Document:

Exhibit 4.19

 

EXECUTION VERSION

 

AMENDED AND RESTATED 

AGREEMENT AMONG NOTE HOLDERS

 

Dated as of September 23, 2016

 

by and among

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee, for the benefit of the Holders of Morgan Stanley Capital I Trust 2016-UBS11 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS11,

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

 

and

 

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-3-1 Holder)

 

and

 

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-3-2 Holder)

 

132 West 27th Street

 

     

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Section 1.            Definitions	2
	Section 2.            Servicing of the Mortgage Loan	17
	Section 3.            Priority of Payments	23
	Section 4.            Workout	25
	Section 5.            Administration of the Mortgage Loan	25
	Section 6.            Rights of the Controlling Note Holder	29
	Section 7.            Appointment of Special Servicer	32
	Section 8.            Payment Procedure	33
	Section 9.            Limitation on Liability of the Note Holders	34
	Section 10.          Bankruptcy	35
	Section 11.          Representations of the Note Holders	35
	Section 12.          No Creation of a Partnership or Exclusive Purchase Right	36
	Section 13.          Other Business Activities of the Note Holders	36
	Section 14.          Sale of the Notes	36
	Section 15.          Registration of the Notes and Each Note Holder	39
	Section 16.          Governing Law; Waiver of Jury Trial	40
	Section 17.          Submission To Jurisdiction; Waivers	40
	Section 18.          Modifications	41
	Section 19.          Statement of Intent	41
	Section 20.          Successors and Assigns; Third Party Beneficiaries	41
	Section 21.          Counterparts	41
	Section 22.          Captions	41
	Section 23.          Severability	42
	Section 24.          Entire Agreement	42
	Section 25.          Withholding Taxes	42
	Section 26.          Custody of Mortgage Loan Documents	43
	Section 27.          Cooperation in Securitization	43
	Section 28.          Notices	44
	Section 29.          Broker	44
	Section 30.          Certain Matters Affecting the Agent	45
	Section 31.          Reserved	45
	Section 32.          Resignation or Termination of Agent	45
	Section 33.          Resizing	46

 

    -i- 

    	 

    

 

This AMENDED AND RESTATED
AGREEMENT AMONG NOTE HOLDERS (this “Agreement”), dated as of September 23, 2016 by and among WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Trustee, for the benefit of the Holders of MORGAN STANLEY CAPITAL I TRUST 2016-UBS11 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-UBS11 (“Note A-1 Holder” and “Note A-2 Holder,”
and their respective successors and assigns) and CANTOR COMMERCIAL REAL ESTATE LENDING, L.P. (“CCRE” (together
with its successors and assigns in interest), as owner of Note A-3-1 described below, in its capacity as the “Note A-3-1
Holder”), and as owner of Note A-3-2 described below, in its capacity as the “Note A-3-2 Holder”);
the Note A-1 Holder, the Note A-2 Holder, the Note A-3-1 Holder and the Note A-3-2 Holder are referred to collectively herein as
the “Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), UBS Real Estate Securities Inc. (“UBSRES”) 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 three promissory notes, each dated as of the respective dates set forth in Exhibit A
hereto: (i) one promissory note designated Promissory Note A-1 made by the Mortgage Loan Borrower in favor of UBSRES in the original
principal amount of $38,250,000.00, (ii) one promissory note designated Promissory Note A-2 made by the Mortgage Loan Borrower
in favor of UBSRES in the original principal amount of $30,000,000.00 and (iii) one promissory note designated Promissory
Note A-3 made by the Mortgage Loan Borrower in favor of CCRE in the original principal amount of $36,750,000.00. The note referenced
in clause (i) of the preceding sentence, as amended, modified or supplemented, is referred to herein as “Note
A-1”; the note referenced in clause (ii) of the preceding sentence, as amended, modified or supplemented,
is referred to herein as “Note A-2”; the note referenced in clause (iii) of the preceding sentence,
as amended, modified or supplemented, is referred to herein as “Note A-3”. Note A-1, Note A-2 and Note A-3 are
collectively referred to herein as the “Notes”. The Notes are secured by a first mortgage (as amended, modified
or supplemented, the “Mortgage”) on certain real property located as described on the Mortgage Loan Schedule
(the “Mortgaged Property”), and such Notes were subject to the Agreement between Note Holders dated as of August
25, 2016 between UBSRES, as Holder of Note A-1, UBSRES, as Holder of Note A-2 and CCRE, as Holder of Note A-3 (the “Original
CLA”);

