Document:

Exhibit 4.2

 

 

EXECUTION VERSION

	 

 

OZRE Leased Fee Portfolio

 

AMENDED AND RESTATED 

CO-LENDER AGREEMENT

 

Dated as of July 19, 2016

 

between

 

U.S. Bank National Association, as Trustee, for
the benefit of the Holders of CFCRE 2016-C4

Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 

(Note A-1 Holder) 

(Note A-4 Holder) 

(Note A-5 Holder)  

and 

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note A-2-1 Holder) 

and

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

 (Note A-2-2 Holder) 

and 

Deutsche Bank Trust Company Americas, as Trustee,
on behalf of the registered Holders of

Citigroup Commercial Mortgage Trust 2016-C1, Commercial Mortgage Pass-Through

Certificates, Series 2016-C1 

(Note A-3 Holder) 

(Note A-6 Holder) 

(Note A-7 Holder) 

(Note A-8 Holder)

 

	 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage Loan	15
	3.	Priority of  Notes	16
	4.	Workout	17
	5.	Accounts; Payment Procedure	17
	6.	Limitation on Liability	18
	7.	Representations of the Holders	18
	8.	Independent Analyses of each Holder	19
	9.	No Creation of a Partnership or Exclusive Purchase Right	19
	10.	Not a Security	20
	11.	Other Business Activities of the Holders	20
	12.	Transfer of Notes	20
	13.	Exercise of Remedies by the Servicer	22
	14.	Rights of the Directing Holder	24
	15.	Appointment of Special Servicer	25
	16.	Rights of the Non-Directing Holders	25
	17.	Advances; Reimbursement of Advances	26
	18.	Provisions Relating to Securitization	28
	19.	Governing Law; Waiver of Jury Trial	32
	20.	Modifications	33
	21.	Successors and Assigns; Third Party Beneficiaries	33
	22.	Counterparts	33
	23.	Captions	33
	24.	Notices	33
	25.	Custody of Mortgage Loan Documents	33

 

    -i- 

     

    

 

THIS AMENDED AND RESTATED CO-LENDER
AGREEMENT (the “Agreement”), dated as of July 19, 2016, is between U.S. Bank National Association, as
Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
(“Note A-1 Holder,” Note A-4 Holder” and “Note A-5 Holder,” and their respective successors and assigns),
CANTOR COMMERCIAL REAL ESTATE LENDING, L.P., a Delaware limited partnership (“CCRE”), having an address
at 110 East 59th Street, New York, New York 10022, as the holder of Note A-2-1, CCRE, as the holder of Note A-2-2, and Deutsche
Bank Trust Company Americas, as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2016-C1, Commercial
Mortgage Pass-Through Certificates, Series 2016-C1 (“Note A-3 Holder,” “Note A-6 Holder,” “Note A-7
Holder” and “Note A-8 Holder,” and their respective successors and assigns).

 

W I T N E S
S E T H:

 

WHEREAS, CCRE made a mortgage
loan in the original principal amount of $175,750,000 (the “Mortgage Loan”) to Map Fee Owner LLC, a Delaware
limited liability company (the “Borrower”) pursuant to a loan agreement
between the Borrower, as borrower, and CCRE, as lender, dated as of February 4, 2016 (the “Loan Agreement”);

 

WHEREAS, the Mortgage Loan is secured by a first mortgage
lien (the “Mortgage”) on the properties listed in Schedule II to the Loan Agreement (the “Mortgaged
Properties”);

 

WHEREAS, the Mortgage Loan was
evidenced by eight notes, Promissory Note A-1 in the principal amount of $50,000,000, Promissory Note A-2 in the principal amount
of $40,000,000, Promissory Note A-3 in the principal amount of $40,000,000, Promissory Note A-4 in the principal amount of $10,000,000,
Promissory Note A-5 in the principal amount of $10,000,000, Promissory Note A-6 in the principal amount of $10,000,000, Promissory
Note A-7 in the principal amount of $10,000,000 and Promissory Note A-8 in the principal amount of $5,750,000 (“Note
A-1,” “Note A-2,” “Note A-3,” “Note A-4,” “Note A-5,”
“Note A-6,” “Note A-7” and “Note A-8,” respectively, and individually,
each, a “Note” and collectively the “Notes”) and such Notes were subject to the Co-Lender
Agreement dated as of May 18, 2016 between CCRE, as holder of Note A-1, CCRE, as holder of Note A-2, CCRE, as holder of Note A-3,
CCRE, as holder of Note A-4, CCRE, as holder of Note A-5, CCRE, as holder of Note A-6, CCRE, as holder of Note A-7 and CCRE, as
holder of Note A-8 (the “Original CLA”);

 

WHEREAS, CCRE, as the holder
of Note A-2 (and pursuant to Section 18 of the Original CLA) severed Note A-2 into two component Notes (Note A-2-1, in the original
principal amount of $20,000,000 and Note A-2-2 in the original principal amount of $20,000,000, together, the “New A-2 Notes”)
and caused the Borrower to execute the New A-2 Notes, which New A-2 Notes each have the same interest rate as Note A-2;

 

WHEREAS, CCRE, as the initial
holder of Note A-1, Note A-4 and Note A-5 sold, transferred and assigned its right, title and interest in and to Note A-1, Note
A-4 and Note A-5 to CCRE Commercial Mortgage Securities, L.P., as depositor, pursuant to a Mortgage Loan

 

     

     

    

 

Purchase Agreement dated
as of May 1, 2016, by and between CCRE Commercial Mortgage Securities, L.P., as purchaser, and CCRE, as seller, and CCRE Commercial
Mortgage Securities, L.P. transferred its right, title and interest in and to Note A-1, Note A-4, and Note A-5 to U.S. Bank National
Association, as trustee for the CFCRE 2016-C4 Mortgage Trust under a pooling and servicing agreement, dated as of May 1, 2016 (the
“C4 PSA”), between, CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisers, LLC, as special servicer, U.S. Bank National Association, as trustee, U.S. Bank National
Association, as certificate administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor
and asset representations reviewer (such sales, transfers and assignments, the “C4 Securitization”);

 

WHEREAS, CCRE, as initial holder
of Note A-3, Note A-6, Note A-7 and Note A-8 sold, transferred and assigned its right, title and interest in and to Note A-3, Note
A-6, Note A-7 and Note A-8 to Citigroup Commercial Mortgage Securities Inc., as depositor, pursuant to a Mortgage Loan Purchase
Agreement dated as of May 1, 2016, by and between Citigroup Commercial Mortgage Securities Inc., as purchaser, and CCRE, as seller,
and Citigroup Commercial Mortgage Securities Inc. transferred its right, title and interest in and to Note A-3, Note A-6, Note
A-7 and Note A-8 to Deutsche Bank Trust Company Americas, as trustee for the CGCMT 2016-C1 Mortgage Trust under a pooling and servicing
agreement, dated as of May 1, 2016 (the “C1 PSA”), between Citigroup Commercial Mortgage Securities Inc., as depositor,
Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Deutsche Bank Trust Company
Americas, as trustee, Citibank, N.A., as certificate administrator, and Park Bridge Lender Services LLC, as operating advisor and
asset representations reviewer (such sales, transfers and assignments, the “C1 Securitization”);

 

WHEREAS, CCRE intends to sell,
transfer and assign its right, title and interest in and to Note A-2-2 to SG Commercial Mortgage Securities, LLC (“SG
Depositor”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of July 1, 2016, by and between
SG Depositor, as purchaser, and CCRE, as seller, and SG Depositor intends to transfer its right, title and interest in and to Note
A-2-2 to Wilmington Trust, National Association, as trustee for the SGCMS 2016-C5 Mortgage Trust under a pooling and servicing
agreement, to be dated as of July 1, 2016 (the “Note A-2-2 PSA”), between SG Depositor, as depositor, Wells
Fargo Bank, National Association, as master servicer, Rialto Capital Advisers, LLC, as special servicer, Wilmington Trust, National
Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, and
Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer (such sales, transfers and assignments,
the “Note A-2-2 Securitization”);

 

WHEREAS, the Note A-2-1 Holder
intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note A-2-1 to
one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans; and

 

     -2-

     

    

 

  

WHEREAS, the parties hereto desire
to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold Note A-1,
Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8 respectively;

 

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

 

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

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the C4 PSA, the C1 PSA, the Note A-2-1 PSA or the Note A-2-2 PSA.

 

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

 

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

 

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

 

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

 

“C1 PSA” shall
have the meaning assigned to such term in the recitals.

 

“C1 Securitization”
shall have the meaning assigned to such term in the recitals.

 

“C4 PSA” shall
have the meaning assigned to such term in the recitals.

 

     -3-

     

    

 

“C4 Securitization”
shall have the meaning assigned to such term in the recitals.

 

“C4 Securitization Date”
shall mean the closing date of the C4 Securitization.

 

“C4 Trustee”
shall mean the trustee under the C4 PSA.

 

“CCRE” shall
mean Cantor Commercial Real Estate Lending, L.P. and its successors in interest.

 

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

 

“Certificates”
shall mean any securities issued in connection with the C4 Securitization, the C1 Securitization, the Note A-2-1 Securitization
or the Note A-2-2 Securitization.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the C4 Securitization, CCRE Commercial Mortgage Securities, L.P., (ii) with respect to the C1 Securitization,
Citigroup Commercial Mortgage Securities Inc., (iii) with respect to the Note A-2-1 Securitization, the depositor under the Note
A-2-1 PSA and (iv) with respect to the Note A-2-2 Securitization, the SG Depositor.

 

     -4-

     

    

 

“Directing Holder”
shall mean the Note A-2-1 Holder or, if Note A-2-1 is included in a Securitization, the holders of the Note A-2-1 Securitization
Certificates representing the specified interest in the class of Certificates designated as the “controlling class”
or the duly appointed representative of the holders of such Certificates or such other party that the Note A-2-1 Holder grants
the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower, property
manager or affiliate thereof shall be entitled to act as Directing Holder.

