Document:

Exhibit 4.19

 

EXECUTION VERSION

 

CO-LENDER
AGREEMENT

 

Dated
as of May 12, 2017

by and among

 

BANK
OF AMERICA, N.A.

(Initial Note 1 Holder)

 

and

 

BARCLAYS
BANK PLC

(Initial Note 2 Holder)

 

and

 

SOCIÉTÉ
GÉNÉRALE

(Initial Note 3 Holder)

 

and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION

(Initial Note 4 Holder)

 

Del
Amo

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Section
    1	Definitions	1
	Section 2
    	Servicing
of the Mortgage Loan	16
	Section 3
    	Priority
of Payments	21
	Section
4    	Workout	24
	Section 5
    	Administration
of the Mortgage Loan	25
	Section
    6	Appointment
of a Controlling Note Holder Representative and a Non-Controlling Note Holder Representative	27
	Section 7
    	Appointment
of Special Servicer	31
	Section
8    	Payment
Procedure	32
	Section
9    	Limitation
on Liability of the Note Holders	33
	Section
10    	Bankruptcy	33
	Section
    11	Representations
of the Note Holders	34
	Section
    12	No
Creation of a Partnership or Exclusive Purchase Right	34
	Section
    13	Other
Business Activities of the Note Holders	35
	Section
    14	Sale
of the Notes	35
	Section
    15	Registration
of the Notes and Each Note Holder	38
	Section
    16	Governing
Law; Waiver of Jury Trial	38
	Section
    17	Submission
To Jurisdiction; Waivers	39
	Section
    18	Modifications	39
	Section
    19	Successors
and Assigns; Third Party Beneficiaries	39
	Section
20   	Counterparts	40
	Section
    21	Captions	40
	Section
22    	Severability	40
	Section 23
    	Entire
Agreement	40
	Section
24    	Withholding
Taxes	40
	Section
25    	Custody
of Mortgage Loan Documents	41
	Section
26    	Cooperation
in Securitization	42
	Section
27    	Notices	44
	Section
28    	Broker	44
	Section
29    	Certain Matters Affecting the Agent	44
	Section
30    	Termination
and Resignation of Agent	44
	Section
    31	Resizing	45

 

    i 

     

    

 

THIS
CO-LENDER AGREEMENT (this “Agreement”), dated as of May 12, 2017, by and among BANK OF AMERICA, N.A. (“BANA”
and together with its successors and assigns in interest, in its capacity as initial owner of Note A-1-1, Note A-1-2, Note A-1-3,
Note A-1-4, Note B-1-1, Note B-1-2, Note B-1-3, Note B-1-4, Note C-1, Note D-1 and Note E-1, the “Initial Note 1 Holder”,
and in its capacity as the initial agent, the “Initial Agent”), BARCLAYS BANK PLC (“Barclays”
and together with its successors and assigns in interest, in its capacity as initial owner of Note A-2-1, Note A-2-2, Note A-2-3,
Note A-2-4, Note B-2-1, Note B-2-2, Note B-2-3, Note B-2-4, Note C-2, Note D-2 and Note E-2, the “Initial Note 2 Holder”),
SOCIÉTÉ GÉNÉRALE (“SocGen” and together with its successors and assigns in interest,
in its capacity as initial owner of Note A-3-1, Note A-3-2, Note A-3-3, Note A-3-4, Note B-3-1, Note B-3-2, Note B-3-3, Note B-3-4,
Note C-3, Note D-3 and Note E-3, the “Initial Note 3 Holder”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (“WFB”
and together with its successors and assigns in interest, in its capacity as initial owner of Note A-4-1, Note A-4-2, Note A-4-3,
Note A-4-4, Note B-4-1, Note B-4-2, Note B-4-3, Note B-4-4, Note C-4, Note D-4 and Note E-4, the “Initial Note 4 Holder”
and, collectively with the Initial Note 1 Holder, Initial Note 2 Holder and Initial Note 3 Holder, the “Initial Note
Holders”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein), BANA, Barclays, SocGen and WFB originated a certain loan (the “Mortgage
Loan”) described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the
mortgage loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced,
inter alia, by 44 Notes in the aggregate original principal amount of $585,000,000 made by the Mortgage Loan Borrower in
favor of the Initial Note Holders; and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”)
on certain real property located as described in the Mortgage Loan Agreement (collectively, the “Mortgaged Property”);
and

 

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

 

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

 

Section
1.     Definitions. References to a “Section” or the “recitals” are,
unless otherwise specified, to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall
have the meaning ascribed thereto in the Lead Securitization Servicing Agreement. Whenever used in this Agreement, the following
terms shall have the respective meanings set forth below unless the context clearly requires otherwise.

 

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

 

     

     

    

 

“Administrative
Advance” shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

 

“Advance”
shall mean any Administrative Advance, P&I Advance or Servicing Advance.

 

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

 

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

 

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

 

“Agreement”
shall mean this Agreement between Note Holders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

 

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

 

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

 

“B
Notes” shall mean each of Note B-1-1, Note B-1-2, Note B-1-3, Note B-1-4, Note B-2-1, Note B-2-2, Note B-2-3, Note B-2-4,
Note B-3-1, Note B-3-2, Note B-3-3, Note B-3-4, Note B-4-1, Note B-4-2, Note B-4-3 and Note B-4-4.

 

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

 

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

 

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

 

“Borrower
Affiliate” shall have the meaning set forth in the Lead Securitization Servicing Agreement; provided that in
the event that any Non-Controlling Note is securitized in a Securitization, the term ‘Borrower Affiliate” as used
in the definitions of “Non-Controlling Note Holder” and “Non-Controlling Note Holder Representative” shall
refer to a “Borrower Party” as defined in the related Non-Lead Securitization Servicing Agreement or such other analogous
term used in the related Non-Lead Securitization Servicing Agreement.

 

     2

     

    

 

“C
Notes” shall mean each of Note C-1, Note C-2, Note C-3 and Note C-4.

 

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

 

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

 

“Certificate
Administrator” shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Certificate
Administrator appointed as provided in the Lead Securitization Servicing Agreement. “Code” shall mean the Internal
Revenue Code of 1986, as amended.

 

“Collection
Account” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

“Companion
Distribution Account” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

“Controlling
Class Representative” shall have the meaning assigned to the term “Directing Certificateholder” in the Lead
Securitization Servicing Agreement.

 

“Controlling
Note Holder” shall mean the Note A-1-1 Holder; provided that at any time Lead Securitization Notes are included
in the Lead Securitization, references to the “Controlling Note Holder” herein shall mean the holders of the majority
of the class of securities issued in the Lead Securitization designated as the “controlling class” or such other class(es)
otherwise assigned the rights to exercise the rights of the “Controlling Note Holder” under this Agreement or the
Lead Securitization Servicing Agreement, as and to the extent provided in the Lead Securitization Servicing Agreement; provided,
further, that if at any time 50% or more of the Lead Securitization Notes (or class of securities issued in the Lead Securitization
designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the

 

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rights
of the “Controlling Note Holder”) is held by a Borrower Affiliate, the Lead Securitization Notes (or the class of
securities issued in the Lead Securitization designated as the “controlling class” or such other class(es) otherwise
assigned the rights to exercise the rights of the “Controlling Note Holder”) shall not be entitled to exercise any
rights of the Controlling Note Holder under this Agreement or the Lead Securitization Servicing Agreement, as and to the extent
provided in the Lead Securitization Servicing Agreement.

 

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

 

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

 

“D
Notes” shall mean each of Note D-1, Note D-2, Note D-3 and Note D-4.

 

“Defaulted
Loan” shall mean “Specially Serviced Mortgage Loan” as defined in the Lead Securitization Servicing Agreement.

 

“Depositor”
shall mean Banc of America Merrill Lynch Large Loan, Inc.

 

“E
Notes” shall mean each of Note E-1, Note E-2, Note E-3 and Note E-4.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or
any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action
for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the

 

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application of the assets
of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of
a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or
any other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage
Loan Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage
Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any
such permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement
shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage
Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more
than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

“Interest
Rate” shall mean the Note Rate (as defined in the Mortgage Loan Documents).

 

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

 

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

 

“Lead
Securitization” shall mean the Securitization of the Lead Securitization Notes in a Securitization Trust to be designated
by the Initial Note A-1-1 Holder (in its capacity as Controlling Note Holder).

 

“Lead
Securitization Notes” shall mean the Note A-1-1, Note A-2-1, Note A-3-1, Note A-4-1, Note B-1-1, Note B-2-1, Note B-3-1,
Note B-4-1, the C Notes, the D Notes and the E Notes.

 

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

 

“Lead
Securitization Servicing Agreement” shall mean the trust and servicing agreement to be entered into in connection with
the Securitization of the Lead Securitization Notes and issuance of the Del Amo Fashion Center Trust 2017-AMO, Commercial Mortgage
Pass-Through Certificates, Series 2017-AMO, by and among (a) the Depositor, (b) the Master Servicer, (c) the Special Servicer,
(d) the Certificate Administrator, (e) the Trustee and (f) the Operating Advisor.

 

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

 

“Major
Decisions” shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

 

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“Master
Servicer” shall mean KeyBank National Association or its successor in interest, or any successor servicer appointed
as provided in the Lead Securitization Servicing Agreement.

 

“Monthly
Payment Date” shall mean the Scheduled Payment Date (as defined in the Mortgage Loan Documents).

 

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

 

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

 

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

 

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

 

“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of May 12, 2017, between Del Amo Fashion Center Operating Company,
L.L.C. and Del Amo Residual Operating Company, L.L.C., as Borrower, and BANA, Barclays, SocGen and WFB, collectively, as Lender,
as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms hereof.

 

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

 

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

 

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

 

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

 

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

 

“Nonrecoverable
Advance” shall mean, (i) with respect to any Advances made by the Master Servicer or the Trustee under the Lead Securitization
Servicing Agreement, “Nonrecoverable Advance” as defined in the Lead Securitization Servicing Agreement, and (ii)
with respect to any P&I Advance made by a party to a Non-Lead Securitization Servicing Agreement, “Nonrecoverable Advance”
or any analogous term as defined in such Non-Lead Securitization Servicing Agreement.

 

“Non-Controlling
Notes” shall mean the Note A-1-2, Note A-1-3, Note A-1-4, Note A-2-2, Note A-2-3, Note A-2-4, Note A-3-2, Note A-3-3,
Note A-3-4, Note A-4-2, Note A-

 

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4-3, Note A-4-4, Note B-1-2, Note B-1-3, Note B-1-4, Note B-2-2, Note B-2-3, Note B-2-4, Note B-3-2,
Note B-3-3, Note B-3-4, Note B-4-2, Note B-4-3 and Note B-4-4.

 

“Non-Controlling
Note Holder” shall mean the Note Holder of any Non-Controlling Note; provided that with respect to each Non-Controlling
Note, at any time such Non-Controlling Note is included in a Securitization other than the Lead Securitization, references to
the “Non-Controlling Note Holder” herein shall mean the Non-Lead Securitization Subordinate Class Representative under
the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in such Non-Lead Securitization Servicing
Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer)
has been given written notice; provided, further that if at any time 50% or more of any Non-Controlling Note (or
class of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es)
otherwise assigned the rights to exercise the rights of the “controlling class” under the related Non-Lead Securitization
Servicing Agreement) is held by a Borrower Affiliate, no such Note Holder or other Person shall be entitled to exercise any rights
of such Non-Controlling Note Holder under this Agreement or the related Non-Lead Securitization Servicing Agreement, as and to
the extent provided in the related Non-Lead Securitization Servicing Agreement. The Lead Securitization Note Holder (or the Master
Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising
the rights of a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement and, (x)
to the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party or (y) to
the extent a Non-Controlling Note is split into two or more New Notes pursuant to Section 31 or more than one Note in such Securitization,
for purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate
one party to deal with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf)
and provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special
Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization Note
Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which
it has received written notice as having been designated as the Non-Controlling Note Holder with respect to such Non-Controlling
Note Holder for all purposes of this Agreement. As of the date hereof and until further notice from the Non-Controlling Note Holder
(or the Non-Lead Master Servicer or another party acting on its behalf), the Initial Note Holder of each Non-Controlling Note
is the Non-Controlling Note Holder with respect to such Non-Controlling Note.

 

Prior
to Securitization of any Non-Controlling Note (including any New Notes), all notices, reports, information or other deliverables
required to be delivered to the related Non-Controlling Note Holder pursuant to this Agreement or the Lead Securitization Servicing
Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need
to be delivered to the related Non-Controlling Note Holder Representative and, when so delivered to such Non-Controlling Note
Holder Representative, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf)
shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization
Servicing Agreement. Following Securitization of any Non-Controlling Note, all notices, reports, information or other deliverables
required to be delivered to the related Non-Controlling Note Holder pursuant to this

 

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Agreement or the Lead Securitization Servicing
Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be
delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer (who then may forward such items to
the party entitled to receive such items as and to the extent provided in the Non-Lead Securitization Servicing Agreement) and,
when so delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer, the Lead Securitization Note
Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations
with respect to such items hereunder or under the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Non-Lead
Asset Representations Reviewer” shall mean the “asset representations reviewer” under any Non-Lead Securitization
Servicing Agreement.

 

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

 

“Non-Lead
Master Servicer” shall have the meaning assigned to such term in Section 2(b).

 

“Non-Lead
Securitization” shall mean a Securitization of any Non-Controlling Note in a Securitization Trust other than the Lead
Securitization.

 

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

 

“Non-Lead
Securitization Servicing Agreement” shall have the meaning assigned to such term in Section 2(b).

 

“Non-Lead
Securitization Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued
in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization
Servicing Agreement or their duly appointed representative; provided that if more than 50% of the class of securities issued
in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of “controlling class” is held by any Borrower Affiliate, no person shall be entitled
to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative under this Agreement or the related
Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead

 

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Securitization Servicing Agreement;
provided that in the event that no controlling class exists or no controlling class has any consent or consultation rights
pursuant to the terms of the related Non-Lead Securitization Servicing Agreement, the Non-Lead Securitization Subordinate Class
Representative shall be the Non-Lead Special Servicer for such Non-Lead Securitization and shall be entitled to exercise the rights
of the related Non-Lead Securitization Subordinate Class Representative under this Agreement or the related Non-Lead Securitization
Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

“Non-Lead
Securitization Trust” shall mean a Securitization Trust into which any Non-Controlling Note is deposited.

 

“Non-Lead
Servicer” shall mean any Non-Lead Master Servicer or Non-Lead Special Servicer, as the context may require.

 

“Non-Lead
Special Servicer” shall have the meaning assigned to such term in Section 2(b).

 

“Non-Lead
Trustee” shall have the meaning assigned to such term in Section 2(b).

 

“Note”
shall mean each promissory note with the designation and original principal amount set forth below, each dated as of May 12, 2017,
made by the Mortgage Loan Borrower in favor of the Initial Note Holder set forth in the chart below, as such may be amended, modified
or supplemented.

