. Following any exchange
of Certificates of one or more Surrendered Classes for Certificates of one or more Received Classes, the Class Percentage Interests
in the Corresponding Exchangeable Upper-Tier Regular Interests that are represented by the Surrendered Classes (and consequently
their related Certificate Balances or Notional Amounts) shall be decreased, and those of the Received Classes (and consequently
their related Certificate Balances or Notional Amounts) shall be increased. The Certificate Administrator or Certificate Registrar,
as applicable, shall (i) make the appropriate notation of such exchange on the Certificate Register and on the Book-Entry Certificate
for each Class of Exchangeable Certificates involved in such exchange to reflect such reductions and increases and (ii) give appropriate
instructions to the Depository to reflect such reductions and increases.

 

	
        Surrendered
Classes (or Received Classes) of Certificates
	 	
        Received
Classes (or Surrendered Classes) of Certificates

	Class A-4	 	Class A-4-1, Class A-4-X1
	Class A-4	 	Class A-4-2, Class A-4-X2
	Class A-5	 	Class A-5-1, Class A-5-X1
	Class A-5	 	Class A-5-2, Class A-5-X2
	Class A-S	 	Class A-S-1, Class A-S-X1
	Class A-S	 	Class A-S-2, Class A-S-X2
	Class B	 	Class B-1, Class B-X1
	Class B	 	Class B-2, Class B-X2
	Class C	 	Class C-1, Class C-X1
	Class C	 	Class C-2, Class C-X2

 

For example, a Certificateholder
holding Class A-S Certificates with a Denomination of $68,764,000 may surrender Class A-S Certificates with a Denomination of $34,382,000
(the Certificates of the applicable Surrendered Class) and receive in exchange Class A-S-1 Certificates with a Denomination of
$34,382,000 and Class A-S-X1 Certificates with a

 

     -379-

     

    

 

Denomination of $34,382,000 (collectively, the Certificates of the applicable
Received Classes). In such event, (i) the Class Percentage Interest of the Class A-S Certificates in each of the Class A-S, Class
A-S-X1 and Class A-S-X2 Upper-Tier Regular Interests would be reduced from 100% to 50%, (ii) the Class Percentage Interest of the
Class A-S-1 Certificates in each of the Class A-S and Class A-S-X2 Upper-Tier Regular Interests would be increased from 0% to 50%,
and (iii) the Class Percentage Interest of the Class A-S-X1 Certificates in the Class A-S-X1 Upper-Tier Regular Interest would
be increased from 0% to 50%.

 

Similarly a Certificateholder
holding Class A-S-1 Certificates with a Denomination of $34,382,000 that seeks to surrender all such Certificates in exchange for
Class A-S Certificates will be required to surrender all such Certificates, as well as Class A-S-X1 Certificates with a Denomination
of $34,382,000 in order to accomplish such exchange. In such event, (i) the Class Percentage Interest of the Class A-S-1 Certificates
in each of the Class A-S and Class A-S-X2 Upper-Tier Regular Interests would be reduced from 50% to 0%, (ii) the Class Percentage
Interest of the Class A-S-X1 Certificates in the Class A-S-X1 Upper-Tier Regular Interest would be reduced from 50% to 0%, and
(iii) the Class Percentage Interest of the Class A-S Certificates in each of the Class A-S, Class A-S-X1 and Class A-S-X2
Upper-Tier Regular Interests would be increased from 0% (assuming no other Class A-S Certificates are then outstanding) to 50%.

 

(c)    
The maximum Certificate Balance or Notional Amount of each Class of Class A-4 Exchangeable Certificates, Class A-5 Exchangeable
Certificates, Class A-S Exchangeable Certificates, Class B Exchangeable Certificates or Class C Exchangeable Certificates that
may be issued in an exchange is equal to the Certificate Balance of the Class A-4, Class A-5, Class A-S, Class B or Class C Upper-Tier
Regular Interest, respectively.

 

(d)        
In order to effect an exchange of Exchangeable Certificates, the Certificateholder shall deliver a notice substantially
in the form of Exhibit TT to the Certificate Administrator by e-mail to cts.cmbs.bond.admin@wellsfargo.com (with a subject
line referencing “BANK 2021-BNK32” and setting forth the proposed Exchange Date) no later than three (3) Business Days
before the proposed exchange date (the “Exchange Date”). The Exchange Date may be any Business Day other than
the first or last Business Day of the month. The notice must (i) be set forth on the applicable Certificateholder’s letterhead,
(ii) carry a medallion stamp guarantee and (iii) set forth the following information: (x) the CUSIP number, outstanding Certificate
Balance or Notional Amount and Original Certificate Balance or Original Notional Amount of each proposed Surrendered Class and
of each proposed Received Class; (y) the Certificateholder’s DTC participant number; and (z) the proposed Exchange Date.
A notice shall become irrevocable on the second Business Day before the proposed Exchange Date.

 

(e)        
Upon the satisfaction of the conditions to an exchange described in this Section 5.11, the Certificate Administrator
shall deliver Certificates of the applicable Received Classes to the requesting Certificateholder. The Certificate Administrator
shall reduce the outstanding Certificate Balance(s) or Notional Amount(s) of the Surrendered Classes, and increase the outstanding
Certificate Balance(s) or Notional Amount(s) of the Received Classes, on the Certificate Register. The Certificateholder and the
Certificate Administrator shall utilize the “deposit and withdrawal system” at the Depository to effect the exchange.

 

     -380-

     

    

 

(f)    
The Certificate Administrator shall make the first distribution on Certificates of any Received Classes related to an exchange
on the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable Record
Date for such Certificates and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in such
month, then any distributions to be made on such Distribution Date on Certificates of any Surrendered Classes shall be so made
to the Certificateholders of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor shall have any obligation to ensure the availability in the market of the applicable
Certificates to accomplish any exchange.

 

[End of Article V]

 

Article VI

THE DEPOSITOR, THE MASTER SERVICERS, THE SPECIAL SERVICERS, the Operating Advisor, the asset representations reviewer, THE DIRECTING
CERTIFICATEHOLDER AND THE Risk Retention Consultation Party

 

Section 6.01    
Representations, Warranties and Covenants of each Applicable Master Servicer, each Applicable Special Servicer, the
Operating Advisor and the Asset Representations Reviewer. (a) Each Master Servicer, for itself only, hereby represents,
warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders, each Serviced Companion
Noteholder, the Depositor, the Certificate Administrator, each Special Servicer, the Asset Representations Reviewer and the Operating
Advisor, as of the Closing Date, that:

 

(i)     
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)    
The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of
this Agreement by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets
or (C) violate any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect the ability of the Master Servicer
to perform its obligations under this Agreement;

 

(iii)        
The Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed
and delivered this Agreement;

 

     -381-

     

    

 

(iv)       
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (B) general principles of
equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)        
The Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(vi)       
No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer
which would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform its obligations under this
Agreement;

 

(vii)      
The Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with
respect to such risks, which in either case complies with the requirements of Section 3.07; and

 

(viii)     
No consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or
court is required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance
by the Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby,
other than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or notices as have
been obtained, made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or
(B) where the lack of such consent, approval, authorization, order, qualification, registration, filing or notice would not
have a material adverse effect on the performance by the Master Servicer under this Agreement.

 

(b)        
Each Special Servicer, for itself only, hereby represents, warrants and covenants to the Trustee, for its own benefit and
the benefit of the Certificateholders, each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, each Master
Servicer, the Asset Representations Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)     
The Special Servicer (A) in the case of the General Special Servicer, a limited liability company, duly organized, validly
existing and in good standing under the laws of the State of Delaware and (B) in the case of NCB Special Servicer, a national banking
association, duly organized, validly existing and in good standing under the laws

 

     -382-

     

    

 

of the United States of America and, in each
case, the Special Servicer is in compliance with the laws of each State in which any Mortgaged Property is located to the extent
necessary to perform its obligations under this Agreement;

 

(ii)        
The execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms
of this Agreement by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Special
Servicer to perform its obligations under this Agreement or its financial condition;

 

(iii)       
The Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed
and delivered this Agreement;

 

(iv)       
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and, to the extent applicable, the rights of the creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (B) general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)        
The Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform
its obligations under this Agreement;

 

(vi)       
No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer,
which would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and
reasonable judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations
under this Agreement;

 

(vii)      
The Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07; and

 

     -383-

     

    

 

(viii)     
No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

(c)    
The Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the
Certificateholders, each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, each Master Servicer, each
Special Servicer, as of the Closing Date, that:

 

(i)    
The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of New York and the Operating Advisor is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)    
The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms
of this Agreement by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating
Advisor to perform its obligations under this Agreement or its financial condition;

 

(iii)        
The Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by
it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)       
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

(v)        
The Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory

 

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authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

(vi)       
The Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with
respect to such risks, which in either case complies with the requirements of Section 3.07;

 

(vii)       
No litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor,
which would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and
reasonable judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement; and

 

(viii)     
No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this
Agreement or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent,
approval, authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor
of its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of
the Operating Advisor to perform its obligations hereunder.

 

(d)        
The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of
the Certificateholders, and to the Depositor, each Master Servicer, each Special Servicer and the Certificate Administrator, as
of the Closing Date, that:

 

(i)     
The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing
under the laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in
which any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)    
The execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with
the terms of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s
organizational documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the
Asset Representations Reviewer or its property is subject, which, in the case of either (B) or (C) above, is likely
to materially and adversely affect either the ability of the Asset Representations Reviewer to perform its obligations under this
Agreement or its financial condition;

 

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(iii)        
The Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions to be
performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)       
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance
with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other
laws affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law;

 

(v)        
The Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance
and compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)       
No litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the
Asset Representations Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in
the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the
ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vii)      
The Asset Representations Reviewer has errors and omissions coverage that is in full force and effect or is self-insuring
with respect to such risks, which in either case complies with the requirements of Section 3.07; and

 

(viii)     
No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations
Reviewer with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this
Agreement, except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual
performance by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not
have a materially adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(ix)        
The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

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(e)        
The representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery
of this Agreement. Upon written notice or actual knowledge by any party to this Agreement (or upon written notice thereof from
any Certificateholder or any Companion Holder) of a breach of any of the representations and warranties set forth in this Section 6.01
which materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the party discovering
such breach shall give prompt written notice to the other parties hereto, each certifying Certificateholder, and, prior to the
occurrence and continuance of a Control Termination Event, the Directing Certificateholder.

 

Section 6.02    
Liability of the Depositor, each applicable Master Servicer, the Operating Advisor, each applicable Special Servicer
and the Asset Representations Reviewer. The Depositor, each applicable Master Servicer, the Operating Advisor, each applicable
Special Servicer and the Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the respective
obligations specifically imposed upon and undertaken by the Depositor, such Master Servicer, the Operating Advisor, such Special
Servicer and the Asset Representations Reviewer herein.

 

Section 6.03    
Merger, Consolidation or Conversion of the Depositor, a Master Servicer, the Operating Advisor, a Special Servicer or
the Asset Representations Reviewer. (a) Subject to 6.03(b) below, each of the Depositor, each applicable Master
Servicer and each applicable Special Servicer will keep in full effect its existence, rights and franchises as an entity under
the laws of the jurisdiction of its incorporation or organization, and each will obtain and preserve its qualification to do business
as a foreign entity in each jurisdiction in which qualification is or shall be necessary to protect the validity and enforceability
of this Agreement, the Certificates or any of the Mortgage Loans or Companion Loans and to perform its respective duties under
this Agreement.

 

(b)        
Each of the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Operating Advisor and the
Asset Representations Reviewer may be merged or consolidated with or into any Person, or transfer all or substantially all of its
assets (which may be limited to all or substantially all of its assets related to commercial mortgage loan servicing or commercial
mortgage surveillance, as the case may be) to any Person, in which case any Person resulting from any merger or consolidation to
which the Depositor, a Master Servicer, a Special Servicer, the Operating Advisor, or the Asset Representations Reviewer shall
be a party, or any Person succeeding to the business of the Depositor, a Master Servicer, a Special Servicer, the Operating Advisor,
or the Asset Representations Reviewer, shall be the successor of the Depositor, such Master Servicer, such Special Servicer, the
Operating Advisor, or the Asset Representations Reviewer (such Person, in the case of a Master Servicer or a Special Servicer,
in each of the foregoing cases, the “Surviving Entity”), as the case may be, hereunder, without the execution
or filing of any paper (other than an assumption agreement wherein the successor shall agree to perform the obligations of and
serve as the Depositor, a Master Servicer, a Special Servicer, the Operating Advisor, or the Asset Representations Reviewer, as
the case may be, in accordance with the terms of this Agreement) or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding; provided, however, that with respect to such merger, consolidation or succession,
Rating Agency Confirmation is received from each Rating Agency with respect to the Classes of Certificates and, with respect to
any class of Serviced Companion Loan Securities, a confirmation is received from each applicable rating agency that such action

 

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will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates as described in Section 3.25); provided, further, that if a Master Servicer,
a Special Servicer or the Operating Advisor enters into a merger and such Master Servicer, such Special Servicer or the Operating
Advisor, as applicable, is the surviving entity under applicable law, such Master Servicer, such Special Servicer or the Operating
Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency Confirmation with respect
to ratings of the Classes of Certificates or, with respect to any class of Serviced Companion Loan Securities, a confirmation of
the rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings;
provided, further, that for so long as the Trust, and, with respect to any Serviced Companion Loan included as part
of the trust in a related Other Securitization, is subject to the reporting requirements of the Exchange Act, if such Master Servicer,
such Special Servicer or the Operating Advisor notifies the Depositor in writing (a “Merger Notice”) of any
such merger, consolidation, conversion or other change in form, and the Depositor or the depositor in such Other Securitization,
as the case may be, notifies such Master Servicer, such Special Servicer or the Operating Advisor, as applicable, in writing that
the Depositor or the depositor in such Other Securitization, as the case may be, has discovered that such successor entity has
not complied with its Exchange Act reporting obligations under any other commercial mortgage loan securitization (and specifically
identifying the instance of noncompliance), then it shall be an additional condition to such succession that the Depositor or the
depositor in such Other Securitization, as the case may be, shall have consented (which consent shall not be unreasonably withheld
or delayed) to such successor entity. Notwithstanding the foregoing, no Master Servicer, Special Servicer or Operating Advisor
may remain a Master Servicer, a Special Servicer or Operating Advisor, as applicable, under this Agreement after (x) being
merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring all or substantially all of
its assets to any Person if such Person is a Prohibited Party, except to the extent (i) such Master Servicer, such Special
Servicer or Operating Advisor, as applicable, is the surviving entity of such merger, consolidation or transfer and has been and
continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such
merger, consolidation or transfer, which consent shall not be unreasonably withheld. If, within sixty (60) days following the date
of delivery of the Merger Notice to the Depositor or the depositor in such Other Securitization, as the case may be, the Depositor
or depositor in such Other Securitization, as the case may be, shall have failed to notify such Master Servicer or such Special
Servicer, as applicable, in writing of the Depositor’s determination, or depositor’s determination, in the case of
an Other Securitization, to grant or withhold such consent, such failure shall be deemed to constitute a grant of such consent.
If the conditions to the provisions in the second preceding sentence are not met, the Trustee may terminate, and if the conditions
set forth in the third proviso of the third preceding sentence are not met the Trustee shall terminate, the applicable Surviving
Entity’s servicing of the Mortgage Loans pursuant hereto, such termination to be effected in the manner set forth in Section 7.01.

 

(i)     
The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of the
jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform
its duties under this Agreement.

 

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(ii)    
Any Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any
merger or consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to the business
of the Asset Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed
to have assumed all of the liabilities and obligations of such Asset Representations Reviewer hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving
Person.

 

Section 6.04    
Limitation on Liability of the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and Others. (a) None of the Depositor, any Master Servicer (including in its
capacity as Companion Paying Agent, if applicable), any Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or any of the partners, directors, officers, shareholders, members, managers, employees or agents of any of the foregoing shall
be under any liability to the Trust, the Certificateholders or the Companion Holders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that this provision shall not protect the Depositor, any Master Servicer (including in its capacity as Companion Paying Agent,
if applicable), any Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person against any
breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence in the performance of such party’s obligations or duties or by reason of negligent disregard of such
party’s obligations and duties hereunder. The Depositor, each applicable Master Servicer (including in its capacity as Companion
Paying Agent, if applicable), each applicable Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any
partner, director, officer, shareholder, member, manager, employee or agent of the Depositor, a Master Servicer (including in its
capacity as Companion Paying Agent, if applicable), a Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
and any of the partners, directors, officers, shareholders, members, managers, employees or agents of any of the foregoing may
rely on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters
arising hereunder. The Depositor, each applicable Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
each applicable Special Servicer, the Asset Representations Reviewer, the Operating Advisor and the Non-Serviced Trust (with respect
to any Non-Serviced Mortgage Loan, to the extent provided under the related Intercreditor Agreement) and any partner, director,
officer, shareholder, member, manager, employee or agent of any of the foregoing shall be indemnified and held harmless by the
Trust against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and
any other costs, liabilities, fees and expenses (for the avoidance of doubt, including without limitation reasonable attorneys’
fees and expenses and expenses relating to the enforcement of this indemnity and of investigation, counsel fees, damages, judgments
and amounts paid in settlement) incurred in connection with any actual or threatened legal or administrative action (whether in
equity or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion Loans or the Certificates, other than
any loss, liability or expense: (i) specifically required to be borne thereby pursuant to the terms hereof; (ii) incurred
in connection with any breach of a representation or warranty made by it herein; (iii) incurred by reason of bad faith, willful
misconduct or negligence in the performance of its

 

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obligations or duties hereunder, or by reason of negligent disregard of such
obligations or duties; or (iv) in the case of the Depositor and any of its partners, directors, officers, shareholders, members,
managers, employees and agents, incurred in connection with any violation by any of them of any state or federal securities law.
In addition, absent actual fraud (as determined by a final non-appealable court order), neither the Trustee nor the Certificate
Administrator (including in its capacity as Custodian, Certificate Registrar and 17g-5 Information Provider) shall be liable for
special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Trustee or the Certificate Administrator has been advised of the likelihood of such loss or damage and regardless of
the form of action. Each applicable Master Servicer (including in its capacity as Companion Paying Agent, if applicable), each
applicable Special Servicer, the Asset Representations Reviewer and the Operating Advisor conclusively may rely on, and shall be
protected in acting or refraining from acting upon, any resolution, officer’s certificate, certificate of auditors or any
other certificate, statement, instrument, opinion, report, notice, request, consent, order, financial statement, agreement, appraisal,
bond or other document (in electronic or paper format) as contemplated by and in accordance with this Agreement and reasonably
believed or in good faith believed by the applicable Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
the applicable Special Servicer, the Asset Representations Reviewer or the Operating Advisor to be genuine and to have been signed
or presented by the proper party or parties and each of them may consult with counsel, in which case any written advice of counsel
or Opinion of Counsel shall be full and complete authorization and protection with respect to any action taken or suffered or omitted
by it hereunder in good faith and in accordance with such advice or Opinion of Counsel.

 

(b)        
None of the Depositor, any Master Servicer (including in its capacity as Companion Paying Agent, if applicable), any Special
Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or
defend any legal or administrative action (whether in equity or at law), proceeding, hearing or examination that is not incidental
to its respective duties under this Agreement or which in its opinion may involve it in any expense or liability not recoverable
from the Trust; provided, however, that each of the Depositor, each applicable Master Servicer, each applicable Special
Servicer, the Operating Advisor or the Asset Representations Reviewer may in its discretion undertake any such action, proceeding,
hearing or examination that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders (and, in the case of any Serviced Whole Loan, the rights of the Certificateholders
and the holders of a Serviced Companion Loan (as a collective whole) taking into account the subordinate or pari passu nature
of such Serviced Companion Loan); provided, however, that if a Serviced Whole Loan and/or the holder of any related
Companion Loan are involved, such expenses, costs and liabilities will be payable out of funds related to the applicable Serviced
Whole Loan in accordance with the related Intercreditor Agreement and will also be payable out of the other funds in the applicable
Collection Account if amounts on deposit with respect to such Serviced Whole Loan are insufficient therefor. If any such expenses,
costs or liabilities relate to a Mortgage Loan or Companion Loan, then any subsequent recovery on that Mortgage Loan or Companion
Loan, as applicable, will be used to reimburse the Trust for any amounts advanced for the payment of such expenses, costs or liabilities.
In such event, the legal expenses and costs of such action, proceeding, hearing or examination and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust, and the Depositor, each applicable Master Servicer (including in its capacity
as Companion Paying Agent, if applicable), each applicable Special Servicer, the Asset

 

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Representations Reviewer and the Operating
Advisor shall be entitled to be reimbursed therefor out of amounts attributable to the Mortgage Loans or the Companion Loan on
deposit in the applicable Collection Account (including, without duplication, any subaccount thereof), as provided by Section 3.05(a)(xii).

 

(c)        
Each applicable Master Servicer and each applicable Special Servicer, as applicable, agrees to indemnify the Depositor,
the Trustee, the related Serviced Companion Noteholder, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the applicable Master Servicer (including in its capacity as Companion Paying Agent, if applicable) (in the case of each
applicable Special Servicer and any other applicable Master Servicer), the applicable Special Servicer (in the case of each applicable
Master Servicer and any other applicable Special Servicer) and the Trust and any partner, director, officer, shareholder, member,
manager, employee or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses (for the avoidance of doubt,
including reasonable attorneys’ fees and expenses and expenses relating to the enforcement of such indemnity) that any of
them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of such Master Servicer or such
Special Servicer, as the case may be, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by such Master Servicer or such Special Servicer, as the case may be, of its duties and obligations hereunder or by reason
of breach of any representations or warranties made herein by such Master Servicer or such Special Servicer, as applicable. The
Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer or the Operating Advisor, as the case
may be, shall immediately notify the applicable Master Servicer or the applicable Special Servicer, as applicable, if a claim is
made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon
the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall assume the defense of such claim (with
counsel reasonably satisfactory to the Trustee, the Certificate Administrator or the Depositor) and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify the applicable Master Servicer or the applicable Special Servicer,
as the case may be, shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or
otherwise, unless such Master Servicer’s or such Special Servicer’s, as the case may be, defense of such claim is materially
prejudiced thereby.

 

Each applicable Master
Servicer and each applicable Special Servicer shall indemnify and hold harmless the Depositor from and against any claims, losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses (for
the avoidance of doubt, including reasonable attorneys’ fees and expenses and expenses relating to the enforcement of such
indemnity) incurred by the Depositor or its Affiliates that arise out of or are based upon, severally and not jointly (i) a breach
by such Master Servicer or such Special Servicer, as applicable, of any obligation it has to deliver information to the 17g-5 Information
Provider as set forth in this Agreement, including Section 3.07(a), Section 3.08, Section 3.09(e), Section
3.12, Section 3.17(c) and Section 3.18(g) or (ii) a breach of any obligation it has set forth in Sections
3.13(e), (h) and (j).

 

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(d)        
Each of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify
the Depositor, each Master Servicer (including in its capacity as Companion Paying Agent, if applicable), each Special Servicer,
the Certificate Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating
Advisor, the Asset Representations Reviewer and the Trust and any partner, director, officer, shareholder, member, manager employee
or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses (for the avoidance of doubt, including
reasonable attorneys’ fees and expenses and expenses relating to the enforcement of such indemnity) that any of them may
sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Trustee or the Certificate Administrator,
respectively, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the
Trustee or the Certificate Administrator, respectively, of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Depositor,
the applicable Master Servicer, the applicable Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as
the case may be, shall immediately notify the Trustee and the Certificate Administrator, respectively, if a claim is made by a
third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the
Trustee or the Certificate Administrator shall assume the defense of such claim (with counsel reasonably satisfactory to the Depositor,
such Master Servicer (including in its capacity as Companion Paying Agent, if applicable), such Special Servicer, the Asset Representations
Reviewer or the Operating Advisor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge
and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Trustee or the Certificate Administrator shall not affect any rights any of the foregoing Persons may have to indemnification under
this Agreement or otherwise, unless the Trustee’s or the Certificate Administrator’s defense of such claim is materially
prejudiced thereby.

 

(e)        
The Depositor agrees to indemnify each Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
each Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and
the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless,
from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, liabilities, fees and expenses (for the avoidance of doubt, including reasonable attorneys’ fees and
expenses and expenses relating to the enforcement of such indemnity) that any of them may sustain arising from or as a result of
any willful misconduct, bad faith or negligence of the Depositor, in the performance of its obligations and duties under this Agreement
or by reason of negligent disregard by the Depositor of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The applicable
Master Servicer, the applicable Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer
or the Operating Advisor, as the case may be, shall immediately notify the Depositor if a claim is made by a third party with respect
to this Agreement, whereupon the Depositor shall assume the defense of such claim (with counsel reasonably satisfactory to such
Master Servicer (including in its capacity as Companion Paying Agent, if applicable) or such Special Servicer, as the case may
be) and pay all

 

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expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment
or decree which may be entered against it or them in respect of such claim. Any failure to so notify the Depositor shall not affect
any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Depositor’s
defense of such claim is materially prejudiced thereby.

 

(f)    
The Operating Advisor agrees to indemnify each Master Servicer (including in its capacity as Companion Paying Agent, if
applicable), each Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer
and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless,
from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, liabilities, fees and expenses (for the avoidance of doubt, including reasonable attorneys’ fees and
expenses and expenses relating to the enforcement of such indemnity) that any of them may sustain arising from or as a result of
any willful misconduct, bad faith or negligence of the Operating Advisor, in the performance of its obligations and duties under
this Agreement or by reason of negligent disregard by the Operating Advisor of its duties and obligations hereunder or by reason
of breach of any representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential
damages. The applicable Master Servicer, the applicable Special Servicer, the Trustee, the Certificate Administrator, the Asset
Representations Reviewer or the Depositor, as the case may be, shall immediately notify the Operating Advisor if a claim is made
by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon
the Operating Advisor shall assume the defense of such claim (with counsel reasonably satisfactory to such Master Servicer (including
in its capacity as Companion Paying Agent), such Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer or the Depositor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the Operating
Advisor shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Operating Advisor’s defense of such claim is materially prejudiced thereby.

 

(g)        
Neither the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers,
employees or agents of the Operating Advisor shall be under any liability to any Certificateholder for any action taken or for
refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided,
however, that this provision shall not protect the Operating Advisor against any liability which would otherwise be imposed
by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations
and duties hereunder.

 

(h)        
The Asset Representations Reviewer agrees to indemnify each Master Servicer (including in its capacity as Companion Paying
Agent, if applicable), each Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor
and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless,
from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, liabilities, fees and expenses (for the avoidance of doubt, including reasonable attorneys’ fees and
expenses and expenses relating to the enforcement of such indemnity) that any of them may sustain arising from

 

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or as a result of
any willful misconduct, bad faith or negligence of the Asset Representations Reviewer, in the performance of its obligations and
duties under this Agreement or by reason of negligent disregard by the Asset Representations Reviewer of its duties and obligations
hereunder or by reason of breach of any representations or warranties made herein; provided that such indemnity shall not
cover indirect or consequential damages. The applicable Master Servicer, the applicable Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Depositor, as the case may be, shall immediately notify the Asset Representations Reviewer
if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification
hereunder, whereupon the Asset Representations Reviewer shall assume the defense of such claim (with counsel reasonably satisfactory
to such Master Servicer (including in its capacity as Companion Paying Agent, if applicable), such Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor or the Depositor) and pay all expenses in connection therewith, including
counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them in respect
of such claim. Any failure to so notify the Asset Representations Reviewer shall not affect any rights any of the foregoing Persons
may have to indemnification under this Agreement or otherwise, unless the Asset Representations Reviewer’s defense of such
claim is materially prejudiced thereby.

 

(i)    
The applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Certificate Administrator, Non-Serviced
Operating Advisor (if any), Non-Serviced Depositor, Non-Serviced Trustee, and any of their respective partners, directors, officers,
shareholders, members, managers, employees or agents (collectively, the “Non-Serviced Indemnified Parties”),
shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the applicable
Non-Serviced Intercreditor Agreement) of any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses (including reasonable attorneys’ fees and expenses and expenses
relating to the enforcement of such indemnity) incurred in connection with the servicing and administration of a Non-Serviced Mortgage
Loan and the related Non-Serviced Mortgaged Property under the applicable Non-Serviced PSA (as and to the same extent the applicable
Non-Serviced Trust is required to indemnify such parties in respect of other mortgage loans in the applicable Non-Serviced Trust
pursuant to the terms of the related Non-Serviced PSA).

 

The indemnification provided
herein shall survive the termination of this Agreement and the termination or resignation of any Master Servicer (including in
its capacity as Companion Paying Agent, if applicable), any Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor or the Asset Representations Reviewer.

 

(j)    
For purposes of this Section 6.04 and Section 11.12, a Master Servicer or Special Servicer, as the
case may be, will be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of
their respective obligations and duties hereunder or acted in negligent disregard of such obligations and duties if such Master
Servicer or such Special Servicer, as applicable, fails to follow any terms of any Mortgage Loan documents because such Master
Servicer or such Special Servicer, as applicable, in accordance with the Servicing Standard, determines that compliance with such
terms would or potentially would cause an Adverse REMIC Event or cause the Grantor Trust to fail to qualify as a grantor trust
under the relevant provisions of the Code (for which determination such Master Servicer and such Special

 

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Servicer will be entitled
to rely on advice of counsel, the cost of which will be reimbursed as an additional expense of the Trust).

 

(k)    
The NCB Master Servicer shall indemnify and hold harmless the General Master Servicer and its partners, directors, officers,
shareholders, members, managers, employees or agents from and against any claims, losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments and other costs and expenses incurred by the General Master Servicer or such
Persons in connection with any CREFC® Schedule AL File prepared by the General Master Servicer that arise out of
or are based upon any error, inaccuracy or incompleteness in any NCB CREFC® Schedule AL File or NCB Schedule AL
Additional File delivered by the NCB Master Servicer to the General Master Servicer pursuant to Section 3.12(d) or any failure
by the NCB Master Servicer to deliver to the General Master Servicer any NCB CREFC® Schedule AL File or NCB Schedule
AL Additional File by the time specified in Section 3.12(d).

 

Section 6.05    
Depositor, Master Servicers and Special Servicers Not to Resign. Subject to the provisions of Section 6.03,
no Master Servicer or Special Servicer shall resign from its obligations and duties hereby imposed on it except upon (a) determination
that such party’s duties hereunder are no longer permissible under applicable law or (b) in the case of a Master Servicer
or a Special Servicer, upon the appointment of, and the acceptance of such appointment by, a successor (which may be appointed
by the resigning Master Servicer or Special Servicer, as applicable), and receipt by the Certificate Administrator and the Trustee
of Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25). Any such determination
permitting the resignation of such Master Servicer or such Special Servicer pursuant to clause (a) above shall be
evidenced by an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the Trustee and (prior
to the occurrence and continuance of a Consultation Termination Event) the Directing Certificateholder. Unless applicable law
requires the resignation of such Master Servicer or such Special Servicer (as the case may be) to be effective immediately, and
the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation by such Master Servicer or such
Special Servicer under clause (a) above shall become effective until the Trustee or a successor master servicer or special
servicer, as applicable, shall have assumed such Master Servicer’s or such Special Servicer’s, as applicable, responsibilities
and obligations in accordance with Section 7.02 and no such resignation by such Master Servicer or such Special Servicer
shall become effective until the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07
and any other Form 8-K filings have been completed with respect to any related Companion Loan. Upon any termination (as described
in Section 7.01(c)) or resignation of such Master Servicer or such Special Servicer, pursuant to this Section 6.05,
such Master Servicer or such Special Servicer, as applicable, shall have the right and opportunity to appoint any successor master
servicer or special servicer with respect to this Section 6.05; provided that, such successor master servicer
or special servicer shall not be the Asset Representations Reviewer, the Operating Advisor or one of their respective Affiliates
and (prior to the occurrence and continuance of a Control Termination Event) such successor special servicer is approved by the
Directing Certificateholder, such approval not to be unreasonably withheld. The resigning party shall pay all reasonable out-of-pocket
costs and

 

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expenses (including reasonable out-of-pocket costs and expenses incurred by the Trustee and the Certificate Administrator)
associated with a transfer of its duties pursuant to this Section 6.05. Except as provided in Section 7.01(c),
in no event shall such Master Servicer or such Special Servicer have the right to appoint any successor master servicer or special
servicer if such Master Servicer or Special Servicer, as applicable, is terminated or removed pursuant to Section 7.01.

 

Section 6.06    
Rights of the Depositor in Respect of each applicable Master Servicer and Special Servicer. The Depositor may, but
is not obligated to, enforce the obligations of any Master Servicer and any Special Servicer hereunder and may, but is not obligated
to, perform, or cause a designee to perform, any defaulted obligation of any Master Servicer and any Special Servicer hereunder
or exercise the rights of any Master Servicer or any Special Servicer, as applicable, hereunder; provided, however,
that any Master Servicer and any Special Servicer shall not be relieved of any of their respective obligations hereunder by virtue
of such performance by the Depositor or its designee. The Depositor shall not have any responsibility or liability for any action
or failure to act by any Master Servicer or any Special Servicer and is not obligated to supervise the performance of the Trustee,
any Master Servicer, the Operating Advisor or any Special Servicer under this Agreement or otherwise.

 

Section 6.07    
Master Servicers and Special Servicers as Certificate Owners. Any Master Servicer, any Special Servicer or any Affiliate
thereof may become the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect to) any Certificate
with (except as otherwise set forth in the definition of “Certificateholder”) the same rights it would have
if it were not a Master Servicer, a Special Servicer or an Affiliate thereof.

 

Section 6.08    
The Directing Certificateholder and the Risk Retention Consultation Party.(a) (A) Other than with respect
to any Serviced AB Whole Loan that is not subject to an AB Control Appraisal Period, for so long as no Control Termination Event
has occurred and is continuing, the Directing Certificateholder shall be entitled to advise (1) the applicable Special Servicer,
with respect to all Major Decisions for all Serviced Mortgage Loans (other than with respect to any Excluded Loan with respect
to the Directing Certificateholder or the holder of the majority of the Controlling Class), (2) the applicable Special Servicer,
with respect to all Serviced Mortgage Loans, as to the Special Servicer Decisions described in clauses (iv), (v),
(vi) and (vii) of the definition of “Special Servicer Decision”, and (3) the applicable Master Servicer,
to the extent the Directing Certificateholder’s consent is required by the applicable clauses of the definition of “Master
Servicer Decision”, and shall have the right to replace the applicable Special Servicer with or without cause pursuant to
Section 7.01(d) and have certain other rights described below, and (B) the Risk Retention Consultation Party shall (other
than with respect to an Excluded Loan with respect to the Risk Retention Consultation Party or the holder of the majority of the
RR Interest) be entitled to consult on a strictly non-binding basis with the applicable Special Servicer with respect to any Major
Decision (provided that prior to the occurrence and continuance of a Consultation Termination Event, the related Mortgage
Loan must also be a Specially Serviced Loan). For the avoidance of doubt, any consultation with the Risk Retention Consultation
Party under this Agreement shall occur only upon the request of the Risk Retention Consultation Party with respect to any individual
triggering event, and any such consultation shall be on a strictly non-binding basis and shall be subject to all limitations with
respect to the procedures and timing of such consultation set forth in this Section 6.08.

 

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Notwithstanding anything
herein to the contrary, except as set forth in, and in any event subject to, the third and fourth paragraphs of this Section 6.08(a)
and Section 6.08(b), for so long as no Control Termination Event has occurred and is continuing, the applicable Special
Servicer shall not be permitted to take (x) with respect to any Serviced AB Whole Loan (but only prior to the occurrence and continuance
of a Control Appraisal Period), any “major decision” under the related Intercreditor Agreement or (y) any of the following
actions with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (and in the case of
clause (xii), a Non-Serviced Mortgage Loan) (each such action described in clause (x) or clause (y), a “Major Decision”)
without the Directing Certificateholder’s consent (provided that if such written consent has not been received by such Special
Servicer within ten (10) Business Days after the Directing Certificateholder’s receipt of the applicable Special Servicer’s
written recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably
available to the applicable Special Servicer in order to grant or withhold such consent, the Directing Certificateholder will be
deemed to have approved such action):

 

(i)    
any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the
ownership of properties securing any Serviced Mortgage Loan or Serviced Companion Loan that comes into and continues in default;

 

(ii)        
any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs and Payment
Accommodations)) of a Serviced Mortgage Loan or Serviced Whole Loan or any extension of the maturity date of such Mortgage Loan
or Serviced Whole Loan other than in connection with a maturity default if refinancing or sale is expected within 120 days
as provided in clause (viii) of the definition of “Master Servicer Decision”;

 

(iii)        
following a default or an event of default with respect to a Mortgage Loan or Serviced Whole Loan, any exercise of remedies,
including the acceleration of the Mortgage Loan or Serviced Whole Loan or initiation of any proceedings, judicial or otherwise,
under the related Mortgage Loan documents;

 

(iv)       
any sale of a Defaulted Loan and any related defaulted Companion Loan, or any REO Property (other than in connection with
the termination of the Trust) or a defaulted Non-Serviced Mortgage Loan that the applicable Special Servicer is permitted to sell
in accordance with Section 3.16(a)(iii) of this Agreement, in each case, for less than the applicable Purchase Price;

 

(v)        
any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous
material located at an REO Property;

 

(vi)       
any release of material collateral or any acceptance of substitute or additional collateral for a Serviced Mortgage Loan
or Serviced Whole Loan or any consent to either of the foregoing, other than if required pursuant to the specific terms of the
related

 

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Mortgage Loan documents and for which there is no lender discretion and other than the items listed in clauses (ii),
(v) and (xv) of the definition of “Master Servicer Decision”;

 

(vii)      
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage
Loan or a Serviced Whole Loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property or interests in
the Mortgagor, other than (A) any such transfer as described under clause (xiii) of the definition of “Master
Servicer Decision” or any encumbrance as described under clause (xiv) of the definition of “Master Servicer
Decision” or (B) solely with respect to an NCB Co-op Mortgage Loan, provided that the NCB Subordinate Debt Conditions have
been satisfied with respect thereto (a) the waiver of a “due-on-encumbrance” clause relating to an NCB Co-op Mortgage
Loan to permit subordinate debt secured by the related Mortgaged Property and (b) the incurrence of additional indebtedness by
a Mortgagor of an NCB Co-op Mortgage Loan;

 

(viii)     
other than in the case of an NCB Co-op Mortgage Loan, any property management company changes with respect to a Mortgage
Loan, including without limitation, approval of the termination of a manager and appointment of a new property manager, in each
case, if the replacement property manager is a Borrower Party or the Mortgage Loan has an outstanding principal balance equal to
or greater than $10,000,000;

 

(ix)        
any franchise changes with respect to a Mortgage Loan for which the lender is required to consent or approve such changes
under the related Mortgage Loan documents;

 

(x)        
other than in the case of any Non-Specially Serviced Loan or any Mortgage Loan secured by a residential cooperative property
sold to the Depositor by National Cooperative Bank, N.A., releases of any material amounts from escrow accounts, reserve accounts
or letters of credit, in each case held as performance escrows or reserves, other than those required pursuant to the specific
terms of the related Serviced Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion, and other than
those that are permitted to be undertaken by the applicable Master Servicer without the consent of the applicable Special Servicer
hereunder;

 

(xi)       
any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Mortgagor or guarantor
releasing a Mortgagor or guarantor from liability under a Serviced Mortgage Loan or Serviced Whole Loan other than pursuant to
the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(xii)       
subject to the proviso at the end of this definition, any modification, amendment, consent to a modification or waiver of
any material term of any Intercreditor Agreement or any action to enforce rights (or decision not to enforce rights) with respect
thereto; provided, that any such modification or amendment that would adversely impact the applicable Master Servicer shall
additionally require the consent of the applicable Master Servicer as a condition to its effectiveness;

 

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(xiii)      
agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan or Serviced Whole Loan in connection
with a defeasance if such proposed modification, waiver, consent or amendment is with respect to (A) a modification of the
type of defeasance collateral required under the Mortgage Loan or Serviced Whole Loan documents such that defeasance collateral
other than direct, non-callable obligations of the United States would be permitted or (B) a modification that would permit
a principal prepayment instead of defeasance if the applicable loan documents do not otherwise permit such principal prepayment;

 

(xiv)     
other than with respect to a Non-Specially Serviced Loan, any determination of Acceptable Insurance Default; and

 

(xv)      
any consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor,
to the extent the mortgagee’s approval is required under the related Mortgage Loan documents, other than with respect to
an NCB Co-op Mortgage Loan, as to which the NCB Subordinate Debt Conditions have been satisfied;

 

provided that
with respect to any Non-Specially Serviced Loan or any Non-Serviced Mortgage Loan, if the applicable Special Servicer determines,
with respect to clause (xii) above, that a modification, amendment or waiver is administrative in nature, including a note splitting
amendment, the applicable Special Servicer shall provide written notice of such determination to the applicable Master Servicer,
in which case, the applicable Master Servicer shall process such decision and such decision shall be deemed to be a Master Servicer
Decision not a Major Decision; provided, further, that the applicable Special Servicer shall make any such determination
and provide any such notice within two (2) business days of its receipt of a request related to any such decision;

 

provided, further,
that in the event that the applicable Special Servicer or the applicable Master Servicer, as the case may be, determines that immediate
action, with respect to the foregoing matters or any Master Servicer Decision, or any other matter requiring consent of the Directing
Certificateholder prior to the occurrence and continuance of a Control Termination Event in this Agreement (or any matter requiring
consultation with the Directing Certificateholder, the Risk Retention Consultation Party or the Operating Advisor), is necessary
to protect the interests of the Certificateholders (or, with respect to any Serviced Whole Loan, the interest of the Certificateholders
and the holders of any related Serviced Companion Loan) (as a collective whole (taking into account the subordinate or pari passu
nature of any Companion Loans)), the applicable Special Servicer or the applicable Master Servicer, as the case may be, may take
any such action without waiting for the Directing Certificateholder’s response (or without waiting to consult with the Directing
Certificateholder, the Risk Retention Consultation Party or the Operating Advisor, as the case may be); provided that if
such matter requires consent of or consultation with the Directing Certificateholder, the Risk Retention Consultation Party or
the Operating Advisor pursuant to this Agreement, the applicable Special Servicer or the applicable Master Servicer, as the case
may be, provides the Directing Certificateholder (or the Operating Advisor, if applicable) and the Risk Retention Consultation
Party (if applicable) with prompt written notice following such action including a reasonably detailed explanation of the basis
therefor. None of the applicable Master Servicer or the applicable Special Servicer is required to obtain the consent of

 

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the Directing
Certificateholder for any of the foregoing actions or any other matter requiring consent of the Directing Certificateholder after
the occurrence and during the continuance of a Control Termination Event; provided, however, that, after the occurrence
and during the continuance of a Control Termination Event, the applicable Special Servicer shall consult with the Directing Certificateholder
(only prior to the occurrence and continuance of a Consultation Termination Event) in connection with any Major Decision not relating
to an Excluded Loan with respect to the Directing Certificateholder (and any other actions which otherwise require consultation
with the Directing Certificateholder prior to the occurrence and continuance of a Consultation Termination Event hereunder) and
consider alternative actions recommended by the Directing Certificateholder in respect thereof. Additionally, upon request, the
Special Servicer shall consult with the Risk Retention Consultation Party on a non-binding basis (provided, that prior to the occurrence
and continuance of a Consultation Termination Event, the related Mortgage Loan must also be a Specially Serviced Loan) in connection
with any Major Decision not relating to an Excluded Loan with respect to the Risk Retention Consultation Party and consider alternative
actions recommended by the Risk Retention Consultation Party in respect thereof. In the event the applicable Special Servicer receives
no response from the Directing Certificateholder or the Risk Retention Consultation Party within ten (10) Business Days following
its written request for input on any required consultation, the applicable Special Servicer shall not be obligated to consult with
the Directing Certificateholder or the Risk Retention Consultation Party, as applicable, on the specific matter; provided,
however, that the failure of the Directing Certificateholder or the Risk Retention Consultation Party to respond
shall not relieve the applicable Special Servicer from consulting with the Directing Certificateholder or the Risk Retention Consultation
Party, as applicable, on any future matters with respect to the applicable Mortgage Loan (other than a Non-Serviced Mortgage Loan
or an Excluded Loan with respect to such party) or Serviced Whole Loan. In addition, after a Control Termination Event, the applicable
Special Servicer will also be required to consult with the Operating Advisor in connection with any proposed Major Decision (and
any other actions which otherwise require consultation with the Operating Advisor after the occurrence and during the continuance
of a Control Termination Event hereunder) and consider alternative actions recommended by the Operating Advisor, in respect thereof,
provided that such consultation is on a non-binding basis. In the event that the applicable Special Servicer receives no
response from the Operating Advisor within ten (10) Business Days following the later of (i) its written request for input
on any required consultation and (ii) delivery of all such additional information reasonably requested by the Operating Advisor
related to the subject matter of such consultation, the applicable Special Servicer shall not be obligated to consult with the
Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor to respond
on any specific matters shall not relieve the applicable Special Servicer from its obligation to consult with the Operating Advisor
on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to
the contrary, with respect to any Excluded Loan with respect to the Directing Certificateholder or the holder of the majority of
the Controlling Class (regardless of whether a Control Termination Event has occurred and is continuing), the applicable Special
Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving
proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance
with the procedures set forth in this Section 6.08 for consulting with the Operating Advisor.

 

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Subject to the terms
and conditions of this Section 6.08(a), the applicable Special Servicer shall process all requests in respect of Specially
Serviced Loans and any matter that constitutes a Major Decision or a Special Servicer Decision.

 

Upon receiving a request
for any matter that constitutes a Special Servicer Decision or a Major Decision with respect to a Serviced Mortgage Loan and any
Serviced Companion Loan that is not a Specially Serviced Loan, the applicable Master Servicer shall promptly forward such request
to the applicable Special Servicer and the applicable Special Servicer shall process such request (including, without limitation,
interfacing with the Mortgagor) and the Master Servicer will have no further obligation with respect to such request or the Special
Servicer Decision or Major Decision except as provided in the next sentence. With respect to such request, such Master Servicer
shall continue to cooperate with reasonable requests of the Special Servicer by delivering any additional information in the Master
Servicer’s possession to the Special Servicer that is reasonably requested by the Special Servicer relating to such Special
Servicer Decision or Major Decision. Prior to the occurrence of a Consultation Termination Event, the applicable Special Servicer
shall promptly forward such request to the Directing Certificateholder together with the Special Servicer’s written recommendation
and analysis. The Directing Certificateholder shall promptly provide notice to the applicable Special Servicer of any objection
the Directing Certificateholder has to the applicable Special Servicer’s written recommendation and analysis (provided
that if such written consent has not been received by the Special Servicer within the applicable time period, then the Directing
Certificateholder will be deemed to have approved such action).

 

In addition, the applicable
Master Servicer shall provide the applicable Special Servicer with any notice that it receives relating to a default by the Mortgagor
under a Ground Lease where the collateral for the Mortgage Loan is the Ground Lease, and the applicable Special Servicer will determine
in accordance with the Servicing Standard whether the Trust as lender should cure any Mortgagor defaults relating to Ground Leases.
Any costs relating to any such cure of a Mortgagor default relating to a Ground Lease shall be paid by the applicable Master Servicer
as a Servicing Advance.

 

With respect to (i) prior
to the occurrence and continuance of a Consultation Termination Event, any Major Decision relating to a Specially Serviced Loan,
and (ii) after the occurrence and during the continuance of a Consultation Termination Event, any Major Decision relating to a
Mortgage Loan (in each case, other than with respect to an Excluded Loan with respect to the Risk Retention Consultation Party
or the holder of the majority of the RR Interest), the applicable Special Servicer shall provide copies of any notice, information
and report that it is required to provide to the Directing Certificateholder pursuant to this Agreement with respect to such Major
Decision to the Risk Retention Consultation Party, within the same time frame it is required to provide such notice, information
or report to the Directing Certificateholder (for this purpose, without regard to whether such items are actually required to be
provided to the Directing Certificateholder under this Agreement due to the occurrence of a Control Termination Event or a Consultation
Termination Event).

 

In addition, with respect
to any Mortgage Loan other than an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority
of the Controlling Class, for so long as no Control Termination Event has occurred and is continuing, the Directing

 

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Certificateholder
subject to any rights, if any, of the related Companion Holder to advise the applicable Special Servicer with respect to the related
Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement, may direct the applicable Special Servicer to
take, or to refrain from taking, such other actions with respect to a Mortgage Loan, as the Directing Certificateholder may deem
advisable or as to which provision is otherwise made herein; provided that notwithstanding anything herein to the contrary,
no such direction or objection contemplated by the preceding paragraphs of this Section 6.08(a) or this paragraph may
require or cause the applicable Master Servicer or applicable Special Servicer to violate any provision of any Mortgage Loan or
related Intercreditor Agreement or mezzanine intercreditor agreement, applicable law, this Agreement, or the REMIC Provisions (and,
with respect to a Serviced Whole Loan, subject to the rights of the holders of the related Companion Loan), including without limitation
the obligation of any Master Servicer and any Special Servicer to act in accordance with the Servicing Standard, or expose any
Master Servicer, any Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Trust or the Trustee to liability, or materially expand the scope of the responsibilities of any Master Servicer or any Special
Servicer, as applicable, hereunder or cause any Master Servicer or any Special Servicer, as applicable, to act, or fail to act,
in a manner which in the reasonable judgment of the applicable Master Servicer or the applicable Special Servicer, as the case
may be, is not in the best interests of the Certificateholders.

 

In the event a Special
Servicer or a Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder or any advice
from the Directing Certificateholder or the Risk Retention Consultation Party, would cause such Special Servicer or such Master
Servicer, as applicable, to violate the terms of any Mortgage Loan, applicable law or this Agreement, including without limitation,
the Servicing Standard, such Special Servicer or such Master Servicer, as applicable, shall disregard such refusal to consent or
advise and notify the Directing Certificateholder or the Risk Retention Consultation Party, respectively, and the Trustee and the
Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining
from taking, any action by such Master Servicer or such Special Servicer in accordance with the direction of or approval of the
Directing Certificateholder or the approval of the Risk Retention Consultation Party that does not violate the terms of any Mortgage
Loan, applicable law or the Servicing Standard or any other provisions of this Agreement, will not result in any liability on the
part of such Master Servicer or such Special Servicer.

 

With respect to any matter
for which the consent or consultation of the Directing Certificateholder or Risk Retention Consultation Party is required, to the
extent no specific time period for deemed consent or deemed waiver of consultation rights is expressly stated, in the event no
response from the Directing Certificateholder or Risk Retention Consultation Party, as applicable, is received within ten (10)
Business Days following written request for consent or consultation and receipt of all reasonably requested information on any
required consent or consultation, the Directing Certificateholder or Risk Retention Consultation Party, as applicable, shall be
deemed to have consented to or approved or consulted on the specific matter; provided that the failure of the Directing Certificateholder
or Risk Retention Consultation Party, as applicable, to respond will not affect any future matters with respect to the applicable
Mortgage Loan or any other Mortgage Loan.

 

     -402-

     

    

 

The Directing Certificateholder
shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action,
or for errors in judgment; provided, however, that the Directing Certificateholder shall not be protected against
any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful misconduct, bad faith
or negligence in the performance of duties owed to the Controlling Class Certificateholders or by reason of reckless disregard
of obligations or duties owed to the Controlling Class Certificateholders. By its acceptance of a Certificate, each Certificateholder
acknowledges and agrees that the Directing Certificateholder may take actions that favor the interests of one or more Classes of
the Certificates including the Holders of the Controlling Class over other Classes of the Certificates, and that the Directing
Certificateholder may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates,
that the Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class, including the Holders
of the Controlling Class, that the Directing Certificateholder does not have any duties or liability to the Holders of any Class
of Certificates other than the Controlling Class, that the Directing Certificateholder shall not be liable to any Certificateholder,
by reason of its having acted solely in the interests of the Holders of the Controlling Class, and that the Directing Certificateholder
shall have no liability whatsoever (other than to a Controlling Class Certificateholder) for having so acted, and no Certificateholder
may take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal thereof
for having so acted.

 

The Risk Retention Consultation
Party shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of
any action, or for errors in judgment; provided, however, that the Risk Retention Consultation Party shall not be
protected against any liability to a Holder of an RR Interest that would otherwise be imposed by reason of willful misconduct,
bad faith or gross negligence in the performance of duties owed to the Holders of the RR Interest or by reason of reckless disregard
of obligations or duties owed to the Holders of the RR Interest. By its acceptance of a Certificate, each Certificateholder acknowledges
and agrees that the Risk Retention Consultation Party may take actions that favor the interests of one or more Classes of the Certificates
including the Holders of an RR Interest over other Classes of the Certificates, and that the Risk Retention Consultation Party
may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates, that the
Risk Retention Consultation Party may act solely in the interests of the Holders of an RR Interest, that the Risk Retention Consultation
Party does not have any duties or liability to the Holders of any Class of Certificates other than the RR Interest, that the Risk
Retention Consultation Party shall not be liable to any Certificateholder, by reason of its having acted solely in the interests
of the Holder of the RR Interest, and that the Risk Retention Consultation Party shall have no liability whatsoever for having
so acted, and no Certificateholder may take any action whatsoever against the Risk Retention Consultation Party or any director,
officer, employee, agent or principal thereof for having so acted.

 

Any Non-Serviced Whole
Loan Controlling Holder, with respect to a Non-Serviced Whole Loan, shall have no liability to the Trust or the Certificateholders
for any action taken, or for refraining from the taking of any action, or for errors in judgment. By its acceptance of a Certificate,
each Certificateholder acknowledges and agrees that any such Non-Serviced Whole Loan Controlling Holder, with respect to the related
Non-Serviced Whole Loan, may take actions that favor the interests of one or more classes of the certificates issued under the
related Non-

 

     -403-

     

    

 

Serviced PSA including the holders of the controlling class under such Non-Serviced PSA over other classes of the certificates
issued under the Non-Serviced PSA and/or any Class of Certificates, and that such Non-Serviced Whole Loan Controlling Holder, with
respect to such Non-Serviced Whole Loan, may have special relationships and interests that conflict with those of Holders of some
Classes of the Certificates, that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan,
may act solely in the interests of the Holders of the controlling class under the related Non-Serviced PSA, that such Non-Serviced
Whole Loan Controlling Holder, shall not be liable to any Certificateholder, by reason of its having acted solely in the interests
of the Holders of the controlling class under the related Non-Serviced PSA, and that the Non-Serviced Whole Loan Controlling Holder,
with respect to such Non-Serviced Whole Loan, shall have no liability whatsoever for having so acted, and no Certificateholder
may take any action whatsoever against such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole
Loan, or any director, officer, employee, agent or principal thereof for having so acted.

 

(b)        Notwithstanding anything to the contrary contained herein (i) after the occurrence and during the continuance of a
Control Termination Event (and at any time with respect to any Excluded Loan with respect to a Directing Certificateholder), the
Directing Certificateholder shall have no right to consent to or direct any action taken or not taken by any party to this Agreement;
(ii) after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence and continuance
of a Consultation Termination Event, the Directing Certificateholder and the Risk Retention Consultation Party shall remain entitled
to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the applicable Special Servicer
and any other applicable party shall consult (on a non-binding basis) with the Directing Certificateholder and, with respect to
any Specially Serviced Loan, the Risk Retention Consultation Party (in each case, other than with respect to any Excluded Loan
as to such party) to the extent set forth herein in connection with any Major Decision to be taken or refrained from being taken
to the extent set forth herein; and (iii) after the occurrence and during the continuance of a Consultation Termination Event
(and at any time with respect to any Excluded Loan with respect to the Directing Certificateholder or the holder of the majority
of the Controlling Class), the Directing Certificateholder shall have no direction, consultation or consent rights hereunder and
no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to
all Certificateholders) or any other rights as Directing Certificateholder and, other than with respect to any Excluded Loan with
respect to the Risk Retention Consultation Party or the holder of a majority of the RR Interest, the Risk Retention Consultation
Party shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement,
and the applicable Special Servicer and any other applicable party shall consult with the Risk Retention Consultation Party (on
a non-binding basis) to the extent set forth herein in connection with any Major Decision to be taken or refrained from being taken
to the extent set forth herein.

 

Section 6.09    
Knowledge of Wells Fargo Bank, National Association. Except as otherwise expressly set forth in this Agreement, Wells
Fargo Bank, National Association acting in any particular capacity hereunder will not be deemed to be imputed with knowledge of
(a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated to the transactions contemplated by this Agreement,
or (b) Wells Fargo Bank, National Association, acting in any other capacity hereunder, except, in the case of either clause
(a) or clause (b), where some or all

 

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of the obligations performed in such capacities are performed by one or more employees
within the same group or division of Wells Fargo Bank, National Association, or where the groups or divisions responsible for performing
the obligations in such capacities have one or more of the same Responsible Officers or Servicing Officers, as applicable.

 

[End of Article VI]

 

Article VII

SERVICER TERMINATION EVENTS

 

Section 7.01    
Servicer Termination Events; Master Servicers and Special Servicers Termination. (a) “Servicer Termination
Event”, wherever used herein, means, with respect to any Master Servicer or any Special Servicer, as the case may be,
any one of the following events:

 

(i)    
(A) any failure by such Master Servicer to make any deposit required to be made by such Master Servicer to its Collection
Account, or remit to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and by
the time such deposit or remittance is first required to be made under the terms of this Agreement, which failure is not remedied
within one (1) Business Day or (B) any failure by such Master Servicer to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by
11:00 a.m. (New York City time) on the relevant Distribution Date; or

 

(ii)    
any failure by such Special Servicer to deposit into the REO Account, within one (1) Business Day after such deposit is
required to be made or to remit to the applicable Master Servicer for deposit into the applicable Collection Account or any other
required account hereunder, any amount required to be so deposited or remitted by such Special Servicer pursuant to, and at the
time specified by, the terms of this Agreement; or

 

(iii)       
any failure on the part of such Master Servicer or such Special Servicer, as the case may be, duly to observe or perform
in any material respect any of its other covenants or obligations contained in this Agreement, which failure continues unremedied
for a period of thirty (30) days (or (A) with respect to any year that a report on Form 10-K is required to be filed,
five (5) Business Days in the case of such Master Servicer’s or such Special Servicer’s obligations, as the case may
be, contemplated by Article XI, (B) fifteen (15) days in the case of such Master Servicer’s failure to make
a Servicing Advance or (C) fifteen (15) days in the case of a failure to pay the premium for any property insurance policy
required to be maintained) after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given (A) to such Master Servicer or such Special Servicer, as the case may be, by any other party hereto, or (B) to
such Master Servicer or such Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders
of Certificates evidencing not less than 25% of all Voting Rights or, solely as it relates to the servicing of a Serviced Pari
Passu Whole Loan if affected by that failure, by the related Serviced Companion Noteholder; provided,

 

     -405-

     

    

 

however, if
such failure is capable of being cured and such Master Servicer or such Special Servicer, as applicable, is diligently pursuing
such cure, such period will be extended an additional thirty (30) days; provided, further, however, that such
extended period will not apply to the obligations regarding Exchange Act reporting; or

 

(iv)       
any breach on the part of such Master Servicer or such Special Servicer, as the case may be, of any representation or warranty
contained in Section 6.01(a) or Section 6.01(b), as applicable, which materially and adversely affects
the interests of any Class of Certificateholders or Companion Holders (excluding the holder of any Non-Serviced Companion Loan)
and which continues unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same
to be remedied, shall have been given to such Master Servicer or such Special Servicer, as the case may be, by the Depositor, the
Certificate Administrator or the Trustee, or to such Master Servicer, such Special Servicer, the Depositor, the Certificate Administrator
and the Trustee by the Holders of Certificates evidencing not less than 25% of all Voting Rights or, as it relates to the servicing
of a Serviced Pari Passu Whole Loan affected by such breach, by the related Serviced Companion Noteholder; provided, however,
that if such breach is capable of being cured and such Master Servicer or such Special Servicer, as the case may be, is diligently
pursuing such cure, such 30-day period will be extended an additional thirty (30) days; or

 

(v)        
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Master Servicer
or such Special Servicer, as the case may be, and such decree or order shall have remained in force undischarged, undismissed or
unstayed for a period of sixty (60) days; or

 

(vi)       
such Master Servicer or such Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee
or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings
of or relating to such Master Servicer or such Special Servicer, as the case may be, or of or relating to all or substantially
all of its property; or

 

(vii)      
such Master Servicer or such Special Servicer shall admit in writing its inability to pay its debts generally as they become
due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for
the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the
foregoing;

 

(viii)     
Moody’s (or, in the case of Serviced Pari Passu Companion Loan Securities, any Companion Loan Rating Agency) has (i)
qualified, downgraded or withdrawn its rating or ratings of one or more classes of Certificates or Serviced Pari Passu Companion
Loan Securities, as applicable, or (ii) placed one or more classes of Certificates or Serviced Pari Passu Companion Loan Securities,
as applicable, on “watch status” in contemplation of a

 

     -406-

     

    

 

ratings downgrade or withdrawal (and in the case of clause (i)
or (ii), (A) such rating action has not been withdrawn by Moody’s (or, in the case of Serviced Pari Passu Companion Loan
Securities, any Companion Loan Rating Agency) within sixty (60) days of such rating action) and (B) Moody’s (or, in the case
of Serviced Pari Passu Companion Loan Securities, any Companion Loan Rating Agency) has publicly cited servicing concerns with
such Master Servicer or Special Servicer, as the case may be, as the sole or a material factor in such rating action;

 

(ix)       
DBRS Morningstar has qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of Certificates
or Serviced Pari Passu Companion Loan Securities, publicly citing servicing concerns with the Master Servicer or Special Servicer,
as applicable, as the sole or material factor in such rating action (and such qualification, downgrade, or withdrawal has not been
withdrawn by DBRS Morningstar within 60 days of such event); or

 

(x)    
such Master Servicer or such Special Servicer, as the case may be, is no longer rated at least “CMS3” or “CSS3”,
respectively, by Fitch and such Master Servicer or Special Servicer is not reinstated to at least that rating within 60 days of
the delisting.

 

(b)        
If any Servicer Termination Event with respect to a Master Servicer or a Special Servicer (in either case, for purposes
of this Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each
and every such case, so long as such Servicer Termination Event shall not have been remedied, the Trustee may, and at the written
direction of the Directing Certificateholder (solely with respect to such Special Servicer and only (i) prior to the occurrence
and continuance of a Control Termination Event and (ii) other than with respect to a Mortgage Loan that is an Excluded Loan
with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class) or the Holders of Certificates
entitled to more than 25% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the Trustee to terminate
each of such Master Servicer or such Special Servicer, as the case may be, upon five (5) Business Days’ written notice if
there is a Servicer Termination Event under clause (A) in the parenthetical in Section 7.01(a)(iii) above),
by notice in writing to the Affected Party, with a copy of such notice to the Depositor and the Operating Advisor, all of the rights
(subject to Section 3.11 and Section 6.04) and obligations of the Affected Party under this Agreement and
in and to the Mortgage Loans and the proceeds thereof (other than as a Certificateholder or Companion Holder, if applicable); provided,
however, that the Affected Party shall be entitled to the payment of accrued and unpaid compensation and reimbursement through
the date of such termination as provided for under this Agreement for services rendered and expenses incurred. From and after the
receipt by the Affected Party of such written notice except as otherwise provided in this Article VII, all authority
and power of the Affected Party under this Agreement, whether with respect to the Certificates (other than as a Holder of any Certificate)
or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee with respect to a termination of such Master Servicer
or such Special Servicer pursuant to and under this Section 7.01, and, without limitation, the Trustee is hereby authorized
and empowered to execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans
and related documents, or otherwise. Such Master Servicer

 

     -407-

     

    

 

and such Special Servicer each agree that if it is terminated pursuant
to this Section 7.01(b), it shall promptly (and in any event no later than twenty (20) Business Days subsequent to
its receipt of the notice of termination) provide the Trustee with all documents and records requested by it to enable it to assume
such Master Servicer’s or such Special Servicer’s, as the case may be, functions hereunder, and shall cooperate with
the Trustee in effecting the termination of such Master Servicer’s or such Special Servicer’s, as the case may be,
responsibilities and rights (subject to Section 3.11 and Section 6.04) hereunder, including, without limitation,
the transfer within five (5) Business Days to the Trustee for administration by it of all cash amounts which shall at the time
be or should have been credited by such Master Servicer to its Collection Account or any Servicing Account (if it is the Affected
Party), by such Special Servicer to the REO Account (if it is the Affected Party) or thereafter be received with respect to the
applicable Mortgage Loans or any REO Property (provided, however, that such Master Servicer and such Special Servicer
each shall, if terminated pursuant to this Section 7.01(b) or pursuant to Section 7.01(d) (with respect
to such Special Servicer), continue to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior
to the date of such termination, whether in respect of Advances (in the case of such Special Servicer or such Master Servicer)
or otherwise, and it and its Affiliates and the directors, managers, officers, members, employees and agents of it and its Affiliates
shall continue to be entitled to the benefits of Section 3.11 and Section 6.04 notwithstanding any such
termination).

 

(c)    
If a Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination
Event under Section 7.01(a)(viii), (a)(x) or (a)(x), such Master Servicer shall have a forty-five (45)
day period after such notice in which to find a successor master servicer qualified to act as Master Servicer hereunder in accordance
with Section 6.03 and Section 7.02 and to which such Master Servicer can sell its rights to service the
Mortgage Loans under this Agreement. During such forty-five (45) day period such Master Servicer may continue to serve as a Master
Servicer hereunder. In the event that such Master Servicer is unable, within such forty-five (45) day period, to cause a qualified
successor master servicer to assume the duties of such Master Servicer hereunder, then and in such event, the Trustee shall assume
the obligations of such Master Servicer hereunder.

 

Notwithstanding Section 7.01(b),
if any Servicer Termination Event on the part of the General Special Servicer shall occur and be continuing that affects the Holder
of a Serviced Pari Passu Companion Loan, then, so long as the General Special Servicer is not otherwise terminated, the Holder
of such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing Agreement,
as applicable, shall be entitled to direct the Trustee to terminate the General Special Servicer with respect to the related Serviced
Pari Passu Whole Loan. The General Special Servicer appointed to replace the General Special Servicer with respect to a Serviced
Pari Passu Mortgage Loan cannot at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion
Loan) the person (or Affiliate thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu Companion
Loan. Any such Special Servicer under this paragraph shall meet the eligibility requirements of Section 7.02 and the
eligibility requirements of the related Other Pooling and Servicing Agreement, and the appointment thereof shall comply with the
provisions of Section 7.02. Any appointment of a replacement General Special Servicer in accordance with this paragraph
shall be subject to the receipt of Rating Agency Confirmation and confirmation from the applicable rating agencies that such appointment
or replacement will not result in the

 

     -408-

     

    

 

downgrade, withdrawal or qualification of the then-current ratings of any class of any related
Serviced Companion Loan Securities (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(d)    
Subject to the rights of the holder of a related AB Subordinate Companion Loan pursuant to the related Intercreditor Agreement,
at any time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded
Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class, the Directing Certificateholder
shall be entitled to terminate the rights (subject to Section 3.11 and Section 6.04) and obligations of
the applicable Special Servicer under this Agreement, (A) for cause at any time and (B) without cause at any time, in each case,
upon ten (10) Business Days’ notice to such Special Servicer, each applicable Master Servicer, the Certificate Administrator,
the Trustee and the Operating Advisor; such termination to be effective upon the appointment of a successor special servicer meeting
the requirements of this Section 7.01(d). Upon a termination of such Special Servicer, the Directing Certificateholder
(other than with respect to any Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of
the Controlling Class) shall appoint a successor special servicer to assume the duties of such Special Servicer hereunder; provided,
however, that (i) such successor will meet the requirements set forth in Section 7.02, (ii) each Rating
Agency delivers Rating Agency Confirmation and, in the case of any class of any Serviced Companion Loan Securities, the applicable
rating agencies deliver a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) and (iii) no
replacement of such Special Servicer shall be effective until the Certificate Administrator shall have filed any required Form
8-K pursuant to Section 11.07 and any other Form 8-K filings have been completed with respect to any related Companion
Loan.

 

After the occurrence
and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of Principal Balance
Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Cumulative Appraisal
Reduction Amounts to notionally reduce the Certificate Balances pursuant to Section 4.05) of the Principal Balance
Certificates (other than the RR Interest) requesting a vote to replace such Special Servicer with a new special servicer designated
in such written direction to assume the duties of such Special Servicer hereunder, (b) payment by such Holders to the Certificate
Administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency fees and expenses) to be incurred
by the Certificate Administrator in connection with administering such vote and which will not be additional expenses of the Trust
and (c) delivery by such Holders to the Certificate Administrator and Trustee of Rating Agency Confirmation from each Rating
Agency (which Rating Agency Confirmation shall be obtained at the expense of such Holders) and confirmation from the applicable
rating agencies that such appointment (or replacement) will not result in the downgrade, withdrawal or qualification of the then-current
ratings of any class of any related Serviced Pari Passu Companion Loan Securities, the Certificate Administrator shall promptly
post notice to all Certificateholders of such request on the Certificate Administrator’s Website in accordance with Section 3.13(b)
and concurrently by mail, and conduct the solicitation of votes of all Certificates (other than the RR Interest) in such regard,
which requisite affirmative

 

     -409-

     

    

 

votes shall be received within one hundred-eighty (180) days of the posting of such notice, and if
not so received, such votes shall be null and void ab initio. Upon the written direction of Holders of Certificates
evidencing at least 66-2/3% of a Certificateholder Quorum of Certificates, the Trustee shall terminate all of the rights and obligations
of such Special Servicer under this Agreement and appoint the successor special servicer to assume the duties of such Special Servicer
(which must be a Qualified Replacement Special Servicer) designated by such Certificateholders. The Certificate Administrator shall
include on each Distribution Date Statement a statement that each Certificateholder may (i) access such notices via the Certificate
Administrator’s Website and (ii) register to receive electronic mail notifications when such notices are posted thereon.
Notwithstanding the foregoing, the Certificateholder’s direction to remove a Special Servicer shall not apply to any Serviced
AB Whole Loan for which the holder of the related AB Subordinate Companion Loan is not subject to an AB Control Appraisal Period
or any Servicing Shift Whole Loan.

 

An AB Whole Loan Controlling
Holder shall have the right, if an AB Control Appraisal Period is not in effect, to replace the applicable Special Servicer solely
with respect to the related Serviced AB Whole Loan, so long as (A) each Rating Agency delivers a Rating Agency Confirmation;
(B) the successor special servicer has assumed in writing (from and after the date such successor special servicer becomes
a Special Servicer) all of the responsibilities, duties and liabilities of such Special Servicer under this Agreement from and
after the date it becomes a Special Servicer as they relate to any Serviced AB Whole Loan pursuant to an assumption agreement reasonably
satisfactory to the Certificate Administrator; and (C) the Certificate Administrator shall have received an opinion of counsel
reasonably satisfactory to the Certificate Administrator to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement
with respect to any Serviced AB Whole Loan and (z) subject to customary qualifications and exceptions, this Agreement will
be enforceable against such replacement in accordance with the terms hereof.

 

The parties hereto acknowledge
that, notwithstanding anything to the contrary contained in this section, and subject to the related Intercreditor Agreement, if
a servicer termination event on the part of a Non-Serviced Special Servicer under a Non-Serviced PSA remains unremedied and affects
the holder of the related Non-Serviced Mortgage Loan, and the related Non-Serviced Special Servicer has not otherwise been terminated,
the holder of the related Non-Serviced Mortgage Loan (or the Trustee, acting at the direction of the Directing Certificateholder
prior to the occurrence and continuance of a Consultation Termination Event (subject to the related Intercreditor Agreement)) will
be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced Special Servicer solely with respect
to the related Non-Serviced Whole Loan. The appointment (or replacement) of the applicable Non-Serviced Special Servicer with respect
to a Non-Serviced Whole Loan will in any event be subject to Rating Agency Confirmation from each Rating Agency. A replacement
special servicer will be selected by the related Non-Serviced Trustee or, prior to a control termination event under the related
Non-Serviced PSA, by the related Non-Serviced Whole Loan Controlling Holder; provided, however, that any successor
special servicer appointed to replace such Special Servicer with respect to such Non-Serviced Whole Loan cannot at any time be
the Person (or an Affiliate thereof) that was terminated at the direction of the holder of such Non-Serviced Mortgage Loan, without
the prior written consent of the Directing Certificateholder.

 

     -410-

     

    

 

Following the occurrence
and continuance of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor
determines in accordance with the Operating Advisor Standard that a Special Servicer is not performing its duties as required hereunder
or is otherwise not acting in accordance with the Servicing Standard, the Operating Advisor shall deliver to the Trustee and the
Certificate Administrator, with a copy to such Special Servicer, a written report in the form of Exhibit W attached
hereto, setting forth the reasons supporting its recommendation (along with any information the Operating Advisor considered relevant
to its recommendation) and recommending a replacement Special Servicer (which form may be modified or supplemented from time to
time to cure any ambiguity or error or to incorporate any additional information, subject to compliance of such form with the terms
and provisions of this Agreement; provided, further, that in no event shall the information or any other content
included in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its recommendation
(along with relevant information justifying its recommendation) and recommending a suggested replacement special servicer to assume
the duties of such Special Servicer, which shall be a Qualified Replacement Special Servicer. In such event, the Certificate Administrator
shall promptly post notice to all Certificateholders of such recommendation and the related report on the Certificate Administrator’s
Website in accordance with Section 3.13(b), and by mail conduct the solicitation of votes of all Certificates in such
regard. Upon (i) the affirmative vote of Holders of Principal Balance Certificates evidencing at least a majority of the aggregate
Voting Rights (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the respective
Certificate Balances of such Certificates) of all Principal Balance Certificates on an aggregate basis within 180 days of posting
of the Operating Advisor’s recommendation to the Certificate Administrator’s Website, and if not so received, such
votes shall be null and void ab initio, and (ii) receipt by the Certificate Administrator following satisfaction
of the foregoing clause (i) of Rating Agency Confirmation from each Rating Agency and confirmation from the applicable
rating agencies that such appointment (or replacement) will not result in the downgrade, withdrawal or qualification of the then-current
ratings of any class of any related Serviced Pari Passu Companion Loan Securities, the Trustee shall (i) terminate all of
the rights and obligations of such Special Servicer under this Agreement and appoint a successor special servicer approved by the
Certificateholders and (ii) promptly notify such outgoing Special Servicer of the effective date of such termination. The
reasonable out-of-pocket costs and expenses (including reasonable legal fees and expenses of outside counsel) associated with obtaining
such Rating Agency Confirmations and administering such vote and the Operating Advisor’s identification of a Qualified Replacement
Special Servicer shall be an additional expense of the Trust. In the event that the Trustee does not receive at least a majority
of the requested votes, then the Trustee shall have no obligation to remove such Special Servicer. Prior to the appointment of
any replacement special servicer, such replacement special servicer shall have agreed to succeed to the obligations of such Special
Servicer under this Agreement and to act as such Special Servicer’s successor hereunder. Notwithstanding the foregoing, the
Operating Advisor shall not be permitted to recommend the replacement of a Special Servicer with respect to an AB Whole Loan so
long as the related Serviced Companion Noteholder is not subject to an AB Control Appraisal Period under the related Intercreditor
Agreement or with respect to any Servicing Shift Whole Loan.

 

No penalty or fee shall
be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d). All
costs of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders of the Controlling
Class.

 

     -411-

     

    

 

For the avoidance of
doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the limitations set forth
in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s determination under
this Section 7.01(d) (regarding removal of a Special Servicer), or the result of the vote of the Certificateholders
(regarding removal of a Special Servicer).

 

(e)        
Each Master Servicer and each Special Servicer shall, as the case may be, from time to time, take all such reasonable actions
as are required by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed
on “watch” status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency
with respect to such Master Servicer or Special Servicer, as applicable. In no event shall the remedy for a breach of the foregoing
covenant extend beyond termination pursuant to Section 7.01(a)(viii), (ix) or (x) and the resulting operation
of Section 7.01(b) and (c). The operation of this subsection (e) shall not be construed to limit
the effect of Section 7.01(a)(viii), (ix) or (x).

 

(f)    
Notwithstanding the foregoing, (1) if any Servicer Termination Event on the part of a Master Servicer affects a Serviced
Companion Loan, the related holder of a Serviced Companion Loan or the rating on any Serviced Companion Loan Securities, and if
such Master Servicer is not otherwise terminated, or (2) if a Servicer Termination Event on the part of a Master Servicer
affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating on any Serviced Companion
Loan Securities, then such Master Servicer may not be terminated by or at the direction of the related holder of such Serviced
Companion Loan or the holders of any Serviced Companion Loan Securities, but upon the written direction of the related holder of
such Serviced Companion Loan, such Master Servicer shall be required to appoint a sub-servicer that will be responsible for servicing
the related Serviced Whole Loan.

 

(g)        
Notwithstanding anything to the contrary contained in this Section 7.01, with respect to any Excluded Special
Servicer Loan, if any, the related Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior
to the occurrence and continuance of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also
an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class, the Directing
Certificateholder shall select an Excluded Special Servicer, as successor to the resigning Special Servicer, for the related Excluded
Special Servicer Loan in accordance with this Agreement. After the occurrence and during the continuance of a Control Termination
Event, (i) if at any time the applicable Excluded Special Servicer Loan is also an Excluded Loan with respect to the Directing
Certificateholder or the Holder of the majority of the Controlling Class or (ii) if the Directing Certificateholder is entitled
to appoint the Excluded Special Servicer but does not so appoint within thirty (30) days of resignation, the resigning Special
Servicer shall use reasonable efforts to select the related Excluded Special Servicer. The resigning Special Servicer shall not
have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to the
identity of the applicable Excluded Special Servicer so long as, on the date of the appointment, the selected Excluded Special
Servicer is a Qualified Replacement Special Servicer. It shall be a condition to any such appointment that (i) the Rating
Agencies confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then-current
ratings of the Certificates and each NRSRO hired to provide ratings with respect to any Serviced Companion Loan Securities makes
the equivalent

 

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confirmation, (ii) the related Excluded Special Servicer is a Qualified Replacement Special Servicer and (iii) the
related Excluded Special Servicer delivers to the Depositor and the Certificate Administrator and any applicable Other Depositor
and Other Certificate Administrator, the information, if any, required under Item 6.02 of Form 8-K pursuant to the Exchange
Act regarding itself in its role as Excluded Special Servicer.

 

If at any time a Special
Servicer that had previously acted as a Special Servicer is no longer a Borrower Party with respect to an Excluded Special Servicer
Loan (including, without limitation, as a result of the related Mortgaged Property becoming REO Property), (1) the related
Excluded Special Servicer shall resign, (2) the related Mortgage Loan or Serviced Whole Loan shall no longer be an Excluded
Special Servicer Loan, (3) such original Special Servicer shall become the Special Servicer again for such related Mortgage
Loan or Serviced Whole Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation
with respect to such Mortgage Loan or Serviced Whole Loan earned during such time on and after such Mortgage Loan or Serviced Whole
Loan is no longer an Excluded Special Servicer Loan.

 

The applicable Excluded
Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and
shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such
time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan (provided that the applicable
Special Servicer shall remain entitled to all other special servicing compensation with respect to all Mortgage Loans and Serviced
Whole Loans that are not Excluded Special Servicer Loans during such time).

 

If a Servicing Officer
of the applicable Master Servicer, a related Excluded Special Servicer, or the applicable Special Servicer, as the case may be,
has actual knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special
Servicer Loan, as applicable, the applicable Master Servicer, the related Excluded Special Servicer or the applicable Special Servicer,
as the case may be, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section 7.02    
Trustee to Act; Appointment of Successor. On and after the time a Master Servicer or a Special Servicer, as the
case may be, either resigns pursuant to clause (a) of Section 6.05 or receives a notice of termination for
cause pursuant to Section 7.01(b), and provided that no acceptable successor has been appointed within the
time period specified in Section 7.01(c), the Trustee shall be the successor to such party, until such successor to
that Master Servicer or that Special Servicer, as applicable, is appointed as provided in this Section 7.02 or by
the Directing Certificateholder as provided in Section 7.01(d), as applicable, in all respects in its capacity as
such Master Servicer or such Special Servicer, as applicable, under this Agreement and the transactions set forth or provided
for herein and shall be subject to, and have the benefit of, all of the rights, (subject to Section 3.11 and Section 6.04)
benefits, responsibilities, duties, liabilities and limitations on liability relating thereto and that arise thereafter placed
on or for the benefit of such Master Servicer or Special Servicer, as applicable, by the terms and provisions hereof; provided,
however, that any failure to perform such duties or responsibilities caused by the terminated party’s failure under
Section 7.01 to provide information or moneys required hereunder shall not be considered a default by such successor
hereunder. The appointment of a successor master servicer shall not affect any liability of the predecessor Master Servicer which
may have

 

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arisen prior to its termination as Master Servicer, and the appointment of a successor special servicer shall not affect
any liability of the predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee
in its capacity as successor to such Master Servicer or such Special Servicer, as such case may be, shall not be liable for any
of the representations and warranties of such Master Servicer or such Special Servicer, respectively, herein or in any related
document or agreement, for any acts or omissions of the predecessor master servicer or special servicer or for any losses incurred
by the predecessor Master Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to purchase
any Mortgage Loan hereunder solely as a result of its obligations as successor master servicer or special servicer, as the case
may be. Subject to Section 3.11, as compensation therefor, the Trustee as successor master servicer shall be entitled
to the Servicing Fees and all fees relating to the Mortgage Loans or the Companion Loans which that Master Servicer would have
been entitled to if such Master Servicer had continued to act hereunder, including but not limited to any income or other benefit
from any Permitted Investment pursuant to Section 3.06, and subject to Section 3.11, and the Trustee as
successor to such Special Servicer shall be entitled to the Special Servicing Fees to which such Special Servicer would have been
entitled if such Special Servicer had continued to act hereunder. Should the Trustee succeed to the capacity of such Master Servicer
or such Special Servicer, as the case may be, the Trustee shall be afforded the same standard of care and liability as such Master
Servicer or such Special Servicer, as applicable, hereunder notwithstanding anything in Section 8.01 to the contrary,
but only with respect to actions taken by it in its role as successor master servicer or successor special servicer, as the case
may be, and not with respect to its role as Trustee hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling
to act as successor to that Master Servicer or that Special Servicer, as applicable, or shall, if it is unable to so act, or if
the Trustee is not approved as a servicer by each Rating Agency, or if the Directing Certificateholder (solely with respect to
such Special Servicer) ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect
to any Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class) or
the Holders of Certificates entitled to more than 50% of the Voting Rights so request in writing to the Trustee, promptly appoint,
or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution which meets the
criteria set forth in Section 6.05 and otherwise herein, as the successor to that Master Servicer or that Special
Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of such
Master Servicer or such Special Servicer hereunder. No appointment of a successor to such Master Servicer or such Special Servicer
hereunder shall be effective until (i) the assumption in writing by the successor to such Master Servicer or such Special
Servicer of all its responsibilities, duties and liabilities hereunder that arise thereafter, (ii) receipt of Rating Agency
Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25), (iii) such appointment (solely
with respect to such Special Servicer) has been approved (prior to the occurrence and continuance of a Control Termination Event)
by the Directing Certificateholder, such approval not to be unreasonably withheld and (iv) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 and any other Form 8-K filings have been completed
with respect to any related Companion Loan. Pending appointment of a successor to

 

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such Master Servicer or such Special Servicer
hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in such capacity as herein above
provided. In connection with such appointment and assumption of a successor to such Master Servicer or such Special Servicer as
described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage
Loans as it and such successor shall agree; provided, however, that no such compensation with respect to a successor
master servicer or successor special servicer, as the case may be, shall be in excess of that permitted the terminated Master
Servicer or Special Servicer, as the case may be, hereunder. The Trustee, the non-terminated Master Servicer or the non-terminated
Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate
any such succession. Any reasonable out-of-pocket costs and expenses associated with the transfer of the servicing function (other
than with respect to a termination without cause) under this Agreement shall be borne by the predecessor Master Servicer or Special
Servicer, as applicable. If such predecessor Master Servicer or Special Servicer (as the case may be) has not reimbursed the party
requesting such termination or the successor master servicer or special servicer for such expenses within ninety (90) days
after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust; provided that the terminated
Master Servicer or Special Servicer shall not thereby be relieved of its liability for such expenses. If and to the extent that
the terminated Master Servicer or Special Servicer has not reimbursed such costs and expenses, the party requesting such termination
shall have an affirmative obligation to take all reasonable actions to collect such expenses on behalf of the Trust. In the event
of a termination without cause, such costs and expenses shall be borne by the party requesting such termination, or as otherwise
set forth herein; provided that the Certificate Administrator and the Trustee shall not bear any such costs and expenses.
For the avoidance of doubt, if the Trustee is terminating a Master Servicer or a Special Servicer in accordance with this Agreement
at the direction of any party or parties permitted to direct the Trustee to so terminate such Master Servicer or such Special
Servicer pursuant to this Agreement, the Trustee shall not have any liability for such expenses pursuant to this paragraph.

 

Section 7.03    
Notification to Certificateholders. (a) Upon any resignation of a Master Servicer or a Special Servicer pursuant
to Section 6.05, any termination of a Master Servicer or a Special Servicer pursuant to Section 7.01 or
any appointment of a successor to a Master Servicer or a Special Servicer pursuant to Section 7.02, the Certificate
Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register.

 

(b)        
Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse
of time or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate Administrator
would be deemed to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the Certificate
Administrator shall transmit by mail to the Depositor and all Certificateholders (and, if a Serviced Whole Loan is affected, the
related Serviced Companion Noteholder) notice of such occurrence, unless such default shall have been cured.

 

Section 7.04    
Waiver of Servicer Termination Events. The Holders of Certificates representing at least 66-2/3% of the Voting Rights
allocated to each Class of Certificates affected by any Servicer Termination Event hereunder may waive such Servicer Termination
Event;

 

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provided, however, that a Servicer Termination Event under clause (i), (ii), (viii),
(ix) or (x) of Section 7.01(a) may be waived only with the consent of all of the Certificateholders of
the affected Classes, and a Servicer Termination Event under clause (iii) of Section 7.01(a) (with respect
to obligations under Article XI) may be waived only with the consent of the Depositor. Upon any such waiver of a Servicer
Termination Event, subject to the rights of any affected holder of a Serviced Companion Loan under Section 7.01(c)
or Section 7.01(f), such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied
for every purpose hereunder. Upon any such waiver of a Servicer Termination Event by Certificateholders, the Trustee and the Certificate
Administrator shall be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with
respect to such Servicer Termination Event prior to such waiver from the Trust. No such waiver shall extend to any subsequent or
other Servicer Termination Event or impair any right consequent thereon except to the extent expressly so waived. Notwithstanding
any other provisions of this Agreement, for purposes of waiving any Servicer Termination Event pursuant to this Section 7.04,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights
with respect to the matters described above as they would if any other Person held such Certificates.

 

Section 7.05    
Trustee as Maker of Advances. In the event that a Master Servicer fails to fulfill its obligations hereunder to make
any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days
following such failure by a Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under
Section 7.01(a)(iii) to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect
to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances
pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure
has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of such Master Servicer’s
rights with respect to Advances hereunder, including, without limitation, such Master Servicer’s rights of reimbursement
and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I
Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused
by such Master Servicer’s default in its obligations hereunder); provided, however, that if Advances made by
the Trustee and a Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid,
all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding
to the Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of such Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect
to a Nonrecoverable Advance hereunder.

 

[End of Article VII]

 

Article VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.01    
Duties of the Trustee and the Certificate Administrator. (a) The Trustee and the Certificate Administrator,
prior to the occurrence of a Servicer Termination Event

 

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and after the curing or waiving of all Servicer Termination Events which
may have occurred, undertake to perform such duties and only such duties as are specifically set forth in this Agreement. If a
Servicer Termination Event occurs and is continuing, the Trustee shall exercise such of the rights and powers vested in it by
this Agreement, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs. Any permissive right of the Trustee and the Certificate Administrator contained
in this Agreement shall not be construed as a duty.

 

(b)        
The Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required
to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered
for posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine
them to determine whether they conform to the requirements of this Agreement. If any such instrument is found not to conform to
the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator shall notify the party providing
such instrument and requesting the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for
the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished
by the Depositor, a Master Servicer or a Special Servicer or another Person, and accepted by the Trustee or the Certificate Administrator
in good faith, pursuant to this Agreement.

 

(c)    
No provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that:

 

(i)    
Prior to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which
may have occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by the
express provisions of this Agreement, the Trustee and the Certificate Administrator shall not be liable except for the performance
of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read
into this Agreement against the Trustee and the Certificate Administrator and, in the absence of bad faith on the part of the Trustee
and the Certificate Administrator, the Trustee and the Certificate Administrator may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee or
the Certificate Administrator and conforming to the requirements of this Agreement;

 

(ii)        
Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good
faith by a Responsible Officer or Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it
shall be proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts;
and

 

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(iii)       
Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater
than 25% (i) of the Percentage Interest of each affected Class, or (ii) if each Class is an affected Class of the aggregate
Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, or exercising any trust or power conferred upon the Trustee or the Certificate
Administrator, under this Agreement (unless a higher percentage of Voting Rights is required for such action).

 

(d)        
The Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the
Serviced Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders under this
Agreement to the extent such reports relate to the related Serviced Companion Loan and upon the submission of an Investor Certification
pursuant to this Agreement.

 

Section 8.02    
Certain Matters Affecting the Trustee and the Certificate Administrator. Except as otherwise provided in Section 8.01:

 

(i)    
The Trustee and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon
any resolution, direction of the Depositor, Officer’s Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, Appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)    
The Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance therewith;

 

(iii)        
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers
vested in it by this Agreement or the Certificates or to make any investigation of matters arising hereunder or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant
to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as applicable, security or indemnity reasonably satisfactory to it, against the costs, expenses and liabilities which may be incurred
therein or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers, unless repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is reasonably
assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of a Servicer
Termination Event which has not been cured, to exercise such of the rights and powers vested in it by this Agreement, and to use
the same degree of care and skill in

 

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their exercise as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs;

 

(iv)       
Neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted
by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
Agreement;

 

(v)        
Prior to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events
which may have occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to more than
50% of the Voting Rights; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate
Administrator of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee or the Certificate Administrator, respectively, not reasonably assured to the Trustee or the Certificate
Administrator by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, respectively,
may require indemnity reasonably satisfactory to it from such requesting Holders against such expense or liability as a condition
to taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting Holders;

 

(vi)       
The Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, affiliates or attorneys; provided, however, that the appointment of such
agents, affiliates or attorneys shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder;
provided, further, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties
hereunder through any Person that is a Prohibited Party;

 

(vii)      
For all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed
to have actual knowledge or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any
act, failure or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act
unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless
written notice of any event, act, failure or breach, as applicable, which is in fact such a default is received by the Trustee
or the Certificate Administrator at the respective Corporate Trust Office, and such notice references the Certificates or this
Agreement;

 

(viii)     
Neither the Trustee nor the Certificate Administrator shall be responsible for any act or omission of a Master Servicer
or a Special Servicer (unless the Trustee is acting as a Master Servicer or a Special Servicer, as the case may be, in which case
the Trustee shall only be responsible for its own actions as a Master Servicer or a Special Servicer) or of the Depositor, the
Operating Advisor or the Asset Representations Reviewer;

 

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(ix)        
Neither the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust
Fund unless it is determined by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s,
as applicable, negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)    
In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of
its obligations hereunder due to force majeure or acts of God; provided that such failure or delay is not also a
result of its own negligence, bad faith or willful misconduct;

 

(xi)        
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

 

(xii)       
Nothing herein shall be construed as an obligation for any party to this Agreement to advise a Certificateholder with respect
to its rights and protections relative to the Trust.

 

Each of the Trustee and
the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities afforded to
it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including, without
limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section 8.03    
Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans. The
recitals contained herein and in the Certificates, other than the acknowledgments of the Trustee or the Certificate Administrator
in Sections 2.01(h) and Section 2.04 and the signature, if any, of the Certificate Registrar and Authenticating
Agent set forth on any outstanding Certificate, shall not be taken as the statements of the Trustee or the Certificate Administrator,
and the Trustee or the Certificate Administrator assume no responsibility for their correctness. Neither the Trustee nor the Certificate
Administrator makes any representations as to the validity or sufficiency of this Agreement or of any Certificate (other than as
to the signature, if any, of the Trustee or the Certificate Administrator set forth thereon) or of any Mortgage Loan or related
document. Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application by the Depositor
of any of the Certificates issued to it or of the proceeds of such Certificates, or for the use or application of any funds paid
to the Depositor in respect of the assignment of the Mortgage Loans to the Trust, or any funds deposited in or withdrawn from each
applicable Collection Account or any other account by or on behalf of the Depositor, the applicable Master Servicer, the applicable
Special Servicer or in the case of the Trustee, the Certificate Administrator. The Trustee and the Certificate Administrator shall
not be responsible for and may rely upon the accuracy or content of any resolution, certificate, statement, opinion, report, document,
order or other instrument furnished by the Depositor, a Master Servicer or a Special Servicer and accepted by the Trustee or the
Certificate Administrator, in good faith, pursuant to this Agreement.

 

Section 8.04    
Trustee or Certificate Administrator May Own Certificates. The Trustee or the Certificate Administrator, each in
its individual capacity, not as Trustee or Certificate Administrator, may become the owner or pledgee of Certificates, and may
deal with

 

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the Depositor, any Master Servicer, any Special Servicer or the Underwriters in banking transactions, with the same rights
it would have if it were not Trustee or the Certificate Administrator.

 

Section 8.05    
Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator.(a) As
compensation for the performance of their respective duties hereunder, the Trustee will be paid the Trustee Fee, which shall cover
recurring and otherwise reasonably anticipated expenses of the Trustee, and the Certificate Administrator will be paid the Certificate
Administrator Fee equal to the Certificate Administrator’s portion of one (1) month’s interest at the Certificate Administrator
Fee Rate, which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Trustee
Fee and Certificate Administrator Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan
and REO Loan (other than the portion of an REO Loan related to any Companion Loan), the Certificate Administrator shall pay to
the Trustee monthly the Trustee Fee from the Certificate Administrator Fee, which Certificate Administrator Fee shall accrue from
time to time at the Certificate Administrator Fee Rate and the Certificate Administrator Fee shall be computed in the same manner
as interest is calculated thereon and for the same period respecting which any related interest payment due or deemed thereon is
computed. The Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an
express trust) shall constitute the Trustee’s sole form of compensation for all services rendered by it in the execution
of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee hereunder, except
for the reimbursement of expenses specifically provided for herein. The Certificate Administrator Fee shall constitute the Certificate
Administrator’s sole form of compensation for the exercise and performance of its powers and duties hereunder, except for
the reimbursement of expenses specifically provided for herein. No Trustee Fee or Certificate Administrator Fee shall be payable
with respect to any Companion Loan.

 

(b)        
The Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity)
and any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in each applicable Collection
Account or the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense
(including, without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, judgments and amounts
paid in settlement, and expenses incurred in becoming the successor to the applicable Master Servicer or the applicable Special
Servicer, to the extent not otherwise paid hereunder, and, for the avoidance of doubt, including reasonable attorneys’ fees
and expenses and expenses relating to the enforcement of such indemnity) arising out of, or incurred in connection with, any act
or omission of the Trustee or the Certificate Administrator, respectively, relating to the exercise and performance of any of the
powers, rights and duties of the Trustee or the Certificate Administrator, respectively (including in any capacities in which they
serve, such as paying agent, REMIC Administrator, Authenticating Agent, Custodian, Certificate Registrar, and 17g-5 Information
Provider) hereunder; provided, however, that none of the Trustee or the Certificate Administrator, nor any of the
other above specified Persons shall be entitled to indemnification pursuant to this Section 8.05(b) for (i) allocable
overhead, (ii) expenses or disbursements incurred or made by or on behalf of the Trustee or the Certificate Administrator,
respectively, in the normal

 

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course of the Trustee or the Certificate Administrator, respectively, performing its duties in accordance
with any of the provisions hereof, which are not “unanticipated expenses of the REMIC” within the meaning of Treasury
Regulations Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically required to be borne thereby pursuant
to the terms hereof or (iv) any loss, liability or expense incurred by reason of willful misconduct, bad faith or negligence
in the performance of the Trustee’s or the Certificate Administrator’s, respectively, obligations and duties hereunder,
or by reason of negligent disregard of such obligations or duties, or as may arise from a breach of any representation or warranty
of the Trustee specified in Section 8.12 or the Certificate Administrator specified in Section 8.14, respectively,
made herein. The provisions of this Section 8.05(b) shall survive the termination of this Agreement and any resignation
or removal of the Trustee or the Certificate Administrator, respectively, and appointment of a successor thereto. The foregoing
indemnity shall also apply to the Certificate Administrator in all of its capacities hereunder, including Custodian, Certificate
Registrar and Authenticating Agent.

 

(c)    
The Certificate Administrator shall indemnify and hold harmless the Depositor and the Mortgage Loan Sellers from and against
any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses (for the avoidance of doubt, including reasonable attorneys’ fees and expenses and expenses relating to the
enforcement of such indemnity) incurred by the Depositor or any Mortgage Loan Seller or its Affiliates that arise out of or are
based upon (i) a breach by the Certificate Administrator, in its capacity as 17g-5 Information Provider or in any other capacity
in which the Certificate Administrator is required to make available information to a Privileged Person that is an NRSRO, of its
obligations under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate Administrator,
in its capacity as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator is required to make
available information to a Privileged Person that is an NRSRO, in the performance of such obligations or its negligent disregard
of its obligations and duties under this Agreement.

 

Section 8.06    
Eligibility Requirements for Trustee and Certificate Administrator. Each of the Trustee and the Certificate Administrator
hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national
banking association or a trust company, organized and doing business under the laws of any state or the United States of America,
authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement, having a
combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority and
in the case of the Trustee, shall not be an Affiliate of any Master Servicer or any Special Servicer (except during any period
when the Trustee is acting as, or has become successor to, the applicable Master Servicer or the applicable Special Servicer, as
the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation,
(iii) an institution whose long-term senior unsecured debt is rated at least “A2” by Moody’s (or which has
a long-term counterparty risk assessment of at least “A2(cr)” by Moody’s), “A” by Fitch and, if rated
by DBRS Morningstar, “A” by DBRS Morningstar; provided that the Trustee will not become ineligible to serve
based on a failure to satisfy such rating requirements as long as (a) it maintains a long-term unsecured debt rating of no less
than “Baa2” by Moody’s and “A-” by Fitch and “A(low)” by DBRS Morningstar, (b) its short-term
debt obligations have a short-term rating of not less than “P-2” from Moody’s, “F1” by Fitch and
“R-1(low)” by DBRS Morningstar and (c) each Master Servicer maintains a long-term unsecured rating of at least “A2”
by Moody’s, “A+” by Fitch and

 

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“A” by DBRS Morningstar; provided that nothing in this proviso
shall impose on either Master Servicer any obligation to maintain such rating; provided, further, that if any such
institution is not rated by DBRS Morningstar, it maintains an equivalent (or higher) rating by any two other NRSROs (which may
include Moody’s and/or Fitch) or such other rating with respect to which the Rating Agencies have provided a Rating Agency
Confirmation and (iv) an entity that is not a Prohibited Party.

 

If such corporation,
national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital
and surplus of such corporation, national bank or national banking association shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. In the event the place of business from which the Certificate
Administrator administers the Trust REMICs or in which the Trustee’s office is located is in a state or local jurisdiction
that imposes a tax on the Trust on the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions),
the Certificate Administrator or the Trustee, as applicable shall elect either to (i) resign immediately in the manner and
with the effect specified in Section 8.07, (ii) pay such tax at no expense to the Trust or (iii) administer
the Trust REMICs from a state and local jurisdiction that does not impose such a tax.

 

Section 8.07     
Resignation and Removal of the Trustee and Certificate Administrator. (a) The Trustee and the Certificate Administrator
may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, each
Master Servicer, each Special Servicer and the Trustee or the Certificate Administrator, as applicable, the Operating Advisor,
the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders. The Certificate Administrator shall
post such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b) and provide notice
of such event to each Master Servicer, each Special Servicer, the Depositor and the 17g-5 Information Provider, which shall promptly
post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c). Upon receiving
such notice of resignation, the Depositor shall use its reasonable best efforts to promptly appoint a successor trustee or successor
certificate administrator acceptable to the General Master Servicer and, prior to the occurrence and continuance of a Control
Termination Event, the Directing Certificateholder by written instrument, in duplicate, which instrument shall be delivered to
the resigning Trustee or Certificate Administrator and to the successor trustee or certificate administrator. A copy of such instrument
shall be delivered to each Master Servicer, each Special Servicer, the Certificateholders and the Trustee or Certificate Administrator,
as applicable, by the Depositor. If no successor trustee or certificate administrator shall have been so appointed and have accepted
appointment within ninety (90) days after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator
may petition any court of competent jurisdiction for the appointment of a successor trustee or certificate administrator, as applicable,
and such petition will be an expense of the Trust.

 

(b)    
If at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of
Section 8.06 (and in the case of the Certificate Administrator, Section 5.08) and shall fail to resign
after written request therefor by the Depositor or a Master Servicer, or if at any time the Trustee or Certificate Administrator
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the

 

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Certificate Administrator
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate
Administrator (if different than the Trustee) shall fail to timely publish any report to be delivered, published or otherwise made
available by the Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for
a period of five (5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01
or Section 9.01, then the Depositor may remove the Trustee or Certificate Administrator, as applicable, and appoint
a successor trustee or certificate administrator acceptable to the requesting Master Servicer, by written instrument, in duplicate,
which instrument shall be delivered to the Trustee or Certificate Administrator so removed and to the successor trustee or certificate
administrator in the case of the removal of the Trustee or Certificate Administrator. A copy of such instrument shall be delivered
to each Master Servicer, each Special Servicer and the Certificateholders by the Depositor. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within ninety (90) days after the giving of such notice
of removal, the removed Trustee or Certificate Administrator may petition any court of competent jurisdiction for the appointment
of a successor trustee or certificate administrator, as applicable, at the expense of the Trust.

 

(c)    
The Holders of Certificates entitled to at least 75% of the Voting Rights may, upon thirty (30) days’ prior written
notice, with or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate administrator
by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to each Master Servicer, one complete set to the Trustee or Certificate Administrator
so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Depositor, each
Special Servicer and the remaining Certificateholders by each applicable Master Servicer. In the event of any such termination
without cause pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable,
shall be responsible for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(d)        
Any resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate
administrator pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance
of appointment by the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the
Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 and any other Form 8-K filings
have been completed with respect to any related Companion Loan. Further, the resigning Trustee or Certificate Administrator, as
the case may be, shall pay all costs and expenses associated with the transfer of its duties.

 

If the same party is
acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party in its capacity as
Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its capacity as Trustee
or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator and a successor
trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

Upon any succession of
the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator shall be entitled
to the payment

 

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of accrued and unpaid compensation and reimbursement as provided for under this Agreement for services rendered
and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator shall be personally
liable for any action or omission of any successor trustee or certificate administrator.

 

(e)    
Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon
the termination of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each
Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee),
without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
Holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 or in blank, and (ii) in the
case of the other assignable Mortgage Loan documents (to the extent such other Mortgage Loan documents were assigned to the outgoing
trustee), assign such Mortgage Loan documents to such successor, and such successor shall review the documents delivered to it
or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this
Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage Note for a Mortgage Loan was
not endorsed to the outgoing trustee, the Custodian shall, upon its receipt of a Request for Release, deliver such Mortgage Note
to the Depositor or the successor trustee, as requested, and the applicable Master Servicer and the Depositor shall cooperate with
any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation or warranty, express or implied)
to the order of the successor, as trustee for the registered Holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates,
Series 2021-BNK32 or in blank; provided, however, that, notwithstanding anything to the contrary herein, to the extent
any such endorsement of such Mortgage Note requires the signature of the related Mortgage Loan Seller in order to comply with the
foregoing, then the applicable Master Servicer shall use reasonable efforts to cause the related Mortgage Loan Seller to execute
such endorsement; (c) if any other assignable Mortgage Loan document was not assigned to the outgoing trustee, the Custodian
shall, upon its receipt of a Request for Release, deliver such Mortgage Loan document to the Depositor or the successor trustee,
as requested, and the applicable Master Servicer and the Depositor shall cooperate with any successor trustee to ensure that such
Mortgage Loan document is assigned to such successor trustee; and (d) in any case, such successor trustee shall review the
documents delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage
Loan then subject to this Agreement, such endorsements and assignments have been made or, in the event such endorsement or assignment
cannot be made for any reason, to note the same in such certification.

 

(f)    
Neither the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate
administrator.

 

Section 8.08    
Successor Trustee or Certificate Administrator. (a) Any successor trustee or certificate administrator appointed
as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor, each Master Servicer, each Special
Servicer and to its predecessor Trustee or Certificate Administrator an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Certificate Administrator shall become effective and such successor trustee
or certificate administrator without any further act, deed or conveyance, shall become fully vested with all the rights, powers,

 

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duties and obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or Certificate Administrator
herein. The predecessor Trustee shall deliver to the successor trustee all Mortgage Files and related documents and statements
held by it hereunder (other than any Mortgage Files at the time held on its behalf by the Custodian, which Custodian, at Custodian’s
option shall become the agent of the successor trustee), and the Depositor, the applicable Master Servicer, the applicable Special
Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required
to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable
the successor trustee to perform its obligations hereunder.

 

(b)    
No successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee or successor certificate administrator, as
applicable, shall be eligible under the provisions of Section 8.06.

 

(c)    
Upon acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section 8.08,
the General Master Servicer shall deliver notice of the succession of such Trustee or Certificate Administrator, as applicable,
to the Depositor and the Certificateholders. If the General Master Servicer fails to deliver such notice within ten (10) days after
acceptance of appointment by the successor trustee or successor certificate administrator, as applicable, such successor trustee
or successor certificate administrator shall cause such notice to be delivered at the expense of the General Master Servicer.

 

Section 8.09   
Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of the Trustee or the Certificate Administrator shall be the successor of the Trustee or the
Certificate Administrator, as applicable, hereunder; provided that, in the case of the Trustee, such successor person shall
be eligible under the provisions of Section 8.06, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Certificate Administrator shall
post such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b) and shall provide
notice of such event to each Master Servicer, each Special Servicer, the Depositor and the 17g-5 Information Provider, which shall
post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Section 8.10    
Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction
in which any part of the Trust Fund or property securing the same may at the time be located, each applicable Master Servicer and
the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved
by the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all
or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust, or any part thereof,
and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as each
applicable Master Servicer and the Trustee may consider necessary or desirable. If any Master

 

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Servicer shall not have joined in
such appointment within fifteen (15) days after the receipt by it of a request to do so, or in case a Servicer Termination Event
shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.06 hereunder
and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08.
All co-trustee fees shall be payable out of the Trust Fund.

 

(b)        
In the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights,
powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed
by the Trustee and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed (whether as Trustee hereunder or as successor to a Master Servicer or a Special
Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised
and performed by such separate trustee or co-trustee at the direction of the Trustee.

 

(c)        
Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then-separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Agreement and the conditions of this Article VIII. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Trustee. Every such instrument shall be filed with the Trustee.

 

(d)        
Any separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee.

 

(e)    
The appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of
its duties and responsibilities hereunder.

 

Section 8.11   
Appointment of Custodians. The Certificate Administrator is hereby appointed as the Custodian to hold all or a portion
of the Mortgage Files. The Custodian shall be a depository institution subject to supervision by federal or state authority, shall
have combined capital and surplus of at least $15,000,000 and shall be qualified to do business in the jurisdiction in which it
holds any Mortgage File. The Custodian shall be subject to the same obligations and standard of care as would be imposed on the
Certificate Administrator hereunder in connection with the retention of Mortgage Files directly by the Certificate Administrator.
Upon termination or resignation of the Custodian, the Certificate Administrator may appoint another Custodian meeting the foregoing
requirements. The appointment of one or more Custodians by the

 

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Certificate Administrator shall not relieve the Certificate Administrator
from any of its obligations hereunder, and the Certificate Administrator shall remain responsible for all acts and omissions of
any Custodian other than the initial Custodian. Any Custodian appointed hereunder must maintain a fidelity bond and errors and
omissions policy in an amount customary for Custodians which serve in such capacity in commercial mortgage loan securitization
transactions, or may self-insure.

 

Section 8.12   
Representations and Warranties of the Trustee. The Trustee hereby represents and warrants to the Depositor, each
Master Servicer, each Special Servicer, the Operating Advisor, the Asset Representations Reviewer, each Serviced Companion Noteholder
and the Certificate Administrator for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)     
The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America;

 

(ii)        
The execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement
by the Trustee, will not violate the Trustee’s charter and by-laws or constitute a default (or an event which, with notice
or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument
to which it is a party or which is applicable to it or any of its assets;

 

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

 

(iv)        
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)        
The Trustee is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(vi)       
No litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
the Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially

 

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and adversely affect the ability of the Trustee to perform its obligations under this Agreement; and

 

(vii)      
No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Trustee, or compliance by the Trustee with, this Agreement or the consummation of the transactions
contemplated by this Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot
be obtained prior to the actual performance by the Trustee of its obligations under this Agreement, and which, if not obtained
would not have a materially adverse effect on the ability of the Trustee to perform its obligations hereunder.

 

Section 8.13    
Provision of Information to Certificate Administrator, Master Servicers and Special Servicers. The applicable Master
Servicer shall promptly, upon request, provide the applicable Special Servicer and the Certificate Administrator with notice of
any change in the identity and/or contact information of any Serviced Companion Noteholder (to the extent it receives written notice
of such change). The Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer may each conclusively
rely on the information provided to them regarding identity and/or contact information regarding any Serviced Companion Noteholder,
and the Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer, as applicable, shall have
no liability for notices not sent to the correct Serviced Companion Noteholders or any obligation to determine the identity and/or
contact information of the Serviced Companion Noteholders to the extent updated or correct information regarding the holders of
any of the Serviced Companion Noteholders or the most recent identity and/or contact information regarding any of the Serviced
Companion Noteholders has not been provided to the Certificate Administrator, such Master Servicer or such Special Servicer, as
applicable.

 

Section 8.14    
Representations and Warranties of the Certificate Administrator. The Certificate Administrator hereby represents
and warrants to the Depositor, each Master Servicer, each Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
each Serviced Companion Noteholder, and the Trustee, for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)     
The Certificate Administrator is a national banking association duly organized under the laws of the United States of America,
duly organized, validly existing and in good standing under the laws thereof;

 

(ii)        
The execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the
terms of this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws
or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result
in the breach of, any material agreement or other instrument to which it is a party or which is applicable to it or any of its
assets;

 

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

 

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(iv)       
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance
with the terms hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting
the enforcement of creditors’ rights generally and the rights of creditors of national banking associations specifically
and (b) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at
law;

 

(v)        
The Certificate Administrator is not in violation of, and its execution and delivery of this Agreement and its performance
and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or
arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation,
in the Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either
the ability of the Certificate Administrator to perform its obligations under this Agreement or the financial condition of the
Certificate Administrator;

 

(vi)        
No litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator; and

 

(vii)       
No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Certificate Administrator, or compliance by the Certificate Administrator with, this Agreement
or the consummation of the transactions contemplated by this Agreement, except for any consent, approval, authorization or order
which has not been obtained or cannot be obtained prior to the actual performance by the Certificate Administrator of its obligations
under this Agreement, and which, if not obtained would not have a materially adverse effect on the ability of the Certificate Administrator
to perform its obligations hereunder.

 

Section 8.15   
Compliance with the PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect
from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money
laundering (“Applicable Laws”), each of the Trustee, the Certificate Administrator, each applicable Special
Servicer and each applicable Master Servicer is required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Trustee, the Certificate Administrator, each applicable Special Servicer
or each applicable Master Servicer, as applicable, arising out of the Trust or this Agreement. Accordingly, each of the parties
to this Agreement agrees to provide to the Trustee, the Certificate Administrator, each Special Servicer and each Master Servicer,
upon its respective reasonable request from time to time such identifying information and documentation as may be available for
such party in order to enable the Trustee, the Certificate Administrator, each Special Servicer and each Master Servicer to comply
with Applicable Laws.

 

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[End of Article VIII]

 

Article IX

TERMINATION

 

Section 9.01    
Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject to this Section 9.01 and Section 9.02,
the Trust and the respective obligations and responsibilities under this Agreement of the Certificate Administrator (other than
the obligations of the Certificate Administrator to provide for and make payments to Certificateholders as hereafter set forth),
the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held
by the Certificate Administrator and required hereunder to be so paid on the Distribution Date following the earlier to occur of
(i) the final payment (or related Advance) or other liquidation of the last Mortgage Loan and REO Property (as applicable)
subject hereto, (ii) the purchase or other liquidation by the Holder of the majority of the Controlling Class, the Special
Servicer servicing the greater principal balance of the Mortgage Loans as of that time, the other Special Servicer, the Master
Servicer servicing the greater principal balance of the Mortgage Loans as of that time, the other Master Servicer, or the Holders
of the Class R Certificates, in that order of priority, of all the Mortgage Loans and the Trust’s portion of each REO
Property remaining in the Trust Fund at a price equal to (a) the sum of (1) the Termination Purchase Amount and (2) the
reasonable out-of-pocket expenses of each applicable Master Servicer and each applicable Special Servicer with respect to such
termination, unless such Master Servicer or such Special Servicer, as applicable, is the purchaser of such Mortgage Loans, minus
(b) solely in the case where a Master Servicer is exercising such purchase right, the aggregate amount of unreimbursed Advances,
together with any interest accrued and payable to the applicable Master Servicer in respect of such Advances in accordance with
Section 3.03(d) and Section 4.03(d) and any unpaid Servicing Fees, remaining outstanding and payable solely
to such Master Servicer (which items shall be deemed to have been paid or reimbursed to the applicable Master Servicer in connection
with such purchase) or (iii) so long as the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates
and the Class A-4, Class A-5, Class A-S, Class B and Class C Upper-Tier Regular Interests, are no longer outstanding, the
voluntary exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V Certificates, the
Class R Certificates and the RR Interest) and the payment or deemed payment by such exchanging party of the Termination Purchase
Amount for the remaining Mortgage Loans and REO Properties in the Trust Fund pursuant to the terms of the immediately succeeding
paragraph, of which (a) an amount equal to the product of (i) the Required Credit Risk Retention Percentage and (ii) the Termination
Purchase Amount will be paid to the Holders of the RR Interest in exchange for the surrender of the RR Interest, and (b) an amount
equal to the product of (i) the Non-Retained Percentage and (ii) the Termination Purchase Amount will be deemed paid to the Trust
and deemed distributed to the Holder or Holders of the then-outstanding Certificates (other than the RR Interest) in exchange for
such Certificates; provided, however, that in no event shall the trust created hereby continue beyond the expiration
of twenty-one (21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James’s, living on the date hereof. Upon termination of the Trust pursuant to clause (i)
of the

 

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immediately preceding sentence, the Custodian shall release or cause to be released to the General Master Servicer and the
NCB Master Servicer, at their respective addresses provided in Section 13.05 of this Agreement or to such other address
designated by it in writing, those Mortgage Files remaining in its possession relating to the Mortgage Loans other than the NCB
Mortgage Loans (in the case of the General Master Servicer) and those Mortgage Files relating to the NCB Mortgage Loans (in the
case of the NCB Master Servicer). In connection with a termination of the Trust under this Article IX, the obligations and
responsibilities of the Custodian under this Agreement shall terminate upon its delivery of such Mortgage Files to the applicable
Master Servicer, Sole Certificateholder or other party as required by this Section 9.01, except for the obligation of the
Custodian to execute assignments, endorsements and other instruments as required by this Section 9.01.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4, Class A-5, Class A-S,
Class B and Class C Upper-Tier Regular Interests are no longer outstanding (and provided that there is only one Holder (or
multiple Holders acting in unanimity) of the then-outstanding Certificates (other than the Class V Certificates, the Class R
Certificates and the RR Interest)), the Sole Certificateholder shall have the right, with the consent of each applicable Master
Servicer, to exchange all of its Certificates (other than the Class V Certificates, the Class R Certificates and the RR Interest)
together with the payment or deemed payment of the Termination Purchase Amount for all of the Mortgage Loans and each REO Property
remaining in the Trust Fund as contemplated by clause (iii) of the first paragraph of this Section 9.01(a)
by giving written notice to all the parties hereto no later than sixty (60) days prior to the anticipated date of exchange. In
the event that the Sole Certificateholder elects to exchange all of its Certificates (other than the Class V Certificates, Class R
Certificates and the RR Interest) and pay the Termination Purchase Amount for all of the Mortgage Loans and the Trust’s portion
of each REO Property remaining in the Trust in accordance with the preceding sentence, such Sole Certificateholder, not later than
the Distribution Date on which the final distribution on the Certificates is to occur, shall (i) remit for deposit in the Collection
Account of the General Master Servicer an amount in immediately available funds equal to (a) the product of the Required Credit
Risk Retention Percentage and the Termination Purchase Amount plus (b) all amounts due and owing to the Depositor, each applicable
Master Servicer, each applicable Special Servicer, the Trustee and the Certificate Administrator hereunder through the date of
the liquidation of the Trust that may be withdrawn from the applicable Collection Account, or an escrow account acceptable to the
respective parties hereto, pursuant to Section 3.05(a) or that may be withdrawn from the Distribution Account pursuant
to Section 3.05(a), but only to the extent that such amounts are not already on deposit in the applicable Collection
Account, and (ii) be deemed to pay to the Trust (which amount shall be further deemed distributed to the Holders of all outstanding
Certificates (other than the RR Interest)) an amount equal to the product of the Non-Retained Percentage and the Termination Purchase
Amount. In addition, each Master Servicer shall transfer all amounts required to be transferred to the Lower-Tier REMIC Distribution
Account and Excess Interest Distribution Account on the P&I Advance Date related to such Distribution Date in which the final
distribution on the Certificates is to occur from the applicable Collection Account pursuant to the first paragraph of Section 3.04(b)
(provided, however, that if a Serviced Whole Loan is secured by REO Property, the portion of the above-described
purchase price allocable to such Trust’s portion of REO Property shall initially be deposited into the related REO Account).
Upon confirmation that such final deposits have been made and following the surrender of all its Certificates (other than the Class
V Certificates, Class R Certificates and the

 

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RR Interest) on the applicable Distribution Date, (i) the Certificate Administrator
shall remit to the Holders of the RR Interest in immediately available funds an amount equal to the product of the Required Credit
Risk Retention Percentage and the Termination Purchase Amount and (ii) the Custodian shall, upon receipt of a Request for Release
from each applicable Master Servicer, release or cause to be released to the Sole Certificateholder or any designee thereof, the
Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining
in the Trust Fund, and the Trust shall be liquidated in accordance with Section 9.02. Solely for federal income tax
purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to
the aggregate remaining Certificate Balance of the Principal Balance Certificates (other than any Exchangeable Certificates) and
the Exchangeable Upper-Tier P&I Regular Interests, plus accrued, unpaid interest with respect thereto, and the Certificate
Administrator shall credit such amounts against amounts distributable in respect of such Certificates, Exchangeable Upper-Tier
P&I Regular Interests and Related Lower-Tier Regular Interests.

 

The obligations and responsibilities
under this Agreement of the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate
Administrator and the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent (i) its related
Serviced Mortgage Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts payable by the related
Companion Holder to or for the benefit of the Trust or any party hereto in accordance with the related Intercreditor Agreement
remain due and owing.