 

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

 

“Excluded Amounts”
shall mean:

 

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

 

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

 

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

 

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

 

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

 

“Holder” shall
mean the Note A-1 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5
Holder, the Note A-6 Holder, the Note A-7 Holder and/or the Note A-8 Holder, as the context indicates.

 

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

 

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

 

     -5-

     

    

 

“Lead Note”
shall mean (a) prior to the Note A-2-1 Securitization, Note A-1 and (b) from and after the Note A-2-1 Securitization, Note A-2-1.

 

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

 

“Lead Securitization”
shall mean (a) during the period from and after the C4 Securitization Date and prior to the Note A-2-1 Securitization Date, the
Note A-1 Securitization and (b) from and after the Note A-2-1 Securitization Date, the Note A-2-1 Securitization.

 

“Lead Securitization
PSA” shall mean (a) during the period from and after the C4 Securitization Date and prior to the Note A-2-1 Securitization
Date, the C4 PSA and (b) from and after the Note A-2-1 Securitization Date, the Note A-2-1 PSA.

 

“Lead Securitization
Trust” shall mean (a) during the period from and after the C4 Securitization Date and prior to the Note A-2-1 Securitization
Date, the trust established under the C4 PSA in connection with the Note A-1 Securitization and (b) from and after the Note A-2-1
Securitization Date, the trust established under the Note A-2-1 PSA.

 

“Lead Servicer”
shall mean (a) during the period from and after the C4 Securitization Date and prior to the Note A-2-1 Securitization Date, the
servicer designated under the C4 PSA and (b) from and after the Note A-2-1 Securitization Date, the servicer designated under the
Note A-2-1 PSA.

 

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

 

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

 

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

 

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

 

“Master Servicer Remittance
Date” shall mean:

 

(a)          during the
period after the C4 Securitization Date but prior to the Note A-2-1 Securitization Date:

 

(i)        with respect
to Note A-1, Note A-4 and Note A-5, the “Master Servicer Remittance Date” (or analogous term) as defined in the C4
PSA, and (ii) with respect to each other Note, the earlier of (1) the date set forth in clause (i) above or (2) the first Business
Day after the “determination date,” as such term or a similar term is defined in the related PSA for any Note that
has been securitized, provided, however, that in no event may any such “determination date” occur prior to (and any
such otherwise earlier “determination date” shall, for purposes of this definition, be deemed to occur on) the sixth
day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day;

 

     -6-

     

    

 

(b)         after the
Note A-2-1 Securitization Date:

 

(i)         with respect
to Note A-2-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement;

 

(ii)        with respect
to Note A-1, Note A-4 and Note A-5, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as
defined in the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a
similar term is defined in the C4 PSA, provided, however, that in no event may any such “determination date”
occur prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed
to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day;

 

(iii)       with respect
to Note A-3, Note A-6, Note A-7 and Note A-8, the earlier of (a) the “Master Servicer Remittance Date” (or analogous
term) as defined in the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term
or a similar term is defined in the C1 PSA, provided, however, that in no event may any such “determination
date” occur prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition,
be deemed to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day;
and

 

(iv)       with respect
to Note A-2-2, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing
Agreement or (b) the first Business Day after the “determination date,” as such term or a similar term is defined in
the Note A-2-2 PSA, provided, however, that in no event may any such “determination date” occur prior
to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed to occur
on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day.

 

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

 

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

 

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

 

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

 

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

 

     -7-

     

    

 

“Mortgage Interest Rate”
shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1, Note A-2-1, Note
A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8

 

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

 

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

 

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

 

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

 

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

 

“Non-Directing Holders”
shall mean the holders of Note A-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 or Note A-8 or, if a note is included
in a Securitization, holders of Certificates representing the specified interest in the class of Certificates designated as the
“controlling class” or the duly appointed representative of the holders of such Certificates or such other party otherwise
entitled under the C4 PSA, the C1 PSA and the Note A-2-2 PSA to exercise the rights granted to the Non-Directing Holders in this
Agreement.

 

“Non-Lead Master Servicer”
shall mean:

 

(1)          during the period prior
to the Note A-2-1 Securitization Date, with respect to Note A-3, Note A-6, Note A-7 and Note A-8 and the C1 PSA, the master servicer
designated under the C1 PSA and with respect to Note A-2-2 and the Note A-2-2 PSA, the master servicer designated under the Note
A-2-2 PSA; and

 

(2)          from and after the Note
A-2-1 Securitization, with respect to Note A-1, Note A-4, Note A-5 and the C4 PSA, the master servicer designated under the C4
PSA, with respect to Note A-3, Note A-6, Note A-7 and Note A-8 and the C1 PSA, the master servicer designated under the C1 PSA
and with respect to Note A-2-2 and the Note A-2-2 PSA, the master servicer designated under the Note A-2-2 PSA.

 

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

 

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

 

“Non-Lead Servicing
Agreements” shall mean (a) during the period prior to the Note A-2-1 Securitization Date, the C1 PSA and the Note A-2-2
PSA and (b) from and after the Note A-2 Securitization Date, the C4 PSA, the C1 PSA and the Note A-2-2 PSA.

 

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

 

     -8-

     

    

 

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

 

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

 

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

 

“Note A-2-1”
shall have the meaning assigned such term in the recitals.

 

“Note A-2-1 Holder”
shall mean CCRE or any subsequent holder of Note A-2-1.

 

“Note A-2-1 Principal
Balance” shall mean, at any time of determination, the initial Note A-2-1 Principal Balance as set forth in the Mortgage
Loan Schedule less any payments of principal thereon received by the Note A-2-1 Holder and any reductions in such amount pursuant
to Section 4.

 

“Note A-2-1 PSA”
shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2-1 Securitization.

 

“Note A-2-1 Securitization”
shall mean the first sale by the Note A-2-1 Holder of all or any portion of Note A-2-1 to a depositor who will in turn include
all or such portion (as applicable) of Note A-2-1 as part of the securitization of one or more mortgage loans.

 

“Note A-2-1 Securitization
Date” shall mean the closing date of the Note A-2-1 Securitization.

 

“Note A-2-1 Trustee”
shall mean the trustee under the Note A-2-1 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-2-2 Trustee”
shall mean the trustee under the Note A-2-2 PSA.

 

     -9-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-5”
shall have the meaning assigned such term in the recitals.

 

“Note A-5 Holder”
shall have the meaning assigned such term in the recitals.

 

“Note A-5 Principal
Balance” shall mean at any time of determination, the initial Note A-5 Principal Balance as set forth in the Mortgage
Loan Schedule less any payments of principal thereon received by the Note A-5 Holder and any reductions in such amount pursuant
to Section 4.

 

“Note A-6”
shall have the meaning assigned such term in the recitals.

 

“Note A-6 Holder”
shall have the meaning assigned such term in the recitals.

 

“Note A-6 Principal
Balance” shall mean, at any time of determination, the initial Note A-6 Principal Balance as set forth in the Mortgage
Loan Schedule less any payments of principal thereon received by the Note A-6 Holder and any reductions in such amount pursuant
to Section 4.

 

“Note A-7”
shall have the meaning assigned such term in the recitals.

 

“Note A-7 Holder”
shall have the meaning assigned such term in the recitals.

 

“Note A-7 Principal
Balance” shall mean, at any time of determination, the initial Note A-7 Principal Balance as set forth in the Mortgage
Loan Schedule less any payments of principal thereon received by the Note A-7 Holder and any reductions in such amount pursuant
to Section 4.

 

“Note A-8”
shall have the meaning assigned such term in the recitals.

 

“Note A-8 Holder”
shall have the meaning assigned such term in the recitals.

 

     -10-

     

    

 

“Note A-8 Principal
Balance” shall mean, at any time of determination, the initial Note A-8 Principal Balance as set forth in the Mortgage
Loan Schedule less any payments of principal thereon received by the Note A-8 Holder and any reductions in such amount pursuant
to Section 4.

 

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

 

“P&I Advance”
shall mean an advance made by a party to the C4 PSA, the C1 PSA, the Note A-2-1 PSA or the Note A-2-2 PSA, as applicable, with
respect to a delinquent monthly debt service payment on the Notes included in the related Securitization.

 

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

 

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

 

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

 

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

 

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

 

“PSA” shall
mean each of the C4 PSA, the C1 PSA, the Note A-2-1 PSA and the Note A-2-2 PSA.

 

“Qualified Servicer”
shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association,
(iii) KeyBank

 

     -11-

     

    

 

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

 

“Qualified Transferee”
shall mean an Affiliate of the initial Note A-1 Holder, the initial Note A-2-1 Holder, the initial Note A-2-2 Holder, the initial
Note A-3 Holder, the initial Note A-4 Holder, the initial Note A-5 Holder, the initial Note A-6 Holder, the initial Note A-7 Holder
or the initial Note A-8 Holder or one or more of the following (other than a Borrower or any entity which is an Affiliate of a
Borrower):

 

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

 

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

 

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

 

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

 

     -12-

     

    

 

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

 

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

 

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

 

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

 

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

 

     -13-

     

    

 

“Rating Agency Confirmation”
shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence of the event with respect
to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable
rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that no Certificates
are outstanding, any action that would otherwise require a Rating Agency Confirmation shall require the consent of the Note A-2-1
Holder, which consent shall not be unreasonably withheld, conditioned or delayed.

 

For the purposes of this Agreement,
if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage any request for a confirmation
hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization, or (2) does not reply to such request or responds
in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing Agreement, the C4 PSA, the
C1 PSA, the Note A-2-1 PSA and the Note A-2-2 PSA, as applicable, have been satisfied, then for such request only, the condition
that such confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For
purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation
hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for such
Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent
request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

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

 

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

 

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

 

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

 

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

 

“Securitization”
shall mean the C4 Securitization, the C1 Securitization, the Note A-2-1 Securitization and/or the Note A-2-2 Securitization, as
applicable.