 

WHEREAS, CCRE, as the
holder of Note A-3 (and pursuant to Section 33 of the Original CLA) severed Note A-3 into two component Notes (Note A-3-1, in the
original principal amount of $32,250,000 and Note A-3-2 in the original principal amount of $4,500,000, together, the “New
A-3 Notes”) and caused the Borrower to execute the New A-3 Notes, which New A-3 Notes each have the same interest rate
as Note A-3;

 

WHEREAS, UBSRES, as the
initial Holder of Note A-1 and Note A-2 sold, transferred and assigned its right, title and interest in and to Note A-1 and Note
A-2 to Morgan

 

    -1-

    	 

    

 

Stanley Capital I Inc. (“MSCI”) pursuant to a Mortgage Loan Purchase Agreement dated as of August
12, 2016, between MSCI, as purchaser, and UBSRES, as seller, and MSCI transferred its right, title and interest in and to Note
A-1 and Note A-2 to Wells Fargo Bank, National Association, as trustee for Morgan Stanley Capital I Trust 2016-UBS11 under a pooling
and servicing agreement, dated as of August 1, 2016 (the “Note A-1 PSA”), among MSCI, as depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer, CWCapital Asset Management LLC, as special servicer,
Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Wells Fargo Bank, National Association,
as trustee and Wells Fargo Bank, National Association as certificate administrator, certificate registrar, authenticating agent
and custodian;

 

WHEREAS, CCRE intends
to sell, transfer and assign its right, title and interest in and to Note A-3-1 to Citigroup Global Markets Realty Corp. (“Citigroup”),
as purchaser, pursuant to a Mortgage Loan Purchase Agreement to be dated as of the date hereof;

 

WHEREAS, CCRE has been
informed that Citigroup intends to sell, transfer and assign its right, title and interest in and to Note A-3-1 to Citigroup Commercial
Mortgage Securities, Inc. (“CGCMS Depositor”), as depositor pursuant to a Mortgage Loan Purchase and Sale Agreement
to be dated as of October 1, 2016 by and between CGCMS Depositor, as purchaser, and Citigroup, as seller, and CGCMS Depositor intends
to transfer its right, title and interest in and to Note A-3-1 to Deutsche Bank Trust Company Americas, as trustee for the CGCMT
2016-P5 Mortgage Trust under a pooling and servicing agreement, to be dated as of October 1, 2016 (the “Note A-3-2 PSA”),
among CGCMS Depositor, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, LNR
Partners, LLC, as special servicer, Deutsche Bank Trust Company Americas, as trustee and custodian, Citibank, N.A., as certificate
administrator and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer (such sales, transfers
and assignments, the “Note A-3-2 Securitization”);

 

WHEREAS, the Note A-3-2
Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note
A-3-2 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or
more mortgage loans; and

 

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

 

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

 

    -2-

    	 

    

 

respective
meanings set forth below unless the context clearly requires otherwise. Whenever a term is defined as having the meaning set forth
in the Lead Securitization Servicing Agreement or substantially similar language, it shall be deemed to refer to the definition
of such term (or if no such definition exists, the definition of any term substantially similar thereto) as is set forth in the
Lead Securitization Servicing Agreement.

 

“Acceptable
Insurance Default” shall have the meaning set forth in the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Agent”
shall mean the Master Servicer.

 

“Agent Office”
shall mean the designated office of the Agent, 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 among Note Holders, any exhibits and schedules hereto and all amendments hereof and thereof and supplements
hereto and thereto.