 

The Holder of the majority
of the Controlling Class, the Special Servicer servicing the greater principal balance of the Mortgage Loans as of that time, the
other Special Servicer, the Master Servicer servicing the greater principal balance of the Mortgage Loans as of that time, the
other Master Servicer, or the Holders of the Class R Certificates, in that order of priority, may, at their option, elect
to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage
Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated by clause (ii)
of the first paragraph of this Section 9.01 by giving written notice to the Trustee, the Certificate Administrator,
and the other parties hereto no later than sixty (60) days prior to the anticipated date of purchase; provided, however,
that the Holders of the Controlling Class, any Special Servicer, any Master Servicer, or the Holders of the Class R Certificates
may so elect to purchase all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund
only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans and the portion
of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans as set forth in
the Preliminary Statement (in order to make such determination, the General Master Servicer may, at any time, request that the
NCB Master Servicer commence to periodically inform the General Master Servicer of the Stated Principal Balance of the NCB Mortgage
Loans and, commencing upon such request of the General Master Servicer, the NCB Master Servicer shall inform the General Master
Servicer (which may be through providing the General Master Servicer access to the NCB Master Servicer’s website) of the
Stated Principal Balance of the NCB Mortgage Loans on a monthly basis, or at an accelerated interval as requested by the General
Master Servicer of the NCB Master Servicer). This purchase shall terminate the Trust and retire the then-outstanding Certificates.
In the event that a Master Servicer or a Special

 

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Servicer purchases, or the Holder of the majority of the Controlling Class or
the Holders of the Class R Certificates purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property
remaining in the Trust Fund in accordance with the preceding sentence, the applicable Master Servicer, the applicable Special Servicer,
the Holder of the majority of the Controlling Class or the Holders of the Class R Certificates, as the case may be, shall
deposit in the Lower-Tier REMIC Distribution Account not later than the P&I Advance Date relating to the Distribution Date
on which the final distribution on the Certificates is to occur, an amount in immediately available funds equal to the above-described
purchase price (exclusive of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a),
which portion shall be deposited in the Collection Account of the General Master Servicer). In addition, each Master Servicer shall
transfer to the Lower-Tier REMIC Distribution Account all amounts required to be transferred thereto on such P&I Advance Date
from its Collection Account pursuant to the first paragraph of Section 3.04(b), together with any other amounts on
deposit in its Collection Account that would otherwise be held for future distribution. Upon confirmation that such final deposits
and payments have been made, the Custodian shall release or cause to be released to the applicable Master Servicer, the applicable
Special Servicer, the Holder of the majority of the Controlling Class or the Holders of the Class R Certificates, as applicable,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by the applicable Master Servicer, the applicable Special Servicer, the Holder of the majority of the Controlling Class or
the Holders of the Class R Certificates, as the case may be, as shall be necessary to effectuate transfer of the Mortgage
Loans as assets of the Trust and REO Properties remaining in the Trust Fund. If the Holders of the majority of the Controlling
Class, the General Special Servicer, the NCB Special Servicer (if not then NCB), the General Master Servicer or the NCB Master
Servicer (if not then NCB) makes such an election, then NCB (so long as NCB is either the NCB Special Servicer or the NCB Master
Servicer) will have the option, by giving written notice to the other parties hereto no later than 30 days prior to the anticipated
date of purchase, to purchase all of the NCB Mortgage Loans and each related REO Property remaining in the Trust, and the other
party will then have the option to purchase only the remaining Mortgage Loans and each related REO Property.

 

For purposes of this
Section 9.01, the Holder of the majority of the Controlling Class shall have the first option to terminate the Upper-Tier
REMIC and Lower-Tier REMIC, then the Special Servicer servicing the greater principal balance of the Mortgage Loans as of that
time, then the other Special Servicer, then the Master Servicer servicing the greater principal balance of the Mortgage Loans as
of that time, then the other Master Servicer, and then the Holders of the Class R Certificates. For purposes of this Section 9.01,
the Directing Certificateholder with the consent of the Holders of the Controlling Class, shall act on behalf of the Holders of
the Controlling Class in purchasing the assets of the Trust and terminating the Trust.

 

Notice of any termination
pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter to the Certificateholders,
each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions of Section 3.13(c)
(who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section 9.01, to the
other parties hereto mailed (a) in the event such notice is given in connection with the purchase of all of the Mortgage Loans
is an asset of the Trust and each REO Property remaining in the Trust Fund, not earlier than the fifteenth (15th) day and not

 

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later
than the twenty-fifth (25th) day of the month next preceding the month of the final distribution on the Certificates, or (b) otherwise
during the month of such final distribution on or before the P&I Advance Determination Date in such month, in each case specifying
(i) the Distribution Date upon which the Trust will terminate and final payment of the Certificates will be made, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the offices of the Certificate Registrar or such
other location therein designated. Upon termination of the Trust pursuant to this Section 9.01, the Certificate Administrator
shall provide notice thereof to the Trustee via email.

 

After transferring the
Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable to the Regular
Certificates and the Exchangeable Certificates pursuant to Section 4.01(e) to the Upper-Tier REMIC Distribution Account,
in each case pursuant to Section 3.04(b) and upon presentation and surrender of the Certificates by the Certificateholders
on the final Distribution Date, the Certificate Administrator shall distribute to each Certificateholder so presenting and surrendering
its Certificates (i) such Certificateholder’s Percentage Interest of that portion of the amounts then on deposit in
the Upper-Tier REMIC Distribution Account that are allocable to payments on the Class of Certificates so presented, (ii) to
Holders of the Excess Interest Certificates or the RR Interest so presented, any amounts remaining on deposit in the Excess Interest
Distribution Account, and (iii) any remaining amount shall be distributed to the Class R Certificates in respect of the
Class LR Interest or the Class UR Interest, as applicable. Amounts transferred from the Lower-Tier REMIC Distribution
Account to the Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall be distributed in termination and
liquidation of the Lower-Tier Regular Interests and the Class LR Interest in accordance with Sections 4.01(a),
4.01(b), 4.01(c), 4.01(e) and 4.01(f). Any funds not distributed on such Distribution Date shall be
set aside and held uninvested in trust for the benefit of the Certificateholders not presenting and surrendering their Certificates
in the aforesaid manner and shall be disposed of in accordance with this Section 9.01 and Section 4.01(h).

 

Section 9.02    
Additional Termination Requirements. (a) In the event a Master Servicer or a Special Servicer purchases, or
the Holders of the Controlling Class or the Holders of the Class R Certificates purchase, all of the Mortgage Loans and the
Trust’s portion of each REO Property remaining in the Trust Fund as provided in Section 9.01, the Upper-Tier
REMIC and Lower-Tier REMIC, as applicable, shall be terminated in accordance with the following additional requirements, which
meet the definition of a “qualified liquidation” in Section 860F(a)(4) of the Code:

 

(i)         
the Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the
date of mailing of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’
final Tax Returns pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)        
during the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates,
the Certificate Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs to the applicable
Master

 

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Servicer, the applicable Special Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates,
as applicable, for cash; and

 

(iii)        
within such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular
Interests and the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed or credited,
to the Holders of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC)
and in respect of the Class UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained to
meet claims), and the Trust (if applicable) or the related Trust REMIC(s) shall terminate at that time.

 

[End of Article IX]

 

Article X

ADDITIONAL REMIC PROVISIONS

 

Section 10.01     
REMIC Administration. (a) The Certificate Administrator shall make elections or cause elections to be made to
treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax Law. Each such election
will be made on Form 1066 or other appropriate federal tax return for the taxable year ending on the last day of the calendar
year in which the Lower-Tier Regular Interests and the Certificates are issued. For the purposes of the REMIC election in respect
of the Upper-Tier REMIC, the Upper-Tier Regular Interests shall be designated the “regular interests,” and the Class UR
Interest shall be designated the sole class of “residual interests” in the Upper-Tier REMIC. For purposes of the REMIC
election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular Interests shall be designated as a class of “regular
interests” and the Class LR Interest shall be designated as the sole class of “residual interests” in the
Lower-Tier REMIC. Each applicable Special Servicer, each applicable Master Servicer and the Trustee shall not permit the creation
of any “interests” (within the meaning of Section 860G of the Code) in any Trust REMIC other than the foregoing
interests. The Certificate Administrator shall prepare or cause to be prepared and timely produced to the Trustee to sign (and
the Trustee shall timely sign) and file or cause to be filed with the Internal Revenue Service, on behalf of each of the Lower-Tier
REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such Trust REMIC on IRS Form SS-4 or obtain
such number by other permissible means. The Certificate Administrator shall be responsible for the preparation of the related IRS
Form W-9, if such form is requested. The Trustee shall be entitled to rely on the information contained therein, and is hereby
directed to execute such IRS Form W-9; provided, however, the Certificate Administrator shall also be directed to execute such
IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

(b)         
The Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust
REMIC within the meaning of Section 860G(a)(9) of the Code.

 

(c)        
The Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving
either such REMIC and shall represent each such REMIC in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority with respect thereto. The legal expenses, including without

 

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limitation attorneys’
or accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in each applicable Collection Account as provided by Section 3.05(a) unless such
legal expenses and costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence.
The Certificate Administrator shall be designated as the “partnership representative” within the meaning of Section
6223 of the Code of each Trust REMIC. By their acceptance thereof, the Holders of the Class R Certificates agree to the designation
of the Certificate Administrator as “partnership representative” for the Trust REMICs.

 

(d)         
The Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax
Returns that it determines are required with respect to each Trust REMIC created hereunder, and shall cause the Trustee to sign
(and the Trustee shall timely sign) such Tax Returns in a timely manner. The ordinary expenses of preparing such returns shall
be borne by the Certificate Administrator without any right of reimbursement therefor. The Certificate Administrator shall prepare
or cause to be prepared, and file or cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC and the Upper-Tier
REMIC, an application for a taxpayer identification number for such REMIC on IRS Form SS-4 or obtain such number by other permissible
means.

 

(e)        
The Certificate Administrator shall provide or cause to be provided (i) to any Transferor of a Class R Certificate
such information as is necessary for the application of any tax relating to the transfer of such Class R Certificate to any
Person who is a Disqualified Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders
such information or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original
issue discount and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service,
Form 8811, within thirty (30) days after the Closing Date.

 

(f)    
The Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within
the Certificate Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary
to maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate Administrator
to the extent reasonably requested by the Certificate Administrator to do so. No Master Servicer or Special Servicer shall knowingly
or intentionally take any action, cause the Trust to take any action or fail to take (or fail to cause to be taken) any action
reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions, if
taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) result
in the imposition of a tax upon any Trust REMIC or the Trust (including but not limited to the tax on “prohibited transactions”
as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of
the Code, but not including the tax on “net income from foreclosure property”) (either such event, an “Adverse
REMIC Event”) unless the Certificate Administrator receives an Opinion of Counsel (at the expense of the party seeking
to take such action or, if such party fails to pay such expense, and the Certificate Administrator determines that taking such
action is in the best interest of the Trust and the Certificateholders, at the expense of the Trust, but in no event at the expense
of the Certificate Administrator or the Trustee) to the effect that the contemplated action will not, with respect to

 

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the Trust,
any Trust REMIC created hereunder, cause the loss of such status or, unless the Certificate Administrator determines in its sole
discretion to indemnify the Trust against such tax, result in the imposition of such a tax (not including a tax on “net income
from foreclosure property”). The Trustee shall not take or fail to take any action (whether or not authorized hereunder)
as to which the Certificate Administrator has advised it in writing that it has received an Opinion of Counsel to the effect that
an Adverse REMIC Event could occur with respect to such action. The Certificate Administrator may consult with counsel to make
such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this
Agreement, but in no event at the expense of the Certificate Administrator or the Trustee. At all times as may be required by the
Code, the Certificate Administrator will to the extent within its control and the scope of its duties more specifically set forth
herein, maintain substantially all of the assets of each Trust REMIC as “qualified mortgages” as defined in Section
860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code.

 

(g)        
In the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the Holders
of the Certificates, except as provided in the last sentence of this Section 10.01(g); provided that with respect
to the estimated amount of tax imposed on any “net income from foreclosure property” pursuant to Section 860G(c)
of the Code or any similar tax imposed by a state or local tax authority, the applicable Special Servicer shall retain in the related
REO Account a reserve for the payment of such taxes in such amounts and at such times as it shall deem appropriate (or as advised
by the Certificate Administrator in writing), and shall remit to the applicable Master Servicer such reserved amounts as the applicable
Master Servicer shall request in order to pay such taxes. Except as provided in the preceding sentence, the applicable Master Servicer
shall withdraw from the applicable Collection Account sufficient funds to pay or provide for the payment of, and to actually pay,
such tax as is estimated to be legally owed by any Trust REMIC (but such authorization shall not prevent the Certificate Administrator
from contesting, at the expense of the Trust (other than as a consequence of a breach of its obligations under this Agreement),
any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such
proceedings). The Certificate Administrator is hereby authorized to and shall segregate, into a separate non-interest bearing account,
the net income from any “prohibited transaction” under Section 860F(a) of the Code or the amount of any taxable
contribution to any Trust REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code and use such
income or amount, to the extent necessary, to pay such prohibited transactions tax. To the extent that any such tax (other than
any such tax paid in respect of “net income from foreclosure property”) is paid to the Internal Revenue Service or
applicable state or local tax authorities, the Certificate Administrator shall retain an equal amount from future amounts otherwise
distributable to the Holders of Class R Certificates (as applicable) and shall distribute such retained amounts, (x) in
the case of the Lower-Tier Regular Interests, to the Upper-Tier REMIC to the extent they are fully reimbursed for any Realized
Losses or Retained Certificate Realized Losses, as applicable, arising therefrom and then to the Holders of the Class R Certificates
in respect of the Class LR Interest in the manner specified in Section 4.01(c) and (y) in the case of the
Upper-Tier REMIC, to the Holders of the Principal Balance Certificates in the manner specified in Section 4.01(a) or
Section 4.01(b), as applicable, to the extent they are fully reimbursed for any Realized Losses or Retained Certificate
Realized Losses, as applicable, arising therefrom and then to the Holders of the Class R Certificates in respect of the Class UR
Interest. None of the Trustee, the Certificate

 

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Administrator, any Master Servicer or any Special Servicer shall be responsible
for any taxes imposed on any Trust REMIC except to the extent such taxes arise as a consequence of a breach of their respective
obligations under this Agreement which breach constitutes willful misconduct, bad faith, or negligence by such party.

 

(h)        
The Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records
with respect to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

(i)         
Following the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets
to any Trust REMIC unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense
of the party seeking to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause
an Adverse REMIC Event.

 

(j)         
Neither the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC
will receive a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets
other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments”
as defined in Section 860G(a)(5) of the Code.

 

(k)         
Solely for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
by which the Certificate Balance or Notional Amount of each Class of Regular Certificates, Exchangeable Certificates or Exchangeable
Upper-Tier Regular Interests and by which the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests would be
reduced to zero is the date that is the Rated Final Distribution Date.

 

(l)         
None of the Trustee, the Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer, as
applicable, shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the default,
imminent default or foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property
acquired by foreclosure or deed in lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the
Trust pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II
or Article III of this Agreement) or acquire any assets for the Trust or any Trust REMIC or sell or dispose of any
investments in the applicable Collection Account or the REO Account for gain unless it has received an Opinion of Counsel that
such sale, disposition or substitution will not (a) affect adversely the status of any Trust REMIC as a REMIC or (b) unless
the Trustee, the Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer, as the case may
be, has determined in its sole discretion to indemnify the Trust against such tax, cause the Trust or any Trust REMIC to be subject
to a tax on “prohibited transactions” pursuant to the REMIC Provisions.

 

(m)        
The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate
Administrator is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221
of the Code (or successor provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under

 

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Section 6225
of the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise
be imposed on any Holder of a Class R Certificate, past or present. Each Holder of a Class R Certificate agrees, by acquiring such
Certificate, to any such elections.

 

(n)        
The Exchangeable Upper-Tier Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust
through the efforts of the Underwriters. The Exchangeable Upper-Tier Regular Interests shall be held by the Certificate Administrator
on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the
aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. Each Class of Exchangeable Certificates
shall represent an undivided beneficial ownership interest in the Corresponding Exchangeable Upper-Tier Regular Interests in an
amount equal to the Class Percentage Interest of such Class in each such Corresponding Exchangeable Upper-Tier Regular Interest.

 

Section 10.02  
Use of Agents.(a) The Trustee shall execute all of its obligations and duties under this Article X
through its Corporate Trust Office. The Trustee may execute any of its obligations and duties under this Article X
either directly or by or through agents, affiliates or attorneys. The Trustee shall not be relieved of any of its duties or obligations
under this Article X by virtue of the appointment of any such agents, affiliates or attorneys.

 

(b)         
The Certificate Administrator may execute any of its obligations and duties under this Article X either directly
or by or through agents or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations under
this Article X by virtue of the appointment of any such agents or attorneys.

 

Section 10.03 
Depositor, Master Servicers and Special Servicers to Cooperate with Certificate Administrator. (a) The Depositor
shall provide or cause to be provided to the Certificate Administrator within ten (10) days after the Depositor receives a request
from the Certificate Administrator, all information or data that the Certificate Administrator reasonably determines to be relevant
for tax purposes as to the valuations and issue prices of the Certificates, including, without limitation, the price, yield, Prepayment
Assumptions and projected cash flow of the Certificates.

 

(b)         
Each applicable Master Servicer and each applicable Special Servicer shall each furnish such reports, certifications and
information, and upon reasonable notice and during normal business hours, access to such books and records maintained thereby,
as may relate to the Certificates or the Trust and as shall be reasonably requested by the Certificate Administrator in order to
enable it to perform its duties hereunder.

 

Section 10.04      Appointment
of REMIC Administrators. (a) The Certificate Administrator may appoint at the Certificate
Administrator’s expense, one or more REMIC Administrators, which shall be authorized to act on behalf of the
Certificate Administrator in performing the functions set forth in Section 10.01 herein. The Certificate
Administrator shall cause any such REMIC Administrator to execute and deliver to the Certificate Administrator an instrument
in which REMIC Administrator shall agree to act in such capacity, with the obligations and responsibilities herein. The
appointment of a REMIC Administrator shall not relieve the

 

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Certificate Administrator
from any of its obligations hereunder, and the Certificate Administrator shall remain responsible and liable for all acts and omissions
of the REMIC Administrator. Each REMIC Administrator must be acceptable to the Certificate Administrator and must be organized
and doing business under the laws of the United States of America or of any State and be subject to supervision or examination
by federal or state authorities. In the absence of any other Person appointed in accordance herewith acting as REMIC Administrator,
the Certificate Administrator hereby agrees to act in such capacity in accordance with the terms hereof. If Wells Fargo Bank, National
Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as REMIC Administrator.

 

(b)        
Any Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding
to the corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution
or filing of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)        
Any REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of resignation
to the Trustee, the Certificate Registrar, the Certificate Administrator, each applicable Master Servicer, each applicable Special
Servicer and the Depositor. The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by giving
written notice of termination to such REMIC Administrator, each applicable Master Servicer, the Certificate Registrar and the Depositor.
Upon receiving a notice of resignation or upon such a termination, or in case at any time any REMIC Administrator shall cease to
be eligible in accordance with the provisions of this Section 10.04, the Certificate Administrator may appoint a successor
REMIC Administrator, in which case the Certificate Administrator shall give written notice of such appointment to each applicable
Master Servicer, the Trustee and the Depositor and shall mail notice of such appointment to all Certificateholders; provided,
however, that no successor REMIC Administrator shall be appointed unless eligible under the provisions of this Section 10.04.
Any successor REMIC Administrator upon acceptance of its appointment hereunder shall become vested with all the rights, powers,
duties and responsibilities of its predecessor hereunder, with like effect as if originally named as REMIC Administrator. No REMIC
Administrator shall have responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.

 

[End of Article X]

 

Article XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 11.01     
Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article XI
of this Agreement is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization that includes
a Serviced Companion Loan) with the provisions of Regulation AB and the related rules and regulations of the Commission. The
Depositor shall not exercise its rights to request delivery of information or other performance under these provisions other than
in reasonable good faith, or for purposes other

 

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than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act
and, in each case, the rules and regulations of the Commission thereunder. The parties hereto acknowledge that interpretations
of the requirements of Regulation AB may change over time, due to interpretive guidance provided by the Commission or its
staff, and agree to comply with requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan) in good faith for delivery of information under these provisions on the basis of such
evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are not “grandfathered”).
In connection with BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, and any Other Securitization
subject to Regulation AB that includes a Serviced Companion Loan, each applicable Master Servicer, each applicable Special Servicer,
the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator shall cooperate fully with the Depositor and
the Certificate Administrator, and any Other Depositor, Other Trustee and Other Certificate Administrator of any Other Securitization
that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor or the Certificate Administrator,
and any such Other Depositor, Other Trustee or Other Certificate Administrator, as applicable (including any of its assignees or
designees), any and all statements, reports, certifications, records and any other information (in its possession or reasonably
attainable) necessary in the reasonable good faith determination of the Depositor or such Other Depositor, as applicable, to permit
the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures
relating to each applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Trustee, the Custodian,
the Asset Representations Reviewer and the Certificate Administrator, as applicable, and any Sub-Servicer, or the servicing of
the Mortgage Loans (and the related Serviced Companion Loan, if applicable), reasonably believed by the Depositor or the related
Other Depositor to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable period
of time to comply with any written request made under this Section 11.01, but in any event, shall, upon reasonable
advance written request, provide information in sufficient time to allow the Depositor and each Other Depositor to satisfy any
related filing requirements. For purposes of this Article XI, to the extent any party has an obligation to exercise
commercially reasonable efforts to cause a third party to perform, such party hereunder shall not be required to bring any legal
action against such third party in connection with such obligation.

 

Section 11.02     
Succession; Subcontractors. (a) As a condition to the succession to any Master Servicer and any Special Servicer
or to any Sub-Servicer (but only if such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2)) as servicer or sub-servicer
or succession to the Certificate Administrator under this Agreement by any Person (i) into which the applicable Master Servicer
and the applicable Special Servicer, such Sub-Servicer or Certificate Administrator may be merged or consolidated, or (ii) which
may be appointed as a successor to the applicable Master Servicer and the applicable Special Servicer or to any such Sub-Servicer
or Certificate Administrator, the person removing and replacing a Master Servicer and a Special Servicer or Certificate Administrator
shall provide to the Depositor, each applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator
and each Other Depositor, as applicable, at least fifteen (15) calendar days prior to the effective date of such succession
or appointment (or such shorter period as is agreed to by the Depositor), (x) written notice to the Depositor, the Other Depositor
and the Other Certificate Administrator of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to the Depositor, all information relating

 

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to such successor reasonably requested by the Depositor, Other Depositor
or Other Certificate Administrator in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant
to the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act); provided,
however that if disclosing such information prior to such effective date would violate any applicable law or confidentiality
agreement, the applicable Master Servicer, the applicable Special Servicer, any Additional Servicer or the Certificate Administrator,
as the case may be, shall submit such disclosure to the Depositor and the Other Depositor no later than the effective date of such
succession or appointment.

 

(b)         
Each applicable Master Servicer, each applicable Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor
and the Certificate Administrator (each such Master Servicer, Special Servicer, the Trustee, the Operating Advisor and the Certificate
Administrator and each Sub-Servicer, for purposes of this Section 11.02, a “Servicer”) is permitted
to utilize one or more Subcontractors to perform certain of its obligations hereunder. If such Subcontractor will be a Servicing
Function Participant, such Servicer shall promptly upon written request provide to the Depositor or any Mortgage Loan Seller (and
any Other Trustee, Other Certificate Administrator and Other Depositor related to any Other Securitization that includes a related
Serviced Companion Loan) a written description (in form and substance satisfactory to the Depositor, such Mortgage Loan Seller
or such Other Trustee, Other Certificate Administrator or Other Depositor, as applicable) of the role and function of each Subcontractor
utilized by such Servicer, specifying (i) the identity of such Subcontractor and (ii) the elements of the Servicing Criteria
that will be addressed in assessments of compliance provided by each such Subcontractor. As a condition to the utilization by such
Servicer of any Subcontractor determined to be a Servicing Function Participant, such Servicer shall (i) with respect to any
such Subcontractor engaged by such Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause, and
(ii) with respect to any other subcontractor with which it has entered into a servicing relationship, cause such Subcontractor
used by such Servicer for the benefit of the Depositor and the Trustee (and any Other Trustee, Other Certificate Administrator
and Other Depositor related to any Other Securitization that includes a related Serviced Companion Loan) to comply with the provisions
of Section 11.10 and Section 11.11 of this Agreement to the same extent as if such Subcontractor were such
Servicer. With respect to any Servicing Function Participant engaged by such Servicer that is an Initial Sub-Servicer, such Servicer
shall be responsible for using commercially reasonable efforts to obtain, and with respect to each other Servicing Function Participant
engaged by such Servicer, such Servicer shall obtain from each such Servicing Function Participant and deliver to the applicable
Persons any assessment of compliance report and related accountant’s attestation required to be delivered by such Subcontractor
under Section 11.10 and Section 11.11, in each case, as and when required to be delivered. For the avoidance
of doubt, the Custodian shall not be permitted to utilize any Subcontractor to perform any of its obligations hereunder.

 

(c)        
Notwithstanding the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer in connection with
the performance of any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor
is a “servicer” within the meaning of Item 1101 of Regulation AB and whether any such Subcontractor meets
the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB. If a Servicer determines, pursuant to the preceding
sentence, that such Subcontractor is a “servicer” within the meaning of Item 1101 of Regulation AB and meets
the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then such Subcontractor shall be deemed to be a Sub-Servicer
for purposes of this

 

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Agreement, the engagement of such Sub-Servicer shall not be effective unless and until notice is given to
the Depositor and the Certificate Administrator of any such Sub-Servicer and Sub-Servicing Agreement. Other than with respect to
the Initial Sub-Servicer, no Sub-Servicing Agreement shall be effective until fifteen (15) days after such written notice is received
by the Depositor and the Certificate Administrator (or such shorter period as is agreed to by the Depositor). Such notice shall
contain all information reasonably necessary to enable the Certificate Administrator to accurately and timely report the event
under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed
under the Exchange Act).

 

(d)         
In connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may
be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee, the Trustee shall deliver written
notice to the Depositor, the Certificate Administrator and the 17g-5 Information Provider, which shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar
days prior to the effective date of such succession or appointment (or if such prior notice is violative of applicable law or any
applicable confidentiality agreement, no later than one (1) Business Day after such effective date of succession) and shall furnish
to the Depositor and the Certificate Administrator, in writing and in form and substance reasonably satisfactory to the Depositor
and the Certificate Administrator, all information reasonably necessary for the Certificate Administrator to accurately and timely
report, pursuant to Section 11.07, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(e)        
Notwithstanding anything to the contrary contained in this Article XI, in connection with any Sub-Servicer and/or
any Mortgage Loan that is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation AB,
the applicable Master Servicer shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer
to comply with its obligations under such Initial Sub-Servicing Agreement.

 

(f)    
Any notice and/or information furnished or required to be furnished pursuant to this Section 11.02 shall also
be provided to each Other Depositor and each Other Certificate Administrator (to the extent the information relates to a party
that services, specially services or is trustee for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.02.

 

Section 11.03     
Filing Obligations. (a) Each applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection
with the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04,
11.05, 11.06 and 11.07 of this Agreement, the Certificate Administrator shall prepare for execution by the
Depositor any Forms 8-K, 10-D, ABS-EE and 10-K required by the Exchange Act, in order to permit the timely filing thereof,
and the Certificate Administrator shall file (via the Commission’s Electronic Data Gathering and Retrieval System (“EDGAR”))
such Forms executed by the Depositor.

 

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Each party hereto shall
be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of any “sponsor”,
credit enhancer, derivative provider or “significant obligor” as of the Closing Date other than with respect to itself
or any information required to be provided by it or indemnified for by it pursuant to any separate agreement.

 

(b)         
In the event that the Certificate Administrator is unable to timely file with the Commission all or any required portion
of any Form 8-K, 10-D, ABS-EE or 10-K required to be filed by this Agreement because required disclosure information was either
not delivered to it or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator
will promptly notify the Depositor. In the case of Forms 10-D, ABS-EE and 10-K, the Depositor, each applicable Master Servicer,
the Certificate Administrator, the Operating Advisor and the Trustee will thereupon cooperate to prepare and file a Form 12b-25
and a Form 10-D/A, Form ABS-EE/A or Form 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In
the case of Form 8-K, the Certificate Administrator will, upon receipt of all required Form 8-K Disclosure Information
and upon the approval and direction of the Depositor, include such disclosure information on the next succeeding Form 10-D
to be filed for the Trust. In the event that any previously filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K
needs to be amended, the Certificate Administrator will notify the Depositor, and such other parties as needed and the parties
hereto will cooperate with the Certificate Administrator to prepare any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A
or Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K
shall be signed by an officer of the Depositor. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 11.03 related to the timely preparation and filing of Form 15,
a Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon the parties
observing all applicable deadlines in the performance of their duties under Sections 11.03, 11.04, 11.05,
11.06, 11.07, 11.08, 11.09, 11.10, 11.11 and 11.15 of this Agreement. The Certificate
Administrator shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly
prepare, arrange for execution and/or timely file any such Form 15, Form 12b-25 or any amendments to Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure to receive,
on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 15,
Form 12b-25 or any amendments to Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, not resulting from its own
negligence, bad faith or willful misconduct.

 

Section 11.04     
Form 10-D and Form ABS-EE Filings. (a) Within fifteen (15) days after each Distribution Date (subject to
permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D
required by the Exchange Act, in form and substance as required by the Exchange Act. The Certificate Administrator shall file each
Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any disclosure in addition to the Distribution
Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall,
pursuant to the following paragraph be reported by the parties set forth on Exhibit AA to the Depositor and the Certificate
Administrator and approved by the Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder
to determine or prepare any Additional Form 10-D Disclosure, absent such reporting, direction and approval.

 

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For so long as the Trust
is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit AA hereto, within five (5) calendar
days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit AA hereto
shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant,
with a copy to the applicable Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer, as
the case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the Certificate
Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure, if
applicable; provided that information relating to any REO Account to be reported under “Item 9: Other Information”
on Exhibit AA shall be reported by the applicable Special Servicer to the applicable Master Servicer within four (4)
calendar days after the related Distribution Date on Exhibit LL; (ii) the parties listed on Exhibit AA
hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached
hereto as Exhibit DD (except with respect to the reporting of REO Account balances which shall be delivered in the
form of Exhibit LL hereto) and (iii) the Depositor shall approve, as to form and substance, or disapprove, as
the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. Information delivered to the Certificate
Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com (or such other e-mail address
as the Certificate Administrator may instruct) or by facsimile to 410-715-2380, Attn: CTS SEC Notifications. Neither the Trustee
nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit AA of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-D Disclosure information. The Depositor will be responsible for any reasonable expenses incurred by the Trustee or
Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
paragraph.

 

The Certificate Administrator
shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a) of the Exchange Act concerning
all assets of the Trust that were subject of a demand for the repurchase of, or the substitution of a Qualified Substitute Mortgage
Loan for, a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference to the most recent Form ABS-15G
filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the Commission’s assigned “Central Index Key”
for each such filer and (iii) to the extent such information is provided to the Certificate Administrator by the applicable
Master Servicer in the form of Exhibit LL hereto for inclusion therein within the time period described in this Section 11.04,
the balances of the REO Account (to the extent the related information has been received from the applicable Special Servicer within
the time period specified in this Section 11.04) and each applicable Collection Account as of the related Distribution
Date and as of the immediately preceding Distribution Date and (iv) the balances of the Distribution Accounts, the Gain-on-Sale
Reserve Account and the Interest Reserve Account, in each case as of the related Distribution Date and as of the immediately preceding
Distribution Date. The Depositor and the Mortgage Loan Sellers, in accordance with Section 5(f) of the applicable Mortgage
Loan Purchase Agreement, shall deliver such information as described in clause (i) and clause (ii) of this
paragraph.

 

Form 10-D requires
the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such shorter period
that the registrant was required to file

 

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such reports), and (2) has been subject to such filing requirements for the past
ninety (90) days.” The Depositor shall notify the Certificate Administrator by email to cts.sec.notifications@wellsfargo.com,
no later than the fifth (5th) calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D
if the answer to the questions should be “no.” The Certificate Administrator shall be entitled to rely on such representations
in preparing, executing and/or filing any such report.

 

With respect to any Mortgage
Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall include as part of any applicable
Form 10-D filed by it (to the extent it receives such information from the applicable Servicer) the identity of such Mortgage
Loan and, to the extent such information is received by the Certificate Administrator from the applicable Master Servicer or the
applicable Special Servicer, as the case may be, substantially in the form of Exhibit JJ (A) the amount of any
such Additional Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the total
debt service coverage ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable,
and (C) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt,
as applicable.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Forms 10-D
and ABS-EE for each reporting period: Name: George Kok, Telephone: (212) 761-0327. The Certificate Administrator may rely without
further investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator
with a new individual’s name and phone number in writing.

 

Upon receipt of the Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D in
accordance with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post
such Asset Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after receipt
of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To the extent the Certificate
Administrator receives a request from any Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include on the Form 10-D relating
to the reporting period in which such request was received a Special Notice including the information required to be included pursuant
to Section 5.06.

 

(b)        
After preparing the Forms 10-D and ABS-EE, the Certificate Administrator shall forward electronically copies of the
Forms 10-D and ABS-EE to the Depositor for review no later than ten (10) calendar days after the related Distribution Date
or, if the 10th calendar day after the related Distribution Date is not a Business Day, the immediately preceding Business Day.
Within two (2) Business Days after receipt of such copies, but no later than the two (2) Business Days prior to the 15th calendar
day after the Distribution Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approval of such Form 10-D and Form ABS-EE, respectively, and, a duly authorized officer of the Depositor
shall sign the Form 10-D and Form ABS-EE and return an electronic or fax copy of

 

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such signed Form 10-D and Form ABS-EE
(with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Alternatively, if the Certificate
Administrator agrees in its sole discretion, the Depositor may deliver to the Certificate Administrator manually signed copies
of a power of attorney meeting the requirements of Item 601(b)(24) of Regulation S-K under the Securities Act under the Securities
Act, and certified copies of a resolution of the Depositor’s board of directors authorizing such power of attorney, each
to be filed with each Form 10-D and each Form ABS-EE, as applicable, in which case the Certificate Administrator shall sign
such Forms 10-D and Forms ABS-EE, as applicable, as attorney in fact for the Depositor. As provided in Section 11.04(d),
the Certificate Administrator shall file such Form ABS-EE, upon receipt of the Depositor’s signature thereof, prior to the
filing of the related Form 10-D. If a Form 10-D or Form ABS-EE cannot be filed on time or if a previously filed Form 10-D
or Form ABS-EE needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.03(b).
Promptly after filing with the Commission, the Certificate Administrator will make available on its Internet website a final executed
copy of each Form 10-D and Form ABS-EE filed by the Certificate Administrator. The signing party at the Depositor can be contacted
at 1585 Broadway, New York, New York, 10036, Attention: George Kok, with a copy to Morgan Stanley Capital I Inc., 1633 Broadway,
29th Floor, New York, New York 10019, Attention: Legal Compliance Division, and a copy by email to cmbs_notices@morganstanley.com.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.04(b)
related to the timely preparation and filing of Form 10-D and Form ABS-EE, as applicable, is contingent upon such parties
observing all applicable deadlines in the performance of their duties under this Section 11.04(b). Neither the Trustee
nor the Certificate Administrator shall have any liability for any loss, expense, damage, or claim arising out of or with respect
to any failure to properly prepare, arrange for execution and/or timely file such Form 10-D or such Form ABS-EE, respectively,
where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information
from any party to this Agreement needed to prepare, arrange for execution or file such Form 10-D or such Form ABS-EE, respectively,
not resulting from its own negligence, bad faith or willful misconduct.

 

(c)        
Prior to the filing of each Form 10-D by the Certificate Administrator pursuant to Section 11.04(a), the Certificate
Administrator shall prepare and file on behalf of the Trust any Form ABS-EE in form and substance as required by the Exchange Act
and the rules and regulations of the Commission thereunder; provided that the foregoing shall not apply to any Form ABS-EE required
to be filed with the Commission and incorporated by reference in the Prospectus (or the preliminary version thereof). The Certificate
Administrator shall file each Form ABS-EE with a copy of the related CREFC® Schedule AL File received by the Certificate
Administrator pursuant to Section 3.12(c) as Exhibit 102 thereto. To the extent the Certificate Administrator receives
any Schedule AL Additional File with respect to such Form ABS-EE pursuant to Section 3.12(c), the Certificate Administrator
shall file such Schedule AL Additional File as Exhibit 103 to such Form ABS-EE. The Certificate Administrator shall not be required
to combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files. The Certificate Administrator shall
not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained
in any CREFC® Schedule AL File or Schedule AL Additional File. After preparing the Form ABS-EE, the Certificate
Administrator shall forward electronically a copy of such Form ABS-EE (together with the related CREFC® Schedule
AL File and any Schedule AL Additional File received by the Certificate Administrator) concurrently with the related Form 10-D
to the Depositor for review and approval. Any questions

 

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shall be directed to ssreports@wellsfargo.com; provided,
that if any such question pertains to information included in any NCB CREFC® Schedule AL File or NCB Schedule AL
Additional File delivered by the NCB Master Servicer to the General Master Servicer pursuant to Section 3.12(d), the General Master
Servicer shall promptly provide a copy of such question to the NCB Master Servicer (via email at BANK2021BNK32@ncb.com) and consult
with the NCB Master Servicer as to any response thereto. The General Master Servicer shall reasonably cooperate with the Depositor
to answer any reasonable questions that the Depositor may pose to such Master Servicer regarding the data or information contained
in any CREFC® Schedule AL File or Schedule AL Additional File (other than questions regarding data that is in the
Initial Schedule AL File, Initial Schedule AL Additional File or the Annex A-1 to the Prospectus) as of the time the applicable
Master Servicer delivered such CREFC® Schedule AL File or Schedule AL Additional File, as applicable, to the Certificate
Administrator. The Certificate Administrator, the General Master Servicer, the NCB Master Servicer and the Depositor shall each,
to the extent related to such party’s obligations hereunder, reasonably cooperate to remedy any filing errors regarding any
CREFC® Schedule AL File or any Schedule AL Additional File in a timely manner.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form ABS-EE
for each reporting period: Name: George Kok, Telephone: (212) 761-0327. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing.

 

(d)         
Any notice and/or information furnished or required to be furnished pursuant to this Section 11.04 shall also
be provided to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates
to a Serviced Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan)
in the same time frame as set forth in this Section 11.04.

 

Section 11.05     
Form 10-K Filings.(a) Within ninety (90) days after the end of each fiscal year of the Trust (it being
understood that the fiscal year for the Trust ends on December 31 of each year) or such earlier date as may be required by
the Exchange Act (the “10-K Filing Deadline”), commencing in March 2022, the Certificate Administrator shall
prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K
shall include the following items, in each case to the extent they have been delivered to the Certificate Administrator within
the applicable time frames set forth in this Agreement:

 

(i)        
an annual compliance statement for each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate
Administrator, the Custodian and each Additional Servicer, as described under Section 11.09, including disclosure regarding
any material instance of noncompliance and the nature and status thereof;

 

(ii)        
(A) the annual reports on assessment of compliance with servicing criteria for the Trustee, each applicable Master Servicer,
each applicable Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer
and each other Servicing Function Participant utilized by each applicable Master Servicer,

 

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each applicable Special Servicer, the
Certificate Administrator, the Operating Advisor, the Custodian or Trustee, as described under Section 11.10; and

 

(B)        
if any such report on assessment of compliance with servicing criteria described under Section 11.10 identifies
any material instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance
of noncompliance involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps
taken to remedy such instance of noncompliance), or if such report on assessment of compliance with servicing criteria described
under Section 11.10 is not included as an exhibit to such Form 10-K, disclosure that such report is not included
and an explanation why such report is not included;

 

(iii)        
(A) the registered public accounting firm attestation report for the Trustee, each applicable Master Servicer, each applicable
Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing
Function Participant utilized by each applicable Master Servicer, each applicable Special Servicer, the Certificate Administrator,
the Operating Advisor, the Custodian or the Trustee, as described under Section 11.11; and

 

(B)        
if any registered public accounting firm attestation report described under Section 11.11 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm
attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
why such report is not included; and

 

(iv)        
a certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate
as a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except
as described below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any disclosure or information in addition
to clauses (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit BB
to the Depositor and the Certificate Administrator and approved by the Depositor and the Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure, absent such reporting,
direction and approval. Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
or by facsimile to (410) 715 2380, Attn: CTS SEC Notifications.

 

As set forth on Exhibit BB
hereto, no later than March 1st of each year that the Trust is subject to the Exchange Act reporting requirements, commencing
in 2022, (i) the parties listed on Exhibit BB shall be required to provide to the Certificate Administrator and
the Depositor, to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge,
in EDGAR-Compatible Format or in such other format as otherwise agreed upon by the Certificate Administrator, the Depositor and
such providing parties, the form

 

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and substance of any Additional Form 10-K Disclosure, if applicable, (ii) the parties
listed on Exhibit BB hereto shall include with such Additional Form 10-K Disclosure, an Additional Disclosure
Notification in the form attached hereto as Exhibit DD and (iii) the Depositor will approve, as to form and substance,
or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. Neither the Trustee
nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit BB of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-K Disclosure information. The Depositor will be responsible for any reasonable expenses incurred by the Trustee and
the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant
to this paragraph.

 

Form 10-K requires
the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
ninety (90) days.” The Depositor shall notify the Certificate Administrator in writing, no later than March 1st with respect
to the filing of a report on Form 10-K, if the answer to the questions should be “no.” The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any such report.

 

(b)         
After preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K
to the Depositor for review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business Days
after receipt of such copy, but no later than March 25th, the Depositor shall notify the Certificate Administrator in writing (which
may be furnished electronically) of any changes to or approval of such Form 10-K and the senior officer in charge of securitization
for the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original
executed hard copy to follow by overnight mail) to the Certificate Administrator at such time. If a Form 10-K cannot be filed
on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator will make available
on its Internet website a final executed copy of each Form 10-K filed by the Certificate Administrator. The signing party
at the Depositor can be contacted at 1585 Broadway, New York, New York, 10036, Attention: George Kok, with copies to: Morgan Stanley
Capital I Inc., 1633 Broadway, 29th Floor, New York, New York 10019, Attention: Legal Compliance Division, and cmbs_notices@morganstanley.com.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.05
related to the timely preparation and filing of Form 10-K is contingent upon the parties to this Agreement (and any Additional
Servicer or Servicing Function Participant engaged or utilized, as applicable, by any such parties) observing all applicable deadlines
in the performance of their duties under this Section 11.05. Neither the Trustee nor the Certificate Administrator
shall have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 10-K, where such failure results from the Certificate Administrator’s
failure to receive, on a timely basis, any information from the parties to this Agreement (or any Sub-Servicer or Servicing Function
Participant engaged by any such parties) needed to prepare, arrange for execution or file such Form 10-K, not resulting from
its own negligence, bad faith or willful misconduct.

 

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(c)        
Upon written request from any Mortgage Loan Seller, Other Depositor, any Master Servicer or any Special Servicer, the Certificate
Administrator shall confirm to such Mortgage Loan Seller, Other Depositor, applicable Master Servicer or applicable Special Servicer
whether it has received notice that any party to this Agreement has changed since the Closing Date and will provide to such Mortgage
Loan Seller or Other Depositor, the applicable Master Servicer or the applicable Special Servicer, if known to the Certificate
Administrator, the identity of the new party.

 

(d)         
Any notice and/or information furnished or required to be furnished pursuant to this Section 11.05 shall also
be provided to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates
to a Serviced Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan)
in the same time frame as set forth in this Section 11.05.

 

Section 11.06     
Sarbanes-Oxley Certification. Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached
as Exhibit Y required to be included therewith pursuant to the Sarbanes-Oxley Act. For so long as the Trust or the
trust for any Other Securitization is subject to the reporting requirements of the Exchange Act, each applicable Master Servicer,
each applicable Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor and the Asset
Representations Reviewer (in the case of the Asset Representations Reviewer, solely with respect to reporting periods in which
the Asset Representations Reviewer is required to deliver an Asset Review Report) shall provide, and (i) with respect to each
Initial Sub-Servicer engaged by the applicable Master Servicer or the applicable Special Servicer, as the case may be, that is
a Servicing Function Participant shall use commercially reasonable efforts to cause such Initial Sub-Servicer to provide, and (ii) with
respect to each other Servicing Function Participant with which any Master Servicer, any Special Servicer, the Trustee, the Certificate
Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with respect to the Mortgage Loans,
shall cause such Servicing Function Participant to provide, to each Person who signs the Sarbanes-Oxley Certification for the Trust
or any Other Securitization that includes a Serviced Companion Loan (individually and collectively, the “Certifying Person”),
on or before March 1st of each year commencing in March 2022, a certification substantially in the form attached hereto
as Exhibits Y-1, Y-2, Y-3, Y-4, Y-5, Y-6 or Y-7 (each, a “Performance
Certification”), as applicable, on which each Certifying Person, the entity for which such Certifying Person acts as
an officer (if the Certifying Person is an individual), and such entity’s officers, directors and Affiliates (collectively
with the Certifying Person, “Certification Parties”) can reasonably rely; provided that, if a Servicing
Function Participant (other than an Initial Sub-Servicer) with which the applicable Master Servicer, the applicable Special Servicer,
the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with
respect to the Mortgage Loans fails to provide a Performance Certification, the Performance Certification provided by the applicable
Master Servicer, the applicable Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor,
as applicable, that engaged such Servicing Function Participant shall not exclude information that would have been provided by
such Servicing Function Participant. In addition, in the event that any Serviced Companion Loan is deposited into a commercial
mortgage securitization (including an “Other Securitization”) and the Reporting Servicer is provided with timely
and complete contact information for the parties to such Other Securitization, each Reporting Servicer, upon not less than thirty
(30) days prior written request,

 

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shall provide to the Person who signs the Sarbanes-Oxley Certification with respect to such Other
Securitization either the Performance Certification or a separate certification in form and substance similar to applicable Performance
Certification (which shall address the matters contained in the applicable Performance Certification, but solely with respect to
the related Companion Loan) on which such Person, the entity for which the Person acts as an officer (if the Person is an individual),
and such entity’s officers, directors and Affiliates can reasonably rely. With respect to any Non-Serviced Companion Loan,
the Certificate Administrator will use its reasonable efforts to procure a Sarbanes-Oxley Certification from the applicable Non-Serviced
Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to a Performance Certification.
The senior officer in charge of securitization for the Depositor shall serve as the Certifying Person on behalf of the Trust. In
addition, each Reporting Servicer shall execute a reasonable reliance certificate (which may be included as part of such other
certifications being delivered by such Reporting Servicer) to enable the Certification Parties to rely upon each (i) annual
compliance statement provided pursuant to Section 11.09, if applicable, (ii) annual report on assessment of compliance
with servicing criteria provided pursuant to Section 11.10 and (iii) accountant’s report provided pursuant
to Section 11.11, and shall include a certification that each such annual compliance statement or report discloses
any deficiencies or defaults described to the registered public accountants of such Reporting Servicer to enable such accountants
to render the certificates provided for in Section 11.11. In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to each affected Certifying Person pursuant to this Section 11.06
with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement,
as the case may be. Each such Performance Certification shall be provided in EDGAR-Compatible Format, or in such other format agreed
upon by the Depositor, the Certificate Administrator, any affected Other Depositor and Other Certificate Administrator and such
providing parties. Notwithstanding the foregoing, nothing in this Section 11.06 shall require any Reporting Servicer
(i) to certify or verify the accurateness or completeness of any information provided to such Reporting Servicer by third
parties (including a “significant obligor”, but other than an Additional Servicer or a Sub-Servicer appointed pursuant
to Section 3.20), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance
with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports,
to certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

Notwithstanding anything
to the contrary contained in this Section 11.06, with respect to each year in which the Trust and the trust for each
Other Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties required to deliver
any certification under this Section 11.06 shall be obligated to do so.

 

Section 11.07     
Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K
(each such event, a “Reportable Event”), and if requested by the Depositor and to the extent it receives the
Form 8-K Disclosure Information described below, the Certificate Administrator shall prepare and file on behalf of the Trust
any Form 8-K, as required by the Exchange Act and shall provide notice thereof to the Depositor, provided that the
Depositor shall file the initial Form 8-K in connection with the issuance of the

 

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Certificates. Any disclosure or information
related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
Information”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit CC
to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K,
absent such reporting, direction and approval.

 

As set forth on Exhibit CC
hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no later than close of business, New York
City time, on the second (2nd) Business Day after the occurrence of a Reportable Event (i) the parties set forth
on Exhibit CC hereto shall be required to provide to the Depositor and the Certificate Administrator, to the extent
a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format
or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties any Form 8-K
Disclosure Information, if applicable, (ii) the parties listed on Exhibit CC hereto shall include with such Form 8-K
Disclosure Information, an Additional Disclosure Notification in the form attached hereto as Exhibit DD and (iii) the
Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit CC of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information. The Depositor will be responsible for any reasonable
expenses incurred by the Trustee and the Certificate Administrator in connection with including any Form 8-K Disclosure Information
on Form 8-K pursuant to this paragraph. Information delivered to the Certificate Administrator hereunder should be delivered
by email to cts.sec.notifications@wellsfargo.com or by facsimile to 410-715-2380, Attn: CTS SEC Notifications.

 

After preparing the Form 8-K,
the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor for review no later than
noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no event earlier than twenty-four (24) hours
after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph. Promptly, but no
later than the close of business on the third (3rd) Business Day after the Reportable Event, the Depositor shall notify the Certificate
Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K. No later
than noon, New York City time, on the 4th Business Day after the Reportable Event, a duly authorized officer of the Depositor shall
sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. If a Form 8-K cannot be filed on time or if a previously filed
Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.03(b).
Promptly after filing with the Commission, the Certificate Administrator will, make available on its Internet website a final executed
copy of each Form 8-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at 1585
Broadway, New York, New York, 10036, Attention: George Kok, with a copy to Morgan Stanley Capital I Inc., 1633 Broadway, 29th Floor,
New York, New York 10019, Attention: Legal Compliance Division, and a copy by email to cmbs_notices@morganstanley.com. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.07
related to the timely preparation and filing of Form 8-K is

 

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contingent upon such parties observing all applicable deadlines
in the performance of their duties under this Section 11.07. Neither the Trustee nor the Certificate Administrator
shall have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 8-K, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from the parties to this Agreement needed to prepare, arrange
for execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful misconduct.

 

Each applicable Master
Servicer, each applicable Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the applicable
Master Servicer and the applicable Special Servicer, as the case may be, shall (i) with respect to each Initial Sub-Servicer
that is an Additional Servicer engaged by such Master Servicer or such Special Servicer, as applicable, use commercially reasonable
efforts to cause such Additional Servicer to promptly notify and (ii) with respect to each other Additional Servicer with
which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a party to this Agreement) cause
such Additional Servicer to promptly notify) the Depositor and the Certificate Administrator, but in no event later than noon,
New York City time, on the second (2nd) Business Day after its occurrence, of any Reportable Event applicable to such party to
the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format.

 

Notwithstanding anything
to the contrary in this Section 11.07, with respect to each year in which the Trust and the trust for each Other Securitization
is not subject to the reporting requirements of the Exchange Act, none of the parties hereto are required to deliver Form 8-K
Disclosure Information.

 

Any notice and/or information
furnished or required to be furnished pursuant to this Section 11.07 shall also be provided to each Other Depositor
and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced Companion Loan or a
party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set
forth in this Section 11.07.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under a related
Non-Serviced PSA, no resignation, removal or replacement of any party to such Non-Serviced PSA that would be required to be reported
on a Form 8-K relating to this Trust shall become effective with respect to this Trust until the Certificate Administrator has
filed any required Form 8-K pursuant to this Section 11.07.

 

Section 11.08     
Form 15 Filing. On or prior to January 30th of the first year in which the Depositor shall provide notice
to the Certificate Administrator of its ability under applicable law to suspend its Exchange Act filings, the Certificate Administrator
shall prepare and file a notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange
Act (the “Form 15 Suspension Notification”) or any form necessary to be filed with the Commission to suspend
such reporting obligations. With respect to any reporting period occurring after the filing of such form, subject to Section 11.15(h),
the obligations of the parties to this Agreement under Section 11.04, Section 11.05 and Section 11.07
shall be suspended and reports or certifications due under Section 11.09, 11.10 and 11.11 shall not be
due until April 15th of each

 

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year. The Certificate Administrator shall provide prompt notice to the Mortgage Loan Sellers and all
other parties hereto that such form has been filed. If, after the filing of a Form 15 Suspension Notification, the Depositor
shall provide notice to the Certificate Administrator that it is required to resume its Exchange Act filings, the Certificate Administrator
shall recommence preparing and filing reports on Forms 10-D, 10-K, ABS-EE and 8-K as required pursuant to Section 11.04,
Section 11.05 and Section 11.07, and all parties’ obligations under this Article XI shall
recommence.

 

Section 11.09     
Annual Compliance Statements. Each applicable Master Servicer, each applicable Special Servicer (regardless of whether
the applicable Special Servicer has commenced special servicing of a Mortgage Loan), the Custodian, the Trustee (provided,
however, that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during
which there was no Relevant Servicing Criteria applicable to it) and the Certificate Administrator (each, a “Certifying
Servicer”) shall (and each such party shall (i) with respect to each Additional Servicer engaged by the Certifying
Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer to deliver to and
(ii) with respect to each other Additional Servicer that is also a Servicing Function Participant with which it has entered
into a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer to deliver to), on or before March 1st
of each year, commencing in March 2022, deliver to the Trustee, the Certificate Administrator (which copy shall be deemed
furnished by the Certificate Administrator when made available on its Internet website), the Depositor and the 17g-5 Information
Provider (who shall post to the 17g-5 Information Provider’s Website), an Officer’s Certificate, in the form attached
hereto as Exhibit GG (or such other form, similar in substance, as may be reasonably acceptable to the Depositor) stating,
as to the signer thereof, that (A) a review of such Certifying Servicer’s activities during the preceding calendar year
or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the applicable sub-servicing agreement
or primary servicing agreement in the case of an Additional Servicer, has been made under such officer’s supervision and
(B) to the best of such officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations
under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer,
in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof. Such Officer’s
Certificate shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and such providing parties. Each Certifying Servicer shall (i) with respect to each Additional Servicer engaged
by such Certifying Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer,
and (ii) with respect to each other Additional Servicer with which it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such Additional Servicer to forward a copy of each such statement (or, in the case of the Certificate
Administrator, make a copy of each such statement available on its Internet website) to the Directing Certificateholder and the
17g-5 Information Provider. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable
efforts to procure such Officer’s Certificate from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer
and Non-Serviced Trustee in form and substance similar to the form attached hereto as Exhibit GG. Promptly after receipt
of each such Officer’s Certificate, the Depositor may review each such Officer’s Certificate and, if applicable, consult
with the Certifying Servicer as to the nature of any failures by the Certifying Servicer or any related

 

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Additional Servicer with
which the Certifying Servicer has entered into a servicing relationship with respect to the Mortgage Loans in the fulfillment of
any of the Certifying Servicer’s or Additional Servicer’s obligations hereunder or under the applicable sub-servicing
or primary servicing agreement. The obligations of the Certifying Servicer and each Additional Servicer under this Section 11.09
apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage Loan during the applicable period, whether
or not such Certifying Servicer or Additional Servicer is acting as a Master Servicer, a Special Servicer, the Trustee, the Certificate
Administrator or Additional Servicer at the time such Officer’s Certificate is required to be delivered. Each applicable
Master Servicer, each applicable Special Servicer and each Additional Servicer shall not be required to cause the delivery of any
such statement until April 15 in any given year so long as it has received written confirmation from the Depositor (or, in
the case of an Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be filed in
respect of the Trust or the trust for any Other Securitization for the preceding calendar year.

 

In the event any Master
Servicer, any Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant to the terms of
this Agreement, such party shall provide, and each of the applicable Master Servicer and the applicable Special Servicer shall
(i) with respect to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated
under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with
respect to any other Additional Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement,
cause such Additional Servicer to provide, an annual statement of compliance pursuant to this Section 11.09 with respect
to the period of time that the applicable Master Servicer, the applicable Special Servicer, the Trustee or the Certificate Administrator
was subject to this Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Any certificate, statement,
report, notice and/or information furnished or required to be furnished pursuant to this Section 11.09 shall also be
provided to each Other Depositor and each Other Certificate Administrator (to the extent such item and/or information relates to
a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set
forth in this Section 11.09.

 

Section 11.10     
Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 1st of each year,
commencing in March 2022, each applicable Master Servicer, each applicable Special Servicer (regardless of whether any Special
Servicer has commenced special servicing of the Mortgage Loans), the Trustee (provided, however, that the Trustee
shall be required to deliver an assessment of compliance only if an Advance was made by the Trustee in such calendar year), the
Custodian, the Operating Advisor, the Certificate Administrator and each Additional Servicer, each at its own expense, shall furnish
(and each such party shall (i) with respect to each Initial Sub-Servicer engaged by a Master Servicer, a Special Servicer,
Trustee, Operating Advisor, Custodian, or Certificate Administrator that is a Servicing Function Participant, use commercially
reasonable efforts to cause such Servicing Function Participant to furnish and (ii) with respect to each other Servicing Function
Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such Servicing Function
Participant to furnish) to the Trustee, the Certificate Administrator, the Depositor (which copy shall be deemed furnished by the
Certificate Administrator when made

 

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available on its Internet website) (and, with respect to each applicable Special Servicer,
also to the Operating Advisor), and the 17g-5 Information Provider, a report substantially in the form of Exhibit HH
or such other form provided by such Reporting Servicer that complies in all material respects with the requirements of Item 1122
of Regulation AB, on an assessment of compliance with the Servicing Criteria applicable to it that contains (A) a statement
by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement
that such Reporting Servicer used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such
Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end
of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 11.05, including, if there
has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the
nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on
such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. With respect
to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such report from the
applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to
the form attached hereto as Exhibit HH. Such report shall be provided in EDGAR-Compatible Format, or in such other
format agreed upon by the Depositor, the Certificate Administrator and the Reporting Servicer.

 

Each such report shall
be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address the Relevant Servicing
Criteria specified on a certification substantially in the form of Exhibit Z hereto delivered to the Depositor on the
Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such report and, if applicable,
consult with each Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria
applicable to it (and each Servicing Function Participant engaged or utilized by each Reporting Servicer, as applicable), and (ii) the
Certificate Administrator shall confirm that the assessments taken individually address the Relevant Servicing Criteria for each
party as set forth on Exhibit Z and notify the Depositor of any exceptions. Each applicable Master Servicer, each applicable
Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and any Servicing Function Participant shall
not be required to cause the delivery of any such assessments until April 15th in any given year so long as it has received
written confirmation from the Depositor (or, in the case of an Other Securitization, the related Other Depositor) that a report
on Form 10-K is not required to be filed in respect of the Trust or the trust for any Other Securitization for the preceding
calendar year.

 

Notwithstanding the foregoing,
at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator and Trustee may
provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect of their combined
Relevant Servicing Criteria as set forth on Exhibit Z hereto.

 

(b)         
Each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Operating Advisor and the Certificate
Administrator hereby acknowledge and agree that the Relevant Servicing Criteria set forth on Exhibit Z is appropriately
set forth with respect to such party and any Servicing Function Participant with which each applicable Master Servicer, each applicable
Special Servicer, Trustee, Operating Advisor or Certificate Administrator has entered into a servicing relationship.

 

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(c)        
No later than ten (10) Business Days after the end of each fiscal year for the Trust, any Master Servicer and any Special
Servicer shall notify the Certificate Administrator, the Depositor and each Mortgage Loan Seller as to the name of each Additional
Servicer engaged by it and each Servicing Function Participant utilized by it, in each case other than with respect to any Initial
Sub-Servicer, and the Trustee, the Operating Advisor and the Certificate Administrator shall notify the Depositor and each Mortgage
Loan Seller as to the name of each Servicing Function Participant utilized by it, in each case by providing an updated Exhibit FF,
and each such notice (except to a Mortgage Loan Seller) will specify what specific Servicing Criteria will be addressed in the
report on assessment of compliance prepared by such Servicing Function Participant. When each applicable Master Servicer, each
applicable Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor submit their assessments pursuant
to Section 11.10(a), such Master Servicer, such Special Servicer, the Trustee, the Certificate Administrator and the
Operating Advisor, as applicable, will also at such time include the assessment (and related attestation pursuant to Section 11.11)
of each Servicing Function Participant engaged by it.

 

In the event any Master
Servicer, any Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator is terminated
or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any Servicing Function
Participant engaged by it to provide (and each of the applicable Master Servicer and the applicable Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such Master Servicer or Special Servicer that is an Additional Servicer that resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with
respect to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional
Servicer to provide) an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation
as required in Section 11.11 with respect to the period of time that the applicable Master Servicer, the applicable
Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator was subject to this Agreement
or the period of time that the Additional Servicer was subject to such other servicing agreement.

 

(d)         
The Operating Advisor may at any time request from the Certificate Administrator confirmation of whether a Control Termination
Event or Consultation Termination Event occurred during the previous calendar year, and upon such request the Certificate Administrator
shall deliver such confirmation to the Operating Advisor within fifteen (15) days of such request.

 

(e)        
Any certificate, statement, report, assessment, attestation, notice and/or information furnished or required to be furnished
pursuant to this Section 11.10 shall also be provided to each Other Depositor and each Other Certificate Administrator
(to the extent such item and/or information relates to a party that services, specially services or is trustee or custodian for
a Serviced Companion Loan) in the same time frame as set forth in this Section 11.10.

 

Section 11.11     
Annual Independent Public Accountants’ Attestation Report. On or before March 1st of each year, commencing
in March 2022, each applicable Master Servicer, each applicable Special Servicer, the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was
no Relevant Servicing Criteria applicable to it), the Custodian, the Operating Advisor and the

 

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Certificate Administrator, each
at its own expense, shall cause (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by such Master
Servicer, such Special Servicer, Trustee, Operating Advisor or Certificate Administrator that is a Servicing Function Participant
use commercially reasonable efforts to cause such Servicing Function Participant to cause and (ii) with respect to each other
Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause
such Servicing Function Participant to cause) a registered public accounting firm (which may also render other services to each
applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating
Advisor or the applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of
Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator (who will promptly post such report
on the Certificate Administrator’s Website pursuant to Section 3.13(b)) and the Depositor, the 17g-5 Information
Provider and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder, and,
promptly, but not earlier than the second (2nd) Business Day following the delivery of such report to the 17g-5 Information
Provider, to the Rating Agencies, to the effect that (i) it has obtained a representation regarding certain matters from the
management of such Reporting Servicer, which includes an assertion that such Reporting Servicer has complied with the Relevant
Servicing Criteria applicable to it and (ii) on the basis of an examination conducted by such firm in accordance with standards
for attestation engagements issued or adopted by the PCAOB, it is issuing an opinion as to whether such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria applicable to it was fairly stated in all material respects. In the
event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was
unable to express such an opinion. Each such related accountant’s attestation report shall be made in accordance with Rules 1-02(a)(3)
and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Such report must be available for general use
and not contain restricted use language. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use
its reasonable efforts to procure such report from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and
Non-Serviced Trustee. Copies of such statement will be provided by the Certificate Administrator in accordance with Section 3.13(b).
Such report shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and the providing parties.

 

Promptly after receipt
of such report from any Master Servicer, any Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable, consult with
the applicable Master Servicer, the applicable Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate
Administrator as to the nature of any defaults by each applicable Master Servicer, each applicable Special Servicer, the Trustee,
the Operating Advisor, the Custodian, the Certificate Administrator or any Servicing Function Participant with which it has entered
into a servicing relationship with respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the applicable
Master Servicer’s, the applicable Special Servicer’s, the Trustee’s, the Certificate Administrator’s, the
Operating Advisor’s, the Custodian’s or the applicable Servicing Function Participants’ obligations hereunder
or under the applicable sub-servicing or primary servicing agreement, and (ii) the Certificate Administrator shall confirm
that each accountants’ attestation report submitted pursuant to this Section 11.11 relates to an assessment of
compliance meeting the requirements of Section 11.10 and notify the Depositor of

 

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any exceptions. Each applicable Master
Servicer, each applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Custodian and
any Additional Servicer shall not be required to deliver, or shall be required to cause the delivery of such reports until April 15th
in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not required to be
filed with respect to the Trust for the preceding fiscal year.

 

Any notice, report, assessment
of compliance, statement, certificate and/or information furnished or required to be furnished pursuant to this Section 11.11
shall also be provided to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information
relates to a Serviced Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion
Loan) in the same time frame as set forth in this ‎Section 11.11.

 

Section 11.12     
Indemnification. Each applicable Master Servicer, each applicable Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Operating Advisor and the Asset Representations Reviewer shall indemnify and hold harmless each
Certification Party from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related
costs, judgments and other costs and expenses (for the avoidance of doubt, including reasonable attorneys’ fees and expenses
and expenses relating to the enforcement of such indemnity) incurred by such Certification Party arising out of (i) an actual
breach by such Master Servicer, such Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the Custodian or the Certificate Administrator, as the case may be, of its obligations under this Article XI, (ii) negligence,
bad faith or willful misconduct on the part of such Master Servicer, such Special Servicer, the Trustee, the Asset Representations
Reviewer, the Operating Advisor, the Custodian or the Certificate Administrator in the performance of such obligations, or (iii) delivery
of any Deficient Exchange Act Deliverable by, or on behalf of, such party.

 

Each applicable Master
Servicer, each applicable Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with
respect to any Initial Sub-Servicer engaged by such Master Servicer, such Special Servicer, Trustee or Certificate Administrator
that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and
(ii) with respect to each other Additional Servicer and each Servicing Function Participant with which, in each case, it has
entered into a servicing relationship with respect to the Mortgage Loans, cause such party to, in each case, indemnify and hold
harmless each Certification Party from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees
and expenses and related costs, judgments and any other costs, fees and expenses (for the avoidance of doubt, including reasonable
attorneys’ fees and expenses and expenses relating to the enforcement of such indemnity) incurred by such Certification Party
arising out of (a) a breach of its obligations to provide any of the annual compliance statements or annual assessment of
compliance with the servicing criteria or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement,
(b) negligence, bad faith or willful misconduct on its part in the performance of such obligations, (c) any failure by
it, as a Servicer (as defined in Section 11.02(b)) to identify a Servicing Function Participant pursuant to Section 11.02(c),
or (d) delivery of any Deficient Exchange Act Deliverable.

 

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In addition, each applicable
Master Servicer, each applicable Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the
Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer
retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor and each Other Depositor as necessary
for the Depositor or such Other Depositor, as applicable, to conduct any reasonable due diligence necessary to evaluate and assess
any material instances of non-compliance disclosed in any of the deliverables required by the applicable reporting requirements
under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting
Requirements”).

 

In connection with comments
provided to the Depositor or any Other Depositor from the Commission or its staff regarding information (x) delivered by each
applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian,
the Certificate Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected
Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party
or any registered public accounting firm, attorney or other agent retained by such Affected Reporting Party to prepare such information,
which information is contained in a report filed by the Depositor or any Other Depositor under the Reporting Requirements and which
comments are received subsequent to the Depositor’s or any Other Depositor’s filing of such report, the Depositor or
any Other Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting
Party. Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission or its staff
for inclusion in the Depositor’s or any Other Depositor’s response to the Commission or its staff, unless such Affected
Reporting Party elects, with the consent of the Depositor or any Other Depositor, as applicable (which consent shall not be unreasonably
denied, withheld or delayed), to directly communicate with the Commission or its staff and negotiate a response and/or resolution
with the Commission or its staff; provided, however, that if an Affected Reporting Party is a Servicing Function
Participant or Additional Servicer retained by a Master Servicer, a Master Servicer shall receive copies of all material communications
pursuant to this Section 11.12. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission or its staff in a timely manner; provided that
(i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or any Other Depositor informed of its
progress with the Commission or its staff and copy the Depositor or any Other Depositor on all correspondence with the Commission
or its staff and provide the Depositor or any Other Depositor with the opportunity to participate (at the Depositor’s or
any Other Depositor’s expense) in any telephone conferences and meetings with the Commission or its staff and (ii) the
Depositor or any Other Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting
Party and its representatives to respond to and negotiate directly with the Commission or its staff with respect to any comments
from the Commission or its staff relating to such Affected Reporting Party and to notify the Commission or its staff of such authorization.
The Depositor (or any Other Depositor) and the Affected Reporting Party shall cooperate and coordinate with one another with respect
to any requests made to the Commission or its staff for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor or any Other Depositor (including reasonable legal fees and
expenses of outside counsel to the Depositor or any Other Depositor, as the case may be) in connection with the foregoing (other
than those costs and expenses required

 

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to be at the Depositor’s or any Other Depositor’s expense as set forth above)
and any amendments to any reports filed with the Commission or its staff related thereto shall be promptly paid by the applicable
Affected Reporting Party upon receipt of an itemized invoice from the Depositor or any Other Depositor, as the case may be. Each
applicable Master Servicer, each applicable Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator
and the Trustee shall (i) with respect to any Initial Sub-Servicer engaged by it that is a Servicing Function Participant
or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other Additional
Servicer and each Servicing Function Participant with which, in each case, it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such party to, comply with the foregoing by inclusion of similar provisions in the related sub-servicing
or similar agreement.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the applicable Master Servicer,
the applicable Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing
Party”) shall contribute to the amount paid or payable to the Certification Party as a result of the losses, claims,
damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to Sections 11.06, 11.09 (if applicable), 11.10, 11.11 (or breach of its obligations
under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements or annual
servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith or willful
misconduct in connection therewith. The applicable Master Servicer, the applicable Special Servicer, the Trustee, the Operating
Advisor and the Certificate Administrator shall (i) with respect to any Initial Sub-Servicer engaged by such Master Servicer,
such Special Servicer, Trustee or Certificate Administrator that is a Servicing Function Participant or Additional Servicer, use
commercially reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer or Servicing
Function Participant, in each case, with which it has entered into a servicing relationship with respect to the Mortgage Loans
cause such party, in each case, to agree to the foregoing indemnification and contribution obligations. This Section 11.12
shall survive the termination of this Agreement or the earlier resignation or removal of any Master Servicer, any Special Servicer,
the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator.

 

Section 11.13     
Amendments. This Article XI may be amended with the written consent of the parties hereto pursuant to
Section 13.01 for purposes of complying with Regulation AB and/or to conform to standards developed within the
CMBS market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmation
with respect to the Certificates or, with respect to any Serviced Companion Loan Securities, a confirmation of the applicable rating
agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25), or the consent of any Certificateholder, notwithstanding
anything to the contrary contained in this Agreement; provided that the reports and certificates required to be prepared
pursuant to Sections 3.13, 11.09, 11.10 and 11.11 shall not be eliminated without Rating Agency
Confirmation with respect to the Certificates or, with respect to any Serviced Companion Loan Securities,

 

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without a confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25). For the avoidance
of doubt, any amendment to this Article XI affecting a Serviced Companion Loan shall be subject to Section 13.01(k).

 

Section 11.14     
Regulation AB Notices. Any notice, report or certificate required to be delivered by any Master Servicer, any
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Custodian or the
Trustee, as the case may be, to the Depositor pursuant to this Article XI may be delivered via email (and additionally
delivered via phone or telecopy), notwithstanding the provisions of Section 13.05, to cts.sec.notifications@wellsfargo.com.

 

Section 11.15     
Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans. (a) Each of
the Trustee, the Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer shall, and the
applicable Master Servicer and the applicable Special Servicer shall use commercially reasonable efforts to cause any sub-servicer
appointed with respect to any Serviced Pari Passu Companion Loan to, upon written request or notice from a Mortgage Loan Seller
(or a permitted transferee of such Mortgage Loan Seller pursuant to the related Intercreditor Agreement), reasonably cooperate
with the Mortgage Loan Seller (or such permitted transferee) selling any Serviced Pari Passu Companion Loan into a securitization
that is required to comply with Regulation AB (a “Regulation AB Companion Loan Securitization”) and, to the
extent needed in order to comply with Regulation AB, provide to the Mortgage Loan Seller (or such permitted transferee) information
about itself that such Mortgage Loan Seller reasonably requires to meet the requirements of Items 1117 and 1119 and paragraphs
(b), (c)(2), (c)(3), (c)(4), (c)(5), (c)(6) and (e) of Item 1108 of Regulation AB and shall reasonably cooperate with such Mortgage
Loan Seller to provide such other information as may be reasonably necessary to comply with the requirements of Regulation AB.
Each of the Trustee, the Certificate Administrator, any Master Servicer and any Special Servicer understands that such information
may be included in the offering material related to a Regulation AB Companion Loan Securitization and agrees to (i) negotiate
in good faith an agreement (subject to the final sentence of this sub-section) to indemnify and hold the related depositor and
underwriters involved in the offering of the related commercial mortgage pass through certificates harmless for any costs, liabilities,
fees and expenses (for the avoidance of doubt, including reasonable attorneys’ fees and expenses and expenses relating to
the enforcement of such indemnity) incurred by the depositor or such underwriters as a result of any material misstatements or
omissions or alleged material misstatements or omissions in any such offering material to the extent that such material misstatement
or omission was made in reliance upon any such information provided by the Trustee (where such information pertains to the Trustee
individually and not to any specific aspect of the Trustee’s duties or obligations under this Agreement), the Certificate
Administrator (where such information pertains to the Certificate Administrator individually and not to any specific aspect of
the Certificate Administrator’s duties or obligations under this Agreement), the applicable Master Servicer (where such information
pertains to the applicable Master Servicer individually and not to any specific aspect of the applicable Master Servicer’s
duties or obligations under this Agreement) and the applicable Special Servicer (where such information pertains to the applicable
Special Servicer individually and not to any specific aspect of the applicable Special Servicer’s

 

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duties or obligations under
this Agreement), as applicable, to such depositor, underwriters or Mortgage Loan Seller (or permitted transferee) as required by
this Section 11.15(a) and (ii) deliver such securities law opinion(s) of counsel, certifications and/or indemnification
agreement(s) (to the extent the cost thereof is paid by the related Mortgage Loan Seller) with respect to such information that
are substantially similar to those delivered with respect to the offering material for this securitization by the applicable Master
Servicer or the applicable Special Servicer, Trustee and Certificate Administrator, as the case may be, or their respective counsel,
in connection with the information concerning such party in the offering material related to a Regulation AB Companion Loan Securitization.
Notwithstanding the foregoing, to the extent that the information provided by the Trustee, the Certificate Administrator, the applicable
Master Servicer or the applicable Special Servicer, as the case may be, for inclusion in the offering materials related to such
Regulation AB Companion Loan Securitization is substantially and materially similar to the information provided by such party with
respect to the offering materials related to this transaction, subject to any required changes due to any amendments to Regulation
AB or any changes in the interpretation of Regulation AB or changes in factual circumstances, such party shall be deemed to be
in compliance with this Section 11.15(a). Any indemnification agreement executed by the Trustee, the Certificate Administrator,
the applicable Master Servicer or the applicable Special Servicer in connection with the Regulation AB Companion Loan Securitization
shall be substantially similar to the related indemnification agreement executed in connection with this Agreement. It shall be
a condition precedent to any party’s obligations otherwise set forth above and/or elsewhere in Article XI that
the applicable Mortgage Loan Seller (or permitted transferee) shall have (a) provided reasonable advance notice (and, in any
event, not less than ten (10) Business Days) of the exercise of its rights hereunder and (b) paid, or entered into reasonable
agreement to cause to be paid, the reasonable out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred
by such party in reviewing and/or causing the delivery of any disclosure, opinion of counsel or indemnification agreement.

 

(b)         
Each of the Trustee, the Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer
shall, and the applicable Master Servicer and the applicable Special Servicer shall use commercially reasonable efforts to cause
any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to (provided that (a)
such party has received notice of the occurrence of the related Regulation AB Companion Loan Securitization, or (b) such party
is also a party to the related Other Pooling and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization
closed prior to the Closing Date, as reflected on Exhibit S), cooperate with the depositor, trustee, certificate administrator,
master servicer or special servicer for any Regulation AB Companion Loan Securitization in preparing each Form 10-D, Form ABS-EE
and Form 10-K required to be filed by such Regulation AB Companion Loan Securitization (until January 30 of the first year in which
the trustee or other applicable party for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notification
with respect to the related trust) and shall provide to such depositor, trustee, certificate administrator or master servicer within
the time period set forth in the Other Pooling and Servicing Agreement (so long as such time period is no earlier than the time
periods set forth herein) for such Regulation AB Companion Loan Securitization such information relating to a Serviced Securitized
Companion Loan as may be reasonably necessary for the depositor, trustee, certificate administrator and master servicer of the
Regulation AB Companion Loan Securitization to comply with the reporting requirements of Regulation AB and the Exchange Act; provided,
however, that any parties to any Regulation AB Companion Loan Securitization

 

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shall consult with the Trustee, the Certificate
Administrator, the applicable Master Servicer and the applicable Special Servicer (and the applicable Master Servicer shall consult
with any sub-servicer appointed by it with respect to the related Serviced Whole Loan), and the Trustee, the Certificate Administrator,
such Master Servicer and such Special Servicer shall cooperate with such parties in respect of establishing the time periods for
preparation of the Form 10-D and Form ABS-EE reports in the documentation for such Regulation AB Companion Loan Securitization.
Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the applicable Master Servicer or the
applicable Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements
imposed on such party in Article XI of this Agreement (other than this Section 11.15) with respect to the
comparable timing, reporting and attestation requirements contemplated in this Section 11.15(b) with respect to such
Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(b).

 

(c)        
Each of the Trustee, the Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer
shall, and the applicable Master Servicer and the applicable Special Servicer shall use commercially reasonable efforts to cause
any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to (provided that (a)
such party has received notice of the occurrence of the related Regulation AB Companion Loan Securitization, or (b) such party
is also a party to the related Other Pooling and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization
closed prior to the Closing Date, as reflected on Exhibit S), provide the depositor, trustee or certificate administrator,
as applicable, under a Regulation AB Companion Loan Securitization (until January 30 of the first year in which the trustee or
certificate administrator, as applicable, for such Regulation AB Companion Loan Securitization files a Form 15 Suspension
Notification with respect to the related trust) information with respect to any event that is required to be disclosed under Form
8-K with respect to a Serviced Securitized Companion Loan within two (2) Business Days after the occurrence of such event of which
it has knowledge. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, any Master Servicer
or any Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements
imposed on such party in Article XI of this Agreement (other than this Section 11.15) with respect to the
comparable timing, reporting and attestation requirements contemplated in this Section 11.15(c) with respect to such
Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(c).

 

(d)         
On or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file
an annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan Securitization is
not required to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect to the related trust
was filed), each of the Trustee, the Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer
shall, and the applicable Master Servicer and the applicable Special Servicer shall use commercially reasonable efforts to cause
any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to (provided that (a)
such party has received notice of the occurrence of the related Regulation AB Companion Loan Securitization, or (b) such party
is also a party to the related Other Pooling and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization
closed

 

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prior to the Closing Date, as reflected on Exhibit S), provide, with respect to itself, to the depositor, trustee
or certificate administrator, as applicable, under such Regulation AB Companion Loan Securitization, to the extent required pursuant
to Item 1122 of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria to the extent required
pursuant to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report on such Person’s
assessment of compliance with the applicable servicing criteria to the extent required pursuant to Item 1122(b) of Regulation AB
and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation AB. Notwithstanding the foregoing,
to the extent the applicable Master Servicer or the applicable Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement (other
than this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated
in this Section 11.15(d) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 11.15(d).

 

(e)        
On or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file
an annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan Securitization is not
required to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect to the related trust
was filed), each of the Trustee, the Certificate Administrator, each applicable Master Servicer and each applicable Special Servicer
shall, and the applicable Master Servicer and the applicable Special Servicer shall use commercially reasonable efforts to cause
any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to, to the extent required pursuant
to Item 1123 of Regulation AB, deliver, with respect to itself, to the depositor, trustee and certificate administrator under such
Regulation AB Companion Loan Securitization (provided that (a) such party has received notice of the occurrence of the related
Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related Other Pooling and Servicing Agreement,
or (c) the applicable Regulation AB Companion Loan Securitization closed prior to the Closing Date, as reflected on Exhibit
S), under such Regulation AB Companion Loan Securitization a servicer compliance statement signed by an authorized officer
of such Person that satisfies the requirements of Item 1123 of Regulation AB. Notwithstanding the foregoing, to the extent the
Trustee, the Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer, as the case may be,
complies in all material respects with the timing, reporting and attestation requirements imposed on such party in Article XI
of this Agreement (other than this Section 11.15) with respect to the comparable timing, reporting and attestation
requirements contemplated in this Section 11.15(e) with respect to such Regulation AB Companion Loan Securitization,
such party shall be deemed to be in compliance with the provisions of this Section 11.15(e).

 

(f)    
Each of the Trustee, the Certificate Administrator, the applicable Master Servicer and the applicable Special Servicer shall
use commercially reasonable efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify
(such indemnity limited to each such parties respective failure described below) and hold the related Mortgage Loan Seller (or
permitted transferee), depositor, sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB Companion
Loan Securitization harmless for any costs, liabilities, fees and expenses (for the avoidance of doubt, including reasonable attorneys’
fees and expenses and expenses relating to the enforcement of such indemnity) incurred by such Mortgage

 

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Loan Seller, depositor,
sponsor(s), trustee, certificate administrator or master servicer as a result of any failure by the Servicing Function Participant
to comply with the reporting requirements to the extent applicable set forth under Sections 11.15(b), (c), (d)
or (e) above.

 

Any subservicing agreement
related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer to provide to the
applicable Master Servicer or the applicable Special Servicer, as applicable, information, reports, statements and certificates
with respect to itself and such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates
required to be provided by the applicable Master Servicer or the applicable Special Servicer pursuant to this Section 11.15,
even if such Sub-Servicer is not otherwise required to provide such information, reports or certificates to any Person in order
to comply with Regulation AB. Such information, reports or certificates shall be provided to the applicable Master Servicer or
the applicable Special Servicer, as the case may be, no later than two (2) Business Days prior to the date on which the applicable
Master Servicer or the applicable Special Servicer, as the case may be, is required to deliver its comparable information, reports,
statements or certificates pursuant to this Section 11.15.

 

(g)        
With respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that the applicable Other Depositor
has notified the applicable Master Servicer and the applicable Special Servicer in writing is a “significant obligor”
(within the meaning of Item 1101(k) of Regulation AB) (together with notification of the relevant Distribution Date)
with respect to an Other Securitization that includes such Serviced Companion Loan, to the extent that the applicable Master Servicer
or the applicable Special Servicer, as the case may be, is in receipt of the updated financial statements of such “significant
obligor” for any calendar quarter (other than the fourth (4th) calendar quarter of any calendar year) from the Mortgagor,
beginning with the first calendar quarter in which such notice from the Other Depositor was received, or the updated financial
statements of such “significant obligor” for any calendar year, beginning for the calendar year in which such notice
from the Other Depositor was received, as applicable, the applicable Master Servicer or the applicable Special Servicer, as the
case may be, shall deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the related
Significant Obligor NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related
Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor
NOI Yearly Filing Deadline, as applicable, the financial statements of such “significant obligor”, together with the
net operating income of such “significant obligor” for the applicable period as calculated by the applicable Master
Servicer (or as calculated by the applicable Special Servicer and provided to the applicable Master Servicer solely in the case
of any related Specially Serviced Loan or as calculated by the applicable Special Servicer with respect to any Serviced REO Property
and provided by the applicable Special Servicer to the applicable Master Servicer) in accordance with CREFC® guidelines
and (B) if such financial statement receipt occurs less than twelve (12) Business Day prior to the related Significant Obligor
NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly Filing
Deadline, as applicable, such financial statements of the “significant obligor”, together with the net operating income
of such “significant obligor” for the applicable period as reported by the related Mortgagor in such financial statements
(or as reported by the related Mortgagor to the applicable Special Servicer and provided by the applicable Special Servicer to
the applicable

 

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Master Servicer solely in the case of any related Specially Serviced Loan or as reported by the applicable Special
Servicer with respect to the Serviced REO Property and provided by the applicable Special Servicer to the applicable Master Servicer).

 

If the applicable Master
Servicer or the applicable Special Servicer, as the case may be, does not receive such financial information satisfactory to comply
with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor”
within ten (10) Business Days after the date such financial information is required to be delivered under the related Mortgage
Loan documents, the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall notify the Other Depositor
with respect to such Other Securitization that includes the related Serviced Pari Passu Companion Loan (and shall cause each applicable
Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion
Loan is a significant obligor to require the related Sub-Servicer to notify such Other Depositor) that it has not received such
financial information. The applicable Master Servicer (in the case of Non-Specially Serviced Loans) or the applicable Special Servicer
(in the case of Specially Serviced Loans) shall use efforts consistent with the Servicing Standard (taking into account, in addition,
the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements required
to be delivered by the related Mortgagor under the related Mortgage Loan documents.

 

The applicable Master
Servicer (with respect to Non-Specially Serviced Loans) and the applicable Special Servicer (with respect to Specially Serviced
Loans) shall (and shall cause each applicable Sub-Servicing Agreement entered into after receipt of written notice from the Other
Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain
written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such
“significant obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph)
to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which
a Form 10-D or Form 10-K, as applicable, is required to be filed with respect to the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related
to such Other Securitization; provided, however, the applicable Special Servicer shall provide such Officer’s
Certificate to the applicable Master Servicer and the applicable Master Servicer shall forward such Officer’s Certificate
to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization. This Officer’s Certificate
should be addressed to the certificate administrator at its corporate trust office, as specified in the related Other Pooling and
Servicing Agreement.

 

(h)        
If any Other Securitization includes a Serviced Companion Loan and is subject to the reporting requirements of the Exchange
Act, then the obligations of the parties hereto set forth in this Article XI with respect such Other Securitization
shall remain in full force and effect notwithstanding that the Trust may cease to be subject to the reporting requirements of the
Exchange Act.

 

Section 11.16     
Certain Matters Regarding Significant Obligors. As of the Closing Date, with respect to the Trust, there is no “significant
obligor” within the meaning of Item 1101(k) of Regulation AB (“Significant Obligor”).

 

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Section 11.17     
Impact of Cure Period. For the avoidance of doubt, no Master Servicer or Special Servicer shall be subject to a Servicer
Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration of the grace period applicable
to such party’s obligations under this Article XI as provided for in such clause (iii) nor shall
any such party be deemed to not be in compliance under this Agreement, during any grace period provided for in this Article XI;
provided that if any such party fails to comply with the delivery requirements of this Article XI by the expiration
of any applicable grace period such failure shall constitute a Servicer Termination Event. No Master Servicer or Special Servicer
shall be subject to a Servicer Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration
of the grace period applicable to such party’s obligations under this Article XI as provided for in such clause (iii)
nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item required under
this Article XI by the time required hereunder with respect to any reporting period for which the Trust (or any trust
in a related Other Securitization) is not required to file Exchange Act reports.

 

[End of Article XI]

 

Article XII

THE ASSET REPRESENTATIONS REVIEWER

 

Section 12.01     
Asset Review.

 

(a)        
On or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report and/or the
CREFC® Loan Periodic Update File delivered by the applicable Master Servicer for such Distribution Date, the Certificate
Administrator shall determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have occurred,
the Certificate Administrator shall promptly provide notice to all Certificateholders and each other party to this Agreement. Any
notice required to be delivered to the Certificateholders pursuant to this Article XII shall be delivered by the Certificate
Administrator by posting such notice on the Certificate Administrator’s Website, by mailing such notice to the Certificateholders’
addresses appearing in the Certificate Register in the case of Definitive Certificates and by delivering such notice via the Depository
in the case of Book-Entry Certificates. The Certificate Administrator shall include in the Form 10-D relating to the reporting
period in which the Asset Review Trigger occurred the following statement describing the events that caused the Asset Review Trigger
to occur: “As of the [Date of Distribution], the following Mortgage Loans identified below are sixty (60) or more days delinquent
and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”. On each Distribution Date occurring
after providing such notice to Certificateholders, the Certificate Administrator, based on information provided to it by the applicable
Master Servicer or the applicable Special Servicer, as the case may be, shall determine whether (1) any additional Mortgage
Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset
Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses
(1), (2) and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit RR
within two (2) Business Days to the applicable Master Servicer, the applicable Special Servicer, the Operating Advisor and the
Asset Representations Reviewer.

 

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If Certificateholders
(other than Holders of the RR Interest) evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate
Administrator, within ninety (90) days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a
written direction requesting a vote to commence an Asset Review (an “Asset Review Vote Election”), then the
Certificate Administrator shall promptly provide written notice thereof to all Certificateholders (with a copy to the Asset Representations
Reviewer) and conduct a solicitation of votes in accordance with Section 5.10 to authorize an Asset Review. Upon the
affirmative vote to authorize an Asset Review by Holders of Certificates evidencing at least (i) a majority of those Certificateholders
who cast votes and (ii) a majority of an Asset Review Quorum within one hundred fifty (150) days of receipt of the Asset Review
Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall promptly provide written
notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Directing Certificateholder,
the Risk Retention Consultation Party and the other Certificateholders (the “Asset Review Notice”). Upon receipt
of an Asset Review Notice, the Asset Representations Reviewer shall request access to the Secure Data Room by providing the Certificate
Administrator with a certification substantially in the form attached hereto as Exhibit QQ (which shall be sent via
email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate Administrator’s Website).
Upon receipt of such certification, the Certificate Administrator shall promptly (and in any case within two (2) Business Days
after such receipt) grant the Asset Representations Reviewer access to the Secure Data Room. In the event an Affirmative Asset
Review Vote has not occurred within such one hundred fifty (150) day period following the receipt of the Asset Review Vote Election,
no Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required
to review any Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan after the expiration
of such one hundred fifty (150) day period, (B) a new Asset Review Trigger has occurred as a result or an Asset Review Trigger
is otherwise in effect, (C) the Certificate Administrator has timely received any Asset Review Vote Election after the occurrence
of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote
has occurred within one hundred fifty (150) days after the Asset Review Vote Election described in clause (C) in this
sentence. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may
make any additional Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket
expenses incurred by the Certificate Administrator in connection with administering such vote will be paid as an expense of the
Trust from the applicable Collection Account. The Certificate Administrator shall be entitled to administer any vote in connection
with the foregoing through an agent.

 

(b)         
 (i) Upon receipt of an Asset Review Notice, the Custodian (with respect to clauses (1) - (5) below for
all Mortgage Loans), the applicable Master Servicer (with respect to clauses (6) and (7) below for Non-Specially
Serviced Loans) and the applicable Special Servicer (with respect to clauses (6) and (7) below for Specially
Serviced Loans), in each case to the extent in such party’s possession, shall promptly, but in no event later than ten (10)
Business Days, provide the following materials in electronic format to the Asset Representations Reviewer (collectively, with the
Diligence Files posted on the Secure Data Room by the Certificate Administrator pursuant to Section 4.08, a copy of
the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review Materials”):

 

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(1)       a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)       a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the
Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)       a
copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to clause (1) or clause (2) above;

 

(4)       a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(5)       a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review;

 

(6)       a
copy of any notice previously delivered by the applicable Master Servicer or the applicable Special Servicer, as applicable, of
any alleged defect or breach with respect to any Delinquent Loan; and

 

(7)        copies
of any other related documents that were entered into or delivered in connection with the origination of the related Mortgage Loan
that the Asset Representations Reviewer has determined are necessary in connection with its completion of any Asset Review and
that are requested by the Asset Representations Reviewer, in the time frames and as otherwise described in clause (ii)
hereof.

 

(ii)        
In addition, in the event that, as part of an Asset Review of a Mortgage Loan, the Asset Representations Reviewer determines
it is missing any document that is required to be part of the Review Materials for such Mortgage Loan and that is necessary in
connection with its completion of the Asset Review, the Asset Representations Reviewer shall promptly, but in no event later than
ten (10) Business Days after receipt of the Review Materials, notify the applicable Master Servicer (with respect to Non-Specially
Serviced Loans) or the applicable Special Servicer (with respect to Specially Serviced Loans), as applicable, of such missing document(s),
and request that the applicable Master Servicer or the applicable Special Servicer, as the case may be, promptly, but in no event
later than ten (10) Business Days after receipt of notification from the Asset Representations Reviewer, deliver to the Asset Representations
Reviewer such missing document(s) to the extent in its possession; provided that any such notification and/or request shall
be in writing, specifically identifying the documents being requested and sent to the notice address for the related party set
forth in Section 13.05 of this Agreement. In the event any missing documents are not provided by the applicable Master
Servicer or the applicable

 

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Special Servicer, as the case may be, within such ten (10) Business Day period, the Asset Representations
Reviewer shall request such documents from the related Mortgage Loan Seller; provided that the Mortgage Loan Seller is required
under the related Mortgage Loan Purchase Agreement to deliver such missing document only to the extent such document is in the
possession of such party but in any event excluding any documents that contain information that is proprietary to the related originator
or Mortgage Loan Seller or any draft documents or privileged or internal communications (and, if such documents are not in its
possession, solely with respect to any Mortgage Loan sold by such Mortgage Loan Seller that is a Non-Serviced Mortgage Loan, Mortgage
Loan Seller shall be required to make a request under the applicable Non-Serviced PSA for any such documents that are not in its
possession). In the event any missing documents with respect to a Non-Serviced Mortgage Loan are not provided by the Mortgage Loan
Seller, the Asset Representations Reviewer shall request such documents from the parties to the related Non-Serviced PSA, to the
extent that the Asset Representations Reviewer is entitled to request such documents under such Non-Serviced PSA.

 

(iii)        
The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it
by a Person that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information
can be independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined
by the Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 12.01 (any such information, “Unsolicited Information”).

 

(iv)        
Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File with respect
to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a review of the compliance
of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such review, the “Asset
Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty
made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit PP
(each such procedure, a “Test”); provided, that the Asset Representations Reviewer may, but is under
no obligation to, modify any Test and/or associated Review Materials described in Exhibit PP if, and only to the extent,
the Asset Representations Reviewer determines pursuant to the Asset Review Standard that it is necessary to modify such Test and/or
such associated Review Materials in order to facilitate its Asset Review in accordance with the Asset Review Standard. Once an
Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required in respect of, or performed on, such Mortgage
Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan at a time when
a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such new
Asset Review Trigger.

 

(v)        
No Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer
shall not be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited
Information.

 

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(vi)        
The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without
independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)        
The Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within fifty-six
(56) days after the date on which access to the Secure Data Room is provided, subject to the last sentence of this Section 12.01(b)(vii).
In the event that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and
such missing documentation is not delivered to the Asset Representations Reviewer by the related Mortgage Loan Seller, the applicable
Master Servicer (with respect to Non-Specially Serviced Loans) or the applicable Special Servicer (with respect to Specially Serviced
Loans) to the extent in the possession of the applicable Master Servicer or applicable Special Servicer, as applicable, within
ten (10) Business Days following the request by the Asset Representations Reviewer to the applicable Master Servicer, the applicable
Special Servicer or the related Mortgage Loan Seller, as the case may be, as described in Section 12.01(b)(ii), the
Asset Representations Reviewer shall list such missing documents in such preliminary report setting forth the preliminary results
of the application of the Tests and the reasons why such missing documents are necessary to complete a Test and (if the Asset Representations
Reviewer has so concluded) that the absence of such documents will be deemed to be a failure of such Test. The Asset Representations
Reviewer shall provide such preliminary report to the applicable Master Servicer (only with respect to Non-Specially Serviced Loans),
the applicable Special Servicer (with respect to Specially Serviced Loans) and the related Mortgage Loan Seller. If the preliminary
report indicates that any of the representations and warranties fails or is deemed to fail any Test, the related Mortgage Loan
Seller shall have ninety (90) days (the “Cure/Contest Period”) to remedy or otherwise refute the failure. Any
documents or explanations to support the related Mortgage Loan Seller’s claim that the representation and warranty has not
failed a Test or that any missing information or documents in the Review Materials are not required to complete a Test shall be
sent by such Mortgage Loan Seller to the Asset Representations Reviewer. For avoidance of doubt, the Asset Representations Reviewer
shall not be required to prepare a preliminary report in the event the Asset Representations Reviewer determines that there is
no Test failure with respect to the related Mortgage Loan.

 

(viii)        
The Asset Representations Reviewer shall, within sixty (60) days after the date on which access to the Secure Data Room
is provided to the Asset Representations Reviewer by the Certificate Administrator or within the ten (10) days after the expiration
of the Cure/Contest Period (whichever is later), complete an Asset Review with respect to each Delinquent Loan and deliver (i)
a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement, the related Mortgage Loan Seller for each Delinquent Loan, the Directing Certificateholder and
(ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the applicable

 

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Special Servicer and the Certificate Administrator. The period
of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional thirty (30) days,
upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer
determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Mortgage
Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether
any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights it may have against the applicable
Mortgage Loan Seller, which, in each case, shall be a responsibility of the applicable Enforcing Servicer pursuant to Section 2.03(k)
of this Agreement.

 

(ix)        
In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from
the applicable Master Servicer (with respect to Non-Specially Serviced Loans), the applicable Special Servicer (with respect to
Specially Serviced Loans) or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to
complete its Asset Review and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review
Report solely based on the documentation received by the Asset Representations Reviewer with respect to the related Delinquent
Loan, and the Asset Representations Reviewer shall have no responsibility to independently obtain any such documentation from any
party to this Agreement or otherwise.

 

(x)        
Within thirty (30) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the applicable Special
Servicer shall determine whether at that time, based on the Servicing Standard, there exists a Material Defect with respect to
such Mortgage Loan. If the applicable Special Servicer determines that a Material Defect exists, it shall enforce the obligations
of the applicable Mortgage Loan Seller with respect to such Material Defect in accordance with Section 2.03(b).

 

(c)        
The Asset Representations Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged
Information” received from any party to this Agreement or any Sponsor (including, without limitation, in connection with
the review of the Mortgage Loans) and not disclose such Privileged Information to any Person (including Certificateholders), other
than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, 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 Asset Representations Reviewer with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the applicable Special Servicer other than pursuant to a Privileged Information Exception.

 

(d)         
The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements
or arrangements with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided
that no agent or subcontractor may (i) be affiliated with any Mortgage Loan Seller, any Master Servicer, any Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates
or (ii) have been paid any fees, compensation

 

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or other remuneration by an Underwriter, a Master Servicer, a Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates
in connection with due diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding
the foregoing sentence, the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required
hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation
or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents
or subcontractor to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were
performing its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement
with any agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section 12.02     
Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)        
The Asset Representations Reviewer shall be paid a fee of $5,000 on the Closing Date. As compensation for the performance
of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset Representations Reviewer Fee”),
payable monthly from amounts received in respect of the Mortgage Loans and shall be equal to the product of a rate equal to 0.00028%
per annum (the “Asset Representations Reviewer Fee Rate”) and the Stated Principal Balance of the Mortgage
Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and shall be calculated in the same
manner as interest is calculated on such Mortgage Loans.

 

(b)         
As compensation for the performance of its duties hereunder, with respect to an individual Asset Review Trigger and the
Mortgage Loans that are Delinquent Loans and are subject to an Asset Review, upon the completion of any Asset Review with respect
to an individual Asset Review Trigger, the Asset Representations Reviewer shall be paid a fee equal to (a) in the case of a Delinquent
Loan that is not secured by a residential cooperative property (each such Delinquent Loan, a “Subject Loan”),
the sum of (i) $17,750, plus (ii) $1,775 per Mortgaged Property relating to the Subject Loan in excess of one Mortgaged Property
per Subject Loan, plus (iii) $2,300 per Mortgaged Property relating to the Subject Loan subject to a ground lease, plus (iv) $1,275
per Mortgaged Property relating to the Subject Loan subject to a franchise agreement, hotel management agreement or hotel license
agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end “Consumer
Price Index for All Urban Consumers” as published by the U.S. Department of Labor, or other similar index if the Consumer
Price Index for All Urban Consumers is no longer calculated for the year of the Closing Date and for the year of the occurrence
of the Asset Review, and (b) in the case of a Delinquent Loan that is secured by a residential cooperative property, $10,000 (any
such fee, the “Asset Representations Reviewer Asset Review Fee”). The Asset Representations Reviewer Asset Review
Fee with respect to each Delinquent Loan (or, in the case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage
Interest thereof) shall be paid by the related Mortgage Loan Seller; provided, however, that if the related Mortgage
Loan Seller is insolvent or fails to pay such amount within ninety (90) days of written invoice therefor by the Asset Representations
Reviewer, such fee shall be paid by the Trust following delivery by the Asset Representations Reviewer of a

 

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certification to the
applicable Master Servicer that the requirements for payment set forth in this Section 12.02(b) have been met. The
Asset Representations Reviewer shall not deliver any such certificate unless it has invoiced payment of such amount and otherwise
met the requirements for payment set forth in this Section 12.02(b), including receipt of evidence of such insolvency
or failure to pay such amount. A Mortgage Loan Seller shall be deemed to have failed to pay such amount hereunder ninety (90) days
after delivery by the Asset Representations Reviewer of an itemized invoice to such Mortgage Loan Seller by registered mail or
overnight courier to the address listed in this Agreement for such Mortgage Loan Seller, or to such other address as shall be provided
by such Mortgage Loan Seller for delivery of notices in accordance with this Agreement, or ninety (90) days following attempted
delivery of such invoice by registered mail or overnight courier and reasonable follow -up by telephone or e-mail. Notwithstanding
any payment of such fee by the Trust to the Asset Representations Reviewer, such fee will remain an obligation of the related Mortgage
Loan Seller and the Enforcing Servicer shall pursue remedies against such Mortgage Loan Seller to recover any such amounts to the
extent paid by the Trust.

 

(c)        
Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall
be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased or
substituted by a Mortgage Loan Seller, and such portion of the Purchase Price received shall be used to reimburse the Asset Representations
Reviewer or the Trust, as the case may be, for such fees pursuant to Section 12.02(b).

 

(d)         
The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.

 

Section 12.03     
Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and be discharged
from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and each Rating Agency.
Upon such notice of resignation, the Depositor shall promptly appoint a successor asset representations reviewer that is an Eligible
Asset Representations Reviewer. If no successor asset representations reviewer shall have been so appointed and have accepted appointment
within thirty (30) days after the giving of such notice of resignation, the resigning Asset Representations Reviewer may petition
any court of competent jurisdiction for the appointment of a successor asset representations reviewer that is an Eligible Asset
Representations Reviewer. The Asset Representations Reviewer will bear all reasonable costs and expenses of each party hereto and
each Rating Agency in connection with its resignation.

 

Section 12.04     
Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates
shall make any investment in any Class of Certificates; provided, however, that such prohibition shall not apply
to (i) riskless principal transactions effected by a broker dealer Affiliate of the Asset Representations Reviewer or (ii) investments
by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement
from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from
gaining access to information regarding the Trust and the Asset Representations

 

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Reviewer and its personnel from gaining access
to such Affiliate’s information regarding its investment activities.

 

Section 12.05     
Termination of the Asset Representations Reviewer.

 

(a)        
An “Asset Representations Reviewer Termination Event” means any one of the following events whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body:

 

(i)        
any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or
agreements or the material breach of any of its representations or warranties under this Agreement, which failure shall continue
unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee
by the Holders of Certificates having greater than 25% of the Voting Rights, provided that any such failure that is not curable
within such thirty (30) day period, the Asset Representations Reviewer shall have an additional cure period of thirty (30) days
to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day period and has provided
the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued, and
is continuing to pursue, such cure;

 

(ii)        
any failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review
Standard in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written
notice of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this
Agreement;

 

(iii)        
any failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall
continue unremedied for a period of thirty (30) days after the date written notice of such failure, requiring the same to be remedied,
is given to the Asset Representations Reviewer 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 Asset Representations Reviewer, and such decree or
order shall have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(v)        
the Asset Representations Reviewer shall consent 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

 

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proceedings
of or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)        
the Asset Representations Reviewer 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.

 

Upon receipt by the Certificate
Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination Event, the Certificate Administrator
shall promptly provide written notice to all Certificateholders (which shall be simultaneously delivered to the Asset Representations
Reviewer) in accordance with the notice distribution procedures described in Section 12.01(a), unless the Certificate
Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied. If an Asset
Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations
Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the written direction
of Holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any Cumulative
Appraisal Reduction Amounts), shall, terminate all of the rights and obligations of the Asset Representations Reviewer under this
Agreement, other than rights and obligations accrued prior to such termination (including the right to receive all amounts accrued
and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination),
by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable
costs and expenses of itself and of each other party to this Agreement in connection with its termination due to an Asset Representations
Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall
have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer
Termination Event of which it becomes aware.

 

(b)         
Upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights (without
regard to the application of any Cumulative Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations
Reviewer with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment
by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the
Asset Representations Reviewer and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing
such notice to all Certificateholders at their addresses appearing in the Certificate Register and to the Asset Representations
Reviewer. Upon the written direction of Holders of Certificates evidencing at least 75% of a Certificateholder Quorum (without
regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee shall terminate all of the rights and obligations
of the Asset Representations Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date
of such termination and other than indemnification rights arising out of events occurring prior to such termination) by notice
in writing to the Asset Representations Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer,
on the one hand, and the Certificateholders, on the

 

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other, the Certificateholders shall be entitled in their sole discretion to
vote for the termination or not vote for the termination of the Asset Representations Reviewer. In the event that Holders of the
Certificates evidencing at least 75% of a Certificateholder Quorum (without regard to the application of any Cumulative Appraisal
Reduction Amounts) elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset
representations reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)        
On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than thirty
(30) days after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or
(2) the Trustee delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint
a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written
notice of the appointment of an Asset Representations Reviewer to each applicable Master Servicer, each applicable Special Servicer,
the Operating Advisor, the Certificate Administrator, the Directing Certificateholder and each Certificateholder within one Business
Day of such appointment.

 

The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify each applicable Master
Servicer, each applicable Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing
Certificateholder of such disqualification and immediately resign under Section 12.03 of this Agreement and the Trustee
shall appoint a successor asset representations reviewer subject to and in accordance with this Section 12.05. Notwithstanding
the foregoing, if the Trustee is unable to find a successor asset representations reviewer within thirty (30) days of the
termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee shall not
be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Trustee uses commercially
reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result of the Trustee’s
negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)         
Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to each applicable Special Servicer, each applicable Master
Servicer, the Certificate Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders),
the Operating Advisor, the Mortgage Loan Sellers, the Depositor, each Rating Agency, and, prior to the occurrence and continuance
of a Consultation Termination Event and the Directing Certificateholder. In the event that the Asset Representations Reviewer is
terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued
prior to the date of such termination (including the right to receive

 

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all amounts accrued and owing to it under this Agreement)
and other than indemnification rights (arising out of events occurring prior to such termination).

 

[End of Article XII]

 

Article XIII

MISCELLANEOUS PROVISIONS

 

Section 13.01     
Amendment. (a) This Agreement may be amended from time to time by the parties hereto, without the consent of
any of the Certificateholders or the Companion Holders:

 

(i)        
to correct any defect or ambiguity in this Agreement in order to address any manifest error in any provision of this Agreement;

 

(ii)        
to cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the
Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the Trust or
this Agreement or to correct or supplement any of its provisions which may be defective or inconsistent with any other provisions
therein or to correct any error;

 

(iii)        
to change the timing and/or nature of deposits in any applicable Collection Account, the Distribution Accounts or any REO
Account; provided that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
(including, for the avoidance of doubt, any Holder of an RR Interest), as evidenced in writing by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect
to such amendment;

 

(iv)        
to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that
any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC or the
Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense
of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder (including, for the avoidance of doubt, any Holder of an RR Interest) or Companion
Holder;

 

(v)        
to modify, eliminate or add to the provisions of Section 5.03(o) or any other provision hereof restricting transfer
of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be

 

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subject to a federal
tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)        
to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change;
provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
(including, for the avoidance of doubt, any Holder of an RR Interest) or any holder of a Serviced Pari Passu Companion Loan not
consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment
or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25);

 

(vii)        
to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25); provided that such amendment or supplement shall not adversely affect
in any material respect the interests of any Certificateholder (including, for the avoidance of doubt, any Holder of an RR Interest)
not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)        
to modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the applicable Master Servicer, the Trustee and, for so long
as a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan as to the Directing Certificateholder or the Holder of the majority of the Controlling Class, the Directing Certificateholder,
determine that the CMBS industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not cause any Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

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(ix)        
to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders (including, for
the avoidance of doubt, any Holders of the RR Interest), as evidenced by (x) an Opinion of Counsel or (y) if any Certificate
is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website pursuant to Section 3.13(c) and the Certificate Administrator shall post
such notice to the Certificate Administrator’s Website;

 

(x)        
to modify, eliminate or add to any of its provisions to such extent as will be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)        
to modify, eliminate or add to any of its provisions in the event the Risk Retention Rules or any other regulations applicable
to the foreign or domestic risk retention requirements for this securitization transaction are amended or repealed in whole or
in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected
provision(s) related to the risk retention requirements in the event of such repeal.

 

Notwithstanding the foregoing, no such
amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or
rights of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage
Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller or (B) may materially
and adversely affect the holder of a Companion Loan without such Companion Holder’s consent.

 

(b)         
This Agreement may also be amended from time to time by the parties hereto with the consent of the Holders of Certificates
of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests
constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided, however,
that no such amendment shall:

 

(i)        
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to
be distributed on a Certificate of any Class without the consent of the Holder of the Certificate or which are required to be distributed
to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Holders, as applicable; or

 

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(iii)        
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of
such Class then outstanding; or

 

(iv)        
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage
Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third
party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)        
amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation
from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25) and, if required under the related Intercreditor Agreement,
the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

(c)        
Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate
Administrator, the Depositor, any Master Servicer or any Special Servicer shall consent to any amendment hereto without having
first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder and
that such amendment or the exercise of any power granted to the applicable Master Servicer, the applicable Special Servicer, the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified
person in accordance with such amendment will not result in the imposition of a tax on any portion of the Trust Fund or any Trust
REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust
under the relevant provisions of the Code. Furthermore, no amendment to this Agreement may be made that changes any provision specifically
required to be included in this Agreement by an Intercreditor Agreement related to a Companion Loan without, in each case, the
consent of the holder of the related Companion Loan(s).

 

(d)         
No later than the effective date of any amendment to this Agreement, the Certificate Administrator shall post a copy of
the same to the Certificate Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall
post a copy of the same on the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c),
as applicable, and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment
together with a copy of such amendment in electronic format to each Certificateholder and each Serviced Companion Noteholder, the
Depositor, each Other Depositor, each Other Certificate Administrator, each applicable Master Servicer, each applicable Special
Servicer, the Underwriters and the Rating Agencies.

 

(e)        
It shall not be necessary for the consent of Certificateholders under this Section 13.01 to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and

 

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of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.

 

(f)    
The Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01
that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)        
The cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or Section 13.01(c)
and the cost of any amendment entered into hereunder shall be borne by the Person seeking the related amendment, except that if
any Master Servicer, the Certificate Administrator or the Trustee requests any amendment of this Agreement in furtherance of the
rights and interests of Certificateholders, the cost of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a)
or Section 13.01(c) shall be payable out of each applicable Collection Account.

 

(h)        
The Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect
to any class of Serviced Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25).

 

(i)     
To the extent the Operating Advisor, the Trustee, the Certificate Administrator, the applicable Master Servicer, the applicable
Special Servicer, the Asset Representations Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c)
in connection with executing any amendment to this Agreement, such party shall be deemed not to have acted negligently in connection
with entering into such amendment for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)    
Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to
this Section 13.01, Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be
entitled to the same Voting Rights with respect to matters described above as they would if any other Person held such Certificates,
so long as neither the Depositor nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)         
This Agreement may not be amended without the consent of any holder of a Companion Loan if such amendment would materially
and adversely affect the rights of such Companion Holder hereunder.

 

(l)     
In addition, if one but not all of the Mortgage Notes evidencing a Joint Mortgage Loan is repurchased by the applicable
Mortgage Loan Sellers, this Agreement may be amended by the parties hereto (at the expense of the party requesting such amendment
(or, if the applicable Master Servicer or applicable Special Servicer is requesting such amendment in connection with the fulfillment
of its duties under this Agreement, at the expense of the Trust)), without the consent of any Certificateholder, to add or modify
provisions relating to the applicable Repurchased Note for purposes of the servicing and administration of such Repurchased Note

 

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provided that the amendment shall not adversely affect in any material respect the interests of the Certificateholders, as evidenced
by a Rating Agency Confirmation from each Rating Agency (obtained at the expense of the Repurchasing Mortgage Loan Seller) with
respect to such amendment (or, if no such Rating Agency Confirmation is actually received, by an Opinion of Counsel to such effect).
Prior to the effectiveness of such amendment, if one but not all of the Mortgage Notes with respect to a Joint Mortgage Loan is
repurchased, the terms of Section 3.30 shall govern the servicing and administration of such Joint Mortgage Loan.

 

Section 13.02     
Recordation of Agreement; Counterparts. (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all appropriate public offices for real property records in all the counties or other comparable jurisdictions
in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office
or elsewhere, such recordation to be effected by the Certificate Administrator at the expense of the Depositor on direction by
the applicable Special Servicer and with the consent of the Depositor (which may not be unreasonably withheld), but only upon direction
accompanied by an Opinion of Counsel (the cost of which shall be paid by the Depositor) to the effect that such recordation materially
and beneficially affects the interests of the Certificateholders.

 

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

 

(c)        
The Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue
of the fact of the location of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s
expense.

 

Section 13.03     
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust, nor entitle such Certificateholder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the
rights, obligations and liabilities of the parties hereto or any of them.

 

     -486-

     

    

 

(b)         
No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control
the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained
in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the
parties to this Agreement pursuant to any provision hereof.

 

(c)        
No Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan,
or with respect to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this
Agreement, such Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default,
and of the continuance thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf
of the Trust and unless also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing
not less than 25% of the related Percentage Interests in such Class shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably
satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee,
for sixty (60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute
any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against
the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c), each and every
Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 13.04     
Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION
AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO
INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

     -487-

     

    

 

EACH OF THE PARTIES
HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING
IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS
TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

THE PARTIES HERETO
HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER
IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 13.05     
Notices. (a) Any communications provided for or permitted hereunder shall be in writing and, unless otherwise
expressly provided herein, shall be deemed to have been duly given if personally delivered at or couriered, sent by facsimile transmission
(other than with respect to the Mortgage Loan Sellers) or mailed by registered mail, postage prepaid (except for notices to the
Mortgage Loan Sellers, each applicable Master Servicer the Certificate Administrator and the Trustee which shall be deemed to have
been duly given only when received), to:

 

In the case of the Depositor:

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

with copies to:

 

Morgan Stanley Capital I Inc.

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

 

and

 

cmbs_notices@morganstanley.com

 

     -488-

     

    

 

In the case of the General Master
Servicer:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

 

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: BANK 2021-BNK32 Asset Manager

Facsimile number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com

 

with a copy to:

Wells Fargo Bank, National Association Legal Department

301 S. College St., TW 30

Charlotte, North Carolina 28202

Fax Number: (816) 412-9338

Attention: Commercial Mortgage Servicing Legal Support

Reference: BANK 2021-BNK32

 

with a copy to:

 

K&L Gates LLP

300 South Tryon Street

Suite 1000

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: BANK 2021-BNK32

 

In the case of the NCB Master
Servicer:

 

National Cooperative Bank, N.A.

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Kathleen Luzik, Chief
Operating Officer

Facsimile number: (703) 647-3473

Email: kluzik@ncb.coop

 

with a copy to:

 

National Cooperative Bank, N.A.

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Karyn Mann, Senior Vice
President

 

     -489-

     

    

 

Facsimile number: (703) 647-3479

Email: kmann@ncb.coop

 

In the case of the General Special
Servicer:

 

Rialto Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

Miami, Florida 33131

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with a copy to:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

 

and with a copy to:

 

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

 

and with a copy to:

 

Adam Singer

Facsimile number: (305) 229-6425

Email: adam.singer@rialtocapital.com

 

In the case of the NCB
Special Servicer:

 

National Cooperative
Bank, N.A.

2011 Crystal
Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik, Chief Operating Officer

Facsimile
number: (703) 647-3473

Email: kluzik@ncb.coop

 

with a copy to:

 

National Cooperative
Bank, N.A.

2011 Crystal
Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Karyn Mann, Senior Vice President

Facsimile
number: (703) 647-3479

Email: kmann@ncb.coop

 

     -490-

     

    

 

In the case of the Directing
Certificateholder:

 

RREF IV Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Fax number: (212) 751-4646

 

with a copy to:

 

RREF IV Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Fax number: (212) 751-4646

 

In the case of the Risk Retention
Consultation Party:

 

Morgan Stanley Mortgage Capital
Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

with copies to:

 

Morgan Stanley Mortgage Capital
Holdings LLC

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

 

and

 

cmbs_notices@morganstanley.com

 

In the case of the Trustee:

 

Wilmington Trust,
National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee BANK 2021-BNK32

 

with a copy to:

 

CMBSTrustee@wilmingtontrust.com

Facsimile No.: (302) 636-4140

 

     -491-

     

    

 

In the case of the Certificate
Administrator:

 

Wells Fargo Bank, National Association

9062 Old Annapolis
Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) – BANK 2021-BNK32

 

with a copy
to:

 

cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

In the case of the Custodian:

 

Wells Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group BANK 2021-BNK32

 

with a copy to:

 

cmbscustody@wellsfargo.com

 

in the case of a surrender, transfer
or exchange other than with respect to the RR Interest:

 

Wells Fargo Bank, National Association

600 South 4th Street

7th Floor, MAC 9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate
Transfer Services – BANK 2021-BNK32

 

In the case of the release or
transfer of the RR Interest:

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

7th Floor, MAC 9300-070

Columbia, Maryland 21045

Attention: Risk Retention Custody – BANK 2021-BNK32

 

with a copy to:

 

riskretentioncustody@wellsfargo.com

 

in the case of a surrender, transfer
or exchange other than with respect to the RR Interest:

 

     -492-

     

    

 

Wells Fargo Bank, National Association

600 South 4th Street

7th Floor, MAC 9300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Services – BANK 2021-BNK32

 

In the case of the Mortgage Loan
Sellers:

 

		1.	Wells Fargo Bank, National Association

301 South College St.

Charlotte, North Carolina 28288

Attention: BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

with a copy to:

 

Troy Stoddard, Senior Counsel

Wells Fargo Legal Department, D1086-341

550 S. Tryon St., 34th Floor

Charlotte, North Carolina 28202

 

and a copy to:

 

Herschel Patel

Wells Fargo Bank, National Association

10 S. Wacker Dr., 32nd Floor

Chicago, IL 60606

 

and a copy via email to:

 

cmbsnotices@wellsfargo.com
and herschel.patel@wellsfargo.com

 

		2.	Morgan Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

with copies to:

 

Morgan Stanley Mortgage Capital
Holdings LLC

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

 

and

 

cmbs_notices@morganstanley.com

 

     -493-

     

    

 

		3.	Bank of America, National Association

One Bryant Park,

Mail Code: NY1-100-11-07

New York, New York 10036

Attention: Director of CMBS Securitization

Email: leland.f.bunch@bofa.com

 

with copies to:

 

Bank of America Legal Department

150 North College Street

Mail Code: NC1-028-24-02

Charlotte, North Carolina 28255

Attention: W. Todd Stillerman, Esq.

Associate General Counsel &
Director

Email: todd.stillerman@bofa.com
and cmbsnotices@bofa.com

 

and

 

Katten Muchin Rosenman LLP

550 South Tryon Street, Suite 2900

Charlotte, North Carolina 28202

Attention: Joshua J. Yablonski, Esq.

Facsimile: (704) 444-2050

Email: joshua.yablonski@katten.com

 

		4.	National Cooperative Bank, N.A.

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Kathleen Luzik, Chief
Operating Officer

Facsimile number (703) 647-3473

Email: kluzik@ncb.coop

 

with a copy to:

 

National Cooperative Bank, N.A.

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Karyn Mann, Senior Vice
President

Facsimile number: (703) 647-3479

Email: kmann@ncb.coop

 

     -494-

     

    

 

In the case of the Operating
Advisor and the Asset Representations Reviewer:

 

Park Bridge Lender
Services LLC

600 Third Avenue,
40th Floor

New York, New
York 10016

Attention: BANK
2021-BNK32 Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In the case of any mezzanine
lender or Companion Loan Holder:

 

The address set forth in the related
Intercreditor Agreement.

 

To each such Person, such other address
as may hereafter be furnished by such Person to the parties hereto in writing. Any communication required or permitted to be delivered
to a Certificateholder shall be deemed to have been duly given when mailed first class, postage prepaid, to the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(b)         
Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall
deliver such written notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the
address listed below, promptly following the occurrence thereof. The applicable Master Servicer or the applicable Special Servicer,
as the case may be, the Certificate Administrator, and Trustee also shall furnish such other information regarding the Trust 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; provided, however, that such other information is first provided to the 17g-5 Information Provider
in accordance with the procedures set forth in Section 3.13(c); provided, further, that the 17g-5 Information
Provider shall not disclose which Rating Agency has requested such information. Notwithstanding the foregoing, the failure to deliver
such notices or copies shall not constitute a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation
of the rating by the Rating Agencies required hereunder shall be in writing.

 

Any notices to the Rating Agencies
shall be sent to the following addresses:

 

DBRS, Inc.

22 West Washington Street

Chicago, Illinois 60602

Attention: Commercial Mortgage
Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

     -495-

     

    

 

Fitch Ratings, Inc.