 

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

 

     -14-

     

    

 

“Servicing Agreement”
shall mean (a) during the period prior to the Note A-2-1 Securitization Date, the C4 PSA and (b) from and after the Note A-2-1
Securitization Date, the Note A-2-1 PSA. In the event that Lead Note is no longer an asset of the trust fund created pursuant to
the Servicing Agreement, the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered into
pursuant to Section 2.

 

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

 

“Servicing Fee Rate”
shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when applied to the Mortgage
Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine the Servicing Fee under
the Servicing Agreement, provided that the Servicing Fee Rate shall be fixed prior to the C4 Securitization Date.

 

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

 

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

 

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

 

“Special Servicing Fee”
shall have the meaning given to such term in the Servicing Agreement, provided that under no circumstances shall the Special
Servicing Fee accrue at a rate of more than 0.25% per annum, subject to any applicable minimum Special Servicing Fee set forth
in the Servicing Agreement (or customary minimum fee).

 

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

 

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

 

“Trustee”
shall mean the trustee under the C4 PSA, the C1 PSA, the Note A-2-1 PSA or the Note A-2-2 PSA, as the context requires.

 

     -15-

     

    

 

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

 

(i)           from and after the C4
Securitization Date, but prior to the Note A-2-1 Securitization Date, by the Note A-1 Master Servicer and the Special Servicer
pursuant to the terms of this Agreement and the C4 PSA; and

 

(ii)           from and after the Note
A-2-1 Securitization Date, by the Note A-2-1 Master Servicer and the Special Servicer pursuant to the terms of this Agreement and
the Note A-2-1 PSA.

 

Each Holder agrees to reasonably
cooperate with each Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

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

 

(c)          If, at any time the Lead
Note is no longer in a Securitization, the Note A-2-1 Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing
agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a Securitization, a Rating
Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization) and all references
herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided, however,
that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained), the Note
A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if such agreement
was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until
a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified Servicer
appointed by the Note A-2-1 Holder and does not have to be performed by the service providers set forth under the Servicing Agreement
that was previously in effect.

 

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

 

     -16-

     

    

 

responsibility hereunder and
shall be compensated solely by the applicable Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

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

 

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

 

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

 

3.            Priority of Notes.  Note
A-1, Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8 shall be of equal priority, and no
portion of any of Note A-1, Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 or Note A-8 shall have priority
or preference over any portion of the other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by
the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon
payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage
Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings
or similar exercise of the power of eminent domain shall be distributed by the Master Servicer and applied to Note A-1, Note A-2-1,
Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8 on a Pro Rata and Pari Passu Basis.

 

     -17-

     

    

 

The Servicing Agreement may provide
for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer, the Trustee
or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization for interest
accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan and (iv) to pay
to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for so long as any of Note
A-2-1 or Note A-2-2 is not included in a Securitization, any Penalty Charges allocated to any such note not in a securitization,
that are not applied pursuant to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the
Master Servicer and/or the Special Servicer without the express consent of such Holder.

 

4.            Workout.  Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and Section 13
of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or any Servicer,
in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage Loan
Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal on Note A-1,
Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 or Note A-8 are waived, reduced or deferred or (iv) any
other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification
of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of Note A-1, Note A-2-1, Note A-2-2, Note
A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8 as described in Section 3.

 

5.            Accounts; Payment Procedure.  The
Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection Account or Collection Accounts,
as applicable. Each of the Note A-1 Holder, Note A-2-1 Holder, Note A-2-2 Holder, Note A-3 Holder, Note A-4 Holder, Note A-5 Holder,
Note A-6 Holder, Note A-7 Holder and Note A-8 Holder hereby directs the Master Servicer, in accordance with the priorities set
forth in Section 3 hereof, and subject to the terms of the Servicing Agreement, (i) to deposit into the applicable Collection
Account within the time period specified in the Servicing Agreement all payments received with respect to the Mortgage Loan and
(ii) to remit from the applicable Collection Account for deposit or credit on the applicable Master Servicer Remittance Date all
payments received with respect to and allocable to Note A-1, Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note
A-7 and Note A-8 by wire transfer to accounts maintained by the Note A-1 Holder, Note A-2-1 Holder, Note A-2-2 Holder, Note A-3
Holder, Note A-4 Holder, Note A-5 Holder, Note A-6 Holder, Note A-7 Holder and Note A-8 Holder, respectively; provided
that delinquent payments received by the Master Servicer after the related Master Servicer Remittance Date shall be remitted by
the Master Servicer to such accounts within the time period specified in the Servicing Agreement.

 

If any Servicer holding or having
distributed any amount received or collected in respect of Note A-1, Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note
A-6, Note A-7 or Note A-8 determines, or a court of competent jurisdiction orders, at any time that any amount received or collected
in respect of Note A-1, Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 or Note A-8 must, pursuant to
any insolvency, bankruptcy,

 

     -18-

     

    

 

fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the Note A-1
Holder , the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note
A-6 Holder, the Note A-7 Holder or the Note A-8 Holder or any Servicer or paid to any other Person, then, notwithstanding any other
provision of this Agreement, no Servicer shall be required to distribute any portion thereof to the Note A-1 Holder, the Note A-2-1
Holder, the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7
Holder or the Note A-8 Holder, as applicable, and the Note A-1 Holder , the Note A-2-1 Holder, the Note A-2-2 Holder, the Note
A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder or the Note A-8 Holder, as applicable,
shall promptly on demand repay to such Servicer the portion thereof which shall have been theretofore distributed to the Note A-1
Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6
Holder, the Note A-7 Holder or the Note A-8 Holder, as applicable, together with interest thereon at such rate, if any, as such
Servicer shall have been required to pay to the Borrower, the Note A-1 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the
Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder or the Note A-8 Holder or any
Servicer or such other person or entity with respect thereto. Each of the Note A-1 Holder, the Note A-2-1 Holder, the Note A-2-2
Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder and the Note A-8
Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess
of its distributable share thereof, it will promptly remit such excess to the Master Servicer. The Master Servicer shall have the
right to offset any amounts due hereunder from the Note A-1 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3
Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder or the Note A-8 Holder, as applicable,
with respect to the Mortgage Loan against any future payments due to the Note A-1 Holder , the Note A-2-1 Holder, the Note A-2-2
Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder or the Note A-8
Holder, as applicable, under the Mortgage Loan, provided, that the obligations of the Note A-1 Holder, the Note A-2-1 Holder,
the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7 Holder
and the Note A-8 Holder under this Section 5 are separate and distinct obligations from one another and in no event shall
any Servicer enforce the obligations of any Holder against any other Holder. The obligations of the Note A-1 Holder, the Note A-2-1
Holder, the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder, the Note A-7
Holder and the Note A-8 Holder under this Section 5 constitute absolute, unconditional and continuing obligations and each
Servicer shall be deemed a third-party beneficiary of these provisions.

 

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

 

     -19-

     

    

 

7.             Representations
of the Holders.  (a) Each of the initial Holders hereby represents and warrants to, and covenants with each other Holder that,
as of the date hereof:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(viii)      It is
a Qualified Transferee.

 

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

 

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sufficiency or effectiveness of the lien created or
to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each Holder assumes all risk of
loss in connection with its respective Note for reasons other than gross negligence, willful misconduct or breach of this Agreement
by any other Holder or gross negligence, willful misconduct or bad faith by any Servicer.

 

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

 

10.          Not
a Security.  None of Note A-1, Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 or Note A-8 shall be
deemed to be a security within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

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

 

12.          Transfer
of Notes.  (a) Each Holder may Transfer up to 49% of its beneficial interest in its Note whether or not the related
transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49% of its
beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other Holder has consented to such Transfer,
in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under
this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation has been received with respect to such Transfer,
in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under
this Agreement, (iii) such Transfer is to a Qualified Transferee or (iv) such Transfer is in connection with a sale by a Securitization
Trust; provided that if such Transfer is a Transfer of the Lead Note, such Transfer is to a Qualified Transferee. Any such
transferee must assume in writing the obligations of the transferring Holder hereunder and agree to be bound by the terms and
provisions of this Agreement and the Servicing Agreement. Such proposed transferee (except in the case of Transfers that are made
in connection with a Securitization)

 

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shall also remake each of the representations and warranties contained herein for the
benefit of the other Holder. Notwithstanding the foregoing, without the non-transferring Holder’s prior consent (which will
not be unreasonably withheld), and, if such non-transferring Holder’s Note is in a Securitization, without a Rating Agency
Confirmation from each Rating Agency that has been engaged by the Depositor to rate the securities issued in connection with such
Securitization, no Holder shall Transfer all or any portion of its Note to a Borrower or an Affiliate of a Borrower and any such
Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. None of the provisions of this
Section 12(a) shall apply in the case of a sale of Note A-1 together with Note A-2-1, Note A-2-2, Note A-3, Note A-4, Note A-5,
Note A-6, Note A-7 and Note A-8, in accordance with the terms and conditions of the Lead Securitization PSA.