 

	Note 
	 	Initial
                                         Note Holder
	 	Original
                                         Principal Balance

	Note
    A-1-1	 	BANA	 	$12,125,000
	Note
    A-1-2	 	BANA	 	$36,821,000
	Note
    A-1-3	 	BANA	 	$24,547,000
	Note
    A-1-4	 	BANA	 	$20,457,000
	Note
    A-2-1	 	Barclays	 	$12,125,000
	Note
    A-2-2	 	Barclays	 	$36,821,000
	Note
    A-2-3	 	Barclays	 	$24,547,000
	Note
    A-2-4	 	Barclays	 	$20,457,000
	Note
    A-3-1	 	SocGen	 	$12,125,000
	Note
    A-3-2	 	SocGen	 	$32,730,000
	Note
    A-3-3	 	SocGen	 	$28,638,000
	Note
    A-3-4	 	SocGen	 	$20,457,000
	Note
    A-4-1	 	WFB	 	$12,125,000
	Note
    A-4-2	 	WFB	 	$36,821,000
	Note
    A-4-3	 	WFB	 	$24,547,000
	Note
    A-4-4	 	WFB	 	$20,457,000
	Note
    B-1-1	 	BANA	 	$
    2,700,000
	Note
    B-1-2	 	BANA	 	$
    8,179,000
	Note
    B-1-3	 	BANA	 	$
    5,453,000
	Note
    B-1-4	 	BANA	 	$
    4,543,000
	Note
    B-2-1	 	Barclays	 	$
    2,700,000
	Note
    B-2-2	 	Barclays	 	$
    8,179,000
	Note
    B-2-3	 	Barclays	 	$
    5,453,000
	Note
    B-2-4	 	Barclays	 	$
    4,543,000
	Note
    B-3-1	 	SocGen	 	$
    2,700,000
	Note
    B-3-2	 	SocGen	 	$
    7,270,000
	Note
    B-3-3	 	SocGen	 	$
    6,362,000
	Note
    B-3-4	 	SocGen	 	$
    4,543,000
	Note
    B-4-1	 	WFB	 	$
    2,700,000
	Note
    B-4-2	 	WFB	 	$
    8,179,000
	Note
    B-4-3	 	WFB	 	$
    5,453,000
	Note
    B-4-4	 	WFB	 	$
    4,543,000
	Note
    C-1	 	BANA	 	$15,650,000

 

     9

     

    

 

	Note
    C-2	 	Barclays	 	$15,650,000
	Note
    C-3	 	SocGen	 	$15,650,000
	Note
    C-4	 	WFB	 	$15,650,000
	Note
    D-1	 	BANA	 	$10,775,000
	Note
    D-2	 	Barclays	 	$10,775,000
	Note
    D-3	 	SocGen	 	$10,775,000
	Note
    D-4	 	WFB	 	$10,775,000
	Note
    E-1	 	BANA	 	$
    5,000,000
	Note
    E-2	 	Barclays	 	$
    5,000,000
	Note
    E-3	 	SocGen	 	$
    5,000,000
	Note
    E-4	 	WFB	 	$
    5,000,000

 

“Note
A Holder” shall mean with regards to any A Note, the Initial Note Holder or any subsequent holder of such A Note, as
applicable.

 

“Note
B Holder” shall mean with regards to any B Note, the Initial Note Holder or any subsequent holder of such B Note, as
applicable.

 

“Note
C Holder” shall mean with regards to any C Note, the Initial Note Holder or any subsequent holder of such C Note, as
applicable.

 

“Note
D Holder” shall mean with regards to any D Note, the Initial Note Holder or any subsequent holder of such D Note, as
applicable.

 

“Note
E Holder” shall mean with regards to any E Note, the Initial Note Holder or any subsequent holder of such E Note, as
applicable.

 

“Note
Holder” shall mean with regards to any Note, the Initial Note Holder or any subsequent holder of such Note, as applicable.

 

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

 

“Note
Principal Balance” shall mean, with respect to each Note, at any time of determination, the Principal Balance for such
Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution
thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount
pursuant to Section 3 or 4, as applicable.

 

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

 

“Operating
Advisor” shall mean Park Bridge Lender Services LLC, or its successor-in-interest, or any successor Operating Advisor
appointed as provided in the lead Securitization Servicing Agreement.

 

“P&I
Advance” shall mean an advance made by (a) a party to the Lead Securitization Servicing Agreement in respect of a delinquent
monthly debt service payment on the Lead Securitization Note or (b) a party to any Non-Lead Securitization Servicing Agreement
in respect of a delinquent monthly debt service payment on the related Non-Controlling Note.

 

“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests

 

     10

     

    

 

relating to commercial real estate, (ii) investing through a fund with total assets of at least $3,000,000,000 and committed capital
of at least $1,500,000,000 and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief
of debtors.

 

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

 

“Pro
Rata and Pari Passu Basis” shall mean (i) with respect to the A Notes and the Note A Holders, the allocation of any
particular payment, collection, cost, expense, liability or other amount among such A Notes or such Note A Holders, as the case
may be, without any priority of any such A Note or any such Note A Holder over another such A Note or Note A Holder, as the case
may be, and in any event such that each A Note or Note A Holder, as the case may be, is allocated its respective Pro Rata Share
of such particular payment, collection, cost, expense, liability or other amount, (ii) with respect to the B Notes and the Note
B Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such B Notes or
such Note B Holders, as the case may be, without any priority of any such B Note or any such Note B Holder over another such B
Note or Note B Holder, as the case may be, and in any event such that each B Note or Note B Holder, as the case may be, is allocated
its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount, (iii) with respect
to the C Notes and the Note C Holders, the allocation of any particular payment, collection, cost, expense, liability or other
amount among such C Notes or such Note C Holders, as the case may be, without any priority of any such C Note or any such Note
C Holder over another such C Note or Note C Holder, as the case may be, and in any event such that each C Note or Note C Holder,
as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability
or other amount, (iv) with respect to the D Notes and the Note D Holders, the allocation of any particular payment, collection,
cost, expense, liability or other amount among such D Notes or such Note D Holders, as the case may be, without any priority of
any such D Note or any such Note D Holder over another such D Note or Note D Holder, as the case may be, and in any event such
that each D Note or Note D Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment,
collection, cost, expense, liability or other amount, and (v) with respect to the E Notes and the Note E Holders, the allocation
of any particular payment, collection, cost, expense, liability or other amount among such E Notes or such Note E Holders, as
the case may be, without any priority of any such E Note or any such Note E Holder over another such E Note or Note E Holder,
as the case may be, and in any event such that each E Note or Note E Holder, as the case may be, is allocated its respective Pro
Rata Share of such particular payment, collection, cost, expense, liability or other amount.

 

“Pro
Rata Share” shall mean (a) with respect to each A Note and the Note A Holder of such A Note, a fraction, expressed as
a percentage, the numerator of which is the Note Principal Balance of such A Note and the denominator of which is the sum of the
Note Principal Balance of all of the A Notes, (b) with respect to each B Note and the Note Holder of such B Note, a fraction,
expressed as a percentage, the numerator of which is the Note Principal Balance of such B Note and the denominator of which is
the sum of the Note Principal Balance of all of the B Notes, (c) with respect to each C Note and the Note Holder of such C Note,
a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such C Note and the denominator
of which is the sum of the Note Principal Balance of all of the C Notes, (d) with respect to each D Note and the Note Holder of
such D Note, a fraction, expressed as a

 

     11

     

    

 

percentage, the numerator of which is the Note Principal Balance of such D Note and the
denominator of which is the sum of the Note Principal Balance of all of the D Notes, and (e) with respect to each E Note and the
Note Holder of such E Note, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such
E Note and the denominator of which is the sum of the Note Principal Balance of all of the E Notes.

 

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

 

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

 

(b)           one
or more of the following:

 

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

 

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

 

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

 

     12

     

    

 

(iv)       an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $1,500,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender
under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause (i)
or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager responsible for
the day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests
in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional
Lenders, or

 

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

 

in
the case of any entity referred to in clause (b)(i), (ii), (iii), (iv)(B) or (v) of this definition, (x) such entity has at least
$1,500,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm, asset
manager or similar fiduciary) and at least $3,000,000,000 in total assets (in name or under management), and (y) is regularly
engaged in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or
mezzanine loans with respect thereto) or owning or operating commercial real estate properties; provided that, in the case
of the entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied by a general partner, managing
member, or the fund manager responsible for the day-to-day management and operation of such entity; or

 

(c)            any entity Controlled by any of the entities described in clause (b) above or approved by the Rating
Agencies hereunder as a Qualified Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies
have stated they would not review such entity in connection with the subject transfer.

 

“Qualified
Trustee” means (i) a corporation, national bank, national banking association or a trust company, organized and doing
business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers
and to accept the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an
institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the
applicable Rating Agencies.

 

“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 Note Holder to rate the securities issued in connection with
the Securitization of the related Note; provided, however, that, at any time during which the Mortgage Loan is an
asset of one or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean only
those rating agencies that are engaged from time to time to rate the securities issued in connection with the Securitizations
of the Notes.

 

     13

     

    

 

“Rating
Agency Confirmation” shall mean following a Securitization with respect to any matter, confirmation in writing (which
may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class
of certificates (if then rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating
Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to
satisfy the requirement for the Rating Agency Confirmation from each Rating Agency with respect to such matter and after a Securitization,
the meaning given thereto or any analogous term in the Lead Securitization Servicing Agreement (with respect to Rating Agency
Confirmations to be obtained from Rating Agencies rating the Lead Securitization) or any Non-Lead Securitization Servicing Agreement
(with respect to Rating Agency Confirmations to be obtained from Rating Agencies rating such Non-Lead Securitization), including
any deemed Rating Agency Confirmation.

 

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

 

“Regulation
AB” shall mean subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Securities
and Exchange Commission or by the staff of the Securities and Exchange Commission, or as may be provided by the Securities and
Exchange Commission or its staff from time to time.

 

“REMIC”
shall have the meaning assigned to such term in Section 5(c).

 

“Required
Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the
date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as
special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has
a special servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by
Morningstar, is currently acting as a special servicer on a deal or transaction-level basis for all or a significant portion of
the related mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Morningstar, Fitch, DBRS or KBRA
and the trustee does not have actual knowledge that Morningstar has, and the replacement special servicer certifies that Morningstar
has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more
classes of such CMBS transaction citing servicing concerns of the applicable replacement as the sole or a material factor in such
rating action, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or a material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination,
and (vi) in the case of DBRS, such special servicer is currently acting

 

     14

     

    

 

as special servicer for one or more loans included in
a commercial mortgage loan securitization that is 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 special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by
such special servicer prior to the time of determination.

 

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

 

“Scheduled
Interest Payment” shall mean the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.

 

“Scheduled
Principal Payment” shall mean the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.

 

“SEC”
shall mean the U.S. Securities and Exchange Commission.

 

“Securitization”
shall mean one or more sales by a Note Holder of all or a portion of such Note to a depositor, who will in turn include such portion
of such Note as part of a securitization of one or more mortgage loans.

 

“Securitization
Date” shall mean the effective date on which the Securitization of the Lead Securitization Notes or portion thereof
is consummated.

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which any Notes are held.

 

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

 

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

 

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

 

“Servicing
Advance” shall means “Property Protection Advances” as defined in the Lead Securitization Servicing Agreement.

 

“Servicing
Standard” shall mean “Accepted Servicing Practices” as defined in the Lead Securitization Servicing Agreement.

 

     15

     

    

 

“Servicing
Fee Rate” shall have the meaning given thereto in the Lead Securitization Servicing Agreement (or other analogous term
under the Lead Securitization Servicing Agreement).

 

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

 

“Special
Servicer” shall mean Cohen Financial, a Division of SunTrust Bank, or its successor in interest, or any successor Special
Servicer appointed as provided in the Lead Securitization Servicing Agreement and this Agreement.

 

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

 

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

 

“Trust
Fund Expenses” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

“Trustee”
shall mean Wilmington Trust, National Association or its successor in interest, or any successor Trustee appointed as provided
in the Lead Securitization Servicing Agreement.

 

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

 

Section
2.     Servicing of the Mortgage Loan.

 

(a)       Each
Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and
after the Securitization Date pursuant to the Lead Securitization Servicing Agreement; provided that the Master Servicer
shall not be obligated to make P&I Advances in respect of any Non-Controlling Note if such principal or interest is not paid
by the Mortgage Loan Borrower but shall be obligated to make Servicing Advances and Administrative Advances, subject to the terms
of the Lead Securitization Servicing Agreement including any provisions governing the determination of non-recoverability. Each
Note Holder acknowledges that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization
and agrees that it will, subject to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s
expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably
and unconditionally consents to the appointment of the Master Servicer, the

 

     16

     

    

 

Special Servicer, the Certificate Administrator, the
Trustee and the Operating Advisor under the Lead Securitization Servicing Agreement by the Depositor as each such party may be
replaced pursuant to the terms of the Lead Securitization Servicing Agreement and agrees to reasonably cooperate with the Master
Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization
Servicing Agreement. Each Note Holder hereby irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in
the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to
the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject
at all times to the rights of the Note Holder set forth herein and in the Lead Securitization Servicing Agreement). In no event
shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any Note Holder against any other
Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder; however, this statement
shall not be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall
be required pursuant to the Lead Securitization Servicing Agreement to service the Mortgage Loan in accordance with the Servicing
Standard, the terms of the Mortgage Loan Documents, this Agreement, the Lead Securitization Servicing Agreement and applicable
law, shall provide information to each Non-Lead Servicer to enable such Non-Lead Servicer to perform its servicing duties under
the related Non-Lead Securitization Servicing Agreement and shall not take any action or refrain from taking any action or follow
any direction inconsistent with the foregoing.

 

At
any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note
Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note
Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing
Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary
for any Non-Lead Securitization to comply with any applicable reporting requirements under the Exchange Act) and all references
herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided,
however, that if any Non-Controlling Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained
from each Rating Agency with respect to such subsequent servicing agreement, if applicable; provided, further, however,
that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage
Loan to be serviced pursuant to the provisions of the Lead Securitization Servicing Agreement as if such agreement was still in
full force and effect with respect to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed
by the Lead Securitization Note Holder that is a master servicer meeting the requirements of the Lead Securitization Servicing
Agreement and a special servicer meeting the Required Special Servicer Rating; provided, however, the Servicer shall
have no obligation to make any P&I Advances on the Lead Securitization Notes.

 

(b)           The
Master Servicer shall be the master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent provided
in the Lead Securitization Servicing Agreement) (i) shall be required to make Servicing Advances and Administrative Advances with
respect to the Mortgage Loan, subject to the terms of the Lead Securitization Servicing Agreement and this Agreement, and (ii)
may be required to make P&I Advances on

 

     17

     

    

 

the Lead Securitization Notes, if and to the extent provided in the Lead Securitization
Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled
to reimbursement for any Advance and interest thereon and Trust Fund Expenses in accordance with the terms of the Lead Securitization
Servicing Agreement and this Agreement.

 

Each
Non-Controlling Note Holder agrees to indemnify (i) (as and to the same extent the Lead Securitization Trust is required to indemnify
each of the following parties in respect of the Mortgage Loan pursuant to the terms of the Lead Securitization Servicing Agreement)
each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor
(and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified
parties in the Lead Securitization Servicing Agreement in respect of the Mortgage Loan) and (ii) the Lead Securitization Trust
(such parties in clause (i) and the Lead Securitization Trust, collectively, the “Indemnified Parties”) against
any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with the servicing and administration of the Mortgage Loan and the Mortgaged Property (or,
with respect to the Operating Advisor, incurred in connection with the provision of services for the Mortgage Loan) under the
Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”), in accordance with the next
paragraph.

 

Each
Non-Controlling Note Holder agrees to pay its Pro Rata Share of (i) any Servicing Advances or Administrative Advances and any
interest accrued and payable on such Advances at the Advance Rate (as defined in the Lead Securitization Servicing Agreement)
and (ii) any Trust Fund Expenses and any other fees, costs or expenses incurred in connection with the servicing and administration
of the Mortgage Loan (including, without, limitation, any Indemnified Items and any costs, fees and expenses related to obtaining
any Rating Agency Confirmation) in accordance with the Lead Securitization Servicing Agreement and this Agreement to the extent
that such amounts remain unpaid or unreimbursed after funds received from the Mortgage Loan Borrower for payment of such amounts
and any principal and interest collections allocable to the E Notes, D Notes and C Notes have been applied to pay such amounts
(it being understood that the Pro Rata Share payable by each Non-Controlling Note Holder under this paragraph would be determined
allocating such Servicing Advances, Administrative Advances, interest accrued and payable on such Advances, Trust Fund Expenses,
and/or other fees, costs or expenses, as the case may be, first to the E Notes, then to the D Notes, then to the C Notes, then
to the B Notes and then to the A Notes in that order).