 

“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 a Non-Lead Asset Representations Reviewer, as contemplated
by Item 1101(m) of Regulation AB.

 

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

 

“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 that is a CDO, shall mean the entity that 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 the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement.

 

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

 

    -3-

    	 

    

 

“Commission”
shall have the meaning assigned to such term in Exhibit D to this 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, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Controlling
Note” shall mean Note A-1.

 

“Controlling
Note Holder” shall mean the holder of the Controlling Note; provided that at any time the Controlling Note
is included in a Securitization, references to the “Controlling Note Holder” herein shall mean the holders of the majority
of the class of securities issued in such Securitization designated as the “controlling class” or any other party that
is assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided
in the related Securitization Servicing Agreement; provided that for so long as 50% or more of the Controlling Note is held
by (or the party assigned the rights to exercise the rights of the “Controlling Note Holder” (as described above) is)
the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, the Controlling Note (and such party assigned the rights
to exercise the rights of the “Controlling Note Holder” as described above) shall not be entitled to exercise any rights
of the Controlling Note Holder, and there shall be deemed to be no Controlling Note Holder hereunder.

 

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

 

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

 

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

 

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

 

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

 

    -4-

    	 

    

 

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

 

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

 

“Initial Agent”
shall mean UBSRES.

 

“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 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 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, 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 have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

 

“Interested
Person” shall mean the Depositor, any Non-Lead Depositor, the Master Servicer, any Non-Lead Master Servicer, the Special
Servicer, any Non-Lead Special Servicer, the Trustee, any Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged
Property, any independent contractor engaged by any of the foregoing parties, the Controlling Note Holder, the Controlling Note
Holder Representative, any Non-Controlling Note Holder, any Non-Controlling Note Holder Representative, any holder of a related
mezzanine loan, or any known Affiliate of any such party described above.

 

“Intervening
Trust Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity that 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 Depositor”
shall mean the Depositor under the Lead Securitization Servicing Agreement.

 

“Lead Securitization”
shall mean the Note A-1 Securitization.

 

“Lead Securitization
Controlling Class Representative” shall mean the “Controlling Class Representative” as defined in the Lead
Securitization Servicing Agreement.

 

    -5-

    	 

    

 

“Lead Securitization
Note” shall mean Note A-1.

 

“Lead Securitization
Note Holder” shall mean the Note A-1 Holder.

 

“Lead Securitization
Servicing Agreement” shall mean the Note A-1 PSA; provided, that during any period that the Mortgage Loan is no longer
subject to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement”
shall be determined in accordance with the second paragraph of Section 2(a).

 

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

 

“Major Decisions”
shall mean each “Major Decision” as defined in the Lead Securitization Servicing Agreement.

 

“Master Servicer”
shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

 

“Master Servicer
Remittance Date” shall mean the “Master Servicer Remittance Date” (or analogous term) as defined in the Lead
Securitization Servicing Agreement.

 

“Monthly Payment
Date” shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

 

“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 August 3, 2016, between UBSRES, as lender, CCRE, as lender, and
the Mortgage Loan Borrower, 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.

 

    -6-

    	 

    

 

“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.

 

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

 

“New Notes”
shall have the meaning assigned to such term in Section 33.

 

“Non-Controlling
Note” means each of Note A-2, Note A-3-1 and Note A-3-2 and any New Note designated as a “Non-Controlling
Note” hereunder pursuant to Section 33.