300 West 57th Street

New York, New York 10019

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

Section 13.06     
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 13.07     
Grant of a Security Interest. The Depositor intends that the conveyance of the Conveyed Property shall constitute
a sale and not a pledge of security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the
Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this
Agreement. The Depositor also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted to
the Trustee (in such capacity) a first priority security interest in the Depositor’s entire right, title and interest in,
to and under the Conveyed Property and all proceeds thereof, in each case, whether now owned or existing or hereafter acquired
or arising, and (ii) this Agreement shall constitute a security agreement under applicable law. The Depositor shall file or
cause to be filed, as a precautionary filing, a UCC Financing Statement in all appropriate locations in the State of Delaware promptly
following the initial issuance of the Certificates, and the Certificate Administrator shall, at the expense of the Depositor (to
the extent reasonable), prepare and file continuation statements with respect thereto, in each case in the six-month period prior
to every fifth anniversary of the date of the initial UCC Financing Statement. The Depositor shall cooperate in a reasonable manner
with the Certificate Administrator in the preparation and filing of such continuation statement. This Section 13.07
shall constitute notice to the Certificate Administrator and the Trustee pursuant to any of the requirements of the applicable
UCC.

 

Section 13.08     
Successors and Assigns; Third Party Beneficiaries. (a) The provisions of this Agreement shall be binding upon
and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to
the benefit of the Certificateholders. Each Mortgage Loan Seller (and its respective agents), each Companion Holder (and its respective
agents), each Underwriter, each depositor of a Regulation AB Companion Loan Securitization, each Other Exchange Act Reporting Party
(with respect to its rights under Article XI of this Agreement) and each Initial Purchaser is an intended third-party

 

     -496-

     

    

 

beneficiary to this Agreement in respect of the respective rights afforded it hereunder. No other person, including, without limitation,
any Mortgagor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement. If one, but not all,
of the Mortgage Notes evidencing any Joint Mortgage Loan is repurchased, the applicable Repurchasing Mortgage Loan Seller shall
be a third-party beneficiary of this Agreement to the same extent as if it were a holder of a Serviced Pari Passu Companion Loan,
as contemplated by Section 3.30 hereof.

 

(b)         
Each Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded
it hereunder. Each of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect
to all provisions herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer and Other
Trustee, and any provisions regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)        
Each of the applicable Non-Serviced Trustee, Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Depositor,
Non-Serviced Certificate Administrator and any Non-Serviced Trust holding a related Non-Serviced Companion Loan, shall be a third-party
beneficiary to this Agreement in respect to its rights as specifically provided for herein and under the applicable Non-Serviced
Intercreditor Agreement.

 

(d)         
Subject to Section 2.03(k), Section 2.03(l)(iv) and Section 2.03(l)(v), any Requesting
Certificateholder shall be an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k)
through Section 2.03(o).

 

Section 13.09     
Article and Section Headings. The article and section headings herein are for convenience of reference only, and
shall not limit or otherwise affect the meaning hereof.

 

Section 13.10     
Notices to the Rating Agencies. (a) The Certificate Administrator shall use reasonable efforts promptly to provide
notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c),
(and the related 17g-5 information provider for any class of Serviced Companion Loan Securities to the extent applicable to any
Serviced Whole Loan) with respect to each of the following of which it has actual knowledge:

 

(i)        
any material change or amendment to this Agreement;

 

(ii)        
the occurrence of a Servicer Termination Event that has not been cured;

 

(iii)        
the resignation or termination of the Certificate Administrator, any Master Servicer, the Asset Representations Reviewer
or any Special Servicer; and

 

(iv)        
the repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 5 of the related
Mortgage Loan Purchase Agreement.

 

(b)         
Each applicable Master Servicer shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider
for posting on the 17g-5 Information Provider’s

 

     -497-

     

    

 

Website pursuant to Section 3.13(c), with respect to each of
the following of which it has actual knowledge:

 

(i)        
the resignation or removal of the Trustee or the Certificate Administrator;

 

(ii)        
any change in the location of each applicable Collection Account;

 

(iii)        
any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)        
any change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance
described in Section 3.08;

 

(v)        
any additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for
any Mortgage Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than
5% of the then-aggregate outstanding principal balances of the Mortgage Loans and (2) $35,000,000;

 

(vi)        
any material damage to any Mortgaged Property;

 

(vii)        
any assumption with respect to a Mortgage Loan; and

 

(viii)        
any release or substitution of any Mortgaged Property.

 

(c)        
The Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any change
in the location of the Distribution Accounts and (ii) the final payment to any Class of Certificateholders.

 

(d)         
The Trustee, the Certificate Administrator, any Master Servicer and any Special Servicer, as applicable, shall furnish to
the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c),
and thereafter to each Rating Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable
to any Serviced Whole Loan) with respect to each Serviced Mortgage Loan such information as any Rating Agency shall reasonably
request and which the Trustee, the Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer,
can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating to such information
or violating the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator, any Master
Servicer and any Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect to such
information. Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require a party to
provide duplicative notices or copies to the Rating Agencies with respect to any of the above listed items. In connection with
the delivery by any Master Servicer or any Special Servicer to the 17g-5 Information Provider of any information, report, notice
or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify such Master
Servicer or such Special Servicer when such information, report, notice or document has been posted. The applicable Master Servicer
or the applicable Special Servicer, as the case may be, may, but shall not be obligated to, send such information, report,

 

     -498-

     

    

 

notice
or document to the applicable Rating Agency so long as such information, report, notice or document (i) was previously provided
to the 17g-5 Information Provider or (ii) is simultaneously provided, by 2:00 p.m. (New York City time) on any Business Day, to
the 17g-5 Information Provider.

 

Section 13.11     
Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Mortgage Loan Agreements. It is expressly
agreed and understood that, notwithstanding the assignment of the Mortgage Loan documents, it is expressly intended that the Mortgage
Loan Sellers are entitled to the benefit of any securitization indemnification provisions that specifically run to the benefit
of the lenders in the Mortgage Loan documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree
to reasonably cooperate with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining
the benefits of the provisions of any section of a loan agreement or securitization cooperation agreement providing for indemnification
of the lender and/or its loan seller affiliates with respect to the current securitization of the related Mortgage Loan, including,
without limitation, executing any documents as are reasonably necessary to permit the related Mortgage Loan Seller to enforce such
provisions for its benefit; provided, that none of the Depositor, Master Servicer, Special Servicer or Trustee shall be required
to take any action that is inconsistent with the Servicing Standard, would violate applicable law, the terms and provisions of
this Agreement or the Mortgage Loan documents, would adversely affect any Certificateholder, would cause either Trust REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes, or would
result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC
Provisions. To the extent that the Trustee is required to execute any document facilitating the above rights of a Mortgage Loan
Seller under this Section 13.11, such document shall be in form and substance reasonably acceptable to the Trustee.

 

[End of Article XIII]

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

     -499-

     

    

 

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

 

	 	Morgan
stanley capital i INC.,

Depositor
	 	 
	 	By:	/s/ Jane Lam 
	 	 	Name:	Jane Lam
	 	 	Title:	President 

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

General Master Servicer
	 	 
	 	By:	/s/ Amanda Perkins
	 	 	Name:	Amanda Perkins
	 	 	Title:	Vice President

 

	 	NATIONAL COOPERATIVE BANK, N.A.,

NCB Master Servicer
	 	 
	 	By:	/s/ Karyn Mann
	 	 	Name:	Karyn Mann
	 	 	Title:	Senior Vice President

 

	 	Rialto
Capital Advisors, LLC,

General Special Servicer
	 	 
	 	By:	/s/ Sorana Georgescu
	 	 	Name:	Sorana Georgescu
	 	 	Title:	Secretary

 

BANK 2021-BNK32
– Pooling and Servicing Agreement

 

     

     

    

 

	 	NATIONAL COOPERATIVE BANK, N.A.,

NCB Special Servicer
	 	 
	 	By:	/s/ Karyn Mann
	 	 	Name:	Karyn Mann
	 	 	Title:	Senior Vice President

 

	 	WELLS
Fargo bank, national association,

not in its individual capacity, but solely as Certificate Administrator
	 	 
	 	By:	/s/ Amy Mofsenson
	 	 	Name:	Amy Mofsenson
	 	 	Title:	Vice President

 

	 	Wilmington
Trust, national association,

not in its individual capacity, but solely as Trustee
	 	 
	 	By:	/s/ Dorri Costello
	 	 	Name:	Dorri Costello
	 	 	Title:	Vice President

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

	 	PARK
BRIDGE LENDER SERVICES LLC,

as Operating Advisor
	 	 
	 	By:	Park Bridge Advisors LLC

Its
Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC

Its Sole
Member

 

	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name:	Robert J. Spinna, Jr.
	 	 	Title:	Managing Member

 

	 	PARK
BRIDGE LENDER SERVICES LLC,

as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC

Its
Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC

Its Sole
Member

 

	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name:	Robert J. Spinna, Jr.
	 	 	Title:	Managing Member

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

 

On the 15 day of March,
2021, before me, a notary public in and for said State, personally appeared Jane Lam known to me to be a President of Morgan
Stanley Capital I Inc., that executed the within instrument, and also known to me to be the person who executed it on behalf of
such entity, and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Rosalie J. Nester
	 	Notary Public
	[SEAL]	 
	 	Rosalie J. Nester
	My commission expires:	Notary Public, State of New York
	 	 	No. 01NE636636B
	 	 	Qualified in New York County
	 	 	Commission Expires 10/30/2021

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

ACKNOWLEDGEMENT

 

	COMMONWEATH OF VIGINIA	)	 
	 	)	ss.:
	COUNTY OF ARLINGTON	)	 

 

On the 16th day of March, 2021, before me, a notary public in and for said Commonwealth, personally appeared Karyn Mann known to me to be a Senior Vice President of National Cooperative Bank, N.A., and also known to me to be the person who executed the attached instrument on behalf of such national banking association, and acknowledged to me that such Senior Vice President executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ MICHAEL A. PAYNE
	 	Notary Public in and for said County and State
	[SEAL]	 
	 	MICHAEL A. PAYNE
	My commission expires:	Notary Public
	October 31, 2021	 	Commonwealth of Virginia
	 	 	356490
	 	 	My Commission Expires Oct 31, 2021

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

	STATE OF FLORIDA	)	 
	 	)	ss.:
	COUNTY OF MIAMI-DADE	)	 

 

On the 19th day of March,
2021, before me, a notary public in and for said State, personally appeared Sorana Georgescu known to me to be a secretary of Rialto Capital
Advisors, LLC, that executed the within instrument, and also known to me to be the person who executed it on behalf of such entity,
and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ GALAXIA MARQUEZ
	 	Notary Public
	[SEAL]	 
	 	GALAXIA MARQUEZ
	My commission expires:	MY COMMISSION# GG 247285
	 	 	EXPIRES: September 18, 2022
	 	 	Bonded Thru Notary Public Underwriters

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

ACKNOWLEDGEMENT

 

	COMMONWEATH OF VIGINIA	)	 
	 	)	ss.:
	COUNTY OF ARLINGTON	)	 

 

On the 16th day of March, 2021, before me, a notary public
in and for said Commonwealth, personally appeared Karyn Mann known to me to be a Senior Vice President of National Cooperative Bank, N.A.,
and also known to me to be the person who executed the attached instrument on behalf of such national banking association, and acknowledged
to me that such Senior Vice President executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ MICHAEL A. PAYNE
	 	Notary Public in and for said County and State
	[SEAL]	 
	 	MICHAEL A. PAYNE
	My commission expires:	Notary Public
	October 31, 2021	 	Commonwealth of Virginia
	 	 	356490
	 	 	My Commission Expires Oct 31, 2021

 

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

	STATE OF DELAWARE	)	 
	 	)	ss.:
	COUNTY OF NEW CASTLE	)	 

 

On the 16th day of March, 2021 , before me, a notary public in and for said State, personally appeared Dorri Costello known to me to be a Vice President of Wilmington Trust, National Association, that executed the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Chad N. May
	 	Notary Public
	[SEAL]	 
	 	Chad N. May
	My commission expires:	 MY COMMISSION
	 	 	 EXPIRES
	 	 	04-06-2024
	 	 	NOTARY PUBLIC
	 	 	STATE OF DELAWARE

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

 

On this 15th day of March 2021, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	/s/ NIAJA WILLIAMS MOWATT
	 	NOTARY PUBLIC in and for the State of New York
	[SEAL]	 
	 	NIAJA WILLIAMS MOWATT
	My Commission expires:	Notary Publlc • State of New York
	3/31/24 	 	NO. 01Wl6184241
	 	 	Qualified In Suffolk County:
	 	 	My Commission Expires 3/31/24

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

 

 

	STATE OF NEW YORK	)	 
	 	)	ss.:
	COUNTY OF NEW YORK	)	 

 

On this 15th day of March 2021, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member of Park Bridge Financial LLC, which is tbe sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	/s/ NIAJA WILLIAMS MOWATT
	 	NOTARY PUBLIC in and for the State of New York
	[SEAL]	 
	 	NIAJA WILLIAMS MOWATT
	My Commission expires:	Notary Publlc • State of New York
	3/31/24 	 	NO. 01Wl6184241
	 	 	Qualified In Suffolk County:
	 	 	My Commission Expires 3/31/24

 

BANK
2021-BNK32 – Pooling and Servicing Agreement

 

     

     

    

 

 

 

EXHIBIT
A-1

 

[FORM
OF] CLASS [__] CERTIFICATE

 

BANK
2021-BNK32

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2021-BNK32, CLASS [__]

 

[FOR
CLASSES X-D, X-F, X-G, X-H, D, E, F, G AND H OFFERED PURSUANT TO REGULATION S:]1 [THIS CERTIFICATE IS A TEMPORARY
REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE
NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

[FOR
BOOK-ENTRY CERTIFICATES:]2 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE,
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS

 

 

1
       Temporary Regulation S Book-Entry Certificate legend.

 

2
       Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

 

     A-1-1

     

    

 

SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, ANY MASTER SERVICER,
ANY SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

[FOR
CLASSES A-1, A-2, A-3, A-SB, A-4, A-4-1, A-4-2, A-5, A-5-1, A-5-2, A-S, A-S-1, A-S-2, B, B-1, B-2, C, C-1, C-2, D, E, F, G AND
H:] [PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE
SET FORTH BELOW.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.]

 

[FOR
CLASS X CERTIFICATES AND CLASSES A-4-X1, A-4-X2, A-5-X1, A-5-X2, A-S-X1, A-S-X2, B-X1, B-X2, C-X1 AND C-X2:] [THIS CERTIFICATE
HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTIONS OF PRINCIPAL. THE NOTIONAL AMOUNT OF THE CLASS OF CERTIFICATES
TO WHICH THIS CERTIFICATE BELONGS WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE AGGREGATE CERTIFICATE BALANCE OF ANY
UNDERLYING CLASS OF PRINCIPAL BALANCE CERTIFICATES OR UPPER-TIER REGULAR INTERESTS, AS APPLICABLE, THAT COMPRISE ITS NOTIONAL
AMOUNT. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH
BELOW.

 

THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THIS CLASS OF CERTIFICATES IS BASED WILL BE REDUCED AS A

 

     A-1-2

     

    

 

RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW.]

 

[FOR
CLASSES X-D, X-F, X-G, X-H, D, E, F, G AND H:] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER
HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS
PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO INSTITUTIONS THAT
ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”),
AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.]

 

[FOR
CLASSES X-H, F, G AND H:] [THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT
IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN
THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA
OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42)
OF ERISA) OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S

 

     A-1-3

     

    

 

ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR
OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.]

 

[FOR
EXCHANGEABLE CERTIFICATES (CLASSES A-4, A-4-1, A-4-2, A-4-X1, A-4-X2, A-5, A-5-1, A-5-2, A-5-X1, A-5-X2, A-S, A-S-1, A-S-2, A-S-X1,
A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1, C-X2): SUBJECT TO THE CONDITIONS AND
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER Exchangeable CERTIFICATES
IN THE AMOUNTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.]

 

[FOR
REGULAR CERTIFICATES OTHER THAN THE RR INTEREST (CLASSES A-1, A-2, A-SB, A-3, D, E, F, G, H, X-A, X-B, X-D, X-F, X-G AND X-H):
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.]

 

[FOR
EXCHANGEABLE CERTIFICATES (CLASSES A-4, A-4-1, A-4-2, A-4-X1, A-4-X2, A-5, A-5-1, A-5-2, A-5-X1, A-5-X2, A-S, A-S-1, A-S-2, A-S-X1,
A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1, C-X2)): THIS CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN A
PORTION OF THE RELATED EXCHANGEABLE CLASS SPECIFIC GRANTOR TRUST ASSETS.]

 

[FOR
SUBORDINATE CERTIFICATES (CLASSES A-S, A-S-1, A-S-2, A-S-X1, A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1, C-X2, D, E, F,
G AND H): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

     A-1-4

     

    

	PASS-THROUGH
        RATE: [FOR CLASS A-1/A-2/A-SB/A-3/A-4/A-4-1/A-4-2/A-4-X1/A-4-X2/A-5-X1/A-5-X2/A-S-X1/A-S-X2/B-X1/B-X2/C-X1/C-X2/X-F/X-G/X-H:
        [____]% PER ANNUM] [FOR CLASS X-A/X-B/X-D: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT][FOR
        CLASS A-5/A-5-1/A-5-2/A-S/A-S-1/A-S-2/B/B-1/B-2/D/E: THE LESSER OF (I) [_]% PER ANNUM AND (II) THE WEIGHTED AVERAGE
        NET MORTGAGE RATE] FOR CLASS C: THE WEIGHTED AVERAGE NET MORTGAGE RATE] [FOR CLASS C-1/C-2/F/G/H: THE WEIGHTED AVERAGE
        NET MORTGAGE RATE MINUS [_]% PER ANNUM]

         

        INITIAL
        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THIS CERTIFICATE AS OF THE CLOSING DATE: $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2021

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MARCH 24, 2021

         

        FIRST
        DISTRIBUTION DATE:

        APRIL 16, 2021

         

        APPROXIMATE
        AGGREGATE

        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THE CLASS [__] CERTIFICATES

        AS OF THE CLOSING DATE: $[_________]

         
	GENERAL
        MASTER SERVICER:

        

        WELLS
        FARGO BANK, NATIONAL ASSOCIATION

         

        GENERAL
        SPECIAL SERVICER:

        

        RIALTO
        CAPITAL ADVISORS, LLC

         

        NCB
        MASTER SERVICER AND NCB SPECIAL SERVICER: NATIONAL COOPERATIVE BANK, N.A.

         

        TRUSTEE:

        

        WILMINGTON
        TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR:

        

        WELLS
        FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor: 

        

        PARK
        BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER:

        

        PARK
        BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        COMMON
        CODE NO.: [            ]

         

        CERTIFICATE
NO.: [_]-[_]

     A-1-5

     

    

 

CLASS [__]
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in each applicable Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account,
the Retained Certificate Gain-on-Sale Reserve Account, the Excess Interest Distribution Account and the REO Accounts, formed and
sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS
CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES: CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered owner of
the interest evidenced by this Certificate in the Class [__] Certificates issued by the Trust created pursuant to the Pooling
and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan
Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity under
the Pooling and Servicing Agreement), the Trustee, the General Master Servicer, the General Special Servicer, the NCB Master Servicer,
the NCB Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary
of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof [FOR EXCHANGEABLE CERTIFICATES (CLASSES A-4, A-4-1, A-4-2, A-4-X1, A-4-X2, A-5, A-5-1, A-5-2, A-5-X1, A-5-X2,
A-S, A-S-1, A-S-2, A-S-X1, A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1 AND C-X2): (subject to adjustments reflected on
the schedule of exchanges attached hereto)], by the aggregate initial Certificate Balance or Notional Amount, as applicable, of
the Class [__] Certificates [FOR EXCHANGEABLE CERTIFICATES (CLASSES A-4, A-4-1, A-4-2, A-4-X1, A-4-X2, A-5, A-5-1, A-5-2,
A-5-X1, A-5-X2, A-S, A-S-1, A-S-2, A-S-X1, A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1 AND C-X2): (as increased or decreased,
as the case may be, to reflect any exchanges of Exchangeable Certificates)]. The Certificates are designated as the BANK 2021-BNK32,
Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 and are issued in the classes as specifically set forth in the
Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the beneficial ownership of the Trust
Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and

 

     A-1-6

     

    

 

obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

[FOR
REGULAR CERTIFICATES OTHER THAN THE RR INTEREST (CLASSES A-1, A-2, A-SB, A-3, D, E, F, G, H, X-A, X-B, X-D, X-F, X-G AND X-H):
This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those
terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended (the “Code”).]
[FOR EXCHANGEABLE CERTIFICATES (CLASSES A-4, A-4-1, A-4-2, A-4-X1, A-4-X2, A-5, A-5-1, A-5-2, A-5-X1, A-5-X2, A-S, A-S-1, A-S-2,
A-S-X1, A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1 AND C-X2): This certificate represents an undivided beneficial interest
in a portion of the related Exchangeable Class Specific Grantor Trust Assets]. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and/or interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Pass-Through Rate specified above on the Certificate Balance
or Notional Amount, as applicable, of this Certificate immediately prior to each Distribution Date. Principal and/or interest
allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata
share of the Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution
to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the

 

     A-1-7

     

    

 

Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
each applicable Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the
Holders of Certificates specified in the Pooling and Servicing Agreement and each Master Servicer (with respect to its Collection
Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.
Amounts on deposit in such accounts may be invested in Permitted Investments to the extent provided in the Pooling and Servicing
Agreement. Interest or other investment income earned on funds in each applicable Collection Account will be paid to the applicable
Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals
from each applicable Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses or Retained
Certificate Realized Losses, as applicable, previously allocated to this Certificate) shall be made in like manner, but only upon
presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in
the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after
the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders
to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one
(1) year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,
directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement.

 

     A-1-8

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class [__] Certificates will be issued in minimum denominations of [FOR
REGISTERED PRINCIPAL BALANCE CERTIFICATES AND EXCHANGEABLE CERTIFICATES (CLASSES A-1, A-2, A-SB, A-3, A-4, A-4-1, A-4-2, A-4-X1,
A-4-X2, A-5, A-5-1, A-5-2, A-5-X1, A-5-X2, A-S, A-S-1, A-S-2, A-S-X1, A-S-X2, B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1 AND C-X2):
$10,000][FOR NON-REGISTERED PRINCIPAL BALANCE CERTIFICATES: CLASSES D, E, F, G AND H: $100,000][FOR CLASS X CERTIFICATES: $1,000,000],
and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal
to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 [FOR EXCHANGEABLE CERTIFICATES
(CLASSES A-4, A-4-1, A-4-2, A-4-X1, A-4-X2, A-5, A-5-1, A-5-2, A-5-X1, A-5-X2, A-S, A-S-1, A-S-2, A-S-X1, A-S-X2, B, B-1, B-2,
B-X1, B-X2, C, C-1, C-2, C-X1 AND C-X2): and Section 5.11] of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of the Certificate
Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to
the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar
in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The
Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable Special Servicer and the Certificate
Registrar, and any agent of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable Special
Servicer, the Certificate Registrar, or any agent of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification
of the rights and obligations of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than a majority of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued

 

     A-1-9

     

    

 

upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Holder of the majority of the Controlling Class, the Special Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Special Servicer, the Master Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Master Servicer, or the Holders of the Class R Certificates, in that order of priority, may,
at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect
of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated by
clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, each applicable
Special Servicer, each applicable Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of
the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the first Distribution
Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust
is less than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4,
Class A-5, Class A-S, Class B and Class C Exchangeable Upper-Tier Regular Interests are no longer outstanding (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates (other than the
Class V Certificates, Class R Certificates and RR Interest)), the Sole Certificateholder shall have the right, with the consent
of each applicable Master Servicer, to exchange all of its Certificates (other than the Class V Certificates, Class R Certificates
and RR Interest) together with the payment or deemed payment of the Termination Purchase Amount for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and

 

     A-1-10

     

    

 

Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

     A-1-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
     not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:  
March ___, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS [__] CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
      as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     A-1-12

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto  

 

 

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

     A-1-13

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account
of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

     A-1-14

     

    

 

[TO
BE ATTACHED TO RULE 144A/REGULATION S BOOK-ENTRY CERTIFICATES AND EXCHANGEABLE CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF CERTIFICATES

 

The
following exchanges of a part of this Certificate have been made:

 

     A-1-15

     

    

EXHIBIT
A-2

 

[FORM
OF] CLASS R CERTIFICATE

 

BANK
2021-BNK32

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2021-BNK32, CLASS R

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C
TO THE POOLING AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, ANY MASTER SERVICER,
ANY SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE
MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED
THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE

 

     A-2-1

     

    

 

FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION
§ 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT,
AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C)
IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D)
IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT
TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE
INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR
ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS
NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO
RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS “NON-ECONOMIC RESIDUAL INTERESTS” AS DEFINED IN TREASURY
REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE

 

     A-2-2

     

    

 

REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM
PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

     A-2-3

     

    

	PERCENTAGE
        INTEREST EVIDENCED BY THIS CERTIFICATE: [_]%

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2021

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MARCH 24, 2021

         

        FIRST
        DISTRIBUTION DATE:

        APRIL 16, 2021

         
	GENERAL
        MASTER SERVICER:

        

        WELLS
        FARGO BANK, NATIONAL ASSOCIATION

         

        GENERAL
        SPECIAL SERVICER:

        

        RIALTO
        CAPITAL ADVISORS, LLC

         

        NCB
        MASTER SERVICER AND NCB SPECIAL SERVICER: NATIONAL COOPERATIVE BANK, N.A.

         

        TRUSTEE:

        

        WILMINGTON
        TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR:

        

        WELLS
        FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor: 

        

        PARK
        BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER:

        

        PARK
        BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        CERTIFICATE
NO.: R-[_]

     A-2-4

     

    

 

CLASS
R CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in each applicable Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account,
the Retained Certificate Gain-on-Sale Reserve Account, the Excess Interest Distribution Account and the REO Accounts, formed and
sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS
CERTIFIES THAT [____________________] is the registered owner of the interest evidenced by this Certificate in the Class R Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the General Master Servicer,
the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the Certificate Administrator, the Operating
Advisor and the Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and Servicing
Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing the Percentage Interest in the Class of Certificates specified
on the face hereof. The Certificates are designated as the BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series
2021-BNK32 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will
evidence in the aggregate 100% of the beneficial ownership of the Trust Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Class R Certificate represents a “residual interest” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended (the
“Code”). Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent
with the treatment of, this

 

     A-2-5

     

    

 

Certificate in accordance with the preceding sentence for purposes of federal income taxes, state
and local income and franchise taxes and other taxes imposed on or measured by income. The Certificate Administrator shall be
designated as the “partnership representative” within the meaning of Section 6223 of the Code of each Trust REMIC.
By their acceptance thereof, the Holders of the Class R Certificates hereby agree to the designation of the Certificate Administrator
as “partnership representative” for the Trust REMICs.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate
Administrator in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by
this Certificate) and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution
Date to the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this
Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
each applicable Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the
Holders of Certificates specified in the Pooling and Servicing Agreement and each Master Servicer (with respect to its Collection
Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.
Amounts on deposit in such accounts may be invested in Permitted Investments to the extent provided in the Pooling and Servicing
Agreement. Interest or other investment income earned on funds in each applicable Collection Account will be paid to the applicable
Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals
from each applicable Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses or Retained
Certificate Realized Losses, as applicable, previously allocated to this Certificate) shall be made in like manner, but only upon
presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in
the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates

 

     A-2-6

     

    

 

shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after
the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders
to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one
(1) year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,
directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Each
Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition
of such Ownership Interest to have agreed to be bound by the following provisions. The rights of each Person acquiring any Ownership
Interest in a Class R Certificate are expressly subject to the following provisions: (A) no Person holding or acquiring any Ownership
Interest in a Class R Certificate shall be a Disqualified Organization or agent thereof (including a nominee, middleman or similar
person) (an “Agent”), a Plan or a Person acting on behalf of or investing the assets of a Plan (such Plan or
Person, an “ERISA Prohibited Holder”) or a Disqualified Non-U.S. Tax Person and shall promptly notify the Certificate
Registrar of any change or impending change to such status; (B) in connection with any proposed Transfer of any Ownership
Interest in a Class R Certificate, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed transferee
to deliver, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor, an affidavit
in substantially the form attached to the Pooling and Servicing Agreement as Exhibit D-1 (a “Transferee Affidavit”)
of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee
historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands
that, as the holder of a Residual Ownership Interest, it may incur tax liabilities in excess of cash flows generated by the residual
interest, (3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become
due, (4) the proposed transferee will not cause income with respect to the Residual Ownership Interest to be

 

     A-2-7

     

    

 

attributable to a
foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee
or any other U.S. Tax Person, (5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that
does not provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a
Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted
Transferee, and (6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of Section 5.03(o)
of the Pooling and Servicing Agreement and (y) other than in connection with the initial issuance of a Class R Certificate, require
a statement from the proposed transferor substantially in the form attached as Exhibit D-2 (the “Transferor Letter”),
that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual
knowledge or reason to know that the proposed transferee’s statements in its Transferee Affidavit are false.

 

The
Class R Certificates will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral
multiples of 1% in excess thereof.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, each applicable Master Servicer each applicable Special Servicer and the Certificate Registrar,
and any agent of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable Special Servicer, the
Certificate Registrar, or any agent of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification
of the rights and obligations of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than a majority of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

     A-2-8

     

    

 

The
Holder of the majority of the Controlling Class, the Special Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Special Servicer, the Master Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Master Servicer, or the Holders of the Class R Certificates, in that order of priority, may,
at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect
of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated by
clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, any Special Servicer,
any Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4,
Class A-5, Class A-S, Class B and Class C Exchangeable Upper-Tier Regular Interests are no longer outstanding (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates (other than the
Class V Certificates, Class R Certificates and RR Interest)), the Sole Certificateholder shall have the right, with the consent
of each applicable Master Servicer, to exchange all of its Certificates (other than the Class V Certificates, Class R Certificates
and RR Interest) together with the payment or deemed payment of the Termination Purchase Amount for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED

 

     A-2-9

     

    

 

BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

     A-2-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
     not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:  
March ___, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
      as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     A-2-11

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto  

 

 

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

     A-2-12

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account
of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

     A-2-13

     

    

 

EXHIBIT
A-3

 

[FORM
OF] CLASS V CERTIFICATE

 

BANK
2021-BNK32

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2021-BNK32, CLASS V

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, ANY MASTER SERVICER,
ANY SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE
MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED
THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE

 

     A-3-1

     

    

 

FIDUCIARY
RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED
IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42)
OF ERISA) OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS AN UNDIVIDED beneficial INTEREST IN A PORTION OF THE EXCESS INTEREST
GRANTOR TRUST ASSETS.

 

EACH
PURCHASER OF THIS CERTIFICATE SHALL BE REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
C TO THE POOLING AND SERVICING AGREEMENT.

 

     A-3-2

     

    

	PERCENTAGE
        INTEREST EVIDENCED BY THIS CERTIFICATE: [_]%

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2021

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MARCH 24, 2021

         

        FIRST
        DISTRIBUTION DATE: 

        APRIL 16, 2021

         
	GENERAL
        MASTER SERVICER: 

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        GENERAL
        SPECIAL SERVICER:

        RIALTO CAPITAL ADVISORS, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

        

        NCB
        MASTER SERVICER AND NCB SPECIAL SERVICER: NATIONAL COOPERATIVE BANK, N.A.

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: 

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [ ]

         

        ISIN
        NO.: [ ]

         

        CERTIFICATE
NO.: V-[_]

     A-3-3

     

    

 

CLASS
V CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in each applicable Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account,
the Retained Certificate Gain-on-Sale Reserve Account, the Excess Interest Distribution Account and the REO Accounts, formed and
sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS
CERTIFIES THAT [____________________] is the registered owner of the interest evidenced by this Certificate in the Class V Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which
term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the General Master Servicer, the General
Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the Certificate Administrator, the Operating Advisor and
the Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is
set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing the Percentage Interest in the Class of Certificates specified
on the face hereof. The Certificates are designated as the BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series
2021-BNK32 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will
evidence in the aggregate 100% of the beneficial ownership of the Trust Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents an undivided beneficial interest in a portion of the Excess Interest Grantor Trust Assets. Each Holder
of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate
in

 

     A-3-4

     

    

 

accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and
other taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of the Excess Interest then distributable, if any, allocable to the Class
of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency of the United States of America
as at the time of payment is legal tender for the payment of public and private debts.

 

This
Certificate is limited in right of payment to, among other things, Excess Interest actually collected on the Mortgage Loans, all
as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, each
applicable Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders
of Certificates specified in the Pooling and Servicing Agreement and each Master Servicer (with respect to its Collection Account)
or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.
Amounts on deposit in such accounts may be invested in Permitted Investments to the extent provided in the Pooling and Servicing
Agreement. Interest or other investment income earned on funds in each applicable Collection Account will be paid to the applicable
Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals
from each applicable Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses or Retained
Certificate Realized Losses, as applicable, previously allocated to this Certificate) shall be made in like manner, but only upon
presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in
the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after
the time specified in such notice, the Certificate

 

     A-3-5

     

    

 

Administrator shall mail a second notice to the remaining non-tendering Certificateholders
to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one
(1) year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,
directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

The
Class V Certificates will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral
multiples of 1% in excess thereof.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable Special Servicer and the Certificate
Registrar, and any agent of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable Special
Servicer, the Certificate Registrar, or any agent of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification
of the rights and obligations of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment

 

     A-3-6

     

    

 

evidencing in the aggregate not less
than a majority of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Holder of the majority of the Controlling Class, the Special Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Special Servicer, the Master Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Master Servicer, or the Holders of the Class R Certificates, in that order of priority, may,
at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect
of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated by
clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, any Special Servicer,
any Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4, Class A-5,
Class A-S, Class B and Class C Exchangeable Upper-Tier Regular Interests are no longer outstanding (and provided that there
is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates (other than the Class V Certificates,
Class R Certificates and RR Interest)), the Sole Certificateholder shall have the right, with the consent of each applicable Master
Servicer, to exchange all of its Certificates (other than the Class V Certificates, Class R Certificates and RR Interest) together
with the payment or deemed payment of the Termination Purchase Amount for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit

 

     A-3-7

     

    

 

under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

     A-3-8

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
     not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:  
March ___, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS V CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
      as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     A-3-9

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto  

 

 

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

     A-3-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account
of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

     A-3-11

     

    

EXHIBIT
A-4

 

[FORM
OF] RR Interest

 

BANK
2021-BNK32

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2021-BNK32, RR INTEREST

 

[FOR
BOOK-ENTRY CERTIFICATES ONLY AFTER THE RR INTEREST TRANSFER RESTRICTION PERIOD:]3 [UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, ANY MASTER SERVICER,
ANY SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING

 

 

3
       Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

     A-4-1

     

    

 

AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF RETAINED CERTIFICATE REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL
BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY
REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE RETAINED CERTIFICATE PRINCIPAL
DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING
THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE
MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED
THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. 

 

     A-4-2

     

    

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR USING THE ASSETS OF SUCH PLAN TO
ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF
PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS
CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR
LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION
OF SIMILAR LAW.

 

THIS
CERTIFICATE REPRESENTS (I) A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED AND (II) AN
UNDIVIDED BENEFICIAL INTEREST IN A PORTION OF THE EXCESS INTEREST GRANTOR TRUST ASSETS.

 

     A-4-3

     

    

	PASS-THROUGH
        RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE

         

        INITIAL
        CERTIFICATE BALANCE OF THIS CERTIFICATE AS OF THE CLOSING DATE: $[            ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2021

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MARCH 24, 2021

         

        FIRST
        DISTRIBUTION DATE:

        APRIL 16, 2021

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE OF THE RR INTEREST

        AS OF THE CLOSING DATE: $[_________]

         
	GENERAL
        MASTER SERVICER:

        

        WELLS
        FARGO BANK, NATIONAL ASSOCIATION

         

        GENERAL
        SPECIAL SERVICER:

        

        RIALTO
        CAPITAL ADVISORS, LLC

         

        NCB
        MASTER SERVICER AND NCB SPECIAL SERVICER: NATIONAL COOPERATIVE BANK, N.A.

         

        TRUSTEE:

        

        WILMINGTON
        TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR:

        

        WELLS
        FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor: 

        

        PARK
        BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER:

        

        PARK
        BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [______]

         

        CERTIFICATE
NO.: RR-[_]

     A-4-4

     

    

 

RR
INTEREST

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in each applicable Collection Account, the Distribution Accounts, the Interest Reserve Account, the Retained Certificate Gain-on-Sale
Reserve Account, the Retained Certificate Gain-on-Sale Reserve Account, the Excess Interest Distribution Account and the REO Accounts,
formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS
CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES ONLY AFTER THE RR INTEREST TRANSFER RESTRICTION PERIOD: CEDE & CO.] [FOR DEFINITIVE
CERTIFICATES: [MORGAN STANLEY BANK, N.A.][BANK OF AMERICA, NATIONAL ASSOCIATION][WELLS FARGO BANK, NATIONAL ASSOCIATION] is the
registered owner of the interest evidenced by this Certificate in the RR Interest issued by the Trust created pursuant to the
Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”), between
Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Trustee, the General Master Servicer, the General Special Servicer, the NCB Master
Servicer, the NCB Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.
A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent
not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the RR Interest. The Certificates are designated as the BANK
2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 and are issued in the classes as specifically set
forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the beneficial ownership
of the Trust Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any

 

     A-4-5

     

    

 

conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents (i) a “regular interest” in a “real estate mortgage investment conduit”, as those
terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended (the “Code”)
and (ii) an undivided beneficial interest in a portion of the Excess Interest Grantor Trust Assets. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
(including Excess Interest) then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums
distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment
is legal tender for the payment of public and private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Pass-Through Rate on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. Principal and interest allocated to this Certificate on any Distribution Date will
be in an amount equal to this Certificate’s pro rata share of the Retained Certificate Available Funds to be distributed
on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Retained
Certificate Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution
Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement. All Retained Certificate Realized Losses
allocated to the RR Interest will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans and Excess Interest actually collected on the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing
Agreement. As provided in the Pooling and Servicing Agreement, each applicable Collection Account and the Distribution Accounts
will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement
and each Master Servicer (with respect to its Collection Account) or the Certificate Administrator (with respect to the Distribution
Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may be invested in Permitted Investments
to the extent provided in the Pooling and Servicing Agreement. Interest or other investment income earned on funds in each applicable

 

     A-4-6

     

    

 

Collection Account will be paid to the applicable Master Servicer as set forth in the Pooling and Servicing Agreement. As provided
in the Pooling and Servicing Agreement, withdrawals from each applicable Collection Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with
respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses or Retained
Certificate Realized Losses, as applicable, previously allocated to this Certificate) shall be made in like manner, but only upon
presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in
the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six (6) months after
the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders
to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one
(1) year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,
directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon receipt by the Certificate Administrator of (i) a certificate from the prospective
Transferee in the form set forth in the Pooling and Servicing Agreement, countersigned by the Retaining Sponsor and (ii) a certificate
from the prospective Transferor in the form set forth in the Pooling and Servicing Agreement.

 

The
RR Interest will be issued in fully registered, certificated form in minimum denominations of $1, and in integral multiples of
$0.01 in excess thereof, with one Certificate of

 

     A-4-7

     

    

 

each such Class evidencing an additional amount equal to the remainder of the
initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the applicable Master Servicer, the applicable Special Servicer and the Certificate Registrar,
and any agent of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable Special Servicer, the
Certificate Registrar, or any agent of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification
of the rights and obligations of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less
than a majority of the aggregate Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders
of any of the Certificates.

 

The
Holder of the majority of the Controlling Class, the Special Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Special Servicer, the Master Servicer servicing the greater principal balance of the Mortgage
Loans as of that time, the other Master Servicer, or the Holders of the Class R Certificates, in that order of priority, may,
at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect
of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated by
clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, any Special Servicer,
any Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which

 

     A-4-8

     

    

 

the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class D and Class E Certificates and the Class A-4, Class A-5,
Class A-S, Class B and Class C Exchangeable Upper-Tier Regular Interests are no longer outstanding (and provided that there
is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding Certificates (other than the Class V Certificates,
Class R Certificates and RR Interest)), the Sole Certificateholder shall have the right, with the consent of each applicable Master
Servicer, to exchange all of its Certificates (other than the Class V Certificates, Class R Certificates and RR Interest) together
with the payment or deemed payment of the Termination Purchase Amount for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

     A-4-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
     not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:  
March ___, 2021

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS A PART OF THE RR INTEREST REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
      as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     A-4-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto  

 

 

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

     A-4-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account
of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

     A-4-12

     

    

 

 

 

EXHIBIT
B

 

MORTGAGE
LOAN SCHEDULE

 

     

     

    

BANK 2021-BNK32

Mortgage Loan Schedule
 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan ID	Mortgage

Loan Seller	Property Name 	Cut-off Date

Balance	Address 	City 	State 	Note Date	Maturity Date or ARD	Mortgage

Rate 	Original Term

to Maturity or ARD (mos.) 	Remaining Term

to Maturity or ARD (mos.) 	Original 

Amortization 

Term (mos.) 	ARD Loan 

(Y/N)	Primary Servicing

Fee Rate	Non-Serviced 

Primary Servicing 

Fee Rate	Master Servicing 

Fee Rate
	1	WFB	Pathline Park 9 & 10	$90,000,000	625 North Mary Avenue and 925 West Maude Avenue	Sunnyvale	CA	2/2/2021	2/11/2031	2.5020%	120	119	0	No	0.002500%	0.000000%	0.002500%
	2	BANA	Miami Design District	$90,000,000	151 NE 40th Street	Miami	FL	2/28/2020	3/1/2030	4.1325%	120	108	0	No	0.000000%	0.002500%	0.002500%
	3.00	BANA	Extra Space Rock ‘N Roll Self Storage Portfolio	$90,000,000	 	 	 	3/1/2021	3/1/2031	3.3255%	120	120	0	No	0.002500%	0.000000%	0.002500%
	3.01	BANA	Houston - Katy Fwy	$8,433,333	7879 Katy Freeway	Houston	TX	 	 	 	 	 	 	 	 	 	 
	3.02	BANA	Santa Maria - Skyway Dr	$7,416,667	2807 Skyway Drive	Santa Maria	CA	 	 	 	 	 	 	 	 	 	 
	3.03	BANA	Redlands – Alabama St	$7,025,000	321 Alabama Street	Redlands	CA	 	 	 	 	 	 	 	 	 	 
	3.04	BANA	Sacramento - Franklin Blvd	$6,950,000	6900 Franklin Boulevard	Sacramento	CA	 	 	 	 	 	 	 	 	 	 
	3.05	BANA	Dallas - Northwest Hwy	$6,383,333	1975 West Northwest Highway	Dallas	TX	 	 	 	 	 	 	 	 	 	 
	3.06	BANA	Sacramento - 5051 Perry Ave	$5,633,333	5051 Perry Avenue	Sacramento	CA	 	 	 	 	 	 	 	 	 	 
	3.07	BANA	Chicago - 95th St	$5,475,000	1000 East 95th Street	Chicago	IL	 	 	 	 	 	 	 	 	 	 
	3.08	BANA	Chicago - West Addison	$5,450,000	4400 West Addison Street	Chicago	IL	 	 	 	 	 	 	 	 	 	 
	3.09	BANA	Tracy - 787 E 11th St	$5,450,000	787 East 11th Street	Tracy	CA	 	 	 	 	 	 	 	 	 	 
	3.10	BANA	Tracy - 780 E 11th St	$5,425,000	780 East 11th Street	Tracy	CA	 	 	 	 	 	 	 	 	 	 
	3.11	BANA	Fredericksburg - 5219 Plank Rd	$5,358,333	5219 Plank Road	Fredericksburg	VA	 	 	 	 	 	 	 	 	 	 
	3.12	BANA	North Aurora - Lincolnway	$4,966,667	416 South Lincolnway Street	North Aurora	IL	 	 	 	 	 	 	 	 	 	 
	3.13	BANA	Spring - I-45 North	$4,791,667	25690 North Interstate Highway 45	Spring	TX	 	 	 	 	 	 	 	 	 	 
	3.14	BANA	Chicago - Pulaski Rd	$4,583,333	4222 South Pulaski Road	Chicago	IL	 	 	 	 	 	 	 	 	 	 
	3.15	BANA	El Paso - Desert Blvd	$3,366,667	5405 South Desert Boulevard	El Paso	TX	 	 	 	 	 	 	 	 	 	 
	3.16	BANA	Mt Pleasant - Bowman Rd	$3,291,667	1117 Bowman Road	Mount Pleasant	SC	 	 	 	 	 	 	 	 	 	 
	4	MSMCH	605 Third Avenue	$71,000,000	605 Third Avenue	New York	NY	11/20/2020	12/5/2030	1.9375%	120	117	0	No	0.000000%	0.002500%	0.002500%
	5	MSMCH	530 Seventh Avenue Fee	$55,000,000	530 Seventh Avenue	New York	NY	2/26/2021	3/1/2031	2.3600%	120	120	0	No	0.002500%	0.000000%	0.002500%
	6.00	BANA	ExchangeRight Net Leased Portfolio #43	$38,140,000	 	 	 	2/9/2021	3/1/2031	3.2530%	120	120	0	No	0.002500%	0.000000%	0.002500%
	6.01	BANA	Lowe's - Dalton (Cleveland), GA	$6,245,092	1212 Cleveland Highway	Dalton	GA	 	 	 	 	 	 	 	 	 	 
	6.02	BANA	Natural Grocers - Grand Forks (32nd Avenue), ND	$3,440,224	1901 32nd Avenue South	Grand Forks	ND	 	 	 	 	 	 	 	 	 	 
	6.03	BANA	Tractor Supply - Patterson (Rte-311), NY	$3,409,231	1253 Route 311	Patterson	NY	 	 	 	 	 	 	 	 	 	 
	6.04	BANA	Walgreens (Grand) - Ames, IA	$3,223,273	2719 Grand Avenue	Ames	IA	 	 	 	 	 	 	 	 	 	 
	6.05	BANA	Walgreens - Baltimore (Liberty), MD	$2,696,392	8050 Liberty Road	Baltimore	MD	 	 	 	 	 	 	 	 	 	 
	6.06	BANA	Walgreens - Independence (East 23rd), MO	$2,463,944	1536 East 23rd Street South	Independence	MO	 	 	 	 	 	 	 	 	 	 
	6.07	BANA	Fresenius Medical Care - Cary (Stamford), NC	$2,460,845	100 Stamford Drive	Cary	NC	 	 	 	 	 	 	 	 	 	 
	6.08	BANA	Walgreens - Skokie (Skokie), IL	$2,417,455	9150 Skokie Boulevard	Skokie	IL	 	 	 	 	 	 	 	 	 	 
	6.09	BANA	Tractor Supply - Anderson (Scatterfield), IN	$2,138,518	6818 South Scatterfield Road	Anderson	IN	 	 	 	 	 	 	 	 	 	 
	6.10	BANA	M&T Bank - Rochester (Latta), NY	$2,076,532	3165 Latta Road	Rochester	NY	 	 	 	 	 	 	 	 	 	 
	6.11	BANA	Fresenius Medical Care - Walker (Walker), LA	$1,859,581	29250 Walker Road	Walker	LA	 	 	 	 	 	 	 	 	 	 
	6.12	BANA	Sherwin Williams - Noblesville (Sunny), IN	$1,828,588	14795 Sunny Dell Lane	Noblesville	IN	 	 	 	 	 	 	 	 	 	 
	6.13	BANA	Sherwin Williams - Bloomington (Gates), IN	$1,394,686	402 North Gates Drive	Bloomington	IN	 	 	 	 	 	 	 	 	 	 
	6.14	BANA	Dollar Tree - Midland (Big Spring), TX	$1,245,919	2300 North Big Spring Street	Midland	TX	 	 	 	 	 	 	 	 	 	 
	6.15	BANA	Sherwin Williams - Hamilton (Walden), OH	$1,239,720	6570 Walden Ponds Circle	Hamilton	OH	 	 	 	 	 	 	 	 	 	 
	7.00	BANA	Boca Office Portfolio 	$29,700,000	 	 	 	2/17/2021	3/6/2026	4.0200%	60	60	0	No	0.000000%	0.001250%	0.002500%
	7.01	BANA	Boardwalk @ 18th	$9,000,000	6909 Southwest 18th Street 	Boca Raton	FL	 	 	 	 	 	 	 	 	 	 
	7.02	BANA	Fountains Center	$8,550,000	7000-7700 West Camino Real and 22125 Powerline Road	Boca Raton	FL	 	 	 	 	 	 	 	 	 	 
	7.03	BANA	City National Park	$8,550,000	7000 Palmetto Park Road and 22125 Powerline Road	Boca Raton	FL	 	 	 	 	 	 	 	 	 	 
	7.04	BANA	Grove Centre	$3,600,000	21301 Powerline Road	Boca Raton	FL	 	 	 	 	 	 	 	 	 	 
	8	BANA	Park Del Amo	$28,140,000	2355 & 2377 Crenshaw Boulevard	Torrance	CA	3/1/2021	3/1/2031	2.8650%	120	120	0	No	0.002500%	0.000000%	0.002500%
	9	MSMCH	Lakeshore Business Center	$25,100,000	3201 & 3125 West Commercial Boulevard and 5100 & 5200 Northwest 33rd Avenue	Fort Lauderdale	FL	3/3/2021	4/1/2031	3.9500%	121	121	360	No	0.002500%	0.000000%	0.002500%
	10.00	BANA	Southern Flexible–Apartment Portfolio	$21,500,000	 	 	 	3/4/2021	4/1/2031	3.8000%	121	121	360	No	0.002500%	0.000000%	0.002500%
	10.01	BANA	Siegel Suites – San Antonio, TX	$6,360,000	3855 North PanAm Expressway	San Antonio	TX	 	 	 	 	 	 	 	 	 	 
	10.02	BANA	Siegel Select – Albuquerque, NM	$6,120,000	2500 University Boulevard Northeast	Albuquerque	NM	 	 	 	 	 	 	 	 	 	 
	10.03	BANA	Siegel Select – Bossier City, LA	$4,770,000	3070 East Texas Street	Bossier City	LA	 	 	 	 	 	 	 	 	 	 
	10.04	BANA	Siegel Suites – Holland, OH	$4,250,000	6101 Trust Drive	Holland	OH	 	 	 	 	 	 	 	 	 	 
	11	MSMCH	250 Bedford Avenue	$20,000,000	129-139 North 3rd Street a/k/a 248-252 Bedford Avenue a/k/a 195-205 Berry Street	Brooklyn	NY	12/23/2020	1/1/2031	3.2650%	120	118	0	No	0.002500%	0.000000%	0.002500%
	12.00	WFB	Lake Region Portfolio	$18,700,000	 	 	 	2/4/2021	2/11/2031	3.4900%	120	119	0	No	0.002500%	0.000000%	0.002500%
	12.01	WFB	US Storage Centers - Duluth	$9,180,000	3210 West Michigan Street	Duluth	MN	 	 	 	 	 	 	 	 	 	 
	12.02	WFB	US Storage Centers - St. Paul	$5,565,000	606 Vandalia Street	Saint Paul	MN	 	 	 	 	 	 	 	 	 	 
	12.03	WFB	US Storage Centers - Brainerd	$3,620,000	16231 State Highway 371	Brainerd	MN	 	 	 	 	 	 	 	 	 	 
	12.04	WFB	US Storage Centers - Pine Tree	$335,000	14647 State Highway 18	Brainerd	MN	 	 	 	 	 	 	 	 	 	 
	13	MSMCH	Heath Town Center	$16,800,000	453, 455, 457, 459, 465, 469, 473, 551 and 585 Laurence Drive	Heath	TX	2/4/2021	3/1/2031	3.9950%	120	120	0	No	0.002500%	0.000000%	0.002500%
	14	WFB	McClellan Park	$16,600,000	Various	McClellan	CA	11/13/2020	12/11/2030	3.3090%	120	117	0	No	0.000000%	0.001250%	0.002500%
	15	MSMCH	111 Fourth Avenue	$15,000,000	111 Fourth Avenue	New York	NY	1/26/2021	2/1/2031	2.7250%	120	119	360	No	0.002500%	0.000000%	0.002500%
	16	WFB	Extra Space Storage - DC	$14,500,000	2800 8th Street Northeast	Washington	DC	2/4/2021	2/11/2031	3.8500%	120	119	360	No	0.002500%	0.000000%	0.002500%
	17	MSMCH	12900 I Street	$14,000,000	12900 I Street	Omaha	NE	3/4/2021	4/1/2031	4.6400%	121	121	360	No	0.002500%	0.000000%	0.002500%
	18	MSMCH	ASM America HQ	$12,850,000	3420-3440 East University Drive	Phoenix	AZ	1/28/2021	2/1/2029	2.7800%	96	95	0	No	0.002500%	0.000000%	0.002500%
	19	WFB	Chapel Lakes	$12,577,676	100 Chapel Lakes Drive	Wetumpka	AL	2/3/2021	2/11/2031	3.4840%	120	119	360	No	0.002500%	0.000000%	0.002500%
	20	MSMCH	Candlewood Apartments & Country Villas	$12,500,000	5958-5982, 5938-5956, 5928-5936, 5912-5926, 5902-5910, 5901-5915, 5919-5931, 5933-5947 Oak River Drive and 8401 Aiken Court	Tampa	FL	1/28/2021	2/1/2031	3.5250%	120	119	0	No	0.002500%	0.000000%	0.002500%
	21	WFB	El Paseo	$12,000,000	808, 812-814 State Street; 813-819 Anacapa Street; 23-25 East De La Guerra Street; 1-38 and 101-129 El Paseo	Santa Barbara	CA	2/9/2021	2/11/2031	3.4990%	120	119	360	No	0.002500%	0.000000%	0.002500%
	22	MSMCH	Olin Technology Administration Center	$11,700,000	604 Highway 332	Lake Jackson	TX	2/18/2021	3/1/2031	3.7850%	120	120	0	No	0.002500%	0.000000%	0.002500%
	23.00	MSMCH	North Austin Portfolio	$11,500,000	 	 	 	1/25/2021	2/1/2031	3.6300%	120	119	360	No	0.002500%	0.000000%	0.002500%
	23.01	MSMCH	Cold Springs Marketplace	$7,482,000	15609 Ronald Wilson Reagan Boulevard	Leander	TX	 	 	 	 	 	 	 	 	 	 
	23.02	MSMCH	Old Settlers Market	$4,018,000	1400 East Old Settlers Boulevard	Round Rock	TX	 	 	 	 	 	 	 	 	 	 
	24	NCB	Towne House Village North Owners, Inc.	$10,680,000	700 Blydenburgh Road	Hauppauge	NY	2/19/2021	3/1/2031	3.1800%	120	120	0	No	0.000000%	0.000000%	0.080000%
	25	MSMCH	2 Boston Post Road	$10,000,000	2 Boston Post Road	Orange	CT	2/26/2021	3/1/2031	3.5100%	120	120	0	No	0.002500%	0.000000%	0.002500%
	26.00	WFB	Walgreens Sale-Leaseback Portfolio - NV,FL,TX	$9,775,000	 	 	 	2/23/2021	3/11/2031	3.6120%	120	120	360	No	0.002500%	0.000000%	0.002500%
	26.01	WFB	2389 East Windmill	$3,560,055	2389 East Windmill Lane	Las Vegas	NV	 	 	 	 	 	 	 	 	 	 
	26.02	WFB	12601 Tech Ridge Boulevard	$3,366,510	12601 Tech Ridge Boulevard	Austin	TX	 	 	 	 	 	 	 	 	 	 
	26.03	WFB	850 43rd Avenue Southwest	$2,848,435	850 43rd Avenue Southwest	Vero Beach	FL	 	 	 	 	 	 	 	 	 	 
	27	NCB	Valerie Arms Apartment Corp.	$9,000,000	54-40 and 54-44 Little Neck Parkway	Little Neck	NY	2/26/2021	3/1/2031	3.0900%	120	120	360	No	0.000000%	0.000000%	0.080000%
	28	NCB	Blossom Gardens Apartments, Inc.	$7,490,975	134-30 Franklin Avenue, 134-34 Franklin Avenue, 134-33 Blossom Avenue, and 134-39 Blossom Avenue	Flushing	NY	1/27/2021	2/1/2031	3.2200%	120	119	480	No	0.000000%	0.000000%	0.080000%
	29	BANA	Extra Space Storage - Lompoc, CA	$7,250,000	2225 Briar Creek Way	Lompoc	CA	2/26/2021	3/1/2031	3.8520%	120	120	0	No	0.002500%	0.000000%	0.002500%
	30	WFB	A Storage Place – Fort Collins	$7,000,000	232 East County Road 30	Loveland	CO	2/16/2021	3/11/2031	3.5320%	120	120	0	No	0.002500%	0.000000%	0.002500%
	31	MSMCH	Foley Cubesmart	$7,000,000	3521 South McKenzie Street	Foley	AL	1/27/2021	2/1/2031	3.9700%	120	119	360	No	0.002500%	0.000000%	0.002500%
	32	MSMCH	Lowe's Cromwell	$6,400,000	90 Berlin Road	Cromwell	CT	2/26/2021	3/1/2031	4.0300%	120	120	0	No	0.002500%	0.000000%	0.002500%
	33.00	MSMCH	CVS-Walgreens Portfolio	$5,010,000	 	 	 	1/19/2021	2/1/2031	3.6850%	120	119	0	No	0.002500%	0.000000%	0.002500%
	33.01	MSMCH	Walgreens	$2,906,211	100 Admiral Weinel Boulevard	Columbia	IL	 	 	 	 	 	 	 	 	 	 
	33.02	MSMCH	CVS	$2,103,789	6217 Silver Star Road	Orlando	FL	 	 	 	 	 	 	 	 	 	 
	34	MSMCH	Winding Way Apartments	$5,000,000	5801 Winding Way	Carmichael	CA	2/18/2021	3/1/2031	3.5350%	120	120	0	No	0.002500%	0.000000%	0.002500%
	35	MSMCH	Yuba City 99 Self Storage	$5,000,000	1268 Stewart Road	Yuba City	CA	2/12/2021	3/1/2031	3.1600%	120	120	0	No	0.062500%	0.000000%	0.002500%
	36	MSMCH	Summer Haven MHP	$5,000,000	650 Summerhaven	Forney	TX	2/26/2021	3/1/2031	4.5550%	120	120	360	No	0.002500%	0.000000%	0.002500%
	37	BANA	Lockaway Self Storage - Castro Valley, CA	$4,772,400	8555 Dublin Canyon Road	Castro Valley	CA	2/25/2021	3/1/2031	3.8900%	120	120	0	No	0.002500%	0.000000%	0.002500%
	38	MSMCH	CVS Bartlesville OK	$4,700,000	3711 Southeast Frank Phillips Boulevard	Bartlesville	OK	1/26/2021	2/1/2031	3.8200%	120	119	0	No	0.002500%	0.000000%	0.002500%
	39	WFB	WAG - Aurora, CO	$4,700,000	12011 East Iliff Avenue	Aurora	CO	2/5/2021	2/11/2028	4.0840%	84	83	0	No	0.042500%	0.000000%	0.002500%
	40	BANA	Woodland Park Self Storage, Sheridan, WY  	$4,582,500	5211 Coffeen Avenue	Sheridan	WY	1/28/2021	2/1/2031	3.1800%	120	119	0	No	0.002500%	0.000000%	0.002500%
	41	MSMCH	Holiday Acres MHP	$4,530,000	2701 Leary Lane	Victoria	TX	3/3/2021	4/1/2031	4.4700%	121	121	360	No	0.002500%	0.000000%	0.002500%
	42	MSMCH	52 Ludlow Street	$4,500,000	52 Ludlow Street	New York	NY	2/23/2021	3/1/2031	3.3300%	120	120	0	No	0.002500%	0.000000%	0.002500%
	43	BANA	Stuff Ur Storage Henderson, NV	$4,425,000	651 Eastgate Road	Henderson	NV	1/20/2021	2/1/2031	3.6100%	120	119	0	No	0.002500%	0.000000%	0.002500%
	44	BANA	16680 Valley View Avenue Data Center	$4,150,000	16680 Valley View Avenue	La Mirada	CA	1/8/2021	2/1/2031	4.0080%	120	119	360	No	0.002500%	0.000000%	0.002500%
	45	NCB	Tee-Lex Operating Inc.	$4,000,000	288 Lexington Avenue	New York	NY	2/23/2021	3/1/2031	3.1900%	120	120	0	No	0.000000%	0.000000%	0.080000%
	46	NCB	30 Clinton Place Owners, Inc.	$4,000,000	30 Clinton Place	New Rochelle	NY	1/28/2021	2/1/2031	3.2400%	120	119	0	No	0.000000%	0.000000%	0.080000%
	47	MSMCH	Gold Creek Apartments	$3,700,000	2150 Benita Drive	Rancho Cordova	CA	2/18/2021	3/1/2031	3.5350%	120	120	0	No	0.002500%	0.000000%	0.002500%
	48	BANA	Storelocal  - Coeur d'Alene, ID	$3,700,000	3628 West Industrial Loop & 3655 North Cederblom Street	Coeur d’Alene	ID	1/22/2021	2/1/2031	3.6500%	120	119	0	No	0.002500%	0.000000%	0.002500%
	49	NCB	Larchmont Gables Apartment Corp.	$3,393,758	1440-1456 Boston Post Road	Larchmont	NY	1/29/2021	2/1/2031	3.2000%	120	119	360	No	0.000000%	0.000000%	0.080000%

 

     

     

    

 

BANK 2021-BNK32

Mortgage Loan Schedule
 

	Loan ID	Mortgage

Loan Seller	Property Name 	Cut-off Date

Balance	Address 	City 	State 	Note Date	Maturity Date or ARD	Mortgage

Rate 	Original Term

to Maturity or ARD (mos.) 	Remaining Term

to Maturity or ARD (mos.) 	Original 

Amortization 

Term (mos.) 	ARD Loan 

(Y/N)	Primary Servicing

Fee Rate	Non-Serviced 

Primary Servicing 

Fee Rate	Master Servicing 

Fee Rate
	50	NCB	305 Equities Corp.	$2,900,000	303-307 West 86th Street	New York	NY	3/4/2021	4/1/2031	2.9900%	121	121	360	No	0.000000%	0.000000%	0.080000%
	51	BANA	Glenview Mobile Lodge Community	$2,850,000	13445 Hwy 8 Business (aka 13445 I-8BL)	El Cajon	CA	2/10/2021	3/1/2031	4.6900%	120	120	0	No	0.002500%	0.000000%	0.002500%
	52	NCB	511 West 232nd Owners Corp.	$2,500,000	511 West 232nd Street	Bronx	NY	2/26/2021	3/1/2031	3.1200%	120	120	360	No	0.000000%	0.000000%	0.080000%
	53	NCB	Shore Lane Arms Owners Corp.	$2,345,724	9801 Shore Road	Brooklyn	NY	1/29/2021	2/1/2031	3.2700%	120	119	360	No	0.000000%	0.000000%	0.080000%
	54	MSMCH	69 Meserole Avenue	$2,050,000	69 Meserole Avenue	Brooklyn	NY	3/3/2021	4/1/2031	4.1700%	121	121	0	No	0.002500%	0.000000%	0.002500%
	55	NCB	267 W. 89 Owners Corp.	$2,000,000	267 West 89th Street	New York	NY	2/24/2021	3/1/2031	3.2200%	120	120	0	No	0.000000%	0.000000%	0.080000%
	56	NCB	169 Spring Owners Corp.	$1,800,000	165/169 Spring Street a/k/a 408/410 West Broadway	New York	NY	2/24/2021	3/1/2031	3.3600%	120	120	360	No	0.000000%	0.000000%	0.080000%
	57	NCB	14 Jay Street Owners Corp.	$1,800,000	14 Jay Street	New York	NY	1/28/2021	2/1/2031	3.3600%	120	119	0	No	0.000000%	0.000000%	0.080000%
	58	NCB	327-329 4th St. Owners Corp.	$1,600,000	327-329 4th Street	Brooklyn	NY	2/11/2021	3/1/2031	3.4500%	120	120	480	No	0.000000%	0.000000%	0.080000%
	59	NCB	210 Equities Corp.	$1,497,298	210 West 21st Street	New York	NY	1/26/2021	2/1/2031	3.3500%	120	119	360	No	0.000000%	0.000000%	0.080000%
	60	NCB	39-75 56th Street Owners Corp.	$1,500,000	39-75 56th Street	Woodside	NY	2/23/2021	3/1/2031	3.3300%	120	120	480	No	0.000000%	0.000000%	0.080000%
	61	BANA	Squaw Valley Mobile Home Community	$1,375,000	33501 South Ta Do Hoya Trail	Black Canyon City	AZ	3/1/2021	3/1/2031	5.1100%	120	120	360	No	0.002500%	0.000000%	0.002500%
	62	NCB	Woodbury Gardens Redevelopment Company Owners Corp.	$1,297,640	Jericho Turnpike	Woodbury	NY	1/29/2021	2/1/2031	3.2900%	120	119	360	No	0.000000%	0.000000%	0.080000%
	63	NCB	Parkway Owners Inc.	$1,200,000	1910 Pelham Parkway South	Bronx	NY	2/25/2021	3/1/2031	3.3800%	120	120	120	No	0.000000%	0.000000%	0.080000%
	64	NCB	91 Tenants Corp.	$1,000,000	114 East 91st Street	New York	NY	3/1/2021	3/1/2031	3.3500%	120	120	0	No	0.000000%	0.000000%	0.080000%

                             

     

     

    

 

 

EXHIBIT
C

 

FORM
OF INVESTMENT REPRESENTATION LETTER

 

Wells
Fargo Bank, National Association

as
Certificate Registrar,

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS) – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

Morgan
Stanley Capital I Inc. 

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

Morgan
Stanley Capital I Inc. 

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

 

with
a copy to

 

cmbs_notices@morganstanley.com

 

		Re:	Transfer
                                         of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer,
on behalf of the holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 in connection with
the transfer by _________________ (the “Seller”) to the undersigned (the “Purchaser”) of
$_______________ aggregate [Certificate Balance][Notional Amount][__% Percentage Interest] of Class ___ Certificates (the
“Certificates”). Capitalized terms used and not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Pooling and Servicing Agreement.

 

    Exhibit C-1

     

    

 

In
connection with such transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.
         Check one of the following:*

 

		☐	The
                                         Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution
                                         that is an “accredited investor” within the meaning of Rule 501(a)(1),
                                         (2), (3) or (7) of Regulation D (“Regulation D”) under the Securities
                                         Act of 1933, as amended (the “Securities Act”) or any entity in which
                                         all of the equity owners are “accredited investors” within the meaning of
                                         Rule 501(a)(1), (2), (3) or (7) of Regulation D (each, an “Institutional Accredited
                                         Investor”) and has such knowledge and experience in financial and business
                                         matters as to be capable of evaluating the merits and risks of its investment in the
                                         Certificates, and the Purchaser and any accounts for which it is acting are each able
                                         to bear the economic risk of the Purchaser’s or such account’s investment.
                                         The Purchaser is acquiring the Certificates purchased by it for its own account or for
                                         one or more accounts, each of which is an Institutional Accredited Investor, as to each
                                         of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes
                                         to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

		☐	The
                                         Purchaser is a “qualified institutional buyer” (a “QIB”)
                                         within the meaning of Rule 144A (“Rule 144A”) under the Securities
                                         Act. The Purchaser is aware that the transfer is being made in reliance on Rule 144A,
                                         and the Purchaser has had the opportunity to obtain the information required to be provided
                                         pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.          The
Purchaser’s intention is to acquire the Certificates (a) for investment for the Purchaser’s own account or (b) for
reoffer, resale, pledge or other transfer (i) to QIBs in transactions under Rule 144A, and not in any event with the view
to, or for resale in connection with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate)
to Institutional Accredited Investors, subject in the case of clause (ii) above to (w) the receipt by the Certificate
Registrar of a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel
acceptable to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities
Act, (y) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such
reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws and (z) a written
undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. The Purchaser understands
that the Certificates (and any subsequent Certificates) have not been registered under the Securities Act, by reason of a specified
exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature
of the Purchaser’s investment intent (or intent to reoffer, resell, pledge or transfer the Certificates only to certain
investors in certain exempted transactions) as expressed herein.

 

 

 

*
Purchaser must select one of the following two certifications.

 

    Exhibit C-2

     

    

 

3.          The
Purchaser has reviewed the Preliminary Prospectus and the Final Prospectus relating to the Offered Certificates (collectively,
the “Prospectus”) (and, with respect to Offered Private Certificates, the Preliminary Private Placement Memorandum
and the Final Private Placement Memorandum related to such Offered Private Certificates) and the agreements and other materials
referred to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the
transactions contemplated by the Prospectus.

 

4.          The
Purchaser acknowledges that the Certificates (and any Certificates issued on transfer or exchange thereof) have not been registered
or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificates
cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption
from such registration or qualification is available.

 

5.          The
Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as
an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects
as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders
present and future.

 

6.          The
Purchaser will not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with Section 5.03
of the Pooling and Servicing Agreement.

 

7.          Check
one of the following:**

 

		☐	The
                                         Purchaser is a U.S. Tax Person (as defined below) and it has attached hereto an Internal
                                         Revenue Service (“IRS”) Form W-9 (or successor form).

 

		☐	The
                                         Purchaser is not a U.S. Tax Person and under applicable law in effect on the date hereof,
                                         no taxes will be required to be withheld by the Certificate Registrar (or its agent)
                                         with respect to distributions to be made on the Certificates. The Purchaser has attached
                                         hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form,
                                         as applicable), which identifies such Purchaser as the beneficial owner of the Certificates
                                         and states that such Purchaser is not a U.S. Tax Person, (ii) IRS Form W-8IMY (with all
                                         appropriate attachments) or (iii)]*** two duly executed copies of IRS
                                         Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner
                                         of the Certificates and state that interest and original issue discount on the Certificates
                                         and Permitted Investments is, or is expected to be, effectively connected with a U.S.
                                         trade or business. The Purchaser agrees to provide to the Certificate Registrar updated
                                         [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]*** IRS Form W-8ECI, [as the
                                         case may be,]*** any applicable successor IRS forms, or such other certifications as
                                         the Certificate Registrar may reasonably request, on or before the date that any such
                                         IRS form or certification 

 

 

 

**
Each Purchaser must include one of the two alternative certifications.

 

***
Does not apply to a transfer of Class R Certificates.

 

    Exhibit C-3

     

    

 

expires or becomes obsolete, or promptly after the occurrence
                                         of any event requiring a change in the most recent IRS form of certification furnished
                                         by it to the Certificate Registrar.

 

For
purposes of this paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation
or 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. Tax 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 that have elected to be
treated as U.S. Tax Persons).

 

8.           Please
make all payments due on the Certificates:****

 

	 	☐	(a)	by
wire transfer pursuant to wire instructions provided by the Purchaser.

 

	 	☐	(b)	by mailing a check or draft to the following
address:

 

	 	 	 
	 	 	 
	 	 	 

 

9.          If
the Purchaser is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a
partnership for U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or more
partnerships, trusts or other pass-through entities by a Disqualified Non-U.S. Tax Person.

 

	 	Very truly yours,
	 	 
	 	[The Purchaser]

 

	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

Dated:

  

 

 

****    Only
to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates,
wire transfers are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance
or Notional Amount, as applicable, of at least U.S. $5,000,000.

 

    Exhibit C-4

     

    

 

EXHIBIT
D-1

 

Form
of Transferee Affidavit FOR TRANSFERS 

OF CLASS R CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS) – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing
                                         Agreement”), dated as of March 1, 2021, between Morgan Stanley Capital I Inc.,
                                         as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
                                         Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A.,
                                         as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association,
                                         as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
                                         Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

	STATE OF	 	)
	 		)	ss.:
	COUNTY OF	 	)

 

I,
[______], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are
true, correct and complete, and being first sworn, depose and say that:

 

1.          I
am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.          The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC”) designated as the (i)  “Lower-Tier REMIC” and (ii) “Upper-Tier
REMIC”, respectively, relating to the Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986 (the “Code”).

 

3.          The
Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring
the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record
or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is

 

    Exhibit D-1-1

     

    

 

any of
the following: (i) the United States, any State or political subdivision thereof, any possession of the United States or
any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities
are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected
by such governmental unit), (ii) a foreign government, any international organization or any agency or instrumentality of
any of the foregoing, (iii) any organization which is exempt from the tax imposed by Chapter 1 of the Code (including the
tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1)
of the Code) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521
of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v)
any other Person so designated by the Trustee or the Certificate Administrator based upon an Opinion of Counsel as provided to
the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate Administrator) that the holding
of an Ownership Interest in a Class R Certificate by such Person may cause a Trust REMIC to fail to qualify as a REMIC at any
time that the Certificates are outstanding or any Person having an Ownership Interest in any Class of Certificates (other than
such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer
of an Ownership Interest in a Class R Certificate to such Person. The terms “United States,” “State” and
“international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

4.          The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.          The
Purchaser is a Permitted Transferee and, to the extent applicable, the Purchaser’s U.S. taxpayer identification number is
[__________].

 

6.          No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.          The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other person.

 

8.          Check
the applicable paragraph:

 

☐          The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)         the
present value of the expected future distributions on such Class R Certificate; and

 

    Exhibit D-1-2

     

    

 

(iii)       the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b)
of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in
Section 11(b) of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code
in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate)
and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
of the Code for the month of the transfer and the compounding period used by the Purchaser.

 

☐          The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as
to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)        at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)       the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and
(iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)       the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None
of the above.

 

9.          The
Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.        The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated
by such Certificate.

 

11.        The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless
the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement
in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that

 

    Exhibit D-1-3

     

    

 

it will not consummate any
such transfer if it knows or believes that any representation contained in such affidavit and agreement is false.

 

12.        The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any person that is not
a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain
a Permitted Transferee.

 

13.        The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.        The
Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.        The
Purchaser consents to the designation of the Certificate Administrator as “partnership representative” of each Trust
REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement.

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this
___day of _________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:  
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

  

    Exhibit D-1-4

     

    

 

On
this ____ day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned
and sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons
who executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of
the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act
and deed of the Purchaser.

 

 

	 	 
	 	NOTARY PUBLIC in and for the

State of _______________

 

	[SEAL]	 
	 	 	 
	My Commission expires:	 	 
	 	 	 	 

 

    Exhibit D-1-5

     

    

 

EXHIBIT
D-2

 

FORM
OF TRANSFEROR LETTER FOR TRANSFERS 

OF CLASS R CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS) – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 (the “Certificates”) 

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the
“Transferee”) of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital
I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto Capital Advisors, LLC, as General
Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor and as Asset Representations Reviewer. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

 

(1)        No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

(2)        The
Transferor understands that the Transferee has delivered to you a Transferee Affidavit in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
false.

 

(3)        The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant evidence to
indicate that the Transferee will not continue to pay its debts as they become due in

 

    Exhibit D-2-1

     

    

 

the future. The Transferor understands that
the transfer of the Residual Certificates may not be respected for United States income tax purposes (and the Transferor may continue
to be liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very truly yours,
	 	 	 
	 	(Transferor)
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

    Exhibit D-2-2

     

    

 

EXHIBIT
D-3

 

Form
of Transferee CERTIFICATE FOR TRANSFERS 

OF RR Interest

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS) – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

Morgan
Stanley Mortgage Capital Holdings LLC,

as Retaining Sponsor 

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

Morgan
Stanley Mortgage Capital Holdings LLC,

as Retaining Sponsor 

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

 

with
a copy to

 

cmbs_notices@morganstanley.com

 

Morgan
Stanley Capital I Inc.

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

Morgan
Stanley Capital I Inc.

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

 

with
a copy to

 

cmbs_notices@morganstanley.com

 

    Exhibit D-3-1

     

    

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing
                                         Agreement”), dated as of March 1, 2021, between Morgan Stanley Capital I Inc.,
                                         as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
                                         Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A.,
                                         as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association,
                                         as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
                                         Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

[_____]
(the “Purchaser”) hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining
sponsor” as such term is defined in Regulation RR, that:

 

		1.	The
                                         Purchaser is acquiring $[_____] Certificate Balance of the RR Interest from [_____] (the
                                         “Transferor”).

 

		2.	The
                                         Purchaser is aware that the Certificate Registrar will not register any transfer of an
                                         RR Interest by the Transferor unless the Purchaser, or such Purchaser’s agent,
                                         delivers to the Certificate Registrar, among other things, a certificate in substantially
                                         the same form as this certificate. The Purchaser expressly agrees that it will not consummate
                                         any such transfer if it knows or believes that any representation contained in such certificate
                                         is false.

 

		3.	If
                                         the Purchaser is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of the RR Interest, (a) all of the conditions of Parts I and III of PTCE
                                         95-60 will be satisfied with respect to the acquisition of the RR Interest and (b) the
                                         acquisition of the RR Interest will be effected through Morgan Stanley & Co. LLC,
                                         BofA Securities, Inc., Wells Fargo Securities, LLC, Academy Securities, Inc., Drexel
                                         Hamilton, LLC or an affiliate thereof.

 

		4.	Check
                                         one of the following:

 

		☐	The
                                         transfer will occur during the RR Interest Transfer Restriction Period, and the Purchaser
                                         certifies, represents and warrants to you, as Certificate Registrar, that:

 

		A.	It
                                         is a “majority-owned affiliate”, as such term is defined in Regulation RR,
                                         of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	It
                                         is not acquiring the RR Interest as a nominee, trustee or agent for any person that is
                                         not a Majority-Owned Affiliate, and that for so long as it retains its interest in the
                                         RR Interest, it will remain a Majority-Owned Affiliate.

 

		C.	It
will be bound by the U.S. Credit Risk Retention Agreement, between Morgan Stanley Mortgage Capital Holdings LLC, Morgan Stanley
Bank, N.A., Bank of America, National Association, Wells Fargo Bank, National Association and National Cooperative Bank, N.A.,
dated and effective as of 

 

    Exhibit D-3-2

     

    

 

		 	March
24, 2021 (the “Credit Risk Retention Agreement”) as if it were a party to such agreement.

 

		D.	It
                                         hereby makes each representation set forth in Section 4(b) of the Credit Risk Retention
                                         Agreement.

 

		E.	It
                                         consents to any additional restrictions or arrangements that shall be deemed necessary
                                         upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership
                                         of the RR Interest will satisfy the risk retention requirements of the Transferor, in
                                         its capacity as [sponsor][originator] under Regulation RR.

 

☐
    The transfer will occur after the termination of the RR Interest Transfer Restriction
Period.

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	By:	 
	 		Name:
	 	 	Title:

 

	 	By:	 
	 		Name:
	 	 	Title:

  

    Exhibit D-3-3

     

    

 

The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

[RETAINING
SPONSOR]

 

	By:	 	 
		Name:	 
	 	Title:	 

  

[Medallion
Stamp Guarantee]

 

    Exhibit D-3-4

     

    

 

EXHIBIT
D-4

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFERS 

OF RR INTEREST

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention:
Corporate Trust Services (CMBS) – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

Morgan
Stanley Mortgage Capital Holdings LLC,

as Retaining Sponsor 

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

Morgan
Stanley Mortgage Capital Holdings LLC,

as Retaining Sponsor 

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

 

with
a copy to

 

cmbs_notices@morganstanley.com

 

[EACH
OTHER HOLDER OF AN RR INTEREST]

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 (the “Certificates”) 

 

Ladies
and Gentlemen:

 

This
is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of RR Interest evidencing $[____] Certificate Balance in such Class. The Certificates were issued pursuant to the Pooling and
Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan Stanley
Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto Capital Advisors, LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender
Services LLC, as Operating Advisor and as Asset

 

    Exhibit D-4-1

     

    

 

Representations Reviewer. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you that:

 

		1.	The
                                         transfer is in compliance with the Pooling and Servicing Agreement.

 

		2.	If
                                         the Transferee is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of the RR Interest, (a) all of the conditions of Parts I and III of PTCE 95-60
                                         will be satisfied with respect to the acquisition of the RR Interest and (b) the acquisition
                                         of the RR Interest will be effected through Morgan Stanley & Co. LLC, BofA Securities,
                                         Inc., Wells Fargo Securities, LLC, Academy Securities, Inc., Drexel Hamilton, LLC or
                                         an affiliate thereof.

 

		3.	Check
                                         one of the following:

 

		☐	The
                                         transfer will occur during the RR Interest Transfer Restriction Period, and the Transferor
                                         certifies, represents and warrants to you that:

 

		A.	The
                                         transfer is in compliance with the U.S. Credit Risk Retention Agreement, between Morgan
                                         Stanley Mortgage Capital Holdings LLC, Morgan Stanley Bank, N.A., Bank of America, National
                                         Association, Wells Fargo Bank, National Association and National Cooperative Bank, N.A.,
                                         dated and effective as of March 24, 2021 (the “Credit Risk Retention Agreement”).

 

		B.	The
                                         Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
                                         RR, of the Transferor.

 

		C.	The
                                         Transferee has complied in all material respects with all of the covenants in the Credit
                                         Risk Retention Agreement during the period from the date of the Credit Risk Retention
                                         Agreement through and including the date of this transfer.

 

		D.	All
                                         of the representations and warranties made by the Transferor in the Credit Risk Retention
                                         Agreement are true and correct as of the date of the transfer.

 

		E.	All
                                         of the requirements set forth in Section 3(c) of the Credit Risk Retention Agreement
                                         have been complied with through and including the date of the transfer.

 

☐
    The transfer will occur after the termination of the RR Interest Transfer Restriction
Period.

 

		4.	The
                                         Transferor understands that the Transferee has delivered to you a Transferee Certificate
                                         in the form attached to the Pooling and Servicing Agreement as Exhibit D-3. The
                                         Transferor does not know or believe that any representation contained therein is false.

 

    Exhibit D-4-2

     

    

 

IN
WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

[RETAINING
SPONSOR]

 

	By:	 	 
		Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

    Exhibit D-4-3

     

    

 

EXHIBIT
E

 

FORM
OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan
    Information
	 
	 	Name
    of Mortgagor:	 
	 	 	 
	 	[[General][NCB]
    Master Servicer]	 
	 	[[General][NCB] Special Servicer] 

Loan No.:	 
	 	 	 
	Custodian
	 
	 	Name:	Wells
    Fargo Bank, National Association
	 	 	 
	 	Address:	

                                         1055 10th Ave SE

                                         Minneapolis, Minnesota 55414

                                         Attention: Document Custody Group

        

        BANK
2021-BNK32

	 	 	 
	 	Custodian/Trustee
    Mortgage File No.:	 
	 	 	 
	Depositor
	 
	 	Name:	Morgan
    Stanley Capital I Inc.
	 	 	 
	 	Address:	1585
Broadway

        New
York, New York 10036

        Attention:
        Jane Lam

         

        with
        a copy to

         

        Morgan
Stanley Capital I Inc. 

        1633
Broadway, 29th Floor

        New
York, New York 10019

        Attention:
        Legal Compliance Division

         

        and
        cmbs_notices@morganstanley.com

         

	 	Certificates:	BANK
    2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

    Exhibit E-1

     

    

 

The
undersigned [[General][NCB] Master Servicer] [[General][NCB] Special Servicer] hereby requests delivery from Wells Fargo Bank,
National Association, as custodian (the “Custodian”) on behalf of Wilmington Trust, National Association, as
trustee (the “Trustee”), for the Holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates,
Series 2021-BNK32, the documents referred to below (the “Documents”). All capitalized terms not otherwise defined
in this Request for Release shall have the meanings given them in the Pooling and Servicing Agreement dated as of March 1, 2021,
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer (the “Pooling and Servicing
Agreement”).

 

	 	( )		 
	 	 	 	 
	 	( )		 
	 	 	 	 
	 	( )		 
	 	 	 	 
	 	( )		 

  

The
undersigned [[General][NCB] Master Servicer] [[General][NCB] Special Servicer] hereby acknowledges and agrees as follows:

 

(1)          The
[[General][NCB] Master Servicer] [[General][NCB] Special Servicer] shall hold and retain possession of the Documents in trust
for the benefit of the Trustee, solely for the purposes provided in the Pooling and Servicing Agreement.

 

(2)          The
[[General][NCB] Master Servicer] [[General][NCB] Special Servicer] shall not cause or permit the Documents to become subject to,
or encumbered by, any claims, liens, security interests, charges, writs of attachment or other impositions nor shall the [[General][NCB]
Master Servicer] [[General][NCB] Special Servicer] assert or seek to assert any claims or rights of set-off to or against the
Documents or any proceeds thereof except as otherwise provided in the Pooling and Servicing Agreement.

 

(3)          The
[[General][NCB] Master Servicer] [[General][NCB] Special Servicer] shall return the Documents to the Custodian when the need therefor
no longer exists, unless the Mortgage Loans have been liquidated or the Mortgage Loans have been paid in full and the proceeds
thereof have been remitted to the Collection Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)          The
Documents and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [[General][NCB]
Master Servicer] [[General][NCB] Special Servicer] shall at all times be earmarked for the account of the Trustee, and the [[General][NCB]
Master Servicer] [[General][NCB] Special Servicer] shall keep the Documents

 

    Exhibit E-2

     

    

 

separate and distinct from all other property in the
[[General][NCB] Master Servicer’s] [[General][NCB] Special Servicer’s] possession, custody or control.

 

	 	 	[____________]
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

Date:
_________

 

    Exhibit E-3

     

    

 

EXHIBIT
F-1

 

FORM
OF ERISA REPRESENTATION

LETTER REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells
Fargo Bank, National Association,

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention:
Corporate Trust Services – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

Morgan
Stanley Capital I Inc. 

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

Morgan
Stanley Capital I Inc. 

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

 

with
a copy to

 

cmbs_notices@morganstanley.com

 

		Re:	Transfer
                                         of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

Ladies
and Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase US$[___] aggregate initial [Notional Amount][Certificate
Balance] in the BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, [Class [X-H][F][G][H] Certificates][RR
Interest] issued pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and
Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer.
Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement.

 

    Exhibit F-1-1

     

    

 

In
connection with such transfer, the undersigned hereby represents and warrants to you as follows:

 

1.          The
Purchaser is not and will not be (a) an employee benefit plan subject to the fiduciary responsibility provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue
Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA),
a church plan (as defined in Section 3(33) of ERISA) for which no election has been made under Section 410(d) of the Code, or
any other plan subject to any federal, state or local law (“Similar Law”) which is, to a material extent, similar
to the foregoing provisions of ERISA or the Code (each a “Plan”) or (b) a person acting on behalf of (including
an entity whose underlying assets include Plan assets by reason of investment in the entity by such a Plan or Plans and the application
of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) or using the assets of any such Plan,
other than an insurance company using the assets of its “insurance company general account” (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) under circumstances whereby the purchase
and holding of Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and
the Code under Sections I and III of PTCE 95-60 (or a Plan subject to Similar Law purchasing under circumstances that would not
constitute or result in a non-exempt violation of applicable Similar Law).

 

2.          The
Purchaser understands that if the Purchaser is or becomes a Person referred to in 1(a) or (b) above, such Purchaser is required
to provide to the Trustee and Certificate Administrator an Opinion of Counsel in form and substance satisfactory to the Trustee,
the Certificate Administrator and the Depositor to the effect that the acquisition and holding of such Certificate by such purchaser
or transferee will not constitute or result in a “prohibited transaction” within the meaning of ERISA, Section 4975
of the Code or any Similar Law, and will not subject the Trustee, the Certificate Administrator, the Certificate Registrar, any
Master Servicer, any Special Servicer, any sub-servicer, the Initial Purchasers, the Underwriters, the Asset Representations Reviewer,
the Operating Advisor or the Depositor to any obligation or liability (including obligations or liabilities under ERISA, Section
4975 of the Code or any such Similar Law) in addition to those set forth in the Pooling and Servicing Agreement, which Opinion
of Counsel shall not be at the expense of the Depositor, any Master Servicer, any Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Initial Purchasers, the Underwriters or the Trust.

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

 

	 	Very truly yours,
	 	 
	 	 
	 	[The Purchaser]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date:
_________

 

    Exhibit F-1-2

     

    

 

EXHIBIT
F-2

 

Form
of ERISA Representation Letter

regarding CLASS V AND CLASS R CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

600
South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention:
Corporate Trust Services – BANK 2021-BNK32

[OR
OTHER CERTIFICATE REGISTRAR]

 

[Transferor]

[______]

[______]

Attention:
[______]

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

Ladies
and Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase [__]% Percentage Interest in the BANK 2021-BNK32, Commercial
Mortgage Pass-Through Certificates, Series 2021-BNK32, [Class V][Class R] Certificates (the “[Class V][Class R]
Certificate”) issued pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer.
Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement.

 

In
connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the [Class R][Class
V] Certificate, the Purchaser is not and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility
provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of
the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32)
of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (“Similar Law”) (each, a “Plan”), or (b) any person acting
on behalf of any such Plan (including an entity whose underlying assets include Plan assets by reason of investment in the entity
by

 

    Exhibit F-2-1

     

    

 

such a Plan or Plans and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42)
of ERISA) or using the assets of a Plan to purchase such [Class V][Class R] Certificate.

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date: _______

 

    Exhibit F-2-2

     

    

 

EXHIBIT
G

 

FORM
OF DISTRIBUTION DATE STATEMENT

 

    Exhibit G-1

     

    

 

 

 

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Exchangeable Class Detail	4-5	 	 	 
	 	 	 	 	Reconciliation Detail	6	 	 	 
	 	 	 	 	Other Required Information	7	 	 	 
	 	 	 	 	Cash Reconciliation Detail	8	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	9-11	 	 	 
	 	 	 	 	Mortgage Loan Detail	12	 	 	 
	 	 	 	 	NOI Detail	13	 	 	 
	 	 	 	 	Principal Prepayment Detail	14	 	 	 
	 	 	 	 	Historical Detail	15	 	 	 
	 	 	 	 	Delinquency Loan Detail	16	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	17-18	 	 	 
	 	 	 	 	Advance Summary	19	 	 	 
	 	 	 	 	Modified Loan Detail	20	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	21	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation Detail	22	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	23-24	 	 	 
	 	 	 	 	Defeased Loan Detail	25	 	 	 
	 	 	 	 	Supplemental Reporting	26	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Master
    & Special Servicer	 	 	 	Special
    Servicer	 	 	 	Operating
    Advisor / 

    Asset Representations Reviewer	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Morgan Stanley Capital I Inc.	 	 	 	Wells Fargo Bank, National	 	 	 	National Cooperative Bank, N.A.	 	 	 	Rialto Capital Advisors, LLC

	 	 	 	Park Bridge Lender
    Services LLC	 	 
	 	 		 	 	 	Association	 	 	 	2011 Crystal Drive	 	 	 	200 S. Biscayne Blvd.	 	 	 	600 Third Avenue,	 	 
	 	 	1585 Broadway	 	 	 	Three Wells Fargo, MAC
        D1050-084

	 	 	 	Suite 800	 	 	 	Suite 3550	 	 	 	40th Floor	 	 
	 	 	New York, NY 10036	 	 	 	401 S. Tryon Street, 8th Floor	 	 	 	Arlington, VA 22202	 	 	 	Miami, FL 33131	 	 	 	New York, NY 10016	 	 
	 	 		 	 	 	Charlotte, NC 28202	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact:	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	Contact:   Kathleen Luzik	 	 	 	 	 	 	 	 	 	 
	 	 	General Information Number	 	 	 	Contact:	 	 	 	Phone Number: (703) 647-3473	 	 	 	Contact: General	 	 	 	Contact:   Surveillance Manager	 	 
	 	 	Phone
    Number:   (212) 761-4000	 	 	 	REAM_InvestorRelations@wellsfargo.com	 	 	 	 	 	 	 	Phone
    Number:   (305) 229-6465	 	 	 	Phone
Number:  	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not
independently confirmed the accuracy of the information.

        

        Please visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention
notices. In addition, certificateholders may register online for email notification when special notices are posted. For information
or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Page 1 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized Loss/
 Additional Trust
 Fund Expenses	Total
 Distribution	Ending
 Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	RR Interest	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through
 Rate	Original
 Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total
 Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance
of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated
class and dividing the result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 2 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through Certificates

                                                Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	RR Interest	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-H	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 3 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Exchangeable
    Class Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Exchangeable Class / Regular Interest Breakdown	 	 	 	 	 	 
	 

         

         

         

         

         
	Class\

Component	CUSIP	Pass-Through

Rate	Maximum

    Initial

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss/

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending
    

Balance	 

         

         

         

         

         

	 	A-4
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	 0.00	0.00 	 
	 	A-4
    (Exch)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	 0.00	0.00 	 
	 	A-5
    (Cert)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	A-5
    (Exch)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B
    (Cert)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B
    (Exch)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C
    (Cert)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C
    (Exch)	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	Totals	 	 	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	 

                                                        
	 	 	 	 	 	 	 	 	 	 	 

	 	Exchangeable Class Summary	 	 	 	 	 	 
	 

         

         

         

         

         
	Class\

Component	CUSIP	Pass-Through

Rate	

    Maximum

Initial

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss/

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending
    

Balance	 

         

         

         

         

         

	 	A-4	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	 0.00	0.00 	 
	 	A-4-1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	 0.00	0.00 	 
	 	A-4-2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	 0.00	0.00 	 
	 	A-4-X1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	 0.00	0.00 	 
	 	A-4-X2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	A-5	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	A-5-1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	A-5-2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	A-5-X1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	A-5-X2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B-1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B-2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B-X1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	B-X2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C-1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C-2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C-X1	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	C-X2	 	 0.000000%	 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	Totals			 0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page 4 of 25

     

    
 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled 

Principal	Principal 

Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Interest 

    Shortfall/(Excess)
	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-5	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 5 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.

	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1)  The Available Distribution Amount includes any Prepayment Fees.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 6 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	Fees:	 	 	 
	 	Interest:	 	 	 	Master Servicing Fee - Wells Fargo Bank, N.A. & National	0.00	 	 
	 	Interest paid or advanced	0.00	 	 	Cooperative Bank, N.A.	 	 	 
	 	Interest reductions due to Non-Recoverability Determinations	0.00	 	 	Certificate Administrator Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Trustee Fee - Wilmington Trust, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual Property Royalty License Fee	0.00	 	 
	 	ARD Interest	0.00	 	 	Operating Advisor Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Asset Representations Reviewer Fee - Park Bridge Lender	0.00	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Services LLC	 		 
	 	Extension Interest	0.00	 	 	Total Fees	 	0.00	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	Principal:	 	 	 	ASER Amount	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Special Servicing
    Fee	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Curtailments	0.00	 	 	Other Expenses	0.00	 	 
	 	Negative Amortization	0.00	 	 	Total Additional
    Trust Fund Expenses		 0.00	 
	 	Principal Adjustments	0.00	 	 		 		 
	 	Total Principal
    Collected		0.00 	 	Interest Reserve
    Deposit	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Other Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	Total Funds Collected	 	0.00	 		 		 
	 	 	 	 	 	 	 	 	 

 

    Page 7 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	
        Current Mortgage Loan and Property
Stratification Tables

        Aggregate Pool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State
    (3)	 
	 	 	 	 	 
	 	Scheduled 

Balance	#
                                         of

        loans

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 	State	#
                                         of

        Props.

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 8 of 25

     

    
 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 9 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term
    (ARD and Balloon Loans)	 	Remaining Stated Term (Fully
    Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1)
Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In
all cases the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information
from the offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower
for this calculation.

	 
	 	 	 
	 	(2)
Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated
Repayment Date, if applicable, and the Maturity Date. 

	 
	 	 	 
	 	(3) Data in this table was calculated by allocating pro-rata the current
loan information to the properties based upon the Cut-Off Date balance of each property as disclosed in the offering document.

	 
	 	 	 
	 	The
Scheduled Balance Totals reflect the aggregate balances of all pooled loans as reported in the CREFC Loan Periodic Update File.
To the extent that the Scheduled Balance Total figure for the “State” and “Property” stratification tables
is not equal to the sum of the scheduled balance figures for each state or property, the difference is explained by loans that
have been modified into a split loan structure. The “State” and “Property” stratification tables do not
include the balance of the subordinate note (sometimes called the B-piece or a “hope note”) of a loan that has been
modified into a split-loan structure. Rather, the scheduled balance for each state or property only reflects the balance of the
senior note (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.	 
	 	 	 
	 	Note: There are no Hyper-Amortization
Loans included in the Mortgage Pool.	 
	 	 	 	 	 

 

    Page 10 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and Warranties	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	IN  	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction	10	 -	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 11 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data reported by
the Master Servicer. An NOI of 0.00 means the Master Servicer did not report NOI figures in their loan level reporting.

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 12 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	

Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
Premium	Yield
    Maintenance Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 13 of 25

     

    

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 14 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of
Mortgage

    Loan (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff

	 	 
	 	 	 	 	But Still in Grace
    Period	1	- 30-59 Days Delinquent	5 	- 	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	 -	Reps and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other

	 	 
	 	 	 	 	Than 30 Days
    Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of

				 	 
	 	 	 	 	 	 	 	 	 	 	6	-	DPO	 	 	    Foreclosure

	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 15 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	- 	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	- 	Mixed Use

	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	- 	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 16 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer

	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	-	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	-	Mixed Use

	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	-	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 17 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    Page 18 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 19 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 20 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 21 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 22 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 23 of 25

     

    

 

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 
	Defeased Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	  	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    Page 24 of 25

     

    

	 	 	 	 
		BANK 2021-BNK32

 Commercial Mortgage Pass-Through
Certificates 
Series 2021-BNK32

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	4/16/21
	Corporate Trust Services	Record Date:	3/31/21
	8480 Stagecoach Circle	Determination
    Date:	4/12/21
	Frederick, MD 21701-4747		

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	
Risk Retention
	 
	 	 	 
	 	
Pursuant to the PSA, the Certificate Administrator has made available on www.ctslink.com <http://www.ctslink.com>, specifically
under the “U.S. Risk Retention Special Notices” tab for the BANK 2021- BNK32 transaction, certain information
provided to the Certificate Administrator regarding the Retaining Sponsor’s compliance with certain specified provisions
of the Credit Risk Retention Rules. Investors should refer to the Certificate Administrator’s website for all such information.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    Page 25 of 25

     

    

 

 

EXHIBIT
H

 

FORM
OF OMNIBUS ASSIGNMENT

 

[NAME
OF CURRENT ASSIGNOR] having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”) for good and valuable
consideration, the receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers, sets over and
conveys, without recourse, representation or warranty, express or implied, unto “Wilmington Trust, National Association,
as Trustee for the registered holders of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32”
(the “Assignee”), having an office at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS
Trustee BANK 2021-BNK32, its successors and assigns, all right, title and interest of the Assignor in and to:

 

That
certain mortgage and security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or
similar security instrument (the “Security Instrument”), and that certain Promissory Note (the “Mortgage
Note”), for each of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and
that certain assignment of leases and rents given in connection therewith and all of the Assignor’s right, title and interest
in any claims, collateral, insurance policies, certificates of deposit, letters of credit, escrow accounts, performance bonds,
demands, causes of action and any other collateral arising out of and/or executed and/or delivered in or to or with respect to
the Security Instrument and the Mortgage Note, together with any other documents or instruments executed and/or delivered in connection
with or otherwise related to the Security Instrument and the Mortgage Note.

 

IN
WITNESS WHEREOF, the Assignor has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__].

 

	 	[NAME OF CURRENT ASSIGNOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit H-1

     

    

 

EXHIBIT
I

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Temporary Regulation S Book-Entry Certificate

during Restricted Period

 

(Exchanges
or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Book-Entry Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and
in accordance

 

 

 

*     Select
appropriate depository.

 

    Exhibit I-1

     

    

 

with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)         the
offer of the Certificates was not made to a person in the United States;

 

[(2)       at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)       the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)         no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, each applicable Master Servicer, each applicable Special Servicer, the Asset Representations Reviewer and
the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

 

 

**     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit I-2

     

    

 

EXHIBIT
J

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Book-Entry Certificate
of such Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in
accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)         the
offer of the Certificates was not made to a person in the United States,

 

    Exhibit J-1

     

    

 

[(2)       at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)       the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)         no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, each applicable Master Servicer, each applicable Special Servicer, the Asset Representations Reviewer and
the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
Morgan Stanley Capital I Inc.

 

 

 

*     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit J-2

     

    

 

EXHIBIT
K

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Rule 144A Book-Entry Certificate during Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository in the
name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer”

 

 

 

*     Select
appropriate depository.

 

    Exhibit K-1

     

    

 

within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, each applicable Master Servicer, each applicable Special Servicer, the Asset Representations Reviewer and
the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit K-2

     

    

 

EXHIBIT
L

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchanges
pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

[For
purposes of acquiring a beneficial interest in a Regulation S Book-Entry Certificate of the Class specified above after the
expiration of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate
of the Class specified above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S Book-Entry
Certificate of the Class specified above issued under the Pooling and Servicing Agreement certifies that it is not a U.S. Person
as defined by Regulation S under the Securities Act of 1933, as amended.

 

We
undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification
relating to the Certificates of the Class specified above held by you for our account if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such
date.

 

 

 

*       Select,
as applicable.

 

    Exhibit L-1

     

    

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, each applicable Master Servicer, each
applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Initial Purchasers.

 

		Dated:______________

 

		By:	
 	 
	 	 	as,
or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.
	 

 

    Exhibit L-2

     

    

 

EXHIBIT
M

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Temporary Regulation S Book-Entry
Certificate

 

(Exchanges
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__] 

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and
in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

 

 

*       Select
appropriate depository.

 

    Exhibit M-1

     

    

 

(1)         the
offer of the Certificates was not made to a person in the United States;

 

[(2)       at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)       the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **

 

(3)         no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, each applicable Master Servicer, each
applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
Morgan Stanley Capital I Inc.

 

 

 

**       Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit M-2

     

    

 

EXHIBIT
N

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Regulation S Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__] 

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Book-Entry Certificate (CINS No. [______], ISIN No. [______], and Common Code No.
[______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in
accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)         the
offer of the Certificates was not made to a person in the United States,

 

    Exhibit N-1

     

    

 

[(2)       at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)       the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)         no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)         the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, each applicable Master Servicer, each
applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

 

 

*       Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit N-2

     

    

 

EXHIBIT
O

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Rule 144A Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

BANK
2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__] 

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a
beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

    Exhibit O-1

     

    

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, each applicable Master Servicer, each
applicable Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit O-2

     

    

 

EXHIBIT
P-1A

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY AND/OR 

THE RISK RETENTION CONSULTATION
PARTY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or 

a Controlling Class
Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [_]
                                         Certificates 

 

In
accordance with the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.
          The undersigned is a Certificateholder, a beneficial owner or prospective purchaser
of the Class [__] Certificates, a Companion Holder or the Risk Retention Consultation Party (or any investment advisor or manager
or other representative of the foregoing).

 

2.            The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.            In
the case that the undersigned is a Certificateholder, beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.            [FOR
PARTIES OTHER THAN THE RISK RETENTION CONSULTATION PARTY: The undersigned is not a Borrower Party.]

 

5.            The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are

 

    Exhibit P-1A-1

     

    

 

assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

6.            The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the
Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its
Representatives.

 

7.            The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.            Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[_____]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1A-2

     

    

 

EXHIBIT
P-1B

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class 

Certificateholder)

 

[Date]

 

	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:  BANK 2021-BNK32 Asset Manager

    Email:  commercial.servicing@wellsfargo.com	 	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045-1951

    Attention:  Corporate Trust Services (CMBS)

    BANK 2021-BNK32

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Attention:
CMBS Trustee BANK 2021-BNK32

         

         
	 	Wells
Fargo Bank, National Association

        600
South 4th Street, 7th Floor

        MAC
N9300-070

        Minneapolis,
Minnesota 55479

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

	 	 	 
	        Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor 

        New
York, New York, 10016

        Attention:
        BANK 2021-BNK32 Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)
	 	        Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

        Miami,
Florida 33131

        Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

        Facsimile
number: (305) 229-6425

        E-mail:
        liat.heller@rialtocapital.com,

        jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com,

        adam.singer@rialtocapital.com

	 	 	 
	National
Cooperative Bank, N.A.

        2011
Crystal Drive, Suite 800

        Arlington,
Virginia 22202

        Attention:
Kathleen Luzik, Chief Operating Officer

        Facsimile
number: (703) 647-3473

        Email:
kluzik@ncb.coop
	 	 

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class Certificates

 

    Exhibit P-1B-1

     

    

 

In
accordance with the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is the Directing Certificateholder or a Controlling Class Certificateholder.

 

2.       The
undersigned has received a copy of the Prospectus.

 

3.       The
undersigned is not a Borrower Party.

 

4.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and may from time to time request information from the Master Servicer or Special
Servicer [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.       The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the
Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its
Representatives.

 

6.       At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit

 

    Exhibit P-1B-2

     

    

 

P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties
the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.       The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.       [For
use with any party other than the initial Directing Certificateholder] The undersigned hereby certifies that an executed copy
of this certification in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of
the Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed
by registered mail, postage prepaid].

 

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[_____]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1B-3

     

    

 

EXHIBIT
P-1C

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER, THE 

RISK RETENTION CONSULTATION
PARTY and/or a Controlling Class 

Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

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: BANK 2021-BNK32 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

National
Cooperative Bank, N.A.

2011
Crystal Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik, Chief Operating Officer

Facsimile
number: (703) 647-3473

Email:
kluzik@ncb.coop

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder (or any investment advisor or manager or other representative of the foregoing).

 

    Exhibit P-1C-1

     

    

 

2.       The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.       In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.       The
undersigned is a Borrower Party.

 

5.       The
undersigned is requesting access to the Distribution Date Statement pursuant to the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Distribution Date Statement, or the access thereto, the undersigned will keep the
Distribution Date Statement confidential (except from such outside persons as are assisting it in making an evaluation in connection
with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Distribution Date Statement will not, without the prior
written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part;
provided, however, that the obligations of the undersigned to keep any such Distribution Date Statement confidential
shall expire one year following the date that the undersigned receives such Distribution Date Statement (with respect to a prospective
purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates
referenced above. The undersigned will not use or disclose the Distribution Date Statement in any manner which could result in
a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

6.       The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the
Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its
Representatives.

 

7.       The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statement
on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine
or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1C-2

     

    

 

	 	[_____]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1C-3

     

    

 

EXHIBIT
P-1D

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class Certificateholder)

 

[Date]

 

	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:  BANK 2021-BNK32 Asset Manager 

    Email:  commercial.servicing@wellsfargo.com	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045-1951

    Attention:  Corporate Trust Services (CMBS)

    BANK 2021-BNK32

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Attention:
CMBS Trustee BANK 2021-BNK32

         

         
	Wells
Fargo Bank, National Association

        600
South 4th Street, 7th Floor

        MAC
N9300-070

        Minneapolis,
Minnesota 55479

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

	 	 
	        Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

        New
York, New York, 10016

        Attention:
        BANK 2021-BNK32 Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)
	        Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

        Miami,
Florida 33131

        Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

        Facsimile
number: (305) 229-6425

        E-mail:
liat.heller@rialtocapital.com,

        jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com,

        adam.singer@rialtocapital.com

	 	 
	National
Cooperative Bank, N.A.

        2011
Crystal Drive, Suite 800

        Arlington,
Virginia 22202

        Attention:
Kathleen Luzik, Chief Operating Officer

        Facsimile
number: (703) 647-3473

        Email:
kluzik@ncb.coop
	 

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class Certificates 

 

    Exhibit P-1D-1

     

    

 

In
accordance with the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.
  The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder].

 

2.       The
undersigned is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

[IDENTIFY
[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.       The
undersigned has received a copy of the Prospectus.

 

4.       Except
with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the
Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.       The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent
the undersigned receives access to such Excluded Information on the Certificate Administrator’s

 

    Exhibit P-1D-2

     

    

 

Website or otherwise receives
access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing
Agreement.

 

6.       The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the
Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its
Representatives.

 

7.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class
Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.       The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

9.       The
undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered
in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed
above [(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

10.     Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[_____]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1D-3

     

    

 

EXHIBIT
P-1E

 

FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER

 

[Date]

 

	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:  BANK 2021-BNK32 Asset Manager 

    Email:  commercial.servicing@wellsfargo.com	 	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045-1951

    Attention:  Corporate Trust Services (CMBS)

    BANK 2021-BNK32

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Attention:
        CMBS Trustee BANK 2021-BNK32

         

         
	 	Wells
Fargo Bank, National Association

        600
South 4th Street, 7th Floor

        MAC
N9300-070

        Minneapolis,
Minnesota 55479

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

	 	 	 
	        Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

        New
York, New York, 10016

        Attention:
        BANK 2021-BNK32 Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)
	 	        Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

        Miami,
Florida 33131

        Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

        Facsimile
number: (305) 229-6425

        E-mail:
        liat.heller@rialtocapital.com,

        jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com,

        adam.singer@rialtocapital.com

	 	 	 
	National
Cooperative Bank, N.A.

        2011
Crystal Drive, Suite 800

        Arlington,
Virginia 22202

        Attention:
Kathleen Luzik, Chief Operating Officer

        Facsimile
number: (703) 647-3473

        Email:
kluzik@ncb.coop
	 	 

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class Certificates

 

THIS
NOTICE IDENTIFIES AN “[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE BANK 2021-BNK32, COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2021-BNK32,

 

    Exhibit P-1E-1

     

    

 

REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.13(b) OF
THE POOLING AND SERVICING AGREEMENT.

 

In
accordance with Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby certifies
and agrees as follows:

 

1.         The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder] as of the date hereof.

 

2.         The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded
Loan][Excluded Controlling Class Loan](s)”):

 

	Loan
    Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

[[If
applicable] For the avoidance of doubt, [each] of the foregoing loans is both an Excluded Loan and an Excluded Controlling Class
Loan.]

 

3.         As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event is in effect with respect to
the Excluded Controlling Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded Loan:

 

	CUSIP	Class	Outstanding
    Certificate Balance	Initial
    Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

4.         Except with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant
to the Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the

 

    Exhibit P-1E-2

     

    

 

undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.         The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the
extent the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling
and Servicing Agreement.

 

6.         The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, each applicable Master Servicer, each applicable
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the
Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its
Representatives.

 

7.         To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or
otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly
or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class
Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.         The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

    Exhibit P-1E-3

     

    

 

9.         The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or
(b) mailed by registered mail, postage prepaid.

 

10.       The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class
Loan](s) on the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the
related Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 3.13(b)
of the Pooling and Servicing Agreement.

 

11.       The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the
Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the [Excluded Loan][Excluded Controlling
Class Loan](s) listed in Paragraph 2 above.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1E-4

     

    

 

EXHIBIT
P-1F

 

FORM
OF NOTICE OF [EXCLUDED LOAN] [EXCLUDED CONTROLLING CLASS

HOLDER] TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	Via:
Email

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

cts.cmbs.bond.admin@wellsfargo.com

        trustadministrationgroup@wellsfargo.com

         

	with
                                         a copy to:

         

        Wells
Fargo Bank, National Association,

        8480
Stagecoach Circle

Frederick, Maryland 21701-4747

        Attention:
BANK 2021-BNK32

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

In
accordance with Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby directs
you as follows:

 

1.         The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder] as of the date hereof.

 

2.         The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded
Loan][Excluded Controlling Class Loan](s)”):

 

	Loan
    Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    Exhibit P-1F-1

     

    

 

3.         The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the BANK 2021-BNK32 securitization should be revoked as to such users:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

4.         The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to
such [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate Administrator’s Website unless and until it
(i) is no longer an Excluded Controlling Class Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s),
(ii) has delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted an
investor certification in the form of Exhibit P-1B to the Pooling and Servicing Agreement.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Morgan Stanley Capital I Inc.

 

The
undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

	WELLS FARGO BANK, NATIONAL
    ASSOCIATION,	 
	Certificate Administrator	 
	 	 
	 	 
	Name:	 
	Title:	 

  

    Exhibit P-1F-2

     

    

 

EXHIBIT
P-1G

 

Form
of Certification of the Directing Certificateholder

 

[Date]

 

	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:  BANK 2021-BNK32 Asset Manager 

    Email:  commercial.servicing@wellsfargo.com	 	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045-1951

    Attention:  Corporate Trust Services (CMBS)

    BANK 2021-BNK32

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Attention:
        CMBS Trustee BANK 2021-BNK32

         

         
	 	Wells
Fargo Bank, National Association

        600
South 4th Street, 7th Floor

        MAC
N9300-070

        Minneapolis,
Minnesota 55479

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

	 	 	 
	        Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

        New
York, New York, 10016

        Attention:
        BANK 2021-BNK32 Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)
	 	        Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

        Miami,
Florida 33131

        Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

        Facsimile
number: (305) 229-6425

        E-mail:
        liat.heller@rialtocapital.com,

        jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com,

        adam.singer@rialtocapital.com

	 	 	 
	National
Cooperative Bank, N.A.

        2011
Crystal Drive, Suite 800

        Arlington,
Virginia 22202

        Attention:
Kathleen Luzik, Chief Operating Officer

        Facsimile
number: (703) 647-3473

        Email:
kluzik@ncb.coop
	 	 

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, Class [__]
                                         Certificates 

 

    Exhibit P-1G-1

     

    

 

In
accordance with Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.         The
undersigned has been appointed to act as the Directing Certificateholder.

 

2.         The
undersigned is not a Borrower Party.

 

3.         If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall
deliver the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable
parties the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

4.         [For
use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of
this certification in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement
to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

5.         Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1G-2

     

    

 

EXHIBIT
P-1H

 

Form
of Certification of the RISK RETENTION CONSULTATION PARTY

 

[Date]

 

	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:  BANK 2021-BNK32 Asset Manager 

    Email:  commercial.servicing@wellsfargo.com	 	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045-1951

    Attention:  Corporate Trust Services (CMBS)

    BANK 2021-BNK32

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Attention:
        CMBS Trustee BANK 2021-BNK32

         

         
	 	Wells
Fargo Bank, National Association

        600
South 4th Street, 7th Floor

        MAC
N9300-070

        Minneapolis,
Minnesota 55479

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

	 	 	 
	Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

        New
York, New York, 10016

        Attention:
        BANK 2021-BNK32 Surveillance Manager (with a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)
	 	Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

        Miami,
Florida 33131

        Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

        Facsimile
number: (305) 229-6425

        E-mail:
        liat.heller@rialtocapital.com,

        jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com,

        adam.singer@rialtocapital.com

	 	 	 
	National
Cooperative Bank, N.A.

        2011
Crystal Drive, Suite 800

        Arlington,
Virginia 22202

        Attention:
Kathleen Luzik, Chief Operating Officer

        Facsimile
number: (703) 647-3473

        Email:
kluzik@ncb.coop
	 	 

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, RR Interest 

 

    Exhibit P-1H-1

     

    

 

In
accordance with Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.         The
undersigned has been appointed to act as the Risk Retention Consultation Party.

 

[FOR
ANY SUCCESSOR RISK RETENTION CONSULTATION PARTY][2. The undersigned hereby certifies that an executed copy of this certification
in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to each of the
addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.]

 

3.         Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified.

 

	 	[RISK RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

cc:
Morgan Stanley Capital I Inc.

 

    Exhibit P-1H-2

     

    

 

EXHIBIT
P-2

 

FORM
OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BANK 2021-BNK32

 

		Attention:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

In
accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of
March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor,
Wells Fargo Bank, National Association, as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and
as Asset Representations Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

		1.	The
                                         undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates;
                                         or

 

		2.	The
                                         undersigned is a nationally recognized statistical rating organization and either (x)
                                         has provided the Depositor with the appropriate certifications under Exchange Act Rule
                                         17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date,
                                         is requesting access pursuant to the Agreement to certain information (the “Information”)
                                         on such 17g-5 website pursuant to the provisions of the Agreement, and agrees that any
                                         confidentiality agreement applicable to the undersigned with respect to the information
                                         obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also
                                         be applicable to information obtained from the 17g-5 Information Provider’s Website
                                         (including without limitation, to any information received by the Depositor for posting
                                         on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not
                                         have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby
                                         agrees that it shall be bound by the provisions of the confidentiality agreement attached
                                         hereto as Annex A which shall be applicable to it with respect to any information
                                         obtained from the 17g-5 Information Provider’s Website, including any information
                                         that is obtained from the section of the 17g-5 Information Provider’s Website that
                                         hosts the Depositor’s 17g-5 website after the Closing Date.

 

The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website and the 17g-5 Information Provider’s Website.

 

    Exhibit P-2-1

     

    

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-2-2

     

    

 

ANNEX
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with Morgan Stanley Capital
I Inc. (together with its affiliates, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the BANK 2021-BNK32, Commercial
Mortgage Pass-Through Certificates, Series 2021-BNK32 (the “Certificates”) pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital
I Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association, as General Master Servicer,
Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special
Servicer, Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee and the assets
underlying or referenced by the Certificates, including the identity of, and financial information with respect to borrowers,
sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you
(the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y)  any of the
terms, conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including
the status thereof; provided, however, that the term Confidential Information shall not include information which:

 

was
or becomes generally available to the public (including through filing with the Securities and Exchange Commission or disclosure
in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
below) in violation of this Confidentiality Agreement;

 

was
or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably
believed by you to be under no obligation to maintain the information as confidential and (ii) provides it to you without
any obligation to maintain the information as confidential; or

 

is
independently developed by the NRSRO without reference to any Confidential Information.

 

Information
to Be Held in Confidence.

 

You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates
and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking,
modeling or research purposes (the “Intended Purpose”).

 

You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:

 

    Exhibit P-2-3

     

    

 

disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information
to the NRSRO’s password protected website; and

 

use
information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does
not reveal any Confidential Information.

 

Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity.
If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions
of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.

 

Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document
or other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with
the NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may
retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other
documents prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation
Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the
terms of this Confidentiality Agreement.

 

Violations
of this Confidentiality Agreement.

 

The
NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You
agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use
by any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such
Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

    Exhibit P-2-4

     

    

 

You
acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in
the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and
injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof,
in addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and
agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise
of any right, power or privilege.

 

Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating
to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all
other understandings and agreements between us relating to such matters; provided, however, that, if the terms of
this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

 

Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Morgan
Stanley Capital I Inc.

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

with
a copy to:

 

Morgan
Stanley Capital I Inc. 

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

and
cmbs_notices@morganstanley.com

 

    Exhibit P-2-5

     

    

 

EXHIBIT
P-3

 

ONLINE
MARKET DATA PROVIDER CERTIFICATION

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BANK 2021-BNK32

 

		Attention:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

This
Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant
to the direction of the Depositor. If you represent a Market Data Provider not listed herein and would like access to the information,
please contact CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com.

 

In
accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of
March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor,
Wells Fargo Bank, National Association, as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer,
National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and
as Asset Representations Reviewer, with respect to the above-referenced certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

		1.	The
                                         undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions,
                                         Inc., Interactive Data Corp., Markit Group Limited, BlackRock Financial Management, Inc.,
                                         CMBS.com, Inc., Moody’s Analytics, Morningstar Credit Information & Analytics,
                                         LLC, RealInsight or Thomson Reuters Corporation, a market data provider that has been
                                         given access to the Statements to Certificateholders, CREFC® Reports and
                                         supplemental notices on www.ctslink.com (“CTSLink”) by request of
                                         the Depositor.

 

		2.	The
                                         undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have
                                         recertified that the representation above remains true and correct.

 

		3.	The
                                         undersigned acknowledges and agrees that the provision to it of information and/or reports
                                         on CTSLink is for its own use only, and agrees that it will not disseminate or otherwise
                                         make such information available to any other person without the written consent of the
                                         Depositor.

 

		4.	The
                                         undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement
                                         by itself or any of its Representatives and shall indemnify the Depositor, the Trustee,
                                         the Certificate Administrator, each applicable Master Servicer, each applicable Special
                                         Servicer, the Operating Advisor, the Asset Representations Reviewer and the

 

    Exhibit P-3-1

     

    

 

 Trust Fund
                                         for any loss, liability or expense incurred thereby with respect to any such breach by
                                         the undersigned or any of its Representatives.

 

		5.	Capitalized
                                         terms used but not defined herein shall have the respective meanings assigned thereto
                                         in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-3-2

     

    

 

EXHIBIT
Q

 

CUSTODIAN
CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To
the Persons Listed on the attached Schedule A

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 

 

Ladies
and Gentlemen:

 

In
accordance with Section 2.02 of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General
Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer
and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned,
as Custodian, hereby certifies that, except as noted on the attached Custodial Exception Report, as to each Mortgage Loan listed
in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for which a Liquidation Event has occurred) the Custodian
has, subject to Section 2.02(c) of the Pooling and Servicing Agreement, reviewed the documents delivered to it pursuant to Section
2.01 of the Pooling and Servicing Agreement and has determined that (i) subject to the first proviso of the definition of “Mortgage
File”, all documents specified in clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii), if any, of the definition
of “Mortgage File,” as applicable, are in its possession, (ii) the foregoing documents delivered or caused to be delivered
by the Mortgage Loan Seller have been reviewed by the Custodian and appear regular on their face and appear to be executed and
to relate to such Mortgage Loan and (iii) based on such examination and only as to the foregoing documents, the information set
forth in the Mortgage Loan Schedule with respect to the items specified in clauses (vii) and (viii) in the definition of “Mortgage
Loan Schedule” is correct.

 

Capitalized
words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    

    as Custodian	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    Exhibit Q-1

     

    

 

SCHEDULE
A

 

[APPLICABLE
MORTGAGE LOAN SELLER’S NOTICE ADDRESS]

 

Morgan
Stanley Capital I Inc. 