 

Following
a Securitization of a Non-Controlling Note, in the event that (A) the Master Servicer or the Special Servicer has determined that
there has been a receipt of all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds in respect of the Mortgage
Loan or the Mortgaged Property after the final liquidation or disposition of the Mortgage Loan or the Mortgaged Property and (B)
such Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds are insufficient for reimbursement of (i) any Servicing
Advances or Administrative Advances and any interest accrued and payable on such Advances at the Advance Rate (as defined in the
Lead Securitization Servicing Agreement), (ii) the Indemnified Items and (iii) any other Trust Fund Expenses and any other fees,
costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan (including,

 

     18

     

    

 

without, limitation,
any fees, costs and expenses related to obtaining any Rating Agency Confirmation), such Non-Controlling Note Holder shall be required
to, promptly following notice from the Master Servicer or the Special Servicer, pay the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor or the Lead Securitization Trust, as applicable, such Non-Controlling
Note Holder’s pro rata share of the insufficiency (which shall be determined based on the original principal balance
of each Note and after allocating such Servicing Advances, Administrative Advances, interest accrued and payable on such Advances,
Trust Fund Expenses, and/or other fees, costs or expenses, as the case may be, first to the E Notes, then to the D Notes, then
to the C Notes, then to the B Notes and then to the A Notes, in that order) from general collections on the other mortgage loans
in the related Non-Lead Securitization Trust.

 

For
the avoidance of doubt, no Non-Controlling Holder shall be required to use general collections on the other mortgage loans in
the related Non-Lead Securitization Trust to reimburse any P&I Advances or any Nonrecoverable Advances that are P&I Advances
on the Lead Securitization Notes or any interest accrued and payable on such P&I Advances and Nonrecoverable Advances that
are P&I Advances.

 

The
master servicer or the trustee under the Securitization of any Non-Controlling Note (each, a “Non-Lead Master Servicer”)
may be required to make P&I Advances on such Non-Controlling Note, from time to time, subject to the terms of the servicing
agreement for the related Securitization (each such agreement, a “Non-Lead Securitization Servicing Agreement”).
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the Lead Securitization Notes based on the information that they have on hand
and in accordance with the Lead Securitization Servicing Agreement. The Non-Lead Master Servicer and the special servicer and
the trustee under any Non-Lead Securitization Servicing Agreement (respectively, a “Non-Lead Special Servicer”
and a “Non-Lead Trustee”), as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the Non-Controlling Note based on the information that they have on hand and in
accordance with such Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any
Non-Lead Master Servicer and any Non-Lead Trustee, as applicable, shall be required to notify the others of the amount of its
P&I Advance within two (2) Business Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee,
as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead
Trustee, as applicable (with respect to a Non-Controlling Note), determines that a proposed P&I Advance, if made, would be
a Nonrecoverable Advance or an outstanding P&I Advance is or would be a Nonrecoverable Advance, or if the Master Servicer,
the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be a Nonrecoverable
Advance or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, then the Master Servicer or the Trustee (as
provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Master Servicer,
the Special Servicer or the Trustee) or such Non-Lead Master Servicer or such Non-Lead Trustee (as provided in the related Non-Lead
Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Non-Lead Master Servicer, the
Non-Lead Special Servicer or the Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or such Non-Lead Master Servicer
and

 

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such Non-Lead Trustee, as the case may be, within two (2) Business Days of making such determination.

 

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

 

(i)            any
Servicing Advances (and advance interest thereon), Administrative Advances (and advance interest thereon) and any Trust Fund Expenses
(including Indemnified Items) relating to servicing and administration of the Mortgage Loan and the Mortgaged Property, including
without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Mortgage Loan will be
paid in accordance with Sections 2(b) and 3 of this Agreement and the Lead Securitization Servicing Agreement;

 

(ii)            following
the final liquidation or disposition of the Mortgage Loan or the Mortgaged Property, the related Non-Lead Master Servicer will
be required to pay insufficiencies with respect to reimbursements of the amounts described in clause (i) above, from general collections
in accordance with Section 2(b) of this Agreement;

 

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

 

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

 

(d)           In
the event that any filing is required to be made by the Depositor or any Non-Lead Depositor under the Lead Securitization Servicing
Agreement or the related Non-Lead Securitization Servicing Agreement, as applicable, in order to comply with the Depositor’s
or such Non-Lead Depositor’s requirement under the Exchange Act, the related Non-Controlling Note Holder (including the
related Non-Lead Depositor and related Non-Lead Trustee) or the Lead Securitization Note Holder (including the Depositor, the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor), as applicable, shall
use commercially reasonable efforts to timely comply with any such filing.

 

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(e)            Each
Non-Controlling Note Holder shall give each of the parties to the Lead Securitization Servicing Agreement (if such party will
not also be a party to the Non-Lead Securitization Servicing Agreement) a written notice (which may be by e-mail) of the Non-Lead
Securitization and the related Non-Lead Securitization Date prior to or promptly following the related Non-Lead Securitization
Date. Such notice shall contain contact information for each of the parties to the Non-Lead Securitization Servicing Agreement.
In addition, after the Non-Lead Securitization Date, such Non-Controlling Note Holder shall send an electronic copy of the Non-Lead
Securitization Servicing Agreement to each of the parties to the Lead Securitization Servicing Agreement (if such party is not
also a party to the Non-Lead Securitization Servicing Agreement and a copy of the Non-Lead Securitization Servicing Agreement
was not previously provided to such party).

 

(f)            Appraisal
Reduction Amounts with respect to the Mortgage Loan shall be allocated, first, to the E Notes, on a Pro Rata and Pari Passu Basis,
up to the full outstanding principal balance thereof, then to the D Notes, on a Pro Rata and Pari Passu Basis, up to the full
outstanding principal balance thereof, then to the C Notes, on a Pro Rata and Pari Passu Basis, up to the full outstanding principal
balance thereof, then to the B Notes, on a Pro Rata and Pari Passu Basis, up to the full outstanding principal balance thereof,
and then to the A Notes, on a Pro Rata and Pari Passu Basis, up to the full outstanding principal balance thereof.

 

(g)           If
a Non-Controlling Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement,
the Master Servicer, the Special Servicer and the Trustee and the Certificate Administrator shall reasonably cooperate with such
Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations
Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that
such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator
as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer, Non-Lead Master Servicer, Non-Lead
Special Servicer or custodian under the related Non-Lead Securitization Servicing Agreement.

 

Section
3.     Priority of Payments.

 

(a)            So
long as no Event of Default has occurred and is continuing, any collections received in respect of the Mortgage Loan or the Mortgaged
Property will be applied to the Notes in accordance with the Mortgage Loan Agreement and the Lead Securitization Servicing Agreement.

 

(b)           If
an Event of Default has occurred and is continuing, all amounts collected by or on behalf of the Lead Securitization Trust in
respect of the Mortgage Loan or the Mortgaged Property, including without limitation, Liquidation Proceeds, Condemnation Proceeds
or Insurance Proceeds shall be applied in the following order of priority:

 

(i)             first,
to reimburse the Master Servicer and the Trustee for any unreimbursed Nonrecoverable Advances that are Servicing Advances and
Administrative Advances relating to the Mortgage Loan and the Mortgaged Property and interest thereon at the Advance Rate;

 

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(ii)           second,
to first reimburse the Note A Holders for any unreimbursed Nonrecoverable Advances that are P&I Advances on the A Notes and
interest thereon at the Advance Rate, on a Pro Rata and Pari Passu Basis, then to reimburse the Note B Holders for any Nonrecoverable
Advances that are P&I Advances on the B Notes and interest thereon at the Advance Rate, on a Pro Rata and Pari Passu Basis,
then to reimburse the Note C Holders for any Nonrecoverable Advances that are P&I Advances on the C Notes and interest thereon
at the Advance Rate, on a Pro Rata and Pari Passu Basis, then to reimburse the Note D Holders for any Nonrecoverable Advances
that are P&I Advances on the D Notes and interest thereon at the Advance Rate, on a Pro Rata and Pari Passu Basis, then to
reimburse the Note E Holders for any Nonrecoverable Advances that are P&I Advances on the E Notes and interest thereon at
the Advance Rate, on a Pro Rata and Pari Passu Basis;

 

(iii)          third,
to reimburse or pay the Master Servicer, the Trustee for any unreimbursed Servicing Advances and Administrative Advances relating
to the Mortgage Loan and the Mortgaged Property plus interest accrued thereon at the Advance Rate and any Trust Fund Expenses,
including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Mortgage Loan;

 

(iv)           fourth,
to pay to the Note A Holders accrued and unpaid interest on the A Notes (other than Default Interest) that was not included in
the amount of P&I Advances on the A Notes reimbursed pursuant to clause (ii) above, on a Pro Rata and Pari Passu Basis;

 

(v)            fifth,
to pay to the Note A Holders any interest accrued on P&I Advances on the A Notes on a Pro Rata and Pari Passu Basis;

 

(vi)           sixth,
to pay to the Note A Holders the Note Principal Balance of the A Notes due and payable on a Pro Rata and Pari Passu Basis
until their Note Principal Balances have been reduced to zero;

 

(vii)          seventh,
to pay to the Note B Holders accrued and unpaid interest on the B Notes (other than Default Interest) that was not included in
the amount of P&I Advances on the B Notes reimbursed pursuant to clause (ii) above, on a Pro Rata and Pari Passu Basis;

 

(viii)        eighth,
to pay to the Note B Holders any interest accrued on P&I Advances on the B Notes on a Pro Rata and Pari Passu Basis;

 

(ix)           ninth,
to pay to the Note B Holders the Note Principal Balance of the B Notes due and payable on a Pro Rata and Pari Passu Basis until
their Note Principal Balances have been reduced to zero;

 

(x)            tenth,
to pay to the Note C Holders accrued and unpaid interest on the C Notes (other than Default Interest) that was not included
in the amount of P&I Advances on the C Notes reimbursed pursuant to clause (ii) above, on a Pro Rata and Pari Passu Basis;

 

     22

     

    

 

(xi)           eleventh,
to pay to the Note C Holders any interest accrued on P&I Advances on the C Notes on a Pro Rata and Pari Passu Basis;

 

(xii)          twelfth,
to pay to the Note C Holders the Note Principal Balance of the C Notes due and payable on a Pro Rata and Pari Passu Basis
until their Note Principal Balances have been reduced to zero;

 

(xiii)         thirteenth,
to pay to the Note D Holders accrued and unpaid interest on the D Notes (other than Default Interest) that was not included in
the amount of P&I Advances on the D Notes reimbursed pursuant to clause (ii) above, on a Pro Rata and Pari Passu Basis;

 

(xiv)          fourteenth,
to pay to the Note D Holders any interest accrued on P&I Advances on the D Notes on a Pro Rata and Pari Passu Basis;

 

(xv)          fifteenth,
to pay to the Note D Holders the Note Principal Balance of the D Notes due and payable on a Pro Rata and Pari Passu Basis until
their Note Principal Balances have been reduced to zero;

 

(xvi)         sixteenth,
to pay to the Note E Holders accrued and unpaid interest on the E Notes (other than Default Interest) that was not included in
the amount of P&I Advances on the E Notes reimbursed pursuant to clause (ii) above, on a Pro Rata and Pari Passu Basis;

 

(xvii)        seventeenth,
to pay to the Note E Holders any interest accrued on P&I Advances on the E Notes on a Pro Rata and Pari Passu Basis;

 

(xviii)       eighteenth,
to pay to the Note E Holders the Note Principal Balance of the E Notes due and payable on a Pro Rata and Pari Passu Basis until
their Note Principal Balances have been reduced to zero;

 

(xix)         nineteenth,
to pay the Master Servicer or the Special Servicer any amounts to be applied to the payment of, or escrowed for the future payment
of, real estate taxes, assessments and insurance premiums and similar items;

 

(xx)          twentieth,
to fund any other reserves to the extent then required to be held in escrow;

 

(xxi)         twenty
first, to pay to the Note A Holders any Yield Maintenance Premium and Yield Maintenance Default Premium then due and payable
in respect of the A Notes, on a Pro Rata and Pari Passu Basis, then to pay to the Note B Holders any Yield Maintenance Premium
and Yield Maintenance Default Premium then due and payable in respect of the B Notes, on a Pro Rata and Pari Passu Basis, then
to pay to the Note C Holders any Yield Maintenance Premium and Yield Maintenance Default Premium then due and payable in respect
of the C Notes, on a Pro Rata and Pari Passu Basis, then to pay to the Note D Holders any Yield Maintenance Premium and Yield
Maintenance Default Premium then due and payable in respect of the D Notes, on a Pro Rata and Pari Passu Basis, and then to pay
to the Note E Holders any Yield Maintenance Premium and

 

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Yield Maintenance Default Premium then due and payable in respect of the
E Notes, on a Pro Rata and Pari Passu Basis;

 

(xxii)        twenty
second, to pay to the Master Servicer or the Special Servicer Default Interest and late payment charges then due and owing
under the Mortgage Loan, all of which will be applied in accordance with the Lead Securitization Servicing Agreement;

 

(xxiii)       twenty
third, to pay the Master Servicer or the Special Servicer any additional servicing compensation that the Master Servicer or
the Special Servicer is entitled receive under the Lead Securitization Servicing Agreement; and

 

(xxiv)       twenty
fourth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in
accordance with the foregoing clauses (i)-(xxiii), any remaining amount shall be paid pro rata to the Note Holders based
on the initial principal balances of the Notes held by such Note Holders;

 

provided
that it is being understood and agreed that the priority of payment set forth above is solely for purposes of allocating collections
on the Mortgage Loan or the Mortgaged Property (net of any reimbursement or payment of Advances or Trust Fund Expenses relating
to the Mortgage Loan or Mortgaged Property to the extent provided above) to each Note and that any amounts payable to or allocable
to the Lead Securitization Notes in respect of interest, principal, Default Interest and interest on P&I Advances will be
subject to the terms of the Lead Securitization Servicing Agreement and will not otherwise affect the reimbursement rights of
the Master Servicer, the Special Servicer or the Trustee thereunder.

 

Notwithstanding
anything to the contrary herein, to the extent required under the REMIC Provisions of the Code, payments or proceeds received
with respect to any partial release of the Mortgaged Property (including following a condemnation) from the lien of the applicable
Mortgage and Mortgage Loan Documents must be allocated to reduce the principal balance of the Mortgage Loan in the manner permitted
by such REMIC Provisions if, immediately following such release, the loan-to value ratio of the Mortgage Loan exceeds 125% (based
solely on real property and excluding any personal property and going concern value).

 

Section
4.     Workout. Notwithstanding anything to the contrary contained herein, but subject to the
terms and conditions of the Lead Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing
Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage
Loan, modifies the terms thereof such that (i) the principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate
is reduced, (iii) payments of interest or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is
made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage
Loan Documents shall be structured to preserve, the sequential order of payment of principal and interest on the Notes as set
forth in the Mortgage Loan Agreement in effect as of the date of this Agreement and the priority of payment set forth in Section
3, and the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan

 

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attributable to such
workout shall be borne, first, by the Note E Holders, on a Pro Rata and Pari Passu Basis, based on their respective Note Principal
Balances (up to their respective Note Principal Balances, together with accrued interest thereon at the Note Rate and any other
amounts due to each Note E Holder, as applicable), and then, by the Note D Holders, on a Pro Rata and Pari Passu Basis (up to
their respective Note Principal Balances, together with accrued interest thereon at the Note Rate and any other amounts due to
each Note D Holder, as applicable), then, by the Note C Holders, on a Pro Rata and Pari Passu Basis (up to their respective Note
Principal Balances, together with accrued interest thereon at the Note Rate and any other amounts due to each Note C Holder, as
applicable), and then, by the Note B Holders, on a Pro Rata and Pari Passu Basis (up to their respective Note Principal Balances,
together with accrued interest thereon at the Note Rate and any other amounts due to each Note B Holder, as applicable), and then,
by the Note B Holders, on a Pro Rata and Pari Passu Basis (up to their respective Note Principal Balances, together with accrued
interest thereon at the Note Rate and any other amounts due to each Note B Holder, as applicable), and then, by the Note A Holders,
on a Pro Rata and Pari Passu Basis (up to their respective Note Principal Balances, together with accrued interest thereon at
the Note Rate and any other amounts due to each Note A Holder, as applicable).

 

Section
5.     Administration of the Mortgage Loan.