 

“Non-Controlling
Note Holder” means any holder of a Non-Controlling Note; provided that at any time such holder’s respective
Note is included in a Securitization, references to such “Non-Controlling Note Holder” herein shall mean the “Directing
Certificateholder”, “Directing Holder”, “Controlling Class Representative” or any other party assigned
the rights to exercise the rights of such “Non-Controlling Note Holder” hereunder, as and to the extent provided in
the related Non-Lead Securitization Servicing Agreement (including without limitation subject to any restrictions applicable to
the Mortgage Loan Borrower or affiliates of the Mortgage Loan Borrower provided in the 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 that for so long as 50% or more of any Non-Controlling Note is held by (or the majority “controlling
class” holder or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder”
(as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, such Non-Controlling Note (and
the majority “controlling class” holder or other party assigned the rights to exercise the rights of such “Non-Controlling
Note Holder” as described above) shall not be entitled to exercise any rights of such Non-Controlling Note Holder, and there
shall be deemed to be no Non-Controlling Note Holder hereunder with respect to such Non-Controlling Note. 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 as the representative of the “controlling class” holder(s) in respect of any Note that is exercising
the rights of a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement (it being
understood for the avoidance of doubt that the Lead Securitization Note Holder (or the Master Servicer or Special Servicer on its
behalf) may additionally need to deal with the master servicer, special servicer or other person party to the related Securitization
Servicing Agreement) and to the extent that the related Securitization Servicing Agreement assigns such rights to more than one
such party as the representative of the “controlling class” holder(s), for purposes of this Agreement, such Securitization
Servicing Agreement shall designate one such party to deal with the Lead Securitization Note Holder (or the Master Servicer or
the Special Servicer acting on its behalf) as the representative of the related “controlling class” holder(s) in exercising
its rights as a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement, and such
party shall 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

 

    -7-

    	 

    

 

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 applicable Non-Controlling Note Holder, as the applicable
Non-Controlling Note Holder under this Agreement.

 

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

 

“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 any 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 party acting as “asset representations reviewer” (within the meaning
of Item 1101(m) of Regulation AB) under any Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Certificate
Administrator” shall mean the “certificate administrator” 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 mean the master servicer under any Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Operating
Advisor” shall mean the trust advisor, operating advisor or other analogous term under any Non-Lead Securitization Servicing
Agreement.

 

“Non-Lead Securitization”
shall mean any Securitization of a Non-Lead Securitization Note.

 

“Non-Lead Securitization
Determination Date” shall mean the “determination date” (or any term substantially similar thereto) as defined
in the related Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Securitization
Notes” shall mean Note A-2, Note A-3-1 and Note A-3-2.

 

“Non-Lead Securitization
Note Holders” shall mean the Note A-2 Holder, the Note A-3-1 Holder and the Note A-3-2 Holder.

 

“Non-Lead Securitization
Servicing Agreement” shall mean the Note A-3-1 PSA and the Note A-3-2 PSA, as applicable.

 

    -8-

    	 

    

 

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

 

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

 

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

 

“Non-Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is not a Securitizing Note Holder with
respect to such Securitization.

 

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

 

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

 

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

 

“Note A-1 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory Note A-1
Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -9-

    	 

    

 

“Note A-2 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory Note A-2
Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

 

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

 

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

 

“Note A-3-1”
shall have the meaning assigned to such term in the recitals.

 

“Note A-3-1
Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

 

“Note A-3-1
Master Servicer” shall mean the master servicer under the Note A-3-1 PSA.

 

“Note A-3-1
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory
Note A-3-1 Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by
the Note A-3-1 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

 

“Note A-3-1
PSA” shall mean the pooling and servicing agreement entered into in connection with the Note A-3-1 Securitization.

 

“Note A-3-1
Securitization” shall mean the first sale by the Note A-3-1 Holder of all or a portion of Note A-3-1 to a depositor who
will in turn include such portion of Note A-3-1 as part of the securitization of one or more mortgage loans.

 

“Note A-3-1
Securitization Date” shall mean the closing date of the Note A-3-1 Securitization.

 

“Note A-3-1
Special Servicer” shall mean the special servicer under the Note A-3-1 PSA.

 

“Note A-3-1
Trustee” shall mean the trustee under the Note A-3-1 PSA.

 

“Note A-3-1
Trust Fund” shall mean the trust formed pursuant to the Note A-3-1 PSA.

 

“Note A-3-2”
shall have the meaning assigned to such term in the recitals.