1585
Broadway

New
York, New York 10036

Attention:
Jane Lam

 

Morgan
Stanley Capital I Inc. 

1633
Broadway, 29th Floor

New
York, New York 10019

Attention:
Legal Compliance Division

 

with
a copy to

 

cmbs_notices@morganstanley.com

 

DBRS,
Inc.

333
West Wacker Drive, Suite 1800

Chicago,
Illinois 60606

Attention:
Commercial Mortgage Surveillance

Facsimile
No.: (312) 332-3492

Email:
cmbs.surveillance@dbrs.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

Email: info.cmbs@fitchratings.com

 

Moody’s
Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

Miami,
Florida 33131

Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

Facsimile
number: (305) 229-6425

 

    Exhibit Q-2

     

    

 

E-mail:
liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

 

National
Cooperative Bank, N.A.

2011
Crystal Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik, Chief Operating Officer

Facsimile
number: (703) 647-3473

Email:
kluzik@ncb.coop

 

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: BANK 2021-BNK32 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BANK 2021-BNK32

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee BANK 2021-BNK32

 

RREF
IV Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer and Joseph Bachkosky

Fax
number: (212) 751-4646

 

    Exhibit Q-3

     

    

 

EXHIBIT
R-1

 

FORM
OF POWER OF ATTORNEY – MASTER SERVICERS

 

RECORDING
REQUESTED BY:

 

[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: BANK 2021-BNK32 Asset Manager

Telecopy Number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com]

 

[National
Cooperative Bank, N.A.

2011
Crystal Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik, Chief Operating Officer

Facsimile
number: (703) 647-3473

Email:
kluzik@ncb.coop]

 

 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as trustee (the “Trustee”), pursuant to that Pooling and Servicing Agreement dated as of March 1, 2021 (the
“Agreement”), between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association,
as general master servicer [(in such capacity, the “General Master Servicer”)], Rialto Capital Advisors, LLC,
as general special servicer, National Cooperative Bank, N.A., as NCB master servicer [(in such capacity, the “NCB Master
Servicer”)] and NCB special servicer, Wells Fargo Bank, National Association, as certificate administrator (in such
capacity, the “Certificate Administrator”), the Trustee, and Park Bridge Lender Services LLC, as operating
advisor and as asset representations reviewer hereby constitutes and appoints the [General][NCB] Master Servicer, by and through
the [General][NCB] Master Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s
name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”)
serviced by the [General][NCB] Master Servicer and all properties (“Mortgaged Properties”) administered by
the [General][NCB] Master Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all
documents customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1
through 12 below with respect to the Mortgage Loans and Mortgaged Properties; provided, however, that the documents described
below may only be executed and

 

    Exhibit R-1-1

     

    

 

delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement.
Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

1.         The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

2.         The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the purpose
of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct title
errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
of the Agreement.

 

3.         The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.         The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real estate
owned, or conveyance of title to real estate owned.

 

5.         The completion of loan assumption agreements.

 

6.         The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.         The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the Mortgage
Loan secured and evidenced thereby.

 

8.         The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

9.         The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in
bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

    Exhibit R-1-2

     

    

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and the deed of trust;

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;

 

		c.	the
                                         preparation and filing of notices of default and/or notices of sale;

 

		d.	the
                                         cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the
                                         taking of deed in lieu of foreclosure;

 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

10.       With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing
                                         agreements;

 

		b.	purchase
                                         and sale agreements;

 

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of the property to a party
                                         contracted to purchase same;

 

		d.	escrow
                                         instructions; and

 

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

11.       The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property.

 

12.       The execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, deed of trust or other security
                                         document in the related Mortgage File or the related Mortgaged Property and other related
                                         collateral;

 

    Exhibit R-1-3

     

    

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by any related Mortgaged Property, consents to any mezzanine financing to be
                                         secured by the ownership interests in a borrower, consents to and monitoring of the application
                                         of any proceeds of insurance policies or condemnation awards to the restoration of the
                                         related Mortgaged Property, REO Property or otherwise, documents relating to the management,
                                         operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties
                                         or REO Properties (including agreements and requests by any borrower with respect to
                                         modifications of the standards of operation and management of such Mortgaged Properties
                                         or the replacement of asset managers), documents exercising any or all of the rights,
                                         powers and privileges granted or provided to the holder of any Mortgage Loan under the
                                         related loan documents, lease subordination agreements, non-disturbance and attornment
                                         agreements or other leasing or rental arrangements, any easements, covenants, conditions,
                                         restrictions, equitable servitudes, or land use or zoning requirements with respect to
                                         the Mortgaged Properties or REO Properties, instruments relating to the custody of any
                                         collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely
to the extent that the [General][NCB] Master Servicer has the power to delegate its rights or obligations under the Agreement,
the [General][NCB] Master Servicer also has the power to delegate the authority given to it by Wilmington Trust, National Association,
as Trustee, under this Limited Power of Attorney, for purposes of performing its obligations and duties by executing such additional
powers of attorney in favor of its attorneys-in-fact as are necessary for such purpose. The [General][NCB] Master Servicer’s
attorneys-in-fact shall have no greater authority than that held by the [General][NCB] Master Servicer.

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in
any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the [General][NCB]
Master Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association
except as specifically provided for herein. If the [General][NCB] Master Servicer receives any notice of suit, litigation or proceeding
in the name

 

    Exhibit R-1-4

     

    

 

of Wilmington Trust, National Association, then the [General][NCB] Master Servicer shall promptly forward a copy of
same to the Trustee.

 

This
limited power of attorney is not intended to extend the powers granted to the [General][NCB] Master Servicer under the Agreement
or to allow the [General][NCB] Master Servicer to take any action with respect to Mortgages, deeds of trust or Mortgage Notes
not authorized by the Agreement.

 

The
[General][NCB] Master Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or
willful misuse, of this Limited Power of Attorney by the [General][NCB] Master Servicer. The foregoing indemnity shall survive
the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee under
the Agreement.

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned.

 

IN
WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee for BANK 2021-BNK32 has caused its corporate seal to be hereto
affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this
___________ day of ____________.

 

	 	WILMINGTON
TRUST, NATIONAL ASSOCIATION, as Trustee for BANK 2021-BNK32
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Prepared
by:
	 	 	 
	 	 	Name:

 

    Exhibit R-1-5

     

    

 

Witness:

	 	 

 

Witness:

	 	 

 

	STATE
OF DELAWARE	 	)
	 		)	ss.:
	COUNTY OF	 	)

 

On
____________________, before me, _________________________________ Notary Public, personally appeared ___________________________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness
my hand and official seal.

 

 

	 	 
	 	Notary Public

 

	[SEAL]	 
	 	 	 
	My commission expires:	 	 
	 	 	 	 

 

    Exhibit R-1-6

     

    

 

EXHIBIT
R-2

 

FORM
OF POWER OF ATTORNEY – SPECIAL SERVICERS

 

RECORDING
REQUESTED BY:

 

[Rialto
Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

Miami,
Florida 33131

Attention:
Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BANK 2021-BNK32)

Facsimile
number: (305) 229-6425

E-mail:
liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com]

 

[National
Cooperative Bank, N.A.

2011
Crystal Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik, Chief Operating Officer

Facsimile
number: (703) 647-3473

Email:
kluzik@ncb.coop]

 

 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement dated as of March 1, 2021 (the
“Agreement”), between Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank, National Association,
as general master servicer, Rialto Capital Advisors, LLC, as general special servicer (the “General Special Servicer”),
National Cooperative Bank, N.A., as NCB master servicer and NCB special servicer (in such capacity, the “NCB Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator, the Trustee and Park Bridge Lender
Services LLC, as operating advisor and as asset representations reviewer, relating to the BANK 2021-BNK32, Commercial Mortgage
Pass-Through Certificates, Series 2021-BNK32, hereby constitutes and appoints the [General][NCB] Special Servicer, by and through
the [General][NCB] Special Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s
name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”)
serviced by the [General][NCB] Special Servicer and all properties (“REO Properties”) administered by the [General][NCB]
Special Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily
and reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1 through 13 below with
respect to the Mortgage Loans and REO Properties; provided, however, that the documents

 

    Exhibit R-2-1

     

    

 

described below may only
be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized
terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The
                                         endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
                                         made payable to the Trustee and draw upon, replace, substitute, release or amend letters
                                         of credit standing as collateral securing any Mortgage Loan.
                                         

 

		2.	The
                                         modification or re-recording of a Mortgage or deed of trust, where said modification
                                         or re-recording is solely for the purpose of correcting the Mortgage or deed of trust
                                         to conform same to the original intent of the parties thereto or to correct title errors
                                         discovered after such title insurance was issued; provided that said modification or
                                         re-recording, in either instance, (i) does not adversely affect the lien of the
                                         Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of
                                         the Agreement.
                                         

 

		3.	The
                                         subordination of the lien of a Mortgage or deed of trust to an easement in favor of a
                                         public utility company of a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution or requests to trustees to accomplish same.
                                         

 

		4.	The
                                         conveyance of the properties to the mortgage insurer, or the closing of the title to
                                         the property to be acquired as real estate owned, or conveyance of title to real estate
                                         owned.
                                         

 

		5.	The
                                         completion of loan assumption agreements and transfers of interest in borrower entities.
                                         

 

		6.	The
                                         full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Mortgage Note.

 

		7.	The
                                         assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection
                                         with the sale or repurchase of the Mortgage Loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or deed of trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Mortgage Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in any Mortgage
                                         or the related promissory note, and in the proceeds thereof, by way of, including but
                                         not limited to, taking title to any Mortgaged Property on behalf of the Trust, foreclosure,
                                         the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial
                                         foreclosure and/or any related litigation, including without limitation, guaranty or
                                         receivership litigation, or litigation on the note, or the termination, cancellation
                                         or rescission of any such foreclosure, the initiation, prosecution and completion of
                                         eviction actions or 

 

    Exhibit R-2-2

     

    

 

proceedings with respect to, or the termination, cancellation or
                                         rescission of any such eviction actions or proceedings, the initiation or defense of
                                         any litigation related to the ownership of any REO Property, and the pursuit of title
                                         insurance, hazard insurance and claims in bankruptcy proceedings, including, without
                                         limitation, any and all of the following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and the deed of trust;
                                          

 

		b.	the
preparation and issuance of statements of breach or non-performance;   

 

		c.	the
preparation and filing of notices of default and/or notices of sale;   

 

		d.	the
cancellation/rescission of notices of default and/or notices of sale;   

 

		e.	the
taking of deed in lieu of foreclosure;   

 

		f.	the
filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage Notes,
Mortgages or deeds of trust;   

 

		g.	the
preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction actions
or proceedings;   

 

		h.	the
tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but not limited
to appearing on behalf of the Trustee in quiet title actions;

 

		i.	the
creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and   

 

		j.	the
preparation and execution of such other documents and performance of such other actions as may be necessary under the terms of
the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:
                                          

 

		a.	listing
agreements;

 

		b.	purchase
and sale agreements;

 

		c.	grant/warranty/quit
claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

 

    Exhibit R-2-3

     

    

 

		d.	escrow
instructions; and

 

		e.	any
and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	Execute
                                         and/or file such documents and take such other action as is proper and necessary to defend
                                         the Trustee, solely in its capacity as Trustee, in litigation and to resolve such litigation,
                                         provided that such resolution shall not include any admission of fault or wrongdoing
                                         by the Trustee or, without the Trustee’s consent, subject the Trustee to any form
                                         of injunctive relief.

 

		13.	The
                                         execution and delivery of the following:

 

		a.	any
and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created
by the Mortgage, deed of trust or other security document in the related Mortgage File or the related Mortgaged Property and other
related collateral;

 

		b.	any
and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full defeasance,
and all other comparable instruments;

 

		c.	any
and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests in borrowers,
consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine financing to
be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds of insurance
policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property or otherwise, documents relating
to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including agreements
and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged Properties
or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, management agreements, any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties,
instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other
consents; and

 

    Exhibit R-2-4

     

    

 

		d.	any
and all documents, instruments and certifications as are reasonably necessary to complete or accomplish the [General][NCB] Special
Servicer’s duties and responsibilities under the Agreement.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely
to the extent that the [General][NCB] Special Servicer has the power to delegate its rights or obligations under the Agreement,
the [General][NCB] Special Servicer also has the power to delegate the authority given to it by Wilmington Trust, National Association,
as Trustee, under this Limited Power of Attorney, for purposes of performing its obligations and duties by executing such additional
powers of attorney in favor of its attorneys-in-fact as are necessary for such purpose. The [General][NCB] Special Servicer’s
attorneys-in-fact shall have no greater authority than that held by the [General][NCB] Special Servicer.

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in
any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the [General][NCB]
Special Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National
Association except as specifically provided for herein. If the [General][NCB] Special Servicer receives any notice of suit, litigation
or proceeding in the name of Wilmington Trust, National Association, then the [General][NCB] Special Servicer shall promptly forward
a copy of same to the Trustee.

 

This
limited power of attorney is not intended to extend the powers granted to the [General][NCB] Special Servicer under the Agreement
or to allow the [General][NCB] Special Servicer to take any action with respect to Mortgages, deeds of trust or Mortgage Notes
not authorized by the Agreement.

 

The
[General][NCB] Special Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or
willful misuse, of this Limited Power of Attorney by the [General][NCB] Special Servicer. The foregoing indemnity shall survive
the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee under
the Agreement.

 

    Exhibit R-2-5

     

    

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned.

 

IN
WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee for BANK 2021-BNK32, has caused its corporate seal to be hereto
affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this
___________ day of ____________.

 

	 	Wilmington
Trust, National Association, as Trustee for BANK 2021-BNK32
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Witness:

	 	 

  

Witness:

	 	 

 

    Exhibit R-2-6

     

    

 

	STATE
OF DELAWARE	 	)
	 		)	ss.:
	COUNTY OF	 	)

  

On
____________________, before me, _________________________________ Notary Public, personally appeared ___________________________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness
my hand and official seal.

 

	Notary
signature	 

  

    Exhibit R-2-7

     

    

 

EXHIBIT
S

 

INITIAL
SERVICED COMPANION NOTEHOLDERS

 

	Loan	Companion
    Holder
	Pathline
    Park 9 & 10	Notes
                                         A-2 and A-3:

         

        Wells
        Fargo Bank, National Association

         

        NOTICE
        ADDRESS:

         

        Wells
Fargo Bank, National Association

        30 Hudson Yards, 15th Floor

        New
York, New York 10001

        Attention:
A.J. Sfarra

        Email:
        Anthony.sfarra@wellsfargo.com

         

        with
        a copy to:

         

        Troy
Stoddard, Esq.

        Senior
Counsel

        Wells
Fargo Legal Department

        D1086-341

        550
South Tryon St. 34th Floor

        Charlotte,
North Carolina 28202

        Email:
        troy.stoddard@wellsfargo.com

         

        with
        a copy to (if by email):

         

        mike.jewesson@alston.com
and peter.mckee@alston.com

	Extra
    Space Rock ‘N Roll Self Storage Portfolio	Note
                                         A-4:

         

        Bank
        of America, National Association

         

        NOTICE
        ADDRESS:

         

        Bank
of America, N.A.

        NC1-030-21-01

        620
South Tryon Street

        Charlotte,
North Carolina 28255

        Attention:
Steven L. Wasser

        Email:
        steve.l.wasser@bofa.com

         

        with
        a copy to:

 

    Exhibit S-1

     

    

 

	 	         

        W.
Todd Stillerman, Esq.

        Bank
of America Legal Department

        NC1-028-24-02

        150
North College Street

        Charlotte,
North Carolina 28255

        Email:
todd.stillerman@bofa.com

        and
a copy by e-mail to:

        cmbsnotices@bofa.com

 

    Exhibit S-2

     

    

 

EXHIBIT
T

 

FORM
OF NOTICE RELATING TO THE NON-SERVICED MORTGAGE LOANS

 

[FOR
EACH OF THE MIAMI DESIGN DISTRICT (PRIOR TO THE MIAMI DESIGN DISTRICT LEAD NOTE SECURITIZATION DATE), 605 THIRD AVENUE AND MCCLELLAN
PARK MORTGAGE LOANS:

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

Three
Wells Fargo

401
South Tryon Street, 8th Floor

MAC
D1050-084

Charlotte,
North Carolina 28202

Attention:
BANK 2020-BNK30 Asset Manager

Facsimile
number: (704) 715-0036

Email
to: commercial.servicing@wellsfargo.com

 

with
a copy to:

 

K&L
Gates LLP

Hearst
Tower

214
North Tryon Street

Charlotte,
North Carolina 28202

Attention:
Stacy G. Ackermann

Reference:
BANK 2020-BNK30]

 

[FOR
THE BOCA OFFICE PORTFOLIO MORTGAGE LOAN:

 

Midland
Loan Services, a Division of PNC Bank, National Association, 

10851 Mastin Street, Suite 700 

Building 82, Suite 300

Overland
Park, Kansas 66210

Attention: Executive Vice President – Division
Head, 

Fax number: 1-888-706-3565

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

 

Eversheds Sutherland LLP

700 Sixth Street, N.W.

Suite 700

Washington, DC 20001

Facsimile: (202) 637-3593

Attention: Lisa A. Rosen

Email: lisarosen@eversheds-sutherland.com]

 

    Exhibit T-1

     

    

 

VIA
[EMAIL]

 

		Re:	BANK
                                         2021-BNK32,
                                         Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

Ladies
and Gentlemen:

 

As
you know, [_____], acts as the master servicer (the “Lead Servicer”) for the whole loan secured by the [mortgaged
property][portfolio of mortgaged properties] identified as [NON-SERVICED WHOLE LOAN] (the “Subject Whole Loan”)
under the pooling and servicing agreement relating to the [_____] securitization trust (the “PSA”). This is
to inform you that one or more of the promissory notes related to the Subject Whole Loan (the “Subject Mortgage Loan”)
has been transferred to BANK 2021-BNK32 pursuant to that certain Pooling and Servicing Agreement, dated as of March 1, 2021 (the
“2021-BNK32 Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc., as depositor, Wells Fargo
Bank, National Association, as general master servicer (in such capacity, the “2021-BNK32 General Master Servicer”),
Rialto Capital Advisors, LLC, as general special servicer, National Cooperative Bank, N.A., as NCB master servicer and NCB special
servicer, Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “2021-BNK32 Certificate
Administrator”), Wilmington Trust, National Association, as trustee (the “2021-BNK32 Trustee”), and
Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and that the 2021-BNK32 Trustee is
the holder of the Subject Mortgage Loan.

 

The
undersigned, as 2021-BNK32 Certificate Administrator, hereby directs you, in your capacity as the Lead Servicer of the Subject
Whole Loan, to remit to the 2021-BNK32 General Master Servicer all amounts payable to, and forward, deliver or otherwise make
available, as the case may be, to the 2021-BNK32 General Master Servicer all reports, statements, documents, communications, and
other information that are to be forwarded, delivered or otherwise made available to, the holder of the Subject Mortgage Loan
under the related Intercreditor Agreement (as such term is defined in the 2021-BNK32 Pooling and Servicing Agreement) and the
PSA.

 

The
Subject Mortgage Loan [is][is not] a Significant Obligor (as such term is defined in the 2021-BNK32 Pooling and Servicing Agreement)
under the 2021-BNK32 Pooling and Servicing Agreement

 

Thank
you for your attention to this matter.

 

    Exhibit T-2

     

    

 

	Date:	 	 

 

 

	 	Wells
Fargo Bank, National Association, as Certificate Administrator for the Holders of the BANK 2021-BNK32, Commercial Mortgage Pass-Through
Certificates, Series 2021-BNK32
	 	 
	 	By:	 
	 	 	Name:

Title:

 

    Exhibit T-3

     

    

 

cc:

 

[FOR
MIAMI DESIGN DISTRICT: 

[____]]

 

[FOR
605 THIRD AVENUE:

[____]]

 

[FOR
BOCA OFFICE PORTFOLIO:

[____]]

 

[FOR
MCCLELLAN PARK:

[____]]

 

    Exhibit T-4

     

    

 

EXHIBIT
U

 

FORM
OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

		To:	DBRS,
                                         Inc.

333
West Wacker Drive, Suite 1800

Chicago,
Illinois 60606

Attention:
Commercial Mortgage Surveillance

Facsimile
No.: (312) 332-3492

Email:
cmbs.surveillance@dbrs.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

Email: info.cmbs@fitchratings.com

 

Moody’s
Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

[INSERT
ADDRESS OF APPLICABLE MORTGAGE LOAN SELLER]

 

		From:	[Wells
                                         Fargo Bank, National Association][National Cooperative Bank, N.A.], in its capacity as
                                         [General][NCB] Master Servicer under the Pooling and Servicing Agreement dated as of
                                         March 1, 2021 (the “Pooling and Servicing Agreement”), between Morgan
                                         Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General
                                         Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National
                                         Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo
                                         Bank, National Association, as Certificate Administrator, Wilmington Trust, National
                                         Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and
                                         as Asset Representations Reviewer.

 

		Date:	_________,
                                         20___

 

    Exhibit U-1

     

    

 

		Re:	BANK
                                         2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

                                         Mortgage Loan (the “Mortgage Loan”) identified by loan number _____
                                         [and loan number [_______]] on the Mortgage Loan Schedule attached to the Pooling and
                                         Servicing Agreement and heretofore secured by the Mortgaged Properties identified on
                                         the Mortgage Loan Schedule by the following names:____________________
                                                ____________________

 

Reference
is made to the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings
assigned to such terms in the Pooling and Servicing Agreement.

 

As
[General][NCB] Master Servicer under the Pooling and Servicing Agreement, we hereby:

 

(a)   
Notify you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of
the type checked below:

 

____ a
full defeasance of the entire principal balance of the Mortgage Loan; or

 

____ a
partial defeasance of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of
$____________ or _______% of the entire principal balance of the Mortgage Loan;

 

(b)  
Certify that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto,
which exceptions the [General][NCB] Master Servicer has determined, consistent with the Servicing Standards, will have no material
adverse effect on the Mortgage Loan or the defeasance transaction:

 

(i)           
The Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied
in all material respects in completing the defeasance.

 

(ii)           
The defeasance was consummated on __________, 20__.

 

(iii)           
The defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section
2(a)(16) of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for
‘AAA’ Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard & Poor’s
Public Finance Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation, the principal
due at maturity cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)           
The [General][NCB] Master Servicer received an opinion of counsel (from counsel approved by the [General][NCB] Master Servicer
in accordance with the Servicing Standard) that the defeasance will not result in an Adverse REMIC Event.

 

    Exhibit U-2

     

    

 

(v)           
The [General][NCB] Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance
Obligor”) that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings
Real Estate Finance Criteria, as amended to the date of the defeasance (the “S&P Criteria”)) or is subject
to restrictions in its organizational documents substantially similar to those contained in the organization documents of the
original Borrower with respect to bankruptcy remoteness and single purpose as of the date of the defeasance, and after the defeasance
owns no assets other than the defeasance collateral and real property securing Mortgage Loans included in the pool.

 

(vi)           
The defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P
Criteria) in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities
intermediary and has been pledged to the Trustee on behalf of the Trust.

 

(vii)           
The agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee on behalf
of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from the proceeds of
the defeasance collateral directly to the [General][NCB] Master Servicer’s collection account in the amounts and on the
dates specified in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed
to the allocated loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan
documents (the “Scheduled Payments”), (iii) permit reinvestment of proceeds of the defeasance collateral only
in Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing the defeasance),
(iv) permit release of surplus defeasance collateral and earnings on reinvestment from the pledged securities account only after
the Mortgage Loan has been paid in full, if any such release is permitted, (v) prohibit transfers by the Defeasance Obligor of
the defeasance collateral and subordinate liens against the defeasance collateral, and (vi) provide for payment from sources other
than the defeasance collateral or other assets of the Defeasance Obligor of all fees and expenses of the securities intermediary
for administering the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance
Obligor.

 

(viii)           
The [General][NCB] Master Servicer received written confirmation from a firm of independent certified public accountants, who
were approved by the [General][NCB] Master Servicer in accordance with the Servicing Standard stating that (i) revenues from the
defeasance collateral (without taking into account any earnings on reinvestment of such revenues) will be sufficient to timely
pay each of the Scheduled Payments after the defeasance including the payment in full of the Mortgage Loan (or the allocated portion
thereof in connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment
Date), (ii) the revenues received in any month from the defeasance collateral will be applied to make Scheduled Payments within
four (4) months after the date of receipt, and (iii) interest income from the defeasance collateral to the Defeasance Obligor
in any calendar or fiscal year will not

 

    Exhibit U-3

     

    

 

exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or the
allocated portion thereof in a partial defeasance) for such year.

 

(ix)           
The Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined below).
The entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent of
pool balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent
Distribution Date Statement received by us (the “Current Report”).

 

(x)           
The [General][NCB] Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses
a valid, perfected first priority security interest in the defeasance collateral and that the documents executed in connection
with the defeasance are enforceable in accordance with their respective terms.

 

(c)               
Certify that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance
Obligor, and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)  
 Certify that the individual under whose hand the [General][NCB] Master Servicer has caused this Notice and Certification to
be executed did constitute a Servicing Officer as of the date of the defeasance described above.

 

(e)   
Certify that it has provided the required notices to, and obtained the required consents of, the related Mortgage Loan Seller
in accordance with Section 3.18(i) of the Pooling and Servicing Agreement.

 

(f)   
 Agree to provide copies of all items listed in Exhibit B to you upon request.

 

    Exhibit U-4

     

    

 

IN
WITNESS WHEREOF, the [General][NCB] Master Servicer has caused this Notice and Certification to be executed as of the date captioned
above.

 

	 	[________________] 
	 	 	as [General][NCB] Master Servicer
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

    Exhibit U-5

     

    

 

EXHIBIT
V

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT1

 

Report
Date: This report will be delivered no later than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing
Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”).
Transaction: BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32
Operating Advisor: Park Bridge Lender Services LLC
Special Servicer: [Rialto Capital Advisors, LLC][National Cooperative Bank, N.A.]
Directing Certificateholder: RREF IV Debt AIV, LP (or its affiliate)

 

		I.	Population
                                         of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	The
                                         [General][NCB] Special Servicer has notified the Operating Advisor that [●] Specially
                                         Serviced Loans were transferred to special servicing in the prior calendar year [INSERT
                                         YEAR].

 

		a.	[●]
                                         of those Specially Serviced Loans are still being analyzed by the [General][NCB] Special
                                         Servicer as part of the development of an Asset Status Report.

 

		b.	Asset
                                         Status Reports were issued with respect to [●] of such Specially Serviced Loans. This
                                         report is based only on the Specially Serviced Loans in respect of which an Asset Status
                                         Report has been issued. The Asset Status Reports may not yet be fully implemented.

 

		II.	Executive
                                         Summary

 

Based
on the requirements and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the
Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s reported actions on the loans identified in this report.
Based solely on such limited review, and subject to the assumptions, limitations and qualifications set forth herein, the Operating
Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is not] operating in compliance
with the Servicing Standard with respect to its performance of its duties under the Pooling and Servicing Agreement. [The Operating
Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer has failed to materially comply with
the Servicing Standard as a result of the following material deviations.]

 

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to
Privileged Information.

 

    Exhibit V-1

     

    

 

		●	[LIST
OF MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

		●	[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

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

 

		1.	Reviewed
                                         the Asset Status Reports, the Special Servicer’s assessment of compliance report,
                                         attestation report by a third party regarding the Special Servicer’s compliance
                                         with its obligations and net present value calculations and Appraisal Reduction Amount
                                         calculations and [LIST OTHER REVIEWED INFORMATION] for the following [●] Specially
                                         Serviced Loans: [List related mortgage loans]

 

		2.	Consulted
                                         with the Special Servicer as provided under the Pooling and Servicing Agreement. The
                                         Operating Advisor’s analysis of the Asset Status Reports (including related net
                                         present value calculations and Appraisal Reduction Amount calculations) related to the
                                         Specially Serviced Loans should be considered a limited investigation and not be considered
                                         a full or limited audit. For instance, we did not review each page of the Special Servicer’s
                                         policy and procedure manuals (including amendments and appendices), re-engineer the quantitative
                                         aspects of their net present value calculation, visit any property, visit the Special
                                         Servicer, visit the Directing Certificateholder or interact with any borrower. In addition,
                                         our review of the net present value calculations and Appraisal Reduction Amount calculations
                                         is limited to the mathematical accuracy of the calculations and the corresponding application
                                         of the non-discretionary portions of the applicable formulas, and as such, does not take
                                         into account the reasonableness of the discretionary portions of such formulas.

 

		III.	Specific
                                         Items of Review

 

		1.	The
                                         Operating Advisor reviewed the following items in connection with the generation of this
                                         report: [LIST MATERIAL ITEMS].

 

		2.	During
                                         the prior year, the Operating Advisor consulted with the Special Servicer regarding its
                                         strategy plan for a limited number of issues related to the following Specially Serviced
                                         Loans: [LIST]. The Operating Advisor participated in discussions and made strategic observations
                                         and recommended alternative courses of action to the extent it deemed such observations
                                         and recommendations appropriate.

 

		3.	Appraisal
                                         Reduction Amount calculations and net present value calculations:

 

		4.	The
                                         Operating Advisor [received/did not receive] information necessary to recalculate and
                                         verify the accuracy of the mathematical calculations and the corresponding application
                                         of the non-discretionary portions of the applicable

 

    Exhibit V-2

     

    

 

 formulas required to be utilized
                                         in connection with any Appraisal Reduction Amount or 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 Loan prior to the utilization
                                         by the Special Servicer.

 

		a.	The
                                         Operating Advisor [agrees/does not agree] with the [mathematical calculations] [and/or]
                                         [the application of the applicable non-discretionary portions of the formula] required
                                         to be utilized for such calculation.

 

		b.	After
                                         consultation with the Special Servicer to resolve any inaccuracy in the mathematical
                                         calculations or the application of the non-discretionary portions of the related formula
                                         in arriving at those mathematical calculations, such inaccuracy [has been/ has not been]
                                         resolved.

 

		5.	The
                                         following is a general discussion of certain concerns raised by the Operating Advisor
                                         discussed in this report: [LIST CONCERNS].

 

		6.	In
                                         addition to the other information presented herein, the Operating Advisor notes the following
                                         additional items, if any: [LIST ADDITIONAL ITEMS].

 

		IV.	Assumptions,
                                         Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related
                                         to this Report

 

		1.	As
                                         provided in the Pooling and Servicing Agreement, the Operating Advisor (i) is not required
                                         to report on instances of non-compliance with, or deviations from, the Servicing Standard
                                         or the Special Servicer’s obligations under the Pooling and Servicing Agreement
                                         that the Operating Advisor determines, in its sole discretion exercised in good faith,
                                         to be immaterial and (ii) will not be required in the ordinary course to provide or obtain
                                         a legal opinion, legal review or legal conclusion as part of that assessment.

 

		2.	In
                                         rendering our assessment herein, we have assumed that all executed factual statements,
                                         instruments, and other documents that we have relied upon in rendering this assessment
                                         have been executed by persons with legal capacity to execute such documents.

 

		3.	Except
                                         as may have been reflected in any Asset Status Report, the Operating Advisor did not
                                         participate in, or have access to, the Special Servicer’s and Directing Certificateholder’s
                                         discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have
                                         authority to speak with the Directing Certificateholder or borrower directly. As such,
                                         the Operating Advisor relied upon the information delivered to it by the Special Servicer
                                         as well as its interaction with the Special Servicer, if any, in gathering the relevant
                                         information to generate this report. The services that we perform are not designed and
                                         cannot be relied upon to detect fraud or illegal acts should any exist.

 

		4.	The
                                         Special Servicer has the legal authority and responsibility to service any Specially
                                         Serviced Loans pursuant to the Pooling and Servicing Agreement. The 

 

    Exhibit V-3

     

    

 

Operating Advisor
                                         has no responsibility or authority to alter the standards set forth therein or direct
                                         the actions of the Special Servicer.

 

		5.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of any communications held between it and the Special Servicer
                                         regarding any Specially Serviced Loans and certain information it reviewed in connection
                                         with its duties under the Pooling and 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.

 

		6.	There
                                         are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially
                                         Serviced Loans. These include, but are not limited to, assumptions, ownership changes,
                                         collateral substitutions, capital reserve changes, etc. The Operating Advisor does not
                                         participate in any discussions regarding such actions. As such, Operating Advisor has
                                         not assessed the Special Servicer’s operational compliance with respect to those
                                         types of actions.

 

		7.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the Certificate
                                         Administrator through the Certificate Administrator’s website.

 

		8.	This
                                         report does not constitute recommendations to buy, sell or hold any security, nor does
                                         the Operating Advisor take into account market prices of securities or financial markets
                                         generally when performing its limited review of the Special Servicer as described above.
                                         The Operating Advisor does not have a fiduciary relationship with any Certificateholder
                                         or any other party or individual. Nothing is intended to or should be construed as creating
                                         a fiduciary relationship between the Operating Advisor and any Certificateholder, party
                                         or individual.

 

Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement.

 

    Exhibit V-4

     

    

 

EXHIBIT W

 

Form
of Notice from Operating Advisor Recommending Replacement of A Special Servicer

 

Wilmington Trust, National Association

   as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee BANK 2021-BNK32

Telecopy number: (302) 630-4140

 

Wells Fargo Bank, National Association

    as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

BANK 2021-BNK32

Telecopy Number: (410) 715-2380

 

[Rialto Capital Advisors, LLC

as General Special Servicer

200 S. Biscayne Blvd, Suite 3550

Miami, Florida 33131

Attention: Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer
(BANK 2021-BNK32)

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
niral.shah@rialtocapital.com, adam.singer@rialtocapital.com]

 

[National Cooperative Bank, N.A.,

as NCB Special Servicer

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Kathleen Luzik, Chief Operating Officer

Facsimile number: (703) 647-3473

Email: kluzik@ncb.coop]

 

		Re:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32, 

Recommendation of Replacement of [General][NCB] Special Servicer 

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing
Agreement”), between

 

    Exhibit W-1 

     

    

 

Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General
Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer
and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, on behalf of the holders
of BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32 (the “Certificates”) regarding
the replacement of the[General][NCB] Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

Based upon our review
of the [General][NCB] Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.26
of the Pooling and Servicing Agreement, it is our assessment that [Rialto Capital Advisors, LLC][National Cooperative Bank, N.A.],
in its current capacity as [General][NCB] Special Servicer, is not [performing its duties under the Pooling and Servicing Agreement][acting
in accordance with the Servicing Standard]. The following factors support our assessment: [________].

 

Based upon such assessment,
we further hereby recommend that [Rialto Capital Advisors, LLC][National Cooperative Bank, N.A.] be removed as [General][NCB] Special
Servicer and that [________] be appointed its successor in such capacity.

 

	 	Very truly yours,
	 	 	 
	 	[The Operating Advisor]
	 	 	 
	 	By:	    
			Name:

Title:

 

Dated:

 

    Exhibit W-2 

     

    

 

EXHIBIT X

 

Form
of CONFIDENTIALITY Agreement

 

[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: BANK 2021-BNK32 Asset Manager

Telecopy Number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com]

 

[Rialto Capital Advisors, LLC

as General Special Servicer

200 S. Biscayne Blvd, Suite 3550

Miami, Florida 33131

Attention: Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer
(BANK 2021-BNK32)

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
niral.shah@rialtocapital.com, adam.singer@rialtocapital.com]

 

[National Cooperative Bank, N.A.,

as NCB Special Servicer

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202

Attention: Kathleen Luzik, Chief Operating Officer

Facsimile number: (703) 647-3473

Email: kluzik@ncb.coop]

 

		Re:	Access to Certain Information Regarding BANK 2021-BNK32, Commercial Mortgage
Pass-Through Certificates, Series 2021-BNK32

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), among the Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association,
as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer.
Defined terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.

 

[Wells Fargo Bank, National Association
(“Wells Fargo”)/Rialto Capital Advisors, LLC (“RCA”)/National Cooperative Bank, N.A. (“NCB”)]
understands that [____] (the “Company”)

 

    Exhibit X-1 

     

    

 

[_____] [__], 20[__]

Page 2

 

is requesting
certain confidential or non-public information relating to the Mortgage Loans to which the Company has continuing rights as a Certificateholder.
The Company is requesting such information for the purpose of analyzing asset performance and evaluating any continuing rights
the Company may have under the Trust (the “Permitted Purpose”).
The Company agrees that the Permitted Purpose shall not include the use or disclosure of the Confidential Information (as defined
below) in any manner that violates any applicable law, the Pooling and Servicing Agreement or the related mortgage loan documents.

 

[Wells Fargo/ RCA/ NCB] will provide the
Company with certain confidential, non-public servicing information (the “Confidential
Information”) pertaining to the Mortgage Loans and the related Mortgaged Properties and borrowers. The Company
acknowledges that the Confidential Information (a) includes or may be based upon information provided to [Wells Fargo/ RCA/
NCB] by third parties, (b) may not have been verified by [Wells Fargo/ RCA/ NCB], and (c) may be incomplete or contain
inaccuracies. The Company agrees that [Wells Fargo/ RCA/ NCB], the [“General Master Servicer”/“General
Special Servicer”/ “NCB Master Servicer”/ “NCB Special Servicer”] (as defined in
the Pooling and Servicing Agreement) and its respective Representatives (as defined below) shall not have any liability to the
Company or its Representatives resulting from (x) any inaccuracies or omissions in the Confidential Information, (y) any
use of the Confidential Information, or (z) [Wells Fargo/ RCA/ NCB]’s failure or inability to provide the Confidential
Information to the Company for any reason. Notwithstanding the foregoing, the following will not constitute “Confidential
Information” for purposes of this letter agreement: (a) information that was already in Company’s possession
prior to its receipt from [Wells Fargo/ RCA/ NCB]; (b) information that is obtained by Company from a third person who, insofar
as is known to Company, is not prohibited from transmitting the information to Company by a contractual, legal or fiduciary obligation
to [Wells Fargo/ RCA/ NCB]; (c) information that is or becomes publicly available through no fault of Company; and (d) information
that is independently developed by Company. The term “Representatives” with respect to any entity shall mean the officers,
directors, general partners, employees, agents, affiliates, auditors and legal counsel (which may be internal counsel) of that
entity.

 

The Company may have access to the Confidential
Information through (at [Wells Fargo/ RCA/ NCB]’s election): (i) responses to reasonable written inquiries received
from the Company, (ii) conference calls conducted on a reasonably scheduled basis with [Wells Fargo/ RCA/ NCB]’s surveillance
group, or (iii) direct on-line access (read-only capacity) to the information available on the applicable [____] system or
any successor or replacement system (“System”).
[Wells Fargo/ RCA/ NCB] may cease or defer providing the Company with Confidential Information in the event that (a) the Company
or its Representatives violate any provision hereof, or (b) [Wells Fargo/ RCA/ NCB] determines (in its sole discretion) that
such termination is necessary for any reason, including its determination that such action is required pursuant to the terms of
the Pooling and Servicing Agreement, the related Mortgage Loan documents, or any applicable law. [Wells Fargo/ RCA/ NCB] shall
cease to provide the Company with Confidential Information if [Wells Fargo/ RCA/ NCB] has actual knowledge that the Company or
its Representatives are affiliates of any borrower under the Mortgage Loan documents and [Wells Fargo/ RCA/ NCB] determines that
the provision, notice or access to such Confidential Information would violate the accepted servicing practices or servicing standards
as defined in the Pooling and Servicing Agreement. The Company’s obligations and the restrictions applicable to the protection
of the Confidential Information hereunder shall survive the

 

    Exhibit X-2 

     

    

 

[_____] [__], 20[__]

Page 3

 

termination of the Company’s access to the Confidential Information.
[Wells Fargo/ RCA/ NCB]’s remedies hereunder, at law or at equity, are cumulative and may be combined.

 

The Company agrees that it will not, and
it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to any other person
or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose) who have a need
to know the information, or as otherwise required by applicable law, court order or any governmental agency or regulator. The Company
acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any disclosure of the Confidential
Information by it or its Representatives for any purpose other than a Permitted Purpose, in addition to being a breach of this
letter agreement, may constitute a violation of federal and state securities laws. The Company will take reasonable measures to
ensure that each Representative is advised of this letter agreement and agrees to keep the Confidential Information confidential.
The Company shall be liable for any breach of this letter agreement by its Representatives and shall indemnify the Depositor, the
Trustee, the Certificate Administrator, the Master Servicers, the Special Servicers, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the Company or any of its Representatives. Notwithstanding the foregoing, the Company may subsequently
provide all or any part of such Confidential Information to any other person or entity that holds or is contemplating the purchase
of any Certificate or interest therein, but only if such person or entity confirms such ownership interest or prospective ownership
interest and provided that, prior to the delivery of such Confidential Information, such persons shall have executed and
delivered to the Company an agreement that is substantially similar in form and substance to this agreement.

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of New York without the application of conflict of laws principles. Anything
herein to the contrary notwithstanding, [Wells Fargo/ RCA/ NCB] intends at all times to comply with the terms and provisions of
the Pooling and Servicing Agreement and nothing in this letter agreement should be construed to limit or qualify any of [Wells
Fargo/ RCA/ NCB]’s rights or obligations under the Pooling and Servicing Agreement. This letter agreement may be executed
in counterparts and by facsimile/Portable Document Format (PDF); each such counterpart shall be deemed to be an original instrument,
and all such counterparts together shall constitute one agreement.

 

This agreement shall terminate with respect
to the information received by the Company one year after the Company receives such information or ceases to be a Certificateholder.
Company agrees that this letter agreement supersedes and replaces and survives any click-through agreement regarding confidentiality
of Confidential Information agreed to in connection with accessing the System whether agreed to in accessing the System before
or after signing this letter agreement.

 

    Exhibit X-3 

     

    

 

Please have an authorized signatory countersign
in the space provided below to indicate the Company’s confirmation of, and agreement to, the matters set forth herein.

 

	 	Very truly yours,
	 	 
	 	[WELLS
               FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

	 	[Rialto
Capital Advisors, LLC
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

	 	[NATIONAL
COOPERATIVE BANK, N.A.
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

CONFIRMED AND AGREED TO:

 

[COMPANY NAME]

 

	By:	     	 
		Name:

Title:	 

 

    Exhibit X-4 

     

    

 

EXHIBIT Y

 

FORM CERTIFICATION TO BE PROVIDED WITH
FORM 10-K

 

CERTIFICATION

 

I, [identify the certifying
individual], certify that:

 

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K of BANK 2021-BNK32 (the “Exchange
Act periodic reports”);

 

		2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

 

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

 

		4.	Based on my knowledge and the servicer compliance statements required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations
under the servicing agreements in all material respects; and

 

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

[(A) Wells Fargo Bank,
National Association, as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer;

 

(B) [List other applicable
reporting servicers]]

 

    Exhibit Y-1 

     

    

 

 

Date: _________________________

 

______________________________________

President

Morgan Stanley Capital I Inc.

(Senior officer in charge of the securitization of the depositor)

 

    Exhibit Y-2 

     

    

 

EXHIBIT Y-1

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

BANK 2021-BNK32 (the “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
(in such capacity, the “Certificate Administrator”), under that certain Pooling and Servicing Agreement, dated
as of March 1, 2021 (the “Pooling and Servicing Agreement”), entered into by Morgan Stanley Capital I Inc.,
as depositor (the “Depositor”), Wells Fargo Bank, National Association, as general master servicer (in such
capacity, the “General Master Servicer”), Rialto Capital Advisors, LLC, as general special servicer (the “General
Special Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master
Servicer”) and NCB special servicer (in such capacity, the “NCB Special Servicer”), Wilmington Trust,
National Association, as trustee, the Certificate Administrator, and Park Bridge Lender Services LLC, as operating advisor and
as asset representations reviewer, certifies to [_______], the Depositor, each Other Depositor and each Other Certificate Administrator
with respect to a securitization of a Serviced Companion Loan and their respective officers, directors and affiliates, to the extent
that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that the applicable Certification Parties will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year
covered by the Annual Report (collectively with the Annual Report, the “Reports”);

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except
as disclosed on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling
and Servicing Agreement; and

 

    Exhibit Y-1-1 

     

    

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB
and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual
report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the Depositor, the
Trustee and/or the Custodian.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

 

	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

    Exhibit Y-1-2 

     

    

 

Exhibit
Y-2

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

BANK 2021-BNK32 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of [WELLS FARGO BANK, NATIONAL ASSOCIATION][NATIONAL COOPERATIVE BANK, N.A.[, as [General][NCB]
Master Servicer under that certain Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), entered into by Morgan Stanley Capital I Inc., as depositor (the “Depositor”),
Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master Servicer”),
Rialto Capital Advisors, LLC, as general special servicer (the “General Special Servicer”), National Cooperative
Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer”) and NCB special servicer (in
such capacity, the “NCB Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo
Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, on behalf of the [General][NCB]
Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor and each Other Depositor
with respect to a securitization of a Serviced Companion Loan and their respective officers, directors and affiliates, and with
the knowledge and intent that the applicable Certification Parties will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending
[December 31, 20__] (the “Relevant Period”),
and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer backup certificate
delivered by each Special Servicer relating to the Relevant Period, all servicing information and all reports (the “Servicer
Reports”) required to be submitted by the [General][NCB] Master Servicer to the Certificate Administrator pursuant
to Sections 3.12(b) and (d) of the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K
for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the [General][NCB] Master
Servicer to the Certificate Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the
statements required to be made by each Special Servicer in the special servicer backup certificate delivered by each Special Servicer
relating to the Relevant Period, the master servicing information contained in the Servicer Reports, taken as a whole, does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is,
responsible for reviewing the activities performed by the [General][NCB] Master Servicer under the Pooling and Servicing Agreement
and based upon my knowledge and the annual compliance reviews 

 

    Exhibit Y-2-1 

     

    

 

	 	conducted in preparing the servicer compliance statements required
to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123
of Regulation AB with respect to the [General][NCB] Master Servicer, and except as disclosed in the compliance certificate delivered
by the [General][NCB] Master Servicer under Section 11.09 of the Pooling and Servicing Agreement, the [General][NCB] Master
Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant
Period;

 

		4.	The accountants that are to deliver the annual attestation
report on assessment of compliance with the Relevant Servicing Criteria in respect of the [General][NCB] Master Servicer with
respect to the Trust’s fiscal year _____ have been provided all information relating to the [General][NCB] Master Servicer’s
assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct a review in compliance with the
standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing
criteria applicable to the [General][NCB] Master Servicer for asset-backed securities with respect to the [General][NCB] Master
Servicer or any Servicing Function Participant retained by the [General][NCB] Master Servicer and related attestation report on
assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for
the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been
provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for
disclosure in such annual report on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the [General][NCB] Special Servicer, but other than a Sub-Servicer, Additional Servicer or
any other third party retained by the [General][NCB] Master Servicer that is not a Sub-Servicer appointed pursuant to Section 3.20
of the Pooling and Servicing Agreement) and, notwithstanding the foregoing certifications, neither I nor the [General][NCB] Master
Servicer makes any certification under the foregoing clauses (2) and (3) with respect to the information in the Servicer
Reports that is in turn dependent upon information provided by the [General][NCB] Special Servicer under the Pooling and Servicing
Agreement. Solely with respect to the completeness of information and reports, I do not certify anything other than that all fields
of information called for in written reports prepared by the [General][NCB] Master Servicer have been properly completed and that
any fields that have been left blank on their face have been done so in accordance with the CREFC procedures for such report.]

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

    Exhibit Y-2-2 

     

    

 

	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

	 	[NATIONAL COOPERATIVE BANK,
N.A.
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

    Exhibit Y-2-3 

     

    

 

Exhibit
Y-3

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

BANK 2021-BNK32 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of [Rialto Capital Advisors, LLC][national cooperative
bank, n.a.], as [General][NCB] Special Servicer under that certain Pooling and Servicing Agreement dated as of March 1,
2021 (the “Pooling and Servicing Agreement”),
entered into by Morgan Stanley Capital I Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as general master servicer (in such capacity, the “General Master Servicer”), Rialto Capital Advisors, LLC,
as general special servicer (the “General Special Servicer”), National Cooperative Bank, N.A., as NCB master
servicer (in such capacity, the “NCB Master Servicer”) and NCB special servicer (in such capacity, the “NCB
Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo
Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer,
on behalf of the [General][NCB] Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the
Depositor and each Other Depositor with respect to a securitization of a Serviced Companion Loan and their respective officers,
directors and affiliates, and with the knowledge and intent that the applicable Certification Parties will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending
[December 31, 20__] (the “Relevant Period”),
all servicing information and all required reports (the “Special
Servicer Reports”) required to be submitted by the [General][NCB] Special Servicer pursuant to the Pooling and
Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K have been submitted by the [General][NCB] Special Servicer to the General Master Servicer,
the NCB Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information
contained in the Special Servicer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is,
responsible for reviewing the activities performed by the [General][NCB] Special Servicer under the Pooling and Servicing Agreement
and based upon my knowledge and the annual compliance reviews conducted in preparing the servicer compliance statements required
to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion in the Form 10-K under Item 1123
of Regulation AB with respect to the [General][NCB] Special Servicer, and except as disclosed in the compliance certificate delivered
by the [General][NCB] Special 

 

    Exhibit Y-3-1 

     

    

 

	 	Servicer under Section 11.09 of the Pooling and Servicing Agreement, the [General][NCB] Special
Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant
Period;

 

		4.	The accountants that are to deliver the annual attestation
report on assessment of compliance with the Relevant Servicing Criteria in respect of the [General][NCB] Special Servicer with
respect to the Trust’s fiscal year _____ have been provided all information relating to the [General][NCB] Special Servicer
assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a review in compliance with
the standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing
criteria applicable to the [General][NCB] Special Servicer for asset-backed securities with respect to the [General][NCB] Special
Servicer or any Servicing Function Participant retained by the [General][NCB] Special Servicer and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been
provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for
disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

 

	 	[General][NCB] Special Servicer
	 	 	 
	 	By:	    
			Name:

                                         Title:]

 

    Exhibit Y-3-2 

     

    

 

Exhibit
Y-4

 

Form
of Certification to be Provided

to Depositor by Trustee

 

BANK 2021-BNK32 (The “Trust”)

 

The undersigned, __________,
a __________ of WILMINGTON TRUST, NATIONAL ASSOCIATION, on behalf of WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
entered into by Morgan Stanley Capital I Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as general master servicer (in such capacity, the “General Master Servicer”), Rialto Capital Advisors, LLC,
as general special servicer (the “General Special Servicer”), National Cooperative Bank, N.A., as NCB master
servicer (in such capacity, the “NCB Master Servicer”) and NCB special servicer (in such capacity, the “NCB
Special Servicer”), the Trustee, Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), and Park Bridge Lender Services LLC, as operating advisor and as asset representations
reviewer, certifies to [______], the Depositor and each Other Depositor with respect to a securitization of a Serviced Companion
Loan and their respective officers, directors and affiliates, to the extent that the following information is within our normal
area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that the applicable
Certification Parties will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been
provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	    
			Name:

                                         Title:

 

    Exhibit Y-4-1 

     

    

 

Exhibit
Y-5

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

BANK 2021-BNK32 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of PARK BRIDGE LENDER SERVICES LLC (the “Operating Advisor”) as Operating Advisor
under that certain Pooling and Servicing Agreement dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
entered into by Morgan Stanley Capital I Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as general master servicer (in such capacity, the “General Master Servicer”), Rialto Capital Advisors, LLC,
as general special servicer (the “General Special Servicer”), National Cooperative Bank, N.A., as NCB master
servicer (in such capacity, the “NCB Master Servicer”) and NCB special servicer (in such capacity, the “NCB
Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”) and Park Bridge Lender Services LLC, as Operating
Advisor and as asset representations reviewer, on behalf of the Operating Advisor, certify to [Name of Certifying Person(s) for
Sarbanes-Oxley Certification], the Depositor and each Other Depositor with respect to a securitization of a Serviced Companion
Loan and their respective officers, directors and affiliates, and with the knowledge and intent that the applicable Certification
Parties will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the General Master Servicer, the NCB Master
Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for
inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K
(the “Reports”) (such information provided by the Operating Advisor, collectively, the “Operating Advisor
Periodic Information”) have been submitted by the Operating Advisor to the General Master Servicer, the NCB Master Servicer,
the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the Operating Advisor Periodic Information contained in the Reports, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
these reports;

 

    Exhibit Y-5-1 

     

    

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit
to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	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:

 

    Exhibit Y-5-2 

     

    

 

Exhibit
Y-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

BANK 2021-BNK32 (The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian (the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling
and Servicing Agreement”), entered into by Morgan Stanley Capital I Inc., as depositor (the “Depositor”),
Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master Servicer”),
Rialto Capital Advisors, LLC, as general special servicer (the “General Special Servicer”), National Cooperative
Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master Servicer”) and NCB special servicer (in
such capacity, the “NCB Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo
Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, certifies to [______], the Depositor
and each Other Depositor with respect to a securitization of a Serviced Companion Loan and their respective officers, directors
and affiliates, to the extent that the following information is within our normal area of responsibilities and duties under the
Pooling and Servicing Agreement, and with the knowledge and intent that the applicable Certification Parties will rely upon this
certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been
provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 

 

    Exhibit Y-6-1 

     

    

 

	 	By:	    
			Name:

                                         Title:

 

    Exhibit Y-6-2 

     

    

 

Exhibit
Y-7

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

BANK 2021-BNK32 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of PARK BRIDGE LENDER SERVICES LLC (the “Asset
Representations Reviewer”) as Asset Representations Reviewer under that certain Pooling and Servicing Agreement dated
as of March 1, 2021 (the “Pooling and Servicing Agreement”), entered into by Morgan Stanley Capital I Inc.,
as depositor (the “Depositor”), Wells Fargo Bank, National Association, as general master servicer (in such
capacity, the “General Master Servicer”), Rialto Capital Advisors, LLC, as general special servicer (the “General
Special Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity, the “NCB Master
Servicer”) and NCB special servicer (in such capacity, the “NCB Special Servicer”), Wilmington Trust,
National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“Certificate Administrator”) and Park Bridge Lender Services LLC, as operating advisor and as Asset Representations
Reviewer, on behalf of the Asset Representations Reviewer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor and each Other Depositor with respect to a securitization of a Serviced Companion Loan and their respective officers,
directors and affiliates, and with the knowledge and intent that the applicable Certification Parties will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the General Master Servicer,
the NCB Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing
Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D
or Form 8-K (the “Reports”) (such information provided by the Asset Representations Reviewer, collectively,
the “Asset Representations Reviewer Periodic Information”) have been submitted by the Asset Representations
Reviewer to the General Master Servicer, the NCB Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the Asset Representations Reviewer Periodic Information contained in the
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

    Exhibit Y-7-1 

     

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	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:

 

    Exhibit Y-7-2 

     

    

 

EXHIBIT Z

 

Servicing
Criteria

to be Addressed in Assessment of Compliance

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). In addition, this Exhibit Z 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 Pooling
and Servicing Agreement of which this Exhibit Z forms a part or to require an assessment of a criterion that is not encompassed
by the servicing duties of the applicable party that are set forth in the main body of such Pooling and Servicing Agreement. For
the avoidance of doubt, for purposes of this Exhibit Z, other than with respect to Item 1122(d)(2)(iii), references to Servicer
below shall include any Sub-Servicer engaged by the Master Servicer or the Special Servicer.

 

	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.	Certificate
        Administrator

         General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special 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.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special Servicer

         

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage 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.	General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special Servicer

        

        Custodian
        (as applicable)

        

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special Servicer

        

	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage 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.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special Servicer 

 

    Exhibit Z-1 

     

    

 

	Applicable Servicing Criteria 	applicable party(ies)
	Reference	Criteria	 

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator

 

	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.	Trustee
        (as applicable)1

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special Servicer 

	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.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special 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 Exchange Act.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special Servicer 

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special 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 (A) are mathematically accurate; (B) are prepared within 30 calendar
    days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are
    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.	Certificate
        Administrator

        

        General
        Master Servicer

        

        NCB
        Master Servicer

        

        General
        Special Servicer

        

        NCB
        Special 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 mortgage loans serviced by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (with respect to A and B)
	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.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	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.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

        General Master Servicer

        

         

 

 

 

1 Only to the extent that the
Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable calendar year.

 

    Exhibit Z-2 

     

    

 

			
        

        

        NCB Master Servicer

        

        General Special Servicer

        

        NCB Special Servicer

         

	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements	Custodian
	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.	
        Certificate Administrator

        General Master Servicer

        

        NCB Master Servicer

        

        General Special Servicer

        

        NCB Special Servicer 

	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage 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 mortgage loan documents.	
        General Master Servicer

        

        NCB Master Servicer 

	1122(d)(4)(v)	The Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect to an obligor’s unpaid principal balance.	
        General Master Servicer

        

        NCB Master Servicer 

	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage 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 asset documents.	
        General Master Servicer

        

        NCB Master Servicer

        

        General Special Servicer

        

        NCB Special Servicer 

	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.	
        General Special Servicer

        

        NCB Special Servicer

        

        Operating Advisor 

	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage 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 mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	
        General Master Servicer

        

        NCB Master Servicer

        

        General Special Servicer

        

        NCB Special Servicer 

	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	
        General Master Servicer

        

        NCB Master 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 mortgage 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 mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	
        General Master Servicer

        

        NCB Master 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.	
        General Master Servicer

        

        NCB Master 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.	
        General Master Servicer

        

        NCB Master 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.	
        General Master Servicer

        

        NCB Master Servicer 

	1122(d)(4)(xiv)	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	
        General Master Servicer

        

        NCB Master Servicer 

	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

 

    Exhibit Z-2 

     

    

 

At all times that the
Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

At all times that the
General Master Servicer and the General Special Servicer or the NCB Master Servicer and the NCB Special Servicer are the same entity,
the General Master Servicer and the General Special Servicer or the NCB Master Servicer and the NCB Special Servicer, as applicable,
may provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation
AB.

 

    Exhibit Z-3 

     

    

 

EXHIBIT AA

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator (or the applicable Master Servicer to the extent specified in Section 11.04 of the Pooling and
Servicing Agreement) any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D”
column to the extent such party has actual knowledge (and in the case of net operating income information, financial statements,
annual operating statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession) of
such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer and the NCB Special Servicer (in its capacity as such) shall be
entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted
from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller. Each
of the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer
and the NCB Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the Prospectus and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the General Master Servicer, the
NCB Master Servicer, the General Special Servicer or the NCB Special Servicer be required to provide any information for inclusion
in a Form 10-D that relates to any Mortgage Loan for which such Master Servicer or such Special Servicer is not the applicable
Master Servicer or Special Servicer, as the case may be. For this Series 2021-BNK32 Pooling and Servicing Agreement, each of the
Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer and
the NCB Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-D	Party Responsible
	
        Item 1A: Distribution and Pool Performance Information:

         

        ●     Item 1111(h) of Regulation AB

        

        ●     Item 1125 of Regulation AB

        

        ●     Item 1121(a)(13) of Regulation AB

         

	

        ●     Each Master Servicer

         

        ●     Certificate Administrator

         

	
        Item 1B: Distribution and Pool Performance Information:

         

        ●     Item 1121(a)(14) of Regulation AB

        

        ●     Item 1121(d) of Regulation AB

        

        ●     Item 1121(e) of Regulation AB

         

	

        ●     Certificate Administrator

         

        ●     Depositor

         

        ●     Asset Representations Reviewer

         

 

    Exhibit AA-1 

     

    

 

		  

	
        Item 2: Legal Proceedings:

         

        ●     Item 1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of
        proceedings described therein that are material to security holders)

         

	

        ●     Each Master Servicer (as to itself)

         

        ●     Each Special Servicer (as to itself)

         

        ●     Certificate Administrator (as to itself)

         

        ●     Trustee (as to itself)

         

        ●     Depositor (as to itself)

         

        ●     Operating Advisor (as to itself)

         

        ●     Any other Reporting Servicer (as to itself)

         

        ●     Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust
        (whichever of them is in principal control of the proceedings)

         

        ●     Each Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ●     Originators under Item 1110 of Regulation AB

         

        ●     Party under Item 1100(d)(1) of Regulation AB

         

	Item 3:  Sale of Securities and Use of Proceeds

                                                                                 
	●     Depositor

	Item 4:  Defaults Upon Senior Securities

                                                                                 
	●     Certificate Administrator

	Item 5:  Submission of Matters to a Vote of Security Holders

                                                                                 
	●     Certificate Administrator

	
        Item 6: Significant Obligors of Pool Assets:

         

        ●     Item 1112(b) of Regulation AB provided, however, that all of the following conditions shall
        apply:

         

        (a) information shall be required to be reported only
with respect to a party or property (if any) identified as a “significant 
	

        ●     Each Master Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ●     Each Special Servicer (as to Specially Serviced Loans and REO Properties)

         

 

    Exhibit AA-2 

     

    

 

	
        

         obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
        provided, however, that for a significant obligor under item 1101(k)(2) of Regulation AB, only net operating income
        for the most recent fiscal year and interim period is required and, if such information for a prior period was required but
        not previously reported, such information for such prior period; and

         

        (c) the information shall be reportable in the Form 10-D that
        relates to the Distribution Date that immediately follows the Collection Period in which the information was received or prepared
        by the “Party Responsible” as described in clause (b) above.

         
	

        

	
        Item 7: Change in Sponsor Interest in the Securities:

         

        ●     Item 1124 of Regulation AB.

         

	●     Each Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)

	
        Item 8: Significant Enhancement Provider Information:

         

        ●     Item 1114(b)(2) and Item 1115(b) of Regulation AB

         

	●     Depositor

	Item 9:  Other Information, but only to the extent of any information that meets all the following conditions:  (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit CC, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the 	

        ●     Certificate Administrator, Trustee, each Master Servicer and/or each Special Servicer, in each case
        to the extent that such party is the “Party Responsible” with respect to such information pursuant to Exhibit CC.

         

        ●     Certificate Administrator
(including the

 

    Exhibit AA-3 

     

    

 

	period
to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	
                 balances of the Distribution Account, the Interest Reserve Account
        and the Gain-on-Sale Reserve Account as of the related Distribution Date and the preceding Distribution Date)

        

        ●     Each Master Servicer (with respect to the balance of its Collection Account as of the related Distribution
        Date and the preceding Distribution Date)

        

        ●     Each Special Servicer (with respect to the balance of each applicable REO Account as of the related Distribution
        Date and the preceding Distribution Date)

        

        ●     Any other party responsible
for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation AB to the extent
material to Certificateholders) 

	
        Item 10: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of Regulation S-K) 
	●     Depositor

	
        Item 10: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	

        ●     Certificate Administrator

        

        ●     Depositor

         

        provided that, in each case, that this shall in no
        event be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

        

        provided, further, in each case, that
in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor
shall be the responsible party. 

	
        Item 10: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	●     Certificate
Administrator, Trustee, each Master Servicer and/or each Special Servicer, in each case to the extent of any contract that
satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO
Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is
a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on

 

    Exhibit AA-4 

     

    

 

	
         
	       
                                         behalf of the Trust.

	
        Item 10: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote
of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the party that is the “Party Responsible”
with respect to Item 5 above elects to publish a report containing the information required by such Item 5 above and also elects
to report the information on Form 10-D by means of filing the published report and answering Item 5 by referencing the published
report. 
	●     The applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.

	
        Item 10: Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii)
of Item 601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D)
that is incorporated by reference in the Depositor’s registration statement. 
	●     Depositor

	
        Item 10: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney. 
	●     Certificate Administrator 

	
        Item 10: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K) 
	●     Not Applicable.

	
        Item 10: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K). 
	●     Not Applicable.

	Item 10:  Exhibits (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit CC, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the 	●     Certificate
Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible”
for the exhibit pursuant to Item 9(d) of Exhibit CC (it being acknowledged that no Master Servicer or Special Servicer
constitutes a “Party Responsible” under Exhibit CC with respect to any exhibits to a Form 10-K); 

 

    Exhibit AA-5 

     

    

 

	period
to which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	        provided
                                         that, in each case, that in the event any reportable agreement is executed by
                                         the Depositor and the Trustee or Certificate Administrator, then the Depositor shall
                                         be the responsible party for this Item 10.

 

    Exhibit AA-6 

     

    

 

EXHIBIT BB

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item on
Form 10-K” column to the extent such party has actual knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer and the NCB Special Servicer (in its capacity as such) shall be
entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted
from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller. Each
of the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer
and the NCB Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the Prospectus and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the General Master Servicer, the
NCB Master Servicer, the General Special Servicer or the NCB Special Servicer be required to provide any information for inclusion
in a Form 10-K that relates to any Mortgage Loan for which such Master Servicer or such Special Servicer is not the applicable
Master Servicer or Special Servicer, as the case may be. For this Series 2021-BNK32 Pooling and Servicing Agreement, each of the
Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer and
the NCB Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments

         
	●     Depositor

 

    Exhibit BB-1 

     

    

 

	
        Item 9B: Other Information, but only to the extent of any information
        that meets all the following conditions:

         

        (a) such information constitutes “Additional Form 8-K
        Disclosure” pursuant to Exhibit CC,

         

        (b) such information is required to be reported as “Additional
        Form 8-K Disclosure” during the period to which the Form 10-K relates, and

         

        (c) such information was not previously reported as
“Additional Form 8-K Disclosure” or as “Additional Form 10-D Disclosure” 
	●     Certificate Administrator, Trustee, each Master Servicer and/or each Special Servicer, in each case to the extent that such party is the “Party Responsible” with respect to such information pursuant to Exhibit CC.  

	Item 15:  Exhibits, Financial Statement Schedules (SEE BELOW)	SEE BELOW
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 1 of 3 Parts:

         

        ●     Item 1112(b) of Regulation AB, but only to the extent that (i) such information was required to have
        been set forth in the Prospectus, (ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously
        reported such information as “Additional Form 10-D Information”.

         

	

        ●     The applicable Mortgage Loan Seller.

         

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 2 of 3 Parts:

         

        ●     Item 1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the
        Prospectus and (ii) the applicable Master Servicer has not previously reported such information or updated versions thereof as
        “Additional Form 10-D Information”.

         

	●     Depositor

 

    Exhibit BB-2 

     

    

 

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 3 of 3 Parts:

         

        ●     Item 1112(b) of Regulation AB; provided, however, that all of the following conditions
        shall apply:

         

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
        provided, however, that for a significant obligor described under item 1101(k)(2) of Regulation AB, only net operating
        income for the most recent fiscal year and interim period is required and, if such information for a prior period was required
        but not previously reported, such information for such prior period; and

         

        (c) the information shall be reportable only to the extent that
        is has not previously been reported as “Additional Form 10-D Information”.

         
	

        ●     Each Master Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ●     Each Special Servicer (as to Specially Serviced Loans and REO Properties)

         

	
        Instruction J(2)(c) (Significant Enhancement Provider Information):

         

        ●     Items 1114(b)(2) and 1115(b) of Regulation AB

         

	●     Depositor

 

    Exhibit BB-3 

     

    

 

	
        Instruction J(2)(d) (Legal Proceedings):

         

        ●     Item 1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of
        proceedings described therein that are material to security holders)

         

	

        ●     Each Master Servicer (as to itself)

         

        ●     Each Special Servicer (as to itself)

         

        ●     Certificate Administrator (as to itself)

         

        ●     Trustee (as to itself)

         

        ●     Depositor (as to itself)

         

        ●     Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust
        (whichever of them is in principal control of the proceedings)

         

        ●     Each Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ●     Originators under Item 1110 of Regulation AB

         

        ●     Party under Item 1100(d)(1) of Regulation AB

         

	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 1 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        but only the existence and (if existent) how there is (that
        is, the nature of) any affiliation between itself (that is, the particular “Party Responsible”), on the one hand, and
        any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, (3) the Trust and (4) any other
        party listed under this item as a “Party Responsible”; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(b) of Regulation AB, 
	

        ●     Each Master Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate
        Administrator, each Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).

        

        ●     Each Special Servicer

        

        ●     Certificate Administrator

        

        ●     Trustee

        

        ●     Each party (other than a
Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator” of one or more Mortgage Loans,
if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more of the assets of the Trust at the date
of the Prospectus (provided that such a party shall no longer constitute a “Party Responsible” under this item from
and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing Agreement to the effect that
such party no longer

 

    Exhibit BB-4 

     

    

 

	
        

         

        but only the existence and (if existent) the general character
        of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 2021-BNK32 transaction) between itself (that is, the particular “Party Responsible”) or any of its
        affiliates, on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller,
        and (3) the Trust; provided, however, that a relationship, agreement, arrangement, transaction or understanding (A)
        must be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to
        an investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if
        it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(c) of Regulation AB,

         

        but only the existence and (if existent) a description
(including the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2021-BNK32
transaction or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates,
on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3)
the Trust; provided, however, that a relationship (A) must be reported only if it then exists or existed within
the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and
(C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus  
	

        

                 constitutes an originator of 10% or more of the
        assets of         the Trust).

        

        ●     Each party (other than a Mortgage Loan Seller), if any, that is specifically identified as an “originator
        of 10% or more of the assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered
        to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which
        the Form 10-K is due.

        

        ●     Each party (if any) that is identified in the Prospectus as an “other material party to the securities
        or transaction” (or substantially similar phrasing); provided, however, that such a party shall no longer constitute a “Party
        Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and
        Servicing Agreement to the effect that such party no longer constitutes a material party for purposes of Regulation AB.

        

        ●     Each party (if any) that that is specifically identified as an “other material party to the securities
        or transaction for purposes of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written
        notice delivered by the Depositor to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than
        February 15 of the year in which the Form 10-K is due.

         

 

    Exhibit BB-5 

     

    

 

	
        

        

        or if it was previously reported as “Additional
Form 10-K Disclosure”.

         
	

        

                

         

	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 2 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        But only the existence and (if existent) how there is any affiliation
        between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties listed
        under the preceding item as a “Party Responsible”, on the other; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(b) of Regulation AB,

         

        but only the existence and (if existent) the general
character of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the
ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated
third party (apart from the Series 2021-BNK32 transaction) between itself (that is, the particular “Party Responsible”),
on the one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”,
on the other; provided, however, that a relationship, agreement, arrangement, transaction or understanding (A) must
be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to an
investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it
was disclosed in the Prospectus or if it was 
	

        ●     Depositor

        

        ●     Each Mortgage Loan Seller

         

 

    Exhibit BB-6 

     

    

 

	
        previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(c) of Regulation AB,

         

        but only the existence and (if existent) a description (including
        the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2021-BNK32 transaction
        or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the
        one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the
        other; provided, however, that a relationship (A) must be reported only if it then exists or existed within the two
        prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need
        not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         
	

        

	
        Item 15: Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation
or succession (Exhibit No. 2 of Item 601 of Regulation S-K) 
	●     Depositor

	
        Item 15: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of Regulation S-K) 
	●     Depositor

 

    Exhibit BB-7 

     

    

 

	
        Item 15: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	

        ●     Trustee

        

        ●     Certificate Administrator

        

        ●     Depositor

         

        provided that, in each case, that this shall in no
        event be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

         

        provided, further, in each case, that
in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor
shall be the responsible party. 

	
        Item 15: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	●     Certificate Administrator, Trustee, each Master Servicer and/or each Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.

	
        Item 15: Exhibits (no. 11):

         

        Statement regarding computation of per share earnings
(Exhibit No. 11 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 15: Exhibits (no. 12):

         

        Statement regarding computation of ratios (Exhibit
No. 12 of Item 601 of Regulation S-K) 
	●     Not Applicable.

	
        Item 15: Exhibits (no. 13):

         

        Annual report to security holders, Form 10-Q and Form
10-QSB, or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 15: Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation
S-K) 
	●     Not Applicable.

 

    Exhibit BB-8 

     

    

 

	
        Item 15: Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit
No. 16 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 15: Exhibits (no. 18):

         

        Letter re change in accounting principles (Exhibit
No. 18 of Item 601 of Regulation S-K) 
	●     Not Applicable.

	
        Item 15: Exhibits (no. 21):

         

        Subsidiaries of registrant (Exhibit No. 18 of Item
601 of Regulation S-K) 
	●     Depositor.

	
        Item 15: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote
of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K). 
	●     Not Applicable.

	
        Item 15: Exhibits (no. 23) – Part 1 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii)
of Item 601 of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D)
that is incorporated by reference in the Depositor’s registration statement and (b) the consent is not the consent of a
registered public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Pooling and Servicing
Agreement. 
	●     Depositor

	
        Item 15: Exhibits (no. 23) – Part 2 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), but the required shall consist of a consent of the registered public accounting firm for purposes of any
        attestation report rendered with respect to the particular “Party Responsible” pursuant to Section 11.13 of this Pooling
        and Servicing Agreement.

         
	

        ●     Each Master Servicer

        

        ●     Each Special Servicer

        

        ●     Depositor

         

        Any other Servicing Function Participant

         

        provided, however, in each case, that
such party shall have the duty to report or deliver, or cause the reporting or delivery, of such consent only to the extent that
such party is required to deliver or cause the delivery of the related attestation report. 

 

    Exhibit BB-9 

     

    

 

	
        Item 15: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney. 
	●     Certificate Administrator 

	
        Item 15: Exhibits (no. 31(i))

         

        Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No.
31(i) of Item 601 of Regulation S-K). 
	●     Not Applicable

	
        Item 15: Exhibits (no. 31(ii))

         

        Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No.
31(ii) of Item 601 of Regulation S-K). 
	●     Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibits (no. 32)

         

        Section 1350 Certifications (Exhibit No. 32 of Item
601 of Regulation S-K). 
	●     Not Applicable.

	
        Item 15: Exhibits (no. 33)

         

        Report on assessment of compliance with servicing criteria
for asset-backed securities (Exhibit No. 33 of Item 601 of Regulation S-K). 
	●     Delivery of this exhibit (annual compliance assessment) is governed by Section 11.10 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibits (no. 34)

         

        Attestation report on assessment of compliance with
servicing criteria for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation S-K). 
	●     Delivery of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibits (no. 35)

         

        Servicer compliance statement (Exhibit No. 35 of Item
601 of Regulation S-K). 
	●     Delivery of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibit (no. 36)

         

        Certification For Shelf Offerings of Asset-Backed Securities
(Exhibit No. 36 of Item 601 of Regulation S-K). 
	●     Depositor

 

    Exhibit BB-10 

     

    

 

	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K) 
	●     Not Applicable.

	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K). 
	●     Not Applicable.

	Item 15:  Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit CC, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	●     Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit CC (it being acknowledged that no Master Servicer or Special Servicer constitutes a “Party Responsible” under Exhibit CC with respect to any exhibits to a Form 10-K).

	Item 15:  Exhibit (no. 101)

Interactive Data File (Exhibit No. 101 of Item 601 of Regulation S-K).	Not Applicable
	Item 15:  Exhibit (no. 102)

Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).	
        [Certificate Administrator]

         

        [Depositor] 

	Item 15:  Exhibit (no. 103)

Asset Related Document (Exhibit No, 103 of Item 601 of Regulation S-K).	
        [Certificate Administrator]

         

        [Depositor] 

	 	 

    Exhibit BB-11 

     

    

 

EXHIBIT CC

 

FORM
8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.07 of the Pooling and Servicing Agreement to report to the Depositor
and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described in the “Item
on Form 8-K” column to the extent such party has actual knowledge of such information (other than information as to itself).
Each of the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer
and the NCB Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than
information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice
to the contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer and the NCB Special Servicer (in its capacity as such) shall be
entitled to conclusively assume that there is no “significant obligor” other than a party or property identified as
such in the Prospectus and to assume that no other party or property will constitute a “significant obligor” after
the Cut-off Date. In no event shall the General Master Servicer, the NCB Master Servicer, the General Special Servicer or the NCB
Special Servicer be required to provide any information for inclusion in a Form 8-K that relates to any Mortgage Loan for which
such Master Servicer or such Special Servicer is not the applicable Master Servicer or Special Servicer, as the case may be. For
this Series 2021-BNK32 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the General Master
Servicer, the NCB Master Servicer, the General Special Servicer and the NCB Special Servicer (in its capacity as such) shall be
entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items
1114 or 1115 of Regulation AB.

 

	Item on Form 8-K	Party Responsible 
	
        Item 1.01: Entry into a Material Definitive Agreement

         
	

        ●     Depositor, except as described in the next bullet (it being acknowledged that Item 601 of Regulation
        S-K requires filing of material contracts to which the registrant or a subsidiary thereof is a party).

        

        

         

        ●     Certificate Administrator,
Trustee, each Master Servicer and/or each Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form 8-K
requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed securities
transaction, 

 

    Exhibit CC-1 

     

    

 

	
        

         
	

                even if the registrant
is not a party to such agreement), in each case to the extent of any amendment or definitive agreement that satisfies all the
following conditions: (a) such amendment or definitive agreement relates to the Trust or one or more Mortgage Loans or REO Mortgage
Loans, and (b) such amendment or definitive agreement is an amendment or definitive agreement to which such party (or a subcontractor
or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused
to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the
“Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement. 

	Item 1.02:  Termination of a Material Definitive Agreement– Part 1 of 2 Parts	●     Certificate Administrator, Trustee, each Master Servicer and/or each Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement.

	Item 1.02:  Termination of a Material Definitive Agreement– Part 2 of 2 Parts	●     Depositor, to the extent of any material agreement not covered in the prior item

	Item 1.03:  Bankruptcy or Receivership	●     Depositor

 

    Exhibit CC-2 

     

    

 

	Item 2.04:  Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	

        ●     Depositor

        

        ●     Certificate Administrator 

	Item 3.03:  Material Modification to Rights of Security Holders	●     Certificate Administrator

	Item 5.03:  Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	●     Depositor

	Item 6.01:  ABS Informational and Computational Material	●     Depositor

	Item 6.02 (Part 1 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in trustee	

        ●     Trustee

        

        ●     Depositor 

	Item 6.02 (Part 2 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer or Special Servicer	

        ●     Certificate Administrator

        

        ●     Each Master Servicer or
Special Servicer, as the case may be (in each case, as to itself) 

	Item 6.02 (Part 3 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a servicer (other than a party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	

        ●     Each Master Servicer (as to a party appointed by such Master Servicer)

        

        ●     Each Special Servicer

        

        ●     Certificate Administrator

        

        ●     Depositor 

	Item 6.03:  Change in Credit Enhancement or External Support	

        ●     Depositor

        

        ●     Certificate Administrator 

	Item 6.04:  Failure to Make a Required Distribution	●     Certificate Administrator

	Item 6.05:  Securities Act Updating Disclosure	●     Depositor

	Item 7.01:  Regulation FD Disclosure	●     Depositor

	Item 8.01:  Other Events	●     Depositor

	
        Item 9.01(d): Exhibits (no. 1):

         

        Underwriting agreement (Exhibit No. 1 of Item 601 of
Regulation S-K) 
	●     Not applicable

	
        Item 9.01(d): Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation
or succession (Exhibit No. 2 of Item 601 of Regulation S-K) 
	●     Depositor

	
        Item 9.01(d): Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of 
	●     Depositor

 

    Exhibit CC-3 

     

    

 

	
        

         Regulation S-K) 
	

	
        Item 9.01(d): Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	

        ●     Certificate Administrator

         

        provided that, in each case, that this shall
in no event be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement 

	
        Item 9.01(d): Exhibits (no. 7):

         

        Correspondence from an independent accountant regarding
non-reliance on a previously issued audit report or completed interim review. (Exhibit No. 7 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 9.01(d): Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation
S-K) 
	●     Not Applicable

	
        Item 9.01(d): Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit
No. 16 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 9.01(d): Exhibits (no. 17):

         

        Correspondence on departure of director (Exhibit No.
17 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 9.01(d): Exhibits (no. 20):

         

        Other documents or statements to security holders (Exhibit
No. 20 of Item 601 of Regulation S-K) 
	●     Not Applicable

	
        Item 9.01(d): Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii)
of Item 601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D)
that is incorporated by reference in the Depositor’s registration statement. 
	●     Depositor

	
        Item 9.01(d): Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the  
	●     Certificate Administrator 

 

    Exhibit CC-4 

     

    

 

	
        

        

         name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney. 
	

	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K) 
	●     Not Applicable.

	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K). 
	●     Not Applicable.

    Exhibit CC-5 

     

    

 

EXHIBIT
DD

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS
IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association,
as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

 

Morgan Stanley Capital I Inc., BANK 2021-BNK32, Commercial Mortgage
Pass-Through Certificates, Series 2021-BNK32—SEC REPORT PROCESSING

 

RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [11.04] [11.05]
[11.07] of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association,
as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer,
the undersigned, as [ ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed
on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to be
included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [                             ], phone number: [                              ]; email address: [                     ].

 

	 	[NAME OF PARTY],
	 	as [role]
	 	 	 
	 	By:	    
			Name:

                                         Title:

 

cc: Depositor

 

    Exhibit DD-1 

     

    

 

EXHIBIT EE

 

INITIAL
SUB-SERVICERS

 

1.                 
Barry S. Slatt Mortgage Company

 

2.                 
CBRE Loan Services, Inc.

 

    Exhibit EE-1 

     

    

 

EXHIBIT FF

 

SERVICING
FUNCTION PARTICIPANTS

 

1. Greystone Servicing
Company, LLC

 

    Exhibit FF-1 

     

    

 

EXHIBIT GG

 

FORM
OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

 

BANK 2021-BNK32, Commercial Mortgage Pass-Through
Certificates, Series 2021-BNK32

(the “Trust”)

 

I, [identifying the certifying
individual], on behalf of [Wells Fargo Bank, National Association, as General Master Servicer] [Rialto Capital Advisors, LLC, as
General Special Servicer] [National Cooperative Bank, N.A., as NCB Master Servicer] [National Cooperative Bank, N.A., as NCB Special
Servicer] [Wells Fargo Bank, National Association, as [Certificate Administrator][Custodian]] [Wilmington Trust, National Association,
as Trustee] (the “Certifying Servicer”), certify to Morgan Stanley Capital I Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s activities
[during the preceding calendar year] [between [__] and [__]] (the “Reporting
Period”) and the Certifying Servicer’s performance under the Pooling and Servicing Agreement; and

 

		2.	To the best of my knowledge, based on such review, the Certifying Servicer has fulfilled all of
its obligations under the Pooling and Servicing Agreement in all material respects during the Reporting
Period. [To my knowledge, the Certifying Servicer has failed to fulfill the following obligations under the Pooling
and Servicing Agreement: [SPECIFY EACH SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

	Date:	     	 
	 	 	 

 

[WELLS FARGO BANK, NATIONAL ASSOCIATION,
as General Master Servicer]

[Rialto Capital Advisors, LLC,

as General Special Servicer]

[NATIONAL COOPERATIVE BANK, N.A.,

as NCB Master Servicer]

[NATIONAL COOPERATIVE BANK, N.A.,

as NCB Special Servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION, as [Certificate Administrator][Custodian]]

[WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee]

 

    Exhibit GG-1 

     

    

 

	By:	   	 
		Name:

Title:	 

 

    Exhibit GG-2 

     

    

 

EXHIBIT HH

 

FORM
OF REPORT ON ASSESSMENT OF

COMPLIANCE with SERVICING CRITERIA

 

[Name of Reporting Servicer] (the “Reporting
Servicer”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph
(d) of Item 1122 of Regulation AB, as of and for the 12-month period ending December 31, 20[__] (the “Reporting
Period”), as set forth in Exhibit Z to the Pooling and Servicing Agreement. The transactions covered by this report
include asset-backed securities transactions for which the Reporting Servicer acted as [a master servicer, special servicer, trustee,
certificate administrator] involving commercial mortgage loans [other than __________________1]
(the “Platform”);

 

The Reporting Servicer has engaged certain
vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”)
to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance
with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on Schedule
A;

 

Except as set forth in paragraph 4 below,
the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with
the applicable servicing criteria;

 

The criteria listed in the column titled
“Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the Reporting Servicer based on the activities
it performs, directly or through its Vendors, with respect to the Platform;

 

The Reporting Servicer has complied, in
all material respects, with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect
to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December
31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria
as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on
Schedule B hereto]; and

 

 

 

1
Describe any permissible exclusions, including those permitted under telephone interpretation 17.04 (i.e., transactions
registered prior to compliance with Regulation AB, transactions involving an offer and sale of asset-backed securities that were
not required to be issued), if applicable.

 

    Exhibit HH-1 

     

    

 

[____], a registered public accounting
firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance with the applicable servicing
criteria for the Reporting Period.

 

[Date of Certification]

 

	 	[Name of Reporting Servicer]
	 	 	 
	 	By:	     
			Name:

Title:

 

    Exhibit HH-2 

     

    

 

EXHIBIT
II

 

CREFC®
PAYMENT INFORMATION

 

Payments shall be made to “CRE Finance Council”
and sent to:

Commercial Real Estate Finance Council, Inc.

28 West 44th Street, Suite 815

New York, NY 10036

Attn: Executive Director

 

or by wire transfer to:

 

[wiring instructions are on file with each Master Servicer]

 

    Exhibit II-1 

     

    

 

EXHIBIT JJ

 

Form
of Notice of ADDITIONAL 

INDEBTEDNESS
NOTIFICATION

 

VIA EMAIL:

 

To: Wells Fargo Bank, National Association, as Certificate
Administrator; cts.cmbs.bond.admin@wellsfargo.com, trustadministrationgroup@wellsfargo.com and cts.sec.notifications@wellsfargo.com

 

Ref: BANK 2021-BNK32, Additional Debt Notice for From 10-D

 

The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing Agreement

 

	 	Portfolio
    Name	Mortgage
    Loan	Position
    in Debt Stack	Additional
    Debt	OPB	OPB
    Date	Appraised
    Value	Appraised
    Value Date	Aggregate
    LTV	Aggregate
    NCF DSCR	Aggregate
    NCF DSCR Date	Primary
    Servicer	Master
    Servicer	Lead
    Servicer	Prospectus
    ID
	1	BANK
    2021-BNK32	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	 Total	 	 	   $	 	 	 	 	 	 	 	 	 	 	 
	2	BANK
    2021-BNK32	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	 Total	 	 	   $	 	 	 	 	 	 	 	 	 	 	 
	3	BANK
    2021-BNK32	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$ 
	 	 	$	 	%	 	 	 	 	 	 
	 	 Total	 	 	   $	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit JJ-1 

     

    

 

EXHIBIT
KK

 

[RESERVED]

 

    Exhibit KK-1 

     

    

 

EXHIBIT
LL

 

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

 

CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT
MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, as Certificate Administrator

 

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BANK 2021-BNK32—SEC REPORT PROCESSING

 

Email: cts.sec.notifications@wellsfargo.com

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section 11.04 of the
Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”), between
Morgan Stanley Capital I Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association, as General
Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer
and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned, as
[ ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

[With respect to the Collection Accounts and REO Account balance
information:

 

	Account Name	
        Beginning Balance as of 

        MM/DD/YYYY
	
        Ending Balance as of 

        MM/DD/YYYY

	General Master Servicer’s Collection Account	 	 
	NCB Master Servicer’s Collection Account	 	 
	REO Account	 	 

 

    Exhibit LL-1

     

    

 

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed to [               ], phone number:  [          ]; email address:  [          ].

 

	
 

	
[NAME OF PARTY],
as [role]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:
Title:

 

cc: Depositor

 

    Exhibit LL-2

     

    

 

EXHIBIT MM

 

Form
of notice of purchase of 

controlling class certificate

 

[Date]

 

Wells Fargo Bank, National Association

as Certificate Administrator 

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

Attention: Corporate Trust Services (CMBS) – BANK 2021-BNK32

 

Wells Fargo Bank, National Association

as General Master Servicer 

Commercial Mortgage Servicing

Three Wells Fargo

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

Charlotte, North Carolina 28202

Attention: BANK 2021-BNK32 Asset Manager

Telecopy Number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com

 

Rialto Capital Advisors, LLC

as General Special Servicer 

200 S. Biscayne Blvd, Suite 3550

Miami, Florida 33131

Attention: Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer
(BANK 2021-BNK32)

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

 

National Cooperative Bank, N.A.

as NCB Master Servicer and NCB Special Servicer

2011 Crystal Drive, Suite 800

Arlington, Virginia 22202 

Attention: Kathleen Luzik, Chief Operating Officer

Facsimile number: (703) 647-3473

Email: kluzik@ncb.coop 

 

Park Bridge Lender Services LLC

as Operating Advisor

600 Third Avenue, 40th Floor

New York, New York, 10016

Attention: BANK 2021-BNK32 Surveillance Manager (with a copy
sent contemporaneously to

cmbs.notices@parkbridgefinancial.com)

 

    Exhibit MM-1

     

    

 

		Re:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32
(the “Certificates”) issued pursuant to the Pooling
and Servicing Agreement (the “Pooling and Servicing Agreement”),
dated as of March 1, 2021, between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General
Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer
and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

This letter is delivered
to you, pursuant to Section 3.23(a) of the Pooling and Servicing Agreement in connection with the transfer by ____________ (the
“Transferor”) to us (the “Transferee”)
of $__________________ original principal balance in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates.
The Certificates were issued pursuant to the Pooling and Servicing Agreement.

 

		1.	Our name and address is as follows:

 

 

	
	 
	 

 

Contact Info:
[Tel/Email]

 

		2.	[IF APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
that we are purchasing a majority interest in the Class [__] Certificates, and that we are not affiliated with the Transferor.
To the extent that any Control Termination Event or Consultation Termination Event has occurred due to a waiver of a prior Class [__]
Certificateholder of its rights under the Pooling and Servicing Agreement, we hereby request that you reinstate such rights and
post a “special notice” on your website to the following effect:

 

“A Consultation
Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer of a majority
interest of the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior Holder.”

 

All capitalized terms
used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

    Exhibit MM-2

     

    

 

	
 

	
Very truly yours,

(Transferee)

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:
Title:

 

    Exhibit MM-3

     

    

 

EXHIBIT NN

 

FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

		Re:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

Ladies and Gentlemen:

 

In accordance with
Section 12.01 of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement, and is
hereby issuing the following Asset Review Report.

 

		1.	We have performed an Asset Review on each [Subject] Loan identified in accordance
with the terms of the Pooling and Servicing Agreement and our conclusion is that there is [no evidence of a failed Test] [evidence
of [•] failed Test[s] as specifically detailed on the scorecard attached hereto as Exhibit A] with respect to the [Subject]
Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a
failed Test shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of
a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller.
In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to
the persons listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Pooling and Servicing Agreement.

 

 

 

1 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    Exhibit NN-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	as Asset Representations Reviewer
	 	 	 	 
	 	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:
	 	 	 	 

 

    Exhibit NN-2

     

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	
        Test failures

         

	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	 	31	Single-Purpose Entity	 	 

 

    Exhibit NN-3

     

    

 

EXHIBIT OO

 

FORM OF ASSET REVIEW
REPORT SUMMARY1

 

To: [Addresses of Recipients]

 

		Re:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

Ladies and Gentlemen:

 

In accordance with
Section 12.01 of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement, and is
hereby issuing the following Asset Review Report Summary.

 

		1.	We have performed an Asset Review on each [Subject] Loan identified in accordance
with the terms of the Pooling and Servicing Agreement and our conclusion is that there is [no evidence of a failed Test] [evidence
of [•] failed Test[s] as identified on the summary scorecard attached hereto as Exhibit A] with respect to the [Subject] Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a
failed Test shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of
a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller.
In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review
Report Summary to the parties listed above, will not be required to take or participate in any other or further action with respect
to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Pooling and Servicing Agreement.

 

 

 

1 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    Exhibit OO-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	as Asset Representations Reviewer
	 	 	 	 
	 	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:
	 	 	 	 

 

    Exhibit OO-2

     

    

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	
        Test failures

         
	 	 	 	 
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	 	31	Single-Purpose Entity

 

    Exhibit OO-3

     

    

 

EXHIBIT PP

 

ASSET REVIEW PROCEDURES

 

In the event of any conflict
between this Exhibit PP and the terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control
and govern the Asset Representation Reviewer’s responsibilities and duties with respect to the Asset Reviews.

 

Call for Review and Collection and Inventory
of Review Materials

 

		Step 1	Asset Representations Reviewer (“ARR”)
receives the following items before beginning its review:

 

		■	CREFC® Delinquent Mortgage
Loan Status Report

 

		■	Notice of Asset Review Trigger (with attachments)

 

		■	Notice of Asset Review Vote Election

 

		■	Notice of Affirmative Asset Review Vote

 

		■	Asset Review Notice

 

		■	List of all Subject Loans

 

		■	Review Materials for each Subject Loan
via Secure Data Room access, including the Diligence File

 

		■	Any Unsolicited Information (if applicable)

 

Step 2 For each
Subject Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine what, if
any, Review Materials for such Subject Loan are missing, using the list of documents provided in the definition of “Mortgage
File” of this Agreement, any comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist
from the origination of such Subject Loan, to guide its review and determination.

 

    Exhibit PP-1

     

    

 

		Step 3	If ARR determines that the information made available to
it in the Secure Data Room with respect to any Subject Loan is missing any documents required to complete an Asset Review of such
Subject Loan, ARR prepares list of such missing documents and, within the time periods specified in Section 12.01 of this
Agreement, (i) notifies the Master Servicer (with respect to Non-Specially Serviced Loans) and the Special Servicer (with respect
to Specially Serviced Loans) of such missing documents, and request that the Master Servicer or the Special Servicer, as the case
may be, deliver to the ARR such missing document(s) to the extent in its possession and (ii) in the event any missing documents
are not provided by the Master Servicer or the Special Servicer, as the case may be, the ARR shall request such documents from
the related Mortgage Loan Seller.

 

Analysis
and Testing of Representations and Warranties

 

		Step 4	For each Subject Loan for which ARR has received all Review
Materials required to complete an Asset Review of such Subject Loan, ARR tests such Subject Loan for compliance with each representation
and warranty made by the related Mortgage Loan Seller with respect to such Subject Loan as follows:

 

		■	ARR reviews each representation and warranty
and each item included in the Review Materials applicable or related to such representation or warranty to determine whether there
is any evidence that such representation or warranty was not true when made by the related Mortgage Loan Seller.

 

		■	For each representation and warranty,
ARR lists 

 

		●	all items from the Review Materials reviewed
or used in its testing of such representation and warranty;

 

		●	whether ARR has determined that there
is any evidence that such representation or warranty was not true when made by the related Mortgage Loan Seller; and

 

		○	if so, stating the aspect of the applicable
representation or warranty that does not appear to have been true when made by the related Mortgage Loan Seller and ARR’s
basis for its conclusion;

 

		○	completing the Asset Review Report by
setting forth, for each [Subject Loan], the information contemplated herein with respect to each representation and warranty.

 

●        
ARR will not attempt (and has no obligation) to determine the materiality of any potential
breach of a representation or warranty that it discovers evidence of during its review as contemplated herein.

 

    Exhibit PP-2

     

    

 

EXHIBIT QQ

 

FORM OF CERTIFICATION TO CERTIFICATE
ADMINISTRATOR

REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BANK 2021-BNK32

Email: trustadministrationgroup@wellsfargo.com

 

		Attention:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

In accordance with
the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of March
1, 2021 (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor, Wells
Fargo Bank, National Association, as General Master Servicer, Rialto Capital Advisors, LLC, as General Special Servicer, National
Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, Park Bridge Lender Services LLC, as Operating Advisor and as
Asset Representations Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

		1.	The undersigned is an authorized representative of [the Asset Representations
Reviewer][[_____], an entity designated by the Depositor to receive access to the secure Data Room].

 

		2.	The undersigned acknowledges and agrees that (a) access to the Secure Data
Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling and Servicing
Agreement (b) it will not disseminate or otherwise make information contained on the Secure Data Room available to any other person
except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor and (c) it
will only access information relating to the Mortgage Loans to which the Asset Review relates.

 

		3.	The undersigned agrees that each time it accesses the Secure Data Room, the
undersigned is deemed to have recertified that the representations above remains true and correct.

 

    Exhibit QQ-1

     

    

 

		4.	[The undersigned
is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	
 

	
[NAME OF PARTY],
as [role]

	
 

	
 

	
 

	
 By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
Dated: __________

	
 

	
 

	
 

	
 

	
 

  

[Morgan Stanley Capital I
Inc.,

as Depositor]*

 

	
By:

	
 

	
 

	
 

	
[Name]

	
 

	
 

	
[Title]

	
 

 

 

 

*     Required to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing
access to the Secure Data Room.

 

    Exhibit QQ-2

     

    

 

EXHIBIT RR

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
LOAN][CESSATION OF DELINQUENT LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	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:  BANK 2021-BNK32 Asset Manager 

Email:  commercial.servicing@wellsfargo.com	
        Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

        New York, New York, 10016

        Attention: BANK 2021-BNK32 Surveillance Manager (with
a copy sent contemporaneously via email to: cmbs.notices@parkbridgefinancial.com)

	
        Rialto Capital Advisors, LLC

200 S. Biscayne Blvd, Suite 3550

        Miami, Florida 33131

        Attention: Liat Heller, Jeff Krasnoff, Niral Shah,
Adam Singer (BANK 2021-BNK32)

        Facsimile number: (305) 229-6425

        E-mail: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
niral.shah@rialtocapital.com, adam.singer@rialtocapital.com
	 
	 	 
	
        National Cooperative Bank, N.A.

        2011 Crystal Drive, Suite 800 

        Arlington, Virginia 22202 

        Attention: Kathleen Luzik, Chief Operating 

        Officer 

        Facsimile number: (703) 647-3473 

        Email: kluzik@ncb.coop 
	 

 

		Attention:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

In accordance with
Section 12.01(a) of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park
Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, the Certificate Administrator hereby notifies
you that as of [RELATED DISTRIBUTION DATE]:

 

    Exhibit RR-1

     

    

 

		1.	_____  An additional Mortgage Loan has become a Delinquent Loan.

 

		2.	_____  A Mortgage Loan has ceased to be a Delinquent Loan.

 

		3.	_____ An Asset Review Trigger has ceased to exist.

 

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

	
 

	
Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
[Name]

	
 

	
 

	
[Title]

 

    Exhibit RR-2

     

    

 

EXHIBIT SS

 

FORM OF INTERCREDITOR AGREEMENT AND SUBORDINATION
AGREEMENT FOR NCB CO-OP MORTGAGE LOANS

 

THIS INTERCREDITOR AGREEMENT
AND SUBORDINATION AGREEMENT (this “Agreement”) made as of this __ day of ____, 20__ between [_______], a [___________]
having an office at [__________] in its capacity as senior lender (“Lender”), and [_________], a [_________]
having an office at [__________] in its capacity as subordinated lender (“Subordinated Lender”).

 

W I T N E S S E T H:

 

WHEREAS, Lender is the
holder of a certain loan (the “Loan”) to [_________] (“Borrower”) dated the date hereof in
the amount of [_________] and 00/100 ($__________) Dollars, which Loan is secured by, among other things, a mortgage upon the Project
(hereinafter defined), which mortgage is intended to be recorded;

 

WHEREAS, Subordinated
Lender is the holder of a certain loan (the “Subordinated Loan”) dated the date hereof to Borrower in the amount
of [_________] and 00/100 ($_________) Dollars, which Subordinated Loan is secured by, among other things, a mortgage upon the
Project (hereinafter defined), which mortgage is intended to be recorded; and

 

WHEREAS, Lender and Subordinated
Lender desire to enter into this Agreement for the purpose of establishing the priorities of their respective interests in the
Project, and for the purpose of setting forth certain other agreements between them with respect to their agreements with Borrower;

 

NOW, THEREFORE, in consideration
of the premises, the payment of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Lender and Subordinated Lender agree as follows:

 

Defined Terms.
As used in this Agreement, the following terms shall have the meanings hereinafter set forth, unless the context shall otherwise
require:

 

“Affiliate”
– Shall mean, as to any particular Person, any Person directly or indirectly, through one or more intermediaries, controlling,
Controlled by or under common control with the Person or Persons in question.

 

“Control”
– Shall mean, (i) the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial
ownership interests of such Person (or, with respect to the Transfer prohibition set forth in Section 9(e) hereof, the ownership,
directly or indirectly, in the aggregate of more than twenty five percent (25%) of the beneficial ownership interests of such Person)
or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of an entity, whether through the ability to

 

    Exhibit TT-1

     

    

 

exercise voting power, by contract or otherwise. “Controlled by,” “controlling”
and “under common control with” shall have the respective correlative meaning thereto.

 

“Certificates”
– Shall mean any securities (including all classes thereof) representing beneficial ownership interests in the Loan or in
a pool of mortgage loans including the Loan issued in connection with a securitization of the Loan.

 

“Crowdfunded
Person” means a Person that is capitalized with debt and/or equity financing and/or raising monetary or other capital
contributions from a number of persons or entities through the practice of syndication, advertising or general or broad solicitation,
including, without limitation, (i) in reliance upon Regulation Crowdfunding promulgated by the Securities and Exchange Commission
pursuant to the Securities Act of 1933, as amended and/or (ii) via primarily internet-mediated registries, platforms, portals,
mail-order subscriptions, benefit events and/or other similar methods.

 

“EB-5 Lender”
means any Person that directly or indirectly used funds invested by an EB-5 Person through a program soliciting the issuance of
visas for immigrant investors as a source for the making, acquisition, or funding of the Subordinated Loan.

 

“EB-5 Person”
means a Person investing through a program soliciting the issuance of visas for immigrant investors, including through the Immigrant
Investor Program established by the Immigration Act of 1990 (8 U.S.C. 1153(b)(5)), as amended from time to time, and the rules
and regulations promulgated thereunder.

 

“Eligibility
Requirements” – Shall mean, with respect to any Person, that such Person (i) has total assets (in name or
under management) in excess of $200,000,000.00 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory
surplus or shareholder’s equity of $60,000,000.00 and (ii) is regularly engaged in the business of making or owning
commercial or multi-family real estate loans or operating commercial or multi-family mortgage properties.

 

“Event of Default”
– Shall mean (i) with respect to the Loan and the Loan Documents, any default thereunder which has occurred and is continuing
beyond any applicable grace or curative period, and (ii) with respect to the Subordinated Loan and the Subordinated Loan Documents,
any default thereunder which has occurred and is continuing beyond any applicable grace or curative period.

 

“Loan Documents”
– Shall mean all loan documents, notes, security agreements, mortgages, including, without limitation, those certain documents
made by Borrower creating a first lien upon the Project and any other documents evidencing and securing the Loan, in effect on
the date hereof, as the same may be modified, amended, restated, supplemented, replaced or extended, from time to time, in accordance
with the terms hereof.

 

“Permitted Fund
Manager” – Shall mean any Person that on the date of determination is (i) a nationally-recognized manager
of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund
with committed capital of at least $250,000,000 and (iii) not subject to a Proceeding.

 

    Exhibit TT-2

     

    

 

“Person”
– Shall mean any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability
company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal,
state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other form of entity.

 

“Proceeding”
– Shall mean the commencement, whether voluntary or involuntary, of any case, proceeding or other action against Borrower
under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors.

 

“Prohibited
Entity” means any Person that (i) is a statutory trust or similar Person, (ii) owns a direct or indirect interest in
the Subordinated Loan, Borrower or the Project through a tenancy-in-common or other similar form of ownership interest, (iii) is
an EB-5 Lender and/or (iv) is itself a Crowdfunded Person, is under the direct or managerial control of any Crowdfunded Person
and/or is more than 49% owned, directly or indirectly, by one or more Crowdfunded Persons (provided, that, notwithstanding the
foregoing, any Person otherwise constituting a Prohibited Entity shall not be deemed a Prohibited Entity hereunder to the extent
a Rating Agency Confirmation has been obtained with respect to such Person).

 

“Prohibited
Person” means any Person:

 

(i)         listed
in the annex to, or who is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism (the “Executive Order”);

 

(ii)        that
is owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to
the provisions of, the Executive Order;

 

(iii)       with
whom a Person is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering law, including
the Executive Order;

 

(iv)       who
commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order;

 

(v)        that
is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury
Department Office of Foreign Assets Control at its official website or at any replacement website or other replacement official
publication of such list; or

 

(vi)       who
is an Affiliate of a Person listed in clauses (i) through (v) above.

 

“Project”
– Shall mean that certain real property owned by Borrower described on Exhibit A attached hereto and the improvements
located or to be located thereon.

 

    Exhibit TT-3

     

    

 

“Protective
Advance” – Shall mean all sums advanced for the purpose of payment of real estate taxes (including special payments
in lieu of real estate taxes), maintenance costs, insurance premiums or other items (including capital items) reasonably necessary
to protect the Project or any portion thereof (including, but limited to, all reasonable attorneys’ fees, costs relating
to the entry upon the Project or any portion thereof to make repairs and the payment, purchase, contest or compromise of any encumbrance,
charge or lien which in the judgment of Lender appears to be prior or superior to the Loan Documents).

 

“Qualified Transferee”
– Shall mean (i) Subordinated Lender or an Affiliate of Subordinated Lender or (ii) one or more of the following:

 

(A)       a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial
credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that
any such Person referred to in this clause (A) satisfies the Eligibility Requirements;

 

(B)        an investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation
D under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (B) satisfies the
Eligibility Requirements;

 

(C)        an institution substantially similar to any of the foregoing entities described in clauses (ii)(A) or (ii)(B) that
satisfies the Eligibility Requirements;

 

(D)        any entity controlled by any of the entities described in clause (i) or clauses (ii)(A) or (ii)(C) above;

 

(E)         a Qualified Trustee in connection with a securitization of, the creation of collateralized debt obligations (“CDO”)
secured by or financing through an “owner trust” of, the Subordinated Loan (collectively, “Securitization
Vehicles”) so long as (A) the special servicer or manager of such Securitization Vehicle has the Required Special
Servicer Rating and (B) the entire “controlling class” of such Securitization Vehicle, other than with respect
to a CDO Securitization Vehicle, is held by one or more entities that are otherwise Qualified Transferees under clauses (ii)(A),
(B), (C) or (D) of this definition; provided that the operative documents of the related Securitization Vehicle require that (1) in
the case of a CDO Securitization Vehicle, the “equity interest” in such Securitization Vehicle is owned by one or more
entities that are Qualified Transferees under clauses (ii)(A), (B), (C) or (D) of this definition and (2) if any of the
relevant trustee, special servicer, or manager fails to meet the requirements of this clause (E), such Person must be replaced
by a Person meeting the requirements of this clause (E) within thirty (30) days; or

 

(F)         an investment fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager
or an entity that is otherwise a Qualified Transferee under clauses (ii)(A), (B), (C) or (D) of this definition acts as the

 

    Exhibit TT-4

     

    

 

general partner, managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned,
directly or indirectly, by one or more entities that are otherwise Qualified Transferees under clauses (ii)(A), (B), (C) or
(D) of this definition.

 

Notwithstanding the foregoing,
in no event shall a Prohibited Person or a Prohibited Entity be a Qualified Transferee.

 

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

 

“Rating Agencies”
– Shall mean, prior to a securitization, each of DBRS Morningstar, Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc., and Fitch Ratings, Inc., or any other nationally-recognized
statistical rating agency which has been designated by Lender and, after a securitization, shall mean any of the foregoing that
have rated any of the Certificates.

 

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

 

“Required Special
Servicer Rating” – Shall mean (i) a rating of “CSS1” in the case of Fitch Ratings, (ii) on
the S&P list of approved special servicers in the case of S&P, (iii) in the case of Moody’s, such special servicer
is acting as special servicer in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month
period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class
of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such
special servicer as special servicer of such commercial mortgage securities, and (iv) in the case of DBRS Morningstar, such special
servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS Morningstar within the
twelve (12) month period prior to the date of determination and is not a special servicer that has been cited by DBRS Morningstar
as having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced
by the applicable servicer prior to the time of determination.

 

    Exhibit TT-5

     

    

 

“Subordinated
Loan Documents” – Shall mean all loan documents, notes, security agreements, mortgages, including, without limitation,
those certain documents made by Borrower creating a second lien upon the Project and any other documents evidencing and securing
the Subordinated Loan, in effect on the date hereof, as the same may be modified, amended, restated, supplemented, replaced or
extended, from time to time, in accordance with the terms hereof.

 

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

 

1.          Approval of Loans and Loan Documents; Characterization of Subordinated Loan.

 

(a)        Subordinated Lender hereby acknowledges that (i) it has received and reviewed and, subject to the terms and conditions
of this Agreement, hereby consents to and approves of the Loan and, subject to the terms and provisions of this Agreement, all
of the terms and provisions of the Loan Documents, (ii) the continued performance of the Loan Documents will not constitute
a default or an event which, with the giving of notice or the lapse of time, or both, would constitute a default under the Subordinated
Loan Documents, and (iii) any application or use of the proceeds of the Loan for purposes other than those provided in the
Loan Documents shall not affect, impair or defeat the terms and provisions of this Agreement or the Loan Documents.

 

(b)        Lender hereby acknowledges that (i) it has received and reviewed, and, subject to the terms and conditions of this
Agreement, hereby consents to and approves of the making of the Subordinated Loan and, subject to the terms and provisions of this
Agreement, all of the terms and provisions of the Subordinated Loan Documents, (ii) the execution, delivery and performance
of the Subordinated Loan Documents will not constitute a default or an event which, with the giving of notice or the lapse of time,
or both, would constitute a default under the Loan Documents, (iii) any application or use of the proceeds of the Subordinated
Loan for purposes other than those provided in the Subordinated Loan Documents shall not affect, impair or defeat the terms and
provisions of this Agreement or the Subordinated Loan Documents.

 

2.          Representations and Warranties.

 

(a)        Subordinated Lender hereby represents and warrants as follows:

 

(i)         Subordinated Lender has heretofore provided Lender with true, complete and correct copies of the Subordinated Loan Documents.
To Subordinated Lender’s knowledge, there currently exists no default or event which, with the giving of notice or the lapse
of time, or both, would constitute a default under any of the Subordinated Loan Documents.

 

(ii)        Subordinated Lender is the legal and beneficial owner of the entire Subordinated Loan free and clear of any lien, security
interest, option or other charge or encumbrance.

 

    Exhibit TT-6

     

    

 

(iii)       There are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived.

 

(iv)       Subordinated Lender has, independently and without reliance upon Lender and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.

 

(v)        Subordinated Lender is duly organized and validly exists under the laws of the jurisdiction under which it was organized
with full power to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby.

 

(vi)       All actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Subordinated
Lender have been duly taken, and all such actions continue in full force and effect as of the date hereof.

 

(vii)      Subordinated Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and
binding agreement of Subordinated Lender enforceable against Subordinated Lender in accordance with its terms subject to (a) applicable
bankruptcy, reorganization, insolvency and moratorium laws, and (b) general principles of equity which may apply regardless
of whether a proceeding is brought in law or in equity.

 

(viii)     To Subordinated Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization
of, or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in
connection with the execution, delivery or performance by Subordinated Lender of this Agreement or consummation by Subordinated
Lender of the transactions contemplated by this Agreement, other than those that have been obtained.

 

(ix)        None of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated
by this Agreement will (a) violate or conflict with any provision of the organizational or governing documents of Subordinated
Lender, (b) to Subordinated Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or
otherwise give any other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both,
would constitute) a default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to
which Subordinated Lender is a party or to which any of its properties are subject, (c) to Subordinated Lender’s knowledge,
result in the creation of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest
upon the properties or assets of Subordinated Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture,
agreement, franchise, or other instrument, (d) violate any judgment, order, injunction, decree, or award of any court, arbitrator,
administrative agency or governmental or regulatory body of which Subordinated Lender has knowledge against, or binding upon, Subordinated
Lender or upon any of the securities, properties, assets, or business of Subordinated Lender or (e) to Subordinated Lender’s
knowledge, constitute a violation by Subordinated Lender of any statute, law or regulation that is applicable to Subordinated Lender.

 

    Exhibit TT-7

     

    

 

(x)         The Subordinated Loan is not cross defaulted with any loan except the Loan.

 

(b)        Lender hereby represents and warrants as follows:

 

(i)          Lender has heretofore provided Subordinated Lender with true, complete and correct copies of the Loan Documents. To Lender’s
actual knowledge, there currently exists no default or event which, with the giving of notice or the lapse of time, or both, would
constitute a default under any of the Loan Documents.

 

(ii)         Lender is the legal and beneficial owner of the Loan free and clear of any lien, security interest, option or other charge
or encumbrance.

 

(iii)        There are no conditions precedent to the effectiveness of this Agreement against Lender that have not been satisfied or
waived.

 

(iv)        Lender is duly organized and validly exists under the laws of the jurisdiction under which it was organized with full power
to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby.

 

(v)         All actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Lender have been
duly taken, and all such actions continue in full force and effect as of the date hereof.

 

(vi)        Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding agreement
of Lender enforceable against Lender in accordance with its terms subject to (a) applicable bankruptcy, reorganization, insolvency
and moratorium laws and (b) general principles of equity which may apply regardless of whether a proceeding is brought in
law or in equity.

 

(vii)       To Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of, or exemption
by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with
the execution, delivery or performance by Lender of this Agreement or consummation by Lender of the transactions contemplated by
this Agreement other than those that have been obtained.

 

(viii)     None of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated
by this Agreement will (a) violate or conflict with any provision of the organizational or governing documents of Lender,
(b) to Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any
other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a
default under the terms of any material contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Lender
is a party or to which any of its properties are subject, (c) to Lender’s knowledge, result in the creation of any lien,
charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the properties or assets of Lender
pursuant to the terms of any such material contract, mortgage, lease, bond, indenture,

 

    Exhibit TT-8

     

    

 

agreement, franchise or other instrument,
(d) violate any judgment, order, injunction, decree or award of any court, arbitrator, administrative agency or governmental
or regulatory body of which Lender has knowledge against, or binding upon, Lender or upon any of the securities, properties, assets,
or business of Lender or (e) to Lender’s knowledge, constitute a violation by Lender of any statute, law or regulation
that is applicable to Lender.

 

(ix)        The Loan is not cross defaulted with any other loan, except for the Subordinated Loan.

 

3.          Subordination and Priority. Subordinated Lender hereby subordinates and makes junior the Subordinated Loan, the Subordinated
Loan Documents (and any amendment, modification or extension thereof, and any future advance or increase respecting the Subordinated
Loan, in each instance, whether or not made in violation of this Agreement), and the lien and security interests created thereby
and all of the foregoing (collectively, the “Subordinated Interests”) shall at all times be junior, subject
and subordinate to the lien and security interest created by the Loan Documents and all of the terms, covenants, conditions, rights
and remedies contained in the Loan Documents, and no amendments or modifications of the Loan Documents or waivers of any provisions
thereof shall affect the subordination of the Subordinated Interests as set forth in this Section 3, it being understood and
agreed that the Loan Documents and the liens and security interests created thereby shall be and remain a prior lien against the
Project. In addition, all of Subordinated Lender’s rights to payment of the Subordinated Loan and the obligations evidenced
by the Subordinated Loan Documents are hereby subordinated to all of Lender’s rights to payment by Borrower of the Loan and
the obligations secured by the Loan Documents, and Subordinated Lender shall not accept or receive payments (including, without
limitation, whether in cash or other property and whether received directly, indirectly or by set-off, counterclaim or otherwise)
from Borrower and/or from the Project upon the occurrence and during the continuance of an Event of Default (as defined in the
Loan Documents) under the Loan. If a Proceeding shall have occurred, Lender shall be entitled to receive payment and performance
in full of all amounts due or to become due to Lender before Subordinated Lender is entitled to receive any payment on account
of the Subordinated Loan. All payments or distributions upon or with respect to the Subordinated Loan which are received by Subordinated
Lender contrary to the provisions of this Agreement shall be received and held in trust by the Subordinated Lender for the benefit
of Lender and shall be paid over to Lender in the same form as so received (with any necessary endorsement) to be applied (in the
case of cash) to, or held as collateral (in the case of non-cash property or securities) for, the payment or performance of the
Loan in accordance with the terms of the Loan Documents. Nothing contained herein shall prohibit the Subordinated Lender from making
protective advances (and adding the amount thereof to the principal balance of the Subordinated Loan) notwithstanding the existence
of a default under the Loan at such time.

 

4.          Modifications, Amendments, Etc.

 

(a)        Lender shall have the right without the consent of Subordinated Lender in each instance to enter into any amendment, deferral,
extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Senior
Loan Modification”) of the Loan or the Loan Documents provided that no such Senior Loan Modification shall

 

    Exhibit TT-9

     

    

 

(i) increase
the interest rate or principal amount of the Loan, (ii) increase in any other material respect any monetary obligations of
Borrower under the Loan Documents, (iii) extend or shorten the scheduled maturity date of the Loan (except that Lender may
permit Borrower to exercise any extension options in accordance with the terms and provisions of the Loan Documents), (iv) convert
or exchange the Loan into or for any other indebtedness or subordinate any of the Loan to any indebtedness of Borrower, (v) amend
or modify the provisions limiting transfers of interests in the Borrower or the Project, (vi) cross default the Loan with
any other indebtedness, (vii) obtain any contingent interest, additional interest or so-called “kicker” measured
on the basis of the cash flow or appreciation of the Project, (or other similar equity participation), or (viii) extend the
period during which voluntary prepayments are prohibited or during which prepayments require the payment of a prepayment fee or
premium or yield maintenance charge or increase the amount of any such prepayment fee, premium or yield maintenance charge; provided,
however, in no event shall Lender be obligated to obtain Subordinated Lender’s consent to a Senior Loan Modification
in the case of a work-out or other surrender, compromise, release, renewal, or indulgence relating to the Loan during the existence
of an Event of Default (as defined in the Loan Documents) under the Loan, except that under no conditions shall clause (i)
(with respect to increase principal amount only), or clause (viii) be modified without the written consent of Subordinated
Lender. In addition and notwithstanding the foregoing provisions of this Section 2, any amounts funded by the Lender under
the Loan Documents as a result of (A) the making of any protective advances or other advances by the Lender, or (B) interest
accruals or accretions and any compounding thereof (including default interest), shall not be deemed to contravene this Section 2.

 

(b)        Subordinated Lender shall have the right without the consent of Lender in each instance to enter into any amendment, deferral,
extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Subordinated
Loan Modification”) of the Subordinated Loan or the Subordinated Loan Documents provided that no such Subordinated Loan
Modification shall (i) increase the interest rate or principal amount of the Subordinated Loan, (ii) increase in any
other material respect any monetary obligations of under the Subordinated Loan Documents, (iii) extend or shorten the scheduled
maturity date of the Subordinated Loan (except that Subordinated Lender may permit Borrower to exercise any extension options in
accordance with the terms and provisions of the Subordinated Loan Documents), (iv) convert or exchange the Subordinated Loan
into or for any other indebtedness or subordinate the Subordinated Loan to any indebtedness of Borrower, (v) provide for any
additional contingent interest, additional interest or so called “kicker” measured on the basis of the cash flow or
appreciation of the Project (or other similar equity participation), (vi) amend or modify the provisions of the Subordinated
Loan Documents limiting transfers of direct or indirect interest in Borrower, (vii) modify or amend the terms and provision
of any Subordinated Loan Document with respect to the manner, timing or method of the application of payments under the Subordinated
Loan Documents, (vi) cross default the Subordinated Loan with any other indebtedness, or (vii) amend or modify the provisions
limiting transfers of interests in the Borrower or the Project. Notwithstanding anything to the contrary contained herein, if an
Event of Default exists under the Subordinated Loan Documents, Subordinated Lender shall be permitted to modify or amend the Subordinated
Loan Documents in connection with a work out or other surrender, compromise, release, renewal or modification of the Subordinated
Loan except that under no conditions shall clause (i), with respect to increases in principal amounts only, clause (ii),
clause (iii) (with respect to shortening the maturity only), clause (iv) or

 

    Exhibit TT-10

     

    

 

clause (v) be modified without the written
consent of the Lender. In addition and notwithstanding the foregoing provisions of this Section 6(b), any amounts funded by
the Subordinated Lender under the Subordinated Loan Documents as a result of (A) the making of any Protective Advances or
other advances by the Subordinated Lender, or (B) interest accruals or accretions and any compounding thereof (including default
interest), shall not be deemed to contravene this Section 6(b).

 

(c)        Lender shall deliver to Subordinated Lender copies of any and all modifications, amendments, extensions, consolidations,
spreaders, restatements, alterations, changes or revisions to any one or more of the Loan Documents (including, without limitation,
any side letters, waivers or consents entered into, executed or delivered by Lender) within a reasonable time after any of such
applicable instruments have been executed by Lender.

 

(d)        Subordinated Lender shall deliver to Lender copies of any and all modifications, amendments, extensions, consolidations,
spreaders, restatements, alterations, changes or revisions to any one or more of the Subordinated Loan Documents (including, without
limitation, any side letters, waivers or consents entered into, executed or delivered by Subordinated Lender) within a reasonable
time after any of such applicable instruments have been executed by Subordinated Lender.

 

5.          Default Notice.

 

(a)        Subordinated Lender shall give Lender notice of any default under the Subordinated Loan Documents promptly upon the giving
of such notice of default to Borrower and in all instances prior to accelerating the Subordinated Loan on account of such default.
Lender may, but shall not be obligated to, cure any such default, in which event Subordinated Lender shall accept such cure by
Lender as and for the cure by Borrower.