 

(a)           Subject
to this Agreement and the Lead Securitization Servicing Agreement, the Lead Securitization Note Holder (or the Master Servicer,
the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have the sole and exclusive
authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including,
without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action
or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of
Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Controlling Note Holder
shall have any voting, consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization
Note Holder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this
Agreement and the Lead Securitization Servicing Agreement, each Non-Controlling Note Holder agrees that it shall have no right
to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the
Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Non-Controlling
Note Holder has to, (i) call or cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan,
or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation,
filing or causing the Lead Securitization Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The
Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization
Note Holder) shall not have any fiduciary duty to any Non-Controlling Note Holder in connection with the administration of the
Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement
of funds as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special
Servicer acting on behalf of the Lead Securitization Note Holder) or any liability for failure to do so).

 

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Upon
the Mortgage Loan becoming a Specially Serviced Mortgage Loan, each Non-Controlling Note Holder hereby acknowledges the right
and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note
Holder) to sell the Non-Controlling Notes together with the Lead Securitization Notes as notes evidencing one whole loan in accordance
with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale, the Special Servicer shall be
required to sell the Non-Controlling Notes together with the Lead Securitization Notes in the manner set forth in the Lead Securitization
Servicing Agreement.

 

Notwithstanding
the foregoing, the Special Servicer shall not be permitted to sell the Mortgage Loan if such loan becomes a Defaulted Loan without
the written consent of each Non-Controlling Note Holder (provided that such consent is not required if such Non-Controlling
Note Holder is a Borrower Affiliate) unless the Special Servicer has delivered to such Non-Controlling Note Holder: (a) at least
15 Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least 10 days prior to the
proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special
Servicer in connection with any such proposed sale; (c) 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 reasonably requested by such Non-Controlling Note Holder
that are material to the price of the Mortgage Loan; and (d) until the sale is completed, and a reasonable period of time (but
no less time than is afforded to other offerors) 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; provided that the Non-Controlling Note Holder may waive any of the delivery or timing requirements
described in this sentence. Subject to the terms of the Lead Securitization Servicing Agreement, each Non-Controlling Note Holder
(or the related Non-Controlling Note Holder Representative) shall be permitted to submit an offer at any sale of the Mortgage
Loan unless such Person is a Borrower Affiliate.

 

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

 

The
authority of the Lead Securitization Note Holder to sell any Non-Controlling Note, and the obligations of each Non-Controlling
Note Holder to execute and deliver instruments or deliver the related Non-Controlling Note upon request of the Lead Securitization
Note Holder, shall terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization
is terminated in accordance with its terms.

 

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(b)           The
administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement. The servicing
of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Defaulted Loan (or to the extent
otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant to the Lead
Securitization Servicing Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the Lead Securitization
Servicing Agreement, the Lead Securitization Servicing Agreement shall require the Master Servicer and the Special Servicer to
service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each
of the Note Holders as a collective whole and the subordination of the E Notes to the other Notes, the subordination of the D
Notes to the A Notes, the B Notes and the C Notes, the subordination of the C Notes to the A Notes and the B Notes, and the subordination
of the B Notes to the A Notes. The Note Holders agree to be bound by the terms of the Lead Securitization Servicing Agreement.
All rights and obligations of the Lead Securitization Note Holder described hereunder may be exercised by the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and/or the Trustee on behalf of the Lead Securitization
Note Holder. The Lead Securitization Servicing Agreement shall not be amended in any manner that may adversely affect any Non-Controlling
Note Holder in its capacity as Non-Controlling Note Holder without such Non-Controlling Note Holder’s prior written consent.
Each Non-Controlling Note Holder (unless it is the same Person as or a Borrower Affiliate) shall be a third-party beneficiary
to the Lead Securitization Servicing Agreement with respect to its rights as specifically provided for therein.

 

(c)            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 Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the
Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of each
Note Holder therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent
from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Note Holders
may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification” of the
Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more
than three (3) months after the startup day of the REMIC which includes the Notes (or any portion thereof). Each Note Holder agrees
that the provisions of this paragraph shall be effected by compliance with any REMIC provisions in the Lead Securitization Servicing
Agreement relating to the administration of the Mortgage Loan.

 

Anything
herein or in the Lead Securitization Servicing Agreement to the contrary notwithstanding, in the event that one of the Notes is
included in a REMIC and another Note is not, such other Note Holder shall not be required to reimburse any Note Holder or any
other Person for payment of (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating

 

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to the administration of
such REMIC or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances
for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use
of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable
to the other Note Holders be reduced to offset or make-up any such payment or deficit.

 

Section
6.      Appointment of a Controlling Note Holder Representative and a Non-Controlling Note Holder Representative.

 

(a)         The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative in accordance with the terms of the Lead Securitization Servicing Agreement. When exercising its various
rights set forth in the Lead Securitization Servicing Agreement and elsewhere in this Agreement, the Controlling Note Holder may,
at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder Representative
may be any Person (other than a Borrower Affiliate), including, without limitation, the Controlling Note Holder, any officer or
employee of the Controlling Note Holder, any affiliate of the Controlling Note Holder or any other unrelated third party. No such
Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling
Note Holder). All actions that are permitted to be taken by the Controlling Note Holder under this Agreement or the Lead Securitization
Servicing Agreement may be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder.
No Servicer, Operating Advisor, Trustee or Certificate Administrator acting on behalf of the Lead Securitization Note Holder shall
be required to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified
each Servicer, Operating Advisor, Trustee and Certificate Administrator of such appointment and, if the Controlling Note Holder
Representative is not the same Person as the Controlling Note Holder, the Controlling Note Holder Representative provides each
Servicer, Operating Advisor, Trustee and Certificate Administrator with written confirmation of its acceptance of such appointment
(and such parties will be entitled to rely on such notice), an address and facsimile number for the delivery of notices and other
correspondence and a list of officers or employees of such Person with whom the parties to this Agreement may deal (including
their names, titles, work addresses and facsimile numbers). The Controlling Note Holder shall promptly deliver such information
to each Servicer, Operating Advisor, Trustee and Certificate Administrator.

 

(b)         Neither
any Non-Controlling Note Holder Representative nor any Non-Controlling Note Holder will have any liability to the other Note 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 Lead Securitization Servicing Agreement, or errors in judgment,
absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or negligence. The Non-Controlling
Note Holder Representative with respect to each Non-Controlling Note, as of the date of this Agreement and 

 

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until
the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be the
related Initial Note Holder.

 

(c)         Neither
the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to the other Note 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 Lead Securitization Servicing Agreement, or errors in judgment, absent any
loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Note Holders agree
that the Controlling Note Holder Representative and the Controlling Note Holder (whether acting in place of the Controlling Note
Holder Representative when no Controlling Note Holder Representative shall have been appointed hereunder or otherwise exercising
any right, power or privilege granted to the Controlling Note Holder hereunder) may take or refrain from taking actions, or give
or refrain from giving consents, that favor the interests of one Note Holder over the other Note Holder, and that the Controlling
Note Holder Representative may have special relationships and interests that conflict with the interests of a Note Holder and,
absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Note Holder Representative or the Controlling
Note Holder, as the case may be, agree to take no action against the Controlling Note Holder Representative, the Controlling Note
Holder or any of their respective officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have
been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Note Holder.

 

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

 

(e)         Each
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (each, a “Non-Controlling Note Holder Representative”).
Each Non-Controlling Note Holder shall have the right in its sole discretion at any time and from

 

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time to time to remove and replace
the Non-Controlling Note Holder Representative in accordance with the terms of the Lead Securitization Servicing Agreement. All
of the provisions relating to the Controlling Note Holder and the Controlling Note Holder Representative set forth in Section
6(a) and Section 6(b) shall apply to the Non-Controlling Note Holders and the related Non-Controlling Note Holder Representatives
mutatis mutandis. When exercising its various rights under Section 5 and elsewhere in this Agreement, each Non-Controlling
Note Holder may, at its option, in each case, act through the related Non-Controlling Note Holder Representative. The Non-Controlling
Note Holder Representative may be any Person (other than a Borrower Affiliate), including, without limitation, the related Non-Controlling
Note Holder, any officer or employee of the related Non-Controlling Note Holder, any affiliate of the related Non-Controlling
Note Holder or any other unrelated third party. No such Non-Controlling Note Holder Representative shall owe any fiduciary duty
or other duty to any other Person (other than such Non-Controlling Note Holder). All actions that are permitted to be taken by
each Non-Controlling Note Holder under this Agreement may be taken by a Non-Controlling Note Holder Representative acting on behalf
of such Non-Controlling Note Holder. No Servicer, Trustee, Operating Advisor or Certificate Administrator acting on behalf of
the Lead Securitization Note Holder shall be required to recognize any Person as a Non-Controlling Note Holder Representative
until the related Non-Controlling Note Holder has notified each Servicer, Trustee, Operating Advisor and Certificate Administrator
of such appointment and, if the Non-Controlling Note Holder Representative is not the same Person as the related Non-Controlling
Note Holder, the Non-Controlling Note Holder Representative provides each Servicer, Trustee, Operating Advisor and Certificate
Administrator with written confirmation of its acceptance of such appointment (and such parties will be entitled to rely on such
notice), an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees
of such Person with whom the parties to this Agreement may deal (including their names, titles, work addresses and facsimile numbers).
The related Non-Controlling Note Holder shall promptly deliver such information to each Servicer, Operating Advisor, Trustee and
Certificate Administrator.

 

(f)            For
so long as the Lead Securitization has not been terminated, the Lead Securitization Note Holder (or the Master Servicer or the
Special Servicer acting on its behalf) shall be required (i) to provide copies of any notice, information and report that it is
required to provide to the Controlling Class Representative pursuant to the Lead Securitization Servicing Agreement with respect
to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage
Loan, to each Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative), within the same time frame
it is required to provide to the Controlling Class Representative (for this purpose, without regard to whether such items are
actually required to be provided to the Controlling Class Representative under the Lead Securitization Servicing Agreement due
to the occurrence of a Control Termination Event or a Consultation Termination Event) and (ii) to consult with each Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having
received such notices, information and reports, such related Non-Controlling Note Holder (or its related Non-Controlling Note
Holder Representative) requests consultation with respect to any such Major Decisions or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by the
related Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative);

  

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provided that after the expiration
of a period of ten (10) Business Days from the delivery to a Non-Controlling Note Holder (or its related Non-Controlling Note
Holder Representative) by the Lead Securitization Note Holder of written notice of a proposed action, together with copies of
the notice, information and report required to be provided to the Non-Controlling Note Holder Representative, the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with
such Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative), whether or not such Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative) has responded within such ten (10) Business Day period
(unless, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a
new course of action that is materially different from the action previously proposed, in which case such ten (10) Business Day
period shall be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding
the consultation rights of any Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative) set forth
in the immediately preceding sentence, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer, as
applicable, acting on its behalf) may make any Major Decision or take any action set forth in the Asset Status Report before the
expiration of the aforementioned ten (10) Business Day period if the Lead Securitization Note Holder (or Special Servicer) determines
that immediate action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead
Securitization Note Holder (or Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take
any alternative actions recommended by any Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative).

 

(g)         In
addition to the consultation rights of a Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative)
provided in the immediately preceding paragraph, each Non-Controlling Note Holder shall have the right to attend annual meetings
(either telephonically or in person, in the discretion of the Servicer) with the Lead Securitization Note Holder (or the Master
Servicer or the Special Servicer acting on its behalf) at the offices of the Master Servicer or the Special Servicer, as applicable,
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; provided that each Non-Controlling Note Holder, at the request of
the Master Servicer or the Special Servicer, as applicable, shall execute a confidentiality agreement in form and substance satisfactory
to it, the Master Servicer or the Special Servicer, as applicable, and the Lead Securitization Note Holder.

 

Section
7.     Appointment of Special Servicer. Subject to the terms of the Lead Securitization Servicing
Agreement, the Controlling Note Holder (or its Controlling Note Holder Representative) 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 replacement special servicer in lieu thereof provided that, without limitation of any other requirements hereunder, the replacement
special servicer satisfies the Required Special Servicer Rating. Any designation by the Controlling Note Holder (or its Controlling
Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to the other Note Holders, the
Servicer, the then existing Special Servicer and other parties to the Lead Securitization Servicing Agreement a written notice
stating such designation and satisfying the

 

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other conditions to such replacement as set forth in the Lead Securitization Servicing
Agreement (including, without limitation, a Rating Agency Confirmation from each Rating Agency then rating any securities issued
in any Securitization), if any. The Controlling Note Holder or its Controlling Note Holder Representative shall notify the Non-Controlling
Note Holders of its termination of the then currently serving Special Servicer and its appointment of a replacement special servicer
in accordance with this Agreement and promptly deliver all information necessary for any Non-Lead Securitization to comply with
any applicable reporting requirements under the Exchange Act. Any such appointment of a replacement special servicer will not
become effective unless all such information has been delivered to the Non-Lead Securitization Holders. The Controlling Note Holder
shall be solely responsible for any expenses incurred in connection with any such replacement without cause. The Controlling Note
Holder shall notify the other parties hereto of its termination of the then currently serving Special Servicer and its appointment
of a replacement special servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a Special
Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing
Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial
Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative)
to designate a replacement special servicer for the Mortgage Loan as aforesaid.

 

If
a Servicer Termination Event on the part of the Special Servicer has occurred that affects a Non-Controlling Note Holder, such
Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included
in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing
Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement,
the successor servicing agreement pursuant to which the Mortgage Loan is being serviced) pursuant to and in accordance with the
terms of the Lead Securitization Servicing Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions
of the Lead Securitization Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage Loan is being
serviced). The Controlling Note Holder and the Non-Controlling Note Holders acknowledge and agree that any successor special servicer
appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause at any Non-Controlling
Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was so terminated without the prior
written consent of such Non-Controlling Note Holder. The applicable Non-Controlling Note Holder shall be solely responsible for
reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses, if not paid within
a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise be reimbursed to the
Trustee from amounts on deposit in the Collection Account or Companion Distribution Account.

 

Section
8.     Payment Procedure.

 

(a)       The
Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms of the Lead
Securitization Servicing Agreement, shall deposit or cause to be deposited all payments and collections on the Mortgage Loan to
the Collection Account and the portion of such payments and collections that are distributable to the Non-Controlling Note Holder
shall be deposited into the Companion Loan Distribution Account

 

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pursuant to and in accordance with the Lead Securitization Servicing
Agreement. The Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit such amounts to the
applicable account within two (2) Business Days after receipt of properly identified funds by the Lead Securitization Note Holder
(or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower.

 

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

 

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

 

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

 

Section
9.     Limitation on Liability of the Note Holders. Subject to the terms of the Lead Securitization
Servicing Agreement governing limitation on the liabilities of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Operating Advisor each Note Holder shall have no liability to any other Note Holder with respect to its
Note except with respect to losses actually suffered due to the negligence, willful misconduct or breach of this Agreement on
the part of such Note Holder.

 

The
Note Holders acknowledge that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the
Trustee) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including
any

 

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Servicer and the Trustee) may exercise, or omit to exercise, any rights that the Lead Securitization Note Holder may have
under the Lead Securitization Servicing Agreement in a manner that may be adverse to the interests of any Non-Controlling Note
Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee) shall have no liability whatsoever
to any Non-Controlling Note Holder in connection with the Lead Securitization Note Holder’s exercise of rights or any omission
by the Lead Securitization Note Holder to exercise such rights other than as described above; provided, however,
that the Servicer must act in accordance with the Servicing Standard.

 

Section
10.     Bankruptcy. Subject to Section 5(d), each Note Holder hereby covenants and agrees that
only the Lead Securitization Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code
Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency
Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property
or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees
that only the Lead Securitization Note Holder, and not any Non-Controlling Note Holder, can make any election, give any consent,
commence any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against
the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the
Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney
coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available
to any Non-Controlling Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code
or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept
or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to
file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree
that, upon the request of the Lead Securitization Note Holder, each Non-Controlling Note Holder shall execute, acknowledge and
deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization
Note Holder may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions
taken by the Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing
Standard.