 

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

 

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

 

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

 

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terms hereof) shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall
not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given if Note Pledgee shall fail to
respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after request therefor;
(iv) that the other Holders shall accept any cure by such Note Pledgee of any default of the pledging Holder which such pledging
Holder has the right to effect hereunder, as if such cure were made by such pledging Holder; (v) that the other Holders or Servicer
shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such
certificate(s) shall be in a form reasonably satisfactory to the other Holders; and (vi) that, upon written notice (a “Redirection
Notice”) to the Servicer by such Note Pledgee that the pledging Holder is in default beyond any applicable cure periods
with respect to the pledging Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement or other
agreements relating to the Pledge between the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed
by the pledging Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at
any time that pledging Holder otherwise directs that such payment be made to Note Pledgee pursuant to a separate notice) shall
be entitled to receive any payments that any Servicer would otherwise be obligated to make to the pledging Holder from time to
time pursuant to this Agreement or any Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases
the other Holders and any Servicer from any liability to the pledging Holder on account of any Holder’s or Servicer’s
compliance with any Redirection Notice believed by any Servicer or other Holders in good faith to have been delivered by a Note
Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder (and accept an assignment
in lieu of foreclosure as to such collateral), in accordance with applicable law, the pledge agreement, repurchase agreement or
similar agreement between the pledging Holder and the Note Pledgee and this Agreement. In such event, or if the pledging holder
otherwise assigns its interests to the Note Pledgee, the other Holders and the Servicer shall recognize such Note Pledgee (and
any transferee (other than a Borrower or any Affiliate of a Borrower) that is also a Qualified Transferee at any foreclosure or
similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and such Person’s successor and assigns,
as the successor to the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee
or Qualified Transferee shall assume in writing the obligations of the pledging Holder hereunder accruing from and after such Transfer
(i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this
Agreement. The rights of a Note Pledgee under this Section 12(d) shall remain effective as to any Holder (and any Servicer)
unless and until such Note Pledgee shall have notified such Holder (and any Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

 

(e)     
    The parties hereto acknowledge that (i) the contemplated sale of Note A-2-1, Note A-2-2, Note A-3, Note A-6, Note A-7 and
Note A-8 under the terms of the Master Repurchase Agreement, dated as of November 18, 2010, between CCRE LifeCo Loan Seller,
L.P., as seller, and MetLife, as buyer, qualifies as a “Pledge” hereunder and MetLife is a Qualified Transferee,
(ii) all of the terms of this Section 12 have been satisfied with respect to such Pledge, and (iii) MetLife qualifies
as a “Note Pledgee” and is entitled to all of the rights, privileges and benefits afforded to a Note Pledgee
hereunder. In addition, while the Pledge to MetLife of Note A-1 and/or Note A-3 (as applicable) is in effect, MetLife shall
have all rights as Note A-1 Holder and Note A-3 Holder (as applicable) under all applicable documentation and

 

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the Note A-1
Holder, Note A-3 Holder, and the Master Servicer and the Special Servicer under the Servicing Agreement shall recognize
MetLife as Note A-2-1 Holder, the Note A-2-2 Holder, Note A-3 Holder, Note A-6 Holder, Note A-7 Holder and/or Note A-8
Holder, as applicable. Notwithstanding the foregoing, no notice shall be required pursuant to Section 12(b) in
connection with the Pledge to MetLife.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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provisions of the Code or
any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(f) of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

15.          Appointment of Special
Servicer.  Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any time and from time
to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a Qualified
Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person to serve as Special
Servicer by delivering to the other Holders and the parties to the C4 PSA, the C1 PSA, the Note A-2-1 PSA and the Note A-2-2 PSA
a written notice stating such designation and by satisfying the other conditions required under the Servicing Agreement (including,
without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

 

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

 

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

 

(ii)           to consult
with each Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information and reports, such
Non-Directing Holder

 

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

 

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

 

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

 

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

 

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

 

17.         Advances;
Reimbursement of Advances.  (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or
the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property
and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Servicing Agreement, the related
Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to a Non-Lead Note.
The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Non-Lead Note
and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect
to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee
will be entitled to interest on any Advance made in the manner and from the sources provided in the C4 PSA, the C1 PSA, the Note
A-2-1 PSA or the Note A-2-2 PSA, as applicable.

 

(b)          The Lead Servicer and
the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from the Collection
Account established with

 

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respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable Advance, if
such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization as provided
in the Servicing Agreement.

 

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

 

(d)          The parties to each of
the C4 PSA, the C1 PSA, the Note A-2-1 PSA and the Note A-2-2 PSA shall each be entitled to make their own recoverability determination
with respect to a P&I Advance based on the information that they have on hand and in accordance with the C4 PSA, the C1 PSA,
the Note A-2-1 PSA and the Note A-2-2 PSA, as applicable.

 

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

 

18.          Provisions Relating
to Securitization. 

 

(a) New Notes. For so long as
CCRE or an Affiliate of CCRE (an “Initial Note Holder”) is the owner of any Notes, such Initial Note Holder
shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated
notes (“Amended Notes”) or additional notes (“New Notes”) reallocating the principal of the
Note or Notes that it owns (but in no case any Note that it does not then own) among Amended Notes and New Notes or severing a
Note into one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal
balance of the Note or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended
Notes and New Notes following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior
to such amendments, (ii) all New Notes continue to have the same interest rate as Amended Note of which it was a part prior to
such amendments, (iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such reallocated
or component notes shall be automatically subject to the terms of this Agreement and (iv) the Initial Note Holder holding the New
Notes shall notify each other Holder, as applicable, and, if any other Note has been included in a securitization, the parties
under each applicable PSA, in

 

     -29-

     

    

 

writing of such modified allocations and principal amounts. In connection with the foregoing, (1)
the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate
the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of reflecting such reallocation
of principal or such severing of a Note, (2) if a Note is severed into “component” notes, such component notes shall
each have their same rights as the respective original Note and (3) the definition of the term “Securitization” and
all of the related defined terms may be amended (and new terms added, as necessary) to reflect the New Notes. Rating Agency Confirmation
shall not be required for any amendments to this Agreement required to facilitate the terms of this Section 18(a). The Initial
Note Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall reimburse the other Holders for
all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

(b)          Each Non-Lead Servicing
Agreement shall provide that:

 

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

 

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

 

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

 

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

 

     -30-

     

    

 

Agreement, as applicable, out of general
funds in the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement;

 

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

 

(vi)         the Master
Servicer and the Special Servicer shall be third party beneficiaries of the foregoing provisions.

 

(c)          Notice to Parties to the
Lead Securitization PSA.

 

(i)           The Note
A-2-1 Holder shall provide the Depositor, the Servicer, and the Special Servicer under the C4 PSA (provided such party is
not also a party to the Note A-2-1 PSA) notice of the Note A-2-1 Securitization in writing (which may be by email) prior to or
promptly following the Note A-2-1 Securitization Date. Such notice shall contain contact information for each of the parties to
the Note A-2-1 PSA and the identity of the Controlling Class Representative under such Note A-2-1 PSA. In addition, after the Note
A-2-1 Securitization Date, the Note A-2-1 Holder shall send a copy of the Note A-2-1 PSA to the Depositor, the Servicer, and the
Special Servicer under the C4 PSA (provided such party is not also a party to the Note A-2-1 PSA).

 

(ii)          The Note
A-2-2 Holder shall provide the Depositor, the Servicer, and the Special Servicer under the Lead Securitization PSA (as of the date
of the Note A-2-2 Securitization) (provided such party is not also a party to the Note A-2-2 PSA) notice of the Note A-2-2
Securitization in writing (which may be by email) prior to or promptly following the Note A-2-2 Securitization Date. Such notice
shall contain contact information for each of the parties to the Note A-2-2 PSA and the identity of the Controlling Class Representative
under such Note A-2-2 PSA. In addition, after the Note A-2-2 Securitization Date, the Note A-2-2 Holder shall send a copy of the
Note A-2-2 PSA to the Depositor, the Servicer, and the Special Servicer under the Lead Securitization PSA (as of the Note A-2-2
Securitization Date) (provided such party is not also a party to the Note A-2-2 PSA).

 

     -31-

     

    

 

(d)          The Lead Securitization
PSA shall:

 

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

 

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

 

(iii)         provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note, net of its Servicing
Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the
Non-Lead Holder on the applicable Master Servicer Remittance Date;

 

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

 

(v)         provide
that the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party
acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer
and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged
by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports, certifications,
compliance statements, accountants’ assessments and attestations, information to be included in reports (including, without
limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as
the parties to each Non-Lead Securitization may require in order to comply with their obligations under the Securities Act of 1933,
as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law.
Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization shall provide in a timely manner
to the depositor and the Trustee for any prior Securitization a copy of the Lead Securitization Servicing Agreement and each Lead
Servicer (at the expense of the Lead Note Holder) will be required, upon prior written request, to provide to the depositor and
the Trustee for any prior Securitization any other information required to comply in a timely manner with applicable filing requirements
under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for
inclusion in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect
to the Lead Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance

 

     -32-

     

    

 

letters
as were or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation AB”
means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such may be
amended from time to time, and subject to such clarification and interpretation as have been provided by the United States Securities
and Exchange Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission
or its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master
Servicer, any primary servicer and the Special Servicer, upon prior written request, shall each be required to provide certification
and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms
are defined in the related Non-Lead Servicing Agreements;

 

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

 

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

 

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

 

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

 

(x)          
provide that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note
Holders without their consent;

 

     -33-

     

    

 

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

 

(xii)         provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required, failure to
deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the depositor under
a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form
SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the
case of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws);

 

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

 

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

 

(xv)        have provisions
on substantially market terms with respect to:

 

(A)servicing transfer
events that would result in the transfer of the Mortgage Loan to special servicing status;

 

(B)the authority
of the servicers in the Note A-1 Securitization to grant or agree or consent to material modifications, waivers and amendments
to the

 

     -34-

     

    

 

Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in connection with
the Mortgage Loan;

 

(C)the potential
termination of the master servicer and special servicer following a servicer termination event;

 

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

 

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

 

(F)subject to various
adjustments and caps and any minimum monthly fee, the special servicing, workout and liquidation fees (and, in any event, the fees
at which such compensation accrue or are determined shall not exceed 0.25%, 1.00% and 1.00%, respectively),

 

provided, however,
that (1) this clause (xv) shall not be construed to prohibit differences in timing, control or consultation triggers or thresholds,
terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate holder or investor
voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice or rating agency confirmation
requirements; and (2) in the event of any conflict between this sentence and any other provision of this Agreement, such other
provision of the Agreement shall control.

 

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

 

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

 

21.          Successors
and Assigns; Third Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns. Each of the Master Servicer, Non-Lead Master Servicer and related Trustee is an

 

     -35-

     

    

 

intended third-party beneficiary of this Agreement. Except as provided in Section
5 and the preceding sentence, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person
not a party hereto.