 

“Note A-3-2
Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

 

    -10-

    	 

    

 

“Note A-3-2
Master Servicer” shall mean the master servicer under the Note A-3-2 PSA.

 

“Note A-3-2
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory
Note A-3-2 Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by
the Note A-3-2 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

 

“Note A-3-2
PSA” shall mean the pooling and servicing agreement entered into in connection with the Note A-3-2 Securitization.

 

“Note A-3-2
Securitization” shall mean the first sale by the Note A-3-2 Holder of all or a portion of Note A-3-2 to a depositor who
will in turn include such portion of Note A-3-2 as part of the securitization of one or more mortgage loans.

 

“Note A-3-2
Securitization Date” shall mean the closing date of the Note A-3-2 Securitization.

 

“Note A-3-2
Special Servicer” shall mean the special servicer under the Note A-3-2 PSA.

 

“Note A-3-2
Trustee” shall mean the trustee under the Note A-3-2 PSA.

 

“Note A-3-2
Trust Fund” shall mean the trust formed pursuant to the Note A-3-2 PSA.

 

“Note Holder
Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative,
as applicable (including any Lead Securitization Controlling Class Representative and any “directing certificateholder”,
“controlling class representative” or similar person acting pursuant to a Securitization Servicing Agreement on behalf
of the Controlling Note Holder or the Non-Controlling Note Holder, as the case may be).

 

“Note Holders”
shall mean collectively, the Note A-1 Holder, the Note A-2 Holder, the Note A-3-1 Holder and the Note A-3-2 Holder.

 

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

 

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

 

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

 

“Operating Advisor”
shall mean the trust advisor, operating advisor or other analogous term appointed as provided in the Lead Securitization Servicing
Agreement.

 

“P&I Advance”
shall mean an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service
payment on the Note securitized pursuant to such Securitization Servicing Agreement.

 

    -11-

    	 

    

 

“Percentage
Interest” shall mean, (a) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator
of which is the Note A-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note
A-2 Principal Balance, the Note A-3-1 Principal Balance and the Note A-3-2 Principal Balance, (b) with respect to the Note
A-2 Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-2 Principal Balance and the denominator
of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3-1 Principal Balance and the
Note A-3-2 Principal Balance, (c) with respect to the Note A-3-1 Holder, a fraction, expressed as a percentage, the numerator of
which is the Note A-3-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2
Principal Balance, the Note A-3-1 Principal Balance and the Note A-3-2 Principal Balance and (d) with respect to the Note A-3-2
Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-3-2 Principal Balance and the denominator of
which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3-1 Principal Balance and the Note
A-3-2 Principal Balance.

 

“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 relating to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000
and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

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

 

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

 

“Pro Rata and
Pari Passu Basis” shall mean with respect to the Notes and the Note Holders, the allocation of any particular payment,
collection, cost, expense, liability or other amount between such Notes or such Note Holders, as the case may be, without any priority
of any such Note or any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that
each Note or Note Holder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection,
cost, expense, liability or other amount.

 

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

 

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

 

(b)           in the event that CCRE sells Note A-3-2 to Citigroup, an entity Controlled by under common Control with or that Controls
Citigroup, or

 

(c)           the trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CDO comprised of,
or other securitization vehicle involving,

 

    -12-

    	 

    

 

assets deposited
or transferred by a Note Holder and/or one or more Affiliates (whether with assets from others or not), provided that the
securities issued in connection with such CDO or other securitization vehicle are rated by each of the Rating Agencies that assigned
a rating to one or more classes of securities issued in connection with the Lead Securitization, or

 

(d)          one or more of the following:

 

(i)          an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension
plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust, 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 (“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 that Securitization (it being understood that with respect to any Rating
Agency that assigned such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will
not be required in connection with a transfer of such Note or any interest therein to such Securitization Vehicle); (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

 

(iv)        an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise

 

    -13-

    	 

    

 

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 (without regard to the capital surplus/equity and total
asset requirements set forth below in the definition), or

 

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

 

in the case of any entity referred
to in clause (c)(i), (ii), (iii), (iv)(B) or (v) of this definition, (x) such entity
has at least $200,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory
firm or similar fiduciary) and at least $600,000,000 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

 

(e)          any entity Controlled by any of the entities described in clause (c)(i), (ii), (iv)(B) or (v)
above or that is the subject of a Rating Agency Confirmation as a Qualified Institutional Lender for purposes of this Agreement
from each of the Rating Agencies engaged by the Depositor and any Non-Lead Depositor to rate the securities issued by the related
Securitization Trust.