 

Section
11.     Representations of the Note Holders. Each Note Holder represents and warrants that the
execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary
corporate action, and does not contravene such Note Holder’s charter or any law or contractual restriction binding upon
such Note Holder, and that this Agreement is the legal, valid and binding obligation of such Note Holder enforceable against such
Note Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement
of rights with respect to indemnification and contribution

 

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obligations may be limited by applicable law. Each Note Holder represents
and warrants that it is duly organized, validly existing, in good standing and in possession of all licenses and authorizations
necessary to carry on its business. Each Note Holder represents and warrants that (a) this Agreement has been duly executed and
delivered by such Note Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders
or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of
this Agreement by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge, there is no
pending action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse outcome of
which would materially and adversely affect its performance under this Agreement.

 

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

 

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

 

Section
14.     Sale of the Notes.

 

(a)       Each
Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute, encumber
or otherwise dispose (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar
agreement, excluding a repo financing or a Pledge in accordance with Section 14(d)) of a Note (a “Transfer”)
except to a Qualified Institutional Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with
(x) a representation from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional
Lender (except in the case of a Transfer to a Securitization (and the related pooling and servicing or similar agreement requires
the parties thereto to comply with this Agreement) or in accordance with the immediately following sentence) and (y) a copy of
the assignment and assumption agreement referred to in Section 15 (except in the case of a Transfer to a Securitization). If a
Note Holder intends to

 

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Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional
Lender, it must first obtain (1) prior to a Securitization, the consent of each non-transferring Note Holder or (2) after a Securitization
of such non-transferring Note Holder’s Note, Rating Agency Confirmation. Notwithstanding the foregoing, without the non-transferring
Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s
Note is held in a Securitization Trust, without Rating Agency Confirmation, no Note Holder shall Transfer all or any portion of
its Note (or a participation interest in such Note) to a Borrower Affiliate and any such Transfer made without the prior consent
of the non-transferring Note Holder and Rating Agency Confirmation (if such non-transferring Note Holder’s Note is held
in a Securitization Trust), shall be absolutely null and void and shall vest no rights in the purported transferee; provided that
for the avoidance of doubt, transfers of any securities backed by a Note held in Securitization Trust will not be subject to the
foregoing requirement and such transfers shall be governed by the terms of the Lead Securitization Servicing Agreement or any
related Non-Lead Securitization Servicing Agreement, as applicable. The transferring Note Holder agrees that it will pay the expenses
of the non-transferring Note Holder (including all expenses of the Master Servicer, the Special Servicer and the Trustee) and
all expenses relating to the confirmation from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing,
each Note Holder shall have the right, without the need to obtain the consent of any other Note Holder, the Rating Agencies or
any other Person, to Transfer 49% or less (in the aggregate) of its Note or any beneficial interest in its Note. None of the provisions
of this Section 14(a) shall apply in the case of (1) a sale of all of the Notes in accordance with the terms and conditions of
the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming
a Specially Serviced Mortgage Loan, to a single member limited liability or limited partnership, 100% of the equity interest in
which is owned directly or indirectly, through one or more single member limited liability companies or limited partnerships,
by the Lead Securitization Trust.

 

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

 

(c)       Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than a Borrower
Affiliate) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional Lender or a financial
institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency
(a “Note Pledgee”), on terms and conditions set forth in this Section 14(c), it being further agreed that a
financing provided by a Note Pledgee to a Note Holder or any Person which Controls such Note that is secured by its Note and is
structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee
which is not a Qualified Institutional Lender may not take title to (except in connection with an initial

 

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financing in accordance
with a repurchase arrangement) the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable Note
Holder to each other Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable
Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee
written notice of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default
such Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging
Note Holder in respect of its obligations to the other Note 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 shall be effective against
such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned
or delayed; (iv) that such other Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement
simultaneously with the giving of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee
such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in
a form reasonably satisfactory to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”)
to the other Note Holders and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable
cure periods, under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant
to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely
releases the other Note Holders and any Servicer from any liability to the pledging Note Holder on account of such other Note
Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to
have been delivered by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against the
pledging Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and
any transferee other than a Borrower Affiliate which is also a Qualified Institutional Lender at any foreclosure or similar sale
held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging
Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until
such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest in the
pledged Note has terminated.

 

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

 

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notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:

 

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

 

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

 

(iii)       Such
Note Holder pledges its interest in its Note to the Conduit as collateral for the Conduit Inventory Loan;

 

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

 

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

 

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

 

In
connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall
execute an assignment and assumption agreement (unless the transferee is a Securitization Trust and the related pooling
and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the
obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the
terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the date of
such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize
any attempted or purported transfer of any Note in violation of the

 

     38

     

    

 

provisions of Section 14 and this Section 15. Any such purported
transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder desiring to
effect such transfer shall, and does hereby agree to, indemnify the Agent and the other Note Holders against any liability that
may result if the transfer is not made in accordance with the provisions of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

     39

     

    

 

Section
18.     Modifications. This Agreement shall not be modified, cancelled or terminated except by
an instrument in writing signed by each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust,
the Note Holders shall not amend or modify this Agreement without first receiving a Rating Agency Confirmation from each Rating
Agency then rating any securities issued in any Securitization; provided that no such confirmation from the Rating Agencies
shall be required in connection with a modification (i) to cure any ambiguity, to correct or supplement any provisions herein
that may be defective or inconsistent with any other provisions herein or with the Lead Securitization Servicing Agreement, (ii)
to make other provisions with respect to matters or questions arising under this Agreement, which shall not be inconsistent with
the provisions of this Agreement or (iii) if and to the extent it would be deemed given or not required pursuant to the definition
of Rating Agency Confirmation in the Lead Securitization Servicing Agreement and/or any Non-Lead Securitization Servicing Agreement,
as applicable.

 

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

 

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

 

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

 

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

 

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

 

     40

     

    

 

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

 

(b)       Each
Non-Controlling Note Holder shall and hereby agrees to indemnify the Lead Securitization Note Holder against and hold the Lead
Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements
arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment made to such Non-Controlling
Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Non-Controlling
Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead Securitization Note Holder to
withhold Taxes from payments made to the Non-Controlling Note Holder, it being expressly understood and agreed that (i) the Lead
Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement,
document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility
to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such
Non-Controlling Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall defend
any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.

 

(c)       Each
Non-Controlling Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage Loan Borrower)
that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower is obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement.
Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each
Non-Controlling Note Holder shall deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory
to the Lead Securitization Note Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization
Note Holder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (i) if any Non-Controlling Note Holder is created or organized
under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding
sentence by furnishing to the Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if any Non-Controlling
Note Holder is not created or organized under the laws of the United States, any state thereof or the District of Columbia, and
if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as
derived in whole or part from sources within the United States,

 

     41

     

    

 

such Note Holder shall satisfy the requirements of the preceding
sentence by furnishing to the Lead Securitization Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate
attachments) or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence
of such Note Holder’s exemption from the withholding of United States tax with respect thereto. The Lead Securitization
Note Holder shall not be obligated to make any payment hereunder with respect to any Non-Controlling Note or otherwise until the
related Non-Controlling Note Holder shall have furnished to the Lead Securitization Note Holder requested forms, certificates,
statements or documents.

 

Section
25.     Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents
(other than the Non-Controlling Note) (a) prior to the Lead Securitization will be held by the Initial Agent and (b) after the
Lead Securitization, will be held by the Lead Securitization Note Holder (in the name of the Trustee and held by a duly appointed
custodian therefor in accordance with the Lead Securitization Servicing Agreement), in each case, on behalf of the registered
holders of the Notes.

 

Section
26.     Cooperation in Securitization.

 

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

 

     42

     

    

 

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

 

Upon
request, the Lead Securitization Note Holder shall deliver to any Non-Controlling Note Holder drafts of the preliminary and final
Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and
the Lead Securitization Servicing Agreement and provide reasonable opportunity to review and comment on such documents.

 

(b)       In
connection with a Securitization, at the request of the applicable Non-Controlling Note Holder, the Lead Securitization Holder
(including the Master Servicer, the Special Servicer and the Trustee) shall use reasonable efforts, at such Non-Controlling Note
Holder’s expense, to satisfy, and to cooperate with the Non-Controlling Note Holder in attempting to cause the Mortgage
Loan Borrower to satisfy, the market standards to which the Non-Controlling Note Holder customarily adheres or which may be reasonably
required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting
to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization
Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in
any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either
in connection with a Non-Lead Securitization or otherwise at any time prior to a Non-Lead Securitization, no Holder shall be required
to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection
therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to
or priority of such payments to, a Non-Controlling Note Holder or (ii) materially increase a Non-Controlling Note Holder’s
obligations or materially decrease any Non-Controlling Note Holder’s rights, remedies or protections or cause an adverse
REMIC event to occur under the Lead Securitization. In connection with a Non-Lead Securitization, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator and the Operating Advisor shall be required to perform certain obligations
set forth in the Lead Securitization Servicing Agreement. In addition, each other applicable Holder shall provide for inclusion
in any disclosure document relating to such Non-Lead Securitization such information concerning such Holder and the related Note
as such Non-Controlling Note Holder reasonably determines to be necessary or appropriate, and each such Holder covenants and agrees
that it shall, at such Non-Controlling Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency
and such Non-Controlling Note

 

     43

     

    

 

Holder in connection with such Non-Lead Securitization (including, without limitation, reasonably
cooperating with such Non-Controlling Note Holder (without any obligation to make additional representations and warranties) to
enable such Non-Controlling Note Holder to make all necessary certifications and deliver all necessary opinions (including customary
securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in connection with all
other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect
to any information relating to the applicable Holders and the related Non-Controlling Note in any Securitization document. Each
Holder acknowledges that the information provided by it to the other Non-Controlling Holders may be incorporated into the offering
documents for the applicable Non-Lead Securitization. Each Holder and each Rating Agency shall be entitled to rely on the information
supplied by, or on behalf of, any other Note Holder in connection with the related Non-Lead Securitization. Each Holder will reasonably
cooperate with the other Holders by providing all information reasonably requested that is in the such Holder’s possession
in connection with such Holder’s preparation of disclosure materials in connection with a Securitization.

 

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

 

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

 

Section
29.     Certain Matters Affecting the Agent.

 

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

 

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

 

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

 

(d)       The
Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning of
the Act, shall not be personally liable for any action

 

     44

     

    

 

 taken,
suffered or omitted by it in good faith and reasonably believed by the Agent to be authorized or within the discretion or rights
or powers conferred upon it by this Agreement;

 

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

 

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

 

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

 

Section
30.     Termination and Resignation of Agent.

 

(a)       The
Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization Note Holder. In the event
that the Agent is terminated pursuant to this Section 30, all of its rights and obligations under this Agreement shall be terminated,
other than any rights or obligations that accrued prior to the date of such termination.

 

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

 

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

 

     45

     

    

 

Securitization Note Holder,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations
and principal amounts, and (v) the execution of such amendments and New Notes does not violate the Servicing Standard. If the
Lead Securitization Note Holder so requests, the Original Entity holding the New Notes (and any subsequent holder of such Notes)
shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except for the
foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in Section
5), no Note may be modified or amended without the consent of its holder and the consent of the holders of the other Notes. In
connection with the foregoing (provided the conditions set forth in (i) through (v) above are satisfied, with respect to (i) through
(iv), as certified by the Original Entity, on which certification the Master Servicer can rely), the Master Servicer is hereby
authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or all of the
Note Holders, as applicable, solely for the purpose of reflecting such reallocation of principal. If more than one New Note is
created hereunder, for purposes of exercising the rights of a Non-Controlling Note Holder hereunder, the “Non-Controlling
Note Holder” of such New Notes shall be as provided in the definition of such term in this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

     46

     

    

 

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

 

	 	BANK OF AMERICA, NATIONAL
	 	 	ASSOCIATION, a national banking
	 	 	association, as Initial Note 1 Holder
	 	 	 
	 	By: 	/s/Theresa Dooley-Bollmann
	 	 	Name: Theresa Dooley-Bollmann
	 	 	Title:   Director

  

	 	BARCLAYS BANK PLC, a public company
	 	 	registered
in England and Wales, as Initial 
	 	 	Note 2 Holder
	 	 	 
	 	By: 	/s/Michael Birajiclian
	 	 	Name: Michael Birajiclian
	 	 	Title:   Authorized Signatory

  

	 	SOCIÉTÉ GÉNÉRALE, a société anonyme,
	 	 	 as
Initial Note 3 Holder
	 	 	 
	 	By: 	/s/Jim Barnard
	 	 	Name: Jim Barnard
	 	 	Title:   Director

 

	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, a national banking
	 	 	association,
as Initial Note 4 Holder
	 	 	 
	 	By: 	/s/Jeffrey L Cirillo
	 	 	Name: Jeffrey L Cirillo
	 	 	Title:   Managing Director

 

DAFC
2017-AMO – Co-Lender Agreement 

 

    

     

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

Description
of Mortgage Loan

 

	Mortgage
    Loan Borrower:	Del
    Amo Fashion Center Operating Company, L.L.C. 

Del Amo Residual Operating Company, L.L.C.
	Date
    of Mortgage Loan: 	May
    12, 2017
	Date
    of Notes: 	May
    12, 2017
	Original
    Principal Amount of Mortgage Loan:	$585,000,000
	Principal
    Amount of Mortgage Loan as of the date hereof:	$585,000,000
	Initial
    A-1-1 Note Principal Balance:	$12,125,000
	Initial
    A-1-2 Note Principal Balance:	$36,821,000
	Initial
    A-1-3 Note Principal Balance:	$24,547,000
	Initial
    A-1-4 Note Principal Balance:	$20,457,000
	Initial
    A-2-1 Note Principal Balance:	$12,125,000
	Initial
    A-2-2 Note Principal Balance:	$36,821,000
	Initial
    A-2-3 Note Principal Balance:	$24,547,000
	Initial
    A-2-4 Note Principal Balance:	$20,457,000
	Initial
    A-3-1 Note Principal Balance:	$12,125,000
	Initial
    A-3-2 Note Principal Balance:	$32,730,000
	Initial
    A-3-3 Note Principal Balance:	$28,638,000
	Initial
    A-3-4 Note Principal Balance:	$20,457,000
	Initial
    A-4-1 Note Principal Balance:	$12,125,000
	Initial
    A-4-2 Note Principal Balance:	$36,821,000
	Initial
    A-4-3 Note Principal Balance:	$24,547,000
	Initial
    A-4-4 Note Principal Balance:	$20,457,000
	Initial
    B-1-1 Note Principal Balance:	$
    2,700,000
	Initial
    B-1-2 Note Principal Balance:	$
    8,179,000
	Initial
    B-1-3 Note Principal Balance:	$
    5,453,000
	Initial
    B-1-4 Note Principal Balance:	$
    4,543,000
	Initial
    B-2-1 Note Principal Balance:	$
    2,700,000
	Initial
    B-2-2 Note Principal Balance:	$
    8,179,000
	Initial
    B-2-3 Note Principal Balance:	$
    5,453,000
	Initial
    B-2-4 Note Principal Balance:	$
    4,543,000
	Initial
    B-3-1 Note Principal Balance:	$
    2,700,000
	Initial
    B-3-2 Note Principal Balance:	$
    7,270,000

 

     A-1

     

    

 

	Initial
    B-3-3 Note Principal Balance:	$
    6,362,000
	Initial
    B-3-4 Note Principal Balance:	$
    4,543,000
	Initial
    B-4-1 Note Principal Balance:	$
    2,700,000
	Initial
    B-4-2 Note Principal Balance:	$
    8,179,000
	Initial
    B-4-3 Note Principal Balance:	$
    5,453,000
	Initial
    B-4-4 Note Principal Balance:	$
    4,543,000
	Initial
    C-1 Note Principal Balance:	$15,650,000
	Initial
    C-2 Note Principal Balance:	$15,650,000
	Initial
    C-3 Note Principal Balance:	$15,650,000
	Initial
    C-4 Note Principal Balance:	$15,650,000
	Initial
    D-1 Note Principal Balance:	$10,775,000
	Initial
    D-2 Note Principal Balance:	$10,775,000
	Initial
    D-3 Note Principal Balance:	$10,775,000
	Initial
    D-4 Note Principal Balance:	$10,775,000
	Initial
    E-1 Note Principal Balance:	$
    5,000,000
	Initial
    E-2 Note Principal Balance:	$
    5,000,000
	Initial
    E-3 Note Principal Balance:	$
    5,000,000
	Initial
    E-4 Note Principal Balance:	$
    5,000,000
	Location
    of Mortgaged Property:	3525
    W. Carson Street, Torrance, Los Angeles 

County, CA 90503
	Initial
    Maturity Date:	June
    1, 2027

 

     A-2

     

    

 

EXHIBIT
B

 

1.       Initial
Note 1 Holder:

 

(Prior
to Securitization of Note 1):

 

Bank
of America, N.A.