 

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

 

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

 

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

 

25.          Custody of Mortgage
Loan Documents.  The originals of all of the Mortgage Loan Documents (other than Note A-2-1, Note A-2-2, Note A-3, Note A-6,
Note A-7 and Note A-8) will be held by the C4 Trustee (or by a custodian on its behalf) under the terms of the C4 PSA on behalf
of all of the Holders until the Note A-2-1 Securitization Date, at which time the originals of all of the Mortgage Loan Documents
(other than Note A-1, Note A-2-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8) will be transferred to and held
by the Note A-2-1 Trustee (or by a custodian on its behalf) on behalf of all of the Holders.

  

[NO FURTHER TEXT ON THIS PAGE]

 

     -36-

     

    

 

IN WITNESS WHEREOF, each of
the Note A-1 Holder, the Note A-2-1 Holder, the Note A-2-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder,
the Note A-6 Holder, the Note A-7 Holder and the Note A-8 Holder has caused this Agreement to be duly executed as of the day and
year first above written. 

 

	 	Note A-1 Holder:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 
	 	By:	           Wells Fargo Bank, National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Michael Benner 
	 	 	Name: Michael Benner
	 	 	Title:   Director 

  

     A-1

     

    

 

	 	Note A-2-1 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso 
	 	 	Name: Anthony Orso
	 	 	Title:   CEO-CCRE

 

     A-2

     

    

 

 

	 	Note A-2-2 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name: Anthony Orso
	 	 	Title:   CEO-CCRE

 

     A-3

     

    

 

	 	Note A-3 Holder:
	 	 	 
	 	Deutsche Bank Trust Company Americas,
as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2016-C1, Commercial Mortgage Pass-Through
Certificates, Series 2016-C1
	 	 	 
	 	By:	           Wells Fargo National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Timothy Teague
	 	 	Name: Timothy Teague
	 	 	Title:   Director

  

     A-4

     

    

 

	 	Note A-4 Holder:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 
	 	By:	           Wells Fargo Bank, National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Michael Benner 
	 	 	Name: Michael Benner
	 	 	Title:   Director 

  

     A-5

     

    

 

	 	Note A-5 Holder:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 
	 	By:	           Wells Fargo Bank, National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Michael Benner
	 	 	Name: Michael Benner
	 	 	Title:   Director 

 

     A-6

     

    

 

	 	Note A-6 Holder:
	 	 	 
	 	Deutsche Bank Trust Company Americas,
as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2016-C1, Commercial Mortgage Pass-Through
Certificates, Series 2016-C1
	 	 	 
	 	By:	           Wells Fargo National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Timothy Teague
	 	 	Name: Timothy Teague
	 	 	Title:   Director

  

     A-7

     

    

 

	 	Note A-7 Holder:
	 	 	 
	 	Deutsche Bank Trust Company Americas, as Trustee,
    on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2016-C1, Commercial Mortgage Pass-Through Certificates,
    Series 2016-C1
	 	 	 
	 	By:	           Wells Fargo National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Timothy Teague
	 	 	Name: Timothy Teague
	 	 	Title:   Director 

  

     A-8

     

    

 

	 	Note A-8 Holder:
	 	 	 
	 	Deutsche Bank Trust Company Americas, as Trustee,
    on behalf of the registered Holders of Citigroup Commercial Mortgage Trust 2016-C1, Commercial Mortgage Pass-Through Certificates,
    Series 2016-C1
	 	 	 
	 	By:	           Wells Fargo National Association, as Master Servicer
	 	 	 
	 	By:	/s/ Timothy Teague
	 	 	Name: Timothy Teague
	 	 	Title:   Director 

  

     A-9

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

		A.	Description of Mortgage Loan

 

	Borrower:	Map Fee Owner LLC
	Mortgage Loan Origination Date:	February 4, 2016
	Initial Principal Amount of Mortgage Loan:	$175,750,000
	Locations of Mortgaged Properties:	
        Moorestown, NJ 

        Mount Laurel, NJ 

        Durham, NC 

        Blue Bell, PA 

        Horsham, PA 

        King of Prussia, PA 

        Plymouth Meeting, PA 

        Fairfax, VA 

        Glen Allen, VA 

        Richmond, VA 

	Current Use of Mortgaged Properties:	Office buildings
	Mortgage Interest Rate:	
        Note A-1:        4.30% 

        Note A-2-1:     4.30% 

        Note A-2-2:     4.30%:

        Note A-3:        4.30% 

        Note A-4:        4.30% 

        Note A-5:        4.30% 

        Note A-6:        4.30% 

        Note A-7:        4.30% 

        Note A-8:        4.30% 

	Maturity Date:	February 6, 2031

 

     A-10

     

    
 

		B.	Description of Notes

 

	Mortgage Loan Origination Date:	January 7, 2016
	Initial Note A-1 Principal Balance:	$50,000,000
	Initial Note A-2-1 Principal Balance:	$20,000,000
	Initial Note A-2-2 Principal Balance:	$20,000,000
	Initial Note A-3 Principal Balance:	$40,000,000
	Initial Note A-4 Principal Balance:	$10,000,000
	Initial Note A-5 Principal Balance:	$10,000,000
	Initial Note A-6 Principal Balance:	$10,000,000
	Initial Note A-7 Principal Balance:	$10,000,000
	Initial Note A-8 Principal Balance:	$5,750,000
	Initial Note A-1 Percentage Interest:	28.45%
	Initial Note A-2-1 Percentage Interest:	11.38%
	Initial Note A-2-1 Percentage Interest:	11.38
	Initial Note A-3 Percentage Interest:	22.76%
	Initial Note A-4 Percentage Interest:	5.69%
	Initial Note A-5 Percentage Interest:	5.69%
	Initial Note A-6 Percentage Interest:	5.69%
	Initial Note A-7 Percentage Interest:	5.69%
	Initial Note A-8 Percentage Interest:	3.28%
	Note A-1 Interest Rate:	4.30%
	Note A-2-1 Interest Rate:	4.30%
	Note A-2-2 Interest Rate:	4.30%
	Note A-3 Interest Rate:	4.30%
	Note A-4 Interest Rate:	4.30%
	Note A-6 Interest Rate:	4.30%
	Note A-7 Interest Rate:	4.30%
	Note A-8 Interest Rate:	4.30%
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2-2 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-3 Default Interest Rate	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-4 Default Interest Rate	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate

 

     A-11

     

    

 

	Note A-5 Default Interest Rate	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-6 Default Interest Rate	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-7 Default Interest Rate	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-8 Default Interest Rate	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate

 

     A-12

     

    

 

EXHIBIT B

 

Note A-1 Holder, Note A-4 Holder and Note A-5 Holder:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

with a copy to:

 

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

 

Note A-2-1 Holder and Note A-2-2 Holder:

 

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

E-Mail: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666

 

with a copy to:

 

    B-1

     

    

 

Berkeley Point Capital LLC

One Beacon Street, 14th Floor

Boston, Massachusetts 02108

Attention: Nancy Navarro, Vice President, Servicing Department

Facsimile No.: (617) 275-7574

  

Note A-3 Holder, Note A-6 Holder, Note A-7 Holder
and Note A-8 Holder:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2016-C1 Asset Manager

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

with a copy to:

 

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann 

 

    B-2

     

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners 

iStar Financial Inc. 

Capital Trust 

Archon Capital, L.P. 

Whitehall Street Real Estate Fund, L.P. 

The Blackstone Group 

Normandy Real Estate Partners 

Dune Real Estate Partners 

AllianceBernstein 

Rockwood 

RREEF Funds 

Hudson Advisors 

Artemis Real Estate Partners 

Apollo Real Estate Advisors 

Colony Capital, Inc. 

Praedium Group 

Fortress Investment Group, LLC 

Lonestar Opportunity Funds 

Clarion Partners 

Walton Street Capital, LLC 

Starwood Financial Trust 

BlackRock, Inc. 

Eightfold Real Estate Capital, L.P. 

KKR Real Estate Manager Finance LLC 

Raith Capital Partners, LLC 

Rialto Capital Management, LLC 

Rialto Capital Advisors, LLC

 

    C-1Exhibit 10.1

 

 

 

 

 

LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT

between

MIZUHO BANK, LTD.

and

QUALCOMM RIVER HOLDINGS, B.V.

Dated as of November 22, 2016

 

 

  

 

 

 

TABLE OF CONTENTS

Page

	
1.

	
Definitions.

	
1

	
2.

	
Issuance of Credit.

	
3

	
3.

	
Payments.

	
3

	
4.

	
Cancellation.

	
3

	
5.

	
Fees; Guaranty of Payment of Fees.

	
3

	
6.

	
Interest on Payments.

	
4

	
7.

	
Indemnity.

	
4

	
8.

	
Change in Circumstances.

	
5

	
9.

	
Liability of the Bank.

	
5

	
10.

	
Obligations Absolute.

	
5

	
11.

	
Conditions Precedent.

	
6

	
12.

	
Representations and Warranties.

	
6

	
13.

	
Affirmative Covenants.

	
8

	
14.

	
Events of Default.

	
9

	
15.

	
Right of Setoff.

	
11

	
16.

	
Notices.

	
11

	
17.

	
No Waivers, Remedies.

	
12

	
18.

	
Severability.

	
12

	
19.

	
Jurisdiction/Waiver of Jury Trial, Other Waivers and Agreements, Conflicts.

	
12

	
20.

	
Governing Law; Credits Subject to ISP98.

	
13

	
21.

	
No Party Deemed Drafter.

	
13

	
22.

	
Interest Payments.

	
13

	
23.

	
Judgment Currency.

	
13

	
24.

	
Assignment.

	
14

	
25.

	
Amendments.

	
14

	
26.

	
Counterparts; Facsimile.

	
14

	
27.

	
Security Interest.

	
15

  

 

LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT

LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT, dated as of November 22, 2016 (as the same may be amended, supplemented or otherwise modified from time to time, this “Agreement”), is made and entered into by and between QUALCOMM River Holdings B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands (the “Company”), and Mizuho Bank, Ltd. (the “Bank”).