 

“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 (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s
and S&P).

 

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

 

    -14-

    	 

    

 

(or its Affiliate) from time to time to rate the securities issued in connection
with the Securitizations of the Notes.

 

“Rating Agency
Communication” shall mean, with respect to any action and any Securitization, any written communication intended for
a Rating Agency, which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document
format suitable for website posting to the 17g-5 information provider under the applicable Securitization Servicing Agreement.

 

“Rating Agency
Confirmation” shall mean, with respect to any Securitization, a confirmation in writing by each of the applicable Rating
Agencies for such Securitization that the occurrence of the event with respect to which such Rating Agency Confirmation is sought
shall not result in a downgrade, qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency
to any of the securities issued pursuant to such Securitization that are then outstanding. If no such securities are outstanding
with respect to any Securitization, any action that would otherwise require a Rating Agency Confirmation shall instead require
the consent of the Lead Securitization Note Holder, which consent shall not be unreasonably withheld or delayed. For the purposes
of this Agreement, if any Rating Agency shall waive, decline or refuse to review or otherwise engage any request for Rating Agency
Confirmation hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition
that a Rating Agency Confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity,
any such waiver, declination or refusal to review or otherwise engage in any request for a Rating Agency Confirmation hereunder
shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for a Rating Agency
Confirmation hereunder and the condition for Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall
apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

“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 rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case
as effective from time to time as of the compliance dates specified therein.

 

“REMIC”
shall mean a real estate mortgage investment conduit within the meaning 860D(a) of the Code.

 

“REMIC Provisions”
shall mean provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed
regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

    -15-

    	 

    

 

“REO Property”
shall have the meaning assigned to the term “REO Property” or such other analogous term used in the Lead Securitization
Servicing Agreement.

 

“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, such special servicer has a ranking by Morningstar
equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a ranking with
respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan securitization
that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not
downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities,
(v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS,
such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS within
the twelve (12) month period prior to the date of determination 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 special servicer of such commercial mortgage securities as a material reason for such downgrade or
withdrawal.

 

“S&P”
shall mean S&P Global Ratings, 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.

 

“Securities
Act” shall mean the Securities Act of 1933.

 

“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3-1 Securitization or the Note A-3-2 Securitization,
as applicable.

 

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

 

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

 

    -16-

    	 

    

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which one or more of the Notes are held.

 

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

 

“Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.

 

“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 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 Standard”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing
Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the
Mortgage Loan, must take into account the interests of each Note Holder.

 

“Special Servicer”
shall mean the special servicer or excluded mortgage loan special servicer, as applicable, appointed as provided in the Lead Securitization
Servicing 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(a).

 

“Trustee”
shall mean the trustee appointed as provided in the Lead Securitization Servicing Agreement.

 

“UBSRES”
shall have the meaning assigned to such term in the preamble to this 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,

 

    -17-

    	 

    

 

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 by the Note
A-1 Master Servicer and the Note A-1 Special Servicer pursuant to the terms of this Agreement and the Note A-1 PSA; provided
that the Master Servicer shall not be obligated to advance monthly payments of principal or interest in respect of any Note
other than the Lead Securitization Note if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated
to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property
and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing
Agreement. 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 27, 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 and the Trustee under
the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note
Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the
Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder hereby 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). The Lead Securitization Servicing Agreement shall not limit the Servicer in enforcing the rights of one Note Holder
against any other Note Holder as may be required in order to service the Mortgage Loan as contemplated by this Agreement and the
Lead Securitization Servicing Agreement; provided, that it is also understood and agreed that nothing in this sentence
shall 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 (i) to service the Mortgage Loan in accordance with the
Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law,
(ii) to provide information to each servicer under each Non-Lead Securitization Servicing Agreement necessary to enable each
such servicer to perform its servicing duties under such Non-Lead Securitization Servicing Agreement, and (iii) to 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