Notice Address:

Bank of America, N.A. 

c/o Capital Markets Servicing Group

900 West Trade Street, Suite 650

Mail Code: NC1-026-06-01

Charlotte, North Carolina 28255

Attention: Servicing Manager

Facsimile No.: (704) 317-4501

 

with
a copy to:

Cadwalader, Wickersham & Taft LLP 

One
World Financial Center 

New
York, New York 10281 

Attention:
Fredric L. Altschuler, Esq.

Facsimile No.: (212) 504-6666

 

2.       Initial
Note 2 Holder:

 

(Prior
to Securitization of Note 2):

 

Barclays
Bank PLC

Notice Address:

Barclays Bank PLC 

745
Seventh Avenue 

New
York, New York 

Attention:
Michael S. Birajiclian

 

with
a copy to:

Cadwalader, Wickersham & Taft LLP 

One
World Financial Center 

New
York, New York 10281

Attention: Fredric L. Altschuler, Esq.

Facsimile No.: (212) 504-6666

 

3.       Initial
Note 3 Holder:

 

(Prior
to Securitization of Note 3):

 

    B-1

     

    

 

Société
Générale

Notice Address:

Société Générale 

245
Park Avenue 

New
York, New York 10167 

Attention:
Jim Barnard

 

with
a copy to:

 

Société
Générale 

245
Park Avenue, 11th Floor 

New
York, New York 10167 

Attention:
General Counsel

 

with
a copy to:

Cadwalader, Wickersham & Taft LLP 

One
World Financial Center 

New
York, New York 10281

Attention: Fredric L. Altschuler, Esq.

Facsimile No.: (212) 504-6666

 

4.       Initial
Note 4 Holder:

 

(Prior
to Securitization of Note 4):

 

Wells
Fargo Bank, National Association

Notice Address:

Wells Fargo Bank, National Association

Wells Fargo Center

1901 Harrison Street, 2nd Floor

MAC A0227-020

Oakland, California 94612

Attention: Commercial Mortgage Servicing

Facsimile No.: 866-359-5352

 

with
a copy to:

Cadwalader, Wickersham & Taft LLP 

One
World Financial Center 

New
York, New York 10281

Attention: Fredric L. Altschuler, Esq.

Facsimile No.: (212) 504-6666

 

    B-2

     

    

 

(Following
Securitization of Note A-1-1):

 

	(i)		Depositor:

 

Banc
of America Merrill Lynch Large Loan, Inc.

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile: (646) 855-5044

Email: leland.f.bunch@baml.com

 

with
a copy to:

 

W.
Todd Stillerman, Esq.

Assistant General Counsel

Bank of America Corporation

214 North Tryon Street, 20th Floor

NC1-027-20-05

Charlotte, North Carolina 28255

Facsimile: (404) 736-2127

Email: william.stillerman@bankofamerica.com

 

with
a copy to:

 

Cadwalader,
Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Henry LaBrun, Esq.

Telephone: (704) 348-5149

Facsimile: (704) 348-5200

Email: henry.labrun@cwt.com

 

		(ii)	Master
                                         Servicer:

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Facsimile: 877-379-1625

Email: michael_a_tilden@keybank.com

 

with
a copy to:

 

Polsinelli
PC

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: 816-753-1536

Email: kkohring@polsinelli.com

 

    B-3

     

    

 

	(iii)		Special
Servicer:

 

Cohen
Financial, a Division of SunTrust Bank 

Loan
Administration Service Center 

4601
College Blvd., Suite 300 

Leawood,
KS 66211 

Attention:
Head of Investor Services 

Facsimile:
(312) 346-6669

 

(iv)
Certificate Administrator:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services Del Amo Trust 2017-AMO

Telephone: (410) 884-2000

 

with
a copy to:

 

Facsimile:
(410) 715-2380

Email: trustadministration@wellsfargo.com and

cts.cmbs.bond.admin@wellsfargo.com

 

(v)
Trustee:

 

Wilmington
Trust, National Association 

1100
North Market Street 

Wilmington,
Delaware 19890 

Attention:
CMBS Trustee 

 

with
a copy to:

 

Facsimile:
(302) 630-4140 

E-mail:
cmbstrustee@wilmingtontrust.com

 

(vi)
Operating Advisor:

 

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Del Amo Trust 2017-AMO – Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

    B-4

     

    

 

EXHIBIT
C

 

1.
Apollo Global Real Estate 

2.
Archon Capital, L.P. 

3.
AREA Property Partners 

4.
BlackRock, Inc. 

5.
The Blackstone Group International Ltd. 

6.
Capital Trust, Inc. 

7.
Clarion Partners 

8.
Colony Capital, Inc. 

9.
DLJ Real Estate Capital Partners 

10.
Eightfold Real Estate Capital, L.P. 

11.
Fortress Investment Group LLC 

12.
Garrison Investment Group 

13.
Goldman, Sachs & Co. 

14.
iStar Financial Inc. 

15.
J.E. Roberts Companies 

16.
Lend-Lease Real Estate Investments 

17.
LoanCore Capital 

18.
Lonestar Funds 

19.
Praedium Group 

20.
Raith Capital Partners, LLC 

21.
Rialto Capital Management, LLC 

22.
Rialto Capital Advisors, LLC 

23.
Rockpoint Group 

24.
Starwood Capital/Starwood Financial Trust 

25.
Torchlight Investors 

26.
Walton Street Capital, LLC 

27.
Westbrook Partners 

28.
WestRiver Capital 

29.
Whitehall Street Real Estate Fund, L.P.

 

    C-1Exhibit

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY
AMENDED AND RESTATED EMPLOYEE STOCK PURCHASE PLAN 

1.    PURPOSE 
    
The purpose of this Plan is to provide an opportunity for Employees of Seagate Technology plc, an Irish company and its Designated Subsidiaries to purchase Ordinary Shares and thereby to have an additional incentive to contribute to the prosperity of the Corporation. It is the intention of the Corporation that the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code and the Plan shall be administered in accordance with this intent (the “423 Plan”). In addition, the Plan authorizes the grant of options pursuant to sub-plans or special rules adopted by the Committee designed to achieve desired tax or other objectives in particular locations outside of the United States (together such sub-plans and special rules are referred to herein as “Non-423 Sub-Plans”), which Non-423 Sub-plans shall not be required to comply with the requirements of Section 423 of the Code or all of the specific provisions of the Plan, including but not limited to terms relating to eligibility, Offering Periods, Purchase Periods or Purchase Price.

		
	2.
	DEFINITIONS

		
	2.1
	“Applicable Law” shall mean the legal requirements relating to the administration of an employee stock purchase plan under applicable Irish corporate laws, U.S. federal and applicable state laws (including the Code) and any stock exchange rules or regulations and the applicable laws governing the grant of options and the issuance of shares under an employee stock purchase plan in any country or jurisdiction where the Plan will be offered, as such laws, rules, regulations and requirements shall be in place from time to time.

		
	2.2
	“Beneficial Owner” means the definition given in Rule 13d-3 promulgated under the Exchange Act.

		
	2.3
	“Board” shall mean the Board of Directors of the Corporation.

		
	2.4
	“Change of Control” shall mean the consummation or effectiveness of any of the following events:

		
	(i)
	The sale, exchange, lease or other disposition of all or substantially all of the assets of the Corporation to a person or group of related persons, as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act;

1
(ESPP – October 2017)

		
	(ii)
	A merger, reorganization, recapitalization, consolidation or other similar transaction involving the Corporation in which the voting securities of the Corporation owned by the shareholders of the Corporation immediately prior to such transaction do not represent more than fifty percent (50%) of the total voting power of the surviving controlling entity outstanding immediately after such transaction;

		
	(iii)
	Any person or group of related persons, as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act, is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the voting securities of the Corporation (including by way of merger, takeover (including an acquisition by means of a scheme of arrangement), consolidation or otherwise); or

		
	(iv)
	During any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Corporation was approved by a vote of a majority of the directors of the Corporation then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board then in office.

Notwithstanding the foregoing, a restructuring of the Corporation for the purpose of changing the domicile of the Corporation (including, but not limited to, any change in the structure of the Corporation resulting from the process of moving its domicile between jurisdictions), reincorporation of the Corporation or other similar transaction involving the Corporation (a “Restructuring Transaction”) will not constitute a Change of Control if, immediately after the Restructuring Transaction, the shareholders of the Corporation immediately prior to such Restructuring Transaction represent, directly or indirectly, more than fifty percent (50%) of the total voting power of the surviving entity.

		
	2.5
	“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. Any reference herein to a section of the Code or United States Treasury Regulation thereunder shall include a reference to any successor or amended section of the Code or Treasury Regulations. 

		
	2.6
	“Committee” shall mean the committee appointed by the Board in accordance with Section 15 of the Plan.

2
(ESPP – October 2017)

		
	2.7
	“Companies Act” shall mean the Companies Act 2014 of Ireland.

		
	2.8
	“Compensation” shall mean an Employee's base cash compensation and commissions, but shall exclude such items as allowances, differentials, bonuses or premiums such as those for working shifts or overtime, payments for incentive compensation, incentive payments, bonuses, income from the exercise, vesting and/or the sale, exchange or other disposition of a compensatory share award granted to the Employee by the Corporation or a Designated Subsidiary, and other forms of extraordinary compensation. The Committee shall have the authority to determine and approve all forms of pay to be included in the definition of Compensation and may change the definition on a prospective basis.

		
	2.9
	“Corporation” shall mean Seagate Technology plc, a public company incorporated under the laws of the Republic of Ireland with limited liability under registered number 480010, or any successor thereto. 

		
	2.10
	“Designated Subsidiary” shall mean a Subsidiary that has been designated by the Committee in its sole discretion as eligible to participate in the Plan with respect to its Employees.

		
	2.11
	“Effective Date” shall mean the date on which the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission pursuant to Rule 424 under the Securities Act for the initial public offering of Seagate Technology common stock (the “Registration Statement”) became effective.

		
	2.12
	“Employee” shall mean an individual classified as an employee (within the meaning of Code Section 3401(c) and the regulations thereunder) by the Corporation or a Designated Subsidiary on the Corporation's or such Designated Subsidiary's payroll records.  Individuals classified as independent contractors, consultants, advisers, or members of the Board or the board of directors of a Designated Subsidiary are not considered “Employees” by virtue of such station.

		
	2.13
	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

		
	2.14
	“Fair Market Value” shall mean, as of any date of determination (i.e., an Offering Date or Purchase Date, as appropriate), the value of a Share determined as follows: (i) if the Ordinary Shares are listed on any established stock exchange (including the New York Stock Exchange) or traded on the NASDAQ Global Select Market, the Fair Market Value of a Share shall be the closing per-share sales price of such Shares as reported on such date on the Composite Tape of the principal national securities 

3
(ESPP – October 2017)

exchange on which such Shares are listed or admitted to trading or, if no Composite Tape exists for such national securities exchange on such date, then on the principal national securities exchange on which such Shares are listed or admitted to trading; or (ii) if the Shares are not listed or admitted to trading on a national securities exchange, then the Fair Market Value of a Share shall be determined in good faith by the Board, and, to the extent appropriate, based on the application of a reasonable valuation method.

		
	2.15
	“Offering Date” shall mean the first Trading Day of an Offering Period under the Plan.

		
	2.16
	“Offering Period” shall mean a period during which options to purchase Ordinary Shares may be granted pursuant to the Plan and may be purchased on one or more Purchase Dates.  The duration and timing of Offering Periods may be changed or modified by the Committee from time to time in accordance with Section 4.3.

		
	2.17
	“Offering Price” shall mean the Fair Market Value of a Share on the Offering Date of an Offering Period.

		
	2.18
	“Officer” shall mean a person who is an officer of the Corporation within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

		
	2.19
	“Ordinary Share” or “Share” means an ordinary share of the Corporation, nominal value US$0.00001.  

		
	2.20
	“Participant” shall mean a participant in the Plan as described in Section 5 of the Plan. 

		
	2.21
	“Plan” shall mean this Employee Stock Purchase Plan, as amended and restated.

		
	2.22
	“Purchase Date” shall mean the last Trading Day of each Purchase Period.

		
	2.23
	“Purchase Period” shall mean one or more periods within an Offering Period as may be specified by the Committee in accordance with Section 4.3.

		
	2.24
	“Purchase Price” shall have the meaning set out in Section 8.2.

		
	2.25
	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

4
(ESPP – October 2017)

		
	2.26
	“Shareowner” shall mean a record holder of Ordinary Shares entitled to vote such Shares under the Corporation’s by-laws.

		
	2.27
	“Subsidiary” shall mean any entity treated as a corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, within the meaning of Code Section 424(f), whether or not such corporation now exists or is hereafter organized or acquired by the Corporation or a Subsidiary, which is also a subsidiary within the meaning of Section 155 of the Companies Act.

		
	2.28
	“Trading Day” shall mean a day on which U.S. national stock exchanges and the national market system are open for trading and the Ordinary Shares are being publicly traded on one or more of such exchanges or markets.

3.    ELIGIBILITY

3.1    Any individual who is an Employee on an Offering Date shall be eligible to participate in the Plan with respect to the Offering Period commencing on such Offering Date. The Committee may establish administrative rules requiring that an individual be an Employee for some minimum period (not to exceed 30 days) prior to an Offering Date to be eligible to participate with respect to the Offering Period beginning on that Offering Date. 

3.2    The Committee may determine that a designated group of highly compensated Employees is ineligible to participate in the Plan so long as the excluded category fits within the definition of “highly compensated employee” in Code Section 414(q). 

3.3    No Employee may participate in the Plan if immediately after an option is granted the Employee owns or is considered to own (within the meaning of Code Section 424(d)) Ordinary Shares, including Shares which the Employee may purchase by conversion of convertible securities or under outstanding options granted by the Corporation, possessing five percent (5%) or more of the total combined voting power or value of all classes of securities of the Corporation or of any of its Subsidiaries. 

3.4    Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to whether they also are citizens or residents of the United States or resident aliens within the meaning of Section 7701(b)(1)(A) of the Code) may be excluded from participation in the Plan if the participation of such Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan to violate Code Section 423 (or to the extent permitted under Code Section 423).  In the case of any Non-423 Sub-Plan adopted pursuant to Section 16, Employees may be 

5
(ESPP – October 2017)

excluded from participation in the Plan if the Committee has determined that participation of such Employees is not advisable or practicable.

3.5    All Employees who participate in the Plan or in any separate offering thereunder shall have the same rights and privileges under the Plan or offering, except for differences that may be mandated by Applicable Law and that are consistent with Code Section 423(b)(5); provided that individuals participating in a Non-423 Sub-Plan adopted pursuant to Section 16 need not have the same rights and privileges as Employees participating in the 423 Plan. 

3.6    Employees may not participate in more than one Offering Period at a time.

4.    OFFERING PERIODS AND PURCHASE PERIODS

4.1    Offering Periods.  With respect to Offering Periods commencing on or after February 1, 2006, the Plan shall generally be implemented by a series of six (6) month Offering Periods with new Offering Periods commencing on the first Trading Day on or after February 1 and August 1 and ending on the last Trading Day in the six-month periods ending on the next July 31 and January 31, respectively, or on such other date as the Committee shall determine, and continuing thereafter until the Plan is terminated pursuant to Section 14 hereof. The Committee shall have the authority to change the frequency and/or duration of Offering Periods (including the commencement dates thereof) in accordance with Section 4.3. 