WHEREAS, the Company has entered  into the Purchase Agreement dated as of October 27, 2016 (the “Purchase Agreement”) with NXP Semiconductors N.V., a public limited liability company organized under the laws of The Netherlands (“NXP”), to purchase all of the issued and outstanding shares of NXP;

WHEREAS, it is a condition under the Purchase Agreement that the Company provide NXP with a standby letter of credit in the amount of $500,000,000 and in substantially the form attached hereto as Exhibit A (the “Credit”) in order to support the Company’s obligations under the Purchase Agreement;

WHEREAS, the Company has agreed to secure its obligations hereunder by depositing with the Bank cash or deposit account balances in an amount equal to the face amount of the Credit; and

WHEREAS, this Agreement is intended to set forth the terms and conditions applicable to the Credit issued by the Bank.

NOW THEREFORE, in consideration of the premises and the agreements and the covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Bank hereby agree as follows:

1.    Definitions.

(a)    The following terms used herein shall have the following meanings:

“Agreement” is defined in the preamble hereto.

“Application” is defined in Section 2 hereof.

“Bank” is defined in the preamble hereto.

“Beneficiary” means NXP.

“Business Day” means a day on which banks are not required or authorized to close in New York City or London.

“Change of Control” means QUALCOMM Incorporated shall cease to directly or indirectly own and control 100% on a fully diluted basis of each class of outstanding equity interests of the Company.

“Company” is defined in the preamble hereto.

“Credit” is defined in the recitals hereto.

 

 

 

“Credit Documents” means this Agreement and all other documents, certificates, instruments or agreements executed and delivered by or on behalf of the Company for the benefit of the Bank in connection herewith on or after the date hereof.

“Default” means any condition or event that, after the giving of notice, the lapse of time, or both, or any other condition or event, would become an Event of Default.

“Deposit” means a cash deposit made by the Company in the Pledged Account in an amount not less than the face amount of the Credit for a term extending until all obligations of the Bank under the Credit issued hereunder have been fully and finally extinguished and all obligations of the Company with respect thereto have been fully and finally satisfied, in each case other than contingent obligations for indemnification, expense reimbursement or other contingent obligations as to which no claim has been made, and which the parties agree shall be maintained in the State of New York and is subject to the Bank’s sole dominion and control.

“Document” is defined in Section 10 hereof.

“Event of Default” is defined in Section 14 hereof.

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time.

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

“ISP98” means the International Standby Practices 1998 or any subsequent revision thereof.

“Material Adverse Effect” means (a) a material adverse change in, or material adverse effect upon, the financial condition of the Company and its affiliates (as defined in Rule 405 under the Securities Act of 1933, as amended), taken as a whole or (b) a material adverse effect upon the legality, validity, binding effect or enforceability against Company of this Agreement or any other document or agreement entered in connection with this Agreement to which it is party.

“Organizational Documents” means, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person.

“Person” means any individual, partnership, limited liability company, corporation (including business trust), joint stock company, trust, unincorporated association, joint venture or any other juridical entity of any type whatsoever, or any Governmental Authority.

“Pledged Account” means one or more deposit accounts maintained by the Bank.

“Property” means any type of real or personal property, including without limitation, tangible, intangible or mixed.

“Requirement of Law” means, as to any Person, any law, treaty, rule, restriction or regulation or determination of an arbitrator or a court or other Governmental Authority (including, without limitation, any federal, state or local environmental and employee benefit laws and regulations), in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject.

 

 

2

 

“Sanctions” has the meaning assigned in Section 12(i).

“UCC” means the Uniform Commercial Code as in effect in the State of New York from time to time.

“USA Patriot Act” is defined in Section 14 hereof.

(b)    Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the ISP98.

2.    Issuance of Credit.

The Company shall submit to the Bank an application (each, an “Application”) for the issuance of the Credit, setting forth the maximum amount and expiry of the Credit and acknowledging that the Credit shall be the “Credit” as defined in this Agreement.

3.    Payments.

The Company agrees to reimburse the Bank, in immediately available funds, which payment shall be made (x) if notice of such disbursement is provided by the Bank to the Company not later than 11:00 a.m. (Pacific time), on the date of such disbursement and (y) if notice of such disbursement is after 11:00 a.m. (Pacific time), on the next succeeding Business Day, at the Bank’s office at the address set forth below:

Mizuho Bank, Ltd.

1251 Avenue of the Americas

New York, New York  10020

for each payment made by the Bank pursuant to the Credit or a draft honored by the Bank under the Credit and for each amount otherwise due to the Bank hereunder.  Each payment by the Company to the Bank shall, unless otherwise specifically agreed in writing, be made in lawful currency of the United States and shall be identified by the number assigned to the Credit by the Bank.  Any payment hereunder which is due on a day other than a Business Day, shall be made on the next succeeding Business Day (or, if the next succeeding Business Day is in the following month, on the next preceding Business Day) and such extension of time shall in such case be included in the computation of payment of interest, fee or other amount, as the case may be.  Notwithstanding the foregoing, the Bank may apply the Deposit to the satisfaction of the Company’s obligations hereunder.

4.    Cancellation.

Subject to applicable legal requirements, the Credit issued pursuant to this Agreement may be canceled subject to the prior written consent of the Beneficiary submitted to the Bank together with the original Credit.

5.    Fees; Guaranty of Payment of Fees.

The Company agrees to pay to the Bank quarterly in arrears on the last Business Day of each calendar quarter in each year, and on the date on which the Credit expires or is terminated as provided herein, a fee (a “Letter of Credit Fee”) on the face amount of the Credit during such quarter at the rate of 0.325% per annum.  All Letter of Credit Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days.

 

 

3

 

The Company agrees to pay the Bank such documentary and processing charges for any issuance, amendment, transfer or payment of the Credit as are in accordance with the Bank’s standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be.

Once paid in accordance with the terms of this Section 5, none of the fees shall be refundable under any circumstances.

The Company hereby irrevocably and unconditionally guarantees the prompt payment in full of any fees required to be paid by the Beneficiary with respect to the Credit issued hereunder and agrees to pay the Bank, on demand, all fees and commissions of the Bank at or prior to the time of issuance of the Credit, including charges and expenses of other banks or other parties under the terms of the Credit.  Notwithstanding the foregoing, the Bank may apply the Deposit to the satisfaction of the Company’s obligations hereunder.

6.    Interest on Payments.

If the Bank is not reimbursed by the Company for amounts paid under the Credit by the close of business on the day of payment by the Bank, the Company will pay the Bank interest on the amount due (a) from and including the date of such payment through the second Business Day thereafter, at the rate quoted by the Bank to dealers in the New York Federal Funds market for overnight borrowings (the “federal funds rate”) and (b) on and after the third Business Day thereafter until reimbursement, at a rate equal to 2% per annum plus the higher of (i) the rate established by the Bank from time to time as its base rate or prime rate and (ii) the federal funds rate.  Interest and all fees, if any, charged by the Bank in connection with the Credit will be calculated based on the actual days outstanding and a 360 day year.  Actual days outstanding means the period from and including the day of payment by the Bank to and excluding the day of the Bank’s receipt of funds from the Company.

7.    Indemnity.

The Company agrees to indemnify and hold harmless the Bank from and against, and pay to the Bank within ten Business Days, all liabilities, costs, obligations, losses and expenses (including, without limitation, reasonable legal and other expenses incurred by the Bank in connection with enforcing its rights or protecting its interest) incurred by the Bank as a consequence of, or resulting from or incurred by the Bank in connection with, the execution, delivery, performance, amendment or administration of this Agreement or the Credit, the issuance of the Credit or the use of any proceeds thereof or any action, inaction or omission taken or suffered by the Bank in the absence of bad faith, willful misconduct and gross negligence.  This Section 7 shall survive any payment of the Bank’s obligations and liabilities hereunder and any termination of this Agreement.

 

 

4

 

8.    Change in Circumstances.

If any change in any law, regulation, guideline or order or in the interpretation thereof by any court or administrative or governmental authority charged with the administration thereof shall either (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against the Credit or require the inclusion of the Credit in calculations related to the Bank’s capitalization or (ii) impose any other condition regarding this Agreement or the Credit, including, without limitation, any requirement that the Bank pay assessments for deposit insurance with respect to the Credit, and the result of any event referred to in clause (i) or (ii) above shall be to increase the cost to the Bank of issuing or maintaining the Credit or the reimbursement obligations of the Company or to reduce the amounts receivable by the Bank upon such reimbursement, then, upon demand by the Bank, the Company shall have ten days to pay to the Bank from time to time as specified by the Bank additional amounts which shall be sufficient to compensate the Bank for such increased cost or reduced receivables.  The Bank shall notify the Company of any event or occurrence described above, of which it has knowledge that will entitle the Bank to compensation hereunder.  A certificate as to such amounts submitted by the Bank to the Company, stating in reasonable detail the basis of computation, shall be presumptive evidence of additional amounts payable under this Section 8.  If payment is not made on the date due, as specified hereunder, interest will be charged from the date of demand based on the calculation in Section 6.

9.    Liability of the Bank.

The Bank shall not be responsible (a) for verifying the existence of any act, condition or statement made by any Beneficiary (or any transferee) in relation to any drawing or presentment under the Credit, (b) for the validity or genuineness of certificates or other documents delivered under or in connection with the Credit, even if such certificates or other documents should in fact prove to be invalid, fraudulent or forged, (c) for any breach of contract between any Beneficiary (or any transferee) and the Company, (d) for any consequences beyond the Bank’s control or (e) for any act or omission of the Bank or its correspondents or agents so long as the Bank acts in good faith without gross negligence.  The Bank may accept certificates or other documents that appear on their face to be in order without responsibility for further investigation, regardless of any notice or information to the contrary, unless otherwise ordered by a court of competent jurisdiction.  In furtherance of and not in limitation of the foregoing, the Company agrees that any action, inaction or omission taken or suffered by the Bank, in the absence of the Bank’s bad faith, willful misconduct or gross negligence, in connection with Credits or related drafts shall be binding on the Company and shall not result in any liability of the Bank relating thereto.  The Company assumes all risks of the acts or omissions of every Beneficiary with respect to its use of the Credit.