 

    -18-

    	 

    

 

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 and all references herein to the “Lead Securitization
Servicing Agreement” shall mean such subsequent servicing agreement; provided, that if a Non-Lead Securitization
Note is in a Securitization and the servicer(s) to be appointed under such replacement servicing agreement would not otherwise
meet the conditions to be a servicer under the Lead Securitization Servicing Agreement that is being replaced, then a Rating Agency
Confirmation shall have been obtained from each Rating Agency with respect to the securities issued in connection with such Securitization
for such Non-Lead Securitization Note; provided, further, 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 were still in full force and effect with respect to the Mortgage
Loan, by the applicable Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder
that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement. The Note Holders acknowledge
that at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement,
the Master Servicer shall have no further obligation to make P&I Advances with respect to the Mortgage Loan.

 

(b)           The Master Servicer shall be the lead 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) shall make the following advances, subject to the terms of
the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I
Advances on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled
to reimbursement for a Servicing Advance, first, from funds on deposit in the Collection Account (as defined
in the Lead Securitization Servicing Agreement) and/or the related Serviced Companion Loan Custodial Account (as defined in the
Lead Securitization Servicing Agreement) for the Mortgage Loan that (in any case) represent amounts received on or in respect of
the Mortgage Loan, and then, in the case of Servicing Advances that are Nonrecoverable Advances, if such funds on
deposit in the Collection Account and the related Serviced Companion Loan Custodial Account are insufficient, from general collections
of the Lead Securitization as provided in the Lead Securitization Servicing Agreement. The Master Servicer, the Special Servicer
and the Trustee, as applicable, shall be entitled to reimbursement for Advance Interest on a Servicing Advance (including any Nonrecoverable
Advance) in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections
of the Lead Securitization. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee,
as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Servicing Advance that
is a Nonrecoverable Advance or any Advance Interest on a Servicing Advance (including any Nonrecoverable Advance), each Non-Lead
Securitization Note Holder (including any Securitization Trust into which such Non-Lead Securitization Note is deposited) shall
be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share
of such Nonrecoverable Advance or Advance Interest.

 

In addition, any Non-Lead
Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization Note
is deposited) shall be

    -19-

    	 

    

 

required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse
the Lead Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Depositor or CREFC®, as applicable,
is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the related
Serviced Companion Loan Custodial Account are insufficient for reimbursement of such amounts. Each Non-Lead Securitization Note
Holder agrees to indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following
parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing
Agreement) each of the Depositor under the Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee and the Operating Advisor (and any director, officer, member, manager, 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 other mortgage loans) (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”) to the extent of its pro rata share of such Indemnified Items,
and to the extent amounts on deposit in the related Serviced Companion Loan Custodial Account are insufficient for reimbursement
of such amounts, each Non-Lead Securitization Note Holder shall be required to, promptly following notice from the Master Servicer,
the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for its pro rata share of the
insufficiency; provided, that a Non-Lead Securitization Note Holder’s duty to pay Indemnified Items to the Operating
Advisor shall be subject to any limitations and conditions (including limitations and conditions with respect to the timing of
such payments and the sources of funds for such payments) as may be set forth from time to time in a Non-Lead Securitization Servicing
Agreement with respect to the Non-Lead Operating Advisor.