4.2    Purchase Periods.  With respect to Offering Periods commencing on or after February 1, 2006, each Offering Period shall generally consist of one Purchase Period that runs concurrently with the Offering Period. The last Trading Day of each Purchase Period shall be the “Purchase Date” for such Purchase Period.  Subsequent Purchase Periods, if any, shall run consecutively after the termination of the preceding Purchase Period. The Committee shall have the power to change the duration and/or frequency of Purchase Periods with respect to future purchases in accordance with Section 4.3. 

4.3     Changes to Offering Periods and Purchase Periods.  The Committee will have the authority to establish additional or alternative sequential or overlapping Offering Periods than specified under Section 4.1, a different number of Purchase Periods within an Offering Period than specified under Section 4.2, a different duration for one or more Offering Periods or Purchase Periods or different commencement or ending dates for such Offering Periods with respect to future offerings without shareholder approval if such change is announced at least five (5) days prior to the scheduled beginning of the first Offering Period to be affected thereafter, provided, however, that no Offering Period may have a duration exceeding twenty-seven (27) months.  In addition, to the extent that the Committee establishes overlapping Offering Periods with more than one Purchase 

6
(ESPP – October 2017)

Period in each Offering Period, the Committee will have discretion to structure an Offering Period so that if the Fair Market Value of the Ordinary Shares on any Purchase Date within an Offering Period is less than or equal to the Fair Market Value of the Ordinary Shares on the first Trading Day of that Offering Period, then (i) that Offering Period will terminate immediately as of that first Trading Day, and (ii) the Participants in such terminated Offering Period will be automatically enrolled in a new Offering Period beginning on the first Trading Day of such new Purchase Period.  

4.4    Separate Offerings.  Unless otherwise specified by the Committee, each offering of the Plan to Employees of the Corporation or a Designated Subsidiary shall be deemed a separate offering for purposes of Section 423 of the Code, even if the dates and other terms of the applicable Offering Periods of each such offering are identical, and the provisions of the Plan will separately apply to each such separate offering.  With respect to the 423 Plan, the terms of separate offerings need not be identical provided that the terms of the Plan and each separate offering together satisfy Section 423 of the Code.

5.    PARTICIPATION

5.1    An eligible Employee may authorize payroll deductions at the rate of any whole percentage of the Employee’s Compensation, not to exceed ten percent (10%) (or such other percentage as the Committee may establish from time to time before an Offering Date) of such Employee’s Compensation on each payday during the Offering Period.  All payroll deductions will be held in a general corporate account or a trust account, unless otherwise required by Applicable Law. No interest shall be paid or credited to the Participant with respect to such payroll deductions, unless otherwise required by Applicable Law. The Corporation shall maintain a separate bookkeeping account for each Participant under the Plan and the amount of each Participant’s payroll deductions shall be credited to such account. A Participant may not make any additional payments into such account, unless payroll deductions are prohibited under Applicable Law, in which case the provisions of Section 5.3 of the Plan shall apply. 

5.2    Once an Employee becomes a Participant in an Offering Period, then such Participant will automatically participate in each subsequent Offering Period commencing immediately following the last day of such prior Offering Period at the same contribution level unless the Participant withdraws from the Offering Period as set forth in Section 5.4 below or otherwise changes his or her rate of contribution as set forth in Section 5.5 below.  A Participant that is automatically enrolled in a subsequent Offering Period pursuant to this Section 5.2 is (i) not required to file any additional enrollment form in order to continue participation in the Plan and (ii) will be deemed to have accepted the terms and conditions of the Plan, any Non-423 Sub-Plan and enrollment form in effect at the time each 

7
(ESPP – October 2017)

subsequent Offering Period begins, subject to Participant’s right to withdraw from the Plan in accordance with the withdrawal procedures in effect at the time.

5.3    Notwithstanding any other provisions of the Plan to the contrary, in locations where Applicable Law prohibits payroll deductions, an eligible Employee may elect to participate through contributions to his or her account under the Plan in a form acceptable to the Committee.  In such event, any such Employees shall be deemed to be participating in a Non-423 Sub-Plan, unless the Committee otherwise expressly provides that such Employees shall be treated as participating in the Plan or a separate offering thereunder.

5.4    Under procedures and at times established by the Committee, a Participant may withdraw from the Plan during a Purchase Period, by completing and filing a new payroll deduction authorization and Plan enrollment form with the Corporation or by following electronic or other procedures prescribed by the Committee. If a Participant withdraws from the Plan during a Purchase Period, his or her accumulated payroll deductions will be refunded to the Participant without interest (unless payment of interest is required by Applicable Law), his or her right to participate in the current Offering Period will be automatically terminated and no further payroll deductions for the purchase of Ordinary Shares will be made during the Offering Period. The Committee may establish rules pertaining to the timing of withdrawals, limiting the frequency with which Participants may withdraw and re-enroll in the Plan and may impose a waiting period on Participants wishing to re-enroll following withdrawal. 

5.5    A Participant may change his or her rate of contribution through payroll deductions only during an open enrollment period or such other times specified by the Committee by filing a new payroll deduction authorization and Plan enrollment form or by following electronic or other procedures prescribed by the Committee. If a Participant has not followed such procedures to change the rate of contribution, the rate of contribution shall continue at the originally elected rate throughout the Purchase Period and future Purchase Periods (including Purchase Periods of subsequent Offering Periods). Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code, the Committee may reduce a Participant’s payroll deductions to zero percent (0%) at any time during a Purchase Period scheduled to end during the current calendar year. Payroll deductions shall re-commence at the rate provided in such Participant’s enrollment form at the beginning of the first Purchase Period which is scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 5.4. 

6.    TERMINATION OF EMPLOYMENT; CHANGES IN EMPLOYMENT

6.1    Termination.  In the event any Participant terminates employment with the Corporation and its Designated Subsidiaries for any reason (including death) prior 

8
(ESPP – October 2017)

to the expiration of a Purchase Period, the Participant's participation in the Plan shall terminate and all amounts credited to the Participant's account shall be paid to the Participant or, in the case of death, to the Participant’s heirs or estate, without interest. Whether a termination of employment has occurred shall be determined by the Committee. Notwithstanding the foregoing, if a Participant’s termination of employment occurs within a certain period of time as specified by the Committee (not to exceed 30 days) prior to the Purchase Date of the Purchase Period then in progress, his or her option for the purchase of Ordinary Shares will be exercised on such Purchase Date in accordance with Section 9 as if such Participant were still employed by the Corporation or a Designated Subsidiary. Following the purchase of Shares on such Purchase Date, the Participant’s participation in the Plan shall terminate and all remaining amounts credited to the Participant's account shall be paid to the Participant or, in the case of death, to the Participant’s heirs or estate, without interest (unless payment of interest is required by Applicable Law). 

6.2    Leaves of Absence.  The Committee may also establish rules regarding when leaves of absence or changes of employment status will be considered to be a termination of employment, and the Committee may establish termination of employment procedures for this Plan that are independent of similar rules established under other benefit plans of the Corporation and its Subsidiaries, provided, however, that such procedures are not in conflict with the requirements of Section 423 of the Code.

6.3    Transfers.  If a Participant transfers employment between the Corporation and a Designated Subsidiary participating in the 423 Plan (as set forth in Appendix A to the Plan) or between Designated Subsidiaries participating in the 423 Plan, his or her participation in the Plan shall continue unless and until otherwise terminated in accordance with the Plan.  Similarly, if a Participant transfers employment between Designated Subsidiaries participating in a Non-423 Sub-Plan (as set forth in Appendix A to the Plan), his or her participation in the Plan shall continue unless and until otherwise terminated in accordance with the Plan.  

If a Participant transfers employment from the Corporation or a Designated Subsidiary participating in the 423 Plan to a Designated Subsidiary participating in a Non-423 Sub-Plan, his or her participation in the Plan shall continue, provided, however, that such participation will be under the applicable Non-423 Sub-Plan as of the date of such transfer and all of the Participant’s accumulated payroll deductions (whether taken while the Participant was employed by the Corporation or a Designated Subsidiary participating in the 423 Plan or while the Participant is employed by a Designated Subsidiary participating in a Non-423 Sub-Plan) shall be used to purchase Shares under the applicable Non-423 Sub-Plan, subject to the Participant’s right to withdraw from the Plan in accordance with the withdrawal procedures in effect at such time.  

9
(ESPP – October 2017)

If a Participant transfers employment from a Designated Subsidiary participating in a Non-423 Sub-Plan to the Corporation or a Designated Subsidiary participating in the 423 Plan, any accumulated payroll deductions taken while the Participant was employed by a Designated Subsidiary participating in a Non-423 Sub-Plan shall be used to purchase Shares under the applicable Non-423 Sub-Plan on the next Purchase Date following such transfer; however, no new payroll deductions shall be taken for the remainder of the Purchase Period in which the transfer occurs, and as of the next Offering Date following such transfer, the Participant shall participate in the 423 Plan and payroll deductions shall automatically resume and be used to purchase Shares under the 423 Plan, subject to the Participant’s right to withdraw from the Plan in accordance with the withdrawal procedures in effect at such time.

Notwithstanding the foregoing provisions of this Section 6.3, the Committee may establish additional and/or different rules to govern transfers of employment among the Corporation and any Designated Subsidiary, consistent with any applicable requirements of Code Section 423 and the terms of the Plan.  

7.    SHARES

Subject to adjustment as set forth in Section 11, the maximum number of Ordinary Shares, which may be issued pursuant to the Plan shall be fifty million (50,000,000) Shares.  Subject to adjustment as set forth in Section 11, the maximum number of Shares that may be granted collectively to all Participants within any given Purchase Period is one and one-half million (1,500,000) Shares, unless and until the Board determines otherwise with respect to a Purchase Period.    If, on a given Purchase Date, the number of Shares with respect to which options are to be exercised exceeds either maximum, the Corporation shall make pro rata allocation of the Shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable.  The Shares subject to the Plan may be unissued Shares or reacquired Shares, bought on the market or otherwise.  For avoidance of doubt, up to the maximum number of Ordinary Shares reserved under this Section 7 may be used to satisfy purchases of Ordinary Shares under the 423 Plan and any remaining portion of such maximum number of Ordinary Shares may be used to satisfy purchases of Ordinary Shares under any Non-423 Sub-Plans.

8.    OFFERING

8.1    On the Offering Date of each Offering Period, each eligible Employee participating in the Plan shall be granted an option to purchase that number of whole Shares, not to exceed one thousand (1000) Shares (or such other number of Shares as determined by the Committee and subject to adjustment as set forth in Section 11), which may be purchased with the payroll deductions accumulated on 

10
(ESPP – October 2017)

behalf of such Employee during each Purchase Period at the purchase price specified in Section 8.2 below, subject to the additional limitation that no Employee participating in the Section 423 Plan shall be granted an option to purchase Shares under the Plan if such option would permit his or her rights to purchase Shares under all employee stock purchase plans (described in Section 423 of the Code) of the Corporation and its Subsidiaries to accrue at a rate which exceeds U.S. twenty-five thousand dollars (U.S. $25,000) of the Fair Market Value of such Shares (determined at the time such option is granted) for each calendar year in which such option is outstanding at any time. For purposes of the Plan, an option is “granted” on a Participant’s Offering Date. An option will expire upon the earlier to occur of (i) the termination of a Participant’s participation in the Plan or such Offering Period, (ii) the grant of an option to such Participant on a subsequent Offering Date, or (iii) the termination of the Offering Period. This Section 8.1 shall be interpreted so as to comply with Code Section 423(b)(8).

8.2    The Purchase Price under each option shall be with respect to a Purchase Period the lower of (i) a percentage (not less than eighty-five percent (85%)) established by the Committee (“Designated Percentage”) of the Offering Price, or (ii) the Designated Percentage of the Fair Market Value of a Share on the Purchase Date on which the Shares are purchased; provided that the Purchase Price may be adjusted by the Committee pursuant to Sections 11 or 12 in accordance with Section 424(a) of the Code. The Committee may change the Designated Percentage with respect to any future Offering Period, but not to below eighty-five percent (85%), and the Committee may determine with respect to any prospective Offering Period that the purchase price shall be the Designated Percentage of the Fair Market Value of a Share on the Purchase Date. 

9.     PURCHASE OF SHARES

Unless a Participant withdraws from the Plan as provided in Section 5.4 or except as provided in Sections 12 or 14 hereof, on the last Trading Day of each Purchase Period, a Participant’s option shall be exercised automatically for the purchase of that number of whole Shares which the accumulated payroll deductions credited to the Participant's account at that time shall purchase at the applicable price specified in Section 8.2.  

At the time the Shares are purchased or at the time some or all of the Shares issued under the Plan are disposed of (or at any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision for any withholding obligation of the Corporation or a Designated Subsidiary with respect to federal, state, local and foreign income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to participation in the Plan and legally applicable to the Participant (including any amount deemed by the Committee, in its sole discretion, to be an appropriate charge to 

11
(ESPP – October 2017)

Participant even if legally applicable to the Corporation or the Participant’s employer). At any time, the Corporation or the Participant’s employer may withhold from the Participant’s wages or other cash compensation the amount necessary for the Corporation or the Participant’s employer to meet applicable withholding obligations, including any withholding required to make available to the Corporation or the Participant’s employer any tax deductions or benefits attributable to the sale or early disposition of the Shares by the Participant.  In addition or in the alternative, the Corporation or the Participant’s employer may withhold from the proceeds of the sale of Shares or by any other method of withholding the Corporation or the Participant’s employer deems appropriate.

10.     PAYMENT AND DELIVERY

As soon as practicable after the exercise of an option, the Corporation shall deliver to the Participant a record of the Ordinary Shares purchased and the balance of any amount of payroll deductions credited to the Participant's account not used for the purchase, except as specified below. The Committee may permit or require that Shares be deposited directly with a broker designated by the Committee or to a designated agent of the Corporation, and the Committee may utilize electronic or automated methods of share transfer. The Committee may require that Shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of the disposition of such Shares. The Corporation shall retain the amount of payroll deductions used to purchase Shares as full payment for the Shares and the Shares shall then be fully paid and non-assessable. No Participant shall have any voting, dividend or other Shareowner rights with respect to Shares subject to any option granted under the Plan until the Shares subject to the option have been purchased and delivered to the Participant as provided in this Section 10. The Committee may in its discretion direct the Corporation to retain in a Participant’s account for the subsequent Purchase Period or Offering Period any payroll deductions which are not sufficient to purchase a whole Share or return such amount to the Participant. Any other amounts that may be left over in a Participant’s account after a Purchase Date shall be returned to the Participant.  

11.    RECAPITALIZATION 

Subject to any required action by the Shareowners of the Corporation, if there is any change in the outstanding Ordinary Shares because of a merger, consolidation, spin-off, reincorporation, reorganization, recapitalization, dividend in property other than cash, share split, reverse share split, share dividend, liquidating dividend, extraordinary dividend or distribution, combination, exchange or reclassification of the Ordinary Shares (including any such change in the number of Shares effected in connection with a change in domicile of the Corporation), change in corporate structure or any other increase or decrease in the number of Ordinary Shares, or other transaction effected without receipt of 

12
(ESPP – October 2017)

consideration by the Corporation, provided that conversion of any convertible securities of the Corporation shall not be deemed to have been “effected without consideration,” the number of securities covered by each option under the Plan which has not yet been exercised and the number of securities which have been authorized and remain available for issuance under the Plan, as well as the maximum number of securities which may be purchased by a single Participant and by all Participants in the aggregate in a given Purchase Period, and the price per share covered by each option under the Plan which has not yet been exercised, may be appropriately adjusted by the Board, and the Board shall take any further actions which, in the exercise of its discretion, may be necessary or appropriate under the circumstances. The Board’s determinations under this Section 11 shall be conclusive and binding on all parties.

12.    LIQUIDATION AND CHANGE OF CONTROL

12.1    In the event of the proposed liquidation or dissolution of the Corporation, the Offering Period will terminate immediately prior to the consummation of such proposed transaction, unless otherwise provided by the Board in its sole discretion, and all outstanding options shall automatically terminate and the amounts of all payroll deductions will be refunded without interest (unless payment of interest is required by Applicable Law) to the Participants. 