10.    Obligations Absolute.

The Company’s obligations under this Agreement, including, without limitation, its obligation to make each payment under this Agreement, shall be absolute and unconditional and shall not be subject to any defense or be affected by any right of setoff, counterclaim or recoupment which the Company may now or hereafter have against any Beneficiary (or any transferee), the Bank or any other person (including any subsidiary or affiliate) for any reason 

 

 

5

 

whatsoever and shall be performed in accordance with the terms hereof under all circumstances, including, without limitation: (i) any lack of validity or enforceability of this Agreement, the Credit or any agreement between the Company and any Beneficiary related to this Agreement (collectively, the “Documents”), (ii) any amendment or waiver of, or any consent to departure from any Document, (iii) any statement or any document presented under the Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, (iv) payment by the Bank at any time under the Credit against presentation of a draft or certificate which does not comply with the terms of the Credit or by a party not then authorized to draw under the Credit, (v) the extension of the expiration date of the Credit, (vi) payment by the Bank under the Credit to the Beneficiary’s successor by operation of law or (vii) any other circumstance or happening whatsoever, whether or not similar to the foregoing.

11.    Conditions Precedent.

It shall be a condition precedent to the issuance by the Bank of the Credit that:

(a)    The Bank shall have received on or before the date of issuance, in form and substance satisfactory to the Bank, the following:

(i)            evidence reasonably acceptable to the Bank that the Company’s execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action; and

(ii)            (A) a duly executed copy of this Agreement and such other documents, agreements, and instruments (and, if requested by the Bank, certified duplicates of executed copies thereof) as the Bank may reasonably request (including all such agreement with respect to the Deposit) and (B) the Deposit.

(b)    The representations and warranties contained in Section 12 hereof shall be true and correct on and as of the date of issuance of such Letter of Credit as though made on and as of such date in all material respects (or, with respect to any representation or warranty qualified by reference to materiality or Material Adverse Effect, in all respects).

(c)    To the extent invoiced one Business Day in advance, the Company shall have paid all fees, costs, expenses and other amounts then payable by the Company hereunder or with respect hereto.

(d)    The issuance of the Credit shall not violate any law, rule or regulation applicable to or binding on the Bank or the Company.

12.    Representations and Warranties.

The Company represents and warrants to the Bank as follows:

(a)    Due Incorporation; Good Standing; Conduct of Business.  The Company (i) is duly organized and validly existing under the laws of the jurisdiction of its organization, (ii) has the legal right, power and authority to own and operate its Property and to conduct the business in which it is currently engaged, (iii) is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership or operation of Property or the

 

 

6

 

conduct of its business require such qualification, (iv) is in compliance with its Organizational Documents, and (v) is in compliance with all Requirements of Law, except, in each case referred to in clause (a)(iii) and (v), to the extent that the failure to do so would not, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

(b)    Power; Authorization; Enforceability.  The execution, delivery and performance of this Agreement and each other Document to which the Company is a party are within the Company’s powers, have been duly authorized, and do not (i) conflict with the terms of any Organizational Documents of the Company, or (ii) conflict with or result in the breach of, or constitute a default under, or result in or permit the termination or acceleration of any agreement, instrument, or document to which the Company is a party or by which the Company or any of its Property is bound or affected, except in any case for clause (ii) where such conflict would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  This Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally.

(c)    Government Action.  No consent, approval, exemption, or authorization of, filing with, or other act by or in respect of any other Person (including stockholders and creditors of the Company) or any Governmental Authority, is required in connection with extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the other Documents, (other than those that may have been obtained or made and remain, in full force and effect), except where failure to comply would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect.

(d)    No Legal Bar.  No Requirement of Law, contractual obligation, or judgment, decree or order of any Governmental Authority binding on the Company would be contravened by the execution, delivery, performance or enforcement of this Agreement or any other Document, except where such contraventions would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(e)    No Material Litigation.  Except with respect to any matters disclosed by the Company’s parent in any filing made under the Securities Exchange Act that is available prior to the date of issuance, there are no suits, actions, proceedings, claims or disputes pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries or their respective Properties, that (i) purport to affect or pertain to this Agreement or any of the other Credit Documents, or any of the transactions contemplated hereby, or (ii) either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

(f)    No Default.  No Default or Event of Default or Material Adverse Effect has occurred and is continuing.

(g)    Taxes.  Each of the Company and its Subsidiaries has filed or caused to be filed all tax returns required to be filed, and has paid, or has made adequate provision for the payment of, all due and payable taxes and assessments, in each case, to the extent the failure to do so could reasonably be expected to have a Material Adverse Effect.

 

 

7

 

(h)    No Misrepresentation.  No representation or warranty contained herein or in any other Document and no certificate, report or document, taken as a whole, when furnished by the Company in connection with the transactions contemplated hereby contains a misstatement of material fact, or omits to state a material fact required to be stated in order to make the statements herein or therein contained not misleading in the light of the circumstances under which made.

(i)    Seniority.  The obligations of the Company under this Agreement will rank at least pari passu in priority of payment with all other senior unsubordinated indebtedness of the Company.

(j)    Sanctions.  None of the Company, any of its subsidiaries nor to the knowledge of the Company, any director, officer, employee or agent thereof is a Person that is, or is owned or controlled by, any Person that is: (i) currently the subject or target of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions.  Neither the Company nor any of its subsidiaries has committed any breach of the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or any other similar anti-corruption legislation in other jurisdictions, or of any applicable Sanctions, the effect of which is or could reasonably be expected to be material to the Company and its subsidiaries, and the Company and its subsidiaries have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.  The Company and each of its subsidiaries is in compliance, in all material respects, with the USA PATRIOT Act and all other applicable anti-money laundering laws.  The Company shall not, directly or, to the knowledge of Company, indirectly, (i) use the proceeds of the Credit, 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 beneficiary) or (ii) use the proceeds of the Credit for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977 or the UK Bribery Act 2010.

13.    Affirmative Covenants.

So long as the final expiration date of the Credit has not occurred or any amount is due or owing to the Bank hereunder, the Company agrees that it shall:

(a)    Prompt Notice.  As promptly as possible give written notice to the Bank of the occurrence of any Default or Event of Default, specifying the nature and period of existence thereof and the action that the Company is taking and proposes to take with respect thereto.

(b)    Payment of Taxes.  Pay and discharge as the same shall become due and payable, all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless (i) the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Company or (ii) the failure to make payment could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

 

8

 

(c)    Compliance with Legal Requirements.  At all times comply with all Requirements of Law; provided, however, that the Company shall not be deemed in default of this clause (c) if all such non-compliances in the aggregate have no Material Adverse Effect.

(d)    Maintain Existence.  Take all necessary steps to maintain and preserve (i) its legal existence, (ii) all rights, privileges and franchises necessary to the effective conduct of its business, and (iii) its right to conduct business in all states in which the nature of its business requires qualification to do business, except, in the cases of clauses (ii) and (iii), to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect.

(e)    Further Assurances.  From time to time perform any and all acts and execute any and all additional documents as may be reasonably requested by the Bank to give effect to the purposes of this Agreement and any of the other Documents.

(f)            Deposit.  The Company will maintain the Deposit in the amount provided hereunder until the Bank confirms that all obligations of the Bank with respect to the Credit issued hereunder have been fully and finally extinguished and that all obligations of the Company hereunder and with respect to any such Letter of Credit have been fully and finally satisfied, in each case other than contingent obligations for indemnification, expense reimbursement or other contingent obligations as to which no claim has been made.

(g)            USA PATRIOT Act Compliance.  The Company shall provide such information and take such actions as are reasonably requested by the Bank in order to assist the Bank in maintaining compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act”) or similar laws and the rules and regulations promulgated thereunder, in each case, as the same may be in effect from time to time.

14.    Events of Default.

Each of the following events constitute an Event of Default (an “Event of Default”) hereunder:

(a)    Any representation or warranty made or deemed made by the Company in this Agreement shall prove to have been untrue or incomplete in any material respect when made or deemed made (or, in the case of any representation or warranty qualified by reference to materially or Material Adverse Effect, in any respect); or

(b)    The Company shall fail to pay any amount when due hereunder and, in the case of any payment of interest or fees due hereunder, such failure shall remain unremedied for five Business Days; or

(c)    The Company shall fail to perform or observe any other term, covenant or provision under this Agreement (other than those set forth in paragraphs (a) and (b) of this Section 14), and any such failure, if capable of being remedied, shall remain unremedied for 30 days after the earlier of (i) written notice thereof shall have been given by the Bank to the Company and (ii) the Company having knowledge thereof; or

 

 

9

 

(d)    The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of itself or all or a substantial amount of its property, (ii) generally be unable, or admit in writing its inability to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors, (iv) be adjudicated bankrupt or insolvent, or (v) commence a voluntary case under the federal bankruptcy laws of the United States of America or other applicable jurisdictions or file a voluntary petition or answer seeking reorganization or an arrangement with creditors under an insolvency law; or

(e)    If without the application, approval or consent of the Company, a proceeding shall be instituted in any court of competent jurisdiction under any law relating to bankruptcy, insolvency, reorganization or relief of debtors seeking in respect of the Company an order of relief or an adjudication in bankruptcy, reorganization, dissolution, winding-up, liquidation, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of the Company or of all or any substantial part of the assets of the Company or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by the Company in good faith, the same shall (i) result in the entry of an order of relief or any such adjudication or appointment or (ii) continues undismissed or unstayed for any period of 60 consecutive days; or

(f)    The Company shall fail to pay any principal of or premium or interest on any indebtedness of the Company in aggregate principal amount greater than $400,000,000 (excluding indebtedness hereunder), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or any other event shall occur or condition shall exist under any agreement or instrument relating to any such indebtedness, if the effect of any such foregoing failure, event or condition is to accelerate the maturity of such indebtedness; or any such indebtedness shall become or be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), or the Company shall be required to repurchase or offer to repurchase such indebtedness, prior to the stated maturity thereof; or

(g)    A judgment or order for the payment of money in an aggregate principal amount of more than $400,000,000 shall be rendered against the Company and such judgment or order shall continue unsatisfied and the execution of enforcement thereof shall no longer be effectively stayed for a period of 60 consecutive days; or

(h)    The Deposit shall not be held by the Bank, or shall not be subject to a perfected first lien security interest in favor of the Bank, or the Bank’s rights with respect to the Deposit shall be challenged or diminished, in each case other than due to any action or inaction of the Bank, including any failure by Bank to be a “bank” (as defined in Section 9-102(a)(8) of the UCC), of the Pledged Account to be maintained by the Bank as a “deposit account” (as defined in Section 9-102(a)(29) or the Bank’s jurisdiction (within the meaning of Section 9-304) failing to be New York or any other State of the United States; or

(i)    a Change of Control shall have occurred.