 

(b)        Lender shall give Subordinated Lender notice of any default under the Loan Documents promptly upon the giving of such notice
of default to Borrower and in all instances prior to accelerating the Loan on account of such default. Subordinated Lender may,
but shall not be obligated to, cure any such default within the time period afforded to the Borrower pursuant to the Loan Documents,
in which event Lender shall accept such cure by Subordinated Lender as and for the cure by Borrower.

 

6.          Casualty and Condemnation. In the event of a casualty to the buildings or improvements constructed on any portion
of the Project or a condemnation or taking under a power of eminent domain of all or any portion of the Project, Lender shall have
a first and prior interest in and to any payments, awards, proceeds, distributions, or consideration arising from any such event
(the “Award”). Subordinated Lender acknowledges and agrees that so long as the Loan is outstanding, it has no
lien on or security interest in any Award, nor any rights with respect to any Award except as expressly provided in this Agreement,
and Subordinated Lender assigns its rights to any Award to Lender up to an amount equal to the then outstanding amount of the Loan.
Subordinated Lender agrees to promptly, upon request by Lender, execute and deliver to Lender and/or to any other party as so directed
by Lender, a written confirmation of the terms set forth in the immediately preceding sentence and take sure other actions reasonably
requested by Lender to further evidence the foregoing agreement (although failure of

 

    Exhibit TT-11

     

    

 

Subordinated Lender to do so shall not affect
the foregoing agreement). If the amount of the Award is in excess of all amounts owed to Lender under the Loan Documents, however,
and either the Loan has been paid in full or Borrower is entitled to a remittance of same under the Loan Documents other than to
restore the Project, such excess Award or portion to be so remitted to Borrower shall, to the extent permitted in the Loan Documents
and required by the Subordinated Loan Documents, be paid to or at the direction of Subordinated Lender, unless other Persons have
claimed the right to such awards or proceeds, in which case Lender shall only be required to provide notice to Subordinated Lender
of such excess Award and of any other claims thereto. In the event of any competing claims for any such excess Award, Lender shall
continue to hold such excess Award until Lender receives an agreement signed by all Persons making a claim to the excess Award
or a final order of a court of competent jurisdiction directing Lender as to how and to which Person(s) the excess Award is to
be distributed. Notwithstanding the foregoing, in the event of a casualty or condemnation, Lender shall release the Award from
any such event to the Borrower if and to the extent required by the terms and conditions of the Loan Documents in order to repair
and restore the Project in accordance with the terms and provisions of the Loan Documents. Any portion of the Award made available
to the Borrower for the repair or restoration of the Project shall not be subject to attachment by Subordinated Lender.

 

7.          Foreclosure of the Subordinated Mortgage: Subordinated Lender expressly agrees that, for so long as a Loan shall
remain outstanding, (A) due notice of the commencement of any foreclosure of the Subordinated Loan Documents shall be given
to Lender, and true copies of all papers served or entered in such action will be delivered to Lender, (B) no portion of the
rents, issues and profits of the Project shall be collected in connection with the foreclosure of the Subordinated Loan Documents
except through a receiver appointed by the court in which such foreclosure action is brought, after due notice for the appointment
of such receiver shall have been given to Lender, (C) the rents, issues and profits collected by any such receiver shall be
applied first to the payment of taxes, maintenance and operating charges and disbursements incurred in connection with the operation
and maintenance of the Project and next to the payment of principal and interest (including, without limitation, default interest
and late payment charges) due under the Loan Documents, and (D) if during the pendency of any such foreclosure action an action
shall be brought for the foreclosure of the Loan Documents and an application shall be made for an extension of the receivership
for the benefit of Lender, all such rents, issues and profits held by such receiver as of the date of such application shall be
applied by the receiver solely for the benefit of Lender, and the Subordinated Lender shall not be entitled to any portion thereof
until Lender has received all amounts then due to it. Without limiting the generality of the foregoing, Subordinated Lender consents
to, and shall not object to, any action or proceeding at any time initiated by Lender for the appointment of a receiver and Subordinated
Lender further agrees that it shall not institute any action or proceeding for the appointment of a receiver at any time during
which a receiver shall have already been appointed for the benefit of Lender, and if Subordinated Lender shall have appointed or
caused the appointment of a receiver prior to Lender’s initiation of proceedings to do so, Subordinated Lender agrees to
take all action reasonably necessary to terminate such appointment in order to facilitate Lender’s appointment of same.

 

8.          Rights of Subrogation. No payment or distribution to Lender pursuant to the provisions of this Agreement and no Protective
Advance by Subordinated Lender shall entitle

 

    Exhibit TT-12

     

    

 

Subordinated Lender to exercise any right of subrogation in respect thereof prior
to the payment in full of the Loan, and Subordinated Lender agrees that, except with respect to the enforcement of its remedies
under the Subordinated Loan Documents permitted hereunder, prior to the satisfaction of all obligations under the Loan it shall
not acquire, by subrogation or otherwise, any lien, estate, right or other interest in any portion of the Project or any other
collateral now securing the Loan or the proceeds therefrom that is or may be prior to, or of equal priority to, any of the Loan
Documents or the liens, rights, estates and interests created thereby.

 

9.          Transfer of Subordinated Loan or Loan. Subordinated Lender shall not Transfer more than 49% of its beneficial interest
in the Subordinated Loan unless either (i) a Rating Agency Confirmation has been given with respect to such Transfer, in which
case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes of this Agreement,
or (ii) such Transfer is to a Qualified Transferee. Any such transferee must assume in writing the obligations of Subordinated
Lender hereunder and agree to be bound by the terms and provisions hereof. Such proposed transferee shall also remake each of the
representations and warranties contained herein for the benefit of the Lender.

 

At least five (5) days
prior to a transfer to a Qualified Transferee, the Subordinated Lender shall provide to Lender a certification that such transfer
will be made in accordance with this Section 9, such certification to include the name and contact information of the Qualified
Transferee, and a statement as to how it meets the definition of Qualified Transferee.

 

Subordinated Lender acknowledges
that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute discretion and that
such Rating Agencies may charge customary fees in connection with any such action, which fee, together with any and all other reasonable
costs and expenses of Rating Agencies or Lender incurred in connection with the processing of same, including, without limitation,
reasonable attorneys’ fees and costs, shall be paid by Subordinated Lender.

 

Lender may, from time
to time, in its sole discretion Transfer all or any of the Loan or any interest therein, and notwithstanding any such Transfer
or subsequent Transfer, the Loan and the Loan Documents shall be and remain a senior obligation in the respects set forth in this
Agreement to the Subordinated Loan and the Subordinated Loan Documents in accordance with the terms and provisions of this Agreement.

 

Notwithstanding anything
contained in this Agreement, Subordinated Lender agrees that it shall in no event Transfer all or any part of the Subordinated
Loan to Borrower or to any Person which is an Affiliate of Borrower and any such Transfer shall be void ab initio.

 

10.        Notices. All notices required to be given hereunder shall be sent by first class, certified or registered mail, postage
prepaid, return receipt requested, or delivered by hand, to either party at such party’s address first set forth above. Notices
shall be deemed to have been given when received. Either party may change its address for notices hereunder by written notice to
the other party.

 

    Exhibit TT-13

     

    

 

11.        Obligations Hereunder Not Affected. All rights, interests, agreements and obligations of Lender and Subordinated
Lender under this Agreement shall remain in full force and effect irrespective of:

 

(i)         any lack of validity or enforceability of the Loan Documents or the Subordinated Loan Documents or any other agreement or
instrument relating thereto;

 

(ii)        any taking, exchange, release or non-perfection of any other collateral, or any taking, release or amendment or waiver of
or consent to or departure from any guaranty, for all or any portion of the Loan or the Subordinated Loan;

 

(iii)       any manner of application of collateral, or proceeds thereof, to all or any portion of the Loan or the Subordinated Loan,
or any manner of sale or other disposition of any collateral for all or any portion of the Loan or the Subordinated Loan or any
other assets of Borrower or any other Affiliates of Borrower;

 

(iv)       any change, restructuring or termination of the corporate structure or existence of Borrower or any other Affiliates of
Borrower; or

 

(v)        any other circumstance which might otherwise constitute a defense available to, or a discharge of, Borrower or a subordinated
creditor or a Lender subject to the terms hereof.

 

12.        Continued Effectiveness; Reinstatement. This Agreement shall continue to be effective or be reinstated, as the case
may be, if at any time any payment of all or any portion of the Loan is rescinded or must otherwise be returned by Lender or Subordinated
Lender upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though such payment had not been made.

 

13.        Estoppel.

 

(a).       Subordinated Lender shall, within ten (10) days following a request from Lender, provide Lender with a written statement
setting forth the then current outstanding principal balance of the Subordinated Loan, the aggregate accrued and unpaid interest
under the Subordinated Loan, and stating whether to Subordinated Lender’s knowledge any default or Event of Default exists
under the Subordinated Loan, it being intended that any such estoppel delivered pursuant to this Section 13 may be relied
upon by Lender and by any prospective purchaser of all or any interest in the Loan.

 

(b).       Lender shall, within ten (10) days following a request from Subordinated Lender, provide Subordinated Lender with a
written statement setting forth the then current outstanding principal balance of the Loan, the aggregate accrued and unpaid interest
under the Loan, and stating whether to Lender’s knowledge any default or Event of Default exists under the Loan, it being
intended that any such estoppel delivered pursuant to this Section 13 may be relied upon by Subordinated Lender and by any
prospective purchaser of all or any interest in the Subordinated Loan.

 

    Exhibit TT-14

     

    

 

14.        No Third Party Beneficiaries; No Modification. The parties hereto do not intend the benefits of this Agreement to
inure to Borrower, or any other Person other than the respective successors and permitted assignees of the parties hereto. This
Agreement may not be changed or terminated orally, but only by an agreement in writing signed by the party against whom enforcement
of any change is sought.

 

15.        Counterpart Originals. This Agreement may be executed in counterpart originals, each of which shall constitute an
original, and all of which together shall constitute one and the same agreement.

 

16.        No Waiver; Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

 

17.        No Joint Venture. Nothing provided herein is intended to create a joint venture, partnership, tenancy in common or
joint tenancy relationship between or among any of the parties hereto.

 

18.        Captions. The captions in this Agreement are inserted only as a matter of convenience and for reference, and are
not and shall not be deemed to be a part hereof.

 

19.        Conflicts. In the event of any conflict, ambiguity or inconsistency between the terms and conditions of this Agreement
and the terms and conditions of any of the Loan Documents or the Subordinated Loan Documents, the terms and conditions of this
Agreement shall control.

 

20.        No Release. Nothing herein contained shall operate to release Borrower from (a) its obligation to keep and perform
all of the terms, conditions, obligations, covenants and agreements contained in the Loan Documents or (b) any liability of
Borrower under the Loan Documents or to release Borrower from (x) its obligation to keep and perform all of the terms, conditions,
obligations, covenants and agreements contained in the Subordinated Loan Documents or (y) any liability of Borrower under
the Subordinated Loan Documents.

 

21.        Severability. In the event that any provision of this Agreement or the application hereof to any party hereto shall,
to any extent, be invalid or unenforceable under any applicable statute, regulation, or rule of law, then such provision shall
be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute, regulation
or rule of law, and the remainder of this Agreement and the application of any such invalid or unenforceable provisions to parties,
jurisdictions or circumstances other than to whom or to which it is held invalid or unenforceable, shall not be affected thereby
nor shall same affect the validity or enforceability of any other provision of this Agreement.

 

22.        Expenses.

 

(a)        Subordinated Lender agrees upon demand to pay to Lender the amount of any and all reasonable expenses, including, without
limitation, the reasonable fees and

 

    Exhibit TT-15

     

    

 

expenses of its counsel and of any experts or agents, which Lender may incur in connection
with the (i) exercise or enforcement of any of the rights of Lender against Subordinated Lender hereunder to the extent that
Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Subordinated Lender to perform or observe
any of the provisions hereof.

 

(b)        Lender
agrees upon demand to pay to Subordinated Lender the amount of any and all reasonable expenses, including, without limitation,
the reasonable fees and expenses of its counsel and of any experts or agents, which Subordinated Lender may incur in connection
with the (i) exercise or enforcement of any of the rights of Subordinated Lender against Lender hereunder to the extent that
Subordinated Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Lender to perform or observe
any of the provisions hereof.

 

23.        Injunction. Lender and Subordinated Lender each acknowledge (and waive any defense based on a claim) that monetary
damages are not an adequate remedy to redress a breach by the other hereunder and that a breach by either Lender or Subordinated
Lender hereunder would cause irreparable harm to the other. Accordingly, Lender and Subordinated Lender agree that upon a breach
of this Agreement by the other, the remedies of injunction, declaratory judgment and specific performance shall be available to
such non breaching party.

 

24.        Each of Lender and Subordinated Lender acknowledges that the Loan, the Loan Documents, the Subordinated Loan and the Subordinated
Loan Documents are distinct, separate transactions and loans, separate and apart from each other. Each of Lender and Subordinated
Lender agrees that the other shall be treated as a separate lender with a distinct and separate loan.

 

25.        Waiver of Jury Trial. LENDER AND SUBORDINATED LENDER EACH EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH
ANY SUIT, ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY AND EVERY RIGHT IT MAY HAVE TO A TRIAL BY JURY.

 

26.        Successors and Assigns. This Agreement shall be binding upon and benefit both Lender and Subordinated Lender and
their respective permitted successors and assigns. Lender shall have the right to record this Agreement.

 

27.        Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed
and interpreted in accordance with the laws of the State of New York.

 

28.        Amendments. No provision of this Agreement shall be waived, amended or supplemented except by written agreement of
the party charges with such waiver, amendment or supplement.

 

29.        Continuing Agreement. This Agreement is a continuing agreement and shall remain in full force and effect until the
earlier of (a) payment in full of the Loan, (b) transfer of the Project by foreclosure of the Loan Documents or the exercise of
the power of

 

    Exhibit TT-16

     

    

 

salecontained therein or by deed-in-lieu of foreclosure, (c) transfer of the Project by foreclosure of the Subordinated
Loan Documents or the exercise of the power of sale contained therein or by deed-in-lieu of foreclosure, or (d) payment in full
of the Subordinated Loan; provided, however, any rights or remedies of either party hereto arising out of any breach of any provision
herein occurring prior to such date of termination shall survive such termination.

 

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

 

	
 

	
LENDER:

	
 

	
 

	
 

	
[__________]

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

 

	
 

	
SUBORDINATED LENDER:

	
 

	
 

	
 

	
[__________]

	
 

	
 

	
 

	
By:

	
 

 

    Exhibit TT-17

     

    

 

	
STATE OF NEW YORK

	
)

	
 

	
 

	
)

	
ss.:

	
COUNTY OF NEW YORK

	
)

	
 

 

On the __ day of ________
in the year 20__ before me, the undersigned, personally appeared _________, personally known to me or proved to me on the basis
of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which
the individual acted, executed the instrument.

 

	
 

	
 

	
 

	
Signature and Office of individual
taking acknowledgment

 

	
STATE OF NEW YORK

	
)

	
 

	
 

	
)

	
ss.:

	
COUNTY OF NEW YORK

	
)

	
 

 

On the ___ day of _________
in the year 20__ before me, the undersigned, personally appeared _________, personally known to me or proved to me on the basis
of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which
the individual acted, executed the instrument.

 

	
 

	
 

	
 

	
Signature and Office of individual
taking acknowledgment

 

    Exhibit TT-18

     

    

 

Exhibit
TT

 

FORM OF EXCHANGE LETTER

 

[Certificateholder’s letterhead]

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services (CMBS)

BANK 2021-BNK32

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

In accordance with Section
5.11(d) of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, Rialto
Capital Advisors, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer and NCB Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park
Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, we hereby (i) certify that as of the above
date, the undersigned is the beneficial owner of the Exchangeable Certificate set forth below under “Exchangeable Certificates
to be Surrendered”, is duly authorized to deliver this notice to the Certificate Administrator and that such power has not
been granted or assigned to any other Person and the Certificate Administrator may conclusively rely upon this notice and (ii)
give notice of our intent to present and surrender the Exchangeable Certificates set forth below under “Exchangeable Certificates
to be Surrendered” and all of our right, title and interest in and to such Exchangeable Certificates, including all payments
of interest thereon received after [_____________], in exchange for the corresponding Exchangeable Certificates set forth below
under “Exchangeable Certificates to be Received”. We propose an Exchange Date of [______].

 

We agree that upon such
exchange, our interests in the portion(s) of the Exchangeable Certificates surrendered in exchange shall be reduced and our interest
in the portion(s) of the Exchangeable Certificates received in such exchange shall be increased.

 

	 	
        Exchangeable
Certificates to be Surrendered
	
        Exchangeable
Certificates to be Received 

	Class(es)	[_]	[_]

 

    Exhibit TT-19

     

    

 

	CUSIP(s)	[_]	[_]
	 	 	 
	Original Certificate Balance(s)/Notional Amount(s)	$[_]	$[_]
	 	 	 
	Outstanding Certificate Balance(s)/Notional Amount(s)	$[_]	$[_]

 

    Exhibit TT-20

     

    

 

Our Depository participant
number is [________].

 

	 	Sincerely,
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Medallion Stamp Guarantee]

 

    Exhibit TT-21

     

    

 

Exhibit
UU

 

FORM OF CERTIFICATE
ADMINISTRATOR RECEIPT OF THE RR INTEREST

 

[Date]

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention:  Jane Lam

 

Morgan Stanley Mortgage Capital Holdings
LLC,

as Retaining Sponsor 

1585 Broadway

New York, New York 10036

Attention: Jane Lam

 

Morgan Stanley Mortgage Capital Holdings
LLC,

as Retaining Sponsor 

1633 Broadway, 29th Floor

New York, New York 10019

Attention: Legal Compliance Division

 

with a copy to

 

cmbs_notices@morganstanley.com

 

Morgan Stanley Bank, N.A.

1585 Broadway

New York, New York 10036

 

Bank of America, National Association

One Bryant Park

New York, New York 10036

 

Wells Fargo Bank, National Association

301 South College St.

Charlotte, North Carolina 28288

 

		Re:	BANK 2021-BNK32, Commercial Mortgage Pass-Through Certificates, Series 2021-BNK32

 

In accordance with
Section 5.02 of the Pooling and Servicing Agreement, dated as of March 1, 2021 (the “Pooling and Servicing Agreement”),
the Certificate Administrator hereby acknowledges receipt and possession of and further agrees that it will hereafter hold in the
Retained Interest Safekeeping Account $[_____] of the RR Interest in the form of a [144A

 

    Exhibit UU-1

     

    

 

Global Certificate][Definitive Certificate]
(CUSIP No. [_]), which constitute the RR Interest as defined in the Pooling and Servicing Agreement, for the benefit of Morgan
Stanley Bank, N.A., Wells Fargo Bank, National Association and Bank of America, National Association, each an initial Holder of
the RR Interest, as the registered holders thereof. A copy of such RR Interest is attached as Exhibit A-1. Payments on the RR Interest
will be made to each registered holder thereof in accordance with the Pooling and Servicing Agreement.

 

    Exhibit UU-2

     

    

 

Capitalized terms used
but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

	
 

	
Wells Fargo Bank, National Association,
as 

Certificate Administrator for the Holders of 

the BANK 2021-BNK32, Commercial 

Mortgage Pass-Through Certificates, Series 2021-BNK32

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
[Name]

	
 

	
 

	
[Title]

 

    Exhibit UU-3

     

    

 

EXHIBIT A-1

 

    Exhibit UU-4

     

    

 

SCHEDULE 1

 

Mortgage
Loans with Additional Debt

 

1.          Pathline
Park 9 & 10

 

2.          Miami
Design District

 

3.          Extra
Space Rock ‘N Roll Self Storage

 

4.          605
Third Avenue

 

5.          Boca
Office Portfolio

 

6.          McClellan
Park

 

7.          Towne
House Village North Owners, Inc.

 

8.          Valerie
Arms Apartment Corp.

 

9.   Blossom
Gardens Apartments, Inc.

 

10.  Tee-Lex
Operating Inc.

 

11.  30
Clinton Place Owners, Inc.

 

12.  Larchmont
Gables Apartment Corp.

 

13.  305
Equities Corp.

 

14.  511
West 232nd Owners Corp.

 

15.  Shore
Lane Arms Owners Corp.

 

16.   267
W. 89 Owners Corp.

 

17.  169
Spring Owners Corp.

 

18. 14
Jay Street Owners Corp.

 

19.  327-329
4th St. Owners Corp.

 

20.   210
Equities Corp.

 

21.   39-75
56th Street Owners Corp.

 

22.   Woodbury
Gardens Redevelopment Company Owners Corp.

 

23.   Parkway
Owners Inc.

 

    Schedule 1-1

     

    

 

24.   91
Tenants Corp.

 

    Schedule 1-2

     

    

 

SCHEDULE 2

 

CLASS A-SB PLANNED PRINCIPAL BALANCE
SCHEDULE

 

	
        Distribution Date
	
        Class
A-SB Planned Principal Balance ($)

	April 2021	18,727,500.00
	May 2021	18,727,500.00
	June 2021	18,727,500.00
	July 2021	18,727,500.00
	August 2021	18,727,500.00
	September 2021	18,727,500.00
	October 2021	18,727,500.00
	November 2021	18,727,500.00
	December 2021	18,727,500.00
	January 2022	18,727,500.00
	February 2022	18,727,500.00
	March 2022	18,727,500.00
	April 2022	18,727,500.00
	May 2022	18,727,500.00
	June 2022	18,727,500.00
	July 2022	18,727,500.00
	August 2022	18,727,500.00
	September 2022	18,727,500.00
	October 2022	18,727,500.00
	November 2022	18,727,500.00
	December 2022	18,727,500.00
	January 2023	18,727,500.00
	February 2023	18,727,500.00
	March 2023	18,727,500.00
	April 2023	18,727,500.00
	May 2023	18,727,500.00
	June 2023	18,727,500.00
	July 2023	18,727,500.00
	August 2023	18,727,500.00
	September 2023	18,727,500.00
	October 2023	18,727,500.00
	November 2023	18,727,500.00
	December 2023	18,727,500.00
	January 2024	18,727,500.00
	February 2024	18,727,500.00
	March 2024	18,727,500.00
	April 2024	18,727,500.00
	May 2024	18,727,500.00
	June 2024	18,727,500.00
	July 2024	18,727,500.00
	August 2024	18,727,500.00
	September 2024	18,727,500.00
	October 2024	18,727,500.00
	November 2024	18,727,500.00
	December 2024	18,727,500.00
	January 2025	18,727,500.00
	February 2025	18,727,500.00
	March 2025	18,727,500.00

	
        Distribution Date
	
        Class
A-SB Planned Principal Balance ($)

	April 2025	18,727,500.00
	May 2025	18,727,500.00
	June 2025	18,727,500.00
	July 2025	18,727,500.00
	August 2025	18,727,500.00
	September 2025	18,727,500.00
	October 2025	18,727,500.00
	November 2025	18,727,500.00
	December 2025	18,727,500.00
	January 2026	18,727,500.00
	February 2026	18,727,500.00
	March 2026	18,633,586.61
	April 2026	18,403,042.60
	May 2026	18,093,397.10
	June 2026	17,800,788.36
	July 2026	17,489,315.89
	August 2026	17,194,813.44
	September 2026	16,899,388.60
	October 2026	16,585,182.16
	November 2026	16,287,845.88
	December 2026	15,971,783.75
	January 2027	15,672,523.99
	February 2027	15,372,326.62
	March 2027	15,018,083.25
	April 2027	14,715,829.80
	May 2027	14,394,993.90
	June 2027	14,090,785.97
	July 2027	13,768,052.59
	August 2027	13,461,877.87
	September 2027	13,154,743.43
	October 2027	12,829,168.88
	November 2027	12,520,049.21
	December 2027	12,192,547.33
	January 2028	11,881,429.90
	February 2028	11,569,336.95
	March 2028	11,221,631.65
	April 2028	10,907,466.14
	May 2028	10,575,065.58
	June 2028	10,258,870.50
	July 2028	9,924,499.55
	August 2028	9,606,262.11
	September 2028	9,287,026.36
	October 2028	8,949,703.41
	November 2028	8,628,406.13
	December 2028	8,289,081.74
	January 2029	7,965,709.91
	February 2029	7,641,323.35
	March 2029	7,265,161.75

 

    Schedule 2-1

     

    

 

	
        Distribution Date
	
        Class
A-SB Planned Principal Balance ($)

	April 2029	6,938,571.56
	May 2029	6,594,108.61
	June 2029	6,265,410.46
	July 2029	5,918,901.03
	August 2029	5,588,081.63
	September 2029	5,256,223.62
	October 2029	4,906,646.46
	November 2029	4,572,647.26
	December 2029	4,220,991.34
	January 2030	3,884,837.42
	February 2030	3,547,627.81

	
        Distribution Date
	
        Class
A-SB Planned Principal Balance ($)

	March 2030	3,159,847.03
	April 2030	2,820,355.52
	May 2030	2,463,367.43
	June 2030	2,121,686.50
	July 2030	1,762,572.84
	August 2030	1,418,688.69
	September 2030	1,073,724.07
	October 2030	711,422.46
	November 2030	364,233.86
	December 2030 and thereafter	0.00

 

    Schedule 2-2

     

    

 

SCHEDULE 3

 

Mortgage
Loans (OTHER THAN NCB CO-OP MORTGAGE LOANS) With Escrows or Reserves EXCEEDING 10% OF THE INITIAL PRINCIPAL BALANCE OF THE MORTGAGE
LOAN OR (IF APPLICABLE) WHOLE LOAN

 

None.

 

    Schedule 3-1exhibit101

Exhibit 10.1            [Execution]    AMENDMENT NO. 2 TO CREDIT AGREEMENT    AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of February 2, 2022 (this  “Amendment No. 2”), is by and among Wells Fargo Bank, National Association, in its capacity as  administrative and collateral agent (in such capacity, “Agent”) for the parties to the Credit Agreement (as  defined below) as lenders, the parties to the Credit Agreement as lenders (individually, each a “Lender”  and collectively, “Lenders”), Chico’s FAS, Inc., a Florida corporation (referred to herein as either  “Parent” or the “Lead Borrower”), Soma Intimates, LLC, a Florida limited liability company (“Soma”),  Chico’s Distribution Services, LLC, a Georgia limited liability company (“Chico’s Distribution”),  Chico’s Retail Services, Inc., a Florida corporation (“Chico’s Retail”), White House | Black Market, Inc.,  a Florida corporation (“WHBM”, and together with Lead Borrower, Soma, Chico’s Distribution, and  Chico’s Retail, individually a “Borrower” and collectively, the “Borrowers”), Chico’s Retail Operations,  Inc., a Florida corporation (“Chico’s Operations”) and Chico’s Brands Investments, Inc., a Florida  corporation (“Chico’s Brands”, and together with Chico’s Operations, individually a “Guarantor” and  collectively, “Guarantors”), and together with Borrowers, individually, a “Loan Party” and collectively,  “Loan Parties”).   W I T N E S S E T H :     WHEREAS, Borrowers have entered into a senior secured asset-based credit facility pursuant to  which Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and provide  other financial accommodations to Borrowers as set forth in the Credit Agreement, dated as of August 2,  2018, by and among Agent, Lenders, and Loan Parties, as amended by Amendment No. 1 to Credit  Agreement, dated as of October 30, 2020 and this Amendment No. 2 (and as from time to time further  amended, modified, supplemented, extended, renewed, restated or replaced, the “Credit Agreement”, and  together with all agreements, documents and instruments at any time executed and/or delivered in  connection therewith or related thereto, as from time to time amended, modified, supplemented, extended,  renewed, restated, or replaced, collectively, the “Loan Documents”);     WHEREAS, the Loan Parties have requested that Agent and Lenders agree to certain  amendments to the Credit Agreement, and Agent and Lenders are willing to agree to such amendments,  subject to the terms and conditions set forth herein; and    WHEREAS, by this Amendment No. 2, Agent, Lenders and Loan Parties intend to evidence such  amendments;     NOW, THEREFORE, in consideration of the foregoing and the mutual agreements and covenants  contained herein, and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, the parties hereto agree as follows:    1. Definitions.  For purposes of this Amendment No. 2, all terms used herein which are not  otherwise defined herein, including but not limited to, those terms used in the recitals hereto, shall have  the respective meanings assigned thereto in the Credit Agreement (including as amended pursuant to  Section 2 hereof).  2. Amendments to Credit Agreement.  As of the Amendment No. 2 Effective Date:  2.1. The Credit Agreement is hereby amended by deleting the bold, stricken text (indicated  textually in the same manner as the following example: stricken text) and adding the bold, underlined  

 

 -2-       text (indicated textually in the same manner as the following example: underlined text) as set forth in  Exhibit A hereto.  The amendments provided for in Exhibit A shall not, in any manner, be construed to  impair, limit, cancel or extinguish, or constitute a novation in respect of, the Indebtedness and other  obligations and liabilities of any Loan Party evidenced by or arising under the Credit Agreement or the  other Loan Documents, and the liens and security interests securing such Indebtedness and other  obligations and liabilities, which shall not in any manner be impaired, limited, terminated, waived or  released but shall continue in full force and effect in favor of Agent and the other Credit Parties (as  amended hereby).   By executing this Amendment No. 2, the Loan Parties, Agent and Lenders  (constituting all Lenders) hereby each consents and agrees to the other amendments and modifications to  the Credit Agreement contained in Exhibit A to this Amendment No. 2.  2.2. Each of the Schedules to the Credit Agreement that are specified in Exhibit B hereto  are hereby amended and restated in their entirety as set forth in Exhibit B hereto.  All references to each  of such Schedules to the Credit Agreement in the Credit Agreement or any other Loan Document are  hereby amended to refer to the corresponding Schedule included as part of Exhibit B hereto.  All other  schedules to the Credit Agreement, as in effect immediately prior to the date of this Amendment No. 2,  shall continue to constitute Schedules to the Credit Agreement.  Exhibit A to the Credit Agreement is  hereby amended and restated in its entirety as set forth in Exhibit C hereto.  All references to Exhibit A to  the Credit Agreement in the Credit Agreement or any other Loan Document are hereby amended to refer  to Exhibit A set forth in Exhibit C hereto.  All other Exhibits to the Credit Agreement, as in effect  immediately prior to the date of this Amendment No. 2, shall continue to constitute Exhibits to the Credit  Agreement.  3. Representations and Warranties.  Each Loan Party represents and warrants with and to the  Credit Parties as follows, which representations and warranties shall survive the execution and delivery  hereof:  3.1. The execution, delivery and performance by each Loan Party of this Amendment No. 2  and the other Amendment No. 2 Documents (a) have been duly authorized by all necessary corporate or  other organizational action, and (b) does not and will not (i) contravene the terms of any of such Loan  Party’s Organization Documents; (ii) conflict with or result in any breach, termination, or contravention  of, or constitute a default under, or require any payment to be made under (A) any Material Indebtedness  to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or  any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any  arbitral award to which such Loan Party or its property is subject, (iii) result in or require the creation of  any Lien upon any asset of any Loan Party (other than Liens in favor of the Agent under the Security  Documents); or (iv) violate any Law, in the case of this clause (iv), except that could not reasonably be  expected to have a Material Adverse Effect.  3.2. The agreements and obligations of each Loan Party contained in this Amendment No.  2 and the other Amendment No. 2 Documents to which such Loan Party is a party constitute legal, valid  and binding obligations of such Loan Party, enforceable against it in accordance with their terms, subject  to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights  generally and subject to general principles of equity, regardless of whether considered in a proceeding in  equity or at law.  3.3. All of the representations and warranties set forth in the Credit Agreement and the  other Loan Documents are true and correct in all material respects on and as of the date hereof, as if made  on the date hereof, except to the extent any such representation or warranty is made as of a specified date,  in which case such representation or warranty shall have been true and correct as of such date and except  in the case of any representation and warranty qualified by materiality or Material Adverse Effect (or  

 

 -3-       words of similar import), which shall be true and correct in all respects in accordance with the terms  thereof.  3.4. As of the Amendment No. 2 Effective Date, and after giving effect to this Amendment  No. 2 and the other Amendment No. 2 Documents to be executed on or about the date hereof, no Default  or Event of Default exists or has occurred and is continuing.  4. Conditions Precedent.  The amendments contained herein shall only be effective upon  satisfaction of each of the following conditions precedent:  4.1. Agent shall have received each of the following, each of which shall be originals,  telecopies or other electronic image scan transmission (e.g., “pdf” or “tif” via e-mail) (followed promptly  by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing  Loan Party or the Lenders, as applicable, each dated the Amendment No. 2 Effective Date (or, in the case  of certificates of governmental officials, a recent date before the Amendment No. 2 Effective Date) and  each in form and substance satisfactory to Agent (collectively, the “Amendment No. 2 Documents”):  (a) this Amendment No. 2, duly authorized, executed and delivered by the Loan  Parties, Agent and each Lender;  (b) the Amendment No. 2 Fee Letter, duly authorized, executed and delivered by each  Borrower and Agent;  (c) the amendment to the Deed to Secure Debt, Assignment of Leases and Rents,  Security Agreement and Fixture Filing by Chico’s Distribution in favor of Agent dated as of October 30,  2020, in form and substance reasonably satisfactory to Agent, duly authorized, executed and delivered by  Chico’s Distribution;   (d) the endorsement to the title insurance policy issued to Agent, in form and substance  reasonably satisfactory to Agent, to address the amendment to the Deed to Secure Debt, Assignment of  Leases and Rents, Security Agreement and Fixture Filing by Chico’s Distribution in favor of Agent  referred to above;  (e) such certificates of resolutions or other action, incumbency certificates and/or other  certificates of Responsible Officers of each Loan Party evidencing (i) the authority of each Loan Party to  enter into this Amendment No. 2 and the other Amendment No. 2 Documents to which such Loan Party is  a party or is to become a party and (ii) the identity, authority and capacity of each Responsible Officer  thereof authorized to act as a Responsible Officer in connection with this Amendment No. 2 and the other  Amendment No. 2 Documents to which such Loan Party is a party or is to become a party;  (f) (i) either (A) copies of each Loan Party’s Organization Documents and such other  documents and certifications necessary to evidence that each Loan Party is duly organized or formed, or  (B) a certificate confirming that such Organization Documents and other documents and certifications  described in clause (A) hereof most recently delivered by each Loan Party to Agent prior to the date  hereof have not been amended, supplemented or otherwise modified and continue to be in full force and  effect in the form provided to Agent, and (ii) certificates as to each Loan Party from the applicable  Secretary of State (or other similar official) of the jurisdiction of its organization showing that such Loan  Party is validly existing and in good standing, dated as of a recent date not more than fifteen (15) days  prior to the Amendment No. 2 Effective Date;   

 

 -4-       (g) an opinion of Morrison & Foerster, counsel to the Loan Parties, addressed to the  Agent and each Lender, as to such matters concerning the Loan Parties, this Amendment No. 2 and the  other Amendment No. 2 Documents as the Agent may reasonably request and in form and substance  reasonably acceptable to the Agent; and  (h) a certificate signed by a Responsible Officer of the Lead Borrower certifying (i)  that the conditions specified in this Section 4 have been satisfied, (ii) that there has been no event or  circumstance since the date of the most recently delivered Audited Financial Statements that has had or  could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect,  (iii) that the Immaterial Subsidiaries as of the Amendment No. 2 Effective Date satisfy each of the  conditions required by the definition of such term and including any calculations of amounts with respect  thereto, and (iv) either that (A) no consents, licenses or approvals are required in connection with the  execution, delivery and performance by such Loan Party and the validity against such Loan Party of  Amendment No. 2 and the other Amendment No. 2 Documents to which it is a party, or (B) that all such  consents, licenses and approvals have been obtained as of the Amendment No. 2 Effective Date are in full  force and effect;  4.2. Agent shall have received (a) all flood hazard determination certifications,  acknowledgements and evidence of flood insurance and other flood-related documentation with respect to  such Real Estate as required by the Flood Laws and as otherwise reasonably required by the Agent and  (b) Agent shall have received written confirmation from the Lenders that flood insurance due diligence  and flood insurance compliance have been completed by the Lenders (such written confirmation not to be  unreasonably conditioned, withheld or delayed);   4.3. as of the date of Amendment No. 2, and after giving effect thereto, no Default or Event  of Default shall exist or have occurred and be continuing;  4.4. all fees required to be paid to the Agent or the Arranger, as applicable, pursuant to the  Amendment No. 2 Fee Letter, on or before the Amendment No. 2 Effective Date pursuant to the  Amendment No. 2 Fee Letter shall have been paid in full; and  4.5. the Amendment No. 2 Effective Date shall have occurred on or before February 4,  2022.    5. Effect of Amendment No. 2 and other Amendment No. 2 Documents; Reaffirmation.  Except  as expressly set forth herein or in the other Amendment No. 2 Documents, no other amendments, changes  or modifications to the Loan Documents are intended or implied, and in all other respects the Loan  Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective  date hereof and the Loan Parties shall not be entitled to any other or further amendment or consent by  virtue of the provisions of this Amendment No. 2 or any of the other Amendment No. 2 Documents or  with respect to the subject matter of this Amendment No. 2.  To the extent of conflict between the terms  of this Amendment No. 2 and the other Loan Documents, the terms of this Amendment No. 2 shall  control.  The Credit Agreement (as amended by this Amendment No. 2) and this Amendment No. 2 shall  be read and construed as one agreement.  This Amendment No. 2 is a Loan Document.  The Credit  Agreement remains in full force and effect (as amended hereby), and nothing contained in this  Amendment No. 2 will constitute a waiver of any right, power or remedy under the Credit Agreement.  6. Expenses.  Loan Parties agree to pay on the Amendment No. 2 Effective Date all Credit Party  Expenses of Agent and Lenders in connection with the preparation, negotiation, execution, delivery and  administration of this Amendment No. 2 in accordance with (and subject to the limitations of) the terms  of the Credit Agreement.  

 

 -5-       7. Effect of Bankruptcy.  The agreements set forth herein shall be applicable both before and  after the filing of any petition by or against a Loan Party under the U.S. Bankruptcy Code and all  converted or succeeding cases in respect thereof, and all references herein to a Loan Party shall be  deemed to apply to a trustee for such Loan Party and such Loan Party as a debtor-in-possession.  The  rights of Agent and Lenders and the obligations of Loan Parties hereunder shall continue after the filing  thereof on the same basis as prior to the date of the petition to the maximum extent permitted by law.  8. Governing Law.  The validity, interpretation and enforcement of this Amendment No. 2 and  any dispute arising out of the relationship between the parties hereto whether in contract, tort, equity or  otherwise, shall be governed by the internal laws of the State of New York but excluding any principles  of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other  than the laws of the State of New York.  9. Jury Trial Waiver.  EACH LOAN PARTY, AGENT AND EACH LENDER PARTY  HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,  ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT NO. 2 OR ANY OF THE  OTHER LOAN DOCUMENTS OR IN ANY WAY CONNECTED WITH OR RELATED OR  INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS  AMENDMENT NO. 2 OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS  RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR  HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.   EACH LOAN PARTY, AGENT AND EACH LENDER PARTY HERETO EACH HEREBY AGREES  AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION  SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT LOAN PARTIES,  AGENT, OR ANY LENDER PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OF A  COPY OF THIS AMENDMENT NO. 2 WITH ANY COURT AS WRITTEN EVIDENCE OF THE  CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.  10. Binding Effect.  This Amendment No. 2 shall be binding upon and inure to the benefit of  each of the parties hereto and their respective successors and assigns.  11. Waiver, Modification, Etc.  No provision or term of this Amendment No. 2 may be modified,  altered, waived, discharged or terminated orally or by course of conduct, other than in accordance with  Section 10.01 of the Credit Agreement.  12. Further Assurances.  Loan Parties shall execute and deliver such additional documents and  take such additional action as may be reasonably requested by Agent to effectuate the provisions and  purposes of this Amendment No. 2 and the other Amendment No. 2 Documents.  13. Entire Agreement.  This Amendment No. 2 and the Credit Agreement represent the entire  agreement and understanding concerning the subject matter hereof among the parties hereto, and  supersedes all other prior agreements, understandings, negotiations and discussions, representations,  warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether  oral or written.  14. Headings.  The headings listed herein are for convenience only and do not constitute matters  to be construed in interpreting this Amendment No. 2.  15. Counterparts.  This Amendment No. 2 may be executed in any number of counterparts, and  by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and  delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and  

 

 -6-       the same Amendment No. 2.  Delivery of an executed signature page of this Amendment No. 2 by  facsimile transmission or electronic photocopy (i.e. “pdf”) shall be effective as delivery of a manually  executed counterpart hereof.  This Amendment No. 2 and any notices delivered under this Amendment  No. 2, may be executed by means of (i) an electronic signature that complies with the federal Electronic  Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic  Transactions Act, or any other relevant and applicable electronic signatures law; (ii) an original manual  signature; or (iii) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed,  scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and  admissibility in evidence as an original manual signature.  Agent reserves the right, in its sole discretion,  to accept, deny, or condition acceptance of any electronic signature on this Amendment No. 2 or on any  notice delivered to Agent under this Amendment No. 2.   [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]  

 

  [Amendment No. 2 to Credit Agreement (Chico’s)]  IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly  executed and delivered by their authorized officers as of the day and year first above written.   BORROWERS:   CHICO’S FAS, INC.    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer    SOMA INTIMATES, LLC    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer    CHICO’S DISTRIBUTION SERVICES, LLC    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer    CHICO’S RETAIL SERVICES, INC.    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer    WHITE HOUSE | BLACK MARKET, INC.    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer    GUARANTORS:   CHICO’S RETAIL OPERATIONS, INC.    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer    CHICO’S BRANDS INVESTMENTS, INC.    By: /s/ Patrick J. Guido  Name: Patrick J. Guido  Title:  Executive Vice President – Chief Financial    Officer   

 

  [Amendment No. 2 to Credit Agreement (Chico’s)]  WELLS FARGO BANK, NATIONAL ASSOCIATION,   as Agent    By: /s/ Peter Foley        Name: Peter Foley         Title:  Its Authorized Signatory    

 

  [Amendment No. 2 to Credit Agreement (Chico’s)]  WELLS FARGO BANK, NATIONAL ASSOCIATION,   as a Lender    By: /s/ Peter Foley   Name: Peter Foley   Title:  Its Authorized Signatory                                                                                            

 

  [Amendment No. 2 to Credit Agreement (Chico’s)]  JPMORGAN CHASE BANK, N.A., as a Lender    By: /s/ Andrew Rossman   Name: Andrew Rossman  Title:  Vice President                                                                                              

 

  [Amendment No. 2 to Credit Agreement (Chico’s)]  BANK OF AMERICA, N.A.,   as a Lender    By: /s/ L. Daniel Menendez  Name: L. Daniel Menendez  Title:  Vice President  

 

    EXHIBIT A  TO   AMENDMENT NO. 2 TO CREDIT AGREEMENT    [Credit Agreement] 

 

      [Execution]      EXHIBIT A to Amendment No. 12 to Credit Agreement  dated as of October 30February 2, 20202022          CREDIT AGREEMENT    Dated as of August 2, 2018  among  CHICO’S FAS, INC.,  as the Parent and Lead Borrower  For  The Borrowers Named Herein  The Guarantors Named Herein  WELLS FARGO BANK, NATIONAL ASSOCIATION  as Agent, L/C Issuer and Swing Line Lender,  and  The Other Lenders Party Hereto    WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Sole Lead Arranger and Sole Bookrunner                                        6245414.136807015.9  

 

    TABLE OF CONTENTS  Page    ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ..................................................................... 1  Section 1.01 Defined Terms ....................................................................................................... 1  Section 1.02 Other Interpretive Provisions ........................................................................... 6265  Section 1.03 Accounting Terms. ........................................................................................... 6366  Section 1.04 Rounding .......................................................................................................... 6466  Section 1.05 Times of Day ................................................................................................... 6466  Section 1.06 Letter of Credit Amounts ................................................................................. 6467  Section 1.07 Currency Equivalents Generally ...................................................................... 6467  Section 1.08 Interest Rates .................................................................................................... 6467  ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS ................................................ 6467  Section 2.01 Loans; Reserves. .............................................................................................. 6467  Section 2.02 Borrowings, Conversions and Continuations of Loans. ................................... 6568  Section 2.03 Letters of Credit. .............................................................................................. 6770  Section 2.04 Swing Line Loans. ........................................................................................... 7679  Section 2.05 Prepayments. .................................................................................................... 7881  Section 2.06 Termination or Reduction of Commitments .................................................... 8083  Section 2.07 Repayment of Loans. ....................................................................................... 8184  Section 2.08 Interest. ............................................................................................................ 8184  Section 2.09 Fees .................................................................................................................. 8286  Section 2.10 Computation of Interest and Fees .................................................................... 8386  Section 2.11 Evidence of Debt. ............................................................................................ 8386  Section 2.12 Payments Generally; Agent’s Clawback. ......................................................... 8487  Section 2.13 Sharing of Payments by Lenders ..................................................................... 8588  Section 2.14 Settlement Amongst Lenders. .......................................................................... 8589  Section 2.15 Increase in ABL Commitments. ...................................................................... 8690  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY; APPOINTMENT OF  LEAD BORROWER .................................................................................................... 8891  Section 3.01 Taxes. ............................................................................................................... 8891  Section 3.02 Illegality ........................................................................................................... 9094  Section 3.03 Inability to Determine Rates ............................................................................ 9194  Section 3.04 Increased Costs; Reserves on LIBO RateSOFR Loans. ................................... 9194  Section 3.05 Compensation for Losses ................................................................................. 9296  Section 3.06 Mitigation Obligations; Replacement of Lenders. ........................................... 9396  Section 3.07 Survival ............................................................................................................ 9397  Section 3.08 Designation of Lead Borrower as Borrowers’ Agent. ..................................... 9397  ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS ........................................ 9497  Section 4.01 Conditions of Initial Credit Extension .............................................................  9497  Section 4.02 Conditions to all Credit Extensions .......................................................... 97100  (i)  6807015.9  

 

    ARTICLE V REPRESENTATIONS AND WARRANTIES .............................................................. 98101  Section 5.01 Existence, Qualification and Power ............................................................... 98101  Section 5.02 Authorization; No Contravention .................................................................. 98102  Section 5.03 Governmental Authorization; Other Consents ............................................... 98102  Section 5.04 Binding Effect ................................................................................................ 99102  Section 5.05 Financial Statements; No Material Adverse Effect. ....................................... 99102  Section 5.06 Litigation ........................................................................................................ 99103  Section 5.07 No Default ...................................................................................................... 99103  Section 5.08 Ownership of Property; Liens. ..................................................................... 100103  Section 5.09 Environmental Compliance ......................................................................... 100104  Section 5.10 Insurance ...................................................................................................... 101104  Section 5.11 Taxes ............................................................................................................ 101105  Section 5.12 ERISA Compliance. ..................................................................................... 101105  Section 5.13 Subsidiaries; Equity Interests ....................................................................... 102105  Section 5.14 Margin Regulations; Investment Company Act. .......................................... 102106  Section 5.15 Disclosure .................................................................................................... 103106  Section 5.16 Compliance with Laws ................................................................................ 103106  Section 5.17 Intellectual Property; Licenses, Etc. ............................................................ 103106  Section 5.18 Labor Matters ............................................................................................... 103107  Section 5.19 Security Documents ..................................................................................... 104107  Section 5.20 Solvency....................................................................................................... 104108  Section 5.21 Deposit Accounts; Credit Card Arrangements. ............................................ 104108  Section 5.22 Brokers ......................................................................................................... 105108  Section 5.23 Customer and Trade Relations ..................................................................... 105108  Section 5.24 Material Contracts ........................................................................................ 105108  Section 5.25 Casualty ....................................................................................................... 105108  Section 5.26 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. 105108  ARTICLE VI AFFIRMATIVE COVENANTS ................................................................................ 105109  Section 6.01 Financial Statements .................................................................................... 106109  Section 6.02 Certificates; Other Information .................................................................... 107110  Section 6.03 Notices ......................................................................................................... 109112  Section 6.04 Payment of Obligations................................................................................ 110113  Section 6.05 Preservation of Existence, Etc. .................................................................... 110114  Section 6.06 Maintenance of Properties ........................................................................... 111114  Section 6.07 Maintenance of Insurance. ........................................................................... 111114  Section 6.08 Compliance with Laws ................................................................................ 112115  Section 6.09 Books and Records; Accountants. ............................................................... 112116  Section 6.10 Inspection Rights. ........................................................................................ 113116  Section 6.11 Use of Proceeds ........................................................................................... 114117  Section 6.12 Additional Loan Parties ............................................................................... 114118  Section 6.13 Cash Management. ....................................................................................... 115118  Section 6.14 Information Regarding the Collateral. ......................................................... 117120  Section 6.15 Physical Inventories. .................................................................................... 117121  Section 6.16 Environmental Laws .................................................................................... 118121  Section 6.17 Further Assurances. ..................................................................................... 118121  Section 6.18 Compliance with Terms of Leaseholds ........................................................ 119122  Section 6.19 Reserved....................................................................................................... 119122  (ii)  6807015.9  

 

(iii)  6807015.9      Section 6.20 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. 119122  ARTICLE VII NEGATIVE COVENANTS ..................................................................................... 119122  Section 7.01 Liens ............................................................................................................ 119123  Section 7.02 Investments .................................................................................................. 120123  Section 7.03 Indebtedness; Disqualified Stock. ................................................................ 120123  Section 7.04 Fundamental Changes .................................................................................. 120123  Section 7.05 Dispositions ................................................................................................. 121124  Section 7.06 Restricted Payments ..................................................................................... 121124  Section 7.07 Prepayments of Indebtedness ....................................................................... 121125  Section 7.08 Change in Nature of Business ...................................................................... 122125  Section 7.09 Transactions with Affiliates or Related Parties ............................................ 122125  Section 7.10 Sale and Leaseback Transactions ................................................................. 123126  Section 7.11 Burdensome Agreements ............................................................................. 123126  Section 7.12 Use of Proceeds ........................................................................................... 124127  Section 7.13 Amendment of Material Documents ............................................................ 124127  Section 7.14 Fiscal Year ................................................................................................... 124127  Section 7.15 Deposit Accounts; Credit Card Processors .................................................. 124127  Section 7.16 Excess Availability ...................................................................................... 124127  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES .......................................................... 124127  Section 8.01 Events of Default ......................................................................................... 124127  Section 8.02 Remedies Upon Event of Default ................................................................ 127130  Section 8.03 Application of Funds.................................................................................... 128131  ARTICLE IX THE AGENT .............................................................................................................. 130133  Section 9.01 Appointment and Authority ......................................................................... 130133  Section 9.02 Rights as a Lender ........................................................................................ 130133  Section 9.03 Exculpatory Provisions ................................................................................ 130133  Section 9.04 Reliance by Agent ........................................................................................ 131134  Section 9.05 Delegation of Duties .................................................................................... 131134  Section 9.06 Resignation of Agent ................................................................................... 131135  Section 9.07 Non-Reliance on Agent and Other Lenders ................................................. 132135  Section 9.08 No Other Duties, Etc. ................................................................................... 132136  Section 9.09 Agent May File Proofs of Claim .................................................................. 133136  Section 9.10 Collateral and Guaranty Matters .................................................................. 133136  Section 9.11 Notice of Transfer ........................................................................................ 134137  Section 9.12 Reports and Financial Statements ................................................................ 134137  Section 9.13 Agency for Perfection .................................................................................. 134138  Section 9.14 Indemnification of Agent ............................................................................. 135138  Section 9.15 Relation among Lenders .............................................................................. 135138  Section 9.16 Defaulting Lenders. ..................................................................................... 135138  ARTICLE X MISCELLANEOUS .................................................................................................... 137140  Section 10.01 Amendments, Etc. ........................................................................................ 137140  Section 10.02 Notices; Effectiveness; Electronic Communications. .................................. 139143  

 

(iv)  6807015.9      Section 10.03 No Waiver; Cumulative Remedies .............................................................. 141144  Section 10.04 Expenses; Indemnity; Damage Waiver. ....................................................... 141144  Section 10.05 Payments Set Aside ..................................................................................... 143146  Section 10.06 Successors and Assigns................................................................................ 143146  Section 10.07 Treatment of Certain Information; Confidentiality ...................................... 147150  Section 10.08 Right of Setoff ............................................................................................. 147151  Section 10.09 Interest Rate Limitation ............................................................................... 148151  Section 10.10 Counterparts; Integration; Effectiveness ...................................................... 148151  Section 10.11 Survival ........................................................................................................ 148152  Section 10.12 Severability .................................................................................................. 149152  Section 10.13 Replacement of Lenders .............................................................................. 149152  Section 10.14 Governing Law; Jurisdiction; Etc. ............................................................... 149153  Section 10.15 Waiver of Jury Trial ..................................................................................... 150154  Section 10.16 No Advisory or Fiduciary Responsibility .................................................... 151154  Section 10.17 USA PATRIOT Act Notice ......................................................................... 151154  Section 10.18 Foreign Asset Control Regulations .............................................................. 151155  Section 10.19 Time of the Essence ..................................................................................... 152155  Section 10.20 [Reserved] .................................................................................................... 152155  Section 10.21 Press Releases .............................................................................................. 152155  Section 10.22 Additional Waivers. ..................................................................................... 152155  Section 10.23 No Strict Construction ................................................................................. 154157  Section 10.24 Attachments ................................................................................................. 154157  Section 10.25 Keepwell ...................................................................................................... 154157  Section 10.26 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions ................................................................................................... 155157  Section 10.27 Acknowledgement Regarding Any Supported QFCs .................................. 155158  Section 10.28 Erroneous Payments........................................................................................... 158              SIGNATURES ....................................................................................................................... S-1  

 

(v)  6807015.9      SCHEDULES    1.01 Immaterial Subsidiaries  2.01 Commitments and Applicable Percentages  5.01 Loan Parties Organizational Information  5.05 Material Indebtedness  5.08(b)(1) Owned Real Estate  5.08(b)(2) Leased Real Estate  5.09 Environmental Matters  5.10 Insurance  5.13 Subsidiaries; Other Equity Investments; Equity Interests in the Borrowers  5.17 Intellectual Property Matters  5.18 Collective Bargaining Agreements  5.21(a) DDAs  5.21(b) Credit Card Arrangements  5.24 Material Contracts  6.02 Financial and Collateral Reporting  7.01 Existing Liens  7.02 Existing Investments  7.03 Existing Indebtedness  7.09 Affiliate Transactions  10.02 Agent Payment Account; Certain Addresses for Notices      EXHIBITS    Form of    A LIBO Rate LoanSOFR Notice  B Swing Line Loan Notice  C-1 ABL Note  C-2 Swing Line Note  C-3 FILO Note  D Compliance Certificate  E Assignment and Assumption  F Borrowing Base Certificate  G Credit Card Notification  H Bank Product Provider Agreement  

 

-1-  6807015.9      CREDIT AGREEMENT    This CREDIT AGREEMENT (“Agreement”) is entered into as of August 2, 2018, among  CHICO’S FAS, INC., a Florida corporation (referred to herein as either “Parent” or the “Lead Borrower”),  SOMA INTIMATES, LLC, a Florida limited liability company (“Soma”), CHICO’S DISTRIBUTION  SERVICES, LLC, a Georgia limited liability company (“Chico’s Distribution”), CHICO’S RETAIL  SERVICES, INC., a Florida corporation (“Chico’s Retail”), WHITE HOUSE | BLACK MARKET, INC., a  Florida corporation (“WHBM”, and together with Lead Borrower, Soma, Chico’s Distribution, Chico’s  Retail and any other Person that becomes party hereto as a borrower after the date hereof, individually a  “Borrower” and collectively, the “Borrowers”), CHICO’S RETAIL OPERATIONS, INC., a Florida  corporation (“Chico’s Operations”) and CHICO’S BRANDS INVESTMENTS, INC., a Florida corporation  (“Chico’s Brands”, and together with Chico’s Operations any other Person that becomes a party hereto as a  guarantor after the date hereof, individually, a “Guarantor” and collectively, “Guarantors”), each lender  from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and WELLS  FARGO BANK, NATIONAL ASSOCIATION, as Agent, L/C Issuer and Swing Line Lender.    The Borrowers have requested that the Lenders provide a revolving credit facility, and the Lenders  have indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue Letters of  Credit, in each case on the terms and conditions set forth herein.    In consideration of the mutual covenants and agreements herein contained, the parties hereto  covenant and agree as follows:    ARTICLE I    DEFINITIONS AND ACCOUNTING TERMS    Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the  meanings set forth below:    “ABL Borrowing” means a borrowing consisting of simultaneous ABL Loans of the same Type  and, in the case of LIBO RateSOFR Loans, having the same Interest Period made by each of the ABL  Lenders pursuant to Section 2.01(a).    “ABL Borrowing Base” means, at any time of calculation, an amount equal to:    (a) ninety percent (90%) multiplied by the Eligible Credit Card Receivables; plus    (b) ninety percent (90%) multiplied by the Eligible Wholesale Receivables; plus    (c) ninety percent (90%) of the Net Recovery Percentage of Eligible Inventory multiplied by  the Cost of such Eligible Inventory (provided, that, in no event will the aggregate amount of Eligible  In-Transit Inventory included in the ABL Borrowing Base at any time exceed twenty-five percent (25%) of  the amount of Eligible Inventory), plus    (d) fifty percent (50%) of the Appraised Value of Eligible Real Estate as such Appraised Value  is identified in the most recent Acceptable Appraisal of Real Estate at such time (provided, that, in no event  will the aggregate amount of Eligible Real Estate included in the ABL Borrowing Base at any time exceed  twenty-five percent (25%) of the amount of the ABL Borrowing Base at such time), less    (e) the FILO Push Down Reserve, less  

 

-2-  6807015.9      (f) the amount of other Reserves.    “ABL Commitment” means, as to each ABL Lender, its obligation to (a) make ABL Loans to the  Borrowers pursuant to Section 2.01(a) through (d), (b) purchase participations in L/C Obligations, and (c)  purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding  not to exceed the amount set forth under the column heading “ABL Commitment” opposite such ABL  Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such ABL  Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in  accordance with this Agreement. As of the Amendment No. 1 Effective Date, the aggregate amount of the  ABL Commitments is $285,000,000.    “ABL Lender” means each Lender having an ABL Commitment from time to time.    “ABL Loan” has the meaning specified in Section 2.01(a).    “ABL Loan Cap” means, at any time of determination, the lesser of (a) the Aggregate ABL  Commitments or (b) the ABL Borrowing Base.    “ABL Note” means a promissory note made by the Borrowers in favor of an ABL Lender  evidencing ABL Loans made by such ABL Lender, substantially in the form of Exhibit C-1, as each may be  amended, supplemented or modified from time to time.    “Acceptable Document of Title” means, with respect to any Inventory, except as Agent may  otherwise agree (or to the extent otherwise provided in the definition of the term Eligible In-Transit  Inventory), a tangible, negotiable bill of lading or other Document (as defined in the UCC) that (a) is issued  by a common carrier which is not an Affiliate of the Approved Foreign Vendor or any Loan Party which is  in actual possession of such Inventory, (b) is issued to the order of a Loan Party or, if so requested by the  Agent, to the order of the Agent, (c) names the Agent as a notify party and bears a conspicuous notation on  its face of the Agent’s security interest therein, (d) is not subject to any Lien (other than in favor of the  Agent), and (e) is on terms otherwise reasonably acceptable to the Agent.    “ACH” means automated clearing house transfers.    “Acceptable Appraisal” means, with respect to an appraisal of Real Estate, the most recent  appraisal of such property received by Agent (a) from an appraisal company satisfactory to Agent, (b) the  scope and methodology (including, to the extent relevant, any sampling procedure employed by such  appraisal company) of which are satisfactory to Agent and the Lenders and (c) complying with the  requirements of FIRREA.    “Accommodation Payment” as defined in Section 10.22(d).    “Account” means “accounts” as defined in the UCC, and also means a right to payment of a  monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold,  leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a  policy of insurance issued or to be issued, (d) for a secondary obligation incurred or to be incurred, (e) for  energy provided or to be provided, (f) for the use or hire of a vessel under a charter or other contract, (g)  arising out of the use of a credit or charge card or information contained on or for use with the card, or (h) as  winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state,  or person licensed or authorized to operate the game by a state or governmental unit of a state. The term  “Account” includes health-care-insurance receivables.  

 

-3-  6807015.9      “Acquisition” means, with respect to any Person (a) an investment in, or a purchase of, a  Controlling interest in the Equity Interests of any other Person, (b) a purchase or other acquisition of all or  substantially all of the assets or properties of, another Person or of any business unit, division or line of  business of another Person, (c) any merger or consolidation of such Person with any other Person or other  transaction or series of transactions resulting in the acquisition of all or substantially all of the assets, or of  any business unit, division or line of business of another Person, or a Controlling interest in the Equity  Interests, of any Person, or (d) any acquisition of Store locations of any Person, provided, that, for purposes  of this clause (d), entering into a Lease for a new Store location in the ordinary course of business shall not  be deemed to be an acquisition of such Store location unless it is in connection with an acquisition of other  related assets.    “Act” shall have the meaning provided in Section 10.18.    “Additional ABL Lender” shall have the meaning provided in Section 2.15.    “Adjusted LIBO Rate” means:    (a) for any Interest Period with respect to any LIBO Borrowing, an interest rate per annum  equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate; and    (b) for any interest rate calculation with respect to any Base Rate Loan, an interest rate per  annum equal to (i) the LIBO Rate for an Interest Period commencing on the date of such calculation and  ending on the date that is thirty (30) days thereafter multiplied by (ii) the Statutory Reserve Rate.    The Adjusted LIBO Rate will be adjusted automatically as of the effective date of any change in the  Statutory Reserve Rate.    “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the  Agent.    “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial  Institution.    “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through  one or more intermediaries, Controls or is Controlled by or is under common Control with the Person  specified.    “Agent” means Wells Fargo in its capacity as administrative agent and collateral agent under any of  the Loan Documents, or any successor thereto.    “Agent Parties” shall have the meaning specified in Section 10.02(c).    “Agent Payment Account” means the Agent’s address and account as set forth on Schedule 10.02,  or such other address or account as the Agent may from time to time notify the Lead Borrower and the  Lenders.    “Aggregate ABL Commitments” means the aggregate of the ABL Commitments of all ABL  Lenders. As of the Amendment No. 1 Effective Date, the Aggregate ABL Commitments are $285,000,000.    “Aggregate Commitments” means the sum of the Aggregate ABL Commitments and the  Aggregate FILO Commitments.  

 

-4-  6807015.9      “Aggregate FILO Commitments” means the aggregate of the FILO Commitments of all FILO  Lenders. As of the Amendment No. 1 Effective Date, the Aggregate FILO Commitments are $15,000,000.    “Agreement” means this Credit Agreement.    “Allocable Amount” has the meaning specified in Section 10.22(d).    “Amendment No. 1” means Amendment No. 1 to Credit Agreement, dated as of the Amendment  No. 1 Effective Date, by and among Agent, the Lenders party thereto, Borrowers and the other parties  thereto, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed,  restated or replaced.    “Amendment No. 1 Documents” shall have the meaning set forth in Section 4.1 of Amendment No.  1.    “Amendment No. 1 Effective Date” means October 30, 2020.    “Amendment No. 1 Fee Letter” means the fee letter, dated as of the Amendment No. 12 Effective  Date, by and among Agent and Lead Borrower, as the same now exists or may hereafter be amended,  modified, supplemented, extended, renewed, restated or replaced.    “Amendment No. 2” means Amendment No. 2 to Credit Agreement, dated as of the Amendment  No. 2 Effective Date, by and among Agent, the Lenders party thereto, Borrowers and the other parties  thereto, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed,  restated or replaced.    “Amendment No. 2 Documents” shall have the meaning set forth in Section 4.1 of Amendment No.  2.    “Amendment No. 2 Effective Date” means February 2, 2022.    “Amendment No. 2 Fee Letter” means the fee letter, dated as of the Amendment No. 2 Effective  Date, by and among Agent and Lead Borrower, as the same now exists or may hereafter be amended,  modified, supplemented, extended, renewed, restated or replaced.    “Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other  applicable laws and regulations or ordinances concerning or relating to bribery, money laundering or  corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is  doing business.    “Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in  which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business that relates to  money laundering, any predicate crime to money laundering, or any financial record keeping and reporting  requirements related thereto.    “Applicable Commitment Fee Percentage” means (a) three-eighths of one percent (0.375%) if the  Quarterly Average Excess Availability is greater than seventy-five percent (75.0%) of the Aggregate  Commitments, and (b) one-quarter of one percent (0.25%) if the Quarterly Average Excess Availability is  equal to or less than seventy-five percent (75.0%) of the Aggregate Commitments.  

 

-5-  6807015.9      “Applicable Lenders” means the Required Lenders, Required ABL Lenders, the Supermajority  ABL Lenders, the Required FILO Lenders, the Supermajority FILO Lenders, all affected Lenders, or all  Lenders, as the context may require.    “Applicable Margin” means (a) for FILO Loans, four(i) as to FILO Loans for which interest is  calculated based on the Base Rate, the Applicable Margin for FILO Loans that are Base Rate Loans below,  and one-half percent (4.5%(ii) per annumas to FILO Loans for which interest is calculated based on Term  SOFR, the Applicable Margin for FILO Loans which are Term SOFR Loans below and (b) for ABL Loans,  (i) as to ABL Loans for which interest is calculated based on the Base Rate, the Applicable Margin for ABL  Loans which are Base Rate Loans below, and (ii) as to ABL Loans for which interest is calculated based on  Adjusted LIBO RateTerm SOFR, the Applicable Margin or LIBO Ratefor ABL Loans which are Term  SOFR Loans below, in each case, determined for each Fiscal Quarter based upon the Quarterly Average  Excess Availability for the immediately preceding Fiscal Quarter:    Tier Quarterly Average Excess  Availability  Applicable  Margin for ABL  Loans which are  Term SOFR  Loans  Applicable  Margin for ABL  Loans which are  LIBOBase Rate  Loans  Applicable  Margin for  FILO Loans  which are Term  SOFR Loans  Applicable  Margin for  FILO Loans  which are Base  Rate Loans  1 Greater than or equal to  50.075.0% of the  Aggregate Commitments    1.35%    2.25%  0.25%    3.35%    1.25%  2.25%  2 Less than 50.0or equal to  75.0% of the Aggregate  Commitments and greater  than 25% of the Aggregate  Commitments    1.60%    2.50%  0.50%    3.60%      1.50%2.50%  3 Less than or equal to 25.0%  of the Aggregate  Commitments    1.85%    0.75%    3.85%    2.75%    Provided, that, (i) :    (i) the Applicable Margin for ABL Loans shall be calculated and established once each  Fiscal Quarter and shall remain in effect until adjusted for the next Fiscal Quarter, (ii)    (ii) each adjustment of the Applicable Margin shall be effective as of the first day of each  such Fiscal Quarter based on the Quarterly Average Excess Availability for the immediately preceding  Fiscal Quarter,    (iii) notwithstanding anything to the contrary contained herein, for any SOFR Loan with  an Interest Period of six (iii6) months, the Applicable Margin set forth in the table above shall be increased  by 30 basis points as follows:    Tier Quarterly Average  Excess  Availability  Applicable  Margin for  ABL Loans  Applicable  Margin for  FILO Loans  

 

-6-  6807015.9        which are  Term SOFR  Loans  which are  Term SOFR  Loans  1 Greater than  75.0% of the  Aggregate  Commitments    1.65%    3.65%  2 Less than or equal  to 75.0% of the  Aggregate  Commitments and  greater than 25%  of the Aggregate  Commitments    1.90%    3.90%  3 Less than or equal  to 25.0% of the  Aggregate  Commitments    2.15%    4.15%      (iv) notwithstanding anything to the contrary contained herein, (A) for the period from the  Closing Date until the last day of the first full Fiscal Quarter immediately following the Closing Date, the  Applicable Margin for ABL Loans shall be based on the applicable percentage set forth in Tier 2, and (B)  for the period from the Amendment No. 2 Effective Date until the last day of the first full Fiscal Quarter  immediately following the Amendment No. 2 Effective Date, the Applicable Margin for ABL Loans and  the Applicable Margin for FILO Loans shall in each case be based on the applicable percentage set forth in  Tier 2, and (iv)    (v) in the event that Lead Borrower fails to provide any Borrowing Base Certificate or  other information with respect thereto for any period on the date required hereunder, effective as of the date  on which such Borrowing Base Certificate or other information was otherwise required, at Agent’s option,  the Applicable Margin for ABL Loans and FILO Loans shall be based on the highest rate above for ABL  Loans and FILO Loans, as applicable, until the next Business Day after a Borrowing Base Certificate or  other information is provided for the applicable period at which time the Applicable Margin shall be  adjusted as otherwise provided herein. In the event that at any time after the end of any Fiscal Quarter the  Quarterly Average Excess Availability for such Fiscal Quarter used for the determination of the Applicable  Margin was greater than the actual amount of the Quarterly Average Excess Availability for such period as  a result of the inaccuracy of information provided by or on behalf of any Borrower to Agent for the  calculation of Excess Availability, the Applicable Margin for such period shall be adjusted to the applicable  percentage based on such actual Quarterly Average Excess Availability and any additional interest for the  applicable period as a result of such recalculation shall be promptly paid to Agent after written request for  such payment. The foregoing shall not be construed to limit the rights of Agent or Lenders with respect to  the amount of interest payable after a Default or Event of Default whether based on such recalculated  percentage or otherwise.    “Applicable ABL Percentage” means with respect to any ABL Lender at any time, the fraction,  expressed as a percentage (carried out to the ninth decimal place) (a) the numerator of which is such  

 

-7-  6807015.9      Lender’s ABL Commitment and (b) the denominator of which is the Aggregate ABL Commitments at such  time, provided, that, if the ABL Commitments have been terminated or expired, then the Applicable ABL  Percentage shall be determined based on the Applicable ABL Percentage of such Lender most recently in  effect prior to any such termination or expiration, giving effect to any subsequent assignments. The initial  Applicable ABL Percentage of each ABL Lender is set forth under the column heading “Applicable ABL  Percentage” opposite the name of such ABL Lender on Schedule 2.01 or in the Assignment and  Assumption pursuant to which such ABL Lender becomes a party hereto, as applicable.    “Applicable FILO Percentage” means with respect to any FILO Lender at any time, the fraction,  expressed as a percentage (carried out to the ninth decimal place) (a) the numerator of which is such  Lender’s FILO Commitment and (b) the denominator of which is the Aggregate FILO Commitments at  such time, provided, that, if the FILO Commitments have been terminated or expired, then the Applicable  FILO Percentage shall be determined based on the Applicable FILO Percentage of such Lender most  recently in effect prior to any such termination or expiration, giving effect to any subsequent assignments.  The initial Applicable FILO Percentage of each FILO Lender is set forth under the column heading  “Applicable FILO Percentage” opposite the name of such FILO Lender on Schedule 2.01 or in the  Assignment and Assumption pursuant to which such FILO Lender becomes a party hereto, as applicable.    “Applicable Percentage” means with respect to any Lender at any time, the fraction, expressed as a  percentage (carried out to the ninth decimal place) (a) the numerator of which is the sum of such Lender’s  ABL Commitment at such time plus such Lender’s FILO Commitment at such time and (b) the  denominator of which is the Aggregate Commitments at such time, provided, that, if the ABL  Commitments or FILO Commitments, as the case may be, have been terminated or expired, then the  Applicable Percentage shall be determined based on the Applicable Percentage of such Lender most  recently in effect prior to any such termination or expiration, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth under the column heading “Applicable  Percentage” opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption  pursuant to which such Lender becomes a party hereto, as applicable.    “Appraised Value” means (a) with respect to Eligible Inventory, the appraised orderly liquidation  value, net of costs and expenses to be incurred in connection with any such liquidation, which value is  expressed as a percentage of Cost of Eligible Inventory as set forth in the inventory stock ledger of the  Borrowers, which value shall be determined from time to time by the most recent appraisal undertaken by  an independent appraiser engaged by Agent, or (b) with respect to Eligible Real Estate, the fair market  value of the applicable Eligible Real Estate as set forth in the most recent Acceptable Appraisal of Eligible  Real Estate; provided that the Appraised Value of Eligible Real Estate shall in no event exceed the  maximum amount of the Obligations at any time specified to be secured by a Mortgage thereon (including  after giving effect to any amendment to such Mortgage to increase the amount of the Obligations secured  thereby).    “Approved Fund” means any Person (other than a natural person) that is (or will be) engaged in  making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in  the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a  Lender, (c) an entity or an Affiliate of an entity that administers or manages a Lender or (d) the same  investment advisor or an advisor under common control with such Lender, Affiliate or advisor, as  applicable.    “Approved Foreign Vendor” means a Foreign Vendor which (a) is located in any country so long as  such Foreign Vendor is not a Sanctioned Person or a Sanctioned Entity, (b) has received timely payment or  performance of all obligations owed to it by the Loan Parties, (c) has not asserted and has no right to assert  any reclamation, repossession, diversion, stoppage in transit, Lien or title retention rights in respect of such  

 

-8-  6807015.9      Inventory, and (d), if so requested by the Agent, has entered into and is in full compliance with the terms of  a Foreign Vendor Agreement.    “Arranger” means Wells Fargo Bank, National Association, in its capacity as sole lead arranger and  sole book manager.    “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two  or more Approved Funds managed by the same investment advisor.    “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and  accepted by the Agent, in substantially the form of Exhibit E or any other form approved by the Agent.    “Audited Financial Statements” means the audited consolidated balance sheet of the Parent and its  Subsidiaries for the Fiscal Year ended February 1, 2020, and the related consolidated statements of income  or operations, Shareholders’ Equity and cash flows for such Fiscal Year of the Parent and its Subsidiaries,  including the notes thereto.    “Available Tenor” means, as of any date of determination and with respect to the then-current  Benchmark, as applicable, (a ) if such Benchmark is a term rate, any tenor for such Benchmark (or  component thereof) that is or may be used for determining the length of an interest period pursuant to this  Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark  (or component thereof) that is or may be used for determining any frequency of making payments of  interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the  avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest  Period” pursuant to Section 2.08(e)(iv).    “Availability Period” means the period from and including the Closing Date to the earliest of (a) the  Maturity Date, (b) the date of termination of the Aggregate ABL Commitments pursuant to Section 2.06,  and (c) the date of termination of the commitment of each ABL Lender to make ABL Loans and of the  obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.    “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable  Resolution Authority in respect of any liability of an Affected Financial Institution.    “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55  of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the  implementing law, regulation, rule or requirement for such EEA Member Country from time to time which  is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part 1 of  the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or  rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment  firms or other financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).    “Bank Product Obligations” means any obligation on account of any transaction with a Bank  Product Provider, which arises out of any Bank Product entered into with any Loan Party and any such  Person, as each may be amended from time to time; provided, that, in order for any item described in the  definition of Bank Products to be the basis for “Bank Product Obligations”, (a) if the applicable Bank  Product Provider is Wells Fargo or its Affiliates, then, if reasonably requested by the Agent, the Agent shall  have received a Bank Product Provider Letter Agreement within ten (10) Business Days (or such longer  period as the Agent may agree) after the date of such request, or (b) if the applicable Bank Product Provider  

 

-9-  6807015.9      is any other Person, the Agent shall have received a Bank Product Provider Letter Agreement on the  Closing Date in the case of any Bank Product in effect on the Closing Date or within ten (10) Business Days  (or such longer period as the Agent may agree) after the date of the provision of the applicable Bank  Product to any Loan Parties or their Subsidiaries, as applicable.    “Bank Product Provider” means any Lender or any Affiliate of any Lender (determined at the time  the relevant Bank Product Letter Agreement is entered into) that provides any Bank Products or Cash  Management Services to a Loan Party.    “Bank Product Provider Letter Agreement” means a letter agreement, which shall be substantially  in the form of Exhibit H, duly executed by the applicable Bank Product Provider, the applicable Borrower,  and the Agent.    “Bank Products” means any services ofor facilities provided to any Loan Party by any Lender or  any Affiliate of any Lender (but excluding Cash Management Services), including, without limitation, on  account of (a) Swap Contracts, (b) merchant services constituting a line of credit, (c) leasing, (d) Factored  Receivables, and (e) supply chain finance services including, without limitation, trade payable services and  supplier accounts receivable purchases.    “Bank Product Reserves” means, as of any date of determination, those Reserves that Agent deems  necessary or appropriate to establish in respect of Bank Products then provided or outstanding (based upon  the applicable Bank Product Provider’s determination of the liabilities and obligations of each Loan Party  and its Subsidiaries in respect of Bank Product Obligations owing to it and subject to the terms of the Bank  Product Provider Letter Agreement).    “Base Rate” means, for any date, a rate per annum equal to the greatest of (a) the Federal Funds  Rate plus one-half percent (.50%), (b) the Adjusted LIBO RateTerm SOFR (which rate shall be calculated  based upon an Interest Period of threeone (31) monthsmonth and shall be determined on a daily basis), plus  one (1) percentage point, provided that this clause (b) shall not be applicable during any period in which  Term SOFR is unavailable or unascertainable and (c) the rate of interest announced, from time to time,  within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that  the “prime rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as  the basis upon which effective rates of interest are calculated for those loans making reference thereto and is  evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo may  designate (and, if any such announced rate is below zero, then the rate determined pursuant to this clause (c)  shall be deemed to be zero).    “Base Rate Loan” means each portion of a Loan that bears interest based onat a rate determined by  reference to the Base Rate.    “Base Rate Term SOFR Determination Day” has the meaning specified in the definition of “Term  SOFR”.    “Benchmark” means, initially, the Term SOFR Reference Rate; provided, that, if a Benchmark  Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current  Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such  Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.08(e)(i).    “Benchmark Replacement” means, with respect to any Benchmark Transition Event, the sum of:  (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by Agent and Lead  Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate  

 

-10-  6807015.9      or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or  then-prevailing market convention for determining a benchmark rate of interest as a replacement tofor the  LIBO Rate for United States dollarthen-current Benchmark for Dollar-denominated syndicated credit  facilities at such time and (b) the related Benchmark Replacement Adjustment; provided, that, if thesuch  Benchmark Replacement as so determined would be less than 0.75%the Floor, thesuch Benchmark  Replacement shall be deemed to be 0.75%the Floor for the purposes of this Agreement and the other Loan  Documents.    “Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBO  Ratethen-current Benchmark with an Unadjusted Benchmark Replacement for eachany applicable Interest  PeriodAvailable Tenor, the spread adjustment, or method for calculating or determining such spread  adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Lead  Borrower giving due consideration to (ia) any selection or recommendation of a spread adjustment, or  method for calculating or determining such spread adjustment, for the replacement of the LIBO Ratesuch  Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body  or (iib) any evolving or then-prevailing market convention for determining a spread adjustment, or method  for calculating or determining such spread adjustment, for the replacement of the LIBO Ratesuch  Benchmark with the applicable Unadjusted Benchmark Replacement for United States  dollarDollar-denominated syndicated credit facilities at such time.    “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark  Replacement, any technical, administrative or operational changes (including changes to the definition of  “Base Rate”, the definition of “Interest Period”, timing and frequency of determining rates and making  payments of interest and other administrative matters) that Agent (in consultation with Lead Borrower)  decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement  and to permit the administration thereof by Agent in a manner substantially consistent with market practice  (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or  if Agent determines that no market practice for the administration of the Benchmark Replacement exists, in  such other manner of administration as Agent in consultation with Lead Borrower decides is reasonably  necessary in connection with the administration of this Agreement).    “Benchmark Replacement Date” means the earlier to occur of the following events with respect to  the LIBO Ratethen-current Benchmark:    (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition  Event“Benchmark Transition Event,” the later of (i) the date of the public statement or publication of  information public statement or publication of information referenced therein and (ii) the date on which the  administrator of such Benchmark (or the LIBO Rate permanently or indefinitely ceases to provide the  LIBO Ratepublished component used in the calculation thereof) permanently or indefinitely ceases to  provide all Available Tenors of such Benchmark (or such component thereof); or    (b)     (b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the first date  ofon which such Benchmark (or the published component used in the calculation thereof) has been  determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such  component thereof) to be non-representative; provided that such non-representativeness will be determined  by reference to the publicmost recent statement or publication of information referenced thereinin such  clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be  provided on such date.  

 

-11-  6807015.9      “Benchmark Transition Event    For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the  case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or  events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the  published component used in the calculation thereof).    “Benchmark Transition Event” means the occurrence of one or more of the following events with  respect to the LIBO Ratethen-current Benchmark:    (a)     (a) a public statement or publication of information public statement or publication of  information by or on behalf of the administrator of such Benchmark (or the LIBO Ratepublished  component used in the calculation thereof) announcing that such administrator has ceased or will cease to  provide the LIBO Rateall Available Tenors of such Benchmark (or such component thereof), permanently  or indefinitely, provided that, at the time of such statement or publication, there is no successor  administrator that will continue to provide the LIBO Rateany Available Tenor of such Benchmark (or such  component thereof);    (b) a public statement or publication of information by the regulatory supervisor for the  administrator of the LIBO Ratesuch Benchmark (or the published component used in the calculation  thereof), the Board of Governors, the Federal Reserve SystemBank of the United States (or any  successor)New York, an insolvency official with jurisdiction over the administrator for the LIBO Ratesuch  Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the  LIBO Ratesuch Benchmark (or such component) or a court or an entity with similar insolvency or  resolution authority over the administrator for the LIBO Ratesuch Benchmark (or such component), which  states that the administrator of the LIBO Ratesuch Benchmark (or such component) has ceased or will cease  to provide the LIBO Rateall Available Tenors of such Benchmark (or such component thereof)  permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor  administrator that will continue to provide the LIBO Rateany Available Tenor of such Benchmark (or such  component thereof); or    (c) a public statement or publication of information by the regulatory supervisor for the  administrator of the LIBO Rate announcing that the LIBO Rate is no longersuch Benchmark (or the  published component used in the calculation thereof) announcing that all Available Tenors of such  Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.    For the avoidance of doubt, if the then-current Benchmark has any Available Tenors, a “Benchmark  Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or  publication of information set forth above has occurred with respect to each then-current Available Tenor  of such Benchmark (or the published component used in the calculation thereof).    “Benchmark Transition Start Date” means (a), in the case of a Benchmark Transition Event, the  earlier of (ia) the applicable Benchmark Replacement Date and (iib) if such Benchmark Transition Event is  a public statement or publication of information of a prospective event, the ninetieth (90th) day prior to the  expected date of such event as of such public statement or publication of information (or if the expected  date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of  such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Agent or  the Required Lenders, as applicable, by notice to Lead Borrower, Agent (in the case of such notice by the  Required Lenders) and the Lenders.  

 

-12-  6807015.9      “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related  Benchmark Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the  LIBO Rate has not been replaced with a Benchmark Replacement, the period (if any) (a) beginning at the  time that sucha Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement  has replaced the LIBO Ratethen-current Benchmark for all purposes hereunder and under any Loan  Document in accordance with Section 2.08(de) and (b) ending at the time that a Benchmark Replacement  has replaced the LIBO Ratethen-current Benchmark for all purposes hereunder pursuant toand under any  Loan Document in accordance with Section 2.08(de).    “Beneficial Ownership Certification” means a certification regarding beneficial ownership as  required by the Beneficial Ownership Regulation.    “Beneficial Ownership Regulation” means 31 C.F.R. §1010.230.    “BHC Act Affiliate” of a Person means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such Person.    “Blocked Account” has the meaning provided in Section 6.13(a)(ii).    “Blocked Account Agreement” means with respect to an account established by a Loan Party, an  agreement, in form and substance satisfactory to the Agent, establishing control, pursuant to Section 9-104  of the UCC or other applicable section of the UCC, of such account by the Agent and whereby the bank  maintaining such account agrees, upon the occurrence and during the continuance of a Cash Dominion  Event, to comply only with the instructions originated by the Agent without the further consent of any Loan  Party.    “Blocked Account Bank” means each bank with whom deposit accounts are maintained in which  any funds of any of the Loan Parties from one or more DDAs are concentrated and with whom a Blocked  Account Agreement has been, or is required to be, executed in accordance with the terms hereof.    “Borrower Materials” has the meaning specified in Section 6.02.    “Borrowers” has the meaning assigned to such term in the preamble of this Agreement.    “Borrowing” means an ABL Borrowing, a Swing Line Borrowing or a FILO Borrowing, as the  context may require.    “Borrowing Base Certificate” means a certificate substantially in the form of Exhibit F hereto (with  such changes therein as may be required by the Agent to reflect the components of and reserves against the  ABL Borrowing Base and FILO Borrowing Base as provided for hereunder from time to time), executed  and certified as accurate and complete by a Responsible Officer of the Lead Borrower, which shall include  appropriate exhibits, schedules, supporting documentation, and additional reports as reasonably requested  by the Agent.    “Business” means an omni-channel specialty retailer of women’s private branded, sophisticated,  casual-to-dressy apparel, intimates and complementary accessories.    “Business Day” means any day other than a Saturday, Sunday or other day on which commercial  banks are authorized to close under the Laws of, or are in fact closed in, the state where the Agent Payment  Account is located and, if such day relates to any LIBO Rate Loan, means any such day on which dealings  in Dollar deposits are conducted by and between banks in the London interbank market.  

 

-13-  6807015.9      “Capital Expenditures” means, with respect to any Person for any period, without duplication, (a)  all expenditures made (whether made in the form of cash or other property) or costs incurred for the  acquisition or improvement of fixed or capital assets of such Person (excluding normal replacements and  maintenance which are properly charged to current operations), in each case that are (or should be) set forth  as capital expenditures in a Consolidated statement of cash flows of such Person for such period, in each  case prepared in accordance with GAAP, and (b) Capital Lease Obligations incurred by a Person during  such period.    “Capital Lease Obligations” means, with respect to any Person for any period, the obligations of  such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to  use) real or personal property, or a combination thereof, which obligations are required to be classified and  accounted for as liabilities on a balance sheet of such Person under GAAP and the amount of which  obligations shall be the capitalized amount thereof determined in accordance with GAAP.    “Cash Collateral Account” means a non-interest bearing account established by one or more of the  Loan Parties with Wells Fargo, and in the name of, the Agent (or as the Agent shall otherwise direct) and  under the sole and exclusive dominion and control of the Agent, in which deposits are required to be made  in accordance with Section 2.03(k) or 8.02(c).    “Cash Collateralize” has the meaning specified in Section 2.03(k). Derivatives of such term have  corresponding meanings.    “Cash Dominion Event” means at any time that (a) Excess Availability is less than the greater of (i)  $40,500,00030,000,000 or (ii) fifteen percent (15%) of the Loan Cap, or (b) an Event of Default exists or  has occurred and is continuing; provided, that, (i) to the extent that the Cash Dominion Event has occurred  due to clause (a) of this definition, if Excess Availability shall be equal to or greater than the applicable  amount for at least thirty (30) consecutive days thereafter, the Cash Dominion Event shall no longer be  deemed to exist or be continuing until such time as Excess Availability may again be less than the  applicable amount provided for in clause (a) of this definition, (ii) to the extent that the Cash Dominion  Event has occurred due to clause (b) of this definition, if such Event of Default is cured or waived or  otherwise no longer exists for a period of at least thirty (30) consecutive days, the Cash Dominion Event  shall no longer be deemed to exist or be continuing and (iii) a Cash Dominion Event may not be cured as  contemplated by clause (i) or (ii) above more than two (2) times in any twelve (12) month period or more  than four (4) times during the term of this Agreement.    “Cash Equivalents” means (a) readily marketable obligations issued or directly and fully  guaranteed or insured by the United States of America or any agency or instrumentality thereof having  maturities of not more than three hundred sixty (360) days from the date of acquisition thereof; provided,  that, the full faith and credit of the United States of America is pledged in support thereof; (b) commercial  paper issued by any Person organized under the laws of any state of the United States of America and rated  at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade)  by S&P, in each case with maturities of not more than two hundred seventy (270) days from the date of  acquisition thereof; (c) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any  commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of America,  any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding  company organized under the laws of the United States of America, any state thereof or the District of  Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues)  commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and  surplus of at least $500,000,000, in each case with maturities of not more than one (1) year from the date of  acquisition thereof; (d) fully collateralized repurchase agreements with a term of not more than thirty (30)  days for securities described in clause (a) above (without regard to the limitation on maturity contained in  

 

-14-  6807015.9      such clause) and entered into with a financial institution satisfying the criteria described in clause (c) above  or with any primary dealer and having a market value at the time that such repurchase agreement is entered  into of not less than one hundred percent (100%) of the repurchase obligation of such counterparty entity  with whom such repurchase agreement has been entered into; (e) Investments, classified in accordance with  GAAP as current assets of the Loan Parties, in any money market fund, mutual fund, or other investment  companies that (i) are registered under the Investment Company Act of 1940, as amended, (ii) are rated  AAA by S&P and Aaa by Moody’s, and (iii) have portfolio assets of at least $5,000,000,000 and (f) any  other investments permitted by the Lead Borrower’s investment policy as approved by its board of directors  and as such policy is in effect, and as disclosed to Agent, prior to the Effective Date and as such policy may  be amended, restated, supplemented or otherwise modified from time to time with the consent of Agent,  such consent shall not be unreasonably withheld and shall be deemed to be provided unless Agent objects  thereto within ten (10) Business Days of receiving notice of any such amendment, restatement, supplement  or other modification.    “Cash Management Reserves” means such reserves as the Agent, from time to time, determines in  its Permitted Discretion as being appropriate to reflect the reasonably anticipated liabilities and obligations  of the Loan Parties with respect to Cash Management Services then provided or outstanding.    “Cash Management Services” means any cash management services or facilities provided to any  Loan Party by any Lender or any Affiliate of any Lender, including, without limitation: (a) ACH  transactions, (b) controlled disbursement services, treasury, depository, overdraft, and electronic funds  transfer services, (c) credit or debit cards, (d) credit card processing services, and (e) purchase cards.    “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability  Act, 42 U.S.C. § 9601 et seq.    “CERCLIS” means the Comprehensive Environmental Response, Compensation, and Liability  Information System maintained by the United States Environmental Protection Agency.    “CFC” means a Person that is a controlled foreign corporation under Section 957 of the Code.    “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule,  regulation or treaty or in the administration, interpretation or application thereof by any Governmental  Authority, (c) any new, or adjustment to, requirements prescribed by the Board of Governors for  “Eurocurrency Liabilities” (as defined in Regulation D of the Board of Governors), requirements imposed  by the Federal Deposit Insurance Corporation, or similar requirements imposed by any domestic or foreign  governmental authority or resulting from compliance by Agent or any Lender with any request or directive  (whether or not having the force of law) from any central bank or other Governmental Authority and related  in any manner to SOFR, the Term SOFR Reference Rate or Term SOFR, or (cd) the making or issuance of  any request, guideline or directive (whether or not having the force of law) by any Governmental Authority;  provided, that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and  Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection  therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International  Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the  United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be  deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.    “Change of Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or  of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules  of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than thirty-five  

 

-15-  6807015.9      percent (3535.0%) of the aggregate ordinary voting power represented by the issued and outstanding Equity  Interests of Parent; (b) occupation of a majority of the seats (other than vacant seats) on the board of  directors of Parent by Persons who were not either (i) nominated by the board of directors of Parent (or, in  the event of any merger, consolidation or reorganization the principal purpose of which is to form a holding  company or effect a similar reorganization as to form, the board of directors of Parent) or (ii) appointed by  directors so nominated or (iii) approved by the board of directors of Parent as candidates for directors prior  to their election; (c) Parent fails at any time to own, directly or indirectly, one hundred percent (100100.0%)  of the Equity Interests of each other Loan Party free and clear of all Liens (other than the Liens in favor of  the Agent and other than Permitted Encumbrances described in clause (a) or clause (e) of the definition of  such term), except where such failure is as a result of a transaction permitted by the Loan Documents; or (d)  the occurrence of a change in control, or other similar provision, as defined in any agreement or instrument  evidencing any Material Indebtedness (triggering a default or mandatory prepayment, which default or  mandatory prepayment has not been waived in writing).    “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or  waived in accordance with Section 10.01.    “Code” means the Internal Revenue Code of 1986, and the regulations promulgated thereunder, as  amended and in effect.    “Collateral” means any and all “Collateral” as defined in any applicable Security Document and all  other property that is or is intended under the terms of the Security Documents to be subject to Liens in  favor of the Agent.    “Collateral Access Agreement” means an agreement reasonably satisfactory in form and substance  to the Agent executed by (a) a bailee or other Person in possession of Collateral, and (b) any landlord of  Real Estate leased by any Loan Party, pursuant to which such Person (i) acknowledges the Agent’s Lien on  the Collateral, (ii) releases or subordinates such Person’s Liens in the Collateral held by such Person or  located on such Real Estate, (iii) provides the Agent with access to the Collateral held by such bailee or  other Person or located in or on such Real Estate, (iv) as to any landlord, provides the Agent with a  reasonable time to sell and dispose of the Collateral from such Real Estate, and (v) makes such other  agreements with the Agent as the Agent may reasonably require.    “Combined Borrowing Base” means the sum of the ABL Borrowing Base and the FILO Borrowing  Base.    “Commercial Letter of Credit” means any Letter of Credit issued for the purpose of providing the  primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan  Party in the ordinary course of business of such Loan Party.    “Commercial Letter of Credit Agreement” means the Commercial Letter of Credit Agreement  relating to the issuance of a Commercial Letter of Credit in the form from time to time in use by the L/C  Issuer.    “Commitment” means, as to each ABL Lender, its ABL Commitment, and as to each FILO Lender,  its FILO Commitment.    “Commitment Increases” has the meaning specified in Section 2.15(b)(i).    “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as  amended from time to time, and any successor statute.  

 

-16-  6807015.9      “Compliance Certificate” means a certificate substantially in the form of Exhibit D.    “Concentration Account” has the meaning provided in Section 6.13(b).    “Conforming Changes” means, with respect to either the use or administration of Term SOFR or  the use, administration, adoption or implementation of any Benchmark Replacement, any technical,  administrative or operational changes (including changes to the definition of “Base Rate,” the definition of  “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest  Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and  frequency of determining rates and making payments of interest, timing of borrowing requests or  prepayment, conversion or continuation notices, the applicability and length of lookback periods, the  applicability of Section 2.08(e)(ii) and other technical, administrative or operational matters) that Agent  decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use  and administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent  decides that adoption of any portion of such market practice is not administratively feasible or if Agent  determines that no market practice for the administration of any such rate exists, in such other manner of  administration as Agent decides is reasonably necessary in connection with the administration of this  Agreement and the other Loan Documents).    “Consolidated” means, when used to modify a financial term, test, statement, or report of a Person,  the application or preparation of such term, test, statement or report (as applicable) based upon the  consolidation, in accordance with GAAP, of the financial condition or operating results of such Person and  its Subsidiaries.    “Consolidated EBITDA” means, at any date of determination, an amount equal to Consolidated  Net Income of the Parent and its Subsidiaries on a Consolidated basis for the most recently completed  Measurement Period, plus (a) the following to the extent deducted in calculating such Consolidated Net  Income: (i) Consolidated Interest Charges, (ii) the provision for Federal, state, local and foreign income  Taxes, (iii) depreciation and amortization expense, (iv) other non-recurring expenses reducing such  Consolidated Net Income which do not represent a cash item in such period or any future period (in each  case of or by the Parent and its Subsidiaries for such Measurement Period), (v) cost, fees and expenses in  connection with the transactions contemplated hereby and the other Loan Documents, any Permitted  Acquisition or any other Permitted Investment or Disposition, in each case, whether or not consummated,  (vi) non-cash impairment charges and asset write-offs pursuant to GAAP and any no-cost stock  compensation expense and (vii) any unusual or non-recurring non-cash charges, items of loss or expenses,  minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal,  state, local and foreign income tax credits and (ii) all non-cash items increasing Consolidated Net Income  (in each case of or by the Parent and its Subsidiaries for such Measurement Period), all as determined on a  Consolidated basis in accordance with GAAP.    “Consolidated Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a)  (i) Consolidated EBITDA for such period minus (ii) Capital Expenditures made during such period minus  (iii) the aggregate amount of Federal, state, local and foreign income taxes paid in cash during such period  (net of the aggregate amount of federal, state, local and foreign income tax refunds received in cash during  such period) to (b) the sum of (i) Debt Service Charges plus (ii) the aggregate amount of all Restricted  Payments paid in cash during such Measurement Period, in each case, of or by the Parent and its  Subsidiaries for the most recently completed Measurement Period, all as determined on a Consolidated  basis in accordance with GAAP.    “Consolidated Interest Charges” means, for any Measurement Period, the sum of (a) all interest,  premium payments, debt discount, fees, charges and related expenses in connection with borrowed money  

 

-17-  6807015.9      (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to  the extent treated as interest in accordance with GAAP, including, without limitation, all commissions,  discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance  financing and net costs under Swap Contracts, but excluding any non-cash or deferred interest financing  costs, (b) all interest paid or payable with respect to discontinued operations and (c) the portion of rent  expense with respect to such period under Capital Lease Obligations that is treated as interest in accordance  with GAAP, in each case of or by the Parent and its Subsidiaries for the most recently completed  Measurement Period, all as determined on a Consolidated basis in accordance with GAAP.    “Consolidated Net Income” means, as of any date of determination, the net income of the Parent  and its Subsidiaries for the most recently completed Measurement Period, all as determined on a  Consolidated basis in accordance with GAAP, provided, that, there shall be excluded therefrom (a)  extraordinary gains and extraordinary losses for such Measurement Period, (b) the income (or loss) of such  Person during such Measurement Period in which any other Person has a joint interest, except to the extent  of the amount of cash dividends or other distributions actually paid in cash to such Person during such  period, (c) the income (or loss) of such Person during such Measurement Period and accrued prior to the  date it becomes a Subsidiary of a Person or any of such Person’s Subsidiaries or is merged into or  consolidated with a Person or any of its Subsidiaries or that Person’s assets are acquired by such Person or  any of its Subsidiaries, and (d) the income of any direct or indirect Subsidiary of a Person to the extent that  the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at  the time permitted by operation of the terms of its Organization Documents or any agreement, instrument,  judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, except that  the Parent’s equity in any net loss of any such Subsidiary for such Measurement Period shall be included in  determining Consolidated Net Income.    “Contractual Obligation” means, as to any Person, any provision of any agreement, instrument or  other undertaking to which such Person is a party or by which it or any of its property is bound.    “Control” means the possession, directly or indirectly, of the power to direct or cause the direction  of the management or policies of a Person, whether through the ability to exercise voting power, by contract  or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.    “Cost” means the lower of cost or market value of Inventory, based upon the Borrowers’  accounting practices, known to the Agent, which practices are in effect on the Closing Date as such  calculated cost is determined under the first-in, first-out method (without regard to intercompany profit or  increases for currency exchange rates) from invoices received by the Borrowers, the Borrowers’ purchase  journals or the Borrowers’ stock ledger. “Cost” does not include inventory capitalization costs or other  non-purchase price charges (such as freight) used in the Borrowers’ calculation of cost of goods sold.    “Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 382.2(b).    “Covered Party” has the meaning specified in Section 10.27.    “Credit Card Agreements” means all agreements now or hereafter entered into by any Borrower or  any Guarantor for the benefit of any Borrower, in each case with any Credit Card Issuer or any Credit Card  Processor, including, but not limited to, the agreements set forth on Schedule 5.21(b) hereto.  

 

-18-  6807015.9      “Credit Card Issuer” means any person (other than a Borrower or other Loan Party) who issues or  whose members issue credit cards, including, without limitation, MasterCard or VISA bank credit or debit  cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc. or  Visa International and American Express, Discover, Diners Club, Carte Blanche and other non-bank credit  or debit cards, including, without limitation, credit or debit cards issued by or through American Express  Travel Related Services Company, Inc., Novus Services, Inc., PayPal, Inc. and other issuers approved by  the Agent.    “Credit Card Processor” means any servicing or processing agent or any factor or financial  intermediary (including, without limitation, PayPal, Inc.) who facilitates, services, processes or manages  the credit authorization, billing transfer and/or payment procedures with respect to any Borrower’s sales  transactions involving credit card or debit card purchases by customers using credit cards or debit cards  issued by any Credit Card Issuer.    “Credit Card Notifications” has the meaning provided in Section 6.13(a)(i).    “Credit Card Receivables” means each “payment intangible” (as defined in the UCC) together with  all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a  Loan Party resulting from charges by a customer of a Loan Party on credit or debit cards issued by such  Credit Card Issuer in connection with the sale of goods by a Loan Party, or services performed by a Loan  Party, in each case in the ordinary course of its business.    “Credit Extensions” mean each of the following: (a) a Borrowing and (b) an L/C Credit Extension.    “Credit Party” or “Credit Parties” means (a) individually, (i) each Lender and its Affiliates, (ii) the  Agent, (iii) each L/C Issuer, (iv) the Arranger, (v) each beneficiary of each indemnification obligation  undertaken by any Loan Party under any Loan Document, (vi) any other Person to whom Obligations under  this Agreement and other Loan Documents are owing, and (vii) the successors and assigns of each of the  foregoing, and (b) collectively, all of the foregoing.    “Credit Party Expenses” means, without limitation, (a) all reasonable and documented  out-of-pocket expenses incurred by the Agent and its Affiliates in connection with this Agreement and the  other Loan Documents, including without limitation (i) the reasonable fees, charges and disbursements of  (A) counsel for the Agent, (B) outside consultants for the Agent, (C) appraisers, (D) commercial finance  examinations, and (E) all such reasonable and documented out-of-pocket expenses incurred during any  workout, restructuring or negotiations in respect of the Obligations, and (ii) in connection with (A) the  syndication of the credit facilities provided for herein, (B) the preparation, negotiation, administration,  management, execution and delivery of this Agreement and the other Loan Documents or any amendments,  modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or  thereby shall be consummated), and (C) the enforcement or protection of their rights in connection with this  Agreement or the Loan Documents or efforts to preserve, protect, collect, or enforce the Collateral, and (iii)  all customary fees and charges (as adjusted from time to time) of the Agent with respect to the disbursement  of funds (or the receipt of funds) to or for the account of Borrowers (whether by wire transfer or otherwise),  together with any reasonable and documented out-of-pocket costs and expenses incurred in connection  therewith, and (b) with respect to the L/C Issuer, and its Affiliates (without duplication of the expenses  referred to in Section 2.03), all reasonable and documented out-of-pocket expenses incurred in connection  with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment  thereunder; and (c) all reasonable out-of-pocket expenses incurred by the Credit Parties who are not the  Agent, the L/C Issuer or any Affiliate of any of them, after the occurrence and during the continuance of an  Event of Default, provided that such Credit Parties shall be entitled to reimbursement for no more than one  counsel representing all such Credit Parties and, in addition, one local or special counsel in each applicable  

 

-19-  6807015.9      jurisdiction (absent a conflict of interest in which case the Credit Parties may engage and be reimbursed for  additional counsel).    “DDA” means each checking, savings or other demand deposit account maintained by any of the  Loan Parties. All funds in each DDA shall be conclusively presumed to be Collateral and proceeds of  Collateral and the Agent and the Lenders shall have no duty to inquire as to the source of the amounts on  deposit in any DDA.    “Debt Service Charges” means for any Measurement Period, the sum of (a) Consolidated Interest  Charges paid or required to be paid for such Measurement Period, plus (b) principal payments made or  required to be made on account of Indebtedness (excluding the Obligations and any Synthetic Lease  Obligations but including, without limitation, Capital Lease Obligations) for such Measurement Period, in  each case determined on a Consolidated basis in accordance with GAAP.    “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,  conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other  applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.    “Default” means any event or condition that constitutes an Event of Default or that, with the giving  of any notice, the passage of time, or both, would be an Event of Default.    “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an  interest rate equal to (i) the Base Rate plus (ii) the Applicable Margin, if any, applicable to Base Rate Loans,  plus (iii) two percent (2%) per annum; provided, however, that with respect to a LIBO RateSOFR Loan, the  Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise  applicable to such Loan plus two percent (2%) per annum, and (b) when used with respect to Letter of  Credit Fees, a rate equal to the Applicable Margin for Standby Letters of Credit or Commercial Letters of  Credit, as applicable, plus two percent (2%) per annum.    “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance  with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.    “Defaulting Lender” means any Lender that (a) has failed to fund any amounts required to be  funded by it under this Agreement within one (1) Business Day of the date that it is required to do so under  this Agreement (including the failure to make available to the Agent amounts required pursuant to a  Settlement or to make a required payment in connection with a Letter of Credit Disbursement), (b) notified  the Borrowers, the Agent, or any Lender in writing that it does not intend to comply with all or any portion  of its funding obligations under this Agreement, (c) has made a public statement to the effect that it does not  intend to comply with its funding obligations under the Agreement or under other agreements generally (as  reasonably determined by the Agent) under which it has committed to extend credit, (d) failed, within one  (1) Business Day after written request by the Agent, to confirm that it will comply with the terms of the  Agreement relating to its obligations to fund any amounts required to be funded by it under the Agreement,  (e) otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it  under the Agreement within one (1) Business Day of the date that it is required to do so under the  Agreement, or (f) (i) becomes or is insolvent or has a parent company that has become or is insolvent, (ii)  becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,  or custodian or appointed for it, or has taken any action in furtherance of, or indicating its consent to,  approval of or acquiescence in any such proceeding or appointment or has a parent company that has  become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or  

 

-20-  6807015.9      custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of  or acquiescence in any such proceeding or appointment or (iii) becomes the subject of a Bail-in Action.    “Defaulting Lender Rate” means (a) for the first three (3) days from and after the date the relevant  payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to ABL Loans or FILO  Loans, as applicable, that are Base Rate Loans (inclusive of the Applicable Margin applicable thereto).    “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including  any Sale and Leaseback Transaction and any sale, transfer, license or other disposition of (whether in one  transaction or in a series of transactions) of any property (including, without limitation, any Equity Interests  other than Equity Interests of the Lead Borrower) by any Person (or the granting of any option or other right  to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without  recourse, of any notes or accounts receivable or any rights and claims associated therewith.    “Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of any security  into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof),  or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund  obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to  the date that is ninety-one (91) days after the date on which the Loans mature; provided, however, that (i)  only the portion of such Equity Interests which so matures or is mandatorily redeemable, is so convertible  or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to  be Disqualified Stock and (ii) with respect to any Equity Interests issued to any employee or to any plan for  the benefit of employees of the Lead Borrower or its Subsidiaries or by any such plan to such employees,  such Equity Interest shall not constitute Disqualified Stock solely because it may be required to be  repurchased by the Lead Borrower or one of its Subsidiaries in order to satisfy applicable statutory or  regulatory obligations or as a result of such employee’s termination, resignation, death or disability and if  any class of Equity Interest of such Person that by its terms authorizes such Person to satisfy its obligations  thereunder by delivery of an Equity Interest that is not Disqualified Stock, such Equity Interests shall not be  deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Equity Interest that would  constitute Disqualified Stock solely because the holders thereof have the right to require a Loan Party to  repurchase such Equity Interest upon the occurrence of a change of control or an asset sale shall not  constitute Disqualified Stock. The amount of Disqualified Stock deemed to be outstanding at any time for  purposes of this Agreement will be the maximum amount that the Lead Borrower and its Subsidiaries may  become obligated to pay upon maturity of, or pursuant to any mandatory redemption provisions of, such  Disqualified Stock or portion thereof, plus accrued dividends.    “Dollars” and “$” mean lawful money of the United States.    “Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States  of America, any State thereof or the District of Columbia (excluding, for the avoidance of doubt, any  Subsidiary organized under the laws of Puerto Rico or any other territory).    “Drawing Document” means any Letter of Credit or other document presented for purposes of  drawing under any Letter of Credit.    “Early Opt-in Election” means the occurrence of:    (a) (i) a determination by Agent or (ii) a notification by the Required Lenders to Agent (with a copy  to Lead Borrower) that the Required Lenders have determined, that United States dollar-denominated  syndicated credit facilities being executed at such time, or that include language similar to that contained in  

 

-21-  6807015.9      Section 2.08(d) are being executed or amended, as applicable, to incorporate or adopt a new benchmark  interest rate to replace the LIBO Rate, and    (b) (i) the election by Agent or (ii) the election by the Required Lenders, to declare that an Early  Opt-in Election has occurred and the provision, as applicable, by Agent of written notice of such election to  Lead Borrower and the Lenders or by the Required Lenders of written notice of such election to Agent.    “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.    “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.    “EEA Resolution Authority” means any public administrative authority or any person entrusted  with public administrative authority of any EEA Member Country (including any delegee) having  responsibility for the resolution of any EEA Financial Institution.    “Eligible Assignee” means (a) a Credit Party or any of its Affiliates; (b) a bank, insurance  company, or company engaged in the business of making commercial loans, which Person, together with its  Affiliates, has a combined capital and surplus in excess of $250,000,000; (c) an Approved Fund; (d) any  Person to whom a Credit Party assigns its rights and obligations under this Agreement as part of an  assignment and transfer of such Credit Party’s rights in and to a material portion of such Credit Party’s  portfolio of asset based credit facilities, and (e) any other Person (other than a natural person) approved by  (i) the Agent, the L/C Issuer and the Swing Line Lender, and (ii) unless a Default or an Event of Default has  occurred and is continuing, the Lead Borrower (each such approval not to be unreasonably withheld or  delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include a Loan Party  or any of the Loan Parties’ Affiliates or Subsidiaries.    “Eligible Credit Card Receivables” means at the time of any determination thereof, each Credit  Card Receivable that satisfies the criteria set forth below at the time of creation and continues to meet the  same at the time of such determination, as determined by the Agent in its Permitted Discretion: such Credit  Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a  Borrower from a Credit Card Issuer or Credit Card Processor, and in each case originated in the ordinary  course of business of such Borrower, and (ii) in each case is not ineligible for inclusion in the calculation of  the ABL Borrowing Base pursuant to any of clauses (a) through (j) below. Without limiting the foregoing,  to qualify as an Eligible Credit Card Receivable, such Credit Card Receivable shall indicate no Person other  than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount  of a Credit Card Receivable shall be reduced by, without duplication, to the extent not reflected in such face  amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional  program allowances, price adjustments, finance charges or other allowances (including any amount that a  Borrower may be obligated to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant  to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash  received in respect of such Credit Card Receivable but not yet applied by the Loan Parties to reduce the  amount of such Credit Card Receivable. Except as otherwise agreed by the Agent in its Permitted  Discretion, any Credit Card Receivable included within any of the following categories shall not constitute  an Eligible Credit Card Receivable:  

 

-22-  6807015.9      (a) Credit Card Receivables which do not constitute a “payment intangible” (as defined in the  UCC);    (b) Credit Card Receivables that have been outstanding for more than five (5) Business Days  from the date of sale;    (c) Credit Card Receivables (i) that are not subject to a perfected first-priority security interest  in favor of the Agent, or (ii) with respect to which a Borrower does not have good, valid and marketable title  thereto, free and clear of any Lien (other than Liens granted to the Agent pursuant to the Security  Documents and Permitted Encumbrances of the type referred to in clause (a) of the definition thereof);    (d) Credit Card Receivables which are disputed, are with recourse, or with respect to which a  claim, counterclaim, offset or chargeback has been asserted (but only to the extent of such claim,  counterclaim, offset or chargeback);    (e) Credit Card Receivables as to which the Credit Card Issuer or Credit Card Processor has  the right under certain circumstances to require a Loan Party to repurchase the Credit Card Receivables  from such Credit Card Issuer or Credit Card Processor;    (f) Credit Card Receivables due from a Credit Card Issuer or Credit Card Processor which is  the subject of any bankruptcy or insolvency proceedings;    (g) Credit Card Receivables which are not a valid, legally enforceable obligation of the  applicable Credit Card Issuer or Credit Card Processor with respect thereto;    (h) Credit Card Receivables which do not conform in all material respects to all  representations, warranties or other provisions in the Loan Documents relating to Credit Card Receivables  (or to the extent such representations, warranties or other provisions are qualified by materiality or Material  Adverse Effect, then in all respects);    (i) Credit Card Receivables which the Agent determines in its Permitted Discretion to be  uncertain of collection due a material adverse change in the financial condition or prospects of the Credit  Card Issuer or Credit Card Processor obligated in respect of such Credit Card Receivables; or    (j) Credit Card Receivables acquired in a Permitted Acquisition, unless and until the Agent  has completed or received (i) a field examination with respect to such Credit Card Receivables, and  otherwise agrees that such Credit Card Receivables shall be deemed Eligible Credit Card Receivables, and  (ii) such other due diligence as the Agent may require, all of the results of the foregoing to be reasonably  satisfactory to the Agent.    “Eligible In-Transit Inventory” means, as of any date of determination thereof, without duplication  of other Eligible Inventory, In-Transit Inventory of a Borrower:    (a) which has been shipped from a foreign location for receipt by a Borrower, but which has  not yet been delivered to such Borrower;    (b) which has not been in transit for more than sixty (60) days    (c) for which the purchase order (or other applicable document) is in the name of a Borrower  and title and risk of loss has passed to such Borrower;  

 

-23-  6807015.9      (d) for which an Acceptable Document of Title has been issued, and in each case as to which  the Agent has control (as defined in the UCC) over the documents of title which evidence ownership of the  subject Inventory (such as, if requested by the Agent, by the delivery of an executed Freight Forwarder  Agreement), provided, that, Acceptable Documents of Title may include non-negotiable bills of lading,  until such time as Agent shall notify Lead Borrower that Acceptable Documents of Title issued on and after  the date that is ten (10) Business Days after the date of such notice shall only include negotiable bills of  lading or other negotiable documents of title;    (e) for which Agent shall have received a Freight Forwarder Agreement from the Freight  Forwarder handling the importing, shipping and delivery of such Inventory, duly authorized, executed and  delivered by such Freight Forwarder, provided, that, In-Transit Inventory that is otherwise Eligible  In-Transit Inventory may be deemed to be eligible if Agent has not received such agreement for a period of  ninety (90) days after the date hereof (or such longer period as Agent may hereafter agree in writing);    (f) which is insured against types of loss, damage, hazards, and risks, and in amounts,  satisfactory to Agent in its Permitted Discretion, and for which Agent shall have received a copy of the  certificate of marine cargo insurance in connection therewith in which it has been named as an additional  insured and loss payee in a manner acceptable to Agent,    (g) the Foreign Vendor with respect to such In-Transit Inventory is an Approved Foreign  Vendor; and    (h) which otherwise would constitute Eligible Inventory;    Provided, that, the Agent may, in its Permitted Discretion, exclude any particular Inventory from the  definition of “Eligible In-Transit Inventory” in the event the Agent determines that such Inventory is  subject to any Person’s right of reclamation, repudiation, stoppage in transit or any event has occurred or is  reasonably anticipated by the Agent to arise which may otherwise adversely impact the ability of the Agent  to realize upon such Inventory (as determined by Agent in its Permitted Discretion).    “Eligible Inventory” means, as of the date of determination thereof, without duplication, (i)  Eligible In-Transit Inventory, and (ii) items of Inventory of a Borrower that are finished goods,  merchantable and readily saleable to the public in the ordinary course of such Borrower’s business and  deemed by the Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the ABL  Borrowing Base and the FILO Borrowing Base, in each case that, except as otherwise agreed by the Agent,  (A) complies in all material respects with each of the representations and warranties respecting Inventory  made by the Borrowers in the Loan Documents, and (B) is not excluded as ineligible by virtue of one or  more of the criteria set forth below. Except as otherwise agreed by the Agent, in its Permitted Discretion,  the following items of Inventory shall not be included in Eligible Inventory:    (a) Inventory that is not solely owned by a Borrower or a Borrower does not have good and  valid title thereto;    (b) Inventory that is leased by or is on consignment to a Borrower or which is consigned by a  Borrower to a Person which is not a Loan Party;    (c) Inventory (other than Eligible In-Transit Inventory) that is not located in the United States  of America (excluding territories or possessions of the United States);    (d) Inventory that is not at a location that is owned or leased by a Borrower, except (i)  Inventory in transit between such owned or leased locations or locations which meet the criteria set forth in  

 

-24-  6807015.9      clause (ii) below, or (ii) to the extent that the Borrowers have furnished the Agent with (A) any UCC  financing statements or other documents that the Agent may determine to be necessary to perfect its  security interest in such Inventory at such location, and (B) a Collateral Access Agreement executed by the  Person owning any such location on terms reasonably acceptable to the Agent or (iii) such Inventory is  located at a distribution center or warehouse center operated by a third party where the aggregate book  value of Inventory at all such locations is less than $5,000,000;    (e) Inventory that is located in a distribution center or warehouse leased by a Borrower unless  (i) the applicable lessor has delivered to the Agent a Collateral Access Agreement or (ii) a Reserve based on  amounts payable with respect to such location has been established by the Agent;    (f) Inventory that is comprised of goods which (i) are damaged, defective, “seconds,” or  otherwise unmerchantable, (ii) are to be returned to the vendor, (iii) are obsolete or slow moving, or custom  items, work-in-process, raw materials, or that constitute samples, spare parts, promotional, marketing,  labels, bags and other packaging and shipping materials or supplies used or consumed in a Borrower’s  business, (iv) are seasonal in nature and which have been packed away for sale in the subsequent season, (v)  not in compliance with all standards imposed by any Governmental Authority having regulatory authority  over such Inventory, its use or sale, or (vi) are bill and hold goods;    (g) Inventory that is not subject to a perfected first-priority security interest in favor of the  Agent other than those permitted by clauses (a), (b), (j) or (o) of the definition of the term Permitted  Encumbrances or other Liens permitted under this Agreement, provided, that, such Liens are subject to an  intercreditor agreement in form and substance satisfactory to the Agent between the holder of such Lien and  the Agent;    (h) Inventory that is not insured in compliance with the provisions of Section 5.10 hereof;    (i) Inventory that has been sold but not yet delivered or as to which a Borrower has accepted a  deposit;    (j) Inventory that contains or bears any intellectual property rights licensed to the applicable  Borrower unless Agent determines that it can sell or otherwise dispose of such Inventory on and after the  occurrence of an Event of a Default without (i) infringing the rights of such licensor, (ii) violating any  contract with such licensor, or (iii) incurring any liability with respect to payment of royalties or other  amounts other than royalties incurred pursuant to sale of such Inventory under the current licensing  agreement, provided, that, in the case of the liability with respect to payment of royalties or other amounts  unless a Reserve is established for such royalties or other amounts; or    (k) Inventory acquired in a Permitted Acquisition or which is not of the type usually sold in the  ordinary course of the Borrowers’ business, unless and until the Agent has completed or received (A) an  appraisal of such Inventory from appraisers satisfactory to the Agent and establishes an Inventory advance  rate and Inventory Reserves (if applicable) therefor, and otherwise agrees that such Inventory shall be  deemed Eligible Inventory, and (B) such other due diligence as the Agent may require, all of the results of  the foregoing to be reasonably satisfactory to the Agent, provided, that, in the case of Inventory  substantially similar to the Inventory of Borrowers prior to the acquisition, such Inventory that otherwise  satisfies the applicable eligibility criteria will be deemed Eligible Inventory and be included in the ABL  Borrowing Base and FILO Borrowing Base prior to the field examination or appraisal, but in no event shall  the aggregate amount of (i) all of the Inventory acquired in Permitted Acquisitions prior to the completion  of a field examination and receipt by Agent of a satisfactory appraisal with respect thereto that may be  included in the ABL Borrowing Base and FILO Borrowing Base pursuant to this clause (k) and (ii) all of the  Eligible Wholesale Receivables acquired in Permitted Acquisitions that may be included in the ABL  

 

-25-  6807015.9      Borrowing Base pursuant to clause (w) of the definition of Eligible Wholesale Receivables, at any one time  exceed $5,000,000.    “Eligible Real Estate” means at the time of any determination thereof, Real Estate that satisfies the  criteria set forth below and continues to meet the same at the time of such determination, as determined by  the Agent in its Permitted Discretion:    (a) a Borrower owns such Real Estate in fee simple absolute;    (b) Agent shall have received evidence that all actions that Agent deems necessary or  appropriate in its Permitted Discretion in order to create valid first and subsisting Liens (subject only to  Permitted Encumbrances, other than Encumbrances securing Indebtedness) which have priority over the  Lien of the Agent by operation of Law or otherwise reasonably acceptable to the Agent) on the property  described in the Mortgages has been taken;    (c) Agent shall have received an Acceptable Appraisal. (based upon Appraised Value) of such  Real Estate; and    (d) the Real Estate Eligibility Requirements have been satisfied.    “Eligible Wholesale Receivables” means Accounts deemed by the Agent in its Permitted  Discretion to be eligible for inclusion in the calculation of the ABL Borrowing Base arising from the sale of  finished goods Inventory of a Borrower (other than Credit Card Receivables) that satisfies the criteria set  forth herein at the time of creation and continues to meet the same at the time of such determination: such  Account (i) has been earned by performance and represents the bona fide amounts due to a Borrower from  an account debtor, and in each case originated in the ordinary course of business of such Borrower, and (ii)  in each case is acceptable to the Agent in its Permitted Discretion, and is not ineligible for inclusion in the  calculation of the ABL Borrowing Base pursuant to any of clauses (a) through (s) below as determined by  the Agent in its Permitted Discretion. Without limiting the foregoing, to qualify as an Eligible Wholesale  Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party. In  determining the amount to be so included, the face amount of an Account shall be reduced by, without  duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual  discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance  charges or other allowances (including any amount that a Borrower may be obligated to rebate to a  customer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate  amount of all cash received in respect of such Account but not yet applied by the Borrowers to reduce the  amount of such Eligible Wholesale Receivable. Except as otherwise agreed by the Agent, any Account  included within any of the following categories shall not constitute an Eligible Wholesale Receivable:    (a) Accounts that are not evidenced by an invoice;    (b) Accounts that have been outstanding for more than sixty (60) days from the date of sale or  more than thirty (30) days past the due date;    (c) Accounts due from any account debtor which is obligated on any accounts described in  clause (b), above.    (d) All Accounts owed by an account debtor and/or its Affiliates together exceed ten percent  (10%) (such percentage or any higher percentage now or hereafter established by the Agent for any  particular account debtor) of the amount of all Accounts at any one time but the portion of the Accounts not  

 

-26-  6807015.9      in excess of the applicable percentages may be deemed Eligible Wholesale Receivables, in the Agent’s  Permitted Discretion;    (e) Accounts (i) that are not subject to a perfected first-priority security interest in favor of the  Agent, or (ii) with respect to which a Borrower does not have good, valid and marketable title thereto, free  and clear of any Lien (other than Liens granted to the Agent pursuant to the Security Documents);    (f) Accounts which are disputed or with respect to which a claim, counterclaim, offset or  chargeback has been asserted, but only to the extent of such dispute, counterclaim, offset or chargeback;    (g) Accounts which arise out of any sale made not in the ordinary course of business, made on  a basis other than upon credit terms usual to the business of the Borrowers or are not payable in Dollars;    (h) Accounts which are owed by any account debtor whose principal place of business is not  within the continental United States;    (i) Accounts which are owed by any Affiliate or any Related Party of a Loan Party;    (j) Accounts for which all consents, approvals or authorizations of, or registrations or  declarations with any Governmental Authority required to be obtained, effected or given in connection with  the performance of such Account by the account debtor or in connection with the enforcement of such  Account by the Agent have been duly obtained, effected or given and are in full force and effect;    (k) Accounts due from an account debtor which is the subject of any bankruptcy or insolvency  proceeding, has had a trustee or receiver appointed for all or a substantial part of its property, has made an  assignment for the benefit of creditors or has suspended its business;    (l) Accounts due from any Governmental Authority except to the extent that the subject  account debtor is the federal government of the United States of America and has complied with the Federal  Assignment of Claims Act of 1940 and any similar state legislation;    (m) Accounts (i) owing from any Person that is also a supplier to or creditor of a Loan Party or  any of its Subsidiaries unless such Person has waived any right of setoff in a manner acceptable to the Agent  or (ii) representing any manufacturer’s or supplier’s credits, discounts, incentive plans or similar  arrangements entitling a Loan Party or any of its Subsidiaries to discounts on future purchase therefrom;    (n) Accounts arising out of sales on a bill-and-hold, guaranteed sale, sale-or-return, sale on  approval or consignment basis or subject to any right of return, set off or charge back;    (o) Accounts arising out of sales to account debtors outside the United States unless such  Accounts are fully backed by an irrevocable letter of credit on terms, and issued by a financial institution,  acceptable to the Agent and such irrevocable letter of credit is in the possession of, and drawable by, the  Agent;    (p) Accounts payable other than in Dollars or that are otherwise on terms other than those  normal and customary in the Loan Parties’ business;    (q) Accounts evidenced by a promissory note or other instrument;    (r) Accounts consisting of amounts due from vendors as rebates or allowances;  

 

-27-  6807015.9      (s) Accounts which are in excess of the credit limit for such account debtor established by the  Loan Parties in the ordinary course of business and consistent with past practices;    (t) Accounts which include extended payment terms (datings) beyond those generally  furnished to other account debtors in the ordinary course of business;    (u) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned  Entity;    (v) Accounts which the Agent determines in its Permitted Discretion to be unacceptable for  borrowing; or    (w) Accounts acquired in a Permitted Acquisition, unless and until the Agent has completed or  received (i) a field examination with respect to such Accounts, and otherwise agrees that such Accounts  shall be deemed Eligible Wholesale Receivables, and (ii) such other due diligence as the Agent may  require, all of the results of the foregoing to be reasonably satisfactory to the Agent, provided, that, in the  case of Accounts substantially similar to those of Borrowers prior to the Acquisition, such Accounts that  otherwise satisfy the applicable eligibility criteria will be deemed Eligible Wholesale Receivables and be  included in the ABL Borrowing Base prior to the field examination, but in no event shall the aggregate  amount of (i) all of such Accounts acquired in Permitted Acquisitions prior to the completion of a field  examination with respect thereto that may be included in the ABL Borrowing Base pursuant to this clause  (w) at any one time exceed $2,500,000 and (ii) all of such Accounts plus the Inventory acquired in  Permitted Acquisitions prior to the completion of a field examination and receipt by Agent of a satisfactory  appraisal with respect thereto that may be included in the ABL Borrowing Base pursuant to clause (k) of the  definition of Eligible Inventory, at any one time exceed $5,000,000.    “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws,  regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,  licenses, agreements or governmental restrictions relating to pollution and the protection of the  environment or the release of any materials into the environment, including those related to hazardous  substances or wastes, air emissions and discharges to waste or public systems.    “Environmental Liability” means any liability, obligation, damage, loss, claim, action, suit,  judgment, order, fine, penalty, fee, expense, or cost, contingent or otherwise (including any liability for  damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower, any other  Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a)  violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or  disposal or presence of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release  or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or  other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the  foregoing.    “Equipment” has the meaning set forth in the UCC.    “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests in  such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  

 

-28-  6807015.9      whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination.    “ERISA” means the Employee Retirement Income Security Act of 1974.    “ERISA Affiliate” means any trade or business (whether or not incorporated) under common  control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m)  and (o) of the Code for purposes of provisions relating to Section 412 and 4971 of the Code).    “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by  any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan  year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of  operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial  withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification to the  Lead Borrower or any ERISA Affiliate that a Multiemployer Plan is in reorganization; (d) the filing of a  notice of intent to terminate, the treatment of a plan amendment as a termination of a Pension Plan or a  Multiemployer Plan under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the  PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes  grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,  any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other  than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Lead Borrower or  any ERISA Affiliate; or (g) the determination that any Pension Plan is considered to be an “at-risk” plan, or  that any Multiemployer Plan is considered to be in “endangered” or “critical” status within the meaning of  Sections 430, 431 and 432 of the Code or Sections 303, 304 or 305 of ERISA.    “Erroneous Payment” has the meaning specified in Section 10.28 of this Agreement.    “Erroneous Payment Deficiency Assignment” has the meaning specified in Section 10.28 of this  Agreement.    “Erroneous Payment Impacted Loans” has the meaning specified in Section 10.28 of this  Agreement.    “Erroneous Payment Return Deficiency” has the meaning specified in Section 10.28 of this  Agreement.    “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.    “Event of Default” has the meaning specified in Section 8.01. An Event of Default shall be deemed  to be continuing unless and until that Event of Default has been duly waived as provided in Section 10.03  hereof.    “Excess Availability” means at any time, the amount equal to (a) the Loan Cap minus (b) the Total  Outstandings.    “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to  the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a  security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the  Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission  (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any  

 

-29-  6807015.9      reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the  regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest  becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master  agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap  Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.    “Excluded Taxes” means, with respect to any payment made by any Loan Party under any Loan  Document, any of the following Taxes imposed on or with respect to with respect to the Agent, any Lender,  the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of the  Loan Parties hereunder:    (a) Taxes imposed on or measured by its overall net income (however denominated) and  franchise Taxes, in each case, (i) imposed on it by the jurisdiction (or any political subdivision thereof)  under the laws of which such recipient is organized or in which its principal office is located or, in the case  of any Lender, in which its applicable Lending Office is located or (ii) that are Other Connection Taxes;    (b) any branch profits Taxes imposed by the United States of America or any similar Taxes  imposed by any other jurisdiction in which any Loan Party is located;    (c) in the case of a Lender (other than an assignee pursuant to a request by the Lead Borrower  under Section 10.13), any U.S. Federal withholding Taxes imposed with respect to an interest in the Loan or  Commitment resulting from any law in effect on the date such Lender acquired its applicable interest (or  designates a new Lending Office), except to the extent that such Foreign Lender (or its assignor, if any) was  entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts  from a Borrower with respect to such withholding Taxes pursuant to Section 3.01(a);    (d) Taxes attributable to such Agent’s, Lender’s, L/C Issuer’s or other recipient’s failure to  comply with Section 3.01(e); and    (e) any U.S. federal withholding Taxes imposed under FATCA.  “Executive Order” has the meaning set forth in Section 10.18.  “Existing Credit Agreement” means the Credit Agreement, dated as of May 4, 2015, by and among  the Lead Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.    “Existing Letter of Credit” means the letter of credit no. CPCS-931492 dated October 8, 2015  payable to Unizo Real Estate NY One, LLC as beneficiary, issued for the account of Chico’s Retail  Services, Inc. by JPMorgan Chase Bank, N.A.    “Extraordinary Receipt” means any cash received by or paid to or for the account of any Person not  in the ordinary course of business, including tax refunds, pension plan reversions, proceeds of insurance  (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation  for lost earnings), condemnation awards (and payments in lieu thereof), indemnity payments and any  purchase price adjustments.    “Facility Guaranty” means the Guaranty made by the Guarantors in favor of Agent and the other  Credit Parties, in form reasonably satisfactory to the Agent, as the same now exists or may hereafter be  amended, modified, supplemented, renewed, restated or replaced.  