12.2    In the event of a Change of Control, then in the sole discretion of the Board, (1) each option shall be assumed or an equivalent option shall be substituted by the successor corporation or parent or subsidiary of such successor entity, (2) a date established by the Board on or before the date of consummation of such Change of Control shall be treated as a Purchase Date, and all outstanding options shall be exercised on such date, (3) all outstanding options shall terminate and the accumulated payroll deductions will be refunded without interest (unless payment of interest is required by Applicable Law) to the Participants, or (4) outstanding options shall continue unchanged.

13.     TRANSFERABILITY

Neither payroll deductions credited to a Participant’s bookkeeping account nor any rights to exercise an option or to receive Shares under the Plan may be voluntarily or involuntarily assigned, transferred, pledged, or otherwise disposed of in any way, and any attempted assignment, transfer, pledge, or other disposition shall be null and void and without effect. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interests under the Plan, other than as permitted by the Code, such act shall be treated as an election by the Participant to discontinue participation in the Plan pursuant to Section 5.4.

14.    AMENDMENT OR TERMINATION OF THE PLAN

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(ESPP – October 2017)

		
	14.1
	The Plan shall continue until terminated in accordance with Section 14.2.

14.2    The Board may, in its sole discretion, insofar as permitted by Applicable Law, terminate or suspend the Plan, or revise or amend it in any respect whatsoever, except that, without approval of the Shareowners, no such revision or amendment shall increase the number of Shares subject to the Plan, other than an adjustment under Section 11 of the Plan, or make other changes for which Shareowner approval is required under Applicable Law. Upon a termination or suspension of the Plan, the Board may in its discretion (i) return, without interest (unless payment of interest is required by Applicable Law), the payroll deductions credited to Participants’ accounts to such Participants, or (ii) set an earlier Purchase Date with respect to an Offering Period and Purchase Period then in progress.

15.     ADMINISTRATION

15.1    The Board or the Compensation Committee shall appoint a committee of one or more individuals to administer the Plan (the “Committee”), which, unless otherwise specified by the Board, shall consist of the members of the Corporation’s Benefits Administrative Committee, as constituted from time to time in accordance with its charter, and generally made up of senior members of management from the Corporation’s Legal, Finance and Human Resources functions.  The Committee will serve for such period of time as the Board or the Compensation Committee of the Board may specify and whom the Board or the Compensation Committee of the Board may remove at any time. The Committee will have the authority and responsibility for the day-to-day administration of the Plan, the authority and responsibility specifically provided in this Plan and any additional duty, responsibility and authority delegated to the Committee by the Board or the Compensation Committee of the Board. The Committee shall have full power and authority to adopt, amend and rescind any rules and regulations which it deems desirable and appropriate for the proper administration of the Plan, to construe and interpret the provisions and supervise the administration of the Plan, to designate separate offerings under the Plan, to make factual determinations relevant to Plan entitlements and to take all action in connection with administration of the Plan as it deems necessary or advisable, consistent with the delegation from the Board or the Compensation Committee of the Board.   The Committee may delegate to one or more individuals the day-to-day administration of the Plan, to the extent permitted by Applicable Law.  The Board, the Compensation Committee of the Board and the Committee reserve the right to administer the Plan, to the extent such right otherwise exists, regardless of any delegation of authority such body may have previously made.  Decisions of the Board, the Compensation Committee of the Board and the Committee, as applicable, shall be final and binding upon all participants. The Corporation shall pay all expenses incurred in the administration of the Plan.

14
(ESPP – October 2017)

15.2    In addition to such other rights of indemnification as they may have as members of the Board or officers or employees of the Corporation and subject to section 200 of the Companies Act, members of the Board and of the Committee shall be indemnified by the Corporation against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted under the Plan, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Corporation) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to the Corporation, in writing, the opportunity at its own expense to handle and defend the same.  

16.     COMMITTEE RULES FOR FOREIGN JURISDICTIONS

The Committee may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of Applicable Laws and procedures. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions or other contributions by Participants, establishment of bank or trust accounts to hold payroll deductions or other contributions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of share certificates which vary with local requirements; however, if such varying provisions are not in accordance with the provisions of Section 423(b) of the Code, including but not limited to the requirement of Section 423(b)(5) of the Code that all options granted under the Plan shall have the same rights and privileges unless otherwise provided under the Code, then the individuals affected by such varying provisions shall be deemed to be participating under a Non-423 Sub-Plan and not the 423 Plan.  The Committee may adopt Non-423 Sub-Plans applicable to particular Subsidiaries or locations, the rules of which may take precedence over other provisions of this Plan, with the exception of Section 7, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such Non-423 Sub-Plan.

17.     SECURITIES LAWS REQUIREMENTS

17.1    No option granted under the Plan may be exercised to any extent unless the Shares to be issued upon such exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in 

15
(ESPP – October 2017)

material compliance with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, applicable state and foreign securities laws and the requirements of any stock exchange upon which the Shares may then be listed, subject to the approval of counsel for the Corporation with respect to such compliance. If on a Purchase Date in any Offering Period hereunder, the Plan is not so registered or in such compliance, options granted under the Plan which are not in compliance shall not be exercised on such Purchase Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective registration statement and such compliance, except that the Purchase Date shall not be delayed more than twelve (12) months and the Purchase Date shall in no event be more than twenty-seven (27) months from the Offering Date. If, on the Purchase Date of any offering hereunder, as delayed to the maximum extent permissible, the Plan is not registered and in such compliance, options granted under the Plan which are not in compliance shall not be exercised and all payroll deductions accumulated during the Offering Period (reduced to the extent, if any, that such deductions have been used to acquire Shares) shall be returned to the Participants, without interest (unless payment of interest is required by Applicable Law). The provisions of this Section 17 shall comply with the requirements of Section 423(b)(5) of the Code to the extent applicable. 
17.2    As a condition to the exercise of an option, the Corporation may require the person exercising such option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Corporation, such a representation is required by any of the aforementioned provisions of Applicable Law.

18.    GOVERNMENTAL REGULATIONS

This Plan and the Corporation’s obligation to sell and deliver Ordinary Shares under the Plan shall be subject to the approval of any governmental authority required in connection with the Plan or the authorization, issuance, sale, or delivery of Shares hereunder.

19.    NO ENLARGEMENT OF EMPLOYEE RIGHTS

Nothing contained in this Plan shall be deemed to give any Employee or other individual the right to be retained in the employ or service of the Corporation or any Designated Subsidiary or to interfere with the right of the Corporation or Designated Subsidiary to discharge any Employee or other individual at any time, for any reason or no reason, with or without notice.

20.     GOVERNING LAW

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(ESPP – October 2017)

This Plan shall be governed by applicable laws of the State of California, without regard to such state’s conflict of laws rules.

21.     EFFECTIVE DATE

This Plan became effective on the Effective Date, subject to approval of the Shareowners of the Corporation within twelve (12) months before or after its date of adoption by the Board, which approval was obtained on December 3, 2002.  The Plan, as most recently amended and restated, was adopted by the Board on July 25, 2017, subject to approval of the Shareowners of the Corporation within twelve (12) months after such date.

22.     REPORTS

Individual accounts shall be maintained for each Participant in the Plan. Statements of account shall be given or made available to Participants at least annually.

23.     DESIGNATION OF BENEFICIARY FOR OWNED SHARES

With respect to Ordinary Shares purchased by the Participant pursuant to the Plan and held in an account maintained by the Corporation or its assignee on the Participant’s behalf, the Participant may be permitted to file a written designation of beneficiary, who is to receive any Shares and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to the end of a Purchase Period but prior to delivery to him or her of such Shares and cash.  In addition, a Participant may be permitted to file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to the Purchase Date of an Offering Period.  If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective, to the extent required by Applicable Law. The Participant (and if required under the preceding sentence, his or her spouse) may change such designation of beneficiary at any time by written notice. Subject to Applicable Law (as determined by the Committee in its sole discretion), in the event of a Participant's death, the Corporation or its assignee shall deliver any Shares and/or cash to the designated beneficiary. Subject to Applicable Law (as determined by the Committee in its sole discretion), in the event of the death of a Participant and in the absence of a beneficiary validly designated who is living at the time of such Participant's death, the Corporation shall deliver such Shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Corporation), the Corporation in its sole discretion, may deliver (or cause its assignee to deliver) such Shares and/or cash to the spouse, or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is 

17
(ESPP – October 2017)

known to the Corporation, then to such other person as the Corporation may determine. The provisions of this Section 23 shall in no event require the Corporation to violate Applicable Law, and the Corporation shall be entitled to take whatever action it reasonably concludes is desirable or appropriate in order to transfer the assets allocated to a deceased Participant’s account in compliance with Applicable Law. 

24.    ADDITIONAL RESTRICTIONS OF RULE 16b‐3  

The terms and conditions of options granted hereunder to, and the purchase of Ordinary Shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b‐3.  This Plan shall be deemed to contain, and such options shall contain, and the Shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions, if any, as may be required by Rule 16b‐3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.
25.    NOTICES

All notices or other communications by a Participant to the Corporation under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Corporation at the location, or by the person, designated by the Corporation for the receipt thereof.

26.    CODE SECTION 409A AND 457A; TAX QUALIFICATION 

26.1    Code Sections 409A and 457A.  Options granted under the 423 Plan are exempt from the application of Section 409A and Section 457A of the Code.  In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Committee determines that an option granted under the Plan may be subject to Section 409A or Section 457A of the Code or that any provision in the Plan would cause an option under the Plan to be subject to Section 409A or Section 457A of the Code, the Committee may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action the Committee determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Section 409A or Section 457A of the Code, but only to the extent any such amendments or action by the Committee would not violate Section 409A or Section 457A of the Code.  Notwithstanding the foregoing, the Corporation shall not have any obligation to indemnify or otherwise protect the Participant from any obligation to pay any taxes, interest or penalties pursuant to Section 409A or 457A of the Code.  The Corporation makes no representation that any option to purchase Ordinary Shares under the Plan is compliant with Section 409A or Section 457A of the Code.  

18
(ESPP – October 2017)

26.2    Tax Qualification.  Although the Corporation may endeavor to (i) qualify an option for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Corporation makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Section 27.1 hereof.  The Corporation shall be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the Plan.

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(ESPP – October 2017)

 

APPENDIX A

SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY
EMPLOYEE STOCK PURCHASE PLAN
PARTICIPATING EMPLOYERS

423 Plan

Seagate Technology (US) Holdings, Inc.
Seagate US LLC
Seagate Cloud Systems, Inc.
Seagate Federal, Inc.
Seagate Systems (US) Inc. (US employees)

Countries Covered by Non-423 Sub-Plan for Contractors (See Appendix B)
    
Turkey

Non-423 Sub-Plan (See Appendix C)

Seagate Technology Australia Pty. Limited
Seagate Technology Canada Inc.
Seagate Technology SAS 
Seagate Technology GmbH
Seagate Technology HDD (India) Private Limited
Seagate Technology Manufacturing (Hong Kong) Limited
Seagate Technology (Ireland)
Nippon Seagate Inc.
Seagate Technology (Netherlands) B.V.
Seagate Technology AB 
Seagate Technology Taiwan Ltd.
Seagate Technology UK Ltd. (including Dublin branch)
Seagate Technology (Suzhou) Co., Ltd. 
Seagate Technology International (Wuxi) Co. Ltd. 
Penang Seagate Industries (M) Sdn. Bhd. 
Seagate International (Johor) Sdn. Bhd.
Seagate Singapore International Headquarters Pte. Ltd.
Seagate Technology (Thailand) Limited
Seagate Technology Services (Shanghai) Co., Ltd.
Seagate Global Business Services (Malaysia) Sdn. Bhd.
Dot Hill Singapore Pte. Ltd.
Seagate Cloud Systems Japan Ltd.
Dot Hill Systems Germany GmbH

LaCie SPRL

A-1

        
        

 

LaCie Group S.A.S.
LaCie SAS
LaCie AB
LaCie GmbH
LaCie Electronique D2, S.A.
LaCie AG
LaCie Ltd. (UK employees)
Seagate Systems (Canada) Limited
Seagate Systems (Mexico) S.A. de C.V.
Seagate Systems (UK) Limited
Seagate Systems (Malaysia) Sdn Bhd.
Seagate Systems (Singapore) Pte Ltd.

A-2

        
        

 

APPENDIX B

SUBPLAN UNDER THE SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY EMPLOYEE STOCK PURCHASE PLAN

		
	1.
	Purpose.  The purpose of this subplan under the Seagate Technology Public Limited Company Employee Stock Purchase Plan (the “Subplan”) is to permit eligible contract workers who perform work for the Corporation (any one such individual a “Contractor,” and collectively, “Contractors”) in the countries designated from time to time by the Committee in its sole discretion and listed on Appendix A to the  Seagate Technology Public Limited Company Employee Stock Purchase Plan (the “Plan”) to participate in the Plan.  

		
	2.
	Terms of the Subplan.  The terms and conditions of the Subplan shall in all respects be identical to those set forth in the Plan except as set forth in this Subplan; provided, however, that the Subplan shall not be subject to the requirements of Section 423(b)(5) of the Code. Capitalized terms not otherwise defined in this Subplan shall have the same meaning as set forth in the Plan.

		
	3.
	Definition of Employee.  For purposes of the Subplan, references to Employees in the Plan shall include Contractors.  

		
	4.
	Subplan Countries.  The Committee shall have the authority in its sole discretion to amend the list of countries designated by the Committee and listed on Appendix A to the Plan as necessary and desirable and for such amendments to take effect as shall be determined by the Committee in its sole and absolute discretion. 

		
	5.
	Terms of the Plan.  Except as set forth above, Contractors who participate under the Plan shall be subject to the terms and conditions set forth in the Plan.

B-1

        
        

APPENDIX C

SUBPLAN UNDER THE SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY EMPLOYEE STOCK PURCHASE PLAN FOR CERTAIN EMPLOYEES OUTSIDE OF THE UNITED STATES

		
	1.
	Purpose.  The purpose of this subplan under the Seagate Technology Public Limited Company Employee Stock Purchase Plan (the “Subplan”) is to set forth requirements with respect to the participation by eligible Employees employed outside of the United States at Seagate Technology Australia Pty. Limited, Seagate Technology Canada Inc., Seagate Technology SAS, Seagate Technology GmbH, Seagate Technology HDD (India) Private Limited, Seagate Technology Manufacturing (Hong Kong) Limited, Seagate Technology (Ireland), Nippon Seagate Inc., Seagate Technology (Netherlands) B.V., Seagate Technology AB, Seagate Technology Taiwan Ltd., Seagate Technology UK Ltd. (including the Dublin branch), , Seagate Technology (Suzhou) Co. Ltd., Seagate Technology International (Wuxi) Co. Ltd., Penang Seagate Industries (M) Sdn. Bhd., Seagate International (Johor) Sdn. Bhd., Seagate Singapore International Headquarters Pte. Ltd., Seagate Technology (Thailand) Limited, Seagate Technology Services (Shanghai) Co. Ltd., Seagate Global Business Services (Malaysia) Sdn. Bhd., Dot Hill Singapore Pte. Ltd., Seagate Cloud Systems Japan Ltd., Dot Hill Systems Germany GmbH, LaCie SPRL, LaCie Group S.A.S., LaCie SAS, LaCie AB, LaCie GmbH, LaCie Electronique D2, S.A., LaCie AG, LaCie Ltd. (UK employees), Seagate Systems (Canada) Limited, Seagate Systems (Mexico) S.A. de C.V., Seagate Systems (UK) Limited, Seagate Systems (Malaysia) Sdn Bhd. and Seagate Systems (Singapore) Pte Ltd., in the Seagate Technology Public Limited Company Employee Stock Purchase Plan (the “Plan”).

		
	2.
	Terms of the Subplan.  Except as set forth in this Subplan, the terms and conditions of the Subplan shall in all respects be identical to those set forth in the Plan; provided, however, that the Subplan shall not be subject to the requirements of Section 423(b)(5) of the Code.  Capitalized terms not otherwise defined in this Subplan shall have the same meaning as set forth in the Plan.

		
	3.
	Eligibility.  Employees of Seagate Technology UK Ltd. (“Seagate UK”) or any branch office of Seagate UK who are located in Russia shall not be eligible to participate in the Plan.

C-1

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