If any Event of Default shall have occurred and be continuing, the Bank may, (i) by written notice to the Company, declare all obligations of the Company hereunder to be forthwith due and payable, whereupon the same shall become due and payable without demand, presentment, protest or further 

 

 

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notice of any kind, all of which are hereby expressly waived; provided, however, that upon the occurrence of an Event of Default specified in Section 14(d) or 14(e) of this Agreement all of the obligations of the Company under this Agreement, including, without limitation, under Section 2 hereof shall be automatically due and payable without demand, presentment, protest or further written notice of any kind, all of which are expressly waived; (ii) by written notice to the Company demand payment forthwith of (A) all amounts available to be drawn under the Credits outstanding on the date of such demand (provided that if the Credit expires and is not fully drawn upon then all such amounts applicable to the Credit as have not been paid in respect of the Credit, plus interest thereon at the rate customarily paid by the Bank for overnight deposits, shall be promptly returned to the Company) and (B) all other obligations of the Company hereunder; provided that the Company’s obligation to pay and deposit such amounts with the Bank shall become immediately due and payable upon the occurrence of an Event of Default specified in Section 14(d) or 14(e) of this Agreement and/or (iii) pursue any other remedy available to it under this Agreement or under law, equity or otherwise.

15.    Right of Setoff.

Upon the occurrence and during the continuance of any Event of Default, the Bank is hereby authorized at any time and from time to time, without notice to the Company (any such notice being expressly waived by the Company) to set off and apply any and all of the Deposits against any and all of the obligations of the Company now or thereafter existing under this Agreement, irrespective of whether or not the Bank shall have made any demand under this Agreement and although such obligations may be contingent and unmatured.  The Bank agrees promptly to notify the Company after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.  The rights of the Bank under this Section 15 are in addition to other rights and remedies which the Bank may have including, without limitation, other rights of setoff.

16.    Notices.

Notices and demands under this Agreement shall be in writing and will be sufficient if delivered by hand, by United States registered or certified mail or by facsimile transmission or other electronic means.  Notices and demands shall be effective when received and shall be addressed if to the Company to:

QUALCOMM River Holdings B.V.

Science Park 400, Matrix II

1098 XH Amsterdam

Attention:    Managing Director

With a copy to:

QUALCOMM Incorporated

5775 Morehouse Drive

San Diego, CA 92121

Attention: Adam Schwenker, Director

Email:   aschwenk@qualcomm.com

 

 

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if to the Bank to:

Mizuho Bank, Ltd.

Harborside Financial Center

1800 Plaza Ten

Jersey City, New Jersey  07311-4098

Attention:  Letter of Credit Department

Telephone No.:  (201) 626-9538

 Fax No.:  (201) 626-9938

17.    No Waivers, Remedies.

This Agreement may not be amended, waived or modified except in writing duly signed by the Bank and the Company.  The Bank may elect in its sole discretion not to renew the Credit for additional periods.  This Agreement and the terms, covenants and conditions hereof shall be binding upon and inure to the benefit of the Bank and the Company and their respective successors.  No failure on the Bank’s part to exercise, and no delay on the Bank’s part in exercising, any rights, powers or remedies hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such rights, powers or remedies by the Bank preclude any other or further exercising thereof or the exercise of any other right, power or remedy.  All remedies hereunder are cumulative and not exclusive of any other remedies provided by law.

18.    Severability.

Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent required by law without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction.

19.    Jurisdiction/Waiver of Jury Trial, Other Waivers and Agreements, Conflicts.

(a)    Any legal action or proceeding against the Company or the Bank with respect to this Agreement, the Credit or any of the agreements, documents or instruments delivered in connection herewith or therewith shall be brought in the courts of the State of New York or of the United States of America for the Southern District of New York.  By execution and delivery hereof, each party accepts and consents to, for itself and in respect of its Property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts and 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 and that nothing in this Agreement or any other Credit Document shall affect any right that the Bank may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against it or any of its assets in the courts of any jurisdiction.

(b)    THE COMPANY AND THE BANK KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS THE COMPANY OR THE BANK MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR 

 

 

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ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS AGREEMENT, THE CREDIT OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION HEREWITH.

(c)    To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of its obligations under this Agreement and any other document executed in connection herewith or therewith.

(d)    The Company agrees that service of process in action or proceeding with respect to this Agreement or any other Credit Document executed in connection herewith or therewith may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), to The Prentice-Hall Corporation System, Inc. (the “Process Agent”), as the Company’s agent for service of process at its address currently at 2711 Centerville Road, Suite 400, City of Wilmington, County of New Castle, State of Delaware or at such other address in Wilmington, Delaware or New York, New York of which the Bank shall have been notified in writing by the Company, and the Company hereby irrevocably appoints the Process Agent as its agent for service of process in connection with any such action or proceeding.

(e)    In the event of any conflict between this Agreement and the terms of any Application or request for the Credit, this Agreement shall prevail in the absence of an express provision to the contrary which refers specifically to this Agreement.

20.    Governing Law; Credits Subject to ISP98.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York.  Unless otherwise therein stated, each Credit issued by the Bank shall be subject to and governed by ISP98.

21.    No Party Deemed Drafter.

No party shall be deemed to be the drafter of this Agreement.

22.    Interest Payments.

Anything in this Agreement to the contrary notwithstanding, the obligation of the Company to pay interest hereunder shall be subject to the limitation that no payment of such interest shall be required to the extent that receipt of such payment would be contrary to applicable laws, including without limitation, any usury law.

23.    Judgment Currency.

The Company’s obligations hereunder to make payments in United States Dollars (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency except to the extent that such tender or recovery results in the effective receipt by the Bank of the full amount of the Obligation Currency expressed to be payable to the Bank under 

 

 

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this Agreement.  If, for the purpose of obtaining or enforcing judgment against the Company in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the rate of exchange as quoted by the Bank, and if the Bank does not quote a rate of exchange on such currency by a known dealer in such currency designated by the Bank, determined, in each case, as of the Business Day immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).

If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, the Company covenants and agrees to pay, or cause to be paid, as a separate obligation and notwithstanding any judgment, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date.

For purposes of determining the rate of exchange for this Section 23, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency.

24.    Assignment.

This Agreement shall be binding upon and shall be enforceable by the Company and the Bank and their respective successors and assigns.  The Bank shall be permitted to assign and participate any of its rights and obligations, if any, hereunder or under any related documents without the requirement of any consent or approval by the Company.  The Company shall not be permitted to assign or otherwise transfer, in whole or in part, its rights and obligations hereunder or under any other related document without the prior written consent of the Bank and any such assignment or transfer without the Bank’s prior written consent shall be null and void.

25.    Amendments.

No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Company therefrom, shall in any event be effective unless the same shall be in writing and signed by the Bank and, in the case of an amendment, the Company, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.

26.    Counterparts; Facsimile.

(a)    This Agreement may be signed in any number of counterparts.  Either a single counterpart or a set of counterparts when signed by all the parties hereto shall constitute a full and original agreement for all purposes.

(b)    Delivery by facsimile in accordance with Section 16 hereof, of an executed signature page to this Agreement and any document or instrument which constitutes a waiver, amendment, supplement or modification hereof shall be as effective as delivery of a manually executed counterpart thereof.

 

 

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27.    Security Interest.

(a)     Grant.  The Company hereby grants to the Bank and agrees to maintain, a first-priority (subject to any depositary bank liens on the Pledged Account) security interest in the Collateral (as defined below) as security for the Company’s obligations under this Agreement.  As security for the due and punctual payment of the obligations of the Company hereunder, the Company hereby pledges and assigns to the Bank, and grants to the Bank a continuing security interest in and lien on, all of the Company’s right, title and interest in and to (i) the Pledged Account, (ii) the Deposit credited to the Pledged Account, (iii) all interest, dividends, cash, instruments and other property from time to time credited to the Pledged Account and to the extent not described above, all Proceeds (as defined in the UCC) of any and all of the foregoing (collectively, the “Collateral”).

(b)    Release.  In the event the balance in the Pledged Account exceeds the Deposit amount, at Company’s request, the Bank shall promptly release such excess amounts to the Company; provided, however, that Company shall be required to continue to comply with Section 13(e).  Upon irrevocable payment in full of all obligations of the Company hereunder and the termination or expiration of the Credit issued hereunder (other than contingent obligations for indemnification, expense reimbursement or other contingent obligations as to which no claim has been made), the Company shall be entitled to the return of such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and the security interests granted hereby shall terminate and all rights to the Collateral shall revert to the Company.  Upon any such termination, Bank agrees to promptly execute and deliver to the Company such documents and instruments as the Company shall reasonably request to evidence such termination or release.

[SIGNATURE PAGE FOLLOWS.]

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written by the undersigned thereunto authorized.

	 	 MIZUHO BANK, LTD.	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Daniel Guevara	 
	 	 	Name:  Daniel Guevara	 
	 	 	Title:    Authorized Signatory	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Letter of Credit and Reimbursement Agreement]

 

	 	
QUALCOMM RIVER HOLDINGS B.V.

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Adam P. Schwenker	 
	 	 	Name:  Adam P. Schwenker	 
	 	 	Title:    Managing Director	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Letter of Credit and Reimbursement Agreement]

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