 

-30-  6807015.9      “Factored Receivables” means any Accounts originally owed or owing by a Loan Party to another  Person which have been purchased by or factored with Wells Fargo or any of its Affiliates pursuant to a  factoring arrangement or otherwise with the Person that sold the goods or rendered the services to the Loan  Party which gave rise to such Account.    “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to comply  with), any current or future regulations or official interpretations thereof, any agreements entered into  pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices  adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental  Authorities and implementing such Sections of the Code.    “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and  regulations thereunder.    “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the  rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by  Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business  Day next succeeding such day; provided, that, (a) if such day is not a Business Day, the Federal Funds Rate  for such day shall be such rate on such transactions on the next preceding Business Day as so published on  the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business  Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a  whole multiple of 1/100 of 1%) charged to Wells Fargo on such day on such transactions as determined by  the Agent.    “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of  New York at http://www.newyorkfed.org (and, orif any successor sourcesuch rate is below zero, then the  rate determined pursuant to this definition shall be deemed to be zero).    “FILO Borrowing” means a borrowing consisting of simultaneous FILO Loans of the same Type  and, in the case of LIBO RateSOFR Loans, having the same Interest Period made by each of the FILO  Lenders pursuant to Section 2.01(d).    “FILO Borrowing Base” means, at any time of calculation, an amount equal to:    (a) two and one-half percent (2.50%) of the Net Recovery Percentage of Eligible Inventory  multiplied by the Cost of such Eligible Inventory, plus    (b) ten percent (1010.0%) of the Appraised Value of Eligible Real Estate as such Appraised  Value is identified in the most recent Acceptable Appraisal of Real Estate at such time, provided, that, such  percentage shall decrease to nine and one-half percent (9.5%) on the first day of the firstsecond Fiscal  Quarter of the 20212022 Fiscal Year of Lead Borrower and by an additional one-half percent (0.50%) on  the first day of each Fiscal Quarter thereafter and ending on April 30July 1, 20232024.    “FILO Commitment” means, as to each FILO Lender, its obligation to make its Applicable FILO  Percentage of the FILO Loans to the Borrowers pursuant to Section 2.01(d) on the Amendment No. 1  Effective Date in an aggregate principal amount equal to the amount set forth under the column heading  “FILO Commitment” opposite such FILO Lender’s name on Schedule 2.01 or in the Assignment and  Assumption pursuant to which such FILO Lender becomes a party hereto, as applicable, as such amount  may be adjusted from time to time in accordance with this Agreement. As of the Amendment No. 1  Effective Date, the aggregate amount of the FILO Commitments is $15,000,000.  

 

-31-  6807015.9      “FILO Lender” means each Lender having a FILO Commitment or, upon termination of the FILO  Commitments, each Lender holding any FILO Loan from time to time.    “FILO Loan” has the meaning specified in Section 2.01(d).    “FILO Loan Cap” means, at any time, the lesser of: (a) the FILO Borrowing Base or (b) the  Aggregate FILO Commitments.    “FILO Note” means a promissory note made by Borrowers in favor of a FILO Lender evidencing  the FILO Loans made by such FILO Lender, substantially in the form of Exhibit C-3, as each may be  amended, supplemented or modified from time to time.    “FILO Prepayment Fee” means, with respect to any prepayment of the FILO Loans (or deemed  prepayment in the case of an acceleration of the FILO Loans), a premium equal to (a) one percent (1.00%)  of the principal amount of such prepayment (or deemed prepayment in the case of an acceleration of the  FILO Loans) if such prepayment is made after the Amendment No. 12 Effective Date but on or prior to the  first anniversary of the Amendment No. 12 Effective Date, (b) one-half of one percent (0.50%) of the  principal amount of such prepayment (or deemed prepayment in the case of an acceleration of the FILO  Loans) if such prepayment is made after the first anniversary of the Amendment No. 12 Effective Date but  on or prior to the second anniversary of the Amendment No. 12 Effective Date, and (c) zero at all times after  the second anniversary of the Amendment No. 12 Effective Date.    “FILO Push Down Reserve” means an amount, at any time of calculation, equal to the difference (if  positive) between (a) the then outstanding principal amount of the FILO Loans and (b) the FILO Borrowing  Base as reflected in the most recent Borrowing Base Certificate furnished by the Borrowers pursuant to this  Agreement.    “FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as  amended from time to time.    “Fiscal Month” means any fiscal month of any Fiscal Year, which month shall generally end on the  last Saturday of each calendar month in accordance with the fiscal accounting calendar of the Loan Parties.    “Fiscal Quarter” means any fiscal quarter of any Fiscal Year, which quarters shall generally end on  the last Saturday of each April, July, October and January of such Fiscal Year in accordance with the fiscal  accounting calendar of the Loan Parties.    “Fiscal Year” means any period of fifty-two (52) weeks ending on the Saturday closest to January  31 of any calendar year.    “Flood Laws” means the National Flood Insurance Act of 1968, Flood Disaster Protection Act of  1973, and related laws, rules and regulations, including any amendments or successor provisions.    “Floor” means a rate of interest equal to zero (0.00%).    “Foreign Asset Control Regulations” has the meaning set forth in Section 10.18.    “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than  that in which the Lead Borrower is resident for tax purposes. For purposes of this definition, the United  States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.  

 

-32-  6807015.9      “Foreign Vendor” means a Person that sells In-Transit Inventory to a Borrower.    “Foreign Vendor Agreement” means an agreement between a Foreign Vendor and the Agent in  form and substance satisfactory to the Agent and pursuant to which, among other things, the parties shall  agree upon their relative rights with respect to In-Transit Inventory of a Borrower purchased from such  Foreign Vendor.    “FRB” means the Board of Governors of the Federal Reserve System of the United States.    “Freight Forwarder Agreement” means an agreement in form and substance satisfactory to the  Agent among a Borrower, a customs broker, freight forwarder, consolidator or carrier, and the Agent, in  which the customs broker, freight forwarder, consolidator or carrier acknowledges that it has control over  and holds the documents evidencing ownership of the subject Inventory for the benefit of the Agent and  agrees, upon notice from the Agent, to hold and dispose of the subject Inventory solely as directed by the  Agent.    “GAAP” means generally accepted accounting principles in the United States set forth in the  opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified  Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or  such other principles as may be approved by a significant segment of the accounting profession in the  United States, that are applicable to the circumstances as of the date of determination, consistently applied.    “Governmental Authority” means the government of the United States or any other nation, or of  any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,  regulatory or administrative powers or functions of or pertaining to government (including any  supra-national bodies such as the European Union or the European Central Bank).    “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person  guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or  performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and  including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply  funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease  property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or  other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain  working capital, equity capital or any other financial statement condition or liquidity or level of income or  cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other  obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such  Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against  loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any  Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation  is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to  obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or  determinable amount of the related primary obligation, or portion thereof, in respect of which such  Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect  thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a  corresponding meaning.    “Guarantors” has the meaning assigned to such term in the preamble of this Agreement.  

 

-33-  6807015.9      “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous  or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or  asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all  other substances or wastes of any nature regulated pursuant to any Environmental Law.    “Hedge Agreement” means a “swap agreement” as that term is defined in Section 101(53B)(A) of  the Bankruptcy Code.    “Holding Company” means a corporation or other legal entity organized under the laws of a State  of the United States which becomes the direct or indirect owner of Equity Interests of a Borrower and its  Subsidiaries pursuant to a Holding Company Reorganization.    “Holding Company Reorganization” means a transaction or series of transactions pursuant to  which a Borrower becomes a direct or indirect wholly-owned subsidiary of the Holding Company.    “Idlewood Street Parcels” means, collectively, the properties located at 6100, 6110, 6120, 6130,  6132 and 6150 Idlewild Street, Fort Myers, FL 33966.    “Immaterial Subsidiary” means those Persons specified on Schedule 1.01 hereto and each other  Subsidiary of any Borrower that has been designated by the Lead Borrower in writing to the Agent as an  “Immaterial Subsidiary” for purposes of this Agreement and the other Loan Documents, provided, that, for  purposes of this Agreement, at no time shall (a) the assets of any Immaterial Subsidiary as of the end of the  most recent Fiscal Quarter for which financial statements have been delivered pursuant to Section 6.01(a)  or Section 6.01(b) hereof, equal or exceed two and one-half percent (2.5%) of the Consolidated total assets  of the Borrowers and their Subsidiaries or the total assets of all Immaterial Subsidiaries, as of the end of the  most recent Fiscal Quarter for which financial statements have been delivered pursuant to Section 6.01(a)  or Section 6.01(b) hereof, equal or exceed five percent (5.0%) of the Consolidated total assets of the  Borrowers and their Subsidiaries (and in the event that the assets of any Immaterial Subsidiary or the total  assets of all Immaterial Subsidiaries as tested at the end of any Fiscal Quarter exceed such amounts, such  Subsidiaries shall no longer be deemed to be Immaterial Subsidiaries and the Lead Borrower shall cause  such Subsidiaries to become Loan Parties as set forth in Section 6.12 hereof), or (b) the Consolidated  EBITDA of any Immaterial Subsidiary for any Measurement Period equal or exceed two and one-half  percent (2.5%) of the Consolidated EBITDA of Borrowers and their Subsidiaries for such Measurement  Period or the Consolidated EBITDA of all Immaterial Subsidiaries for any Measurement Period equal or  exceed five percent (5.0%) of the Consolidated EBITDA of the Borrowers and their Subsidiaries for such  Measurement Period, in each case as determined in accordance with GAAP (and in the event that the  Consolidated EBITDA of any Immaterial Subsidiary or the Consolidated EBITDA of all Immaterial  Subsidiaries for any Measurement Period exceed such amounts, such Subsidiaries shall no longer be  deemed to be Immaterial Subsidiaries and the Lead Borrower shall cause such Subsidiaries to become Loan  Parties as set forth in Section 6.12 hereof); provided, that, no Loan Party shall at any time be deemed to be  an Immaterial Subsidiary.    “Increase Effective Date” shall have the meaning provided therefor in Section 2.15(b)(iv).    “Indebtedness” means, as to any Person at a particular time, without duplication, all of the  following, whether or not included as indebtedness or liabilities in accordance with GAAP:    (a) all obligations of such Person for borrowed money and all obligations of such Person  evidenced by bonds, debentures, notes, loan agreements or other similar instruments;  

 

-34-  6807015.9      (b) all direct or contingent obligations of such Person arising under letters of credit (including  standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;    (c) net obligations of such Person under any Swap Contract;    (d) all obligations of such Person to pay the deferred purchase price of property or services  (other than trade accounts payable in the ordinary course of business and, in each case, not past due for  more than ninety (90) days after the date on which such trade account payable was created);    (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or  being purchased by such Person (including indebtedness arising under conditional sales or other title  retention agreements), whether or not such indebtedness shall have been assumed by such Person or is  limited in recourse;    (f) all Indebtedness of such Person (i) in respect of any Capital Lease Obligations of any  Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of  such date in accordance with GAAP, and (ii) in respect of any Synthetic Lease Obligations, the capitalized  amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or  instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with  GAAP if such lease, agreement or instrument were accounted for as a capital lease, but excluding in each  case any operating lease under the applicable provisions of GAAP as in effect on the Closing Date;    (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any  payment in respect of any Equity Interest in such Person or any other Person (including, without limitation,  Disqualified Stock, or any warrant, right or option to acquire such Equity Interest, valued, in the case of a  redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus  accrued and unpaid dividends; and    (h) all Guarantees of such Person in respect of any of the foregoing.    For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any  partnership or joint venture (other than a joint venture that is itself a corporation or limited liability  company) in which such Person is a general partner or a joint venture (but only to the extent of such  Indebtedness of such partnership or joint venture for which such Person is liable), unless such Indebtedness  is expressly made non-recourse to such Person. “Indebtedness” shall not include (i) accounts payable  incurred in the ordinary course of business and accrued liabilities in the ordinary course of business, all  determined in accordance with GAAP, (ii) unsecured trade payables that are paid to banks, factors or other  third parties that purchase the receivables of sellers of goods and services to a Loan Party in the ordinary  course of business of Borrowers to the extent any such trade payables are deemed to be indebtedness solely  as a result of requirements under GAAP, and (iv) operating leases as defined under GAAP as of the  Effective Date to the extent that such leases are deemed to be Indebtedness solely as a result of any change  in the requirements under GAAP after the Effective Date. The amount of any net obligation under any  Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.    “Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any  payment by or on account of any obligation of any Loan Party under any Loan Document.    “Indemnitees” has the meaning specified in Section 10.04(b).    “Information” has the meaning specified in Section 10.07.  

 

-35-  6807015.9      “Intellectual Property” means all present and future: (i) trade secrets, know-how and other  proprietary information; (ii) trademarks, trademark applications, internet domain names, service marks,  trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations,  derivations and combinations of the foregoing) indicia and other source and/or business identifiers, and all  registrations or applications for registrations which have heretofore been or may hereafter be issued thereon  throughout the world (“Marks”); (iii) copyrights and copyright applications; (including copyrights for  computer programs); (iv) unpatented inventions (whether or not patentable), patents and patent  applications; (v) industrial design applications and registered industrial designs; (vi) books, customer lists,  records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source  codes, object codes, executable code, data and databases; (vii) all other intellectual property; and (viii) all  common law and other rights throughout the world in and to all of the foregoing.    “Intellectual Property Security Agreement” means the Intellectual Property Security Agreement  dated as of the Amendment No. 1 Effective Date among the Loan Parties party thereto and the Agent, as the  same now exists or may hereafter be amended, modified, supplemented, renewed, restated or replaced.    “Interest Payment Date” means, (a) as to any LIBO RateSOFR Loan, the last calendar day of each  Interest Period applicable to such Loan and the Maturity Date; provided, however, that, if any Interest  Period for a LIBO RateSOFR Loan exceeds three (3) months, the respective dates that fall every three (3)  months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any  Base Rate Loan (including a Swing Line Loan), the first calendar day after the end of each quarter and the  Maturity Date.    “Interest Period” means, aswith respect to each LIBO Rateany SOFR Loan, thea period  commencing on the date of the making of such LIBOSOFR Loan (or the continuation of a SOFR Loan or  the conversion of a Base Rate Loan is disbursed or converted to or continued as a LIBO Rateto a SOFR  Loan) and ending on the date one, two or three or six months thereafter, as selected by the Lead Borrower in  its LIBO RateSOFR Loan Notice; provided, that:,    (a) interest shall accrue at the applicable rate based upon Term SOFR from and including the  first day of each Interest Period to, but excluding, the day on which any Interest Period expires,    (b) (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be  extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in  which case such Interest Period shall end on the next preceding Business Day;,    (c) (b) anywith respect to an Interest Period that begins on the last Business Day of a calendar  month (or on a day for which there is no numerically corresponding day in the calendar month at the end of  such Interest Period), the Interest Period shall end on the last Business Day of the calendar month at the end  of suchthat is one, three or six months after the date on which the Interest Period; began, as applicable,    (d) (c) noBorrowers may not elect an Interest Period shall extend beyondwhich will end after  the Maturity Date; and    (d) notwithstanding the provisions of clause (c), no Interest Period shall have a duration of less  than one (1) month, and if any Interest Period applicable to a LIBO Borrowing would be for a shorter  period, such Interest Period shall not be available hereunder.    (e) no tenor that has been removed from this definition pursuant to Section 2.08(e)(iv) shall be  available for specification in any SOFR Loan Notice or conversion or continuation notice.  

 

-36-  6807015.9      For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made  and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.    “Internal Control Event” means a material weakness in, or fraud that involves management or other  employees who have a significant role in, the Parent’s and/or its Subsidiaries’ internal controls over  financial reporting, in each case as described in the Securities Laws.    “In-Transit Inventory” means Inventory of a Borrower which is in the possession of a common  carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental  United States to a location of a Borrower that is within the continental United States.    “Inventory” has the meaning given that term in the UCC, and shall also include, without limitation,  all: (a) goods which (i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be  furnished under a contract of service, (iii) are furnished by a Person under a contract of service, or (iv)  consist of raw materials, work in process, or materials used or consumed in a business; (b) goods of said  description in transit; (c) goods of said description which are returned, repossessed or rejected; and (d)  packaging, advertising, and shipping materials related to any of the foregoing.    “Inventory Reserves” means such reserves as may be established from time to time by the Agent in  its Permitted Discretion with respect to the determination of the salability, at retail, of the Eligible  Inventory, which reflect such other factors as affect the market value of the Eligible Inventory or which  reflect claims and liabilities that the Agent determines will need to be satisfied in connection with the  realization upon the Inventory. Without limiting the generality of the foregoing, Inventory Reserves may,  in the Agent’s Permitted Discretion, include (but are not limited to) reserves based on:    (a) obsolescence;    (b) seasonality;    (c) shrink;    (d) imbalance;    (e) change in Inventory character;    (f) change in Inventory composition;    (g) change in Inventory mix;    (h) markdowns (both permanent and point of sale); and    (i) retail markons and markups inconsistent with prior period practice and performance,  industry standards, current business plans or advertising calendar and planned advertising events.    “Investment” means, as to any Person, any direct or indirect acquisition or investment by such  Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b)  a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other  acquisition of any other debt or interest in, another Person, or (c) any Acquisition, or (d) any other  investment of money or capital in order to obtain a profitable return. For purposes of covenant compliance,  the amount of any Investment shall be the amount actually invested, without adjustment for subsequent  increases or decreases in the value of such Investment.  

 

-37-  6807015.9      “IPCo” means Chico Brands Investments, Inc., a Florida corporation.    “IRS” means the United States Internal Revenue Service.    “ISP” means, with respect to any Letter of Credit, the International Standby Practices 1998  (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof adopted by  the International Chamber of Commerce on the date such Letter of Credit is issued.    “Issuer Documents” means with respect to any Letter of Credit, the Letter Credit Application, the  Standby Letter of Credit Agreement or Commercial Letter of Credit Agreement, as applicable, and any  other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any  Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit.    “Joinder” means an agreement, in form satisfactory to the Agent pursuant to which, among other  things, a Person becomes a party to, and bound by the terms of, this Agreement and/or the other Loan  Documents in the same capacity and to the same extent as either a Borrower or a Guarantor, as the Agent  may determine.    “Landlord Lien State” means such state(s) in which a landlord’s claim for rent may have priority  over the Lien of the Agent in any of the Collateral.    “Laws” means each international, foreign, Federal, state and local statute, treaty, rule, guideline,  regulation, ordinance, code and administrative or judicial precedent or authority, including the  interpretation or administration thereof by any Governmental Authority charged with the enforcement,  interpretation or administration thereof, and each applicable administrative order, directed duty, request,  license, authorization and permit of, and agreement with, any Governmental Authority, in each case  whether or not having the force of law.    “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or  extension of the expiry date thereof, or the increase of the amount thereof, or the renewal thereof.    “L/C Issuer” means (a) Wells Fargo in its capacity as issuer of Letters of Credit hereunder, or any  successor issuer of Letters of Credit hereunder (which successor may only be a Lender selected by the  Agent in its discretion), (b) with respect to the Existing Letter of Credit and until such Existing Letter of  Credit expires or is returned undrawn, JPMorgan Chase Bank, N.A. and (c) any other Lender selected by  Lead Borrower, with the consent of Agent (not to be unreasonably withheld or delayed) and the consent of  such Lender. The L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by  Affiliates of the L/C Issuer and/or for such Affiliate to act as an advising, transferring, confirming and/or  nominated bank in connection with the issuance or administration of any such Letter of Credit, in which  case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such  Affiliate.    “L/C Obligations” means, as at any date of determination, the aggregate undrawn amount available  to be drawn under all outstanding Letters of Credit. For purposes of computing the amounts available to be  drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance  with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has  expired by its terms but any amount may still be drawn thereunder by reason of the operation of any Rule  under the ISP or any article of the UCP, such Letter of Credit shall be deemed to be “outstanding” in the  amount so remaining available to be drawn.    “Lead Borrower” has the meaning assigned to such term in the preamble of this Agreement.  

 

-38-  6807015.9      “Lease” means any agreement, whether written or oral, no matter how styled or structured,  pursuant to which a Loan Party is entitled to the use or occupancy of any space in a structure, land,  improvements or premises for any period of time.    “Lender” means each ABL Lender and each FILO Lender and, as the context requires, includes the  Swing Line Lender. Any Lender may, in its reasonable discretion, arrange for one or more Loans to be  made by Affiliates or branches of such Lender, in which case the term “Lender” shall include any such  Affiliate or branch with respect to Loans made by such Affiliate or branch.    “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in  such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to  time notify the Borrower and the Agent.    “Letter of Credit” means each Standby Letter of Credit and each Commercial Letter of Credit  issued hereunder and shall include the Existing Letter of Credit.    “Letter of Credit Application” means an application for the issuance or amendment of a Letter of  Credit in the form from time to time in use by the L/C Issuer.    “Letter of Credit Disbursement” means a payment made by the L/C Issuer pursuant to a Letter of  Credit.    “Letter of Credit Expiration Date” means the day that is seven (7) days prior to the Maturity Date  then in effect (or, if such day is not a Business Day, the next preceding Business Day).    “Letter of Credit Fee” has the meaning specified in Section 2.03(l).    “Letter of Credit Indemnified Costs” has the meaning specified in Section 2.03(f).    “Letter of Credit Related Person” has the meaning specified in Section 2.03(f).    “Letter of Credit Sublimit” means an amount equal to $20,000,00030,000,000. The Letter of  Credit Sublimit is part of, and not in addition to, the Aggregate ABL Commitments. A permanent reduction  of the Aggregate ABL Commitments shall not require a corresponding pro rata reduction in the Letter of  Credit Sublimit; provided, however, that if the Aggregate ABL Commitments are reduced to an amount less  than the Letter of Credit Sublimit, then the Letter of Credit Sublimit shall be reduced to an amount equal to  (or, at Lead Borrower’s option, less than) the Aggregate ABL Commitments.    “LIBO Borrowing” means a Borrowing comprised of LIBO Rate Loans.    “LIBO Rate” means the greater of (a) three-quarters percent (0.75%) per annum or (b) the rate per  annum as published by ICE Benchmark Administration Limited (or any successor page or other  commercially available source as the Agent may designate from time to time) as of 11:00 a.m., London  time, two (2) Business Days prior to the commencement of the requested Interest Period, for a term, and in  an amount, comparable to the Interest Period and the amount of the LIBO Rate Loan requested (whether as  an initial LIBO Rate Loan or as a continuation of a LIBO Rate Loan or as a conversion of a Base Rate Loan  to a LIBO Rate Loan) by Borrowers in accordance with this Agreement (and, if any such published rate is  below three-quarters percent (0.75%), then the rate determined pursuant to this definition shall be deemed  to be three-quarters percent (0.75%)). Each determination of the LIBO Rate shall be made by the Agent and  shall be conclusive in the absence of manifest error.  

 

-39-  6807015.9      “LIBO Rate Loan” means a Loan that bears interest at a rate based on the Adjusted LIBO Rate.    “LIBO Rate Loan Notice” means a notice for a LIBO Borrowing or continuation pursuant to  Section 2.02(b), which shall be substantially in the form of Exhibit A.    “Lien” means (a) any mortgage, deed of trust, pledge, hypothecation, assignment, deposit  arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest  or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including  any conditional sale, Capital Lease Obligation, Synthetic Lease Obligation, or other title retention  agreement, any easement, right of way or other encumbrance on title to real property, and any financing  lease having substantially the same economic effect as any of the foregoing) and (b) in the case of  securities, any purchase option, call or similar right of a third party with respect to such securities.    “Liquidation” means the exercise by the Agent of those rights and remedies accorded to the Agent  under the Loan Documents and applicable Law as a creditor of the Loan Parties with respect to the  realization on the Collateral, including (after the occurrence and during the continuation of an Event of  Default) the conduct by the Loan Parties acting with the consent of the Agent, of any public, private or  “going out of business”, “store closing”, or other similarly themed sale or other disposition of the Collateral  for the purpose of liquidating the Collateral. Derivations of the word “Liquidation” (such as “Liquidate”)  are used with like meaning in this Agreement.    “Loan” means an extension of credit by a Lender to the Borrowers under Article II in the form of an  ABL Loan, a FILO Loan or a Swing Line Loan (and including any Overadvance).    “Loan Account” has the meaning assigned to such term in Section 2.11(a).    “Loan Cap” means, at any time of determination, the lesser of (a) the Aggregate ABL  Commitments plus the Outstanding Amount of the FILO Loan or (b) the Combined Borrowing Base.    “Loan Documents” means this Agreement, each Note, each Issuer Document, all Borrowing Base  Certificates, the Blocked Account Agreements, the Credit Card Notifications, the Security Documents, the  Facility Guaranty, the Amendment No. 1 Fee Letter, the Amendment No. 2 Fee Letter, each Request for  Credit Extension, and any other instrument or agreement now or hereafter executed and delivered in  connection herewith, or in connection with any transaction arising out of any Cash Management Services  and Bank Products in respect of which the Agent shall have received a Bank Product Provider Letter  Agreement, each as amended and in effect from time to time; provided that for purposes of the definition of  “Material Adverse Effect” and Article VII, “Loan Documents” shall not include agreements relating to  Cash Management Services and Bank Products.    “Loan Parties” means, collectively, the Borrowers and each Guarantor.    “London Business Day” means a day on which commercial banks are open for general business  (including dealings in foreign exchange and foreign currency deposits) in London, England.    “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect  upon, the operations, business, properties, liabilities, or financial condition of any Loan Party and its  Subsidiaries taken as a whole (provided, that, the temporary closure of certain Store locations of Borrowers  and other operational disruptions affecting the Loan Parties or other events or circumstances solely arising  in each case as a direct result of the COVID-19 pandemic and disclosed in writing to Agent and Lenders  prior to the Amendment No. 1 Effective Date or otherwise publicly disclosed in the filings of Lead  Borrower with the SEC prior to the Amendment No. 1 Effective Date shall not be considered a Material  

 

-40-  6807015.9      Adverse Effect through the period ending December 31, 2020); (b) a material impairment of the ability of  the Loan Parties to perform their obligations under the Loan Documents; or (c) a material impairment of the  rights and remedies of the Agent or any Lender under any Loan Document or a material adverse effect upon  the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to  which it is a party.    “Material Contract” means, with respect to any Loan Party, each contract or agreement to which  such Loan Party is a party that is deemed to be a material contract or material definitive agreement under  any Securities Laws applicable to such Loan Party, including, without limitation, the types of contracts  specified in item 601(b)(10)(ii) of Regulation S-K, and in the event that at any time hereafter the Lead  Borrower shall cease to be required to comply with the Securities Laws, then the same definitions shall  continue to apply for purposes of this Agreement and the other Loan Documents.    “Material Indebtedness” means Indebtedness (other than the Obligations) of the Loan Parties in an  aggregate principal amount exceeding $25,000,000. For purposes of determining the amount of Material  Indebtedness at any time, (a) the amount of the obligations in respect of any Swap Contract at such time  shall be calculated at the Swap Termination Value thereof, (b) undrawn committed or available amounts  shall be included, and (c) all amounts owing to all creditors under any combined or syndicated credit  arrangement shall be included.    “Maturity Date” means October 30February 2, 20252027.    “Maximum Rate” has the meaning provided therefor in Section 10.09.    “Measurement Period” means, at any date of determination, the most recently completed four (4)  Fiscal Quarters of the Parent for which Agent has received financial statements pursuant to Section 6.01  hereof or, if fewer than four (4) consecutive Fiscal Quarters of the Parent have been completed since the  Closing Date, the Fiscal Quarters of the Parent that have been completed since the Closing Date for which  Agent has received financial statements pursuant to Section 6.01 hereof.    “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.    “Mortgages” means each and every fee and leasehold mortgage or deed of trust, security agreement  and assignment by and between the Loan Party owning or holding the leasehold interest in the Real Estate  encumbered thereby in favor of the Agent.    “Mortgage Policy” has the meaning specified in the definition of Real Estate Eligibility  Requirements.    “Multiemployer Plan” means any employee benefit plan of the type described in Section  4001(a)(3) of ERISA, to which the Lead Borrower or any ERISA Affiliate makes or is obligated to make  contributions, or during the preceding five (5) plan years, has made or been obligated to make  contributions.    “Net Proceeds” means    (a) with respect to any Disposition by any Loan Party or any of its Subsidiaries, or any  Extraordinary Receipt received or paid to the account of any Loan Party or any of its Subsidiaries, the  excess, if any, of (i) the sum of cash and cash equivalents received in connection with such transaction  (including any cash or cash equivalents received by way of deferred payment pursuant to, or by  monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A)  

 

-41-  6807015.9      the principal amount of any Indebtedness that is secured by the applicable asset by a Lien permitted  hereunder which is senior to the Agent’s Lien on such asset and that is required to be repaid (or to establish  an escrow for the future repayment thereof) in connection with such transaction (other than Indebtedness  under the Loan Documents) plus (B) the reasonable out-of-pocket expenses incurred by such Loan Party or  such Subsidiary in connection with such transaction (including, without limitation, appraisals, and  brokerage, legal, title and recording expenses and commissions and all Taxes paid or payable as reasonably  determined by the Lead Borrower) paid by any Loan Party to third parties (other than Affiliates)); and    (b) with respect to the sale or issuance of any Equity Interest by any Loan Party or any of its  Subsidiaries, or the incurrence or issuance of any Indebtedness by any Loan Party or any of its Subsidiaries,  the excess of (i) the sum of the cash and cash equivalents received in connection with such transaction over  (ii) the underwriting discounts and commissions, and other reasonable out-of-pocket expenses, incurred by  such Loan Party or such Subsidiary in connection therewith.    “Net Recovery Percentage” means the fraction, expressed as a percentage (a) the numerator of  which is the amount equal to the recovery on the aggregate amount of the applicable category of Eligible  Inventory at such time on a “net orderly liquidation value” basis as set forth in the most recent acceptable  inventory appraisal received by Agent in accordance with the requirements of this Agreement, net of  operating expenses, liquidation expenses and commissions reasonably anticipated in the disposition of such  assets and (b) the denominator of which is the original cost of the aggregate amount of the Eligible  Inventory subject to such appraisal.    “Non-Consenting Lender” has the meaning provided therefor in Section 10.01.    “Non-Defaulting Lender” means each Lender other than a Defaulting Lender.    “Non-USU.S. Intellectual Property” means Intellectual Property other than USU.S. Intellectual  Property.    “Note” means an ABL Note, a Swing Line Note or FILO Note, as applicable.    “NPL” means the National Priorities List under CERCLA.    “Obligations” means (a) all advances to, and debts (including principal, interest, fees, costs, and  expenses), liabilities, obligations, covenants, indemnities, and duties of, any Loan Party arising under any  Loan Document or otherwise with respect to any Loan or Letter of Credit (including payments in respect of  reimbursement of disbursements, interest thereon and obligations to provide cash collateral therefor),  whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to  become due, now existing or hereafter arising and including interest, fees, costs, expenses and indemnities  that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor  Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, fees,  costs, expenses and indemnities are allowed claims in such proceeding, and (b) any Other Liabilities;  provided that the Obligations shall not include any Excluded Swap Obligations.    “OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury.    “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of  incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any  non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of  formation or organization and operating agreement; (c) with respect to any partnership, joint venture, trust  or other form of business entity, the partnership, joint venture or other applicable agreement of formation or  

 

-42-  6807015.9      organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its  formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or  organization and, if applicable, any certificate or articles of formation or organization of such entity, and (d)  in each case, all shareholder or other equity holder agreements, voting trusts and similar arrangements to  which such Person is a party or which is applicable to its Equity Interests and all other arrangements  relating to the Control or management of such Person.    “Other Connection Taxes” means, with respect to any payment made by any Loan Party under any  Loan Document, any of the following Taxes imposed on or with respect to with respect to the Agent, any  Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation  of the Loan Parties hereunder, Taxes imposed as a result of a present or former connection between such  recipient and the jurisdiction imposing such Taxes (other than a connection arising from such recipient  having executed, delivered, enforced, become a party to, performed its obligations under, received  payments under, received or perfected a security interest under, or engaged in any other transaction  pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan Document).    “Other Liabilities” means (a) any obligation on account of any Cash Management Services  furnished to any of the Loan Parties or any of their Subsidiaries, provided, that, in order for any item  described in the definition of Cash Management Services to be the basis for “Other Liabilities”, (i) if the  applicable Bank Product Provider is Wells Fargo or its Affiliates, then, if reasonably requested by the  Agent, the Agent shall have received a Bank Product Provider Letter Agreement within ten (10) Business  Days (or such longer period as the Agent may agree) after the date of such request, or (ii) if the applicable  Bank Product Provider is any other Person, the Agent shall have received a Bank Product Provider Letter  Agreement on the Closing Date in the case of any Cash Management Services in effect on the Closing Date  or within ten (10) Business Days (or such longer period as the Agent may agree) after the date of the  commencement of the provision of the applicable Cash Management Services to any Loan Parties or their  Subsidiaries, as applicable, and/or (b) any Bank Product Obligations.    “Other Taxes” means all present or future stamp or documentary taxes or any other property taxes,  charges or similar levies arising from any payment made hereunder or under any other Loan Document or  from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other  Loan Document.    “Outstanding Amount” means (a) with respect to ABL Loans and Swing Line Loans on any date,  the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments  or repayments thereof, as the case may be, occurring on such date; (b) with respect to any L/C Obligations  on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit  Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as  of such date; and (c) with respect to FILO Loans on any date, the aggregate outstanding principal amount  thereof after giving effect to any prepayments or repayments thereof, as the case may be, occurring on such  date.    “Overadvance” means a Credit Extension to the extent that, immediately after its having been  made, Excess Availability is less than zero.    “Parent” has the meaning assigned to such term in the preamble of this Agreement.    “Participant” has the meaning specified in Section 10.06(d).    “Participant Register” has the meaning specified in Section 10.06(d).  

 

-43-  6807015.9      “Payment Conditions” means with respect to any transaction or payment the following:    (a) as of the date of any such transaction or payment, and after giving effect thereto, no Default  or Event of Default shall exist or have occurred and be continuing,    (b) as of the date of any such transaction or payment, and after giving effect thereto, either:    (i) (A) the Excess Availability for the immediately preceding sixty (60) consecutive day  period shall have been not less than seventeen and one-half percent (17.5%) of the Loan Cap, (B) after giving  effect to any such transaction or payment, on a pro forma basis using the Excess Availability as of the date of  the most recent calculation of the Borrowing Base immediately prior to any such transaction or payment, the  Excess Availability shall be not less than seventeen and one-half percent (17.5%) of the Loan Cap, and (C) the  Fixed Charge Coverage Ratio, on a pro forma basis, after giving effect to the transaction or payment based on  the most recent financial statement received by Agent prior to the date thereof for the twelve (12) month period  prior thereto, shall be not less than 1.00 to 1.00; or    (ii) (A) the Excess Availability for the immediately preceding sixty (60) consecutive day  period shall have been not less than twenty-five percent (25.0%) of the Loan Cap and (B) after giving effect  to the transaction or payment, on a pro forma basis using the Excess Availability as of the date of the most  recent calculation of the Borrowing Base immediately prior to any such payment, the Excess Availability  shall be not less than twenty-five percent (25.0%) of the Loan Cap, and    (c) Agent shall have received a certificate of a Responsible Officer of Lead Borrower  certifying as to compliance with the preceding clauses and demonstrating (in reasonable detail) the  calculations required thereby.    “Payment Recipient” has the meaning specified in Section 10.28 of this Agreement.    “PBGC” means the Pension Benefit Guaranty Corporation.    “PCAOB” means the Public Company Accounting Oversight Board.    “Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2)  of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or  maintained by the Lead Borrower or any ERISA Affiliate or to which the Lead Borrower or any ERISA  Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan  described in Section 4064(a) of ERISA, has made contributions at any time during the immediately  preceding five (5) plan years.    “Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term  SOFR”.    “Permitted Acquisition” means an Acquisition in which all of the following conditions are  satisfied:    (a) such Acquisition shall have been approved by the Board of Directors of the Person (or  similar governing body if such Person is not a corporation) which is the subject of such Acquisition and  such Person shall not have announced that it will oppose such Acquisition or shall not have commenced any  action which alleges that such Acquisition shall violate applicable Law;  

 

-44-  6807015.9      (b) the Lead Borrower shall have furnished the Agent with at least fifteen (15) days’ prior  written notice (or such shorter period as the Agent may agree) of such intended Acquisition and upon the  reasonable request of the Agent and to the extent available to any Loan Party or its Affiliates (whether in its  possession or upon its request) shall have furnished the Agent with a current draft of the acquisition  documents (and final copies thereof as and when executed), a summary of any due diligence undertaken by  the Loan Parties in connection with such Acquisition, appropriate financial statements of the Person which  is the subject of such Acquisition, pro forma projected financial statements for the twelve (12) month period  following such Acquisition after giving effect to such Acquisition (including balance sheets, cash flows and  income statements by month for the acquired Person, individually, and on a Consolidated basis with all  Loan Parties), and such other information as the Agent may reasonably require, all of which shall be  reasonably satisfactory to the Agent;    (c) either (i) the legal structure of the Acquisition shall be acceptable to the Agent in its  Permitted Discretion, or (ii) the Loan Parties shall have provided the Agent with a favorable solvency  opinion from an unaffiliated third party valuation firm reasonably satisfactory to the Agent;    (d) after giving effect to the Acquisition, if the Acquisition is an Acquisition of the Equity  Interests, a Loan Party shall acquire and own, directly or indirectly, a majority of the Equity Interests in the  Person being acquired and shall Control a majority of any voting interests or shall otherwise Control the  governance of the Person being acquired;    (e) any assets acquired shall be utilized in, and if the Acquisition involves a merger,  consolidation or Acquisition of Equity Interests, the Person which is the subject of such Acquisition shall be  engaged in, a business otherwise permitted to be engaged in by a Borrower under this Agreement;    (f) if the Person which is the subject of such Acquisition will be maintained as a Subsidiary of  a Loan Party, or if the assets acquired in an acquisition will be transferred to a Subsidiary which is not then  a Loan Party, such Subsidiary shall have been joined as a “Borrower” hereunder or as a Facility Guarantor,  as the Agent shall determine, and the Agent shall have received a first priority security and/or mortgage  interest in such Subsidiary’s Equity Interests, Inventory, Accounts, and other property of the same nature as  constitutes collateral under the Security Documents; and    (g) the Loan Parties shall have satisfied the Payment Conditions;    Provided, that, notwithstanding anything to the contrary set forth above, so long as on the date of any  Acquisition and after giving effect thereto (including all payments in respect thereof) the aggregate amount  of the consideration for any or all Acquisitions (including such Acquisition for this purpose) in the  immediately preceding twelve (12) consecutive month period is less than $10,000,000, the Acquisition  shall be subject only to the following conditions:    (i) as of the date of any such Acquisition, and after giving effect thereto, no Default or  Event of Default shall exist or have occurred and be continuing;    (ii) such Acquisition shall have been approved by the Board of Directors of the Person (or  similar governing body if such Person is not a corporation) which is the subject of such Acquisition and  such Person shall not have announced that it will oppose such Acquisition or shall not have commenced any  action which alleges that such Acquisition shall violate applicable Law;    (iii) the Lead Borrower shall have furnished the Agent with five (5) days’ prior written  notice of such intended Acquisition and shall have furnished the Agent with a current draft of the  acquisition documents (and final copies thereof as and when executed); and  

 

-45-  6807015.9      (iv) any assets acquired shall be utilized in, and if the Acquisition involves a merger,  consolidation or Acquisition of Equity Interests, the Person which is the subject of such Acquisition shall be  engaged in, a business otherwise permitted to be engaged in by a Borrower under this Agreement.    “Permitted Discretion” means, as used in this Agreement with reference to the Agent, a  determination made in good faith in the exercise of its reasonable business judgment based on how an asset  based lender with similar rights and providing a credit facility of the type set forth herein would act in  similar circumstances at the time with the information available to it.    “Permitted Disposition” means any of the following:    (a) Dispositions of inventory and goods in the ordinary course of business;    (b) bulk sales or other Dispositions of the Inventory of a Loan Party not in the ordinary course  of business in connection with Store closings or relocations, at arm’s length, provided, that, (i) such Store  closures and related Inventory Dispositions shall not exceed (A) in any Fiscal Year of the Parent and its  Subsidiaries, ten percent (10%) of the number of the Loan Parties’ Stores as of the beginning of such Fiscal  Year (net of new Store openings) and (B) in the aggregate from and after the Closing Date, twenty-five  percent (25%) of the number of the Loan Parties’ Stores in existence as of the Closing Date (net of new  Store openings), (ii) all sales of Inventory in connection with Store closings involving a liquidation of  inventory or “going out of business” sale, or as otherwise requested by Agent, shall be in accordance with  liquidation agreements and with professional liquidators reasonably acceptable to the Agent to the extent  such liquidators are required by Agent in its Permitted Discretion, and (iii) all Net Proceeds received in  connection therewith are applied to the Obligations if then required in accordance with Section 2.05 hereof,  provided, that, the limitations set forth in clauses (i)(A) and (i)(B) above shall exclude any Store closings  identified as pursuant to the “fleet optimization plan” disclosed to the Agent and publicly available in the  Form 10-K of Lead Borrower filed with the SEC for its 2018 Fiscal Year;    (c) sales, transfers or other Dispositions (including exclusive or non-exclusive licenses and  sublicenses) of Non-USU.S. Intellectual Property;    (d) licenses for the conduct of licensed departments within the Loan Parties’ Stores in the  ordinary course of business; provided, that, if requested by the Agent, the Agent shall have entered into an  intercreditor agreement with the Person operating such licensed department on terms and conditions  reasonably satisfactory to the Agent;    (e) non-exclusive license and sublicenses of USU.S. Intellectual Property of a Loan Party or  any of its Subsidiaries in the ordinary course of business; provided, that, no such licensing shall adversely  affect in any material respect the fair value of any Inventory or the ability of the Agent to dispose of or  otherwise realize upon any Inventory in the exercise of its rights and remedies;    (f) the lapse or abandonment of any Intellectual Property of a Loan Party or any of its  Subsidiaries in the ordinary course of business (including any registrations or applications for registration  of any Intellectual Property), which in the reasonable good faith determination of Lead Borrower, is no  longer material to, or used or useful in the conduct of, the business of the Loan Parties, provided, that, no  such lapse or abandonment shall adversely affect in any material respect the fair value of any Inventory or  the ability of the Agent to dispose of or otherwise realize upon any Inventory in the exercise of its rights and  remedies;  

 

-46-  6807015.9      (g) Dispositions of Equipment in the ordinary course of business that is substantially worn,  damaged, obsolete or, in the judgment of a Loan Party, no longer useful or necessary in its business or that  of any Subsidiary and is not replaced with similar property having at least equivalent value;    (h) sales, transfers and Dispositions among the Loan Parties (other than to Parent or IPCo  except as permitted as a Permitted Investment) or by any Subsidiary to a Loan Party;    (i) sales, transfers and Dispositions by any Subsidiary which is not a Loan Party to another  Subsidiary that is not a Loan Party;    (j) (i) leases, subleases, licenses or sublicenses of real or personal property granted by any  Loan Party or any of its Subsidiaries to others (A) in the ordinary course of business or (B) that, in the  reasonable business judgment of Lead Borrower, would not detract from the value of such real or personal  property nor interfere in any material respect with the business of Lead Borrower or any of its Subsidiaries,  provided, that, a Loan Party may lease, sublease, license or sublicense surplus space to the extent permitted  under clause (b) of the definition of the term Real Estate Eligibility Requirements, and (ii) a sale of property  pursuant to a Sale and Leaseback Transaction permitted under Section 7.10;    (k) any involuntary loss, damage or destruction of property, or any involuntary condemnation,  seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of  use of property,    (l) Dispositions of raw or unimproved parcels of Real Estate of any Loan Party (or sales of the  Equity Interests of any Person or Persons created solely to own such Real Estate and whose only assets  consist of such Real Estate);    (m) the use or transfer of cash or Cash Equivalents in a manner that is not prohibited by the  terms of this Agreement or the other Loan Documents;    (n) sales or other Dispositions of assets (other than sales or other dispositions of Accounts,  Inventory, Intellectual Property or Equity Interests of Subsidiaries of any Loan Party (except as provided  below) and other than as part of a Sale and Leaseback Transaction) not otherwise permitted in clauses (a)  through (m) above so long as (i) no Default or Event of Default has occurred and is continuing or would  immediately result therefrom, (ii) each such sale or disposition is in an arm’s-length transaction and the  applicable Loan Party or its Subsidiary receives at least the fair market value of the assets so disposed, (iii)  the consideration received by the applicable Loan Party or its Subsidiary consists of at least seventy-five  percent (75%) cash and Cash Equivalents and is paid at the time of the closing of such sale or Disposition,  (iv) the aggregate amount of the cash and non-cash proceeds received from all assets sold or Disposed of  pursuant to this clause (n) shall not exceed $25,000,000 in any fiscal year (for this purpose, using the fair  market value of property other than cash); provided, that, the sale of any corporate jet owned by any Loan  Party (or any sale of the Equity Interests of any Person or Persons created solely to own such corporate jet,  and whose only assets consist of, such corporate jet), shall be permitted under this clause (n) if each of the  conditions set forth in clauses (i), (ii) and (iii) of this subsection (m) are satisfied, but shall not be considered  for purposes of the $25,000,000 limitation set forth in clause (iv) of this clause (n);    (o) Dispositions of Equipment to the extent that (i) such property is exchanged for credit  against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are  promptly applied to the purchase price of such replacement property; provided, that, to the extent the  property being transferred constitutes Collateral, such replacement property shall constitute Collateral;  

 

-47-  6807015.9      (p) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to  customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements  and similar binding arrangements;    (q) the unwinding of any Swap Contract;    (r) the sale or discount, in each case without recourse, of accounts receivable (other than  Eligible Wholesale Receivables and Eligible Credit Card Receivables) in the ordinary course of business,  but only in connection with the compromise or collection thereof (and other than in connection with a  financing transaction);    (s) sales or other Dispositions by the Borrowers or any of their Subsidiaries in the ordinary  course of business of leasehold interests in the premises of a Store that has been closed, the equipment and  fixtures located at such premises and the books and records relating directly to the operations of such Store;  provided, that, (i) the closing and sale or other Dispositions of Stores shall not exceed (A) in any Fiscal Year  of the Parent and its Subsidiaries, ten percent (10%) of the number of the Loan Parties’ Stores as of the  beginning of such Fiscal Year (net of new Store openings) and (B) in the aggregate from and after the  Closing Date, twenty-five percent (25%) of the number of the Loan Parties’ Stores in existence as of the  Closing Date (net of new Store openings), provided, that, the limitations set forth in this clause (i) shall  exclude any Store closings identified as pursuant to the “fleet optimization plan” disclosed to the Agent and  publicly available in the Form 10-K of Lead Borrower filed with the SEC for its 2018 Fiscal Year; (ii) as of  the date of any such sale or other Disposition, and after giving effect thereto, no Event of Default shall exist  or have occurred and be continuing, and (C) each such sale shall be on commercially reasonable prices and  terms in a bona fide arm's length transaction;    (t) sales or other Dispositions of any of the Idlewood Street Parcels, so long as (i) no Default  or Event of Default has occurred and is continuing or would immediately result therefrom, (ii) each such  sale or disposition is in an arm’s-length transaction and the applicable Loan Party or its Subsidiary receives  at least the fair market value of the assets so disposed, and (iii) the consideration received by the applicable  Loan Party or its Subsidiary consists of at least seventy-five percent (75%) cash and Cash Equivalents and  is paid at the time of the closing of such sale or Disposition; and    (u) termination of any franchise agreements in the ordinary course of business.  “Permitted Encumbrances” means:  (a) Liens imposed by law for Taxes that are not yet due and payable or are being contested in  compliance with Section 6.04;    (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens  imposed by applicable Law, arising in the ordinary course of business and securing obligations that are not  overdue or are being contested in compliance with Section 6.04;    (c) (i) pledges and deposits of cash or Cash Equivalents made in the ordinary course of  business in compliance with workers’ compensation, unemployment insurance and other social security,  payroll, or withholding tax laws or regulations, other than any Lien imposed by ERISA or (ii) deposits of  cash or Cash Equivalents in the ordinary course of business securing liability for reimbursement or  indemnification obligations of insurance carriers providing property, casualty or liability insurance to the  Borrowers or any of their Subsidiaries;  

 

-48-  6807015.9      (d) deposits of cash or Cash Equivalents to secure the performance of bids, trade contracts and  leases (other than Indebtedness for borrowed money), public or statutory obligations, surety, stay, customs  and appeal bonds, performance bonds and other obligations of a like nature (including those to secure  health, safety and environmental obligations) incurred in the ordinary course of business;    (e) Liens in respect of (i) judgments, (ii) decrees, (iii) attachments or (iv) awards for the  payment of money, in each case under clauses (i), (ii), (iii) or (iv) that would not constitute an Event of  Default hereunder;    (f) easements, covenants, conditions, restrictions, building code laws, zoning restrictions,  encroachments, rights-of-way and similar encumbrances on real property imposed by law or arising in the  ordinary course of business that do not secure any monetary obligations and do not materially detract from  the value of the affected property or materially interfere with the ordinary conduct of business of the Loan  Parties taken as a whole and such other minor title defects or survey matters that are disclosed by current  surveys or on Schedule B of the Mortgage Policies insuring the Mortgages that, in each case, do not  materially interfere with the current use of the real property;    (g) Liens existing on the Closing Date and listed on Schedule 7.01 and any Permitted  Refinancings thereof;    (h) Liens on fixed or capital assets acquired, constructed or improved by any Loan Party or  any Subsidiary; provided, that, (i) such Liens secure Indebtedness permitted by clause (c) of the definition  of Permitted Indebtedness, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or  within one hundred eighty (180) days after such acquisition or the completion of such construction or  improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or  improving such fixed or capital assets except, that, such Liens may secure other Indebtedness owing to the  same Person or Persons who have provided financing for the acquisition, construction or improvement of  other fixed or capital assets that constitutes Permitted Indebtedness under clause (c) of the definition of such  term, and (iv) such Liens shall not apply to any other property or assets of the Loan Parties or any  Subsidiary (other than the proceeds of the applicable property or assets subject to the Lien);    (i) Liens in favor of the Agent;    (j) statutory or common law Liens of landlords and lessors on assets of a Loan Party or its  Subsidiaries at the location leased from such landlord or lessor in respect of rent not in default for more than  the applicable grace period or which rent is being contested by such Loan Party or Subsidiary, provided,  that (i) a reserve with respect to such obligation is established on such Loan Party’s or its Subsidiaries’  books and records in such amount as is required under GAAP, (ii) any such contest is instituted promptly  and prosecuted diligently by such Loan Party or its Subsidiary, as applicable, in good faith, and (iii) while  any such contest is pending, the landlord or lessor is stayed from the exercise of any rights or remedies with  respect to any of the Collateral;    (k) possessory Liens in favor of brokers and dealers arising in connection with the acquisition  or disposition of Investments owned as of the Closing Date and Permitted Investments, provided, that, such  liens (a) attach only to such Investments (or other Investments held by the same broker or dealer) and (b)  secure only obligations incurred in the ordinary course and arising in connection with the acquisition or  disposition of such Investments and not any obligation in connection with margin financing;    (l) Liens arising solely by virtue of any statutory or common law provisions relating to  banker’s liens, liens in favor of securities intermediaries, rights of setoff or similar rights and remedies as to  

 

-49-  6807015.9      deposit accounts or securities accounts or other funds maintained with depository institutions or securities  intermediaries;    (m) Liens arising from precautionary UCC filings regarding “true” operating leases or, to the  extent permitted under the Loan Documents, the consignment of goods to a Loan Party;    (n) voluntary Liens on property (other than Accounts, Inventory, DDAs or Equity Interests of  any Loan Party or its Subsidiaries) in existence at the time such property is acquired pursuant to a Permitted  Acquisition or Permitted Investment or on such property of a Subsidiary of a Loan Party in existence at the  time such Subsidiary is acquired pursuant to a Permitted Acquisition or Permitted Investment; provided,  that, such Liens are not incurred in connection with or in anticipation of such Permitted Acquisition or  Permitted Investment and do not attach to any other assets of any Loan Party or any Subsidiary;    (o) Liens in favor of customs and revenues authorities imposed by applicable Law arising in  the ordinary course of business in connection with the importation of goods solely to the extent the  following conditions are satisfied: (i) such Liens secure obligations that are being contested in good faith by  appropriate proceedings, (ii) the applicable Loan Party or Subsidiary has set aside on its books adequate  reserves with respect thereto in accordance with GAAP and (iii) such contest effectively suspends  collection of the contested obligation and enforcement of any Lien securing such obligation;    (p) Liens (i) on Cash or Cash Equivalents constituting advances or earnest money deposits in  favor of the seller of any property to be acquired in any Permitted Acquisition or other Permitted  Investment to be applied against the purchase price of such Acquisition or other Investment or (ii)  consisting of an agreement to transfer any property in a Permitted Disposition;    (q) any interest or title of a lessor or sublessor under leases or subleases of Equipment or Real  Estate to a Loan Party or any of its Subsidiaries in the ordinary course of business;    (r) any interest or title of a licensor or sublicensor under licenses or sublicenses of patents,  copyrights, trademarks, trade names, other indications of origin, domain names and other forms of  Intellectual Property to a Loan Party or any of its Subsidiaries;    (s) Liens arising out of conditional sale, title retention, consignment or similar arrangements  for sale of goods (including under Article 2 of the UCC) and Liens that are contractual rights of set-off  relating to purchase orders and other similar agreements entered into by the Loan Parties, provided, that, the  aggregate amount of such goods shall not exceed $5,000,000 at any one time (or such greater amount as the  Agent may agree);    (t) to the extent constituting a Lien, the rights of licensees or sublicensees of Intellectual  Property from a Loan Party or its Subsidiaries that constitute a Permitted Disposition;    (u) Liens or rights of setoff against credit balances of Borrowers with Credit Card Issuers or  Credit Card Processors or amounts owing by such Credit Card Issuers or Credit Card Processors to  Borrowers in the ordinary course of business pursuant to the Credit Card Agreements to secure the  obligations of Borrowers to such Credit Card Issuers or Credit Card Processors as a result of fees and  chargebacks;    (v) Liens on insurance policies and the proceeds thereof (other than any insurance policies or  proceeds thereof constituting Collateral) and unearned premiums securing the financing of premiums with  respect thereto as provided under clause (o)(i) of the definition of Permitted Indebtedness;  

 

-50-  6807015.9      (w) Liens (i) of a collecting bank arising under Section 4-208 of the UCC on the items in the  course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts  incurred in the ordinary course of business and (iii) in favor of a banking or other financial institution  arising as a matter of law encumbering deposits or other funds maintained with a financial institution  (including the right of set off) and that are within the general parameters customary in the banking industry,  provided, that, in no event shall such Liens secure Indebtedness; and    (x) Liens on assets of any Loan Party or its Subsidiaries (other than Accounts, Inventory,  DDAs, Intellectual Property or Equity Interests of any Loan Party or its Subsidiaries) not otherwise  permitted above so long as the aggregate principal amount of the Indebtedness and other obligations subject  to such Liens does not at any time exceed $25,000,000.    “Permitted Indebtedness” means each of the following as long as no Default or Event of Default  exists or would arise from the incurrence thereof:    (a) Indebtedness outstanding on the Closing Date and listed on Schedule Section 7.03 and any  Permitted Refinancing thereof;    (b) Indebtedness of any Loan Party to any other Loan Party, provided, that, any Indebtedness  owing by another Loan Party to IPCo shall be subordinated in right of payment to the payment of the  Obligations and otherwise subject to a subordination agreement in form and substance reasonably  satisfactory to Agent executed and delivered by such Loan Party, IPCo and Agent;    (c) Indebtedness of any Loan Party or any Subsidiary incurred to finance the acquisition,  construction or improvement of any fixed or capital assets, including real property, Capital Lease  Obligations (other than with respect to a lease entered into as part of a Sale and Leaseback Transaction) and  any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any  such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such  Indebtedness that do not increase the outstanding principal amount thereof; provided, that, (i) such  Indebtedness is incurred prior to or within ninety (90) days after such acquisition or the completion of such  construction or improvement and (ii) the aggregate outstanding principal amount of Indebtedness permitted  by this clause (c) shall not exceed $50,000,000 at any time outstanding;    (d) Indebtedness incurred in connection with Capital Leases arising under Sale and Leaseback  Transactions permitted hereunder under Section 7.10;    (e) obligations (contingent or otherwise) of any Loan Party or any Subsidiary thereof existing  or arising under any Swap Contract, provided, that, (i) such obligations are (or were) entered into by such  Person in the ordinary course of business for the purpose of directly mitigating risks associated with  fluctuations in interest rates or foreign exchange rates, and not for purposes of speculation or taking a  “market view;” and (ii) the aggregate Swap Termination Value thereof shall not exceed $1,000,000 at any  time outstanding;    (f) Indebtedness owed to any Person providing workers’ compensation, health, disability or  other employee benefits or property, casualty or liability insurance, pursuant to reimbursement or  indemnification obligations to such Person, in each case incurred in the ordinary course of business;    (g) Indebtedness of any Loan Party or any Subsidiary in respect of performance bonds, bid  bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of  business;  

 

-51-  6807015.9      (h) Indebtedness with respect to the deferred purchase price for any Permitted Acquisition or  other Permitted Investment, provided, that, such Indebtedness does not require the payment in cash of  principal (other than in respect of working capital adjustments) prior to the Maturity Date, has a maturity  which extends beyond the Maturity Date, and is subordinated to the Obligations on terms reasonably  acceptable to the Agent;    (i) Indebtedness of any Person that becomes a Subsidiary of a Loan Party in a Permitted  Acquisition or other Permitted Investment, which Indebtedness is existing at the time such Person becomes  a Subsidiary of a Loan Party (other than Indebtedness incurred solely in contemplation of such Person’s  becoming a Subsidiary of a Loan Party), provided, that, the aggregate amount of all such Indebtedness shall  not exceed $25,000,000 at any time outstanding;    (j) the Obligations; and    (k) Indebtedness secured by a Lien on any asset of any Loan Party or its Subsidiaries (other  than Accounts, Inventory, DDAs or Equity Interests of any Loan Party or its Subsidiaries), provided, that,  (i) the aggregate outstanding principal amount of Indebtedness permitted to be incurred pursuant to this  clause (k) shall not exceed $25,000,000 at any time, (ii) such Indebtedness has a maturity which extends  beyond the Maturity Date, (iii) such Indebtedness is subordinated to the Obligations on terms reasonably  acceptable to the Agent, (iv) such Liens are subordinated to the Liens of Agent pursuant to an intercreditor  agreement executed by such lienholder and the applicable Loan Parties in form and substance reasonably  satisfactory to Agent, and (v) Agent shall have received true, correct and complete copies of all material  documents related to such Indebtedness, each in form and substance reasonably satisfactory to Agent;    (l) Guarantees of Indebtedness that is Permitted Indebtedness to the extent the guarantor  would otherwise be permitted to incur such Indebtedness hereunder;    (m) Indebtedness consisting of deferred compensation to directors, officers and employees of  the Loan Parties incurred in the ordinary course of business;    (n) Indebtedness of a Loan Party or its Subsidiaries for customary indemnification, purchase  price adjustments, earn-outs or similar obligations (which shall not include any Indebtedness for borrowed  money and Indebtedness owing to sellers for a deferred portion of the purchase price or is evidenced by  notes) in each case in respect of the purchase price or other similar adjustments incurred in connection with  Permitted Acquisitions, Permitted Investments or Permitted Dispositions;    (o) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay  obligations contained in ordinary course supply arrangements;    (p) Indebtedness in respect of Cash Management Services and other Indebtedness in respect of  netting services, automatic clearinghouse arrangements, overdraft protections, employee credit card  programs and other cash management and similar arrangements in the ordinary course of business and any  Guarantees thereof;    (q) Indebtedness due to any landlord in connection with the financing by such landlord of  leasehold improvements; provided, that, the aggregate amount of all of such Indebtedness to landlords shall  not exceed $10,000,000 at any time outstanding;    (r) Indebtedness incurred by the Borrowers or any of their Subsidiaries in the ordinary course  of business in respect of workers compensation claims, health, disability or other benefits to employees,  former employees or their families or property, casualty or liability insurance or self-insurance or the  

 

-52-  6807015.9      maintenance, or pursuant to the requirements, of environmental or other permits or licenses from  Governmental Authorities; and    (s) unsecured Indebtedness not otherwise specifically described herein in an aggregate  principal amount not to exceed $25,000,000 at any time outstanding.    “Permitted Investments” means each of the following as long as no Default or Event of Default  exists or would arise from the making of such Investment:    (a) Investments in cash and Cash Equivalents, provided, that, notwithstanding the foregoing,  after the occurrence and during the continuance of a Cash Dominion Event, no Investments in cash or Cash  Equivalents or additional Investments in the form of cash or Cash Equivalents in each case shall be  permitted, except (i) if no ABL Loans are then outstanding and no Letters of Credit are outstanding which  have not been Cash Collateralized if then required to be Cash Collateralized or (ii) notwithstanding that any  ABL Loans are outstanding (or such Letters of Credit) at any time a Cash Dominion Event exists, (A)  deposits of cash or other immediately available funds in Deposit Accounts used for disbursements in the  approximate amount of funds required for amounts drawn or anticipated to be drawn shortly on such  Deposit Accounts, (B) any such deposits of cash or other immediately available funds in Deposit Accounts  used for disbursements which are then held in Cash Equivalents consisting of overnight investments until  so drawn or in the event that the amounts drawn on any such day were less than anticipated (so long as (i)  such funds and Cash Equivalents are not held more than two (2) Business Days from the date of the initial  deposit thereof and (ii) such Investments are pledged to Agent as additional collateral for the Obligations  pursuant to such agreements as may be reasonably required by Agent) and (C) amounts that have been  received in a Deposit Account used for collections and subject to a Control Agreement prior to the transfer  to the Agent Payment Account in the ordinary course in accordance with Section 6.13;    (b) Investments existing on the Closing Date, and set forth on Schedule 7.02, but not any  increase in the amount thereof or any other modification of the terms thereof;    (c) (i) Investments by any Loan Party and its Subsidiaries in their respective Subsidiaries  outstanding on the Closing Date, (ii) additional Investments by any Loan Party and its Subsidiaries in Loan  Parties (other than the Parent or the IPCo), (iii) additional Investments by Subsidiaries of the Loan Parties  that are not Loan Parties in other Subsidiaries that are not Loan Parties and (iv) additional Investments by  the Loan Parties in Subsidiaries that are not Loan Parties (or in IPCo), provided, that, as of the date of any  such Investment and after giving effect thereto, (A) the aggregate amount of all such additional Investments  subject to this clause (iv) shall not exceed $75,000,000 at any time outstanding, (B) with respect to any such  additional Investment that would cause the aggregate outstanding amount of all such Investments made  pursuant to this clause (iv) to be not greater than $10,000,000, no Default or Event of Default shall exist or  have occurred and be continuing and (C) with respect to any such additional Investment that would cause  the aggregate outstanding amount of all such Investments to exceed $10,000,000, each of the Payment  Conditions is satisfied and, in each case of Investments made pursuant to clause (iv), in no event shall any  such Investment be made with any asset or property other than cash or Cash Equivalents;    (d) Investments consisting of extensions of credit in the nature of accounts receivable or notes  receivable arising from the grant of trade credit in the ordinary course of business, and Investments received  in satisfaction or partial satisfaction thereof from financially troubled account debtors in the ordinary course  of business consistent with current practice in effect on the Closing Date or otherwise in accordance with  customary market practice;    (e) Guarantees constituting Permitted Indebtedness;  

 

-53-  6807015.9      (f) Investments by any Loan Party in Swap Contracts entered into in the ordinary course of  business and for bona fide business (and not speculative purposes) to protect against fluctuations in interest  rates in respect of the Obligations;    (g) Investments (including debt obligations and Equity Interests) received in connection with  the bankruptcy, workout, recapitalization or reorganization of suppliers and customers or in settlement of  delinquent obligations of, or other disputes with, customers, suppliers or other issuer of an Investment or  upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any  secured Investment in default;    (h) loans or advances to officers, directors and employees of the Loan Parties and Subsidiaries  in the ordinary course of business in an amount not to exceed $5,000,000 at any time outstanding, for travel,  entertainment, relocation and analogous ordinary business purposes;    (i) Investments constituting Permitted Acquisitions;    (j) promissory notes and other non-cash consideration received in connection with a Permitted  Disposition to the extent such non-cash consideration is permitted for such Permitted Disposition as set  forth in the definition of the term Permitted Disposition;    (k) Investments in cash or Cash Equivalents that are used as deposits or pledged to secure  certain Indebtedness which deposits or pledges are Permitted Encumbrances;    (l) Investments in the ordinary course of business consisting of endorsements for collections  or deposit;    (m) Investments in the form of capital contributions made by any Loan Party to a Borrower;    (n) Investments of any Person existing at the time such Person becomes a Subsidiary of any  Loan Party or consolidates or merges with any Loan Party so long as such Investments were not made in  contemplation of such Person becoming a Subsidiary or of such consolidation or merger;    (o) Investments consisting of Permitted Encumbrances, Permitted Indebtedness, fundamental  changes permitted pursuant to Section 7.04, Permitted Dispositions and Restricted Payments permitted  under Section 7.06;    (p) Investments consisting of purchases and acquisitions of inventory, supplies, materials,  services or equipment or purchases of contract rights or licenses or leases of Intellectual Property in the  ordinary course of business; and    (q) other Investments not otherwise specifically described herein, provided, that, as of the date  of any such Investment and after giving effect thereto, (i) with respect to any such Investment that would  cause the aggregate outstanding amount of all such Investments made pursuant to this clause (q) to be not  greater than $10,000,000, no Default or Event of Default shall exist or have occurred and be continuing and  (ii) with respect to any such Investment that would cause the aggregate outstanding amount of all such  Investments to exceed $10,000,000, each of the Payment Conditions is satisfied and, in each case of  Investments made pursuant to this clause (q), in no event shall any such Investment be made with any asset  or property other than cash or Cash Equivalents.    “Permitted Overadvance” means an Overadvance made by the Agent, in its discretion, which:  

 

-54-  6807015.9      (a) is made to maintain, protect or preserve the Collateral and/or the Credit Parties’ rights  under the Loan Documents or which is otherwise for the benefit of the Credit Parties; or    (b) is made to enhance the likelihood of, or to maximize the amount of, repayment of any  Obligation;    (c) is made to pay any other amount chargeable to any Loan Party hereunder; and    (d) together with all other Permitted Overadvances then outstanding, shall not (i) exceed ten  percent (10%) of the ABL Borrowing Base at any time, unless the Required Lenders otherwise agree or (ii)  unless a Liquidation is occurring, remain outstanding for more than forty-five (45) consecutive Business  Days.    Provided, that, (i) Unintentional Overadvances shall not reduce the amount of Permitted Overadvances  allowed hereunder, and (ii) in no event shall the Agent make an Overadvance, if after giving effect thereto,  the principal amount of the ABL Loans plus the Letters of Credit would exceed the Aggregate ABL  Commitments (in each case as in effect prior to any termination of the Commitments or the ABL  Commitments pursuant to Section 2.06 or Section 8.02 hereof), and (iii) the right of Agent to make  Overadvances after the date of the receipt of such written notice by Agent may be revoked by written notice  to Agent from the Required Lenders (which shall not be construed to apply to Unintentional  Overadvances).    “Permitted Refinancing” means, with respect to any Person, any Indebtedness issued in exchange  for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund  (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof  constituting a Permitted Refinancing); provided, that,    (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing does  not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced and  then unfunded commitments under the terms of such Indebtedness at such time (plus unpaid accrued  interest and premiums thereon (including any prepayment premiums and penalties) and underwriting  discounts, defeasance costs, fees (including upfront fees and original issue discount), commissions and  expenses,    (b) except in the case of revolving Indebtedness, the weighted average life to maturity of such  Permitted Refinancing is greater than or equal to the weighted average life to maturity of the Indebtedness  being Refinanced    (c) such Permitted Refinancing shall not require any scheduled principal payments due prior  to the Maturity Date in excess of, or prior to, the scheduled principal payments due prior to such Maturity  Date for the Indebtedness being Refinanced,    (d) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations  under this Agreement, such Permitted Refinancing shall be subordinated in right of payment to such  Obligations on terms at least as favorable to the Credit Parties as those contained in the documentation  governing the Indebtedness being Refinanced,    (e) no Permitted Refinancing shall have direct or indirect obligors who were not also obligors  of the Indebtedness being Refinanced, or greater guarantees, than the Indebtedness being Refinanced,  

 

-55-  6807015.9      (f) if the Indebtedness being Refinanced or any guarantees thereof are secured, such  Indebtedness and any guarantees thereof shall be secured in all material respects by substantially the same  or less collateral as secured such Indebtedness being Refinanced or any guarantees thereof, on terms no less  favorable to the Agent or the Lenders;    (g) if the Indebtedness being Refinanced or any guarantees thereof are secured, the Liens to  secure such Indebtedness shall not have a priority more senior than the Liens securing the Indebtedness  being Refinanced and if subordinated to any other Liens on such property, shall be subordinated to the  Agent’s Liens on terms and conditions no less favorable to the Agent or the Lenders;    (h) if the Indebtedness being Refinanced or any guarantees thereof are subordinated to any of  the Obligations, such Permitted Refinancing and any guarantees thereof shall be subordinated to the  Obligations on terms (including intercreditor terms) no less favorable to the Agent or the Lenders;    (i) such Permitted Refinancing shall be otherwise on terms not materially less favorable to the  Loan Parties than those contained in the documentation governing the Indebtedness being Refinanced in  each case, taken as a whole, and other than any covenants, defaults or other provisions that apply solely  after the Maturity Date,    (j) the interest rate applicable to any such Permitted Refinancing shall not exceed the then  applicable market interest rate, and  (k) at the time thereof, no Default or Event of Default shall have occurred and be continuing.  “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, limited partnership, Governmental Authority or other entity.    “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA)  established by any Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or  Title IV of ERISA, any ERISA Affiliate, other than a Multiemployer Plan.    “Platform” has the meaning specified in Section 6.02.    “Portal” has the meaning specified in Section 2.02.    “Public Lender” has the meaning specified in Section 6.02.    “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. § 5390(c)(8)(D).    “QFC Credit Support” has the meaning specified in Section 10.27.    “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has  total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security  interest becomes effective with respect to such Swap Obligation or such other person as constitutes an  “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated  thereunder and can cause another person to qualify as an “eligible contract participant” at such time by  entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  

 

-56-  6807015.9      “Quarterly Average Excess Availability” means, at any time, the daily average of the Excess  Availability for the immediately preceding Fiscal Quarter, commencing on the first day of such Fiscal  Quarter.    “Real Estate” means all Leases and all land, together with the buildings, structures, parking areas,  and other improvements thereon, now or hereafter owned by any Loan Party, including all easements,  rights-of-way, and similar rights relating thereto and all leases, tenancies, and occupancies thereof.    “Real Estate Cap” means at any time of calculation, twenty-five percent (25%) of the ABL  Borrowing Base.    “Real Estate Eligibility Requirements” means collectively, each of the following:    (a) the applicable Loan Party has executed and delivered to the Agent a Mortgage in form and  substance acceptable to the Agent, in each case, with respect to any Real Estate intended, by such Loan  Party, to be included in Eligible Real Estate;    (b) such Real Estate is used by a Loan Party for offices or as a Store or distribution center or,  with the consent of Agent in its Permitted Discretion, leased to third-parties, except, that, Loan Parties may  lease surplus space at the location of Loan Parties’ corporate headquarters at 11215 Metro Parkway, Fort  Myers, FL 33966; provided, that, each of the following conditions are satisfied: (i) Lead Borrower shall  provide (A) prior written notice to Agent of anyeach such lease, which notice shall reasonably identify the  premises to be leased by building number and shall include(B) promptly upon Agent’s request, the material  terms of the lease, (ii) no more than twenty-five percent (25%) of the square feet of such location may be  leased to third parties without the consent of Agent in its Permitted Discretion, (iii) as of the date of entering  into any such lease, no Default or Event of Default shall exist or have occurred and be continuing, (iv) such  lease shall be in an arm’s-length transaction and on market terms for such property, and (v) promptly upon  the request of Agent, the applicable Loan Party or its Subsidiary shall cause the lessee with respect thereto  to, and such lessee shall, execute and deliver such estoppel agreements in form and substance satisfactory to  Agent;    (c) as to any particular property, the Loan Party is in compliance in all material respects with  the representations, warranties and covenants set forth in the Mortgage relating to such Real Estate;    (d) the Agent shall have received fully paid American Land Title Association Lender’s  Extended Coverage title insurance policies or marked-up title insurance commitments having the effect of a  policy of title insurance) (the “Mortgage Policies”) in form and substance, with the endorsements  reasonably required by the Agent (to the extent available at commercially reasonable rates) and in amounts  reasonably acceptable to the Agent, issued, coinsured and reinsured (to the extent required by the Agent) by  title insurers reasonably acceptable to the Agent, insuring the Mortgages to be valid first and subsisting  Liens on the property or leasehold interests described therein, free and clear of all defects (including, but  not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting only Permitted  Encumbrances having priority over the Lien of the Agent under applicable Law or otherwise reasonably  acceptable to the Agent;    (e) with respect to any Real Estate owned by a Borrower or any other Loan Party (excluding  interests as lessee under a Lease) which is intended by such Borrower or such other Loan Party to be  included in Eligible Real Estate, the Agent shall have received American Land Title Association/American  Congress on Surveying and Mapping form surveys, for which all necessary fees (where applicable) have  been paid, certified to the Agent and the issuer of the Mortgage Policies in a manner reasonably satisfactory  to the Agent by a land surveyor duly registered and licensed in the states in which the property described in  

 

-57-  6807015.9      such surveys is located and reasonably acceptable to the Agent, showing all buildings and other  improvements, the location of any easements, parking spaces, rights of way, building set-back lines and  other dimensional regulations and the absence of material encroachments, either by such improvements or  on to such property, and other material defects, other than encroachments and other defects reasonably  acceptable to the Agent;    (f) with respect to any Real Estate intended by any Borrower or other Loan Party to be  included in Eligible Real Estate, the Agent shall have received a Phase I Environmental Site Assessment in  accordance with ASTM Standard E1527-05, in form and substance reasonably satisfactory to the Agent,  from an environmental consulting firm reasonably acceptable to the Agent, which report shall identify  recognized environmental conditions and shall to the extent possible quantify any related costs and  liabilities, associated with such conditions and the Agent shall be satisfied, in each case, in Agent’s  Permitted Discretion, with the nature and amount of any such matters. The Agent may, upon the receipt of  a Phase I Environmental Site Assessment require the delivery of further environmental assessments or  reports to the extent such further assessments or reports are recommended in the Phase I Environmental Site  Assessment;    (g) the applicable Loan Party shall have delivered to the Agent flood hazard determination  certifications, acknowledgements and evidence of flood insurance naming the Agent as mortgagee as  required by the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973,  as amended and in effect, which shall be reasonably satisfactory in form and substance to the Agent and the  Lenders; and    (h) the applicable Loan Party shall have delivered such other information and documents as  may be reasonably requested by the Agent and the Lenders, including, without limitation, such as may be  necessary to comply with FIRREA.    “Realty Reserves” means such reserves as the Agent from time to time determines, in each case, in  Agent’s Permitted Discretion, as being appropriate to reasonably mitigate any material impediments to the  Agent’s ability to realize upon any Eligible Real Estate. Without limiting the generality of the foregoing,  Realty Reserves may include, without duplication of any other Reserves or items to the extent such items  are otherwise addressed or excluded through eligibility criteria, but are not limited to, reserves for (a)  municipal taxes and assessments, (b) repairs (which may be those identified as required in a current third  party property condition assessment report), (c) remediation of title defects, and (d) Indebtedness secured  by Liens on Real Estate having priority over the Lien of the Agent.    “Receivables Reserves” means such Reserves as may be established from time to time by the Agent  in the Agent’s Permitted Discretion with respect to the determination of the collectability in the ordinary  course of Eligible Wholesale Receivables, including, without limitation, on account of dilution.    “Register” has the meaning specified in Section 10.06(c).    “Registered Public Accounting Firm” has the meaning specified by the Securities Laws and shall  be independent of the Parent and its Subsidiaries as prescribed by the Securities Laws.    “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.    “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve  Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or  the Federal Reserve Bank of New York or any successor thereto.  

 

-58-  6807015.9      “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than  events for which the thirty (30) day notice period has been waived.    “Reports” has the meaning provided in Section 9.12(b).    “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation  of Loans, an electronic notice via the Portal or LIBO RateSOFR Loan Notice, (b) with respect to an L/C  Credit Extension, a Letter of Credit Application and, if required by the L/C Issuer, a Standby Letter of  Credit Agreement or Commercial Letter of Credit Agreement, as applicable, and (c) with respect to a Swing  Line Loan, a Swing Line Loan Notice.    “Required ABL Lenders” means, as of any date of determination, at least two ABL Lenders who  are not Affiliates of one another (so long as there are not less than two such ABL Lenders) holding more  than fifty percent (50%) of the Aggregate ABL Commitments or, if the commitment of each ABL Lender to  make ABL Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated  pursuant to Section 8.02, at least two ABL Lenders who are not Affiliates of one another (so long as there  are not less than two such ABL Lenders) holding in the aggregate more than fifty percent (50%) of the Total  ABL Outstandings (with the aggregate amount of each ABL Lender’s risk participation and funded  participation in L/C Obligations and Swing Line Loans being deemed “held” by such ABL Lender for  purposes of this definition); provided that the ABL Commitment of, and the portion of the Total ABL  Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a  determination of Required ABL Lenders.    “Required FILO Lenders” means, as of any date of determination, (a) prior to the funding of the  FILO Loans on the Amendment No. 1 Effective Date, at least two FILO Lenders who are not Affiliates of  one another (so long as there are not less than two such FILO Lenders) holding more than fifty percent  (50%) of the Aggregate FILO Commitments and (b) thereafter, at least two FILO Lenders who are not  Affiliates of one another (so long as there are not less than two such FILO Lenders) holding in the aggregate  more than fifty percent (50%) of the Total FILO Outstandings; provided that the FILO Commitment of, and  the portion of the Total FILO Outstandings held or deemed held by, any Defaulting Lender shall be  excluded for purposes of making a determination of Required FILO Lenders.    “Required Lenders” means, as of any date of determination, at least two Lenders who are not  Affiliates of one another (so long as there are not less than two such Lenders) holding more than fifty  percent (50%) of the Aggregate ABL Commitments and the Total FILO Outstandings or, if the  commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit  Extensions have been terminated pursuant to Section 8.02, at least two Lenders who are not Affiliates of  one another (so long as there are not less than two such Lenders) holding in the aggregate more than fifty  percent (50%) of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and  funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for  purposes of this definition); provided, that, the Commitment of, and the portion of the Total Outstandings  held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of  Required Lenders.    “Reserves” means, without duplication of any other Reserves or items to the extent such items are  otherwise addressed or excluded through eligibility criteria, as of any date of determination, Inventory  Reserves, Receivables Reserves, Realty Reserves, Cash Management Reserves, Bank Product Reserves,  the FILO Push Down Reserve and those other reserves that Agent deems necessary or appropriate, in its  Permitted Discretion and subject to Section 2.01(c), to establish and maintain, including reserves with  respect to (a) customs duties and other costs to release Inventory which is being imported into the US; (b)  salaries, wages and benefits due to employees of a Borrower or any other Loan Party; (c) customer credit  

 

-59-  6807015.9      liabilities consisting of the aggregate remaining value of gift cards, gift certificates or merchandise credits;  (d) deposits made by customers with respect to the purchase of good and layaway obligations of the  Borrowers; (e) in the case of leased locations, rent or other amounts payable by a Loan Party under such  leases to the extent a Collateral Access Agreement with respect to such locations has not been obtained  (which reserve shall not, unless an Event of Default has occurred and is continuing exceed two (2) months’  rent); (f) amounts due to vendors on account of consigned goods; and (g) amounts owing by any Loan Party  or its Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the Collateral (other  than a Permitted Encumbrance), which Lien or trust, in the Permitted Discretion of Agent likely would be  pari passu or have a priority superior to the Agent’s Liens (such as Liens or trusts in favor of landlords,  warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem,  excise, sales, or other taxes (including real estate or personal property) where given priority under  applicable law) in and to such item of the Collateral). To the extent that a Reserve is in respect of amounts  that may be payable to third parties, Agent may, at its option, but without duplication, deduct such Reserve  from the Aggregate ABL Commitments at any time that the Aggregate ABL Commitments are less than the  amount of the ABL Borrowing Base.    “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.    “Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer  or assistant treasurer of a Loan Party or any of the other individuals designated in writing to the Agent by an  existing Responsible Officer of a Loan Party as an authorized signatory of any certificate or other document  to be delivered hereunder. Any document delivered hereunder that is signed by a Responsible Officer of a  Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership  and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively  presumed to have acted on behalf of such Loan Party.    “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other  property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries,  or any payment (whether in cash, securities or other property), including any sinking fund or similar  deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or  termination of any such capital stock or other Equity Interest, or on account of any return of capital to such  Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or  other right to acquire any such dividend or other distribution or payment, in each case, for the avoidance of  doubt, excluding any stock split.    “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,  Inc. and any successor thereto.    “Sale and Leaseback Transaction” means, with respect to any Person (the “obligor”), any  contractual obligation or other arrangement with any other Person (the “counterparty”) consisting of a lease  by such obligor of any property that, directly or indirectly, has been or is to be sold by the obligor to such  counterparty or to any other Person to whom funds have been advanced by such counterparty based on a  Lien on, or an assignment of, such property or any obligations of such obligor under such lease.    “Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the  government of a country, (c) an organization directly or indirectly controlled by a country or its  government, or (d) a Person resident in or determined to be resident in a country, in each case of clauses (a)  through (d) that is a target of Sanctions, including a target of any country sanctions program administered  and enforced by OFAC or other relevant Governmental Authority.  

 

-60-  6807015.9      “Sanctioned Person” means, at any time (a) any Person named on the list of Specially Designated  Nationals and Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or any other  Sanctions-related list maintained by any Governmental Authority, (b) a Person or legal entity that is a target  of Sanctions, (c) any Person operating, organized or resident in a Sanctioned Entity, or (d) any Person  directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf of any  such Person or Persons described in clauses (a) through (c) above.    “Sanctions” means individually and collectively, respectively, any and all economic sanctions,  trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism  laws and other sanctions laws, regulations or embargoes, including those imposed, administered or  enforced from time to time by: (a) the United States of America, including those administered by OFAC,  the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future  executive order, (b) the United Nations Security Council, (c) the Government of Canada, (d) the European  Union or any European Union member state, (e) Her Majesty’s Treasury of the United Kingdom, or (f) any  other Governmental Authority with jurisdiction over any Credit Party or any Loan Party or any of their  respective Subsidiaries or Affiliates.    “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.    “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.    “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934,  Sarbanes-Oxley, and the applicable accounting and auditing principles, rules, standards and practices  promulgated, approved or incorporated by the SEC or the PCAOB.    “Security Agreement” means the Amended and Restated Security Agreement dated as of the  Amendment No. 1 Effective Date among the Loan Parties and the Agent, as the same now exists or may  hereafter be amended, modified, supplemented, renewed, restated or replaced.    “Security Documents” means the Security Agreement, the Intellectual Property Security  Agreement, the Blocked Account Agreements, the Mortgages, the Credit Card Notifications, and each other  security agreement or other instrument or document executed and delivered to the Agent pursuant to this  Agreement or any other Loan Document granting a Lien to secure any of the Obligations.    “Settlement Date” has the meaning provided in Section 2.14(a).    “Shareholders’ Equity” means, as of any date of determination, consolidated shareholders’ equity  of the Lead Borrower and its Subsidiaries as of that date determined in accordance with GAAP.    “Shrink” means Inventory which has been lost, misplaced, stolen, or is otherwise unaccounted for.    “SOFR” with respect to any day means a rate equal to the secured overnight financing rate  published for such dayas administered by the SOFR Administrator.    “SOFR Administrator” means the Federal Reserve Bank of New York, as the administrator of the  benchmark, (or a successor administrator) on of the Federal Reserve Bank of New York’s Websitesecured  overnight financing rate).    “SOFR Loan” means each portion of a Loan that bears interest at a rate determined by reference to  Term SOFR (other than pursuant to clause (c) of the definition of “Base Rate”).  

 

-61-  6807015.9      “SOFR Notice” means a written notice in the form of Exhibit A to this Agreement.    “Solvent” and “Solvency” means, with respect to any Person as of any date of determination, that  (a) at fair valuations, the sum of such Person’s debts (including contingent liabilities) is less than all of such  Person’s assets, (b) such Person is not engaged or about to engage in a business or transaction for which the  remaining assets of such Person are unreasonably small in relation to the business or transaction or for  which the property remaining with such Person is an unreasonably small capital, and (c) such Person has  not incurred and does not intend to incur, or reasonably believe that it will incur, debts beyond its ability to  pay such debts as they become due (whether at maturity or otherwise), and (d) such Person is “solvent” or  not “insolvent”, as applicable within the meaning given those terms and similar terms under applicable laws  relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any  contingent liability at any time shall be computed as the amount that, in light of all of the facts and  circumstances existing at such time, represents the amount that can reasonably be expected to become an  actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual  under Statement of Financial Accounting Standard No. 5).    “Spot Rate” has the meaning given to such term in Section 1.07 hereof.    “Standard Letter of Credit Practice” means, for the L/C Issuer, any domestic or foreign Law or  letter of credit practices applicable in the city in which the L/C Issuer issued the applicable Letter of Credit  or, for its branch or correspondent, such Laws and practices applicable in the city in which it has advised,  confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit  practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter  of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.    “Standby Letter of Credit” means any Letter of Credit that is not a Commercial Letter of Credit and  that (a) is used in lieu or in support of performance guaranties or performance, surety or similar bonds  (excluding appeal bonds) arising in the ordinary course of business, (b) is used in lieu or in support of stay  or appeal bonds, (c) supports the payment of insurance premiums for reasonably necessary casualty  insurance carried by any of the Loan Parties, or (d) supports payment or performance for identified  purchases or exchanges of products or services in the ordinary course of business.    “Standby Letter of Credit Agreement” means the Standby Letter of Credit Agreement relating to  the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.    “Stated Amount” means at any time the maximum amount for which a Letter of Credit may be  honored.    “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the  number one and the denominator of which is the number one minus the aggregate of the maximum reserve  percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal  established by the FRB to which the Agent is subject with respect to the Adjusted LIBO Rate, for  eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).  Such reserve percentages shall include those imposed pursuant to such Regulation D. LIBO Rate Loans  shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without  benefit of or credit for proration, exemptions or offsets that may be available from time to time to any  Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be  adjusted automatically on and as of the effective date of any change in any reserve percentage.    “Store” means any retail store (which may include any real property, fixtures, equipment, inventory  and other property related thereto) operated, or to be operated, by any Loan Party.  

 

-62-  6807015.9      “Subordinated Indebtedness” means Indebtedness which is expressly subordinated in right of  payment to the prior payment in full of the Obligations and which is in form and on terms approved in  writing by the Agent.    “Subordination Provisions” has the meaning specified in Section 8.01(q).    “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the Equity Interests having ordinary voting power for the  election of directors or other governing body are at the time beneficially owned, or the management of  which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such  Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer  to a Subsidiary or Subsidiaries of a Loan Party.    “Supermajority ABL Lenders” means, as of any date of determination, at least two ABL Lenders  who are not Affiliates of one another (so long as there are not less than two such ABL Lenders) holding  more than sixty-six and two-thirds percent (66-2/3%) of the ABL Commitments or, if the commitment of  each ABL Lender to make ABL Loans and the obligation of the L/C Issuer to make L/C Credit Extensions  have been terminated pursuant to Section 8.02, at least two ABL Lenders who are not Affiliates of one  another (so long as there are not less than two such ABL Lenders) holding in the aggregate more than  sixty-six and two-thirds percent (66-2/3%) of the Total ABL Outstandings (with the aggregate amount of  each ABL Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans  being deemed “held” by such ABL Lender for purposes of this definition); provided, that, the ABL  Commitment of, and the portion of the Outstanding Amount of ABL Loans held or deemed held by, any  Defaulting Lender shall be excluded for purposes of making a determination of Supermajority ABL  Lenders.    “Supermajority FILO Lenders” means, as of any date of determination, at least two FILO Lenders  who are not Affiliates of one another (so long as there are not less than two such FILO Lenders) holding  more than sixty-six and two-thirds percent (66-2/3%) of the Outstanding Amount of the FILO Loans;  provided, that, the FILO Loans held or deemed held by, any Defaulting Lender shall be excluded for  purposes of making a determination of Supermajority FILO Lenders.    “Supported QFC” has the meaning specified in Section 10.27.    “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative  transactions, forward rate transactions, commodity swaps, commodity options, forward commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward bond or forward bond price or forward bond index transactions, interest rate options, forward  foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)  any and all transactions of any kind, and the related confirmations, which are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement (any such master agreement, together with any related schedules, a “Master Agreement”),  including any such obligations or liabilities under any Master Agreement.    “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under  any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the  Commodity Exchange Act.  

 

-63-  6807015.9      “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause  (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based  upon one or more mid-market or other readily available quotations provided by any recognized dealer in  such Swap Contracts (which may include a Lender or any Affiliate of a Lender).    “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.    “Swing Line Lender” means Wells Fargo, in its capacity as provider of Swing Line Loans, or any  successor swing line lender hereunder.    “Swing Line Loan” has the meaning specified in Section 2.04(a).    “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b),  which, if in writing, shall be substantially in the form of Exhibit B.    “Swing Line Note” means the promissory note of the Borrowers substantially in the form of  Exhibit C-2, payable to the order of the Swing Line Lender, evidencing the Swing Line Loans made by the  Swing Line Lender.    “Swing Line Sublimit” means an amount equal to the lesser of (a) $22,500,000 and (b) the  Aggregate ABL Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate  ABL Commitments.    “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called  synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property  (including sale and leaseback transactions), in each case, creating obligations that do not appear on the  balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person,  would be characterized as the indebtedness of such Person (without regard to accounting treatment).    “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings,  assessments, fees or other charges imposed by any Governmental Authority, including any interest,  additions to tax or penalties applicable thereto.    “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or  recommended by the Relevant Governmental Body.    “Termination Date” means the earliest to occur of (a) the Maturity Date, (b) the date on which the  maturity of the Obligations is accelerated (or deemed accelerated) and the Commitments are irrevocably  terminated (or deemed terminated) in accordance with Article VII, or (c) the termination of the  Commitments in accordance with the provisions of Section 2.06(a) hereof.    “Term SOFR” means,    (a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a  tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR  Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such  Interest Period, as such rate is published by the Term SOFR Administrator; provided, that, if as of 5:00 p.m.  (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for  

 

-64-  6807015.9      the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark  Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will  be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first  preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such  tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government  Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such  Periodic Term SOFR Determination Day, and    (b) for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference  Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is  two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term  SOFR Administrator; provided, that, if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR  Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the  Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference  Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published  by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for  which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so  long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S.  Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;    provided, further, that if Term SOFR determined as provided above (including pursuant to the proviso  under clause (a) or clause (b) above) shall ever be less than the Floor, then Term SOFR shall be deemed to  be the Floor.    “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a  successor administrator of the Term SOFR Reference Rate selected by Agent in its reasonable discretion).    “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.    “Total ABL Outstandings” means the aggregate Outstanding Amount of all ABL Loans and all L/C  Obligations.    “Total FILO Outstandings” means the aggregate Outstanding Amount of all FILO Loans.    “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C  Obligations.    “Trading with the Enemy Act” has the meaning set forth in Section 10.18.    “Type” means, with respect to a Loan, its character as a Base Rate Loan or a LIBO RateSOFR  Loan.    “U.S. Special Resolution Regimes” has the meaning specified in Section 10.27.    “UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect from  time to time in the State of New York; provided, however, that if a term is defined in Article 9 of the  Uniform Commercial Code differently than in another Article thereof, the term shall have the meaning set  forth in Article 9; provided further that, if by reason of mandatory provisions of law, perfection, or the  effect of perfection or non-perfection, of a security interest in any Collateral or the availability of any  remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than  New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other  

 

-65-  6807015.9      jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or  non-perfection or availability of such remedy, as the case may be.    “UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for  Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any  subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of  Credit is issued.    “UFCA” has the meaning specified in Section 10.22(d).    “UFTA” has the meaning specified in Section 10.22(d).    “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA  Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation  Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)  promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit  institutions and investment firms, and certain affiliates of such credit institutions or investment firms.    “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.    “UVTA” has the meaning specified in Section 10.22(d).    “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the  Benchmark Replacement Adjustment.    “Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section  4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with  the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable  plan year.    “Unintentional Overadvance” means an Overadvance which, to the Agent’s knowledge, did not  constitute an Overadvance when made but which has become an Overadvance resulting from changed  circumstances beyond the control of the Credit Parties, including, without limitation, a reduction in the  Appraised Value of property or assets included in the Borrowing Base, increase in Reserves or  misrepresentation by the Loan Parties.    “United States” and “U.S.” mean the United States of America.    “USU.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a  Sunday or (c) a day on which the Securities Industry and Financial Markets Association (or any successor  thereto) recommends that the fixed income departments of its members be closed for the entire day for  purposes of trading in United States government securities; provided, that, for purposes of the notice  requirements in Section 2.02(b), such day is also a Business Day.    “U.S. Special Resolution Regimes” has the meaning specified in Section 10.27 of this Agreement.    “U.S. Intellectual Property” means Intellectual Property existing or arising under the laws of the  United States or any state, district, or territory thereof, including any Intellectual Property issued,  

 

-66-  6807015.9      registered, applied for or filed by, to or with any Governmental Authority in any such jurisdiction or with  any authorized registrar of domain names with respect to any such jurisdiction.    “Wells Fargo” means Wells Fargo Bank, National Association and its successors.    “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority,  the write-down and conversion powers of such EEA Resolution Authority from time to time under the  Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are  described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers  of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the  form of a liability of any UK Financial Institution or any contract or instrument under which that liability  arises, to convert all or part of that liability into shares, securities or obligations of that person or any other  person, to provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.    Section 1.02 Other Interpretive Provisions. With reference to this Agreement and each other  Loan Document, unless otherwise specified herein or in such other Loan Document:    (a) The definitions of terms herein shall apply equally to the singular and plural forms of the  terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,  feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be  followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning  and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to  any agreement, instrument or other document (including any Organization Document) shall be construed as  referring to such agreement, instrument or other document as from time to time amended, supplemented or  otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth  herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include  such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of  similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its  entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,  Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and  Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall  include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law  and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation  as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall  be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets  and properties, including cash, securities, accounts and contract rights.    (b) In the computation of periods of time from a specified date to a later specified date, the  word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the  word “through” means “to and including.”    (c) Section headings herein and in the other Loan Documents are included for convenience of  reference only and shall not affect the interpretation of this Agreement or any other Loan Document.    (d) Any reference herein or in any other Loan Document to the satisfaction, repayment, or  payment in full of the Obligations shall mean the termination of the Aggregate ABL Commitments and the  repayment in Dollars in full in cash or immediately available funds (or, in the case of contingent  reimbursement obligations with respect to Letters of Credit and Bank Products (other than Swap Contracts)  and any other contingent Obligation, including indemnification obligations, providing Cash  

 

-67-  6807015.9      Collateralization) or other collateral as may be requested by the Agent of all of the Obligations (including  the payment of any termination amount then applicable (or which would or could become applicable as a  result of the repayment of the other Obligations) under Swap Contracts) other than (i) unasserted contingent  indemnification Obligations, (ii) any Obligations relating to Bank Products (other than Swap Contracts)  that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being  required to be repaid or Cash Collateralized or other collateral as may be requested by the Agent, and (iii)  any Obligations relating to Swap Contracts that, at such time, are allowed by the applicable provider of such  Swap Contracts to remain outstanding without being required to be repaid.    Section 1.03 Accounting Terms.    (a) Generally. All accounting terms not specifically or completely defined herein shall be  construed in conformity with, and all financial data (including financial ratios and other financial  calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with,  GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that  used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.    (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of  any financial ratio or requirement set forth in any Loan Document, and either the Lead Borrower or the  Required Lenders shall so request, the Agent, the Lenders and the Lead Borrower shall negotiate in good  faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in  GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or  requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii)  the Lead Borrower shall provide to the Agent and the Lenders financial statements and other documents  required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between  calculations of such ratio or requirement made before and after giving effect to such change in GAAP.    (c) Adoption of International Financial Reporting Standards. In the event that Parent and its  Subsidiaries elect to transition the accounting policies and reporting practices of the Loan Parties from  GAAP to the International Financial Reporting Standards, and any such adoption of the International  Financial Reporting Standards would affect the computation of any financial ratio or requirement set forth  in any Loan Document, and either the Borrowers or the Required Lenders shall so request, the Agent, the  Lenders and the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the  original intent thereof in light of such adoption of the International Financial Reporting Standards (subject  to the approval of the Required Lenders); provided, that, until so amended, (i) such ratio or requirement  shall continue to be computed in accordance with GAAP prior to such adoption of the International  Financial Reporting Standards and (ii) the Lead Borrower shall provide to the Agent and the Lenders  financial statements and other documents required under this Agreement or as reasonably requested  hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and  after giving effect to such adoption of the International Financial Reporting Standards.    Section 1.04 Rounding. Any financial ratios required to be maintained by the Borrowers  pursuant to this Agreement shall be calculated by dividing the appropriate component by the other  component, carrying the result to one place more than the number of places by which such ratio is expressed  herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest  number).    Section 1.05 Times of Day. Unless otherwise specified, all references herein to times of day  shall be references to Eastern time (daylight or standard, as applicable).  

 

-68-  6807015.9      Section 1.06 Letter of Credit Amounts. Unless otherwise specified, all references herein to  the amount of a Letter of Credit at any time shall be deemed to be the Stated Amount of such Letter of  Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms of  any Issuer Documents related thereto, provides for one or more automatic increases in the Stated Amount  thereof, the amount of such Letter of Credit shall be deemed to be the maximum Stated Amount of such  Letter of Credit after giving effect to all such increases, whether or not such maximum Stated Amount is in  effect at such time, provided, that, for purposes of calculating any Letter of Credit Fees hereunder, such  Letter of Credit Fees shall be calculated on the actual Stated Amount of such Letter of Credit in effect at the  time of such calculation without giving effect to the automatic increases which have not yet occurred.    Section 1.07 Currency Equivalents Generally. Any amount specified in this Agreement  (other than in Articles II, IX and X) or any of the other Loan Documents to be in Dollars shall also include  the equivalent of such amount in any currency other than Dollars, such equivalent amount thereof in the  applicable currency to be determined by the Agent at such time on the basis of the Spot Rate (as defined  below) for the purchase of such currency with Dollars. For purposes of this Section 1.07, the “Spot Rate”  for a currency means the rate determined by the Agent to be the rate quoted by the Person acting in such  capacity as the spot rate for the purchase by such Person of such currency with another currency through its  principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days  prior to the date of such determination; provided that the Agent may obtain such spot rate from another  financial institution designated by the Agent if the Person acting in such capacity does not have as of the  date of determination a spot buying rate for any such currency.    Section 1.08 Interest Rates. Agent does not warrant, nor or accept any responsibility for,  norand shall the Agentnot have any liability with respect to, (a) the continuation of, administration of,  submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Term SOFR or  any other Benchmark, any component definition thereof or rates referred to in the definition of “LIBO  Rate”thereof, or with respect to any rate that is an alternative, successor or replacement forrate thereto  (including any then-current Benchmark or successor to any Benchmark Replacement), including whether  the composition or characteristics of any such rate oralternative, successor or replacement rate (including  any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 2.08(e), will be similar  to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the  Term SOFR Reference Rate, Term SOFR or any other Benchmark, prior to its discontinuance or  unavailability, or (b) the effect, implementation or composition of any of the foregoingConforming  Changes. Agent and its affiliates or other related entities may engage in transactions that affect the  calculation of the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate  (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be  adverse to a Borrower. Agent may select information sources or services in its reasonable discretion to  ascertain the Term SOFR Reference Rate, or Term SOFR, or any other Benchmark, any component  definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this  Agreement, and shall have no liability to any Borrower, any Lender or any other person or entity for  damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,  costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any  error or calculation of any such rate (or component thereof) provided by any such information source or  service.    ARTICLE II    THE COMMITMENTS AND CREDIT EXTENSIONS1    Section 2.01 Loans; Reserves.  

 

-69-  6807015.9      (a) Subject to the terms and conditions set forth herein, each ABL Lender severally agrees to  make loans (each such loan, an “ABL Loan”) to the Borrowers from time to time, on any Business Day  during the Availability Period, in an aggregate amount not to exceed at any time outstanding the lesser of  (x) the amount of such ABL Lender’s ABL Commitment, or (y) such ABL Lender’s Applicable ABL  Percentage of the ABL Borrowing Base, subject in each case to the following limitations    (i) after giving effect to any ABL Borrowing, the Total ABL Outstandings shall not  exceed the ABL Loan Cap,    (ii) after giving effect to any ABL Borrowing, the aggregate Outstanding Amount of the  ABL Loans of any ABL Lender, plus such ABL Lender’s Applicable ABL Percentage of the Outstanding  Amount of all L/C Obligations, plus such ABL Lender’s Applicable ABL Percentage of the Outstanding  Amount of all Swing Line Loans shall not exceed such ABL Lender’s ABL Commitment, and    (iii) the Outstanding Amount of all L/C Obligations shall not at any time exceed the Letter  of Credit Sublimit.    Within the limits of each ABL Lender’s ABL Commitment, and subject to the other terms and conditions  hereof, the Borrowers may borrow ABL Loans under this Section 2.01(a), prepay under Section 2.05, and  reborrow ABL Loans under this Section 2.01(a). ABL Loans may be Base Rate Loans or LIBO RateSOFR  Loans, as further provided herein.    (b) The Reserves as of the Closing Date are set forth in the Borrowing Base Certificate  delivered pursuant to Section 4.01(c) hereof.    (c) The Agent shall have the right, at any time and from time to time after the Closing Date in  its Permitted Discretion to establish, modify or eliminate Reserves upon three (3) Business Days’ prior  written notice to the Borrowers in the case of the establishment of any new categories of Reserves after the  date hereof or any change in the methodology for the calculation of an existing Reserve after the date hereof  during which period the Agent shall be available to discuss in good faith any such proposed Reserve with  the Lead Borrower and the Lead Borrower may take such action as may be required so that the event,  condition or matter that is the basis for such Reserve or modification no longer exists, provided, that, no  such prior notice shall be required (i) for changes to any Reserves resulting solely by virtue of mathematical  calculations of the amount of the Reserve in accordance with the methodology of calculation previously  utilized (such as, but not limited to, rent and customer credit liabilities), or (ii) for changes to Reserves or  establishment of additional Reserves if a Material Adverse Effect has occurred or it would be reasonably  likely that a Material Adverse Effect to the Lenders would occur were such Reserve not changed or  established prior to the expiration of such three (3) Business Day period or (iii) if after giving effect to any  such new category of reserves or change in methodology there would be an Overadvance. The amount of  any Reserve established by Agent shall have a reasonable relationship to the event, condition, other  circumstance, or fact that is the basis for such Reserve and shall not be duplicative of any other Reserve  established and currently maintained or eligibility criteria to the extent addressed thereby.    (d) Subject to the terms and conditions set forth herein, each FILO Lender severally agrees to  make a “first-in last-out” term loan (each such loan, a “FILO Loan”) to the Borrowers on the Amendment  No. 1 Effective Date in a principal amount equal to its FILO Commitment. Upon the applicable FILO  Lender making such FILO Loan on the Amendment No. 1 Effective Date, the FILO Commitment of such  FILO Lender shall be terminated. FILO Loans that are repaid or prepaid may not be reborrowed.    Section 2.02 Borrowings, Conversions and Continuations of Loans.  

 

-70-  6807015.9      (a) Loans (other than Swing Line Loans) shall be either Base Rate Loans or LIBO RateSOFR  Loans as the Lead Borrower may request subject to and in accordance with this Section 2.02. All Swing  Line Loans shall be only Base Rate Loans. Subject to the other provisions of this Section 2.02, Borrowings  of more than one Type may be incurred at the same time.    (b) Each request for a Borrowing consisting of a Base Rate Loan shall be made by electronic  request of the Lead Borrower through Agent’s Commercial Electronic Office Portal or through such other  electronic portal provided by Agent (the “Portal”). The Borrowers hereby acknowledge and agree that any  request made through the Portal shall be deemed made by a Responsible Officer of the Borrowers. Each  request for a Borrowing consisting of a LIBO RateSOFR Loan shall be made pursuant to the Lead  Borrower’s submission of a LIBO RateSOFR Loan Notice, which must be received by the Agent not later  than 11:00 aon the U.mS. Government Securities Business Day that is three (3) U.S. Government Securities  Business Days prior to the requested date of any Borrowing or continuation of, or conversion into, LIBO  Rate Loans a SOFR Loan. Each LIBO RateSOFR Loan Notice shall specify (i) the requested date of the  Borrowing or continuation, as the case may be (which shall be a Business Day), (ii) the principal amount of  LIBO RateSOFR Loans to be borrowed or continued (which shall be in a principal amount of $1,000,000 or  a whole multiple of $250,000 in excess thereof), and (iii) the duration of the Interest Period with respect  thereto. If the Lead Borrower fails to specify an Interest Period, it will be deemed to have specified an  Interest Period of one (1) month. On the requested date of any LIBO RateSOFR Loan (other than any  continuation of an existing LIBO RateSOFR Loan), (i) in the event that Base Rate Loans are outstanding in  an amount equal to or greater than the requested LIBO RateSOFR Loan, all or a portion of such Base Rate  Loans shall be automatically converted to a LIBO RateSOFR Loan in the amount requested by the Lead  Borrower, and (ii) if Base Rate Loans are not outstanding in an amount at least equal to the requested LIBO  RateSOFR Loan, the Lead Borrower shall make an electronic request via the Portal for additional Base Rate  Loans in an such amount, when taken with the outstanding Base Rate Loans (which shall be converted  automatically at such time), as is necessary to satisfy the requested LIBO RateSOFR Loan. If the Lead  Borrower fails to make such additional request via the Portal as required pursuant to clause (ii) of the  foregoing sentence, then the Borrowers shall be responsible for all amounts due pursuant to Section 3.05  hereof arising on account of such failure. If the Lead Borrower fails to give a timely notice with respect to  any continuation of a LIBO RateSOFR Loan, then the applicable Loans shall be converted to Base Rate  Loans, effective as of the last day of the Interest Period then in effect with respect to the applicable LIBO  RateSOFR Loans. All requests for a Borrowing which are not made by electronic request of the Lead  Borrower through the Portal shall be subject to (and unless the Agent elects otherwise in the exercise of its  sole discretion, such Borrowing shall not be made until the completion of) the then standard authentication  process used by the Agent for such purposes (with results satisfactory to the Agent) prior to the funding of  any such requested Loan.    (c) The Agent shall promptly notify each Lender of the amount of its Applicable ABL  Percentage of the applicable ABL Loans, or its Applicable FILO Percentage of the applicable FILO Loans  and if no timely notice of a conversion or continuation is provided by the Lead Borrower, the Agent shall  notify each Lender of the details of any automatic conversion to Base Rate Loans described in Section  2.02(b). In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Agent  in immediately available funds at the Agent Payment Account not later than 1:00 p.m. on the Business Day  specified in the applicable notice. Upon satisfaction of the applicable conditions set forth in Section 4.02  (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Agent shall as promptly as  practicable make all funds so received available to the Borrowers in like funds (and, in any event , shall use  commercially reasonable efforts to make all such funds available to the Borrowers) by no later than 4:00  p.m. on the day of receipt by the Agent either by (i) crediting the account of the Lead Borrower on the books  of Wells Fargo with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance  with instructions provided to (and reasonably acceptable to) the Agent by the Lead Borrower.  

 

-71-  6807015.9      (d) The Agent, without the request of the Lead Borrower, may advance any interest, fee,  service charge (including direct wire fees), Credit Party Expenses, or other payment to which any Credit  Party is entitled from the Loan Parties pursuant hereto or any other Loan Document and may charge the  same to the Loan Account notwithstanding that an Overadvance may result thereby. The Agent will  provide Lead Borrower with copies of invoices that Agent receives from third parties that constitute Credit  Party Expenses and will provide invoices or include Credit Party Expenses of Agent on the statements  provided by Agent to Lead Borrower hereunder consistent with the customary practice of Agent. All third  -party Credit Party Expenses shall be invoiced prior to payment. The Agent shall advise the Lead Borrower  of any such advance or charge promptly after the making thereof. Such action on the part of the Agent shall  not constitute a waiver of the Agent’s rights and the Borrowers’ obligations under Section 2.05(c). Any  amount which is added to the principal balance of the Loan Account as provided in this Section 2.02(d)  shall bear interest at the interest rate then and thereafter applicable to Base Rate Loans.    (e) Except as otherwise provided herein, a LIBO RateSOFR Loan may be continued or  converted only on the last day of an Interest Period for such LIBO RateSOFR Loan. During the existence  of an Event of Default, upon the request of the Required Lenders or Agent, no Loans may be requested as,  converted to or continued as LIBO RateSOFR Loans.    (f) The Agent shall promptly notify the Lead Borrower and the Lenders of the interest rate  applicable to any Interest Period for LIBO RateSOFR Loans upon determination of such interest rate. At  any time that Base Rate Loans are outstanding, the Agent shall notify the Lead Borrower and the Lenders of  any change in Wells Fargo’s prime rate used in determining the Base Rate promptly following the public  announcement of such change.    (g) After giving effect to all Borrowings, all conversions of Loans from one Type to the other,  and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods in  effect with respect to LIBO RateSOFR Loans.    (h) The Agent, the Lenders, the Swing Line Lender and the L/C Issuer shall have no obligation  to make any Loan or to provide any Letter of Credit if an Overadvance would result. The Agent may, in its  Permitted Discretion, make Permitted Overadvances without the consent of the Borrowers (but with notice  to Lead Borrower other than for customary charges, interest and fees charged to the Loan Account  consistent with then current practice), the Lenders, the Swing Line Lender and the L/C Issuer and, in each  case, the Borrowers and each Lender and L/C Issuer shall be bound thereby. Any Permitted Overadvance  may constitute a Swing Line Loan. A Permitted Overadvance is for the account of the Borrowers and shall  constitute a Base Rate Loan and an Obligation and shall be repaid by the Borrowers in accordance with the  provisions of Section 2.05(c). The making of any such Permitted Overadvance on any one occasion shall  not obligate the Agent or any Lender to make or permit any Permitted Overadvance on any other occasion  or to permit such Permitted Overadvances to remain outstanding. The making by the Agent of a Permitted  Overadvance shall not modify or abrogate any of the provisions of Section 2.03 regarding the ABL  Lenders’ obligations to purchase participations with respect to Letter of Credits or of Section 2.04 regarding  the ABL Lenders’ obligations to purchase participations with respect to Swing Line Loans. The Agent  shall have no liability for, and no Loan Party or Credit Party shall have the right to, or shall, bring any claim  of any kind whatsoever against the Agent with respect to Unintentional Overadvances regardless of the  amount of any such Overadvance(s).    Section 2.03 Letters of Credit.    (a) Subject to the terms and conditions of this Agreement, upon the request of the Lead  Borrower made in accordance herewith, and prior to the Maturity Date, the L/C Issuer agrees to issue a  requested Letter of Credit for the account of the Loan Parties. By submitting a request to the L/C Issuer for  

 

-72-  6807015.9      the issuance of a Letter of Credit, the Borrowers shall be deemed to have requested that the L/C Issuer issue  the requested Letter of Credit. Each request for the issuance of a Letter of Credit, or the amendment,  renewal, or extension of any outstanding Letter of Credit, shall be (i) irrevocable, (ii) made in writing  pursuant to a Letter of Credit Application by a Responsible Officer and delivered to the L/C Issuer and the  Agent via telefacsimile or other electronic method of transmission reasonably acceptable to the L/C Issuer  not later than 11:00 a.m. at least two (2) Business Days (or such other date and time as the Agent and the  L/C Issuer may agree in a particular instance in their sole discretion) prior to the requested date of issuance,  amendment, renewal, or extension and (iii) subject to L/C Issuer’s authentication procedures with results  satisfactory to L/C Issuer. Each such request shall be in form and substance reasonably satisfactory to the  L/C Issuer and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance,  amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter  of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information  (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension,  identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to  prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied by such Issuer  Documents as the Agent or the L/C Issuer may request or require, to the extent that such requests or  requirements are consistent with the Issuer Documents that the L/C Issuer generally requests for Letters of  Credit in similar circumstances. The Agent’s records of the content of any such request will be conclusive.    (b) The L/C Issuer shall have no obligation to issue a Letter of Credit if, after giving effect to  the requested issuance, (i) the Total Outstandings would exceed the Loan Cap, (ii) the Total ABL  Outstandings would exceed the ABL Loan Cap, (iii) the aggregate Outstanding Amount of the ABL Loans  of any ABL Lender, plus such ABL Lender’s Applicable ABL Percentage of the Outstanding Amount of all  L/C Obligations, plus such ABL Lender’s Applicable ABL Percentage of the Outstanding Amount of all  Swing Line Loans would exceed such ABL Lender’s ABL Commitment, or (iv) the Outstanding Amount of  the L/C Obligations would exceed the Letter of Credit Sublimit.    (c) In the event there is a Defaulting Lender as of the date of any request for the issuance of a  Letter of Credit, the L/C Issuer shall not be required to issue or arrange for such Letter of Credit to the  extent (i) the Defaulting Lender’s participation with respect to such Letter of Credit may not be reallocated  pursuant to Section 9.16(b), or (ii) the L/C Issuer has not otherwise entered into arrangements reasonably  satisfactory to it and the Borrowers to eliminate the L/C Issuer’s risk with respect to the participation in  such Letter of Credit of the Defaulting Lender, which arrangements may include the Borrowers cash  collateralizing such Defaulting Lender’s participation with respect to such Letter of Credit in accordance  with Section 9.16(b). Additionally, the L/C Issuer shall have no obligation to issue and/or extend a Letter of  Credit if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms,  purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the  L/C Issuer or any request or directive (whether or not having the force of Law) from any Governmental  Authority with jurisdiction over the L/C Issuer shall prohibit or request that the L/C Issuer refrain from the  issuance of letters of credit generally or such Letter of Credit in particular, or (B) the issuance of such Letter  of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally, or (C)  if the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date,  unless either such Letter of Credit is Cash Collateralized on or prior to the date of issuance of such Letter of  Credit (or such later date as to which the Agent may agree) or all the ABL Lenders have approved such  expiry date.    (d) Any L/C Issuer (other than Wells Fargo or any of its Affiliates) shall notify Agent in  writing no later than the Business Day prior to the Business Day on which such L/C Issuer issues any Letter  of Credit. In addition, each L/C Issuer (other than Wells Fargo or any of its Affiliates) shall, on the first  Business Day of each week, submit to Agent a report detailing the daily undrawn amount of each Letter of  Credit issued by such L/C Issuer during the prior calendar week. Borrowers and the Credit Parties hereby  

 

-73-  6807015.9      acknowledge and agree that the Existing Letter of Credit shall constitute a Letter of Credit under this  Agreement on and after the Closing Date with the same effect as if such Existing Letter of Credit were  issued by an L/C Issuer at the request of the Borrowers on the Closing Date, provided, that, the L/C Issuer  with respect to such Existing Letter of Credit shall have no obligation to issue any other Letters of Credit or  to extend, renew, amend or increase any such Existing Letter of Credit (except the L/C Issuer may increase  the amount thereof up to $500,000). Each Letter of Credit shall be in form and substance reasonably  acceptable to the L/C Issuer, including the requirement that the amounts payable thereunder must be  payable in Dollars; provided, that, if the L/C Issuer, in its discretion, issues a Letter of Credit denominated  in a currency other than Dollars, all reimbursements by the Borrowers of the honoring of any drawing under  such Letter of Credit shall be paid in Dollars based on the Spot Rate. If the L/C Issuer makes a payment  under a Letter of Credit, Agent shall notify the Lead Borrower promptly after its receipt of notice from the  L/C Issuer of such payment, and the Borrowers shall pay to Agent an amount equal to the applicable Letter  of Credit Disbursement no later than one (1) Business Day following receipt of such notice and, in the  absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically  shall be deemed to be an ABL Loan hereunder (notwithstanding any failure to satisfy any condition  precedent set forth in Section 4.02 hereof) and, initially, shall bear interest at the rate then applicable to  ABL Loans that are Base Rate Loans. If a Letter of Credit Disbursement is deemed to be an ABL Loan  hereunder, the Borrowers’ obligation to pay the amount of such Letter of Credit Disbursement to the L/C  Issuer shall be automatically converted into an obligation to pay the resulting ABL Loan. Promptly  following receipt by the Agent of any payment from the Borrowers pursuant to this paragraph, the Agent  shall distribute such payment to the L/C Issuer or, to the extent that the ABL Lenders have made payments  pursuant to Section 2.03(e) to reimburse the L/C Issuer, then to such ABL Lenders and the L/C Issuer as  their interests may appear.    (e) Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to  Section 2.03(d), each ABL Lender agrees to fund its Applicable ABL Percentage of any ABL Loan deemed  made pursuant to Section 2.03(d) on the same terms and conditions as if the Borrowers had requested the  amount thereof as an ABL Loan and the Agent shall promptly pay to the L/C Issuer the amounts so received  by it from the ABL Lenders. By the issuance of a Letter of Credit (or an amendment, renewal, or extension  of a Letter of Credit) and without any further action on the part of the L/C Issuer or the ABL Lenders, the  L/C Issuer shall be deemed to have granted to each ABL Lender, and each ABL Lender shall be deemed to  have purchased, a participation in each Letter of Credit issued by the L/C Issuer, in an amount equal to its  Applicable ABL Percentage of such Letter of Credit, and each such ABL Lender agrees to pay to the Agent,  for the account of the L/C Issuer, such ABL Lender’s Applicable ABL Percentage of any Letter of Credit  Disbursement made by the L/C Issuer under the applicable Letter of Credit. In consideration and in  furtherance of the foregoing, each ABL Lender hereby absolutely and unconditionally agrees to pay to the  Agent, for the account of the L/C Issuer, such ABL Lender’s Applicable ABL Percentage of each Letter of  Credit Disbursement made by the L/C Issuer and not reimbursed by Borrowers on the date due as provided  in Section 2.03(d), or of any reimbursement payment that is required to be refunded (or that the Agent or the  L/C Issuer elects, based upon the advice of counsel, to refund) to the Borrowers for any reason. Each ABL  Lender acknowledges and agrees that its obligation to deliver to the Agent, for the account of the L/C  Issuer, an amount equal to its respective Applicable ABL Percentage of each Letter of Credit Disbursement  pursuant to this Section 2.03(e) shall be absolute and unconditional and such remittance shall be made  notwithstanding the occurrence or continuation of a Default or Event of Default or the failure to satisfy any  condition set forth in Section 4.02 hereof. If any such ABL Lender fails to make available to the Agent the  amount of such ABL Lender’s Applicable ABL Percentage of a Letter of Credit Disbursement as provided  in this Section, such ABL Lender shall be deemed to be a Defaulting Lender and the Agent (for the account  of the L/C Issuer) shall be entitled to recover such amount on demand from such ABL Lender together with  interest thereon at the Defaulting Lender Rate until paid in full.  

 

-74-  6807015.9      (f) Each Borrower agrees to indemnify, defend and hold harmless each Credit Party (including  the L/C Issuer and its branches, Affiliates, and correspondents) and each such Person’s respective directors,  officers, employees, attorneys and agents (each, including the L/C Issuer, a “Letter of Credit Related  Person”) (to the fullest extent permitted by Law) from and against any and all claims, demands, suits,  actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable and  documented out-of-pocket fees and disbursements of attorneys, experts, or consultants and all other costs  and expenses actually incurred in connection therewith or in connection with the enforcement of this  indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be  incurred by or awarded against any such Letter of Credit Related Person (other than Taxes, which shall be  governed by Section 3.01) (the “Letter of Credit Indemnified Costs”), and which arise out of or in  connection with, or as a result of:    (i) any Letter of Credit or any pre-advice of its issuance;    (ii) any transfer, sale, delivery, surrender or endorsement (or lack thereof) of any Drawing  Document at any time(s) held by any such Letter of Credit Related Person in connection with any Letter of  Credit;    (iii) any action or proceeding arising out of, or in connection with, any Letter of Credit  (whether administrative, judicial or in connection with arbitration), including any action or proceeding to  compel or restrain any presentation or payment under any Letter of Credit, or for the wrongful dishonor of,  or honoring a presentation under, any Letter of Credit;    (iv) any independent undertakings issued by the beneficiary of any Letter of Credit;    (v) any unauthorized instruction or request made to the L/C Issuer in connection with any  Letter of Credit or requested Letter of Credit, or any error, omission, interruption or delay in such  instruction or request, whether transmitted by mail, courier, electronic transmission, SWIFT, or any other  telecommunication including communications through a correspondent;    (vi) an adviser, confirmer or other nominated person seeking to be reimbursed,  indemnified or compensated;    (vii) any third party seeking to enforce the rights of an applicant, beneficiary, nominated  person, transferee, assignee of Letter of Credit proceeds or holder of an instrument or document;    (viii) the fraud, forgery or illegal action of parties other than the Letter of Credit Related  Person;    (ix) any prohibition on payment or delay in payment of any amount payable by L/C Issuer  to a beneficiary or transferee beneficiary of a Letter of Credit arising out of Anti-Corruption Laws,  Anti-Money Laundering Laws, or Sanctions;    (x) the L/C Issuer’s performance of the obligations of a confirming institution or entity  that wrongfully dishonors a confirmation;    (xi) any foreign language translation provided to L/C Issuer in connection with any Letter  of Credit;  

 

-75-  6807015.9      (xii) any foreign law or usage as it relates to L/C Issuer’s issuance of a Letter of Credit in  support of a foreign guaranty including without limitation the expiration of such guaranty after the related  Letter of Credit expiration date and any resulting drawing paid by L/C Issuer in connection therewith; or    (xiii) the acts or omissions, whether rightful or wrongful, of any present or future de jure  or de facto governmental or regulatory authority or cause or event beyond the control of the Letter of Credit  Related Person;    provided, that, such indemnity shall not be available to any Letter of Credit Related Person claiming  indemnification under clauses (i) through (x) above to the extent that such Letter of Credit Indemnified  Costs may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to  have resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related  Person claiming indemnity. The Borrowers hereby agree to pay the Letter of Credit Related Person  claiming indemnity on demand from time to time all amounts owing under this Section 2.03(f). If and to the  extent that the obligations of the Borrowers under this Section 2.03(f) are unenforceable for any reason, the  Borrowers agree to make the maximum contribution to the Letter of Credit Indemnified Costs permissible  under applicable Law. This indemnification provision shall survive termination of this Agreement and all  Letters of Credit.    (g) The liability of the L/C Issuer (or any other Letter of Credit Related Person) under, in  connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal  grounds of the action or proceeding, shall be limited to direct damages suffered by the Borrowers that are  caused directly by the L/C Issuer’s gross negligence or willful misconduct in (i) honoring a presentation  under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions  of such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies  with the terms and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under  a Letter of Credit. The L/C Issuer shall be deemed to have acted with due diligence and reasonable care if  the L/C Issuer’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this  Agreement. The Borrowers’ aggregate remedies against the L/C Issuer and any Letter of Credit Related  Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored  Drawing Documents shall in no event exceed the aggregate amount paid by the Borrowers to the L/C Issuer  in respect of the honored presentation in connection with such Letter of Credit under Section 2.03(d), plus  interest at the rate then applicable to Base Rate Loans hereunder. The Borrowers shall take action to avoid  and mitigate the amount of any damages claimed against the L/C Issuer or any other Letter of Credit  Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit. Any  claim by the Borrowers under or in connection with any Letter of Credit shall be reduced by an amount  equal to the sum of (x) the amount (if any) saved by the Borrowers as a result of the breach or alleged  wrongful conduct complained of; and (y) the amount (if any) of the loss that would have been avoided had  the Borrowers taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor,  by specifically and timely authorizing the L/C Issuer to effect a cure.    (h) Borrowers are responsible for the final text of the Letter of Credit as issued by L/C Issuer,  irrespective of any assistance L/C Issuer may provide such as drafting or recommending text or by L/C  Issuer’s use or refusal to use text submitted by Borrowers. Borrowers understand that the final form of any  Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by  L/C Issuer, and Borrowers hereby consent to such revisions and changes not materially different from the  application executed in connection therewith. Borrowers are solely responsible for the suitability of the  Letter of Credit for Borrowers’ purposes. If Borrowers request L/C Issuer to issue a Letter of Credit for an  affiliated or unaffiliated third party (an “Account Party”), (i) such Account Party shall have no rights  against L/C Issuer; (ii) Borrowers shall be responsible for the application and obligations under this  Agreement; and (iii) communications (including notices) related to the respective Letter of Credit shall be  

 

-76-  6807015.9      among L/C Issuer and Borrowers. Borrowers will examine the copy of the Letter of Credit and any other  documents sent by L/C Issuer in connection therewith and shall promptly notify L/C Issuer (not later than  three (3) Business Days following Borrowers’ receipt of documents from L/C Issuer) of any  non-compliance with Borrowers’ instructions and of any discrepancy in any document under any  presentment or other irregularity. Borrowers understand and agree that L/C Issuer is not required to extend  the expiration date of any Letter of Credit for any reason. With respect to any Letter of Credit containing an  “automatic amendment” to extend the expiration date of such Letter of Credit, L/C Issuer, in its sole and  absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if Borrowers do not at any  time want the then current expiration date of such Letter of Credit to be extended, Borrowers will so notify  Agent and L/C Issuer at least thirty (30) calendar days before L/C Issuer is required to notify the beneficiary  of such Letter of Credit or any advising bank of such non-extension pursuant to the terms of such Letter of  Credit.    (i) The Borrowers’ reimbursement and payment obligations under this Section 2.03 are  absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this  Agreement under any and all circumstances whatsoever, including:    (i) any lack of validity, enforceability or legal effect of any Letter of Credit, any Issuer  Document, this Agreement or any Loan Document or any term or provision therein or herein;    (ii) payment against presentation of any draft, demand or claim for payment under any  Drawing Document that does not comply in whole or in part with the terms of the applicable Letter of  Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being  untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of  such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;    (iii) the L/C Issuer or any of its branches or Affiliates being the beneficiary of any Letter of  Credit;    (iv) the L/C Issuer or any correspondent honoring a drawing against a Drawing Document  up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in  excess of the amount available under the Letter of Credit;    (v) the existence of any claim, set-off, defense or other right that any Loan Party or any of  its Subsidiaries may have at any time against any beneficiary or transferee beneficiary, any assignee of  proceeds, the L/C Issuer or any other Person;    (vi) L/C Issuer or any correspondent honoring a drawing upon receipt of an electronic  presentation under a Letter of Credit requiring the same, regardless of whether the original Drawing  Documents arrive at L/C Issuer’s counters or are different from the electronic presentation;    (vii) any other event, circumstance or conduct whatsoever, whether or not similar to any of  the foregoing that might, but for this Section 2.03(i), constitute a legal or equitable defense to or discharge  of, or provide a right of set-off against, any Borrower’s or any of its Subsidiaries’ reimbursement and other  payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether  against the L/C Issuer, the beneficiary or any other Person; or    (viii) the fact that any Default or Event of Default shall have occurred and be continuing;    provided, that, subject to Section 2.03(g) above, the foregoing shall not release the L/C Issuer from such  liability to the Borrowers as may be finally determined in a final, non-appealable judgment of a court of  

 

-77-  6807015.9      competent jurisdiction against the L/C Issuer following reimbursement or payment of the obligations and  liabilities, including reimbursement and other payment obligations, of the Borrowers to the L/C Issuer  arising under, or in connection with, this Section 2.03 or any Letter of Credit.    (j) Without limiting any other provision of this Agreement, the L/C Issuer and each other  Letter of Credit Related Person (if applicable) shall not be responsible to the Borrowers for, and the L/C  Issuer’s rights and remedies against the Borrowers and the obligation of the Borrowers to reimburse the L/C  Issuer for each drawing under each Letter of Credit shall not be impaired by:    (i) honor of a presentation under any Letter of Credit that on its face substantially  complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict  compliance by the beneficiary;    (ii) honor of a presentation of any Drawing Document that appears on its face to have  been signed, presented or issued (A) by any purported successor or transferee of any beneficiary or other  Person required to sign, present or issue such Drawing Document or (B) under a new name of the  beneficiary;    (iii) acceptance as a draft of any written or electronic demand or request for payment under  a Letter of Credit, even if nonnegotiable or not in the form of a draft or notwithstanding any requirement  that such draft, demand or request bear any or adequate reference to the Letter of Credit;    (iv) the identity or authority of any presenter or signer of any Drawing Document or the  form, accuracy, genuineness or legal effect of any Drawing Document (other than the L/C Issuer’s  determination that such Drawing Document appears on its face substantially to comply with the terms and  conditions of the Letter of Credit);    (v) acting upon any instruction or request relative to a Letter of Credit or requested Letter  of Credit that the L/C Issuer in good faith believes to have been given by a Person authorized to give such  instruction or request;    (vi) any errors, omissions, interruptions or delays in transmission or delivery of any  message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of  technical terms or in translation or any delay in giving or failing to give notice to any Borrower;    (vii) any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated  person or entity or any other Person or any breach of contract between any beneficiary and any Borrower or  any of the parties to the underlying transaction to which the Letter of Credit relates;    (viii) assertion or waiver of any provision of the ISP or UCP that primarily benefits an  issuer of a letter of credit, including any requirement that any Drawing Document be presented to it at a  particular hour or place;    (ix) payment to any presenting bank (designated or permitted by the terms of the  applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity  under Standard Letter of Credit Practice applicable to it;    (x) acting or failing to act as required or permitted under Standard Letter of Credit  Practice applicable to where the L/C Issuer has issued, confirmed, advised or negotiated such Letter of  Credit, as the case may be;  

 

-78-  6807015.9      (xi) honor of a presentation after the expiration date of any Letter of Credit  notwithstanding that a presentation was made prior to such expiration date and dishonored by the L/C Issuer  if subsequently the L/C Issuer or any court or other finder of fact determines such presentation should have  been honored;    (xii) dishonor of any presentation that does not strictly comply or that is fraudulent, forged  or otherwise not entitled to honor; or    (xiii) honor of a presentation that is subsequently determined by the L/C Issuer to have  been made in violation of international, federal, state or local restrictions on the transaction of business with  certain prohibited Persons.    (k) Upon the request of the Agent, (i) if the L/C Issuer has honored any full or partial drawing  request under any Letter of Credit and such drawing has resulted in an L/C Obligation that remains  outstanding, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains  outstanding, the Borrowers shall, in each case, within one (1) Business Day after such request Cash  Collateralize the then Outstanding Amount of all L/C Obligations. Section 2.05 and Section 8.02(c) set  forth certain additional requirements to deliver Cash Collateral hereunder. For purposes of this Section  2.03, Section 2.05 and Section 8.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to  the Agent, for the benefit of the L/C Issuer and the ABL Lenders, as collateral for the L/C Obligations, cash  or deposit account balances in an amount equal to one hundred three percent (103%) of the Outstanding  Amount of all L/C Obligations (other than L/C Obligations with respect to Letters of Credit denominated in  a currency other than Dollars, which L/C Obligations shall be Cash Collateralized in an amount equal to one  hundred fifteen percent (115%) of the Outstanding Amount of such L/C Obligations), pursuant to  documentation in form and substance satisfactory to the Agent and the L/C Issuer (which documents are  hereby consented to by the ABL Lenders). The Borrowers hereby grant to the Agent a security interest in  all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral  shall be maintained in blocked, non-interest bearing deposit accounts at Wells Fargo. If at any time the  Agent determines that any funds held as Cash Collateral are subject to any right or claim of any Person  other than the Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of  all L/C Obligations, the Borrowers will, forthwith upon demand by the Agent, pay to the Agent, as  additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate  Outstanding Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the Agent  reasonably determines to be free and clear of any such right and claim. Upon the drawing of any Letter of  Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted  under applicable Laws, to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be  applied to satisfy other Obligations.    (l) The Borrowers shall pay to the Agent for the account of each ABL Lender in accordance  with its Applicable ABL Percentage a Letter of Credit Fee (the “Letter of Credit Fee”) for each Letter of  Credit equal to the Applicable Margin for LIBO RateSOFR Loans (then in effect) times the daily Stated  Amount under each such Letter of Credit (whether or not such maximum amount is then in effect under  such Letter of Credit). For purposes of computing the daily amount available to be drawn under any Letter  of Credit, the amount of the Letter of Credit shall be determined in accordance with Section 1.06. Letter of  Credit Fees shall be (i) due and payable on the first day after the end of each calendar quarter commencing  with the first such date to occur after the issuance of such Letter of Credit, and after the Letter of Credit  Expiration Date, on demand, and (ii) computed on a quarterly basis in arrears. Notwithstanding anything to  the contrary contained herein, while any Event of Default exists, all Letter of Credit Fees shall accrue at the  Default Rate as provided in Section 2.08(b) hereof.  

 

-79-  6807015.9      (m) In addition to the Letter of Credit Fees as set forth in Section 2.03(l) above, the Borrowers  shall pay upon demand to the Agent for the account of the L/C Issuer as non-refundable fees, commissions,  and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to  the Loan Account pursuant to the provisions of Section 2.02(d) shall be deemed to constitute a demand for  payment thereof for the purposes of this Section 2.03(m)): (i) a fronting fee which shall be imposed by the  L/C Issuer upon the issuance of each Letter of Credit of one-eighth percent (0.125%) per annum of the face  amount thereof (provided, that, such fronting fee shall not be payable in respect of the Existing Letter of  Credit), plus (ii) any and all other customary commissions, fees and charges then in effect imposed by, and  any and all expenses incurred by, the L/C Issuer, or by any adviser, confirming institution or entity or other  nominated person, relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the  occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments of  proceeds, amendments, drawings, renewals or cancellations).    (n) Each standby Letter of Credit shall expire not later than the date that is twelve (12) months  after the date of the issuance of such Letter of Credit; provided, that any standby Letter of Credit may  provide for the automatic extension thereof for any number of additional periods each of up to one (1) year  in duration; provided further, that with respect to any Letter of Credit which extends beyond the Maturity  Date, such Letter of Credit shall be Cash Collateralized on or before the date that is five (5) Business Days  prior to the Maturity Date. Each commercial Letter of Credit shall expire on the earlier of (i) one hundred  twenty (120) days after the date of the issuance of such commercial Letter of Credit and (ii) five (5)  Business Days prior to the Maturity Date.    (o) Unless otherwise expressly agreed by the L/C Issuer and the Borrowers when a Letter of  Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the  ISP and the UCP shall apply to each Standby Letter of Credit, and (ii) the rules of the UCP shall apply to  each Commercial Letter of Credit.    (p) L/C Issuer shall be deemed to have acted with due diligence and reasonable care if L/C  Issuer’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this  Agreement    (q) The L/C Issuer shall act on behalf of the ABL Lenders with respect to any Letters of Credit  issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and  immunities (A) provided to the Agent in Article IX with respect to any acts taken or omissions suffered by  the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer  Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article IX included  the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to  the L/C Issuer.    (r) In the event of a direct conflict between the provisions of this Section 2.03 and any  provision contained in any Issuer Document, it is the intention of the parties hereto that such provisions be  read together and construed, to the fullest extent possible, to be in concert with each other. In the event of  any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this  Section 2.03 shall control and govern.    (s) The provisions of this Section 2.03 shall survive the termination of this Agreement and the  repayment in full of the Obligations with respect to any Letters of Credit that remain outstanding.    (t) At Borrowers’ costs and expense, Borrowers shall execute and deliver to L/C Issuer such  additional certificates, instruments and/or documents and take such additional action as may be reasonably  requested by L/C Issuer to enable L/C Issuer to issue any Letter of Credit pursuant to this Agreement and  

 

-80-  6807015.9      related Issuer Document, to protect, exercise and/or enforce L/C Issuers’ rights and interests under this  Agreement or to give effect to the terms and provisions of this Agreement or any Issuer Document. Each  Borrower irrevocably appoints L/C Issuer as its attorney-in-fact and authorizes L/C Issuer, without notice to  Borrowers, to execute and deliver ancillary documents and letters customary in the letter of credit business  that may include but are not limited to advisements, indemnities, checks, bills of exchange and issuance  documents. The power of attorney granted by the Borrowers is limited solely to such actions related to the  issuance, confirmation or amendment of any Letter of Credit and to ancillary documents or letters  customary in the letter of credit business. This appointment is coupled with an interest.    Section 2.04 Swing Line Loans.    (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line  Lender may, in reliance upon the agreements of the other ABL Lenders set forth in this Section 2.04, make  loans (each such loan, a “Swing Line Loan”) to the Borrowers from time to time on any Business Day  during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of  the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the  Applicable ABL Percentage of the Outstanding Amount of ABL Loans and L/C Obligations of the ABL  Lender acting as Swing Line Lender, may exceed the amount of such ABL Lender’s ABL Commitment;  provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not  exceed the Loan Cap, (ii) the Total ABL Outstandings shall not exceed the ABL Loan Cap, and (iii) the  aggregate Outstanding Amount of the ABL Loans of any ABL Lender at such time, plus such ABL  Lender’s Applicable ABL Percentage of the Outstanding Amount of all L/C Obligations at such time, plus  such ABL Lender’s Applicable ABL Percentage of the Outstanding Amount of all Swing Line Loans at  such time shall not exceed such ABL Lender’s ABL Commitment, and provided, further, that the  Borrowers shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line  Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may  borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each  Swing Line Loan shall bear interest only at the rate applicable to Base Rate Loans. Immediately upon the  making of a Swing Line Loan, each ABL Lender shall be deemed to, and hereby irrevocably and  unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line  Loan in an amount equal to the product of such ABL Lender’s Applicable ABL Percentage times the  amount of such Swing Line Loan. The Swing Line Lender shall have all of the benefits and immunities (A)  provided to the Agent in Article IX with respect to any acts taken or omissions suffered by the Swing Line  Lender in connection with Swing Line Loans made by it or proposed to be made by it as if the term “Agent”  as used in Article IX included the Swing Line Lender with respect to such acts or omissions, and (B) as  additionally provided herein with respect to the Swing Line Lender.    (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Lead  Borrower’s irrevocable notice to the Swing Line Lender and the Agent, which may be given by telephone.  Each such notice must be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the  requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of  $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic  notice must be confirmed promptly by delivery to the Swing Line Lender and the Agent of a written Swing  Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Lead Borrower.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line  Lender will confirm with the Agent (by telephone or in writing) that the Agent has also received such Swing  Line Loan Notice and, if not, the Swing Line Lender will notify the Agent (by telephone or in writing) of  the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from  the Agent at the request of the Required ABL Lenders prior to 2:00 p.m. on the date of the proposed Swing  Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the  limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the  

 

-81-  6807015.9      applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions  hereof, the Swing Line Lender may, not later than 3:00 p.m. on the borrowing date specified in such Swing  Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers at its office by  crediting the account of the Lead Borrower on the books of the Swing Line Lender in immediately available  funds.    (c) Refinancing of Swing Line Loans.    (i) The Swing Line Lender at any time in its sole and absolute discretion may request, on  behalf of the Borrowers (which hereby irrevocably authorize the Swing Line Lender to so request on their  behalf), that each ABL Lender make a Base Rate Loan in an amount equal to such ABL Lender’s  Applicable ABL Percentage of the amount of Swing Line Loans then outstanding and in any event Swing  Line Loans shall be included in the settlement among ABL Lenders as provided in Section 2.14. Such  request shall be made in accordance with the requirements of Section 2.02, without regard to the minimum  and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized  portion of the Loan Cap and the conditions set forth in Section 4.02. Each ABL Lender shall make an  amount equal to its Applicable ABL Percentage of the amount of such outstanding Swing Line Loan  available to the Agent in immediately available funds for the account of the Swing Line Lender at the Agent  Payment Account not later than 1:00 p.m. on the day specified by the Swing Line Lender, whereupon,  subject to Section 2.04(c)(ii), each ABL Lender that so makes funds available shall be deemed to have  made a Base Rate Loan to the Borrowers in such amount. The Agent shall remit the funds so received to the  Swing Line Lender.    (ii) If for any reason any Swing Line Loan cannot be refinanced by such an ABL  Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing  Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the  ABL Lenders fund its risk participation in the relevant Swing Line Loan and each ABL Lender’s payment  to the Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed  payment in respect of such participation.    (iii) If any ABL Lender fails to make available to the Agent for the account of the Swing  Line Lender any amount required to be paid by such ABL Lender pursuant to the foregoing provisions of  this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to  recover from such ABL Lender (acting through the Agent), on demand, such amount with interest thereon  for the period from the date such payment is required to the date on which such payment is immediately  available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a  rate determined by the Swing Line Lender in accordance with banking industry rules on interbank  compensation plus any administrative, processing or similar fees customarily charged by the Swing Line  Lender in connection with the foregoing. If such ABL Lender pays such amount (with interest and fees as  aforesaid), the amount so paid shall constitute such ABL Lender’s ABL Loan included in the relevant ABL  Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the  Swing Line Lender submitted to any ABL Lender (through the Agent) with respect to any amounts owing  under this clause (iii) shall be conclusive absent manifest error.    (iv) Each ABL Lender’s obligation to make ABL Loans or to purchase and fund risk  participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and  shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or  other right which such ABL Lender may have against the Swing Line Lender, the Borrowers or any other  Person for any reason whatsoever, (B) the occurrence or continuance of a Default or an Event of Default, or  (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,  however, that each ABL Lender’s obligation to make ABL Loans pursuant to this Section 2.04(c) is subject  

 

-82-  6807015.9      to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise  impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided  herein.    (d) Repayment of Participations.    (i) At any time after any ABL Lender has purchased and funded a risk participation in a  Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the  Swing Line Lender will distribute to such ABL Lender its Applicable ABL Percentage of such payment  (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such  ABL Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender.    (ii) If any payment received by the Swing Line Lender in respect of principal or interest  on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the  circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing  Line Lender in its discretion), each ABL Lender shall pay to the Swing Line Lender its Applicable ABL  Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date  such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Agent will make such  demand upon the request of the Swing Line Lender. The obligations of the ABL Lenders under this clause  shall survive the payment in full of the Obligations and the termination of this Agreement.    (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible  for invoicing the Borrowers for interest on the Swing Line Loans. Until each ABL Lender funds its Base  Rate Loan or risk participation pursuant to this Section 2.04 to refinance such ABL Lender’s Applicable  ABL Percentage of any Swing Line Loan, interest in respect of such Applicable ABL Percentage shall be  solely for the account of the Swing Line Lender.    (f) Payments Directly to Swing Line Lender. The Borrowers shall make all payments of  principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.    Section 2.05 Prepayments.    (a) The Borrowers may, upon irrevocable (except in connection with a termination of  Commitments as set forth in Section 2.06 below or as otherwise provided below) notice from the Lead  Borrower to the Agent, at any time or from time to time voluntarily prepay ABL Loans in whole or in part  without premium or penalty; provided, that, (i) such notice must be received by the Agent not later than  11:00 a.m. (A) three (3) Business Days prior to any date of prepayment of LIBO RateSOFR Loans and (B)  on the date of prepayment of Base Rate Loans; (ii) any prepayment of LIBO RateSOFR Loans shall be in a  principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; (iii) unless a Cash  Dominion Event has occurred and is continuing, any prepayment of Base Rate Loans shall be in a principal  amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire  principal amount thereof then outstanding, and (iv) such notice delivered by the Lead Borrower may state  that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar  agreements related to the incurrence of Indebtedness or the consummation of another transaction, in which  case such notice may be revoked by the Lead Borrower (by written notice to the Agent on or prior to the  specified effective date) if such condition is not satisfied. Each such notice shall specify the date and  amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBO RateSOFR Loans, the  Interest Period(s) of such Loans. The Agent will promptly notify each Lender of its receipt of each such  notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is  given by the Lead Borrower, the Borrowers shall make such prepayment and the payment amount specified  in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBO  

 

-83-  6807015.9      RateSOFR Loan shall be accompanied by all accrued interest on the amount prepaid, together with any  additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the ABL  Loans of the Lenders in accordance with their respective Applicable ABL Percentages.    (b) The Borrowers may, upon irrevocable (except in connection with a termination of  Commitments as set forth in Section 2.06 below) notice from the Lead Borrower to the Swing Line Lender  (with a copy to the Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole  or in part without premium or penalty; provided, that, (i) such notice must be received by the Swing Line  Lender and the Agent not later than 1:00 p.m. on the date of the prepayment, and (ii) any such prepayment  shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of  such prepayment. If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment  and the payment amount specified in such notice shall be due and payable on the date specified therein.    (c) (i) If for any reason the Total Outstandings at any time exceed the Loan Cap as then in  effect, the Borrowers shall immediately prepay ABL Loans, Swing Line Loans and/or Cash Collateralize  the L/C Obligations in an aggregate amount equal to such excess; provided, that, the Borrowers shall not be  required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(c) unless after the  prepayment in full of the ABL Loans the Total ABL Outstandings exceed the ABL Loan Cap as then in  effect. If after giving effect to the payments required in this Section 2.05(c) an excess remains, the  Borrowers shall prepay the FILO Loans in the amount of such excess. (ii) If for any reason the Total ABL  Outstandings at any time exceed the ABL Loan Cap as then in effect, the Borrowers shall immediately  prepay ABL Loans, Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate  amount equal to such excess; provided, that, the Borrowers shall not be required to Cash Collateralize the  L/C Obligations pursuant to this Section 2.05(c) unless after the prepayment in full of the ABL Loans the  Total ABL Outstandings exceed the ABL Loan Cap as then in effect.    (d) If a Cash Dominion Event has occurred and is continuing, all proceeds of Collateral of the  Loan Parties will be applied to prepay the Obligations and/or Cash Collateralize the L/C Obligations,  provided, that, the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to  this Section 2.05(d) unless an Event of Default exists and is continuing.    (e) If at any time the aggregate outstanding principal amount of the Loans is at least  $150,000,000 and the unrestricted cash and Cash Equivalents of the Loan Parties exceeds $75,000,000 (or  if Excess Availability is greater than twenty-five percent (25%) of the Loan Cap, if the unrestricted cash and  Cash Equivalents of Loans Parties exceeds $100,000,000), then the Borrowers shall immediately prepay  the principal amount of the Loans in the amount equal to such excess (up to the amount of such outstanding  Loans)[Reserved].    (f) Prepayments made pursuant to Section 2.05(c), and (d) and (e) above, first, shall be applied  to the Swing Line Loans, second, shall be applied ratably to the outstanding ABL Loans, third, shall be used  to Cash Collateralize the remaining L/C Obligations, fourth, shall be applied ratably to the Outstanding  Amount of the FILO Loans, and fifth, the amount remaining, if any, after the prepayment in full of all  Swing Line Loans and ABL Loans outstanding at such time and the Cash Collateralization of the remaining  L/C Obligations in full may be retained by the Borrowers for use in the ordinary course of its business.  Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash  Collateral shall be applied (without any further action by or notice to or from the Borrowers or any other  Loan Party) to reimburse the L/C Issuer or the ABL Lenders, as applicable.    (g) Prepayments made pursuant to this Section 2.05 shall not reduce the Aggregate  Commitments hereunder.  

 

-84-  6807015.9      (h) Except as provided in this Section 2.05(h), the FILO Loans may not be voluntarily prepaid  in whole or in part until all other Obligations have been paid in full in cash, all L/C Obligations have been  Cash Collateralized and the ABL Commitments have been terminated. Any voluntary prepayment of the  FILO Loans permitted by this Section 2.05(h) may be made by the Borrowers upon irrevocable notice to the  Agent; provided, that, (i) such notice must be received by the Agent not later than 11:00 a.m. (A) three (3)  Business Days prior to any date of prepayment of any FILO Loan that is a LIBO RateSOFR Loan and (B)  on the date of prepayment of any FILO Loan that is a Base Rate Loan; (ii) the Payment Conditions are  satisfied at the time of and immediately after giving pro forma effect to such prepayment; (iii) no ABL  Loans are outstanding at the time of such prepayment; (iv) any prepayment of any FILO Loan that is a  LIBO RateSOFR Loan shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in  excess thereof; (v) any prepayment of any FILO Loan that is a Base Rate Loan shall be in a principal  amount of $500,000 or a whole multiple of $100,000 in excess thereof; and (vi) such notice may be  conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the  Borrowers (by notice to the Agent on or prior to the specified effective date) if such condition is not  satisfied. Each such notice shall specify the date and amount of such prepayment, and the Borrowers shall  have delivered a certificate to the Agent duly executed by a Responsible Officer of the Lead Borrower and  attaching evidence (reasonably detailed and reasonably satisfactory to the Agent, including a reasonably  detailed calculation) of the satisfaction of the Payment Conditions. The Agent will promptly notify each  FILO Lender of its receipt of each such notice, and of the amount of such FILO Lender’s Applicable FILO  Percentage of such prepayment. The Borrowers shall make such prepayment and the payment amount  specified in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBO  RateSOFR Loan shall be accompanied by all accrued interest on the amount prepaid, the FILO Prepayment  Fee, and any additional amounts required pursuant to Section 3.05. Subject to Section 9.16, each such  prepayment shall be applied to FILO Loans owed to each FILO Lender in accordance with its respective  Applicable FILO Percentage.    Section 2.06 Termination or Reduction of Commitments    (a) The Borrowers may, upon irrevocable notice from the Lead Borrower to the Agent,  terminate the Aggregate ABL Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit or  from time to time permanently reduce the Aggregate ABL Commitments, the Letter of Credit Sublimit or  the Swing Line Sublimit; provided, that, (i) any such notice shall be received by the Agent not later than  11:00 a.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial  reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess  thereof, (iii) the Borrowers shall not terminate or reduce (A) the ABL Commitments if, after giving effect  thereto and to any concurrent prepayments hereunder, the Outstanding Amount of the ABL Loans would  exceed the ABL Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the  Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of  Credit Sublimit, and (C) the Swing Line Sublimit if, after giving effect thereto, and to any concurrent  payments hereunder, the Outstanding Amount of Swing Line Loans hereunder would exceed the Swing  Line Sublimit, and (iv) such notice delivered by the Lead Borrower may state that such notice is  conditioned upon the effectiveness of other credit facilities, indentures or similar agreements related to the  incurrence of Indebtedness or the consummation of another transaction, in which case such notice may be  revoked by the Lead Borrower (by written notice to the Agent on or prior to the specified effective date) if  such condition is not satisfied.    (b) If, after giving effect to any reduction of the Aggregate ABL Commitments, the Letter of  Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate ABL Commitments, such  Letter of Credit Sublimit or Swing Line Sublimit shall be automatically reduced by the amount of such  excess.  

 

-85-  6807015.9      (c) The Agent will promptly notify the Lenders of any termination or reduction of the Letter of  Credit Sublimit, Swing Line Sublimit or the Aggregate ABL Commitments under this Section 2.06. Upon  any reduction of the Aggregate ABL Commitments, the ABL Commitment of each ABL Lender shall be  reduced by such ABL Lender’s Applicable ABL Percentage of such reduction amount. All fees (including,  without limitation, commitment fees and Letter of Credit Fees) and interest in respect of the Commitments  accrued until the effective date of any termination of the Commitments shall be paid on the effective date of  such termination.    (d) In connection with any reduction in the Aggregate ABL Commitments prior to the  Maturity Date, if any Loan Party or any of its Subsidiaries owns any Margin Stock, Borrowers shall deliver  to the Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly  executed and delivered by the Borrowers, together with such other documentation as the Agent shall  reasonably request, in order to enable the Agent and the Lenders to comply with any of the requirements  under Regulations T, U or X of the FRB.    (e) Upon making the FILO Loans on the Amendment No. 1 Effective Date, the FILO  Commitments shall be reduced to zero.    Section 2.07 Repayment of Loans.    (a) The Borrower shall repay to the Lenders on the Termination Date the aggregate principal  amount of all Loans outstanding on such date (including, without limitation, the aggregate principal amount  of the FILO Loans).    (b) To the extent not previously paid, the Borrower shall repay the outstanding balance of the  Swing Line Loans on the Termination Date.    Section 2.08 Interest.    (a) Subject to the provisions of Section 2.08(b) below, (i) each LIBO RateSOFR Loan shall  bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal  to the Adjusted LIBO RateTerm SOFR for such Interest Period plus the Applicable Margin; (ii) each Base  Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing  date at a rate per annum equal to the Base Rate plus the Applicable Margin; and (iii) each Swing Line Loan  shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate  per annum equal to the Base Rate plus the Applicable Margin.    (b) (i) If any amount payable under any Loan Document is not paid when due (without regard  to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall  thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the  fullest extent permitted by applicable Laws.    (ii) If any other Event of Default exists, then the Agent may, and upon the request of the  Required Lenders shall, notify the Lead Borrower that all outstanding Obligations shall thereafter bear  interest at a fluctuating interest rate per annum at all times equal to the Default Rate and thereafter such  Obligations shall bear interest at the Default Rate to the fullest extent permitted by applicable Laws.    (iii) Accrued and unpaid interest on past due amounts (including interest on past due  interest) shall be due and payable upon demand.  

 

-86-  6807015.9      (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date  applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and  payable in accordance with the terms hereof before and after judgment, and before and after the  commencement of any proceeding under any Debtor Relief Law.    (d) In connection with the use or administration of Term SOFR, Agent will have the right to  make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any  other Loan Document, any amendments implementing such Conforming Changes will become effective  without any further action or consent of any other party to this Agreement or any other Loan Document.  Agent will promptly notify Lead Borrower and the Lenders of the effectiveness of any Conforming  Changes in connection with the use or administration of Term SOFR.    (e) (d) Effect of Benchmark Transition EventReplacement Setting.    (i) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any  other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election,  as applicable, Agent and Lead Borrower may amend this Agreement to replace the LIBO Ratethen-current  Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition  Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent has posted such  proposed amendment to all affected Lenders and Lead Borrower so long as Agent has not received, by such  time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any  such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders  comprising the Required Lenders have delivered to Agent written notice that such Required Lenders accept  such amendment. No replacement of the LIBO Ratea Benchmark with a Benchmark Replacement pursuant  to this Section 2.08(de) will occur prior to the applicable Benchmark Transition Start Date.    (ii) Benchmark Replacement Conforming Changes. In connection with the use,  administration, adoption or implementation of a Benchmark Replacement, Agent will have the right (in  consultation with Lead Borrower) to make Benchmark Replacement Conforming Changes from time to  time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments  implementing such Benchmark Replacement Conforming Changes will become effective without any  further action or consent of any other party to this Agreement or any other Loan Document.    (iii) Notices; Standards for Decisions and Determinations. Agent will promptly notify  Lead Borrower and the Lenders of (1A) any occurrence of a Benchmark Transition Event or an Early  Opt-in Election, as applicable, and its relatedthe implementation of any Benchmark Replacement Date and  Benchmark Transition Start Date, (2B) the effectiveness of any Conforming Changes in connection with  the use, administration, adoption or implementation of anya Benchmark Replacement,. Agent will  promptly notify Lead Borrower of (3x) the effectivenessremoval or reinstatement of any tenor of a  Benchmark Replacement Conforming Changespursuant to Section 2.08(e)(iv) and (4y) the commencement  or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may  be made by Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.08(de),  including any determination with respect to a tenor, rate or adjustment or of the occurrence or  non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action  or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole  discretion and without consent from any other party heretoto this Agreement or any other Loan Document,  except, in each case, as expressly required pursuant to this Section 2.08(de).    (iv) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary  herein or in any other Loan Document, at any time (including in connection with the implementation of a  Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR  

 

-87-  6807015.9      Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other  information service that publishes such rate from time to time as selected by Agent in its reasonable  discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public  statement or publication of information announcing that any tenor for such Benchmark is not or will not be  representative, then Agent may modify the definition of “Interest Period” (or any similar or analogous  definition) for any Benchmark settings at or after such time to remove such unavailable or  non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is  subsequently displayed on a screen or information service for a Benchmark (including a Benchmark  Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be  representative for a Benchmark (including a Benchmark Replacement), then Agent may modify the  definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after  such time to reinstate such previously removed tenor.    (v) (iv) Benchmark Unavailability Period. Upon Lead Borrower’s receipt of notice of the  commencement of a Benchmark Unavailability Period, (A) Lead Borrower may revoke any pending  request for a Borrowing of, conversion to or continuation of LIBO RateSOFR Loans to be made, converted  or continued during any Benchmark Unavailability Period and, failing that, Lead Borrower will be deemed  to have converted any such request into a request for a Borrowingborrowing of or conversion to Base Rate  Loans and (B) any outstanding affected SOFR Loans will be deemed to have been converted to Base Rate  Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any  time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate  based upon the LIBO Ratethen-current Benchmark or such tenor for such Benchmark, as applicable, will  not be used in any determination of the Base Rate.    Section 2.09 Fees. In addition to certain fees described in subsections (l) and (m) of Section  2.03:    (a) Commitment Fee. The Borrowers shall pay to the Agent for the account of each ABL  Lender in accordance with its Applicable ABL Percentage, a commitment fee calculated on a per annum  basis equal to the Applicable Commitment Fee Percentage times the actual daily amount by which the  Aggregate ABL Commitments exceed the Outstanding Amount of the ABL Loans. The commitment fee  shall accrue at all times during the Availability Period, including at any time during which one or more of  the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the first calendar  day after the end of each calendar quarter, commencing with the first such date to occur after the Closing  Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in  arrears.    (b) [Reserved].    Section 2.10 Computation of Interest and Fees. All computations of fees and interest shall be  made on the basis of a three hundred sixty (360) day year (or three hundred sixty-five (365) or three  hundred sixty-six (366) days, as the case may be, in the case of Base Rate Loans) and actual days elapsed.  Interest shall accrue on each outstanding Loan beginning, and including the day, such Loan is made and  until (but not including) the day on which such Loan (or such portion thereof) is paid, provided, that, any  Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for  one (1) day. Each determination by the Agent of an interest rate or fee hereunder shall be conclusive and  binding for all purposes, absent manifest error.  

 

-88-  6807015.9      Section 2.11 Evidence of Debt.    (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or  records maintained by the Agent (the “Loan Account”) in the ordinary course of business. In addition, each  Lender may record in such Lender’s internal records, an appropriate notation evidencing the date and  amount of each Loan from such Lender, each payment and prepayment of principal of any such Loan, and  each payment of interest, fees and other amounts due in connection with the Obligations due to such  Lender. The accounts or records maintained by the Agent and each Lender shall be conclusive absent  manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest  and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or  otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the  Obligations. In the event of any conflict between the accounts and records maintained by any Lender and  the accounts and records of the Agent in respect of such matters, the accounts and records of the Agent shall  control in the absence of manifest error. Upon the request of any Lender made through the Agent, the  Borrowers shall execute and deliver to such Lender (through the Agent) a Note, which shall evidence such  Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and  endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect  thereto. Upon receipt of an affidavit of a Lender as to the loss, theft, destruction or mutilation of such  Lender’s Note and upon cancellation of such Note, the Borrowers will issue, in lieu thereof, a replacement  Note in favor of such Lender, in the same principal amount thereof and otherwise of like tenor.    (b) In addition to the accounts and records referred to in Section 2.11(a), each Lender and the  Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and  sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any  conflict between the accounts and records maintained by the Agent and the accounts and records of any  Lender in respect of such matters, the accounts and records of the Agent shall control in the absence of  manifest error.    Section 2.12 Payments Generally; Agent’s Clawback.    (a) General. All payments to be made by the Borrowers shall be made without condition or  deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided  herein, all payments by the Borrowers hereunder shall be made to the Agent, for the account of the  respective Lenders to which such payment is owed, at the Agent Payment Account in Dollars and in  immediately available funds not later than 2:00 p.m. on the date specified herein. Subject to Section 2.14  hereof, the Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable  share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s  Lending Office. All payments received by the Agent after 2:00 p.m., at the option of the Agent, shall be  deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to  accrue until such succeeding Business Day. If any payment to be made by the Borrowers shall come due on  a day other than a Business Day, payment shall be made on the next following Business Day, and such  extension of time shall be reflected in computing interest or fees, as the case may be.    (b) (i) Funding by Lenders; Presumption by Agent. Unless the Agent shall have received  notice from a Lender prior to the proposed date of any Borrowing of LIBO RateSOFR Loans (or in the case  of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender  will not make available to the Agent such Lender’s share of such Borrowing, the Agent may assume that  such Lender has made such share available on such date in accordance with Section 2.02 (or in the case of a  Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at  the time required by Section 2.02) and may, in reliance upon such assumption, make available to the  Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the  

 

-89-  6807015.9      applicable Borrowing available to the Agent, then the applicable Lender and (after giving effect to any  reallocation under Section 9.16) the Borrowers severally agree to pay to the Agent within two (2) Business  Days after demand such corresponding amount in immediately available funds with interest thereon, for  each day from and including the date such amount is made available to the Borrowers to but excluding the  date of payment to the Agent, at (A) in the case of a payment to be made by such Lender, the greater of the  Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on  interbank compensation plus any administrative processing or similar fees customarily charged by the  Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrowers, the  interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay such interest to the  Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrowers the amount of  such interest paid by the Borrowers for such period. If such Lender pays its share of the applicable  Borrowing to the Agent, then the amount so paid shall constitute such Lender’s Loan included in such  Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may  have against a Lender that shall have failed to make such payment to the Agent.    (ii) Payments by Borrowers; Presumptions by Agent. Unless the Agent shall have  received notice from the Lead Borrower prior to the time at which any payment is due to the Agent for the  account of the Lenders or the L/C Issuer hereunder that the Borrowers will not make such payment, the  Agent may assume that the Borrowers have made such payment on such date in accordance herewith and  may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the  amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders  or the L/C Issuer, as the case may be, severally agrees to repay to the Agent forthwith on demand the  amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest  thereon, for each day from and including the date such amount is distributed to it to but excluding the date  of payment to the Agent, at the greater of the Federal Funds Rate and a rate determined by the Agent in  accordance with banking industry rules on interbank compensation.    A notice of the Agent to any Lender or the Lead Borrower with respect to any amount owing under  this subsection (b) shall be conclusive, absent manifest error.    (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Agent funds  for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such  funds are not made available to the Borrowers by the Agent because the conditions to the applicable Credit  Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof (subject to  the provisions of the last paragraph of Section 4.02 hereof), the Agent shall return such funds (in like funds  as received from such Lender) to such Lender, without interest.    (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans,  to fund participations in Letters of Credit and Swing Line Loans and to make payments hereunder are  several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make  any payment hereunder on any date required hereunder shall not relieve any other Lender of its  corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any  other Lender to so make its Loan, to purchase its participation or to make its payment hereunder.    (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the  funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it  has obtained or will obtain the funds for any Loan in any particular place or manner.    Section 2.13 Sharing of Payments by Lenders. If any Credit Party shall, by exercising any  right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of, interest on, or  other amounts with respect to, any of the Obligations resulting in such Lender’s receiving payment of a  

 

-90-  6807015.9      proportion of the aggregate amount of such Obligations greater than its pro rata share thereof as provided  herein (including as in contravention of the priorities of payment set forth in Section 8.03), then the Credit  Party receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at  face value) participations in the Obligations of the other Credit Parties, or make such other adjustments as  shall be equitable, so that the benefit of all such payments shall be shared by the Credit Parties ratably and in  the priorities set forth in Section 8.03, provided that:    (i) if any such participations or subparticipations are purchased and all or any portion of  the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and  the purchase price restored to the extent of such recovery, without interest; and    (ii) the provisions of this Section shall not be construed to apply to (x) any payment made  by the Loan Parties pursuant to and in accordance with the express terms of this Agreement or (y) any  payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its  Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other  than to the Borrowers or any Subsidiary thereof (as to which the provisions of this Section shall apply).    Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under  applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may  exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully  as if such Lender were a direct creditor of such Loan Party in the amount of such participation.    Section 2.14 Settlement Amongst Lenders.    (a) The amount of each ABL Lender’s Applicable ABL Percentage of outstanding ABL Loans  (including outstanding Swing Line Loans), and the amount of each FILO Lender’s Applicable FILO  Percentage of outstanding FILO Loans, shall be computed weekly (or more frequently in the Agent’s  discretion) and shall be adjusted upward or downward based on all ABL Loans (including Swing Line  Loans) and FILO Loans, and repayments of ABL Loans (including Swing Line Loans) and FILO Loans  received by the Agent as of 3:00 p.m. on the first Business Day (such date, the “Settlement Date”) following  the end of the period specified by the Agent.    (b) The Agent shall deliver to each of the Lenders promptly after a Settlement Date a summary  statement of the amount of outstanding Loans (including Swing Line Loans) for the period and the amount  of repayments received for the period. As reflected on the summary statement, (i) the Agent shall transfer  to each Lender its Applicable Percentage of repayments, and (ii) each Lender shall transfer to the Agent (as  provided below) or the Agent shall transfer to each Lender, such amounts as are necessary to insure that,  after giving effect to all such transfers, (A) the amount of ABL Loans made by each ABL Lender shall be  equal to such ABL Lender’s Applicable ABL Percentage of all ABL Loans outstanding as of such  Settlement Date, and (B) the amount of FILO Loans made by each FILO Lender shall be equal to such  FILO Lender’s Applicable FILO Percentage of all FILO Loans outstanding as of such Settlement Date. If  the summary statement requires transfers to be made to the Agent by the Lenders and is received prior to  1:00 p.m. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00  p.m. that day; and, if received after 1:00 p.m., then no later than 3:00 p.m. on the next Business Day. The  obligation of each Lender to transfer such funds is irrevocable, unconditional and without recourse to or  warranty by the Agent. If and to the extent any Lender shall not have so made its transfer to the Agent, such  Lender agrees to pay to the Agent, forthwith on demand such amount, together with interest thereon, for  each day from such date until the date such amount is paid to the Agent, equal to the greater of the Federal  Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank  compensation plus any administrative, processing, or similar fees customarily charged by the Agent in  connection with the foregoing.  

 

-91-  6807015.9      Section 2.15 Increase in ABL Commitments.    (a) Request for Increase. Provided no Default or Event of Default then exists or would arise  therefrom, upon notice to the Agent (which shall promptly notify the ABL Lenders), the Lead Borrower  may from time to time, request an increase in the Aggregate ABL Commitments by an amount (for all such  requests) not exceeding $100,000,000 (collectively, the “Commitment Increases”); provided, that, (i) any  such request for an increase shall be in a minimum amount of $25,000,000, (ii) the Lead Borrower may  make a maximum of three such requests, and (iii) the amount of the Aggregate ABL Commitments, as the  same may be increased pursuant to this Section 2.15(b), shall not exceed $400,000,000 at any time. At the  time of sending such notice, the Lead Borrower (in consultation with the Agent) shall specify the time  period within which each Lender is requested to respond (which shall in no event be less than ten (10)  Business Days from the date of delivery of such notice to the ABL Lenders).    (b) Lender Elections to Increase. Each ABL Lender shall notify the Agent within such time  period whether or not it agrees to increase its ABL Commitment and, if so, whether by an amount equal to,  greater than, or less than its Applicable ABL Percentage of such requested increase. Any ABL Lender not  responding within such time period shall be deemed to have declined to increase its ABL Commitment.    (c) Notification by Agent; Additional ABL Lenders. The Agent shall notify the Lead  Borrower and each ABL Lender of the ABL Lenders’ responses to each request made hereunder. To  achieve the full amount of a requested increase and subject to the approval of the Agent, the L/C Issuer and  the Swing Line Lender (which approvals shall not be unreasonably withheld), to the extent that the existing  ABL Lenders decline to increase their ABL Commitments, or decline to increase their ABL Commitments  to the amount requested by the Lead Borrower, the Agent, in consultation with the Lead Borrower, will use  its reasonable efforts to arrange for other Eligible Assignees to become an ABL Lender hereunder and to  issue commitments in an amount equal to the amount of the increase in the Aggregate ABL Commitments  requested by the Lead Borrower and not accepted by the existing ABL Lenders (and the Lead Borrower  may also invite additional Eligible Assignees to become ABL Lenders) (each, an “Additional ABL  Lender”), provided, that, without the consent of the Agent, at no time shall the ABL Commitment of any  Additional ABL Lender be less than $10,000,000.    (d) Effective Date and Allocations. If the Aggregate ABL Commitments are increased in  accordance with this Section, the Agent, in consultation with the Lead Borrower, shall determine the  effective date (the “Increase Effective Date”) and the final allocation of such increase. The Agent shall  promptly notify the Lead Borrower and the ABL Lenders of the final allocation of such increase and the  Increase Effective Date and on the Increase Effective Date (i) the Aggregate ABL Commitments under, and  for all purposes of, this Agreement shall be increased by the aggregate amount of such ABL Commitment  Increases, and (ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised  ABL Commitments and Applicable ABL Percentages of the ABL Lenders.    (e) Conditions to Effectiveness of Commitment Increase. As a condition precedent to such  Commitment Increase, (i) the Lead Borrower shall deliver to the Agent a certificate of each Loan Party  dated as of the Increase Effective Date signed by a Responsible Officer of such Loan Party (A) certifying  and attaching the resolutions adopted by such Loan Party approving or consenting to such Commitment  Increase, and (B) in the case of the Borrowers, certifying that, immediately before and immediately after  giving effect to such Commitment Increase, (ii) the representations and warranties contained in Article V  and the other Loan Documents are true and correct in all material respects on and as of the Increase  Effective Date, except to the extent that such representations and warranties specifically refer to an earlier  date, in which case they are true and correct in all material respects as of such earlier date (provided that, if  a representation and warranty is qualified as to materiality, the materiality qualifier set forth above shall be  disregarded with respect to such representation and warranty for purposes of this condition); (iii) the  

 

-92-  6807015.9      Borrowers shall have paid such fees and other compensation to the Additional ABL Lenders as the Lead  Borrower and such Additional ABL Lenders shall agree; (iv) the Borrowers shall have paid such  arrangement fees to the Agent as the Lead Borrower and the Agent may agree; (iv) if requested by the  Agent, the Borrowers shall deliver to the Agent and the ABL Lenders customary opinions from counsel to  the Borrowers dated the Increase Effective Date; (v) the Borrowers and the Additional ABL Lender shall  have delivered such other instruments, documents and agreements as the Agent may reasonably have  requested; and (vi) no Default or Event of Default exists. The Borrowers shall prepay any ABL Loans  outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section  2.05) to the extent necessary to keep the outstanding ABL Loans ratable with any revised Applicable ABL  Percentages arising from any nonratable increase in the ABL Commitments under this Section. In no event  shall the fees, interest rate and other compensation offered or paid in respect of any Commitment Increase  have higher rates than the amounts paid and payable to the then existing ABL Lenders in respect of their  ABL Commitments, unless the fees, interest rate and other compensation payable to the then existing ABL  Lenders are increased to the same as those paid in connection with such new or additional ABL  Commitments, except for the initial fee payable in respect of such new or additional commitment of an  ABL Lender.    (f) Conflicting Provisions. This Section shall supersede any provisions in Sections 2.13 or  10.01 to the contrary.    ARTICLE III    TAXES, YIELD PROTECTION AND ILLEGALITY;  APPOINTMENT OF LEAD BORROWER  Section 3.01 Taxes.    (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the  Borrowers hereunder or under any other Loan Document shall be made free and clear of and without  reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrowers shall be  required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such  payments, then (i) the sum payable shall be increased as necessary so that after making all required  deductions of Indemnified Taxes (including deductions of Indemnified Taxes applicable to additional sums  payable under this Section) the Agent, Lender or L/C Issuer, as the case may be, receives an amount equal  to the sum it would have received had no such deductions of Indemnified Taxes been made, (ii) the  Borrowers shall make such deductions and (iii) the Borrowers shall timely pay the full amount deducted to  the relevant Governmental Authority in accordance with applicable law.    (b) Payment of Other Taxes by the Borrowers. Without limiting the provisions of subsection  (a) above (and without duplication thereof), the Borrowers shall timely pay any Other Taxes to the relevant  Governmental Authority in accordance with applicable law.    (c) Indemnification by the Loan Parties. Without duplication of clauses (a) and (b) of this  Section 3.01, the Loan Parties shall indemnify the Agent, each Lender and the L/C Issuer, within ten (10)  days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including  Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this  Section) paid by the Agent, such Lender or the L/C Issuer, as the case may be, and any penalties, interest  and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes  or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A  certificate as to the amount of such payment or liability delivered to the Lead Borrower by a Lender or the  

 

-93-  6807015.9      L/C Issuer (with a copy to the Agent), or by the Agent on its own behalf or on behalf of the Agent, a Lender  or the L/C Issuer, shall be conclusive absent manifest error.    (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or  Other Taxes by the Borrowers to a Governmental Authority, the Lead Borrower shall deliver to the Agent  the original or a certified copy of a receipt issued by such Governmental Authority evidencing such  payment, a copy of the return reporting such payment or other evidence of such payment reasonably  satisfactory to the Agent.    (e) Status of Lenders.    (i) Agent or any Lender that is entitled to an exemption from or reduction of withholding  tax with respect to payments hereunder or under any other Loan Document shall deliver to the Lead  Borrower (with a copy to the Agent), at the time or times prescribed by applicable law or reasonably  requested by the Lead Borrower or the Agent, such properly completed and executed documentation  prescribed by applicable law as will permit such payments to be made without withholding or at a reduced  rate of withholding. Such delivery shall be provided on the Closing Date and on or before such  documentation expires or becomes obsolete or after the occurrence of an event requiring a change in the  documentation most recently delivered. In addition, Agent or any Lender, if requested by the Lead  Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably  requested by the Lead Borrower or the Agent, as applicable, as will enable the Lead Borrower or the Agent  to determine whether or not such Lender is subject to backup withholding or information reporting  requirements.    Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax  purposes in the United States, each Lender and Agent that is a “United States person” within the meaning of  Section 7701(a)(30) of the Code shall deliver to the Lead Borrower and the Agent, as applicable, (in such  number of copies as shall be requested by the recipient) on or prior to the date on which such Person  becomes a party to this Agreement (and from time to time thereafter upon the expiration or invalidity of any  form or document so delivered or upon the request of the Lead Borrower or the Agent, as applicable, but  only if such Person is legally entitled to do so), duly completed copies of Internal Revenue Service Form  W-9 certifying that such Person is exempt from U.S. federal backup withholding Tax.    Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax  purposes in the United States, each Agent and Lender shall deliver to the Lead Borrower and the Agent (in  such number of copies as shall be requested by the recipient) on or prior to the date on which such Person  becomes a party to this Agreement (and from time to time thereafter upon the request of the Lead Borrower  or the Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is  applicable:    (A) duly completed copies of Internal Revenue Service Form W-8BEN or  Internal Revenue Service Form W-8BEN-E claiming eligibility for benefits of an income tax treaty to  which the United States is a party,    (B) duly completed copies of Internal Revenue Service Form W-8ECI,    (C) in the case of a Foreign Lender claiming the benefits of the exemption for  portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is  not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of  the Borrowers within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign  

 

-94-  6807015.9      corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal  Revenue Service Form W-8BEN,    (D) to the extent a Foreign Lender is not the beneficial owner, executed originals  of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a  U.S. Tax Compliance Certificate IRS Form W-9, and/or other certification documents from each beneficial  owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may  provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; and/or    (E) any other form prescribed by applicable law as a basis for claiming exemption  from or a reduction in United States Federal withholding tax duly completed together with such  supplementary documentation as may be prescribed by applicable law to permit the Lead Borrower to  determine the withholding or deduction required to be made.    (ii) If a payment made to a Lender under any Loan Document would be subject to U.S.  federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable  reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as  applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law  and at such time or times reasonably requested by the Lead Borrower or the Agent such documentation  prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such  additional documentation reasonably requested by the Lead Borrower or the Agent as may be necessary for  the Lead Borrower and the Agent to comply with their obligations under FATCA and to determine that such  Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct  and withhold from such payment. Solely for purposes of this clause (ii), “FATCA” shall include any  amendments made to FATCA after the date of this Agreement.    (f) Treatment of Certain Refunds. If the Agent, any Lender or the L/C Issuer determines, in its  sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified  by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this  Section, it shall pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity  payments made, or additional amounts paid, by the Borrowers under this Section with respect to the Taxes  or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Agent, such Lender or  the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant  Governmental Authority with respect to such refund), provided that the Borrowers, upon the request of the  Agent, such Lender or the L/C Issuer, agree to repay the amount paid over to the Borrowers (plus any  penalties, interest or other charges imposed by the relevant Governmental Authority) to the Agent, such  Lender or the L/C Issuer in the event the Agent, such Lender or the L/C Issuer is required to repay such  refund to such Governmental Authority. This subsection shall not be construed to require the Agent, any  Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that  it deems confidential) to the Borrowers or any other Person.    (g) Agent Forms. On or before the date any successor to the Agent becomes a party to this  Agreement as successor to the current Agent, such successor Agent shall provide the Lead Borrower with a  copy of, if it is a United States Person, Internal Revenue Service Form W-9 certifying that it is exempt from  U.S. federal backup withholding, or, if it is not a United States Person, (i) Internal Revenue Service Form  W-8ECI with respect to payments to be received by it as a beneficial owner and (ii) Internal Revenue  Service Form W-8IMY (together with required accompanying documentation) with respect to payments to  be received by it on behalf of the Lenders, certifying that, for such purpose, it is either (A) a “qualified  intermediary” assuming primary withholding responsibility under Chapters 3 and 4 of the Code and  primary Form 1099 reporting and backup withholding responsibility for payments it receives on behalf of  

 

-95-  6807015.9      others or (B) a U.S. branch and that payment it receives for others is not effectively connected with the  conduct of a trade or business in the United States and that has agreed to be treated as a United States person  for U.S. federal tax purposes. Upon the written request of Lead Borrower, if any form or certification it  previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or  certification or notify the Lead Borrower in writing of its inability to do so.    Section 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that  any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending  Office to make, maintain or fund LIBO RateSOFR Loans, or to determine or charge interest rates based  upon the LIBO RateSOFR, or any Governmental Authority has imposed material restrictions on the  authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market,  then, on notice thereof by such Lender to the Lead Borrower through the Agent, any obligation of such  Lender to make or continue LIBO RateSOFR Loans or to convert Base Rate Loans to LIBO RateSOFR  Loans shall be suspended until such Lender notifies the Agent and the Lead Borrower that the  circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers  shall, upon demand from such Lender (with a copy to the Agent), prepay or, if applicable, convert all LIBO  RateSOFR Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if  such Lender may lawfully continue to maintain such LIBO RateSOFR Loans to such day, or immediately,  if such Lender may not lawfully continue to maintain such LIBO RateSOFR Loans. Upon any such  prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or  converted, but shall not be required to pay any compensation pursuant to Section 3.05.    Section 3.03 Inability to Determine Rates. If the Required Lenders determine that for any  reason in connection with any request for a LIBO RateSOFR Loan or a conversion to or continuation  thereof that (a) Dollar deposits are not being offered to banks in the London interbank market for the  applicable amount and Interest Period of such LIBO RateSOFR Loan, (b) adequate and reasonable means  do not exist for determining the LIBO RateSOFR for any requested Interest Period with respect to a  proposed LIBO RateSOFR Loan , or (c) the LIBO RateSOFR for any requested Interest Period with respect  to a proposed LIBO RateSOFR Loan does not adequately and fairly reflect the cost to such Lenders of  funding such Loan, the Agent will promptly so notify the Lead Borrower and each Lender. Thereafter, the  obligation of the Lenders to make or maintain LIBO RateSOFR Loans shall be suspended until the Agent  (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Lead  Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBO  RateSOFR Loans or, failing that, will be deemed to have converted such request into a request for an ABL  Borrowing of Base Rate Loans in the amount specified therein but shall not be required to pay any  compensation pursuant to Section 3.05.    Section 3.04 Increased Costs; Reserves on LIBO RateSOFR Loans.    (a) Increased Costs Generally. If any Change in Law shall:    (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,  insurance charge, liquidity or similar requirement against assets of, deposits with or for the account of, or  credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBO  RateSOFR) or the L/C Issuer;    (ii) subject any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to  this Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBO RateSOFR Loan  made by it (except for Indemnified Taxes, Other Taxes and Excluded Taxes); or  

 

-96-  6807015.9      (iii) impose on any Lender or the L/C Issuer or the London interbank market any other  condition, cost or expense affecting this Agreement or LIBO RateSOFR Loans made by such Lender or any  Letter of Credit or participation therein;    and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining  any LIBO RateSOFR Loan (or of maintaining its obligation to make any such Loan), or to increase the cost  to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of  maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any  sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any  other amount) then, upon request of such Lender or the L/C Issuer, the Borrowers will pay to such Lender or  the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or  the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered as set forth in a  certificate provided by such Lender or the L/C Issuer, as applicable, pursuant to clause (c) below; provided,  that, the Borrowers shall not be liable for such compensation if (A) the relevant Change in Law occurs on a  date prior to the date such Lender becomes a party hereto or (B) such Lender invokes Section 3.02.    (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law  affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C  Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of  reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or  the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such  Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of  Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s  or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into  consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C  Issuer’s holding company with respect to capital adequacy and liquidity), then from time to time the  Borrowers will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts  as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for  any such reduction suffered as set forth in the certificate provided by such Lender or the L/C Issuer, as  applicable, pursuant to clause (c) below.    (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth  the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as  the case may be, and the method for calculating such amount or amounts as specified in subsection (a) or (b)  of this Section and delivered to the Lead Borrower shall be conclusive absent manifest error. The  Borrowers shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any  such certificate within ten (10) days after receipt thereof.    (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand  compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such  Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrowers shall not be  required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for  any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such  Lender or the L/C Issuer, as the case may be, notifies the Lead Borrower of the Change in Law giving rise to  such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation  therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive,  then the nine (9) month period referred to above shall be extended to include the period of retroactive effect  thereof).    (e) Reserves on LIBO RateSOFR Loans. The Borrowers shall pay to each Lender, as long as  such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or  

 

-97-  6807015.9      including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional  interest on the unpaid principal amount of each LIBO RateSOFR Loan equal to the actual costs of such  reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which  determination shall be conclusive), which shall be due and payable on each date on which interest is  payable on such Loan, provided the Lead Borrower shall have received at least ten (10) days’ prior notice  (with a copy to the Agent) of such additional interest from such Lender. If a Lender fails to give notice ten  (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten  (10) days from receipt of such notice.    Section 3.05 Compensation for Losses. Upon demand of any Lender (which demand shall be  accompanied by a statement setting forth the basis for the amount being claimed, and with a copy to the  Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender  harmless from any loss, cost or expense incurred by it as a result of:    (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate  Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,  automatic, by reason of acceleration, or otherwise);    (b) any failure by the Borrowers (for a reason other than the failure of such Lender to make a  Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the  amount notified by the Lead Borrower; or    (c) any assignment of a LIBO RateSOFR Loan on a day other than the last day of the Interest  Period therefor as a result of a request by the Lead Borrower pursuant to Section 10.13 (other than with  respect to any Defaulting Lender);    including any net loss or expense arising from the liquidation or reemployment of funds obtained by it to  maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained but  excluding any loss of anticipated profits and/or interest rate margin (including the Applicable Margin). The  Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the  foregoing.    For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05,  each Lender shall be deemed to have funded each LIBO RateSOFR Loan made by it at the LIBO RateSOFR  for such Loan by a matching deposit or other borrowing in the London interbank market for a comparable  amount and for a comparable period, whether or not such LIBO RateSOFR Loan was in fact so funded. A  certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to  this Section and setting forth in reasonable detail the manner in which such amount or amounts was determined  shall be delivered to the Lead Borrower.    Section 3.06 Mitigation Obligations; Replacement of Lenders.    (a) Designation of a Different Lending Office. If any Lender requests compensation under  Section 3.04, or the Borrowers are required to pay any additional amount to any Lender or any  Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a  notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different  Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder  to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or  assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or Section 3.04, as the  case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and  (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not  

 

-98-  6807015.9      otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs and  expenses incurred by any Lender in connection with any such designation or assignment.    (b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if  the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for  the account of any Lender pursuant to Section 3.01, the Borrowers may replace such Lender in accordance  with Section 10.13.    Section 3.07 Survival. All of the Borrowers’ obligations under this Article III shall survive  termination of the Aggregate Commitments and repayment of all other Obligations hereunder.    Section 3.08 Designation of Lead Borrower as Borrowers’ Agent.    (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such  Borrower’s agent to obtain Credit Extensions, the proceeds of which shall be available to each Borrower for  such uses as are permitted under this Agreement. As the disclosed principal for its agent, each Borrower  shall be obligated to each Credit Party on account of Credit Extensions so made as if made directly by the  applicable Credit Party to such Borrower, notwithstanding the manner by which such Credit Extensions are  recorded on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan  Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower as such Loan  Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan  Documents.    (b) Each Borrower recognizes that credit available to it hereunder is in excess of and on better  terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its  joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower  hereby assumes and agrees to discharge all Obligations of each of the other Borrowers.    (c) The Lead Borrower shall act as a conduit for each Borrower (including itself, as a  “Borrower”) on whose behalf the Lead Borrower has requested a Credit Extension. Neither the Agent nor  any other Credit Party shall have any obligation to see to the application of such proceeds therefrom.    ARTICLE IV    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS    Section 4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and  each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following  conditions precedent:    (a) The Agent’s receipt of the following, each of which shall be originals, telecopies or other  electronic image scan transmission (e.g., “pdf” or “tif” via e-mail) (followed promptly by originals) unless  otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party or the  Lenders, as applicable, each dated the Closing Date (or, in the case of certificates of governmental officials,  a recent date before the Closing Date) and each in form and substance satisfactory to the Agent:    (i) executed counterparts of this Agreement sufficient in number for distribution to the  Agent, each Lender and the Lead Borrower;    (ii) a Note executed by the Borrowers in favor of each Lender requesting a Note;  

 

-99-  6807015.9      (iii) such certificates of resolutions or other action, incumbency certificates and/or other  certificates of Responsible Officers of each Loan Party evidencing (A) the authority of each Loan Party to  enter into this Agreement and the other Loan Documents to which such Loan Party is a party or is to  become a party and (B) the identity, authority and capacity of each Responsible Officer thereof authorized  to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which  such Loan Party is a party or is to become a party;    (iv) copies of each Loan Party’s Organization Documents and such other documents and  certifications as the Agent may reasonably require to evidence that each Loan Party is duly organized or  formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in  each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires  such qualification, except to the extent that failure to so qualify in such jurisdiction could not reasonably be  expected to have a Material Adverse Effect;    (v) a favorable opinion of Greenberg Traurig, counsel to the Loan Parties, addressed to  the Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the  Agent may reasonably request;    (vi) a certificate signed by a Responsible Officer of the Lead Borrower certifying (A) that  the conditions specified in Section 4.02(a) and (b) have been satisfied, (B) that there has been no event or  circumstance since the date of the Audited Financial Statements that has had or could be reasonably  expected to have, either individually or in the aggregate, a Material Adverse Effect, (C) to the Solvency of  the Loan Parties as of the Closing Date after giving effect to the transactions contemplated hereby, (D) that  the Immaterial Subsidiaries as of the Closing Date satisfy each of the conditions required by the definition  of such term and including any calculations of amounts with respect thereto, and (E) either that (1) no  consents, licenses or approvals are required in connection with the execution, delivery and performance by  such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, or  (2) that all such consents, licenses and approvals have been obtained and are in full force and effect;    (vii) evidence that all insurance required to be maintained pursuant to the Loan Documents  and all endorsements in favor of the Agent required under the Loan Documents have been obtained and are  in effect;    (viii) a payoff letter from the agent for the lenders under the Existing Credit Agreement  reasonably satisfactory in form and substance to the Agent evidencing that the Existing Credit Agreement  has been or concurrently with the Closing Date is being terminated, all obligations thereunder are being  paid in full (other than contingent obligations that are not yet due and the Existing Letter of Credit that will  constitute a Letter of Credit hereunder or may be cash collateralized or backstopped as required  thereunder), and all Liens securing obligations under the Existing Credit Agreement have been or  concurrently with the Closing Date are being released;    (ix) an agreement by IPCo in favor of Agent allowing an irrevocable, non-exclusive  license to use, license or sublicense Intellectual Property in the United States, its territories and possessions,  without any royalty or other payments (whether or not any license agreement between the owner and  licensor and any other person is in default or has been terminated) after default or otherwise in connection  with the exercise of the remedies of Agent with respect to the Collateral and related matters;    (x) the Security Documents, each duly executed by the applicable Loan Parties;    (xi) all other Loan Documents, each duly executed by the applicable Loan Parties;  

 

-100-  6807015.9      (xii) (A) appraisals (based on net liquidation value) by a third party appraiser acceptable to  the Agent of all Inventory of the Borrowers, the results of which are satisfactory to the Agent and (B) a  written report regarding the results of a commercial finance examination of the Loan Parties, which shall be  satisfactory to the Agent;    (xiii) results of searches or other evidence reasonably satisfactory to the Agent (in each  case dated as of a date reasonably satisfactory to the Agent) indicating the absence of Liens on the assets of  the Loan Parties, except for Permitted Encumbrances and Liens for which termination statements and  releases, satisfactions and discharges or subordination agreements satisfactory to the Agent are being  tendered concurrently with such extension of credit or other arrangements satisfactory to the Agent for the  delivery of such termination statements and releases, satisfactions and discharges have been made;    (xiv)(A) all Uniform Commercial Code financing statements, required by law or  reasonably requested by the Agent to be filed, registered or recorded to create or perfect the first priority  Liens intended to be created under the Loan Documents (to the extent such Liens can be created or  perfected by the filing of such financing statements) and the Agent shall have been authorized to file,  register or record such financing statements on the Closing Date, (B) the Credit Card Notifications and  Blocked Account Agreements required pursuant to Section 6.13 hereof, (C) control agreements with  respect to the Loan Parties’ securities and investment accounts, and (D) Collateral Access Agreements as  required by the Agent; and    (xv) such other assurances, certificates, documents, consents or opinions as the Agent  reasonably may require.    (b) The Agent shall have received an amendment to the existing intercompany licensing  agreement between IPCo and the other Loan Parties providing for certain rights of such other Loan Parties  in connection with the use of the licensed Intellectual Property in the event of any Insolvency Proceeding  and related matters.    (c) After giving effect to (i) the first funding under the Loans, (ii) any charges to the Loan  Account made in connection with the establishment of the credit facility contemplated hereby and (iii) all  Letters of Credit to be issued at, or immediately subsequent to, such establishment, Excess Availability  shall be not less than $85,000,000.    (d) The Agent shall have received a Borrowing Base Certificate dated the Closing Date,  relating to the Fiscal Quarter ended May 5, 2018, and executed by a Responsible Officer of the Lead  Borrower.    (e) There has been no Material Adverse Effect since February 3, 2018.    (f) The Agent shall have received and be satisfied with (i) a detailed forecast for the period  commencing on the Closing Date on an annual basis for the term of the Credit Agreement, which shall  include an Excess Availability model, Consolidated income statement, balance sheet, and statement of cash  flow, by month, each prepared in conformity with GAAP and consistent with the Loan Parties’ then current  practices.    (g) There shall not be pending any litigation, investigation or other proceeding pending in any  court or before any arbitrator or Governmental Authority, (i) the result of which, either individually or in  the aggregate, could reasonably be expected to have a Material Adverse Effect or (ii) that challenges the  legality of, or otherwise seeks to enjoin, the arrangements and transactions contemplated by this Credit  Agreement.  

 

-101-  6807015.9      (h) The consummation of the transactions contemplated hereby shall not violate any  applicable Law or any Organization Document.    (i) All fees and expenses required to be paid to the Agent or the Arranger on or before the  Closing Date shall have been paid in full, and all fees and expenses required to be paid to the Lenders on or  before the Closing Date shall have been paid in full, provided, that, for costs and expenses, invoices shall  have been delivered to Lead Borrower not less than the Business Day prior to the Closing Date.    (j) The Borrowers shall have paid all fees, charges and disbursements of counsel to the Agent  to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges  and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements  incurred or to be incurred by it through the Closing Date (provided that such estimate shall not thereafter  preclude a final settling of accounts between the Borrowers and the Agent).    (k) The Agent and the Lenders shall have received, at least ten (10) days prior to the Closing  Date to the extent requested in writing at least fifteen (15) Business Days prior to the Closing Date, all  documentation and other information required by regulatory authorities under applicable “know your  customer” and anti-money laundering rules and regulations, including without limitation the USA  PATRIOT Act in each case, the results of which are satisfactory to the Agent and Lenders.    (l) No material changes in governmental regulations or policies affecting any Loan Party or  any Credit Party shall have occurred prior to the Closing Date.    (m) The Closing Date shall have occurred on or before August 31, 2018.    Without limiting the generality of the provisions of Section 9.04, for purposes of determining compliance  with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be  deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter  required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the  Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its  objection thereto.    Section 4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any  Request for Credit Extension (other than a LIBO RateSOFR Loan Notice requesting only a continuation of  LIBO RateSOFR Loans) and each L/C Issuer to issue each Letter of Credit is subject to the following  conditions precedent:    (a) The representations and warranties of each Loan Party contained in Article V or in any  other Loan Document, or which are contained in any document furnished at any time under or in connection  herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit  Extension, except (i) to the extent that such representations and warranties specifically refer to an earlier  date, in which case they shall be true and correct as of such earlier date, (ii) in the case of any representation  and warranty qualified by materiality, they shall be true and correct in all respects, and (iii) for purposes of  this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05  shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),  respectively, of Section 6.01;    (b) No Default or Event of Default shall exist, or would result from such proposed Credit  Extension or from the application of the proceeds thereof;  

 

-102-  6807015.9      (c) The Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received  a Request for Credit Extension or an updated Borrowing Base Certificate, as applicable, in accordance with  the requirements hereof;    (d) No event or circumstance which could reasonably be expected to result in a Material  Adverse Effect shall have occurred;    (e) As of the Request for Credit Extension (other than in respect of a Letter of Credit), and  after giving effect to such request, the aggregate outstanding principal amount of the Loans shall not be  more than $150,000,000, if the unrestricted cash and Cash Equivalents of the Loan Parties is greater than  $75,000,000 at such time (or if Excess Availability is greater than twenty-five percent (25%) of the Loan  Cap, if the unrestricted cash and Cash Equivalents of Loans Parties is greater than $100,000,000 at such  time)[Reserved]; and    (f) No Overadvance shall result from such Credit Extension.    Each Request for Credit Extension (other than a LIBO RateSOFR Loan Notice requesting only a  continuation of LIBO RateSOFR Loans) submitted by the Borrower shall be deemed to be a representation  and warranty by the Borrowers that the conditions specified in Section 4.02(a) and (b) have been satisfied  on and as of the date of the applicable Credit Extension. The conditions set forth in this Section 4.02 are for  the sole benefit of the Credit Parties but until the Required Lenders otherwise direct the Agent to cease  making Loans and issuing Letters of Credit, the Lenders will fund their Applicable Percentage of all Loans  and participate in all Swing Line Loans and Letters of Credit whenever made or issued, which are requested  by the Lead Borrower and which, notwithstanding the failure of the Loan Parties to comply with the  provisions of this Article IV, agreed to by the Agent, provided, however, the making of any such Loans or  the issuance of any Letters of Credit shall not be deemed a modification or waiver by any Credit Party of the  provisions of this Article IV on any future occasion or a waiver of any rights or the Credit Parties as a result  of any such failure to comply.    ARTICLE V    REPRESENTATIONS AND WARRANTIES    To induce the Credit Parties to enter into this Agreement and to make Loans and to issue Letters of  Credit hereunder, each Loan Party represents and warrants to the Agent and the other Credit Parties that:    Section 5.01 Existence, Qualification and Power. Each Loan Party and each Subsidiary  thereof (a) is a corporation, limited liability company, partnership or limited partnership, duly incorporated,  organized or formed, validly existing and, where applicable, in good standing under the Laws of the  jurisdiction of its incorporation, organization, or formation (b) has all requisite power and authority and all  requisite governmental licenses, permits, authorizations, consents and approvals to (i) own or lease its  assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan  Documents to which it is a party, and (c) is duly qualified and is licensed and, where applicable, in good  standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the  conduct of its business requires such qualification or license; except in each case referred to in clause (a) as  it relates to any Immaterial Subsidiary, or clause (b)(i) or (c), to the extent that failure to do so could not  reasonably be expected to have a Material Adverse Effect. Schedule 5.01 annexed hereto sets forth, as of  the Amendment No. 1 Effective Date, each Loan Party’s name as it appears in official filings in its state of  incorporation or organization, its state of incorporation or organization, organization type, organization  number, if any, issued by its state of incorporation or organization, and its federal employer identification  number.  

 

-103-  6807015.9      Section 5.02 Authorization; No Contravention. The execution, delivery and performance by  each Loan Party of each Loan Document to which such Person is or is to be a party, (a) has been duly  authorized by all necessary corporate or other organizational action, and (b) does not and will not (i)  contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any  breach, termination, or contravention of, or constitute a default under, or require any payment to be made  under (x) any Material Indebtedness to which such Person is a party or affecting such Person or the  properties of such Person or any of its Subsidiaries or (y) any order, injunction, writ or decree of any  Governmental Authority or any arbitral award to which such Person or its property is subject; (iii) result in  or require the creation of any Lien upon any asset of any Loan Party (other than Liens in favor of the Agent  under the Security Documents); or (iv) violate any Law, in the case of clause (b)(iv), except that could not  reasonably be expected to have a Material Adverse Effect.    Section 5.03 Governmental Authorization; Other Consents. No approval, consent,  exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any  other Person is necessary or required in connection with the execution, delivery or performance by, or  enforcement against, any Loan Party of this Agreement or any other Loan Document, except for (a) the  perfection or maintenance of the Liens created under the Security Documents (including the first priority  nature thereof to the extent specified in the Security Documents) or (b) such as have been obtained or made  and are in full force and effect.    Section 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when  delivered, will have been, duly executed and delivered by each Loan Party that is party thereto. This  Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and  binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in  accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or  other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of  whether considered in a proceeding in equity or at law.    Section 5.05 Financial Statements; No Material Adverse Effect.    (a) The Audited Financial Statements (i) were prepared in accordance with GAAP  consistently applied throughout the period covered thereby, except as otherwise expressly noted therein;  and (ii) fairly present in all material respects the financial condition of the Parent and its Subsidiaries as of  the date thereof and their results of operations for the period covered thereby in accordance with GAAP  consistently applied throughout the period covered thereby, except as otherwise expressly noted therein.    (b) The unaudited Consolidated balance sheet of the Parent and its Subsidiaries dated May 5,  2018, and the related Consolidated statements of income or operations, Shareholders’ Equity and cash  flows for the Fiscal Quarter ended on that date (i) were prepared in accordance with GAAP consistently  applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly  present the financial condition of the Parent and its Subsidiaries as of the date thereof and their results of  operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of  footnotes and to normal year-end audit adjustments. Schedule 5.05 sets forth all Material Indebtedness and  other liabilities, direct or contingent, of the Loan Parties and their Consolidated Subsidiaries as of the date  of such financial statements, including liabilities for taxes, material commitments and Material  Indebtedness.    (c) Since the date of the Audited Financial Statements, there has been no event or  circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a  Material Adverse Effect.  

 

-104-  6807015.9      (d) The Consolidated forecasted balance sheet and statements of income and cash flows of the  Parent and its Subsidiaries delivered pursuant to Section 6.01(c) were prepared in good faith on the basis of  the assumptions believed by the Lead Borrower to be reasonable in light of the conditions existing at the  time of delivery of such forecasts, and represented, at the time of delivery, the Loan Parties’ reasonable  estimate of its future financial performance (it being understood that such forecasted financial information  is subject to significant uncertainties and contingencies, many of which are beyond the control of the Loan  Parties, that no assurance is given that any particular forecast will be realized, that actual results may differ  and that such differences may be material).    Section 5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or,  to the knowledge of the Loan Parties, threatened in writing, at law, in equity, in arbitration or before any  Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of its  properties or revenues, if determined adversely, either individually or in the aggregate, could reasonably be  expected to have a Material Adverse Effect.    Section 5.07 No Default. No Loan Party or any Subsidiary is in default under or with respect to  any Material Indebtedness. No Default or Event of Default has occurred and is continuing or would result  from the consummation of the transactions contemplated by this Agreement or any other Loan Document.    Section 5.08 Ownership of Property; Liens.    (a) Each of the Loan Parties and each Subsidiary thereof has good record and marketable title  in fee simple to or valid leasehold interests in, or rights to use, all Real Estate necessary or used in the  ordinary conduct of its business, except for such defects in title as could not, individually or in the  aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Loan Parties and each  Subsidiary has good and marketable title to, valid leasehold interests in, or valid licenses to use all personal  property and assets material to the ordinary conduct of its business, except as would not, individually or in  the aggregate, reasonably be expected to have a Material Adverse Effect.    (b) Schedule 5.08(b)(1) sets forth the address (including street address, county and state) of all  Real Estate that is owned by the Loan Parties and each of their Subsidiaries, together with a list of the  holders of any mortgage or other Lien thereon as of the Amendment No. 1 Effective Date. Each Loan Party  and each of its Subsidiaries has good, marketable and insurable fee simple title to the Real Estate owned by  such Loan Party or such Subsidiary, free and clear of all Liens, other than Permitted Encumbrances.  Schedule 5.08(b)(2) sets forth the address (including street address, county and state) of all material Leases  of the Loan Parties, together with a list of the lessor and its contact information with respect to each such  Lease as of the Amendment No. 1 Effective Date. To the knowledge of the Loan Parties, each of such  Leases is in full force and effect and the Loan Parties are not in default of the terms thereof.    (c) Schedule 7.01 sets forth a complete and accurate list of all Liens on the property or assets  of each Loan Party and each of its Subsidiaries securing Indebtedness in an outstanding amount in excess of  $2,500,000 (other than with respect to operating leases), showing as of the Amendment No. 1 Effective  Date the lienholder thereof, the principal amount of the obligations secured thereby and the property or  assets of such Loan Party or such Subsidiary subject thereto. The property of each Loan Party and each of  its Subsidiaries is subject to no Liens, other than Permitted Encumbrances.    (d) Schedule 7.02 sets forth a complete and accurate list of all Investments held by any Loan  Party or any Subsidiary of a Loan Party on the Amendment No. 1 Effective Date (other than any Investment  consisting of Permitted Investments of the type described in clause (a) of the definition thereof or cash held  in a Deposit Account), showing as of the Amendment No. 1 Effective Date the amount, obligor or issuer  and maturity, if any, thereof.  

 

-105-  6807015.9      (e) Schedule 7.03 sets forth a complete and accurate list of all Indebtedness of each Loan Party  or any Subsidiary of a Loan Party on the Amendment No. 12 Effective Date (other than Indebtedness under  this Agreement and the other Loan Documents), showing as of the Closing Date the amount, obligor or  issuer and maturity thereof.    Section 5.09 Environmental Compliance    (a) Except as specifically disclosed in Schedule 5.09, no Loan Party or any Subsidiary thereof  (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit,  license or other approval required under any Environmental Law, (ii) has become subject to any  Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability  or (iv) knows of any basis for any Environmental Liability, except, in each case, as could not, individually  or in the aggregate, reasonably be expected to have a Material Adverse Effect.    (b) To the knowledge of the Loan Parties, except as otherwise set forth in Schedule 5.09, none  of the properties currently or formerly owned or operated by any Loan Party or any Subsidiary thereof (to  the extent that such Loan Party or Subsidiary may have liability with respect to such formerly owned or  operated properties) is listed or proposed for listing on the NPL or on the CERCLIS or any analogous  foreign, state or local list; there are no underground or above-ground storage tanks or any surface  impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been  treated, stored or disposed on any property currently owned or operated by any Loan Party or any  Subsidiary thereof there is no asbestos or asbestos-containing material on any property currently owned or  operated by any Loan Party or Subsidiary thereof; and Hazardous Materials have not been released,  discharged or disposed of on any property currently or formerly owned or operated by any Loan Party or  any Subsidiary thereof (to the extent that such Loan Party or Subsidiary may have liability with respect to  such formerly owned or operated properties). For purposes of this clause (b), “To the knowledge of the  Loan Parties” means the knowledge of the Loan Parties based on the information set forth in the Phase I and  Phase II environmental reports as set forth in Schedule 5.09.    (c) Except as otherwise set forth on Schedule 5,09, no Loan Party or any Subsidiary thereof is  undertaking, and no Loan Party or any Subsidiary thereof has completed, either individually or together  with other potentially responsible parties, any investigation or assessment or remedial or response action  relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any site,  location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the  requirements of any Environmental Law; and all Hazardous Materials generated, used, treated, handled or  stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party  or any Subsidiary thereof have been disposed of in a manner not reasonably expected to result in material  liability to any Loan Party or any Subsidiary thereof.    Section 5.10 Insurance. The properties of the Loan Parties and their Subsidiaries are insured  with financially sound and reputable insurance companies which are not Affiliates or Related Parties of the  Loan Parties, in such amounts, with such deductibles and covering such risks (including, without limitation,  workmen’s compensation, public liability, business interruption and property damage insurance) as are  customarily carried by companies engaged in similar businesses and owning similar properties in localities  where the Loan Parties or the applicable Subsidiary operates. Schedule 5.10 sets forth a description of all  insurance maintained by or on behalf of the Loan Parties and their Subsidiaries as of the Amendment No. 1  Effective Date. Each insurance policy listed on Schedule 5.10 is in full force and effect and all premiums in  respect thereof that are due and payable have been paid.    Section 5.11 Taxes. The Loan Parties and their Subsidiaries have filed all Federal, state and  other tax returns and reports required to be filed, and have paid all Federal, state and other taxes,  

 

-106-  6807015.9      assessments, fees and other governmental charges levied or imposed upon them or their properties, income  or assets otherwise due and payable, except (a) those which are being contested in good faith by appropriate  proceedings being diligently conducted, for which adequate reserves have been provided in accordance  with GAAP, as to which Taxes no Lien has been filed and which contest effectively suspends the collection  of the contested obligation and the enforcement of any Lien securing such obligation or (b) to the extent that  the failure to do so could not reasonably be expected to have a Material Adverse Effect. There is no  proposed tax assessment against any Loan Party or any Subsidiary that would, if made, have a Material  Adverse Effect. No Loan Party or any Subsidiary thereof is a party to any tax sharing agreement.    Section 5.12 ERISA Compliance.    (a) The Lead Borrower, each of its ERISA Affiliates, and each Plan is in compliance in all  material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws. Each  Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination  letter from the IRS or an application for such a letter is currently being processed by the IRS with respect  thereto and, to the best knowledge of the Borrowers, nothing has occurred which would prevent, or cause  the loss of, such qualification. The Loan Parties and each ERISA Affiliate have made all required  contributions to each Plan subject to Sections 412 or 430 of the Code and to each Multiemployer Plan, and  no application for a funding waiver or an extension of any amortization period pursuant to Sections 412 or  430 of the Code has been made with respect to any Plan. No Lien imposed under the Code or ERISA exists  or is likely to arise on account of any Plan or Multiemployer Plan.    (b) There are no pending or, to the best knowledge of the Borrowers, threatened claims,  actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could  reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or  violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably  be expected to result in a Material Adverse Effect.    (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension  Plan has any Unfunded Pension Liability; (iii) neither any Loan Party nor any ERISA Affiliate has incurred,  or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other  than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither any Loan Party nor any  ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred  which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under  Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither any Loan Party nor  any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of  ERISA.    Section 5.13 Subsidiaries; Equity Interests. The Loan Parties have no Subsidiaries other  than those specifically disclosed in Part (a) of Schedule 5.13, which Schedule sets forth the legal name,  jurisdiction of incorporation or formation and authorized Equity Interests of each such Subsidiary. All of  the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and  non-assessable and are owned by a Loan Party (or a Subsidiary of a Loan Party) in the amounts specified on  Part (a) of Schedule 5.13 free and clear of all Liens except for those created under the Security Documents.  Except as set forth in Schedule 5.13, there are no outstanding rights to purchase any Equity Interests in any  Subsidiary. The Loan Parties have no equity investments in any other corporation or entity other than those  specifically disclosed in Part(b) of Schedule 5.13. All of the outstanding Equity Interests in the Loan  Parties have been validly issued, and are fully paid and non-assessable and are owned in the amounts  specified on Part (c) of Schedule 5.13 free and clear of all Liens except for those created under the Security  Documents. The copies of the Organization Documents of each Loan Party and each amendment thereto  

 

-107-  6807015.9      provided pursuant to Section 4.01 are true and correct copies of each such document, each of which is valid  and in full force and effect.    Section 5.14 Margin Regulations; Investment Company Act.    (a) No Loan Party is engaged or will be engaged, principally or as one of its important  activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U  issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. None of the  proceeds of the Credit Extensions shall be used directly or indirectly for the purpose of purchasing or  carrying any margin stock, for the purpose of reducing or retiring any Indebtedness that was originally  incurred to purchase or carry any margin stock or for any other purpose that might cause any of the Credit  Extensions to be considered a “purpose credit” within the meaning of Regulations T, U, or X issued by the  FRB.    (b) None of the Loan Parties, any Person Controlling any Loan Party, or any Subsidiary is or is  required to be registered as an “investment company” under the Investment Company Act of 1940.    Section 5.15 Disclosure. No written report, financial statement, certificate or other information  previously or hereafter furnished in writing by or on behalf of any Loan Party to the Agent or any Lender in  connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered  hereunder or under any other Loan Document (excluding projected financial information, budgets and  forecasts and general industry or economic data) (in each case, as modified or supplemented by other  information so furnished (including public disclosures made pursuant to press releases and public filings  prior to the Amendment No. 1 Effective Date) and when taken as a whole) contains any material  misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light  of the circumstances under which they were made, not materially misleading; provided, that, with respect to  projected financial information and any budget or forecast, the Loan Parties represent only that such  information was prepared in good faith based upon assumptions believed to be reasonable at the time (it  being understood that such projected financial information, budget or forecast is subject to significant  uncertainties and contingencies, many of which are beyond the control of the Loan Parties, that no  assurance is given that any particular projection will be realized, that actual results may differ and that such  differences may be material). As of the Amendment No. 1 Effective Date, the information included in the  Beneficial Ownership Certification is true and correct in all respects.    Section 5.16 Compliance with Laws. Each of the Loan Parties and each Subsidiary is in  compliance (A) in all material respects with the requirements of all Laws and all orders, writs, injunctions  and decrees applicable to it or to its properties, except in such instances in which (i) such requirement of  Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings  diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate, could not  reasonably be expected to have a Material Adverse Effect and (B) with Section 10.17 and 10.18.    Section 5.17 Intellectual Property; Licenses, Etc. The Loan Parties and their Subsidiaries  own, or possess the right to use, all material Intellectual Property, licenses, permits and other authorizations  that are reasonably necessary for the operation of their respective businesses in the United States, its  territories and possessions. No slogan or other advertising device, product, process, method, substance,  part or other material now employed, or now contemplated to be employed, by any Loan Party or any  Subsidiary infringes upon any rights with respect to Intellectual Property held by any other Person which  could reasonably be expected to have, individually, or in the aggregate, a Material Adverse Effect. Except  as specifically disclosed in Schedule 5.17, no claim or litigation regarding any of the foregoing is pending  or, to the best knowledge of the Borrowers, threatened, which, either individually or in the aggregate, could  reasonably be expected to have a Material Adverse Effect.  

 

-108-  6807015.9      Section 5.18 Labor Matters. There are no strikes, lockouts, slowdowns or other material labor  disputes against any Loan Party or any Subsidiary thereof pending or, to the knowledge of any Loan Party,  threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material  Adverse Effect. The hours worked by and payments made to employees of the Loan Parties comply with  the Fair Labor Standards Act and any other applicable federal, state, local or foreign Law dealing with such  matters except to the extent that any such violation could not reasonably be expected to have a Material  Adverse Effect. No Loan Party or any of its Subsidiaries has incurred any liability or obligation under the  Worker Adjustment and Retraining Act or similar state Law. All payments due from any Loan Party and its  Subsidiaries, or for which any claim may be made against any Loan Party or any of its Subsidiaries, on  account of wages and employee health and welfare insurance and other benefits, have been paid or properly  accrued in accordance with GAAP as a liability on the books of such Loan Party. Except as set forth on  Schedule 5.18, no Loan Party or any Subsidiary is a party to or bound by any collective bargaining  agreement. There are no complaints, unfair labor practice charges, grievances, arbitrations, unfair  employment practices charges or any other claims or complaints against any Loan Party or any Subsidiary  pending or, to the knowledge of any Loan Party, threatened to be filed with any Governmental Authority or  arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or  termination of employment of any employee of any Loan Party or any of its Subsidiaries which could  reasonably be expected to have a Material Adverse Effect. The consummation of the transactions  contemplated by the Loan Documents will not give rise to any right of termination or right of renegotiation  on the part of any union under any collective bargaining agreement to which any Loan Party or any of its  Subsidiaries is bound which, either individually or in the aggregate, could reasonably be expected to have a  Material Adverse Effect.    Section 5.19 Security Documents.    (a) The Security Agreement creates in favor of the Agent, for the benefit of the Credit Parties  referred to therein, a legal, valid, continuing and enforceable security interest in the Collateral (as defined in  the Security Agreement), the enforceability of which is subject to applicable bankruptcy, insolvency,  reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general  principles of equity, regardless of whether considered in a proceeding in equity or at law. The financing  statements, releases and other filings are in appropriate form and have been or will be filed in the offices  specified in Schedule II of the Security Agreement. Upon such filings and/or the obtaining of “control,” (as  defined in the UCC) and taking of other actions as may be necessary with the appropriate Governmental  Authorities (including the payment of applicable filing and recording taxes), subject to the limitations on  the requirements to perfect contained in the Security Agreement, the Agent will have a perfected Lien on,  and security interest in, to and under all right, title and interest of the grantors thereunder in all Collateral  that may be perfected by filing, recording or registering a financing statement or analogous document  (including without limitation the proceeds of such Collateral subject to the limitations relating to such  proceeds in the UCC) or by obtaining control, under the UCC (in effect on the date this representation is  made).    (b) The Mortgages create in favor of the Agent, for the benefit of the Credit Parties, a legal,  valid, continuing and enforceable Lien in the Mortgaged Property (as defined in the Mortgages), the  enforceability of which is subject to applicable bankruptcy, insolvency, reorganization, moratorium or  other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of  whether considered in a proceeding in equity or at law. Upon the filing or recording of the Mortgages with  the appropriate Governmental Authorities, the Agent will have a perfected Lien on, and security interest in,  to and under all right, title and interest of the grantors thereunder in all Mortgaged Property that may be  perfected by such filing (including without limitation the proceeds of such Mortgaged Property).  

 

-109-  6807015.9      Section 5.20 Solvency. After giving effect to the transactions contemplated by this Agreement,  and before and after giving effect to each Credit Extension, the Loan Parties, on a Consolidated basis, are  Solvent. No transfer of property has been or will be made by any Loan Party and no obligation has been or  will be incurred by any Loan Party in connection with the transactions contemplated by this Agreement or  the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of  any Loan Party.    Section 5.21 Deposit Accounts; Credit Card Arrangements.    (a) Annexed hereto as Schedule 5.21(a) is a list of all DDAs maintained by the Loan Parties as  of the Amendment No. 1 Effective Date, which Schedule includes, with respect to each DDA (i) the name  and address of the depository; (ii) the account number(s) maintained with such depository; (iii) a contact  person at such depository, and (iv) the identification of each Blocked Account Bank.    (b) Annexed hereto as Schedule 5.21(b) is a correct and complete list of all of the Credit Card  Agreements and all other agreements, documents and instruments existing on the Amendment No. 1  Effective Date between or among any Loan Party, the Credit Card Issuers, the Credit Card Processors and  any of their Affiliates or Related Parties with respect to the processing and/or payment to such Loan Party  of the proceeds of any credit card charges and debit card charges for sales made by such Loan Party. The  Credit Card Agreements constitute all of such agreements necessary for each Borrower to operate its  business as presently conducted with respect to credit cards and debit cards. Borrowers have delivered, or  caused to be delivered to Agent, true, correct and complete copies of all of the Credit Card Agreements.    Section 5.22 Brokers. No broker or finder brought about the obtaining, making or closing of  the Loans or transactions contemplated by the Loan Documents, and no Loan Party or Affiliate thereof has  any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.    Section 5.23 Customer and Trade Relations. There exists no actual or, to the knowledge of  any Loan Party, threatened, termination or cancellation of, or any material adverse modification or change  in the business relationship of any Loan Party with any supplier material to its operations.    Section 5.24 Material Contracts. Schedule 5.24 sets forth all Material Contracts to which any  Loan Party is a party or is bound as of the Amendment No. 1 Effective Date. The Loan Parties have  delivered true, correct and complete copies of such Material Contracts to the Agent on or before the  Amendment No. 1 Effective Date. The Loan Parties are not in breach or in default in any material respect  of or under any Material Contract and have not received any notice of the intention of any other party  thereto to terminate any Material Contract.    Section 5.25 Casualty. Neither the businesses nor the properties of any Loan Party or any of its  Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought,  storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not  covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a  Material Adverse Effect.    Section 5.26 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.  No Loan Party or any of its Subsidiaries is in violation of any Sanctions. No Loan Party nor any of its  Subsidiaries nor, to the knowledge of such Loan Party, any director, officer, employee, agent or Affiliate of  such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets  located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned  Persons or Sanctioned Entities. Each of the Loan Parties and its Subsidiaries, and to the knowledge of each  such Loan Party, each director, officer, employee, agent and Affiliate of each such Loan Party and each  

 

-110-  6807015.9      such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering  Laws. No proceeds of any Loan made or Letter of Credit issued hereunder will be used to fund any  operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a  Sanctioned Entity, or otherwise used in any manner that would result in a violation of any Sanction,  Anti-Corruption Law or Anti-Money Laundering Law by any Person (including any Lender, Bank Product  Provider, or other individual or entity participating in any transaction).    ARTICLE VI    AFFIRMATIVE COVENANTS    So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation  hereunder shall remain unpaid or unsatisfied (other than contingent indemnification obligations for which a  claim has not been asserted) , or any Letter of Credit shall remain outstanding, the Loan Parties shall, and  shall (except in the case of the covenants set forth in Section 6.01, Section 6.02, and Section 6.03) cause  each Subsidiary to:    Section 6.01 Financial Statements. Deliver to the Agent, in form and detail satisfactory to the  Agent:    (a) on or about the date of filing thereof with the SEC, but in any event within ninety (90) days  after the end of each Fiscal Year of the Parent (commencing with the Fiscal Year ended 2018), a  Consolidated balance sheet of the Parent and its Subsidiaries as at the end of such Fiscal Year, and the  related consolidated statements of income or operations, Shareholders’ Equity and cash flows for such  Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in  reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and  accompanied by a report and unqualified opinion of Ernst & Young LLP or other independent public  accountants of nationally recognized standing, which report and opinion shall be prepared in accordance  with generally accepted auditing standards and shall not be subject to any “going concern” or like  qualification or exception or any qualification or exception as to the scope of such audit;    (b) on or about the date of filing thereof with the SEC, but in any event within forty-five (45)  days after the end of each of the first three (3) Fiscal Quarters of each Fiscal Year of the Parent  (commencing with the Fiscal Quarter ended July 31, 2018), a Consolidated balance sheet of the Parent and  its Subsidiaries as at the end of such Fiscal Quarter, and the related consolidated statements of income or  operations, Shareholders’ Equity and cash flows for such Fiscal Quarter and for the portion of the Parent’s  Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such period set  forth in the projections delivered pursuant to Section 6.01(d) hereof, (B) the corresponding Fiscal Quarter  of the previous Fiscal Year and (C) the corresponding portion of the previous Fiscal Year, all in reasonable  detail, certified by a Responsible Officer of the Lead Borrower as fairly presenting the financial condition,  results of operations, Shareholders’ Equity and cash flows of the Parent and its Subsidiaries as of the end of  such Fiscal Quarter in accordance with GAAP, subject only to normal year-end audit adjustments and the  absence of footnotes;    (c) as soon as available, but in any event no more than thirty (30) days after the end of each  Fiscal Month (commencing with the Fiscal Month ended October 31, 2020), a Consolidated balance sheet  of the Parent and its Subsidiaries as at the end of such Fiscal Month, and the related consolidated statements  of income or operations, Shareholders’ Equity and cash flows for such Fiscal Month and for the portion of  the Parent’s Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such  period set forth in the projections delivered pursuant to Section 6.01(d) hereof, (B) the corresponding Fiscal  Month of the previous Fiscal Year and (C) the corresponding portion of the previous Fiscal Year, all in  

 

-111-  6807015.9      reasonable detail, certified by a Responsible Officer of the Lead Borrower as fairly presenting the financial  condition, results of operations, Shareholders’ Equity and cash flows of the Parent and its Subsidiaries as of  the end of such Fiscal Month in accordance with GAAP, subject only to normal year-end audit adjustments  and the absence of footnotes; and    (d) as soon as available, but in any event no more than thirty (30) days after the end of each  Fiscal Year of the Parent, forecasts prepared by management of the Lead Borrower, in form consistent with  the forecasts provided to Agent prior to the Amendment No. 1 Effective Date, of Excess Availability,  consolidated balance sheets and statements of income or operations and cash flows of the Parent and its  Subsidiaries on an annual basis for (but setting forth such information for each month of) the immediately  following Fiscal Year (including the Fiscal Year in which the Maturity Date occurs), and as soon as  available, any significant revisions to such forecast with respect to such Fiscal Year, which forecasts shall  be on an annual basis so long as no Default or Event of Default has occurred or is continuing and Excess  Availability is at least equal to an amount greater than fifty percent (50%) of the Loan Cap as of the close of  business as of the last day of the immediately preceding Fiscal Quarter.    Section 6.02 Certificates; Other Information. Deliver to the Agent, in form and detail  satisfactory to the Agent:    (a) concurrently with the delivery of the financial statements referred to in Sections 6.01(a),  6.01(b) and 6.01(c) (commencing with the delivery of the financial statements for the Fiscal Month ended  October 31, 2020), a duly completed Compliance Certificate signed by a Responsible Officer of the Lead  Borrower, and with respect to the financial statements delivered pursuant to Sections 6.01(a) and 6.01(b), in  the event of any material change in generally accepted accounting principles used in the preparation of such  financial statements, the Lead Borrower shall also provide: (i) a statement of reconciliation conforming  such financial statements to GAAP and (ii) a copy of management’s discussion and analysis with respect to  such financial statements;    (b) as soon as available, but in any event not later than fifteen (15) Business Days after each  Fiscal Month end (or, if such day is not a Business Day, on the next succeeding Business Day), a Borrowing  Base Certificate so long as no Default or Event of Default has occurred or is continuing and Excess  Availability is at least equal to the greater of $43,900,000 or fifteen percent (15%) of the Loan Cap showing  the Borrowing Base as of the close of business as of the last day of the immediately preceding Fiscal Month  (provided, that, the Appraised Value applied to the Eligible Inventory set forth in each Borrowing Base  Certificate shall be the Appraised Value set forth in the most recent appraisal obtained by the Agent  pursuant to Section 6.10 hereof for the applicable period to which such Borrowing Base Certificate relates),  each Borrowing Base Certificate to be certified as complete and correct in all material respects by a  Responsible Officer of the Borrower; provided, that, at any time that either a Default or an Event of Default  has occurred and is continuing or Borrowers have failed to maintain Excess Availability at least equal to the  greater of (A) fifteen percent (15.0%) of the Loan Cap and (B) $43,900,000, such Borrowing Base  Certificate shall be delivered on the third Business Day of each week showing the Borrowing Base as of the  close of business on the immediately preceding week (and in the event that the delivery of Borrowing Base  Certificates are on a weekly basis, such weekly delivery shall continue for not less than four (4) consecutive  weeks);    (c) promptly upon receipt, copies of any detailed audit reports, management letters or  recommendations submitted to the board of directors (or the audit committee of the board of directors) of  any Loan Party by its Registered Public Accounting Firm in connection with the accounts or books of the  Loan Parties or any Subsidiary, or any audit of any of them, including, without limitation, specifying any  Internal Control Event;  

 

-112-  6807015.9      (d) promptly after the same are available, copies of each annual report, proxy or financial  statement or other report or communication sent to the stockholders of the Loan Parties, and copies of all  annual, regular, periodic and special reports and registration statements which any Loan Party may file or  be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 or with  any national securities exchange, and in any case not otherwise required to be delivered to the Agent  pursuant hereto;    (e) the financial and collateral reports described on Schedule 6.02 hereto, at the times set forth  in such Schedule;    (f) promptly after the furnishing thereof, copies of any statement or report furnished to any  holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture,  loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to  Section 6.01 or any other clause of this Section 6.02;    (g) as soon as available, but in any event within thirty (30) days after the end of each Fiscal  Year of the Loan Parties, a report summarizing the insurance coverage (specifying type, amount and  carrier) in effect for each Loan Party and its Subsidiaries and containing such additional information as the  Agent, or any Lender through the Agent, may reasonably specify;    (h) promptly after the Agent’s request therefor, copies of all Material Contracts and documents  evidencing Material Indebtedness;    (i) promptly, and in any event within five (5) Business Days after receipt thereof by any Loan  Party or any Subsidiary thereof, copies of each notice or other correspondence received from any  Governmental Authority (including, without limitation, the SEC (or comparable agency in any applicable  non-U.S. jurisdiction)) concerning any proceeding with, or investigation or possible investigation or other  inquiry by such Governmental Authority regarding financial or other operational results of any Loan Party  or any Subsidiary thereof or any other matter which, if adversely determined, could reasonably expected to  have a Material Adverse Effect; and    (j) promptly, such additional information regarding the business affairs, financial condition or  operations of any Loan Party or any Subsidiary, or compliance with the terms of the Loan Documents, as  the Agent or any Lender may from time to time reasonably request.    Documents required to be delivered pursuant to Section 6.01(a), (b), or (c) or Section 6.02(c) (to the extent  any such documents are included in materials otherwise filed with the SEC) may be delivered electronically  and if so delivered, shall be deemed to have been delivered on the date (i) on which the Lead Borrower posts  such documents, or provides a link thereto on the Lead Borrower’s website on the Internet at the website  address listed on Schedule 10.02; or (ii) on which such documents are posted on the Lead Borrower’s behalf  on an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a  commercial, third-party website or whether sponsored by the Agent); provided, that, the Lead Borrower  shall deliver paper copies of such documents to the Agent or any Lender as the Agent or such Lender may  request based on applicable laws or regulations or the internal policies of Agent or such Lender. The Agent  shall have no obligation to request the delivery or to maintain copies of the documents referred to above,  and in any event shall have no responsibility to monitor compliance by the Loan Parties with any such  request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining  its copies of such documents.    The Loan Parties hereby acknowledge that (a) the Agent and/or the Arranger will make available to  the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Loan Parties  

 

-113-  6807015.9      hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another  similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e.,  Lenders that do not wish to receive material non-public information with respect to the Loan Parties or their  securities) (each, a “Public Lender”). The Loan Parties hereby agree that they will use commercially  reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public  Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC”  which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page  thereof; (x) by marking Borrower Materials “PUBLIC,” the Loan Parties shall be deemed to have  authorized the Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as not  containing any material non-public information (although it may be sensitive and proprietary) with respect  to the Loan Parties or their securities for purposes of United States Federal and state securities laws  (provided, that, to the extent such Borrower Materials constitute Information, they shall be treated as set  forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available  through a portion of the Platform designated “Public Investor”; and (z) the Agent and the Arranger shall be  entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on  a portion of the Platform not designated “Public Investor.”    It is understood and agreed that nothing in this Section 6.02 shall require any Borrower or any of its  Subsidiaries to provide any documents or information (a) in respect of which disclosure to the Agent or any  Lender (or their respective representatives) is prohibited by any applicable law or any bona fide agreement  binding on such Borrower or any of its Subsidiaries, or (b) that is subject to attorney-client privilege or  constitutes attorney work product.    Section 6.03 Notices. Promptly notify the Agent after any Responsible Officer obtains  knowledge thereof of:    (a) the occurrence of any Default or Event of Default;    (b) any matter that has resulted or could reasonably be expected to result in a Material Adverse  Effect;    (c) any breach or non-performance of, or any default, with respect to Material Indebtedness of  any Loan Party or any Subsidiary thereof;    (d) any dispute, litigation, investigation, proceeding or suspension between any Loan Party or  any Subsidiary thereof and any Governmental Authority or the commencement of, or any material  development in, any litigation or proceeding affecting any Loan Party or any Subsidiary thereof, including  pursuant to any applicable Environmental Laws that would be required to be reported in the Loan Parties’  public filings;    (e) the occurrence of any ERISA Event in which the liability is reasonably expected to be in  excess of $5,000,000 in any year or that could otherwise reasonably be expected to result in a Material  Adverse Effect;    (f) any material change in accounting policies or financial reporting practices by any Loan  Party or any Subsidiary thereof;    (g) the discharge by any Loan Party of its present Registered Public Accounting Firm or any  withdrawal or resignation by such Registered Public Accounting Firm;  

 

-114-  6807015.9      (h) any collective bargaining agreement or other labor contract to which a Loan Party becomes  a party, or the application for the certification of a collective bargaining agent;    (i) the filing of any Lien for unpaid Taxes against any Loan Party in excess of $250,000;    (j) any casualty or other insured damage to any material portion of the Collateral or the  commencement of any action or proceeding for the taking of any interest in a material portion of the  Collateral under power of eminent domain or by condemnation or similar proceeding or if any material  portion of the Collateral is damaged or destroyed; and    (k) any failure by any Loan Party to pay rent or such other amounts due at (i) any distribution  centers or warehouses; (ii) ten percent (10%) or more of such Loan Party’s locations; or (iii) any of a Loan  Party’s locations if such failure continues for more than ten (10) days following the day on which such rent  first came due and such failure would be reasonably likely to result in a Material Adverse Effect.    Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the  Lead Borrower setting forth details of the occurrence referred to therein and stating what action the Lead  Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall  describe with particularity any and all provisions of this Agreement and any other Loan Document that have  been breached.    It is understood and agreed that nothing in this Section 6.03 shall require any Borrower or any of its  Subsidiaries to provide any documents or information (a) in respect of which disclosure to the Agent or any  Lender (or their respective representatives) is prohibited by any applicable law or any bona fide agreement  binding on such Borrower or any of its Subsidiaries, or (b) that is subject to attorney-client privilege or  constitutes attorney work product.    Section 6.04 Payment of Obligations. Pay and discharge as the same shall become due and  payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental  charges or levies upon it or its properties or assets, (b) all lawful claims (including, without limitation,  claims of landlords, warehousemen, customs brokers, freight forwarders, consolidators and carriers) which,  if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and  payable, but subject to any subordination provisions contained in any instrument or agreement evidencing  such Indebtedness, except (i) in the case of clause (a), where the failure to make such payment could not  reasonably be expected to result in a Material Adverse Effect and (ii) in the case of clauses (b) and (c),  where (A) the validity or amount thereof is being contested in good faith by appropriate proceedings, (B)  such Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP,  and (C) the failure to make payment pending such contest could not reasonably be expected to result in a  Material Adverse Effect. Nothing contained in this Section 6.04 shall be deemed to limit the rights of the  Agent with respect to determining and establishing Reserves pursuant to this Agreement, including in the  event that any such contest does not effectively suspend collection of the contested obligation and  enforcement of any Lien securing such obligation.    Section 6.05 Preservation of Existence, Etc.    (a) Preserve, renew and maintain in full force and effect its legal existence and good standing  under the Laws of the jurisdiction of its organization or formation except in a transaction permitted by  Section 7.04 or Section 7.05; (b) take all reasonable action to maintain all rights, privileges, permits,  licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that  failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) maintain or  renew all of its registered Intellectual Property, except to the extent otherwise permitted as a Permitted  

 

-115-  6807015.9      Disposition and in any event so long as the failure to do so could not reasonably be expected to have,  individually or in the aggregate, a Material Adverse Effect.    Section 6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material  properties and equipment necessary in the operation of its business in good working order and condition,  ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements  thereof except where the failure to do so could not reasonably be expected to have a Material Adverse  Effect.    Section 6.07 Maintenance of Insurance.    (a) Maintain with financially sound and reputable insurance companies not Affiliates or  Related Parties of the Loan Parties, insurance with respect to its properties and business against loss or  damage of the kinds customarily insured against by Persons engaged in the same or similar business and  operating in the same or similar locations or as is required by applicable Law, of such types and in such  amounts as are customarily carried under similar circumstances by such other Persons and as are reasonably  acceptable to the Agent.    (b) Cause fire and extended coverage policies maintained with respect to any Collateral to be  endorsed or otherwise amended to include (i) a non-contributing mortgage clause (regarding improvements  to Real Estate) and lenders’ loss payable clause (regarding personal property), in form and substance  satisfactory to the Agent, which endorsements or amendments shall provide that the insurer shall pay all  proceeds otherwise payable to the Loan Parties under the policies directly to the Agent, (ii) a provision to  the effect that none of the Loan Parties, Credit Parties or any other Person shall be a co-insurer and (iii) such  other provisions as the Agent may reasonably require from time to time to protect the interests of the Credit  Parties.    (c) Cause commercial general liability policies to be endorsed to name the Agent as an  additional insured.    (d) Cause business interruption policies to name the Agent as a loss payee and to be endorsed  or amended to include (i) a provision that, from and after the Closing Date, the insurer shall pay all proceeds  otherwise payable to the Loan Parties under the policies directly to the Agent (and unless a Cash Dominion  Event then exists and is continuing, or the proceeds are otherwise required to be applied to the Obligations  and Other Liabilities hereunder, such proceeds shall be remitted by Agent after receipt of immediately  available funds to the Deposit Account of Lead Borrower used for the receipt of proceeds of Loans), (ii) a  provision to the effect that none of the Loan Parties, the Agent, the Agent or any other party shall be a  co-insurer and (iii) such other provisions as the Agent may reasonably require from time to time to protect  the interests of the Credit Parties.    (e) Cause each such policy referred to in this Section 6.07 to also provide that it shall not be  canceled, modified or not renewed (i) by reason of nonpayment of premium except upon not less than ten  (10) days’ prior written notice thereof by the insurer to the Agent (giving the Agent the right to cure defaults  in the payment of premiums) or (ii) for any other reason except upon not less than thirty (30) days’ prior  written notice thereof by the insurer to the Agent.    (f) Deliver to the Agent, prior to the cancellation, modification or non-renewal of any such  policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy  previously delivered to the Agent, including an insurance binder) together with evidence satisfactory to the  Agent of payment of the premium therefor.  

 

-116-  6807015.9      (g) Maintain for themselves and their Subsidiaries, a Directors and Officers insurance policy,  and a “Blanket Crime” policy including employee dishonesty, forgery or alteration, theft, disappearance  and destruction, robbery and safe burglary, property, and computer fraud coverage with responsible  companies in such amounts as are customarily carried by business entities engaged in similar businesses  similarly situated, and will upon request by the Agent furnish the Agent certificates evidencing renewal of  each such policy.    (h) Permit any representatives that are designated by the Agent to inspect the insurance  policies maintained by or on behalf of the Loan Parties and to inspect books and records related thereto and  any properties covered thereby.    (i) If at any time the area in which any Real Estate that is subject to a Mortgage is located is  designated (i) a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency  Management Agency (or any successor agency), obtain flood insurance in such total amount and on terms  that are satisfactory to the Agent and all Lenders from time to time, and otherwise comply with the Flood  Laws or as is otherwise satisfactory to the Agent and all Lenders, or (ii) a “Zone 1” area, obtain earthquake  insurance in such total amount as is reasonable and customary for companies engaged in the Business, and  in the case of clauses (i) and (ii) above, to provide evidence thereof to the Agent or any Lender that requests  it.    None of the Credit Parties, or their agents or employees shall be liable for any loss or damage  insured by the insurance policies required to be maintained under this Section 6.07. Each Loan Party shall  look solely to its insurance companies or any other parties other than the Credit Parties for the recovery of  such loss or damage and such insurance companies shall have no rights of subrogation against any Credit  Party or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation  rights against such parties, as required above, then the Loan Parties hereby agree, to the extent permitted by  law, to waive their right of recovery, if any, against the Credit Parties and their agents and employees. The  designation of any form, type or amount of insurance coverage by any Credit Party under this Section 6.07  shall in no event be deemed a representation, warranty or advice by such Credit Party that such insurance is  adequate for the purposes of the business of the Loan Parties or the protection of their properties.    Section 6.08 Compliance with Laws. Comply (a) in all material respects with the  requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or  property, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree  is being contested in good faith by appropriate proceedings diligently conducted and with respect to which  adequate reserves have been set aside and maintained by the Loan Parties in accordance with GAAP; (ii)  such contest effectively suspends enforcement of the contested Laws, and (iii) the failure to comply  therewith could not reasonably be expected to have a Material Adverse Effect, and (b) with Sections 10.17  and 10.18.    Section 6.09 Books and Records; Accountants.    (a) (i) Maintain proper books of record and account, in which full, true and correct in all  material respects entries and in conformity with GAAP consistently applied (subject to changes as may be  required in accordance with GAAP) shall be made of all financial transactions and matters involving the  assets and business of the Loan Parties or such Subsidiary, as the case may be; and (ii) maintain such books  of record and account in material conformity with all applicable requirements of any Governmental  Authority having regulatory jurisdiction over the Loan Parties or such Subsidiary, as the case may be.    (b) At all times retain a Registered Public Accounting Firm which is reasonably satisfactory to  the Agent and shall instruct such Registered Public Accounting Firm to cooperate with, and be available to,  

 

-117-  6807015.9      the Agent or its representatives to discuss the Loan Parties’ financial performance, financial condition,  operating results, controls, and such other matters, within the scope of the retention of such Registered  Public Accounting Firm, as may be raised by the Agent, provided, that, the Lead Borrower shall be given a  reasonable opportunity to participate in any such discussions between the Agent and the Registered Public  Accounting Firm.    Section 6.10 Inspection Rights.    (a) Permit representatives and independent contractors of the Agent to visit and inspect any of  its properties, to examine its corporate, financial and operating records, and make copies thereof or  abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and  Registered Public Accounting Firm, and permit the Agent or professionals (including investment bankers,  consultants, accountants, and lawyers) retained by the Agent to conduct evaluations of the Loan Parties’  business plan, forecasts and cash flows no more than one (1) time in any Fiscal Year, at the expense of the  Loan Parties (or additional time or times at the expense of Lenders) and at such reasonable times during  normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the  Lead Borrower; provided, that, when a Default or Event of Default exists the Agent (or any of its  representatives or independent contractors) may do any of the foregoing at the expense of the Loan Parties  at any time during normal business hours and without advance notice.    (b) Upon the request of the Agent after reasonable prior notice and subject to the following  sentence, permit the Agent or professionals (including investment bankers, consultants, accountants, and  lawyers) retained by the Agent to conduct commercial finance examinations and other evaluations,  including, without limitation, of (i) the Lead Borrower’s practices in the computation of the Borrowing  Base and (ii) the assets included in the Borrowing Base and related financial information such as, but not  limited to, sales, gross margins, payables, accruals and reserves. The Loan Parties shall pay the fees and  expenses of the Agent and such professionals with respect to such examinations and evaluations, provided,  that, the Agent shall conduct, or cause to be conducted, one (1) commercial finance examination each Fiscal  Year at the expense of Borrowers, and may conduct, or cause to be conducted, (A) not more than two (2)  commercial finance examinations each Fiscal Year at the expense of Borrowers so long as Excess  Availability is not less than the greater of twenty-five percent (25.0%) of the Loan Cap or $73,200,000 at  any time during such Fiscal Year, or (B) if Excess Availability is less than the greater of such amounts  during such Fiscal Year, not more than three (3) commercial finance examinations in such Fiscal Year at the  expense of Borrowers. Notwithstanding the foregoing, the Agent may cause additional commercial finance  examinations to be undertaken (i) as it in its Permitted Discretion deems necessary or appropriate, at its own  expense or, (ii) if required by Law or if a Default or Event of Default shall have occurred and be continuing,  at the expense of the Loan Parties and without advance notice.    (c) Upon the request of the Agent after reasonable prior notice, permit the Agent or  professionals (including appraisers) retained by the Agent to conduct appraisals of the Collateral (other than  of Eligible Real Estate which is addressed in clause (d) immediately below), including, without limitation,  the assets included in the Borrowing Base. The Loan Parties shall pay the fees and expenses of the Agent  and such professionals with respect to such appraisals, provided, that, the Agent shall conduct, or cause to  be conducted, one (1) inventory appraisal each Fiscal Year at the expense of Borrowers, and may conduct,  or cause to be conducted, (A) not more than two (2) inventory appraisals each Fiscal Year at the expense of  Borrowers so long as Excess Availability is not less than the greater of twenty-five percent (25.0%) of the  Loan Cap or $73,200,000 at any time during such Fiscal Year, or (B) if Excess Availability is less than the  greater of such amounts during such Fiscal Year, not more than three (3) inventory appraisals in such Fiscal  Year at the expense of Borrowers. Notwithstanding the foregoing, the Agent may cause additional  appraisals to be undertaken (i) as it in its discretion deems necessary or appropriate, at its own expense or,  

 

-118-  6807015.9      (ii) if required by Law or if a Default or Event of Default shall have occurred and be continuing, at the  expense of the Loan Parties and without advance notice.    (d) Upon the request of the Agent after reasonable prior notice, permit the Agent or  professionals (including appraisers) retained by the Agent to conduct appraisals of the Eligible Real Estate.  The Loan Parties shall pay the fees and expenses of the Agent and such professionals with respect to such  appraisals, provided, that, the Agent shall conduct, or cause to be conducted, one (1) such appraisal each  Fiscal Year at the expense of Borrowers, and may conduct, or cause to be conducted, (A) not more than two  (2) such appraisals each Fiscal Year at the expense of Borrowers so long asif Excess Availability is not less  than the greater of twenty-five percent (25.0%) of the Loan Cap or $73,200,000 at any time during such  Fiscal Year, or (B) if Excess Availability is less than the greater of such amounts during such Fiscal Year,  not more than three (3) such appraisals in such Fiscal Year at the expense of Borrowers. Notwithstanding  the foregoing, the Agent may cause additional appraisals to be undertaken (i) as it in its discretion deems  necessary or appropriate, at its own expense or, (ii) if required by Law or if a Default or Event of Default  shall have occurred and be continuing, at the expense of the Loan Parties and without advance notice.    (e) Nothing in this Section 6.10 shall require any Borrower or any of its Subsidiaries to  provide, or permit the inspection of, any documents or information (i) in respect of which disclosure to the  Agent or any Lender (or their respective representatives) is prohibited by any applicable Law or a bona fide  contractual obligation binding on such Borrower or any of its Subsidiaries, or (ii) that is subject to  attorney-client privilege or constitutes attorney work product.    Section 6.11 Use of Proceeds. Use the proceeds of the Credit Extensions (a) on the Closing  Date, (i) to repay, in full, the outstanding principal, accrued interest, and accrued fees and expenses owing  under or in connection with the Existing Credit Agreement, and (ii) to pay the fees, costs, and expenses  incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated  hereby and thereby, and (b) thereafter, (i) to finance the acquisition of working capital assets of the  Borrowers, including the purchase of inventory and equipment, in each case in the ordinary course of  business, (ii) to finance Capital Expenditures of the Borrowers, and (iii) for general corporate purposes of  the Loan Parties, in each case to the extent expressly permitted under applicable Law and the Loan  Documents (including in connection with Permitted Investments); provided, that, (A) no part of the  proceeds of the Credit Extensions will be used to purchase or carry any such Margin Stock or to extend  credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that  violates the provisions of Regulation T, U or X of the Board of Governors, (B) no part of the proceeds of  any Credit Extension will be used, directly or to Borrowers’ knowledge, indirectly, to make any payments  to a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or contributions in, or  otherwise make such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any  operations, activities or business of a Sanctioned Entity or a Sanctioned Person, or in any other manner that  would result in a violation of Sanctions by any Person, and (C) that no part of the proceeds of any Credit  Extension will be used, directly or to Borrowers’ knowledge, indirectly, in furtherance of an offer, payment,  promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person  in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.    Section 6.12 Additional Loan Parties. Notify the Agent at the time that any Person becomes a  Subsidiary (other than an Immaterial Subsidiary), and in each case promptly thereafter (and in any event  within fifteen (15) days), cause any such Person (a) which is not a CFC, to (i) become a Loan Party by  executing and delivering to the Agent a Joinder to this Agreement or a Joinder to the Facility Guaranty or  such other documents as the Agent shall deem appropriate for such purpose, (ii) grant a Lien to the Agent  on such Person’s assets of the same type that constitute Collateral to secure the Obligations, and (iii deliver  to the Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable  opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding  

 

-119-  6807015.9      effect and enforceability of the documentation referred to in clause (a)), and (b) if any Equity Interests or  Indebtedness of such Person are owned by or on behalf of any Loan Party, to pledge such Equity Interests  and promissory notes evidencing such Indebtedness (except that, if such Subsidiary is a CFC that is not  joined as a Loan Party, the Equity Interests of such Subsidiary to be pledged may be limited to sixty-five  percent (65%) of the outstanding voting Equity Interests of such Subsidiary and one hundred percent  (100%) of the non-voting Equity Interests of such Subsidiary and such time period may be extended based  on local law or practice), in each case in form, content and scope reasonably satisfactory to the Agent. In no  event shall compliance with this Section 6.12 waive or be deemed a waiver or consent to any transaction  giving rise to the need to comply with this Section 6.12 if such transaction was not otherwise expressly  permitted by this Agreement or constitute or be deemed to constitute, with respect to any Subsidiary, an  approval of such Person as a Borrower or permit the inclusion of any acquired assets in the computation of  the Borrowing Base.    Section 6.13 Cash Management.    (a) On or prior to the Closing Date, deliver to the Agent copies of notifications (each, a “Credit  Card Notification”) substantially in the form attached hereto as Exhibit G which have been executed on  behalf of such Loan Party and delivered to such Loan Party’s Credit Card Issuers and Credit Card  Processors listed on Schedule 5.21(b) (with evidence of such delivery received by Agent).    (b) Within ninety (90) days after the Closing Date (or such later date as Agent may agree),  enter into a Blocked Account Agreement satisfactory in form and substance to the Agent with each Blocked  Account Bank (collectively, the “Blocked Accounts”).    (c) Whether or not a Cash Dominion Event has occurred and is continuing, the Loan Parties  shall (i) ACH or wire transfer, with such frequency as is consistent with their respective business practices  in effect on the Closing Date or as otherwise agreed to by the Agent (and whether or not there are then any  outstanding Obligations) to a Blocked Account or the Concentration Account, all amounts on deposit and  available in each DDA (net of any minimum balance as may be required to be kept in such DDA by the  depository institution at which such DDA is maintained provided, that, during a Cash Dominion Event,  such minimum balance shall not exceed the greater of $10,000 individually or the minimum balance  required by any applicable Blocked Account Bank, but in any event not more than $500,000 in the  aggregate), (ii) cause (A) all cash receipts, all collections of Accounts and all other proceeds of the sales of  Inventory and other Collateral, including, without limitation, all Net Proceeds, and all other cash payments  received by a Loan Party from any Person or from any source or on account of any sale or other transaction  or event to be deposited into a Blocked Account, and (iii) cause all funds in each Blocked Account and  payments due from all Credit Card Issuers and Credit Card Processors to be forwarded with such frequency  as is consistent with their respective business practices in effect on the Closing Date (which Borrowers  acknowledge is on a daily basis on each Business Day) or as otherwise agreed to by the Agent, to a deposit  account maintained by Borrowers at Bank of America (the “Sub-Concentration Account”), and in the case  of the Sub-Concentration Account transferred to the deposit account at Wells Fargo established to receive  funds from the Sub-Concentration Account ( the “Master Concentration Account”, and together with the  Sub-Concentration Account, the “Concentration Accounts”) which is subject to a Blocked Account  Agreement.    (d) At any time that a Cash Dominion Event exists, after delivery of a notice thereof from the  Agent (at Agent’s option or at the request of the Required Lenders) to the applicable Blocked Account  Bank), the Blocked Account Bank shall ACH or wire transfer no less frequently than once each Business  Day all funds in such Master Concentration Account and any other Blocked Account to the Agent Payment  Account.  

 

-120-  6807015.9      (e) Each Blocked Account Agreement with respect to a DDA (other than the Concentration  Accounts) shall require all amounts to be transferred to either the Sub-Concentration Account or the Master  Concentration Account (and in the case of the Sub-Concentration Account to the Master Concentration  Account) and each Blocked Account Agreement with respect to a Concentration Account shall require that  upon notice from Agent which notice shall be delivered only after the occurrence and during the  continuance of a Cash Dominion Event the ACH or wire transfer no less frequently than daily (and whether  or not there are then any outstanding Obligations) to the Agent Payment Account of all cash receipts and  collections received by each Loan Party from all sources, including, without limitation, the following:    (i) all available cash receipts from the sale of Inventory and other assets (whether or not  constituting Collateral);    (ii) all proceeds of collections of Accounts;    (iii) all Net Proceeds, and all other cash payments received by a Loan Party from any  Person or from any source or on account of any Disposition or other transaction or event, including the  issuance of any Indebtedness or Equity Interests;    (iv) the then contents of each DDA (net of any minimum balance, not to exceed $2,500.00,  as may be required to be kept in the subject DDA by the depository institution at which such DDA is  maintained);    (v) the then entire ledger balance of each Blocked Account (net of any minimum balance,  not to exceed $2,500.00, as may be required to be kept in the subject Blocked Account by the Blocked  Account Bank); and    (vi) the proceeds of all credit card charges.    (f) The Concentration Accounts shall at all times be under the sole dominion and control of the  Agent. The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of  withdrawal from the Concentration Accounts, (ii) the funds on deposit in the Concentration Accounts shall  at all times be collateral security for all of the Obligations and (iii) the funds on deposit in the Concentration  Accounts shall be applied to the Obligations as provided in this Agreement. In the event that,  notwithstanding the provisions of this Section 6.13, any Loan Party receives or otherwise has dominion and  control of any such cash receipts or collections, such receipts and collections shall be held in trust by such  Loan Party for the Agent, shall not be commingled with any of such Loan Party’s other funds or deposited  in any account of such Loan Party and shall, not later than the Business Day after receipt thereof, be  deposited into the Master Concentration Account or dealt with in such other fashion as such Loan Party  may be instructed by the Agent.    (g) Upon the request of the Agent, the Loan Parties shall cause bank statements and/or other  reports to be delivered to the Agent not less often than monthly, accurately setting forth all amounts  deposited in each Blocked Account to ensure the proper transfer of funds as set forth above.    (h) So long as no Cash Dominion Event has occurred and is continuing, Loan Parties may add  or replace a DDA or Blocked Account Bank provided, that, no later than thirty (30) days after the time of  the opening of such DDA, the applicable Loan Party and such applicable Blocked Account Bank shall have  executed and delivered to Agent a Blocked Account Agreement (including any acknowledgement and  agreement of the Blocked Account Bank or securities intermediary with respect thereto). Notwithstanding  the foregoing, Borrowers may not establish a new Concentration Account after the date hereof, without  

 

-121-  6807015.9      prior notice to Agent and delivery of a Blocked Account Agreement, contemporaneously with the opening  of such Concentration Account.    (i) So long as no Cash Dominion Event has occurred and is continuing, Loan Parties may add  or replace Credit Card Processors and Credit Card Issuers and shall upon such addition or replacement  provide to Agent no later than fifteen (15) days after the time of entering into such new arrangements,  applicable Credit Card Notifications.    Section 6.14 Information Regarding the Collateral.    (a) Furnish to the Agent at least ten (10) days prior written notice (or such shorter period as the  Agent may agree) of any change in: (i) any Loan Party’s name in its Organization Documents; (ii) the  location of any Loan Party’s chief executive office, its principal place of business, any office in which it  maintains books or records relating to Collateral owned by it or any office or facility at which Collateral  owned by it is located (including the establishment of any such new office or facility); (iii) any Loan Party’s  organizational structure or jurisdiction of incorporation or formation; or (iv) any Loan Party’s Federal  Taxpayer Identification Number or organizational identification number assigned to it by its state of  organization. The Loan Parties agree not to effect or permit any change referred to in the preceding  sentence unless all filings have been made under the UCC or otherwise that are required in order for the  Agent to continue at all times following such change to have a valid, legal and perfected first priority  security interest in all the Collateral for its own benefit and the benefit of the other Credit Parties.    (b) Should any of the information on any of the Schedules hereto become inaccurate or  misleading in any material respect as a result of changes after the Closing Date, the Lead Borrower shall  advise the Agent in writing of such revisions or updates as may be necessary or appropriate to update or  correct the same. From time to time as may be reasonably requested by the Agent, the Lead Borrower shall  supplement each Schedule hereto, or any representation herein or in any other Loan Document, with respect  to any matter arising after the Closing Date that, if existing or occurring on the Closing Date, would have  been required to be set forth or described in such Schedule or as an exception to such representation or that  is necessary to correct any information in such Schedule or representation which has been rendered  inaccurate thereby (and, in the case of any supplements to any Schedule, such Schedule shall be  appropriately marked to show the changes made therein). Notwithstanding the foregoing, no supplement or  revision to any Schedule or representation shall be deemed the Credit Parties’ consent to the matters  reflected in such updated Schedules or revised representations nor permit the Loan Parties to undertake any  actions otherwise prohibited hereunder or fail to undertake any action required hereunder from the  restrictions and requirements in existence prior to the delivery of such updated Schedules or such revision  of a representation; nor shall any such supplement or revision to any Schedule or representation be deemed  the Credit Parties’ waiver of any Default or Event of Default resulting from the matters disclosed therein.    Section 6.15 Physical Inventories.    (a) Cause not less than one (1) physical inventory at retail stores to be undertaken, at the  expense of the Loan Parties, in each Fiscal Year and periodic cycle counts at distribution centers, in each  case, consistent with past practices, conducted by a nationally recognized inventory counting service and  following such methodology as is consistent with the methodology used in the immediately preceding  inventory or as otherwise may be satisfactory to the Agent. The Agent, at the expense of the Loan Parties,  may participate in and/or observe each scheduled physical count of Inventory which is undertaken on  behalf of any Loan Party. The Lead Borrower, within sixty (60) days following the completion of such  inventory, shall provide the Agent with a reconciliation of the results of such inventory (as well as of any  other physical inventory or cycle counts undertaken by a Loan Party) and shall post such results to the Loan  Parties’ stock ledgers and general ledgers, as applicable.  

 

-122-  6807015.9      (b) Permit the Agent, in its Permitted Discretion, if any Default or Event of Default exists, to  cause additional such inventories to be taken as the Agent determines (each, at the expense of the Loan  Parties).    Section 6.16 Environmental Laws. (a) Conduct its operations and keep and maintain its Real  Estate in compliance with all Environmental Laws where the failure to do so, individually or in the  aggregate, could reasonably be expected to have a Material Adverse Effect; (b) obtain and renew all  environmental permits necessary for its operations and properties; and (c) implement any and all  investigation, remediation, removal and response actions that are appropriate or necessary to maintain the  value and marketability of the Real Estate or to otherwise comply with Environmental Laws pertaining to  the presence, generation, treatment, storage, use, disposal, transportation or release of any Hazardous  Materials on, at, in, under, above, to, from or about any of its Real Estate, provided, that, neither a Loan  Party nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other  action to the extent that its obligation to do so is being contested in good faith and by proper proceedings  and adequate reserves have been set aside and are being maintained by the Loan Parties with respect to such  circumstances in accordance with GAAP.    Section 6.17 Further Assurances.    (a) Execute any and all further documents, financing statements, agreements and instruments,  and take all such further actions (including the filing and recording of financing statements and other  documents), that may be required under any applicable Law, or which the Agent may request, to effectuate  the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens  created or intended to be created by the Security Documents or the validity or priority of any such Lien, all  at the expense of the Loan Parties.    (b) If any material assets (which are of the type constituting Collateral and subject to the limits  on perfection requirements contained in the Security Documents) are acquired by any Loan Party after the  Closing Date (other than assets constituting Collateral under the Security Documents that become subject to  the perfected first-priority Lien under the Security Documents upon acquisition thereof), notify the Agent  thereof, and after the acquisition thereof, the Loan Parties will cause such assets to be subjected to a Lien  securing the Obligations and will take such actions as shall be necessary or shall be requested by the Agent  to grant and perfect such Liens, including actions described in paragraph (a) of this Section 6.17, all at the  expense of the Loan Parties. In no event shall compliance with this Section 6.17(b) waive or be deemed a  waiver or consent to any transaction giving rise to the need to comply with this Section 6.17(b) if such  transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to  constitute consent to the inclusion of any acquired assets in the computation of the Borrowing Base.    (c) Upon the request of the Agent, use commercially reasonable efforts to cause each of its  customs brokers, freight forwarders, consolidators and/or carriers to deliver an agreement (including,  without limitation, a Freight Forwarder Agreement) to the Agent covering such matters and in such form as  the Agent may reasonably require.    (d) Upon the request of the Agent, use commercially reasonable efforts to cause any of its  landlords to deliver a Collateral Access Agreement to the Agent in such form as the Agent may reasonably  require.    (e) Notwithstanding anything to the contrary contained herein (including Section 6.12 hereof  and this Section 6.17) or in any other Loan Document, (i) the Agent shall not accept delivery of any  Mortgage from any Loan Party unless each of the Lenders has received forty-five (45) days’ prior written  notice thereof and the Agent has received confirmation from each Lender that such Lender has completed  

 

-123-  6807015.9      its flood insurance diligence, has received copies of all flood insurance documentation and has confirmed  that flood insurance compliance has been completed as required by the Flood Laws or as otherwise  satisfactory to such Lender, and (ii) the Agent shall not accept delivery of any joinder to any Loan  Document with respect to any Subsidiary of any Loan Party that is not a Loan Party, if such Subsidiary that  qualifies as a “legal entity customer” under the Beneficial Ownership Regulation unless such Subsidiary  has delivered to the Agent and the Lenders a Beneficial Ownership Certification in relation to such  Subsidiary and the Agent and each Lender has completed its Patriot Act searches, OFAC/PEP searches and  customary individual background checks for such Subsidiary, the results of which shall be satisfactory to  the Agent and the Lenders.    Section 6.18 Compliance with Terms of Leaseholds. Except as otherwise expressly  permitted hereunder, (a) make all payments and otherwise perform all obligations in respect of all Leases to  which any Loan Party or any of its Subsidiaries is a party, keep such Leases in full force and effect, (b) not  allow such Leases to lapse or be terminated or any rights to renew such Leases to be forfeited or cancelled,  (c) notify the Agent of any default by any party with respect to such Leases and cooperate with the Agent in  all respects to cure any such default, and (d) cause each of its Subsidiaries to do the foregoing, except in  each case, where the failure to do so, either individually, or in the aggregate, could not reasonably be  expected to have a Material Adverse Effect.    Section 6.19 Reserved.    Section 6.20 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.  Each Loan Party will, and will cause each of its Subsidiaries to comply in all material respects with all  applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. The Borrowers will not,  directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such  proceeds to any Subsidiary, joint venture partner or other Person, (a) to fund any activities or business of or  with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is,  the subject of Sanctions, or (b) in any other manner that would result in a violation of Sanctions by any  Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or  otherwise).    ARTICLE VII    NEGATIVE COVENANTS    So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation  hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (other than  contingent indemnification obligations for which a claim has not been asserted), no Loan Party shall, nor  shall it permit any Subsidiary to, directly or indirectly:    Section 7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property,  assets or revenues, whether now owned or hereafter acquired or sign or file or suffer to exist under the UCC  or any similar Law or statute of any jurisdiction a financing statement that names any Loan Party or any  Subsidiary thereof as debtor; sign or suffer to exist any security agreement authorizing any Person  thereunder to file such financing statement; sell any of its property or assets subject to an understanding or  agreement (contingent or otherwise) to repurchase such property or assets with recourse to it or any of its  Subsidiaries; or assign or otherwise transfer any accounts or other rights to receive income, other than, as to  all of the above, Permitted Encumbrances; provided, that, if at any time a financing statement is filed that  names any Loan Party or any Subsidiary thereof as debtor without the knowledge, consent or authorization  of any Loan Party or any Subsidiary, such Loan Party shall have a reasonable period of time after obtaining  knowledge thereof to obtain its termination.  

 

-124-  6807015.9      Section 7.02 Investments. Make any Investments, except Permitted Investments.  Section 7.03 Indebtedness; Disqualified Stock.  (a) Create, incur, assume, guarantee, suffer to exist or otherwise become or remain liable with  respect to, any Indebtedness, except Permitted Indebtedness;    (b) issue Disqualified Stock.    Section 7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into  another Person, (or agree to do any of the foregoing), except that, so long as no Default or Event of Default  shall have occurred and be continuing prior to or immediately after giving effect to any action described  below or would result therefrom:    (a) any Subsidiary which is not a Loan Party may merge with (i) a Loan Party, provided that  the Loan Party shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries which  are not Loan Parties, provided that when any wholly-owned Subsidiary is merging with another Subsidiary,  the wholly-owned Subsidiary shall be the continuing or surviving Person;    (b) any Subsidiary which is a Loan Party may merge into any Subsidiary which is a Loan Party  or into a Borrower, provided, that, in any merger involving a Borrower, such Borrower shall be the  continuing or surviving Person;    (c) in connection with a Permitted Acquisition, any Subsidiary of a Loan Party may merge  with or into or consolidate with any other Person or permit any other Person to merge with or into or  consolidate with it; provided, that, (i) the Person surviving such merger shall be a wholly-owned Subsidiary  of a Loan Party and such Person shall become a Loan Party in accordance with the provisions of Section  6.12 hereof, and (ii) in the case of any such merger to which any Loan Party is a party, such Loan Party is  the surviving Person;    (d) any CFC that is not a Loan Party may merge into any CFC that is not a Loan Party; and    (e) a Borrower may consummate a Holding Company Reorganization so long as after giving  effect thereto, (i) no Default or Event of Default shall exist or shall have occurred and be continuing, (ii) the  Holding Company shall have assumed, pursuant to an instrument in form and substance reasonably  satisfactory to the Agent, the obligations of such Borrower under this Agreement and the other Loan  Documents to which such Borrower is a party, (iii) any holding company created pursuant to such Holding  Company Reorganization shall be a corporation organized under the laws of a State in the United States,  shall expressly assume all obligations of such Borrower under this Agreement and the other Loan  Documents pursuant to supplements hereto and thereto or other documents or instruments, in each case in  form and substance reasonably satisfactory to the Agent, and shall take all actions as may be required to  preserve the enforceability of the Loan Documents, (iv) any Person into which such Borrower may be  merged shall be a corporation organized under the laws of a State in the United States and shall become a  Guarantor by complying with the requirements of Section 6.12 of this Agreement or if such Borrower is the  surviving corporation in such merger, such Borrower shall become a Guarantor and shall comply with the  requirements of Section 6.12 of this Agreement, (v) each Guarantor shall have confirmed that its Guarantee  shall apply to the Obligations of any holding company created pursuant to such Holding Company  Reorganization, (vi) the Agent shall have received such officers’ certificates and opinions of counsel as it  may reasonably request in connection with such transaction and (vii) the revised organizational structure of  the Holding Company, such Borrower and the Subsidiaries shall be reasonably satisfactory to Agent.  

 

-125-  6807015.9      Section 7.05 Dispositions. Make any Disposition or enter into any agreement to make any  Disposition, except Permitted Dispositions.    Section 7.06 Restricted Payments. Declare or make, or agree to pay or make, any Restricted  Payment, except    (a) any Loan Party may declare and pay dividends with respect to its Equity Interests payable  solely in additional shares of its common stock,    (b) any Loan Party may make Restricted Payments pursuant to and in accordance with stock  option plans or other benefit plans for management or employees of the Loan Party and its Subsidiaries,    (c) any Loan Party may make repurchases of Equity Interests deemed to occur (i) upon  exercise of stock options, stock appreciation rights or warrants if such Equity Interests represent a portion  of the exercise price of such options, stock appreciation rights or warrants or (ii) for purposes of satisfying  any required tax withholding obligation upon the exercise or vesting of a grant or award that was granted to  an employee or director of such Loan Party, provided, that, the aggregate amount of all such payments  under clauses (i) and (ii) shall not exceed $1,000,000,    (d) any Loan Party, and each Subsidiary of any Loan Party, may make purchase, redeem or  otherwise acquire Equity Interests issued by it pursuant to Chico’s FAS, Inc. stock buyback program as set  forth in the Form 10-K of Lead Borrower filed with the SEC for its Fiscal Year ending February 3, 2018 or  any future stock buyback program approved by Lead Borrower’s board of directors, so long as, in each  case, as of the date of any payment in respect of any such purchase, redemption or other acquisition, and  after giving effect thereto, each of the Payment Conditions is satisfied,    (e) Lead Borrower may pay dividends in cash so long as, in each case, as of the date of the  declaration of such dividends, and after giving effect to such declaration, each of the Payment Conditions is  satisfied, provided, that, either (i) such dividends are paid within sixty (60) days after the date of the  declaration thereof or (ii) as of the date of the payment of such dividends, and after giving effect thereto,  each of the Payment Conditions is satisfied,    (f) any Loan Party may make any other Restricted Payment to any other Loan Party, and any  Subsidiary that is not a Loan Party may make any Restricted Payment to any Loan Party, and    (g) any Loan Party may make any other Restricted Payments, so long as, in each case, as of the  date of any such Restricted Payment and after giving effect thereto, each of the Payment Conditions is  satisfied.    Section 7.07 Prepayments of Indebtedness. Prepay, redeem, purchase, defease or otherwise  satisfy prior to the scheduled maturity thereof in any manner any Indebtedness, or make any payment in  violation of any subordination terms of any Subordinated Indebtedness, except    (a) payments in respect of the Obligations,    (b) regularly scheduled or mandatory repayments, repurchases, redemptions or defeasances of  (i) Permitted Indebtedness (other than Subordinated Indebtedness), and (ii) Subordinated Indebtedness in  accordance with the subordination terms thereof or the applicable subordination agreement relating thereto,    (c) voluntary prepayments, repurchases, redemptions or defeasances of (i) Permitted  Indebtedness (but excluding on account of any Subordinated Indebtedness) as long as, on the date of any  

 

-126-  6807015.9      such prepayment, repurchase, redemption or defeasance, and after giving effect thereto, each of the  Payment Conditions is satisfied, and (ii) Subordinated Indebtedness in accordance with the subordination  terms thereof or the applicable subordination agreement relating thereto, and as long as on the date of any  such prepayment, repurchase, redemption or defeasance, and after giving effect thereto, each of the  Payment Conditions is satisfied, and    (d) Permitted Refinancings of any such Indebtedness.    Section 7.08 Change in Nature of Business    (a) In the case of the Parent, engage in any business or activity other than (i) the direct or  indirect ownership of all outstanding Equity Interests in the other Loan Parties, (ii) maintaining its  corporate existence, (iii) participating in tax, accounting and other administrative activities as the parent of  the consolidated group of companies, including the Loan Parties, (iv) the execution and delivery of the  Loan Documents to which it is a party and the performance of its obligations thereunder, and (v) activities  incidental to the businesses or activities described in clauses (i) through (iv) of this Section 7.08(a).    (b) In the case of IPCo, engage in any business or activity other than the ownership and  licensing of Intellectual Property and other related intangible assets to Loan Parties and activities incidental  to such ownership and licensing.    (c) In the case of each of the Loan Parties, engage in any line of business substantially  different from the Business conducted by the Loan Parties and their Subsidiaries on the Closing Date or any  business substantially related or incidental thereto.    Section 7.09 Transactions with Affiliates or Related Parties. Enter into, renew, extend or be  a party to any transaction of any kind with any Affiliate or Related Party of any Loan Party, whether or not  in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the  Loan Parties or such Subsidiary as would be obtainable by the Loan Parties or such Subsidiary at the time in  a comparable arm’s length transaction with a Person other than an Affiliate, provided, that, the foregoing  restriction shall not apply to:    (a) a transaction between or among the Loan Parties,    (b) a transaction between or among any Subsidiaries of the Loan Parties which are not Loan  Parties,    (c) transactions described on Schedule 7.09 hereto,    (d) advances for commissions, travel and other similar purposes in the ordinary course of  business to directors, officers and employees,    (e) the issuance of Equity Interests in the Parent to any officer, director, employee or  consultant of the Parent or any of its Subsidiaries,    (f) the payment of reasonable fees and out-of-pocket costs to directors, and compensation and  employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or  employees of the Parent or any of its Subsidiaries, and    (g) any issuances of securities of the Parent (other than Disqualified Stock and other Equity  Interests not permitted hereunder) or other payments, awards or grants in cash, securities or otherwise  

 

-127-  6807015.9      pursuant to, or the funding of, employment agreements, stock options and stock ownership plans (in each  case in respect of Equity Interests in the Parent) of the Parent or any of its Subsidiaries.    Section 7.10 Sale and Leaseback Transactions. Enter into any Sale and Leaseback  Transaction, provided, that, (a) so long as no Default or Event of Default has occurred and is continuing  prior to entering into any Sale and Leaseback Transaction or would arise after giving effect (including  giving effect on a Pro Forma Basis) thereto, (b) Agent has received a Collateral Access Agreement from the  new landlord, (c) such Sale and Leaseback Transaction is subject to a lease at market terms and (d) all net  cash proceeds received in connection with such Sale and Leaseback Transaction shall be applied to  payment of the Obligations in accordance with Section 2.05(d) hereof, Loan Parties may enter into Sale and  Leaseback Transactions in respect of which the net cash proceeds received in connection therewith does not  exceed $100,000,000 in the aggregate during any fiscal year of Lead Borrower, determined on a  consolidated basis for Parent and its Subsidiaries.    Section 7.11 Burdensome Agreements. Enter into or permit to exist any Contractual  Obligation (other than this Agreement or any other Loan Document) that    (a) limits the ability (i) of any Subsidiary to make Restricted Payments or other distributions to  any Loan Party or to otherwise transfer property to or invest in a Loan Party, (ii) of any Subsidiary to  Guarantee the Obligations, (iii) of any Subsidiary to make or repay loans to a Loan Party, or (iv) of the Loan  Parties or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person in favor  of the Agent; or    (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to  secure another obligation of such Person;    Provided, that, this Section 7.11 shall not prohibit (A) any negative pledge incurred or provided in favor of  any holder of Indebtedness permitted under clauses (c) or (d) of the definition of Permitted Indebtedness  solely to the extent any such restriction relates to the property financed by or the subject of such  Indebtedness, (B) provisions in leases of real property that prohibit mortgages or pledges of the lessee’s  interest under such lease or restricting subletting or assignment of such lease, (C) any encumbrance or  restriction contained in any agreement of a Person acquired in a Permitted Investment, which encumbrance  or restriction was in existence at the time of such Permitted Investment (but not created in connection  therewith or in contemplation thereof) and which encumbrance or restriction is not applicable to any Person  or the properties or assets of any Person, other than the Person or the property and assets of the Person so  acquired, (D) customary provisions in joint venture agreements and other similar agreements applicable to  joint ventures to the extent such joint ventures are permitted hereunder, (E) prohibitions, restrictions or  conditions contained in any agreement of a Person that becomes a Subsidiary of Lead Borrower after the  Closing Date which existed prior to the date that such Person became a Subsidiary; provided, that, such  prohibitions, restrictions or conditions existed at the time that such Person became a Subsidiary and were  not created in contemplation of such Person becoming a Subsidiary and do not apply to any other  Subsidiary or any assets other than those of the Subsidiary so acquired, (F) restrictions contained in  Indebtedness permitted under clause (s) of the definition of Permitted Indebtedness and other Indebtedness  not prohibited hereunder that are, taken as a whole, in each case, nor materially more restrictive than those  contained in this Agreement, taken as a whole.    Section 7.12 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or  indirectly, and whether immediately, incidentally or ultimately, (a) to purchase or carry margin stock  (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing  or carrying margin stock or to refund Indebtedness originally incurred for such purpose; (b) to make any  payments to a Sanctioned Entity or a Sanctioned Person, to finance any investments in a Sanctioned Entity  

 

-128-  6807015.9      or a Sanctioned Person, to fund any operations of a Sanctioned Entity or a Sanctioned Person), or in any  other manner that would result in a violation of Sanctions by any Person; or (c) for purposes other than  those permitted under this Agreement.    Section 7.13 Amendment of Material Documents. Amend, modify or waive any of a Loan  Party’s rights under (a) its Organization Documents in a manner materially adverse to the Credit Parties, or  (b) any Material Indebtedness (other than on account of any refinancing thereof otherwise permitted  hereunder), in each case to the extent that such amendment, modification or waiver would result in a  Default or Event of Default under any of the Loan Documents, would be materially adverse to the Credit  Parties or otherwise would be reasonably likely to have a Material Adverse Effect.    Section 7.14 Fiscal Year. Change the Fiscal Year of any Loan Party, or the accounting policies  or reporting practices of the Loan Parties, except as required by GAAP.    Section 7.15 Deposit Accounts; Credit Card Processors. Open new Blocked Accounts  unless the Loan Parties shall have delivered to the Agent appropriate Blocked Account Agreements  consistent with the provisions of Section 6.13 and otherwise satisfactory to the Agent. No Loan Party shall  maintain any bank accounts or enter into any agreements with Credit Card Issuers or Credit Card Processors  other than the ones expressly contemplated herein or in Section 6.13 hereof.    Section 7.16 Excess Availability. Permit Excess Availability to be less than the greater of (a)  $29,250,00020,000,000 or (b) ten percent (10%) of the Loan Cap.    ARTICLE VIII    EVENTS OF DEFAULT AND REMEDIES    Section 8.01 Events of Default. Any of the following shall constitute an Event of Default:    (a) Non-Payment. The Borrowers or any other Loan Party fails to pay, (i) when and as  required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or deposit any funds  as Cash Collateral in respect of L/C Obligations, or (ii) within five (5) days after when and as required to be  paid herein, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five  (5) days after when and as required to be paid herein, any amount payable hereunder or under any other  Loan Document, other than amounts subject to clauses (i) or (ii) above; or    (b) Specific Covenants. (i) Any Loan Party fails to perform or observe any term, covenant or  agreement contained in any of Section 6.01, Section 6.02, Section 6.03, Section 6.05, Section 6.07, Section  6.10, Section 6.11, Section 6.12, Section 6.13 or Section 6.14 or Article VII; or (ii) any Guarantor fails to  perform or observe any term, covenant or agreement contained in the Facility Guaranty; or (iii) any of the  Loan Parties fails to perform or observe any term, covenant or agreement contained in Sections 4.2, 4.3, 4.4,  4.7, 4.8, 4.10, 5.1, 5.2, 7.2, 7.4, and 7.5 of the Security Agreement to which it is a party; or    (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or  agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be  performed or observed and such failure continues for thirty (30) days after the earlier of (i) the date on  which such failure shall first become known to any officer of any Borrower or (ii) the date on which written  notice thereof is given to Borrowers by Agent; or    (d) Representations and Warranties. Any representation, warranty, certification or statement  of fact made or deemed made by or on behalf of any Borrower or any other Loan Party herein, in any other  

 

-129-  6807015.9      Loan Document, or in any document delivered in connection herewith or therewith (including, without  limitation, any Borrowing Base Certificate), or in completing any request for a Borrowing via the Portal,  shall be incorrect or misleading in any material respect when made or deemed made; or    (e) Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any  payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or  otherwise) and such payment is not made within any applicable grace period in respect of any Material  Indebtedness (including undrawn committed or available amounts and including amounts owing to all  creditors under any combined or syndicated credit arrangement), or (B) fails to observe or perform any  other agreement or condition relating to any such Material Indebtedness or contained in any instrument or  agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or  other event is to cause, or to permit the holder or holders of such Material Indebtedness or the beneficiary or  beneficiaries of any Guarantee thereof (or a trustee or agent on behalf of such holder or holders or  beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be  demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or  otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its  stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded;  or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract)  resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any  Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event  (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected  Party (as so defined) and, in either event, the Swap Termination Value owed by the Loan Party or such  Subsidiary as a result thereof is greater than $1,000,000; or    (f) Insolvency Proceedings, Etc. Any Loan Party or any of its Subsidiaries (other than any  Immaterial Subsidiary) institutes, consents to the institution of or declares its intention to institute any  proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for  or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or  similar officer for it or for all or any material part of its property; or a proceeding shall be commenced or a  petition filed, without the application or consent of such Person, seeking or requesting the appointment of  any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed and the  appointment continues undischarged, undismissed or unstayed for sixty (60) calendar days or an order or  decree approving or ordering any of the foregoing shall be entered; or any proceeding under any Debtor  Relief Law relating to any such Person or to all or any material part of its property is instituted without the  consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for  relief is entered in any such proceeding; or    (g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof (other  than any Immaterial Subsidiary) becomes unable or admits in writing its inability or fails generally to pay  its debts as they become due in the ordinary course of business, or (ii) any writ or warrant of attachment or  execution or similar process is issued or levied against all or any material part of the property of any such  Person; or    (h) Judgments. There is entered against any Loan Party or any Subsidiary thereof (i) one or  more judgments or orders for the payment of money in an aggregate amount (as to all such judgments and  orders) exceeding $10,000,000 and such judgment or order shall not have been satisfied, vacated,  discharged, stayed or bonded for a period of thirty (30) consecutive days (to the extent not covered by  independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has  been notified of the potential claim and does not dispute coverage), or at any time enforcement proceedings  are commenced by any creditor upon such judgment or order or (ii) any one or more non-monetary  judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material  

 

-130-  6807015.9      Adverse Effect and (A) enforcement proceedings are commenced by any creditor upon such judgment or  order, or (B) such judgment or order, by reason of a pending appeal or otherwise, shall not have been  satisfied, vacated, discharged, stayed or bonded for a period of thirty (30) consecutive days; or    (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan  which has resulted or could reasonably be expected to result in liability of any Loan Party under Title IV of  ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount which would  reasonably likely result in a Material Adverse Effect, or (ii) a Loan Party or any ERISA Affiliate fails to pay  when due, after the expiration of any applicable grace period, any installment payment with respect to its  withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount  which would reasonably likely result in a Material Adverse Effect; or    (j) Invalidity of Loan Documents. (i) Any material provision of any Loan Document, at any  time after its execution and delivery and for any reason other than as expressly permitted hereunder or  thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan  Party, any Subsidiary thereof or any Governmental Authority contests in any manner the validity or  enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further  liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or  rescind any provision of any Loan Document or seeks to avoid, limit or otherwise adversely affect any Lien  purported to be created under any Security Document; or (ii) any Lien purported to be created under any  Security Document shall cease to be (other than solely as a result of an act or failure to act by the Agent or  any other Credit Party), or shall be asserted by any Loan Party, any Subsidiary thereof or any Governmental  Authority not to be, a valid and perfected Lien on any Collateral (other than an immaterial portion of the  Collateral which is of a type not used in the calculation of the Borrowing Base), with the priority required  by the applicable Security Document except to the extent resulting from the failure of the Agent to file UCC  continuation statements or to maintain “control” (as such term is defined in the UCC), as applicable; or    (k) Change of Control. There occurs any Change of Control; or    (l) Cessation of Business. Except as otherwise expressly permitted hereunder, any Loan Party  shall take any action, or shall make a determination, whether or not yet formally approved by any Loan  Party’s management or board of directors, to (i) suspend the operation of all or a material portion of its  business in the ordinary course, (ii) suspend the payment of any material obligations in the ordinary course,  (iii) solicit proposals for the liquidation of, or undertake to liquidate, all or a material portion of its assets or  Store locations, or (iv) solicit proposals for the employment of, or employ, an agent or other third party to  conduct a program of closings, liquidations, or “Going-Out-Of-Business” sales of any material portion of  its business; provided, that no Default or Event of Default shall be deemed to have occurred with respect to  the foregoing clauses (i), (ii), (iii) or (iv) to the extent conducted in connection with any Store closings  identified as pursuant to the “fleet optimization plan” disclosed to the Agent and consistent in all material  respects with such publicly available information with respect thereto set forth in the Form 10-K of Lead  Borrower filed with the SEC for its 2018 Fiscal Year; or    (m) Loss of Collateral. There occurs any uninsured loss to any material portion of the  Collateral; or    (n) Reserved.    (o) Indictment. The indictment or institution of any legal process or proceeding against, any  Loan Party or any Subsidiary thereof, under any federal, state, municipal, and other criminal statute, rule,  regulation, order, or other requirement having the force of law for a felony and such indictment remains  undismissed for a period of ninety (90) days, except if Agent determines that there is any reasonable risk of  

 

-131-  6807015.9      material liability to Agent or any Lender in continuing to make Loans or provided Letters of Credit to  Borrowers as a result of such indictment or legal process;    (p) Guaranty. The termination or attempted termination of any Facility Guaranty except as  expressly permitted hereunder or under any other Loan Document;    (q) Subordination. (i) The subordination provisions of the documents evidencing or  governing any Subordinated Indebtedness, or provisions of any intercreditor agreement entered into by  Agent after the date hereof in each case in respect of Material Indebtedness, any such provisions being  referred to as the “Intercreditor Provisions”, shall, in whole or in part, terminate, cease to be effective or  cease to be legally valid, binding and enforceable against any holder of the applicable Indebtedness; or (ii)  any Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the  effectiveness, validity or enforceability of any of the Intercreditor Provisions applicable to Material  Indebtedness or that the Obligations or the Liens securing the same for any reason shall not have the priority  contemplated by this Agreement, the other Loan Documents or such Intercreditor Provisions, (B) that the  Intercreditor Provisions exist for the benefit of the Credit Parties, or (C) in the case of Subordinated  Indebtedness, that all payments of principal of or premium and interest on the applicable Subordinated  Indebtedness, or realized from the liquidation of any property of any Loan Party, shall be subject to any of  the Intercreditor Provisions.    Section 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is  continuing, the Agent may, or, at the request of the Required Lenders shall, take any or all of the following  actions:    (a) declare the Commitments of each Lender to make Loans and any obligation of the L/C  Issuer to make L/C Credit Extensions to be terminated, whereupon such Commitments and obligation shall  be terminated;    (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and  unpaid thereon, and all other Obligations (other than Obligations under any Swap Contract) to be  immediately due and payable, without presentment, demand, protest or other notice of any kind, all of  which are hereby expressly waived by the Loan Parties;    (c) require that the Loan Parties Cash Collateralize the L/C Obligations; and    (d) whether or not the maturity of the Obligations shall have been accelerated pursuant hereto,  proceed to protect, enforce and exercise all rights and remedies of the Credit Parties under this Agreement,  any of the other Loan Documents or applicable Law, including, but not limited to, by suit in equity, action at  law or other appropriate proceeding, whether for the specific performance of any covenant or agreement  contained in this Agreement and the other Loan Documents or any instrument pursuant to which the  Obligations are evidenced, and, if such amount shall have become due, by declaration or otherwise, proceed  to enforce the payment thereof or any other legal or equitable right of the Credit Parties;    provided, however, that upon the occurrence of any Event of Default with respect to any Loan Party or any  Subsidiary thereof under Section 8.01(f), the obligation of each Lender to make Loans and any obligation of  the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of  all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and  payable, and the obligation of the Loan Parties to Cash Collateralize the L/C Obligations as aforesaid shall  automatically become effective, in each case without further act of the Agent or any Lender.  

 

-132-  6807015.9      No remedy herein is intended to be exclusive of any other remedy and each and every remedy shall  be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at  law or in equity or by statute or any other provision of Law.    Each of the Lenders agrees that it shall not, unless specifically requested to do so in writing by  Agent, take or cause to be taken any action, including, the commencement of any legal or equitable  proceedings to enforce any Loan Document against any Loan Party or to foreclose any Lien on, or  otherwise enforce any security interest in, or other rights to, any of the Collateral.    Section 8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02  (or after the Loans have automatically become immediately due and payable and the L/C Obligations have  automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any  amounts received on account of the Obligations shall be applied by the Agent in the following order:    First, to payment of that portion of the Obligations (excluding the Other Liabilities) constituting  fees, indemnities, Credit Party Expenses and other amounts (including fees, charges and disbursements of  counsel to the Agent and amounts payable under Article III) payable to the Agent;    Second, to payment of that portion of the Obligations (excluding the Other Liabilities) constituting  indemnities, Credit Party Expenses, and other amounts (other than principal, interest and fees) payable to  the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective  Lenders and the L/C Issuer and amounts payable under Article III), ratably among them based on each  Lender’s Applicable Percentage;    Third, to the extent not previously reimbursed by the ABL Lenders, to payment to the Agent of that  portion of the Obligations constituting principal and accrued and unpaid interest on any Permitted  Overadvances;    Fourth, to the extent that Swing Line Loans have not been refinanced by an ABL Loan, payment to  the Swing Line Lender of that portion of the Obligations constituting accrued and unpaid interest on the  Swing Line Loans;    Fifth, to payment of that portion of the Obligations constituting accrued and unpaid interest on the  ABL Loans and other Obligations (other than Other Liabilities and the FILO Loans), and fees (including  Letter of Credit Fees), ratably among the ABL Lenders and the L/C Issuer in proportion to the respective  amounts described in this clause Fifth payable to them;    Sixth, to the extent that Swing Line Loans have not been refinanced by an ABL Loan, to payment to  the Swing Line Lender of that portion of the Obligations constituting unpaid principal of the Swing Line  Loans;    Seventh, to payment of that portion of the Obligations constituting unpaid principal of the ABL  Loans, ratably among the ABL Lenders in proportion to the respective amounts described in this clause  Seventh held by them;    Eighth, to the Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C  Obligations comprised of the aggregate undrawn amount of Letters of Credit;    Ninth, to payment of all Other Liabilities, up to the amount of the most recently established Bank  Product Reserve or Cash Management Reserve, as applicable, in respect of such Other Liabilities to (i) the  Bank Product Providers based upon amounts then certified by each applicable Bank Product Provider to  

 

-133-  6807015.9      Agent (in form and substance satisfactory to Agent) to be due and payable to such Bank Product Provider  on account of such Other Liabilities (but not in excess of the Bank Product Reserve or Cash Management  Reserve established for the applicable Other Liabilities owing to such Bank Product Provider), and (ii) with  any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Providers,  as cash collateral (which cash collateral may be released by Agent to the applicable Bank Product Provider  and applied by such Bank Product Provider to the payment or reimbursement of any amounts due and  payable with respect to Other Liabilities owed to the applicable Bank Product Provider as and when such  amounts first become due and payable and, if and at such time as all such Other Liabilities are paid or  otherwise satisfied in full, the cash collateral held by Agent in respect of such Other Liabilities shall be  reapplied pursuant to this Section 8.03 beginning with clause First above    Tenth, to payment of that portion of the Obligations constituting accrued and unpaid interest on the  FILO Loans, ratably among the FILO Lenders in proportion to the respective amounts described in this  clause Tenth payable to them;    Eleventh, to payment of that portion of the Obligations constituting unpaid principal of the FILO  Loans, ratably among the FILO Lenders in proportion to the respective amounts described in this clause  Eleventh held by them;    Twelfth, to payment of all other Obligations (including without limitation the cash collateralization  of unliquidated indemnification obligations and subject to the limitation provided herein) but excluding  Other Liabilities, ratably among the Credit Parties in proportion to the respective amounts described in this  clause Twelfth held by them;    Thirteenth, to payment of Other Liabilities in respect of Cash Management Services (not paid  pursuant to clause Ninth above), ratably among the Credit Parties in proportion to the respective amounts  described in this clause Thirteenth held by them;    Fourteenth, to payment of Other Liabilities consisting of Bank Product Obligations (not paid  pursuant to clause Ninth above) ratably among the Credit Parties in proportion to the respective amounts  described in this clause Fourteenth held by them; and    Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Loan  Parties or as otherwise required by Law.    Subject to Section 2.03(g), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of  Credit pursuant to clause Eighth above shall be applied to satisfy drawings under such Letters of Credit as  they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been  fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order  set forth above.    ARTICLE IX    THE AGENT    Section 9.01 Appointment and Authority. Each of the Lenders, L/C Issuers and the Swing  Line Lender hereby irrevocably appoints Wells Fargo to act on its behalf as the Agent hereunder and under  the other Loan Documents (other than the Swap Contracts) and authorizes the Agent to take such actions on  its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof  (including, without limitation, acquiring, holding and enforcing any and all Liens on Collateral granted by  any of the Loan Parties to secure any of the Obligations), together with such actions and powers as are  

 

-134-  6807015.9      reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agent, the  Lenders and the L/C Issuer, and no Loan Party or any Subsidiary thereof shall have rights as a third party  beneficiary of any of such provisions (except to the extent of the right of Lead Borrower to consent to a  replacement Agent as set forth in Section 9.06 and the right of Loan Parties to receive evidence of releases  as set forth in Section 9.10).    Section 9.02 Rights as a Lender. The Person serving as the Agent hereunder shall have the  same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though  they were not the Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or  unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual  capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial  advisor or in any other advisory capacity for and generally engage in any kind of business with the Loan  Parties or any Subsidiary or other Affiliate thereof as if such Person were not the hereunder and without any  duty to account therefor to the Lenders.    Section 9.03 Exculpatory Provisions. The Agent shall not have any duties or obligations  except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of  the foregoing, the Agent:    (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default  or Event of Default has occurred and is continuing;    (b) shall not have any duty to take any discretionary action or exercise any discretionary  powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan  Documents that the Agent is required to exercise as directed in writing by the Required Lenders (or such  other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan  Documents), provided that the Agent shall not be required to take any action that, in its opinion or the  opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or  applicable law; and    (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any  duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Loan  Parties or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or any  of its Affiliates in any capacity.    The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the  request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary,  or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in  Section 10.01 and Section 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as  determined by a final and non-appealable judgment of a court of competent jurisdiction.    The Agent shall not be deemed to have knowledge of any Default or Event of Default unless and  until notice describing such Default or Event of Default is given to the Agent by the Loan Parties, a Lender  or the L/C Issuer. Upon the occurrence of a Default or Event of Default, the Agent shall take such action  with respect to such Default or Event of Default as shall be reasonably directed by the Applicable Lenders.  Unless and until the Agent shall have received such direction, the Agent may (but shall not be obligated to)  take such action, or refrain from taking such action, with respect to any such Default or Event of Default as  it shall deem advisable in the best interest of the Credit Parties. In no event shall the Agent be required to  comply with any such directions to the extent that the Agent believes that its compliance with such  directions would be unlawful.  

 

-135-  6807015.9      The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any  statement, warranty or representation made in or in connection with this Agreement or any other Loan  Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder  or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,  agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event  of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan  Document or any other agreement, instrument or document or the creation, perfection or priority of any  Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral,  or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm  receipt of items expressly required to be delivered to the Agent.    Section 9.04 Reliance by Agent. The Agent shall be entitled to rely upon, and shall not incur  any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or  other writing (including, but not limited to, any electronic message, Internet or intranet website posting or  other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by  the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and  believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a  Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Agent  may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Agent shall have  received written notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan  or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may be counsel for  any Loan Party), independent accountants and other experts selected by it, and shall not be liable for any  action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.    Section 9.05 Delegation of Duties. The Agent may perform any and all of its duties and  exercise its rights and powers hereunder or under any other Loan Document by or through any one or more  sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of its  duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory  provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any  such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit  facilities provided for herein as well as activities as the Agent.    Section 9.06 Resignation of Agent.    (a) The Agent may at any time give written notice of its resignation to the Lenders and the  Lead Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall appoint a  successor from among the Lenders, with the approval of the Lead Borrower, which approval shall not be  unreasonably withheld or delayed, provided, that, no such approval shall be required at any time a Default  or Event of Default exists or has occurred and is continuing. If no such successor shall have been so  appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after  the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders and  the L/C Issuer, appoint a successor Agent that is a bank with an office in the United States or an Affiliate of  such bank with an office in the United States, provided, that such Affiliate is a “U.S. person” and a  “financial institution “ within the meaning of Treasury Regulations Section 1.1441-7, provided, that, if the  Agent shall notify the Lead Borrower and the Lenders that no qualifying Person has accepted such  appointment, then such resignation shall nonetheless become effective in accordance with such notice and  (i) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan  Documents (except that in the case of any Collateral held by the Agent on behalf of the Lenders or the L/C  Issuer under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security  until such time as a successor Agent is appointed) and (ii) all payments, communications and  

 

-136-  6807015.9      determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender  and the L/C Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided  for above in this Section. Upon the acceptance of a successor’s appointment as Agent hereunder, such  successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the  retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations  hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in  this Section). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to  its predecessor unless otherwise agreed between the Lead Borrower and such successor. After the retiring  Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and  Section 10.04 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their  respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the  retiring Agent was acting as Agent hereunder.    (b) Any resignation by Wells Fargo as Agent pursuant to this Section shall also constitute its  resignation as Swing Line Lender and the resignation of Wells Fargo as L/C Issuer. Upon the acceptance of  a successor’s appointment as Agent hereunder, (a) such successor shall succeed to and become vested with  all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (b) the  retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and  obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue  letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or  make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the  retiring L/C Issuer with respect to such Letters of Credit.    Section 9.07 Non-Reliance on Agent and Other Lenders. Each Lender and the L/C Issuer  acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of  their Related Parties and based on such documents and information as it has deemed appropriate, made its  own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also  acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of  their Related Parties and based on such documents and information as it shall from time to time deem  appropriate, continue to make its own decisions in taking or not taking action under or based upon this  Agreement, any other Loan Document or any related agreement or any document furnished hereunder or  thereunder. Except as provided in Section 9.12, the Agent shall not have any duty or responsibility to  provide any Credit Party with any other credit or other information concerning the affairs, financial  condition or business of any Loan Party that may come into the possession of the Agent.    Section 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of  the Bookrunners or Arrangers listed on the cover page hereof shall have any powers, duties or  responsibilities under this Agreement or any of the other Loan Documents, except in its capacity as the  Agent, a Lender or the L/C Issuer hereunder.    Section 9.09 Agent May File Proofs of Claim. In case of the pendency of any proceeding  under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Agent  (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein  expressed or by declaration or otherwise and irrespective of whether the Agent shall have made any demand  on the Loan Parties) shall be entitled and empowered, by intervention in such proceeding or otherwise    (a) to file and prove a claim for the whole amount of the principal and interest owing and  unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to  file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the  L/C Issuer, the Agent and the other Credit Parties (including any claim for the reasonable compensation,  expenses, disbursements and advances of the Lenders, the L/C Issuer, the Agent, such Credit Parties and  

 

-137-  6807015.9      their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer the Agent and  such Credit Parties under Sections 2.03(i) and 2.03(j) as applicable, 2.09 and 10.04) allowed in such judicial  proceeding; and    (b) to collect and receive any monies or other property payable or deliverable on any such  claims and to distribute the same;    and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such  judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the  Agent and, if the Agent shall consent to the making of such payments directly to the Lenders and the L/C  Issuer, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements and  advances of the Agent and its agents and counsel, and any other amounts due the Agent under Section 2.09  and Section 10.04.    Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to or  accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement,  adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer or to  authorize the Agent to vote in respect of the claim of any Lender or the L/C Issuer in any such proceeding.    Section 9.10 Collateral and Guaranty Matters. The Credit Parties irrevocably authorize the  Agent, at its option and in its Permitted Discretion,    (a) to release any Lien on any property granted to or held by the Agent under any Loan  Document (i) upon payment in full of all Obligations and the expiration, termination or Cash  Collateralization of all Letters of Credit, (ii) that is sold or to be sold as part of or in connection with any sale  permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in  writing by the Applicable Lenders in accordance with Section 10.01;    (b) to subordinate any Lien on any property granted to or held by the Agent under any Loan  Document to the holder of any Lien on such property that is permitted by clause (h) of the definition of  Permitted Encumbrances; and    (c) to release any Guarantor from its obligations under the Facility Guaranty (and its  obligations under any other Loan Document to which such Guarantor is a party) if such Person ceases to be  a Subsidiary as a result of a transaction permitted hereunder.    Upon request by the Agent at any time, the Applicable Lenders will confirm in writing the Agent’s  authority to release or subordinate its interest in particular types or items of property, or to release any  Guarantor from its obligations under the Facility Guaranty pursuant to this Section 9.10. In each case as  specified in this Section 9.10, the Agent will, at the Loan Parties’ expense, execute and deliver to the  applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release  of such item of Collateral from the assignment and security interest granted under the Security Documents  or to subordinate its interest in such item, or to release such Guarantor from its obligations under the  Facility Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10.  

 

-138-  6807015.9      Section 9.11 Notice of Transfer. The Agent may deem and treat a Lender party to this  Agreement as the owner of such Lender’s portion of the Obligations for all purposes, unless and until, and  except to the extent, an Assignment and Acceptance shall have become effective as set forth in Section  10.06.    Section 9.12 Reports and Financial Statements. By signing this Agreement, each Lender:    (a) agrees to furnish the Agent with a summary of all Other Liabilities due or to become due to  such Lender. In connection with any distributions to be made hereunder, the Agent shall be entitled to  assume that no amounts are due to any Lender on account of Other Liabilities unless the Agent has received  written notice thereof from such Lender;    (b) is deemed to have requested that the Agent furnish such Lender, promptly after they  become available, copies of all Borrowing Base Certificates and financial statements required to be  delivered by the Lead Borrower hereunder and all commercial finance examinations and appraisals of the  Collateral received by the Agent (collectively, the “Reports”);    (c) expressly agrees and acknowledges that the Agent makes no representation or warranty as  to the accuracy of the Reports, and shall not be liable for any information contained in any Report;    (d) expressly agrees and acknowledges that the Reports are not comprehensive audits or  examinations, that the Agent or any other party performing any audit or examination will inspect only  specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and  records, as well as on representations of the Loan Parties’ personnel;    (e) agrees to keep all Reports confidential in accordance with the provisions of Section 10.07  hereof; and    (f) without limiting the generality of any other indemnification provision contained in this  Agreement, agrees: (i) to hold the Agent and any such other Lender preparing a Report harmless from any  action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from  any Report in connection with any Credit Extensions that the indemnifying Lender has made or may make  to the Borrowers, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of,  a Loan or Loans; and (ii) to pay and protect, and indemnify, defend, and hold the Agent and any such other  Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs,  expenses, and other amounts (including attorney costs) incurred by the Agent and any such other Lender  preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any  Report through the indemnifying Lender.    Section 9.13 Agency for Perfection. Each Lender hereby appoints each other Lender as agent  for the purpose of perfecting Liens for the benefit of the Agent and the Lenders, in assets which, in  accordance with Article 9 of the UCC or any other applicable Law of the United States can be perfected  only by possession. Should any Lender (other than the Agent) obtain possession of any such Collateral,  such Lender shall notify the Agent thereof, and, promptly upon the Agent’s request therefor shall deliver  such Collateral to the Agent or otherwise deal with such Collateral in accordance with the Agent’s  instructions.    Section 9.14 Indemnification of Agent. Without limiting the obligations of the Loan Parties  hereunder, the Lenders hereby agree to indemnify the Agent, the L/C Issuer and any Related Party, as the  case may be, ratably according to their Applicable Percentages, from and against any and all liabilities,  obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any  

 

-139-  6807015.9      kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Agent, the L/C  Issuer and their Related Parties in any way relating to or arising out of this Agreement or any other Loan  Document or any action taken or omitted to be taken by the Agent, the L/C Issuer and their Related Parties  in connection therewith, to the extent not reimbursed by the Loan Parties for any reason and without  limiting the obligations of the Loan Parties to do so; provided, that, no Lender shall be liable for any portion  of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or  disbursements resulting from the Agent’s, the L/C Issuer’s and their Related Parties’ gross negligence or  willful misconduct as determined by a final and nonappealable judgment of a court of competent  jurisdiction.    Section 9.15 Relation among Lenders. The Lenders are not partners or co-venturers, and no  Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the  Agent) authorized to act for, any other Lender.    Section 9.16 Defaulting Lenders.    (a) Notwithstanding the provisions of Section 2.14 hereof, the Agent shall not be obligated to  transfer to a Defaulting Lender any payments made by the Borrowers to the Agent for the Defaulting  Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting  Lender, and, in the absence of such transfer to the Defaulting Lender, the Agent shall transfer any such  payments (i) first, to the Swing Line Lender to the extent of any Swing Line Loans that were made by the  Swing Line Lender and that were required to be, but were not, paid by the Defaulting Lender, (ii) second, to  the L/C Issuer, to the extent of the portion of a Letter of Credit Disbursement that was required to be, but  was not, paid by the Defaulting Lender, (iii) third, to each Non-Defaulting Lender ratably in accordance  with their Commitments (but, in each case, only to the extent that such Defaulting Lender’s portion of a  Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (iv) to the Cash  Collateral Account, the proceeds of which shall be retained by the Agent and may be made available to be  re-advanced to or for the benefit of the Borrowers (upon the request of the Lead Borrower and subject to the  conditions set forth in Section 4.02) as if such Defaulting Lender had made its portion of the Loans (or other  funding obligations) hereunder, and (v) from and after the date on which all other Obligations have been  paid in full, to such Defaulting Lender. Subject to the foregoing, the Agent may hold and, in its Permitted  Discretion, re-lend to the Borrowers for the account of such Defaulting Lender the amount of all such  payments received and retained by the Agent for the account of such Defaulting Lender. Solely for the  purposes of voting or consenting to matters with respect to the Loan Documents (including the calculation  of Applicable Percentages in connection therewith) and for the purpose of calculating the fee payable under  Section 2.09(a), such Defaulting Lender shall be deemed not to be a “Lender” and such Lender’s  Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to any of the matters  governed by Section 10.01(a) through (c). The provisions of this Section 9.16 shall remain effective with  respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting  Lenders, the Agent, the L/C Issuer, and the Borrowers shall have waived, in writing, the application of this  Section 9.16 to such Defaulting Lender, or (z) the date on which such Defaulting Lender pays to the Agent  all amounts owing by such Defaulting Lender in respect of the amounts that it was obligated to fund  hereunder, and, if requested by the Agent, provides adequate assurance of its ability to perform its future  obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is continuing,  any remaining cash collateral held by the Agent pursuant to Section 9.16(b) shall be released to the  Borrowers). The operation of this Section 9.16 shall not be construed to increase or otherwise affect the  Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other  Lender of its duties and obligations hereunder, or to relieve or excuse the performance by any Borrower of  its duties and obligations hereunder to the Agent, the L/C Issuer, the Swing Line Lender, or to the Lenders  other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was  obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement  

 

-140-  6807015.9      and shall entitle the Borrowers, at their option, upon written notice to the Agent, to arrange for a substitute  Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably  acceptable to the Agent. In connection with the arrangement of such a substitute Lender, the Defaulting  Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed  form of Assignment and Assumption in favor of the substitute Lender (and agrees that it shall be deemed to  have executed and delivered such document if it fails to do so) subject only to being paid its share of the  outstanding Obligations (other than any Other Liabilities, but including (1) all interest, fees (except any  Commitment Fees or Letter of Credit Fees not due to such Defaulting Lender in accordance with the terms  of this Agreement), and other amounts that may be due and payable in respect thereof, and (2) an  assumption of its Applicable ABL Percentage of its participation in the Letters of Credit); provided, that,  any such assumption of the Commitment of such Defaulting Lender shall not be deemed to constitute a  waiver of any of the Credit Parties’ or the Loan Parties’ rights or remedies against any such Defaulting  Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the  priority provisions of this Section 9.16 and any other provision contained in this Agreement or any other  Loan Document, it is the intention of the parties hereto that such provisions be read together and construed,  to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable  conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 9.16 shall control and  govern.    (b) If any Swing Line Loan or Letter of Credit is outstanding at the time that a Lender becomes  a Defaulting Lender then:    (i) such Defaulting Lender’s participation interest in any Swing Line Loan or Letter of  Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective  Applicable ABL Percentages but only to the extent (x) the Outstanding Amount sum of all Non-Defaulting  Lenders’ Credit Extensions after giving effect to such reallocation does not exceed the total of all  Non-Defaulting Lenders’ Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such  time;    (ii) if the reallocation described in clause (b)(i) above cannot, or can only partially, be  effected, the Borrowers shall within one (1) Business Day following notice by the Agent (x) first, prepay  such Defaulting Lender’s participation in any outstanding Swing Line Loans (after giving effect to any  partial reallocation pursuant to clause (b)(i) above) and (y) second, cash collateralize such Defaulting  Lender’s participation in Letters of Credit (after giving effect to any partial reallocation pursuant to clause  (b)(i) above), pursuant to a cash collateral agreement to be entered into in form and substance reasonably  satisfactory to the Agent, for so long as such L/C Obligations are outstanding; provided, that the Borrowers  shall not be obligated to cash collateralize any Defaulting Lender’s participations in Letters of Credit if such  Defaulting Lender is also the L/C Issuer;    (iii) if the Borrowers cash collateralize any portion of such Defaulting Lender’s  participation in Letters of Credit Exposure pursuant to this Section 9.16(b), the Borrowers shall not be  required to pay any Letter of Credit Fees to the Agent for the account of such Defaulting Lender pursuant to  Section 2.03 with respect to such cash collateralized portion of such Defaulting Lender’s participation in  Letters of Credit during the period such participation is cash collateralized;    (iv) to the extent the participation by any Non-Defaulting Lender in the Letters of Credit is  reallocated pursuant to this Section 9.16(b), then the Letter of Credit Fees payable to the Non-Defaulting  Lenders pursuant to Section 2.03 shall be adjusted in accordance with such reallocation;    (v) to the extent any Defaulting Lender’s participation in Letters of Credit is neither cash  collateralized nor reallocated pursuant to this Section 9.16(b), then, without prejudice to any rights or  

 

-141-  6807015.9      remedies of the L/C Issuer or any Lender hereunder, all Letter of Credit Fees that would have otherwise  been payable to such Defaulting Lender under Section 2.03 with respect to such portion of such  participation shall instead be payable to the L/C Issuer until such portion of such Defaulting Lender’s  participation is cash collateralized or reallocated;    (vi) so long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be  required to make any Swing Line Loan and the L/C Issuer shall not be required to issue, amend, or increase  any Letter of Credit, in each case, to the extent (x) the Defaulting Lender’s Applicable ABL Percentage of  such Swing Line Loans or Letters of Credit cannot be reallocated pursuant to this Section 9.16(b) or (y) the  Swing Line Lender or the L/C Issuer, as applicable, has not otherwise entered into arrangements reasonably  satisfactory to the Swing Line Lender or the L/C Issuer, as applicable, and the Borrowers to eliminate the  Swing Line Lender’s or L/C Issuer’s risk with respect to the Defaulting Lender’s participation in Swing  Line Loans or Letters of Credit; and    (vii) The Agent may release any cash collateral provided by the Borrowers pursuant to this  Section 9.16(b) to the L/C Issuer and the L/C Issuer may apply any such cash collateral to the payment of  such Defaulting Lender’s Applicable ABL Percentage of any Letter of Credit Disbursement that is not  reimbursed by the Borrowers pursuant to Section 2.03.    ARTICLE X    MISCELLANEOUS    Section 10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement  or any other Loan Document (other than Swap Contracts), and no consent to any departure by any Loan  Party therefrom, shall be effective unless in writing signed by the Agent, with the consent of the Required  Lenders, and the Lead Borrower or the applicable Loan Party, as the case may be, and acknowledged by the  Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific  purpose for which given; provided, however, that no such amendment, waiver or consent shall:    (a) increase the Commitment of any Lender (or reinstate any Commitment terminated  pursuant to Section 8.02) without the written consent of such Lender;    (b) as to any Lender, postpone any date fixed by this Agreement or any other Loan Document  for (i) any scheduled payment (including the Maturity Date) or mandatory prepayment of principal, interest,  fees or other amounts due hereunder or under any of the other Loan Documents without the written consent  of such Lender entitled to such payment, or (ii) any scheduled or mandatory reduction or termination of the  Commitment of such Lender hereunder or under any other Loan Document without the written consent of  such Lender;    (c) as to any Lender, reduce the principal of, or the rate of interest specified herein on, any  Loan held by such Lender, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or  other amounts payable hereunder or under any other Loan Document to or for the account of such Lender,  without the written consent of each Lender entitled to such amount; provided, that, only the consent of the  Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of  the Borrowers to pay interest or Letter of Credit Fees at the Default Rate;    (d) as to any Lender, change Section 2.13 or Section 8.03 in a manner that would alter the pro  rata sharing of payments required thereby without the written consent of such Lender;  

 

-142-  6807015.9      (e) change any provision of this Section or the definition of “Required Lenders”, “Required  ABL Lenders,” “Supermajority ABL Lenders,” “Required FILO Lenders,” “Supermajority FILO Lenders”  or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or  otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without  the written consent of each Lender;    (f) except as expressly permitted hereunder or under any other Loan Document, release, or  limit the liability of, any Loan Party without the written consent of each Lender;    (g) except for Permitted Dispositions, release all or substantially all of the Collateral from the  Liens of the Security Documents without the written consent of each Lender;    (h) except as provided in Section 2.15, increase the Aggregate ABL Commitments (or increase  the amounts defined as the Commitment Increases in Section 2.15) without the written consent of each  ABL Lender;    (i) increase the FILO Commitments without the written consent of each FILO Lender;    (j) (i) increase any advance rate percentage set forth in the definition of (A) “ABL Borrowing  Base” or otherwise change the definition of the term “ABL Borrowing Base” or any component definition  thereof if as a result thereof the amounts available to be borrowed by the Borrowers would be increased, in  each case, without the written consent of the Supermajority ABL Lenders, or (B) “FILO Borrowing Base”  or otherwise change the definition of the term “FILO Borrowing Base” or any component definition thereof  if as a result thereof the amounts available to be borrowed by the Borrowers would be increased, in each  case, without the written consent of the Supermajority FILO Lenders, or (ii) change the definition of “FILO  Push Down Reserve” (or any component definition of such term) or cease to deduct from the ABL  Borrowing Base (or fail to establish or maintain) the FILO Push Down Reserve, in each case, without the  written consent of the Supermajority FILO Lenders; provided, that the foregoing clause (j) shall not limit  the discretion of the Agent to change, establish or eliminate any reserves or to exercise any other discretion  that the Agent may have in respect of any of the provisions referenced in this clause (j);    (k) modify the definition of Permitted Overadvance so as to extend or postpone the date for the  repayment thereof if there is no Liquidation, without the written consent of each Lender;    (l) at any time that any Real Estate is included in the Collateral, add, increase, renew or extend  any Credit Extension or Commitment hereunder, unless (i) the Agent shall have received all flood hazard  determination certifications, acknowledgements and evidence of flood insurance and other flood-related  documentation with respect to such Real Estate as required by the Flood Laws and as otherwise reasonably  required by the Agent and (ii) the Agent shall have received written confirmation from the Lenders that  flood insurance due diligence and flood insurance compliance have been completed by the Lenders (such  written confirmation not to be unreasonably conditioned, withheld or delayed); and    (m) except as expressly permitted herein or in any other Loan Document, subordinate the  Obligations hereunder or the Liens granted hereunder or under the other Loan Documents, to any other  Indebtedness or Lien, as the case may be without the written consent of each Lender;    and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the  L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this  Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no  amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to  the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; and  

 

-143-  6807015.9      (iii) no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the  Lenders required above, affect the rights or duties of the Agent under this Agreement or any other Loan  Document; (iv) any amendment, modification, elimination, waiver, consent, termination, or release of, or  with respect to, any provision of this Agreement or any other Loan Document that relates only to the  relationship of the Lenders, L/C Issuer and/or Agent among themselves, and that does not affect the rights  or obligations of any Loan Party, shall not require consent by or the agreement of any Loan Party, and (v)  any amendment contemplated by Section 2.08(e) of this Agreement in connection with a Benchmark  Transition Event shall be effective as contemplated by such Section 2.08(e) hereof.    Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to  approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or  consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with  the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of  any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any  waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its  terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall  require the consent of such Defaulting Lender.    Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (A) (1)  no provider or holder of any Bank Products or Cash Management Services shall have any voting or  approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of  such agreements or products or the Obligations owing thereunder, nor shall the consent of any such  provider or holder be required (other than in their capacities as Lenders, to the extent applicable) for any  matter hereunder or under any of the other Loan Documents, including as to any matter relating to the  Collateral or the release of Collateral or any Loan Party, and (2) any instrument or agreement relating to  Bank Products or Cash Management Services may be amended by the parties thereto without the consent of  any other Person, and (B) any Loan Document may be amended and waived with the consent of the Agent  (at its option but without any obligation to do so) at the request of the Lead Borrower without the need to  obtain the consent of any other Lender if such amendment or waiver is delivered in order (1) to comply with  local Law or advice of local counsel, (2) to cure ambiguities or defects or (3) to cause any Loan Document  to be consistent with this Agreement and the other Loan Documents.    If any Lender does not consent (a “Non-Consenting Lender”) to a proposed amendment, waiver,  consent or release with respect to any Loan Document that requires the consent of each Lender and that has  been approved by the Required Lenders, the Lead Borrower may replace such Non-Consenting Lender in  accordance with Section 10.13; provided, that, such amendment, waiver, consent or release can be effected  as a result of the assignment contemplated by such Section (together with all other such assignments  required by the Lead Borrower to be made pursuant to this paragraph).    Section 10.02 Notices; Effectiveness; Electronic Communications.    (a) Notices Generally. Except as provided in subsection (b) below, all notices and other  communications provided for herein shall be in writing and shall be delivered by hand or overnight courier  service, mailed by certified or registered mail or sent by telecopier as follows:    (i) if to the Loan Parties, the Agent, the L/C Issuer or the Swing Line Lender, to the  address, telecopier number, electronic mail address specified for such Person on Schedule 10.02; and    (ii) if to any other Lender, to the address, telecopier number, electronic mail address  specified in its Administrative Questionnaire.  

 

-144-  6807015.9      Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed  to have been given when received; notices sent by telecopier shall be deemed to have been given when sent  (except that, if not given during normal business hours for the recipient, shall be deemed to have been given  at the opening of business on the next Business Day for the recipient). Notices delivered through electronic  communications to the extent provided in subsection (b) below, shall be effective as provided in such  subsection (b).    (b) Electronic Communications. Notices and other communications to the Loan Parties, the  Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication  (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided  that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such  Lender or the L/C Issuer, as applicable, has notified the Agent that it is incapable of receiving notices under  such Article by electronic communication. The Agent may, in its discretion, agree to accept notices and  other communications to it hereunder by electronic communications pursuant to procedures approved by it,  provided, that, approval of such procedures may be limited to particular notices or communications.    Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail  address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended  recipient (such as by the “return receipt requested” function, as available, return e-mail or other written  acknowledgement), provided that if such notice or other communication is not sent during the normal  business hours of the recipient, such notice or communication shall be deemed to have been sent at the  opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to  an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient  at its e-mail address as described in the foregoing clause (i) of notification that such notice or  communication is available and identifying the website address therefor.    (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR  COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM,  AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE  BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR  STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A  PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM  FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN  CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the  Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party,  any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any  kind (whether in tort, contract or otherwise) arising out of the Loan Parties’ or the Agent’s transmission of  Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or  expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have  resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no  event shall any Agent Party have any liability to any Loan Party, any Lender, the L/C Issuer or any other  Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual  damages).    (d) Change of Address, Etc. Each of the Loan Parties, the Agent, the L/C Issuer and the Swing  Line Lender may change its address or telecopier for notices and other communications hereunder, or,  solely with respect to communications, may change its telephone number, by notice to the other parties  hereto. Each other Lender may change its address or telecopier number for notices and other  communications hereunder by notice to the Lead Borrower, the Agent, the L/C Issuer and the Swing Line  Lender. In addition, each Lender agrees to notify the Agent from time to time to ensure that the Agent has  

 

-145-  6807015.9      on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail  address to which notices and other communications may be sent and (ii) accurate wire instructions for such  Lender.    (e) Reliance by Agent, L/C Issuer and Lenders. The Agent, the L/C Issuer and the Lenders  shall be entitled to rely and act upon any notices (including, without limitation, all Requests for Credit  Extensions) purportedly given by or on behalf of the Loan Parties even if (i) such notices were not made in  a manner specified herein, were incomplete or were not preceded or followed by any other form of notice  specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation  thereof. The Loan Parties shall indemnify the Agent, the L/C Issuer, each Lender and the Related Parties of  each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on  each notice purportedly given by or on behalf of the Loan Parties (including, without limitation, pursuant to  any Requests for Credit Extensions). All telephonic communications with the Agent may be recorded by  the Agent, and each of the parties hereto hereby consents to such recording.    Section 10.03 No Waiver; Cumulative Remedies. No failure by any Credit Party to exercise,  and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall  operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege  hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise  of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided herein  and in the other Loan Documents are cumulative and not exclusive of any rights, remedies, powers and  privileges provided by law. Without limiting the generality of the foregoing, the making of a Loan or  issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default,  regardless of whether any Credit Party may have had notice or knowledge of such Default or Event of  Default at the time.    Section 10.04 Expenses; Indemnity; Damage Waiver.    (a) Costs and Expenses. The Borrowers shall pay all Credit Party Expenses.    (b) Indemnification by the Loan Parties. The Loan Parties shall indemnify the Agent (and any  sub-agent thereof), each other Credit Party, and each Related Party of any of the foregoing Persons (each  such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless (on an after tax  basis) from, any and all losses, claims, causes of action, damages, liabilities, settlement payments, costs,  and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee),  incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any  other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the  performance by the parties hereto of their respective obligations hereunder or thereunder or the  consummation of the transactions contemplated hereby or thereby, or, in the case of the Agent (and any  sub-agents thereof) and their Related Parties only, the administration of this Agreement and the other Loan  Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom  (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the  documents presented in connection with such demand do not strictly comply with the terms of such Letter  of Credit, any bank advising or confirming a Letter of Credit or any other nominated person with respect to  a Letter of Credit seeking to be reimbursed or indemnified or compensated, and any third party seeking to  enforce the rights of a Borrower, beneficiary, nominated person, transferee, assignee of Letter of Credit  proceeds, or holder of an instrument or document related to any Letter of Credit), (iii) any actual or alleged  presence or release of Hazardous Materials on or from any property owned or operated by any Loan Party  or any of its Subsidiaries, or any Environmental Liability related in any way to any Loan Party or any of its  Subsidiaries, (iv) any claims of, or amounts paid by any Credit Party to, a Blocked Account Bank or other  

 

-146-  6807015.9      Person which has entered into a control agreement with any Credit Party hereunder, or (v) any actual or  prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on  contract, tort or any other theory, whether brought by a third party or by any Borrower or any other Loan  Party or any of the Loan Parties’ directors, shareholders or creditors, and regardless of whether any  Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the  comparative, contributory or sole negligence of the Indemnitee; provided, that, such indemnity shall not, as  to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related  expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to  have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim  brought by a Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such  Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrowers or such Loan  Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of  competent jurisdiction. This Section 10.04(b) shall not apply with respect to Taxes other than any Taxes  that arise in connection with or relate to losses, claims, causes of action, damages, liabilities, settlement  payments, costs, and related expenses (including the fees, charges and disbursements of any counsel for any  Indemnitee) unrelated to Taxes.    (c) Reimbursement by Lenders. Without limiting their obligations under Section 9.14 hereof,  to the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under  subsection (a) or (b) of this Section to be paid by it, each Lender severally agrees to pay to the Agent (or any  such sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable  Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is  sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,  damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent (or  any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the  foregoing acting for the Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The  obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d).    (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law,  the Loan Parties shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of  liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)  arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any  agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan  or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising  from the use by unintended recipients of any information or other materials distributed to such unintended  recipients by such Indemnitee through telecommunications, electronic or other information transmission  systems in connection with this Agreement or the other Loan Documents or the transactions contemplated  hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful  misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of  competent jurisdiction.    (e) Payments. All amounts due under this Section shall be payable on demand therefor.    (f) Survival. The agreements in this Section shall survive the resignation of the Agent and the  L/C Issuer, the assignment of any Commitment or Loan by any Lender, the replacement of any Lender, the  termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other  Obligations.    Section 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Loan  Parties is made to any Credit Party, or any Credit Party exercises its right of setoff, and such payment or the  proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or  

 

-147-  6807015.9      preferential, set aside or required (including pursuant to any settlement entered into by such Credit Party in  its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under  any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof  originally intended to be satisfied shall be revived and continued in full force and effect as if such payment  had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees  to pay to the Agent upon demand its Applicable Percentage (without duplication) of any amount so  recovered from or repaid by the Agent, plus interest thereon from the date of such demand to the date such  payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The  obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the  payment in full of the Obligations and the termination of this Agreement.    Section 10.06 Successors and Assigns.    (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding  upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted  hereby, except that no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder  or under any other Loan Document without the prior written consent of the Agent and each Lender and no  Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible  Assignee in accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance  with the provisions of Section 10.06(d), or (iii) by way of pledge or assignment of a security interest subject  to the restrictions of Section 10.06(f) (and any other attempted assignment or transfer by any party hereto  shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon  any Person (other than the parties hereto, their respective successors and assigns permitted hereby,  Participants to the extent provided in subsection (d) of this Section and, to the extent expressly  contemplated hereby, the Related Parties of each of the Credit Parties) any legal or equitable right, remedy  or claim under or by reason of this Agreement.    (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible  Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its  Commitment(s) and the Loans (including for purposes of this Section 10.06(b), participations in L/C  Obligations and in Swing Line Loans) at the time owing to it); provided, that, any such assignment shall be  subject to the following conditions:    (i) Minimum Amounts    (A) in the case of an assignment of the entire remaining amount of the assigning  Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or  an Affiliate of a Lender or an Approved Fund with respect to a Lender, no minimum amount need be  assigned; and    (B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate  amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the  Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender  subject to each such assignment, determined as of the date the Assignment and Assumption with respect to  such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and  Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Agent and, so long as  no Default or Event of Default has occurred and is continuing, the Lead Borrower otherwise consents (each  such consent not to be unreasonably withheld or delayed and shall be deemed given if the Lead Borrower  has not responded to a request for such consent within seven (7) Business Days); provided, however, that  concurrent assignments to members of an Assignee Group and concurrent assignments from members of an  Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee  

 

-148-  6807015.9      Group) will be treated as a single assignment for purposes of determining whether such minimum amount  has been met;    (ii) Proportionate Amounts. Each partial assignment (A) shall be made as an assignment  of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with  respect to the Loans or the Commitment assigned and (B) shall include a ratable portion of the assigning  Lender’s ABL Commitment and FILO Commitment, and its ABL Loans and FILO Loans, except that this  clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;    (iii) Required Consents. No consent shall be required for any assignment except to the  extent required by subsection (b)(i)(B) of this Section and, in addition:    (A) the consent of the Lead Borrower (such consent not to be unreasonably  withheld or delayed) shall be required unless (1) a Default or Event of Default has occurred and is  continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or  an Approved Fund; and    (B) the consent of the Agent (such consent not to be unreasonably withheld or  delayed) shall be required for assignments in respect of any Commitment if such assignment is to a Person  that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and    (C) the consent of the L/C Issuer (such consent not to be unreasonably withheld  or delayed) shall be required for any assignment that increases the obligation of the assignee to participate  in exposure under one or more Letters of Credit (whether or not then outstanding); and    (D) the consent of the Swing Line Lender (such consent not to be unreasonably  withheld or delayed) shall be required for any assignment in respect of the assignment of any Commitment.    (iv) Assignment and Assumption. The parties to each assignment shall execute and  deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of  $3,500, provided, however, that the Agent may, in its sole discretion, elect to waive such processing and  recordation fee in the case of any assignment. The assignee, if it shall not be a Lender, shall deliver to the  Agent an Administrative Questionnaire.    Subject to acceptance and recording thereof by the Agent pursuant to subsection (c) of this Section, from  and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder  shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and  Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender  thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released  from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all  of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party  hereto) but shall continue to be entitled to the benefits of Section 3.01, Section 3.04, Section 3.05, and  Section 10.04 with respect to facts and circumstances occurring prior to the effective date of such  assignment. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee  Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not  comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a  participation in such rights and obligations in accordance with Section 10.06(d).    (c) Register. The Agent, acting solely for this purpose as an agent of the Borrowers, shall  maintain at the Agent Payment Account a copy of each Assignment and Assumption delivered to it and a  register for the recordation of the names and addresses of the Lenders, and the Commitments of, and  

 

-149-  6807015.9      principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to  the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent  manifest error, and the Loan Parties, the Agent and the Lenders may treat each Person whose name is  recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this  Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the  Lead Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.    (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Loan  Parties or the Agent, sell participations to any Person (other than a natural person or the Loan Parties or any  of the Loan Parties’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s  rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the  Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it);  provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender  shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii)  the Loan Parties, the Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with  such Lender in connection with such Lender’s rights and obligations under this Agreement. Any  Participant shall agree in writing to comply with all confidentiality obligations set forth in Section 10.07 as  if such Participant was a Lender hereunder. Each Lender that sells a participation shall, acting solely for  this purpose as an agent of the Borrowers, maintain a register on which it enters the name and address of  each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or  other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall  have any obligation to disclose all or any portion of the Participant Register (including the identity of any  Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit  or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is  necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form  under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register  shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded  in the Participant Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent)  shall have no responsibility for maintaining a Participant Register. The foregoing clause (c) and this clause  (d) shall be construed so that all Loans are at all times maintained in “registered form” within the meaning  of Section 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury Regulations (or any other  relevant or successor provisions of the Code or of such Treasury Regulations).    Any agreement or instrument pursuant to which a Lender sells such a participation shall provide  that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,  modification or waiver of any provision of this Agreement; provided that such agreement or instrument  may provide that such Lender will not, without the consent of the Participant, agree to any amendment,  waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.  Subject to subsection (e) of this Section, the Loan Parties agree that each Participant shall be entitled to the  benefits of Section 3.01, Section 3.04 and Section 3.05 (subject to the requirements and limitations therein,  including the requirements under Section 3.01(e); it being understood that the documentation required  under Section 3.01(e) shall be delivered to the participating Lender) to the same extent as if it were a Lender  and had acquired its interest by assignment pursuant to Section 10.06(b); provided that such Participant  agrees to be subject to the provisions of Section 3.06 as though it were a Lender. Each Lender that sells a  participation agrees, at the Lead Borrower’s request and expense, to use reasonable efforts to cooperate  with Borrower to effectuate the provisions of Sections 3.06 and 10.13 with respect to any Participant. To  the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though  it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender.  

 

-150-  6807015.9      (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any  greater payment under Section 3.01 or Section 3.04 than the applicable Lender would have been entitled to  receive with respect to the participation sold to such Participant, unless the sale of the participation to such  Participant is made with the Lead Borrower’s prior written consent. A Participant that would be a Foreign  Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Lead Borrower is  notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Loan  Parties, to comply with Section 3.01(e) as though it were a Lender.    (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or  any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such  Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that  no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute  any such pledgee or assignee for such Lender as a party hereto.    (g) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and  words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or  the keeping of records in electronic form, each of which shall be of the same legal effect, validity or  enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the  case may be, to the extent and as provided for in any applicable law, including the Federal Electronic  Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records  Act, or any other similar state laws based on the Uniform Electronic Transactions Act.    (h) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding  anything to the contrary contained herein, if at any time Wells Fargo assigns all of its Commitment and  Loans pursuant to subsection (b) above, Wells Fargo may, (i) upon thirty (30) days’ notice to the Lead  Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30) days’ notice to the Lead  Borrower, Wells Fargo may resign as Swing Line Lender. In the event of any such resignation as L/C  Issuer or Swing Line Lender, the Lead Borrower shall be entitled to appoint from among the Lenders a  successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Lead  Borrower to appoint any such successor shall affect the resignation of Wells Fargo as L/C Issuer or Swing  Line Lender, as the case may be. If Wells Fargo resigns as L/C Issuer, it shall retain all the rights, powers,  privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the  effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the  right to require the Lenders to make Base Rate Loans pursuant to Section 2.03(c)). If Wells Fargo resigns  as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with  respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation,  including the right to require the Lenders to make Base Rate Loans or fund risk participations in  outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer  and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights,  powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b)  the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,  outstanding at the time of such succession or make other arrangements satisfactory to Wells Fargo to  effectively assume the obligations of Wells Fargo with respect to such Letters of Credit.    Section 10.07 Treatment of Certain Information; Confidentiality. Each of the Credit Parties  agrees to maintain the confidentiality of the Information (as defined below), except that Information may be  disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees,  agents, funding sources, attorneys, advisors and representatives (it being understood that the Persons to  whom such disclosure is made will be informed of the confidential nature of such Information and  instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority  purporting to have jurisdiction over it (including any self-regulatory authority, such as the National  

 

-151-  6807015.9      Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by  any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of  any remedies hereunder or under any other Loan Document or any action or proceeding relating to this  Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to  an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or  Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this  Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative  transaction relating to any Loan Party and its obligations, (g) with the consent of the Lead Borrower or (h)  to the extent such Information (x) becomes publicly available other than as a result of a breach of this  Section or (y) becomes available to any Credit Party or any of their respective Affiliates on a  non-confidential basis from a source other than the Loan Parties.    For purposes of this Section, “Information” means all information received from the Loan Parties  or any Subsidiary thereof relating to the Loan Parties or any Subsidiary thereof or their respective  businesses, other than any such information that is available to any Credit Party on a non-confidential basis  prior to disclosure by the Loan Parties or any Subsidiary thereof, provided that, in the case of information  received from any Loan Party or any Subsidiary after the Closing Date, such information is clearly  identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of  Information as provided in this Section shall be considered to have complied with its obligation to do so if  such Person has exercised the same degree of care to maintain the confidentiality of such Information as  such Person would accord to its own confidential information.    Each of the Credit Parties acknowledges that (a) the Information may include material non-public  information concerning the Loan Parties or a Subsidiary, as the case may be, (b) it has developed  compliance procedures regarding the use of material non-public information and (c) it will handle such  material non-public information in accordance with applicable Law, including Federal and state securities  Laws.    Section 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing or if  any Lender shall have been served with a trustee process or similar attachment relating to property of a  Loan Party, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any  time and from time to time, after obtaining the prior written consent of the Agent or the Required Lenders,  to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special,  time or demand, provisional or final, in whatever currency) at any time held and other obligations (in  whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the  credit or the account of the Borrowers or any other Loan Party against any and all of the Obligations now or  hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer,  regardless of the adequacy of the Collateral, and irrespective of whether or not such Lender or the L/C  Issuer shall have made any demand under this Agreement or any other Loan Document and although such  obligations of the Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch or  office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated  on such indebtedness. The rights of each Lender, the L/C Issuer and their respective Affiliates under this  Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the  L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Lead  Borrower and the Agent promptly after any such setoff and application, provided, that, the failure to give  such notice shall not affect the validity of such setoff and application.    Section 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in  any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the  maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Agent  or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall  

 

-152-  6807015.9      be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers.  In determining whether the interest contracted for, charged, or received by the Agent or a Lender exceeds  the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any  payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary  prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts  the total amount of interest throughout the contemplated term of the Obligations hereunder.    Section 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in  any number of counterparts and by different parties on separate counterparts, each of which, when executed  and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but  one and the same Agreement. Execution of any such counterpart may be by means of (a) an electronic  signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state  enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic  signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the  same validity, legal effect, and admissibility in evidence as an original manual signature. Agent reserves  the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this  Agreement. Any party delivering an executed counterpart of this Agreement by faxed, scanned or  photocopied manual signature shall also deliver an original manually executed counterpart, but the failure  to deliver an original manually executed counterpart shall not affect the validity, enforceability and binding  effect of this Agreement. The foregoing shall apply to each other Loan Document, and any notice delivered  hereunder or thereunder, mutatis mutandis.    Section 10.11 Survival. All representations and warranties made hereunder and in any other  Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or  therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties  have been or will be relied upon by the Credit Parties, regardless of any investigation made by any Credit  Party or on their behalf and notwithstanding that any Credit Party may have had notice or knowledge of any  Default or Event of Default at the time of any Credit Extension, and shall continue in full force and effect as  long as any Loan or any other Obligation (other than unasserted contingent indemnification obligations)  shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. Further, the provisions  of Section 3.01, Section 3.04, Section 3.05 and Section 10.04 and Article IX shall survive and remain in full  force and effect regardless of the repayment of the Obligations, the expiration or termination of the Letters  of Credit and the Commitments or the termination of this Agreement or any provision hereof. In connection  with the termination of this Agreement and the release and termination of the security interests in the  Collateral, the Agent may require such indemnities and collateral security as they shall reasonably deem  necessary or appropriate to protect the Credit Parties against (x) loss on account of credits previously  applied to the Obligations that may subsequently be reversed or revoked, (y) any obligations that may  thereafter arise with respect to the Other Liabilities and (z) any Obligations (other than unasserted  contingent indemnification obligations).    Section 10.12 Severability. If any provision of this Agreement or the other Loan Documents is  held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining  provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and  (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable  provisions with valid provisions the economic effect of which comes as close as possible to that of the  illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall  not invalidate or render unenforceable such provision in any other jurisdiction.    Section 10.13 Replacement of Lenders. If any Lender requests compensation under Section  3.04, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental  

 

-153-  6807015.9      Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender or  a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such  Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with and  subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights  and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such  obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:    (a) the Borrowers shall have paid to the Agent the assignment fee specified in Section  10.06(b);    (b) such Lender shall have received payment of an amount equal to the outstanding principal  of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under  the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of  such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other  amounts);    (c) in the case of any such assignment resulting from a claim for compensation under Section  3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in  such compensation or payments thereafter; and    (d) such assignment does not conflict with applicable Laws.    A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a  waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment  and delegation cease to apply.    Section 10.14 Governing Law; Jurisdiction; Etc.    (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT  GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING  SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.    (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND  UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE  JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK  COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF  NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR  PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN  DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF  THE LOAN PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL  CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND  DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE LOAN  PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR  PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS  BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN  THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT  ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING  RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN  PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.  

 

-154-  6807015.9      (c) WAIVER OF VENUE. EACH LOAN PARTY IRREVOCABLY AND  UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE  LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF  VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS  AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN  PARAGRAPH (B) OF THIS SECTION. EACH OF THE LOAN PARTIES HERETO HEREBY  IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE  DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR  PROCEEDING IN ANY SUCH COURT.    (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO  SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO  SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.    (e) ACTIONS COMMENCED BY LOAN PARTIES. EACH LOAN PARTY AGREES  THAT ANY ACTION COMMENCED BY ANY LOAN PARTY ASSERTING ANY CLAIM OR  COUNTERCLAIM ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT SHALL BE BROUGHT SOLELY IN A COURT OF THE STATE OF  NEW YORK SITTING IN NEW YORK COUNTY OR THE UNITED STATES DISTRICT COURT FOR  THE SOUTHERN DISTRICT OF NEW YORK, AS THE AGENT MAY ELECT IN ITS SOLE  DISCRETION, AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS WITH  RESPECT TO ANY SUCH ACTION.    Section 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY  HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT  OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES  THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.    Section 10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each  transaction contemplated hereby, the Loan Parties each acknowledge and agree that: (i) the credit facility  provided for hereunder and any related arranging or other services in connection therewith (including in  connection with any amendment, waiver or other modification hereof or of any other Loan Document) are  an arm’s-length commercial transaction between the Loan Parties, on the one hand, and the Credit Parties,  on the other hand, and each of the Loan Parties is capable of evaluating and understanding and understands  and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan  Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection  with the process leading to such transaction, the each Credit Party is and has been acting solely as a  principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any of their respective  Affiliates, stockholders, creditors or employees or any other Person; (iii) none of the Credit Parties has  assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Loan Parties with  respect to any of the transactions contemplated hereby or the process leading thereto, including with respect  to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of  

 

-155-  6807015.9      whether any of the Credit Parties has advised or is currently advising any Loan Party or any of its Affiliates  on other matters) and none of the Credit Parties has any obligation to any Loan Party or any of its Affiliates  with respect to the transactions contemplated hereby except those obligations expressly set forth herein and  in the other Loan Documents; (iv) the Credit Parties and their respective Affiliates may be engaged in a  broad range of transactions that involve interests that differ from those of the Loan Parties and their  respective Affiliates, and none of the Credit Parties has any obligation to disclose any of such interests by  virtue of any advisory, agency or fiduciary relationship; and (v) the Credit Parties have not provided and  will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions  contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan  Document) and each of the Loan Parties has consulted its own legal, accounting, regulatory and tax  advisors to the extent it has deemed appropriate. Each of the Loan Parties hereby waives and releases, to  the fullest extent permitted by law, any claims that it may have against each of the Credit Parties with  respect to any breach or alleged breach of agency or fiduciary duty.    Section 10.17 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter  defined) and the Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that  pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October  26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies each Loan Party,  which information includes the name and address of each Loan Party and other information that will allow  such Lender or the Agent, as applicable, to identify each Loan Party in accordance with the Act. Each Loan  Party is in compliance, in all material respects, with the Patriot Act. No part of the proceeds of the Loans  will be used by the Loan Parties, directly or indirectly, for any payments to any governmental official or  employee, political party, official of a political party, candidate for political office, or anyone else acting in  an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in  violation of the United States Foreign Corrupt Practices Act of 1977, as amended.    Section 10.18 Foreign Asset Control Regulations. Neither of the advance of the Loans nor the  use of the proceeds of any thereof will violate the Trading with the Enemy Act (50 U.S.C. § 1 et seq., as  amended) (the “Trading with the Enemy Act”) or any of the foreign assets control regulations of the United  States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) (the “Foreign Assets Control  Regulations”) or any enabling legislation or executive order relating thereto (which for the avoidance of  doubt shall include, but shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking  Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support  Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (b) the Uniting and Strengthening  America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public  Law 107-56)). Furthermore, none of the Borrowers or their Affiliates (a) is or will become a “blocked  person” as described in the Executive Order, the Trading with the Enemy Act or the Foreign Assets Control  Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated, with  any such “blocked person” or in any manner violative of any such order.    Section 10.19 Time of the Essence. Time is of the essence of the Loan Documents.  Section 10.20 [Reserved].  Section 10.21 Press Releases. Each Credit Party executing this Agreement agrees that neither it  nor its Affiliates will in the future issue any press releases or other public disclosure using the name of the  Agent or its Affiliates or referring to this Agreement or the other Loan Documents without at least two (2)  Business Days’ prior notice to the Agent and without the prior written consent of the Agent unless (and only  to the extent that) such Credit Party or Affiliate is required to do so under applicable Law and then, in any  event, such Credit Party or Affiliate will consult with the Agent before issuing such press release or other  public disclosure. Each Loan Party consents to the publication by the Agent, any Lender or their respective  

 

-156-  6807015.9      representatives of advertising material, including any “tombstone,” press release or comparable  advertising, on its website or in other marketing materials of Agent, relating to the financing transactions  contemplated by this Agreement using any Loan Party’s name, product photographs, logo, trademark or  other insignia. The Agent or such Lender shall provide a draft reasonably in advance of any advertising  material, “tomb stone” or press release to the Lead Borrower for review and comment prior to the  publication thereof. The Agent reserves the right to provide to industry trade organizations and loan  syndication and pricing reporting services information necessary and customary for inclusion in league  table measurements.    Section 10.22 Additional Waivers.    (a) The Obligations are the joint and several obligation of each Loan Party. To the fullest  extent permitted by applicable Law, the obligations of each Loan Party shall not be affected by (i) the  failure of any Credit Party to assert any claim or demand or to enforce or exercise any right or remedy  against any other Loan Party under the provisions of this Agreement, any other Loan Document or  otherwise, (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms  or provisions of, this Agreement or any other Loan Document, or (iii) the failure to perfect any security  interest in, or the release of, any of the Collateral or other security held by or on behalf of the Agent or any  other Credit Party.    (b) The obligations of each Loan Party shall not be subject to any reduction, limitation,  impairment or termination for any reason (other than the indefeasible payment in full in cash of the  Obligations after the termination of the Commitments), including any claim of waiver, release, surrender,  alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff,  counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or  unenforceability of any of the Obligations or otherwise. Without limiting the generality of the foregoing,  the obligations of each Loan Party hereunder shall not be discharged or impaired or otherwise affected by  the failure of the Agent or any other Credit Party to assert any claim or demand or to enforce any remedy  under this Agreement, any other Loan Document or any other agreement, by any waiver or modification of  any provision of any thereof, any default, failure or delay, willful or otherwise, in the performance of any of  the Obligations, or by any other act or omission that may or might in any manner or to any extent vary the  risk of any Loan Party or that would otherwise operate as a discharge of any Loan Party as a matter of law or  equity (other than the indefeasible payment in full in cash of all the Obligations after the termination of the  Commitments).    (c) To the fullest extent permitted by applicable Law, each Loan Party waives any defense  based on or arising out of any defense of any other Loan Party or the unenforceability of the Obligations or  any part thereof from any cause, or the cessation from any cause of the liability of any other Loan Party,  other than the indefeasible payment in full in cash of all the Obligations and the termination of the  Commitments. The Agent and the other Credit Parties may, at their election, foreclose on any security held  by one or more of them by one or more judicial or non-judicial sales, accept an assignment of any such  security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other  accommodation with any other Loan Party, or exercise any other right or remedy available to them against  any other Loan Party, without affecting or impairing in any way the liability of any Loan Party hereunder  except to the extent that all the Obligations have been indefeasibly paid in full in cash and the Commitments  have been terminated. Each Loan Party waives any defense arising out of any such election even though  such election operates, pursuant to applicable Law, to impair or to extinguish any right of reimbursement or  subrogation or other right or remedy of such Loan Party against any other Loan Party, as the case may be, or  any security.  

 

-157-  6807015.9      (d) Each Borrower is obligated to repay the Obligations as joint and several obligors under this  Agreement. Upon payment by any Loan Party of any Obligations, all rights of such Loan Party against any  other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement,  indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior  indefeasible payment in full in cash of all the Obligations and the termination of the Commitments. In  addition, any indebtedness of any Loan Party now or hereafter held by any other Loan Party is hereby  subordinated in right of payment to the prior indefeasible payment in full of the Obligations and no Loan  Party will demand, sue for or otherwise attempt to collect any such indebtedness. If any amount shall  erroneously be paid to any Loan Party on account of (i) such subrogation, contribution, reimbursement,  indemnity or similar right or (ii) any such indebtedness of any Loan Party, such amount shall be held in trust  for the benefit of the Credit Parties and shall forthwith be paid to the Agent to be credited against the  payment of the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement  and the other Loan Documents. Subject to the foregoing, to the extent that any Borrower shall, under this  Agreement as a joint and several obligor, repay any of the Obligations constituting Loans made to another  Borrower hereunder or other Obligations incurred directly and primarily by any other Borrower (an  “Accommodation Payment”), then the Borrower making such Accommodation Payment shall be entitled to  contribution and indemnification from, and be reimbursed by, each of the other Borrowers in an amount, for  each of such other Borrowers, equal to a fraction of such Accommodation Payment, the numerator of which  fraction is such other Borrower’s Allocable Amount and the denominator of which is the sum of the  Allocable Amounts of all of the Borrowers. As of any date of determination, the “Allocable Amount” of  each Borrower shall be equal to the maximum amount of liability for Accommodation Payments which  could be asserted against such Borrower hereunder without (a) rendering such Borrower “insolvent” within  the meaning of Section 101 (31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act  (“UFTA”) or the Uniform Voidable Transaction Act (“UVTA”), Section 2 of the Uniform Fraudulent  Conveyance Act (“UFCA”) or , (b) leaving such Borrower with unreasonably small capital or assets, within  the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA or the UVTA, or Section 5 of  the UFCA, or (c) leaving such Borrower unable to pay its debts as they become due within the meaning of  Section 548 of the Bankruptcy Code or Section 4 of the UFTA or UVTA, or Section 5 of the UFCA.    Section 10.23 No Strict Construction. The parties hereto have participated jointly in the  negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation  arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or  burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of  this Agreement.    Section 10.24 Attachments. The exhibits, schedules and annexes attached to this Agreement are  incorporated herein and shall be considered a part of this Agreement for the purposes stated herein, except  that in the event of any conflict between any of the provisions of such exhibits and the provisions of this  Agreement, the provisions of this Agreement shall prevail.    Section 10.25 Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely,  unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from  time to time by each other Loan Party to honor all of its obligations under the Facility Guaranty in respect of  Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this  Section 10.25 for the maximum amount of such liability that can be hereby incurred without rendering its  obligations under this Section 10.25, or otherwise under the Facility Guaranty, voidable under applicable  Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The  obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until  payment in full of the Obligations. Each Qualified ECP Guarantor intends that this Section 10.25  constitute, and this Section 10.25 shall be deemed to constitute, a “keepwell, support, or other agreement”  

 

-158-  6807015.9      for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity  Exchange Act.    Section 10.26 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or  understanding among any such parties, each party hereto acknowledges that any liability of any Affected  Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be  subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:    (a) the application of any Write-Down and Conversion Powers by the applicable Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an  Affected Financial Institution; and    (b) the effects of any Bail-in Action on any such liability, including, if applicable:    (i) a reduction in full or in part or cancellation of any such liability;    (ii) a conversion of all, or a portion of, such liability into shares or other instruments of  ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be  issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be  accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan  Document; or    (iii) the variation of the terms of such liability in connection with the exercise of the  write-down and conversion powers of the applicable Resolution Authority.    Section 10.27 Acknowledgement Regarding Any Supported QFCs. To the extent that the  Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other  agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the  Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Loan Documents and any  Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the  United States or any other state of the United States): In the event a Covered Entity that is party to a  Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution  Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest  and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property  securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to  the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the  Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)  were governed by the laws of the United States or a state of the United States. In the event a Covered Party  or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution  Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or  any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to  no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if  the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of  the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies  

 

-159-  6807015.9      of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party  with respect to a Supported QFC or any QFC Credit Support.      Section 10.28 Erroneous Payments.    (a) Each Lender, each L/C Issuer, each other Bank Product Provider and any other party hereto  hereby severally agrees that if (i) Agent notifies (which such notice shall be conclusive absent manifest  error) such Lender or L/C Issuer or any Bank Product Provider (or the Lender which is an Affiliate of a  Lender, L/C Issuer or Bank Product Provider) or any other Person that has received funds from Agent or  any of its Affiliates, either for its own account or on behalf of a Lender, L/C Issuer or Bank Product  Provider (each such recipient, a “Payment Recipient”) that Agent has determined in its sole discretion that  any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or  mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii)  any Payment Recipient receives any payment from Agent (or any of its Affiliates) (A) that is in a different  amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment  sent by Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as  applicable, (B) that was not preceded or accompanied by a notice of payment, prepayment or repayment  sent by Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as  applicable, or (C) that such Payment Recipient otherwise becomes aware was transmitted or received in  error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have  been made (any such amounts specified in clauses (i) or (ii) of this Section 10.28(a), whether received as a  payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and  collectively, an “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have  knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this  Section shall require Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment  Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any  claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or  counterclaim by Agent for the return of any Erroneous Payments, including without limitation waiver of  any defense based on “discharge for value” or any similar doctrine.    (b) Without limiting the immediately preceding clause (a), each Payment Recipient agrees  that, in the case of clause (a)(ii) above, it shall promptly notify Agent in writing of such occurrence.    (c) In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times  remain the property of Agent and shall be segregated by the Payment Recipient and held in trust for the  benefit of Agent, and upon demand from Agent such Payment Recipient shall (or, shall cause any Person  who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than  one (1) Business Day thereafter (or such later date as Agent may agree in its sole discretion), return to  Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made  in same day funds and in the currency so received, together with interest thereon (except to the extent  waived in writing) in respect of each day from and including the date such Erroneous Payment (or portion  thereof) was received by such Payment Recipient to the date such amount is repaid to Agent at the greater of  the Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on  interbank compensation from time to time in effect.    (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by Agent for  any reason, after demand therefor by Agent in accordance with immediately preceding clause (c), from any  Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to  such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of Agent and upon  

 

-160-  6807015.9      Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment  of the full face amount of the portion of its Loans (but not its Commitments) with respect to which such  Erroneous Payment was made (the “Erroneous Payment Impacted Loans”) to Agent or, at the option of  Agent, Agent’s applicable lending affiliate (such assignee, the “Agent Assignee”) in an amount that is equal  to the Erroneous Payment Return Deficiency (or such lesser amount as Agent may specify) (such  assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Loans, the  “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned  amount, without further consent or approval of any party hereto and without any payment by Agent  Assignee as the assignee of such Erroneous Payment Deficiency Assignment. Without limitation of its  rights hereunder, following the effectiveness of the Erroneous Payment Deficiency Assignment, Agent may  make a cashless reassignment to the applicable assigning Lender of any Erroneous Payment Deficiency  Assignment at any time by written notice to the applicable assigning Lender and upon such reassignment all  of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to  such Lender without any requirement for payment or other consideration. The parties hereto acknowledge  and agree that (i) any assignment contemplated in this clause (d) shall be made without any requirement for  any payment or other consideration paid by the applicable assignee or received by the assignor, (ii) the  provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of  Section 10.06 and (iii) Agent may reflect such assignments in the Register without further consent or action  by any other Person.    (e) Each party hereto hereby agrees that (i) in the event an Erroneous Payment (or portion  thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion  thereof) for any reason, Agent (A) shall be subrogated to all the rights of such Payment Recipient and (B) is  authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under  any Loan Document, or otherwise payable or distributable by Agent to such Payment Recipient from any  source, against any amount due to Agent under this Section 10.28 or under the indemnification provisions  of this Agreement, (ii) the receipt of an Erroneous Payment by a Payment Recipient shall not for the  purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction  of any Obligations owed by the Borrowers or any other Loan Party, except, in each case, to the extent such  Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised  of funds received by Agent from the Borrowers or any other Loan Party for the purpose of making for a  payment on the Obligations and (iii) to the extent that an Erroneous Payment was in any way or at any time  credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were  so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in  full force and effect as if such payment or satisfaction had never been received.    (f) Each party’s obligations under this Section 10.28 shall survive the resignation or  replacement of Agent or any transfer of right or obligations by, or the replacement of, a Lender, the  termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any  portion thereof) under any Loan Document.    (g) The provisions of this Section 10.28 to the contrary notwithstanding, (i) nothing in this  Section 10.28 will constitute a waiver or release of any claim of any party hereunder arising from any  Payment Recipient’s receipt of an Erroneous Payment and (ii) there will only be deemed to be a recovery of  the Erroneous Payment to the extent that Agent has received payment from the Payment Recipient in  immediately available funds the Erroneous Payment Return, whether directly from the Payment Recipient,  as a result of the exercise by Agent of its rights of subrogation or set off as set forth above in clause (e) or as  a result of the receipt by Agent Assignee of a payment of the outstanding principal balance of the Loans  assigned to Agent Assignee pursuant to an Erroneous Payment Deficiency Assignment, but excluding any  other amounts in respect thereof (it being agreed that any payments of interest, fees, expenses or other  amounts (other than principal) received by Agent Assignee in respect of the Loans assigned to Agent  

 

-161-  6807015.9      Assignee pursuant to an Erroneous Payment Deficiency Assignment shall be the sole property of Agent  Assignee and shall not constitute a recovery of the Erroneous Payment).  

 

6807015.9      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by  their respective authorized officers as of the date first above written.    [BORROWERS]    By:        Name:        Title:                  [GUARANTORS]    By:        Name:        Title:    

 

6807015.9      WELLS FARGO BANK, NATIONAL  ASSOCIATION, as Agent    By:      Name:  Its Authorized Signatory  

 

6807015.9      WELLS FARGO BANK, NATIONAL  ASSOCIATION as L/C Issuer, as a Lender and  Swing Line Lender    By:      Name:  Its Authorized Signatory  

 

6807015.9      JPMorgan Chase Bank, N.A.,  as a Lender      By:      Name:  Title:  

 

6807015.9      Bank of America, N.A.,  as a Lender      By:      Name:  Title:  

 

    EXHIBIT B  TO   AMENDMENT NO. 2 TO CREDIT AGREEMENT    [Schedules]    

 

    EXHIBIT C  TO   AMENDMENT NO. 2 TO CREDIT AGREEMENT    Form of SOFR Rate Loan Notice

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