 

Any Non-Lead Master Servicer
(or Non-Lead Trustee (if not made by such Non-Lead Master Servicer)) may be required to make P&I Advances on the respective
Non-Lead Securitization Note, from time to time, subject to the terms of the related Non-Lead Securitization Servicing Agreement,
the Lead Securitization Servicing Agreement and this 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
Note based on the information that they have on hand and in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead
Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee under any Non-Lead Securitization Servicing Agreement, as applicable,
shall each be entitled to make its own recoverability determination with respect to a P&I Advance to be made on the related
Non-Lead Securitization Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization
Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer or Non-Lead Trustee,
as applicable, shall each be required to notify the other of the amount of its P&I Advance within two (2) Business Days of
making such

 

    -20-

    	 

    

 

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, Non-Lead Special Servicer or Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization
Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would
be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that
a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, 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 Non-Lead
Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the case of the a determination of non-recoverability
by a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee,
or the related Non-Lead Master Servicer and the related Non-Lead Trustee, as the case may be, of such other Securitization within
two (2) Business Days of making such determination. Each of the Master Servicer and the Trustee, any Non-Lead Master Servicer and
any Non-Lead Trustee, as applicable, shall only be entitled to reimbursement for a P&I Advance and Advance Interest thereon
that becomes non-recoverable first, from the related Serviced Companion Loan Custodial Account from amounts
allocable to the Note for which such P&I Advance was made, and then, if such funds are insufficient, (i) in
the case of the Lead Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the
Lead Securitization Servicing Agreement and (ii) in the case of a Non-Lead Securitization Note, from general collections of
the related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

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

 

(i)           such
Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Servicing Advances that are Nonrecoverable
Advances (and Advance Interest thereon) and any Additional Trust Expenses, but only to the extent that they relate to servicing
and administration of the Notes and the Mortgaged Property, including without limitation, any unpaid Special Servicing Fees, Liquidation
Fees and Workout Fees relating to the Notes, and that in the event that the funds received with respect to each respective Note
are insufficient to cover such Servicing Advances or Additional Trust Expenses, (x) the related Non-Lead Master Servicer
will be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, pay or reimburse,
pay or reimburse the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, out of
general collections in the collection account (or equivalent account) established under such Non-Lead Securitization Servicing
Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Servicing Advances that are Nonrecoverable
Advances and/or Additional Trust Expenses, and (y) if the Lead Securitization Servicing Agreement permits the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor to reimburse itself from the Lead Securitization
Trust’s general collections, then the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or
the

 

    -21-

    	 

    

 

 Operating Advisor, as applicable, may do so and the related Non-Lead Master Servicer will be required to, promptly following
notice from the Master Servicer, the Special Servicer or the Trustee, pay or reimburse the Lead Securitization Trust out of general
collections in the collection account (or equivalent account) established under such Non-Lead Securitization Servicing Agreement
for such Non-Lead Securitization Note Holder’s pro rata share of any such Servicing Advances that are Nonrecoverable
Advances (and Advance Interest thereon) and/or Additional Trust Expenses;

 

(ii)          each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of
Lead Securitization Servicing Agreement) by the Securitization Trust holding such Non-Lead Securitization Note, against any of
the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit
in the related Serviced Companion Loan Custodial Account are insufficient for reimbursement of such amounts, the related Non-Lead
Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the
insufficiency out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization
Servicing Agreement; provided, that a Non-Lead Securitization Servicing Agreement shall be deemed to include the same limitations
and conditions on the payment or reimbursement of Indemnified Items to the Operating Advisor (including limitations and conditions
with respect to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements) as
may be set forth from time to time in the Non-Lead Securitization Servicing Agreement with respect to the Non-Lead Operating Advisor;

 

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

 

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

 

(d)           Prior to the Securitization of any Note (including any New Note), all notices, reports, information or other deliverables
required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead

 

    -22-

    	 

    

 

Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the
related Note Holder (or its Note Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative,
as applicable), 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 the Securitization of any Note (including any New Note), as applicable, all notices, reports, information
or other deliverables required to be delivered to a 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) shall be
delivered to the master servicer and the special servicer with respect to such Securitization (who then may forward such items
to the party entitled to receive such items as and to the extent provided in the related Securitization Servicing Agreement) and,
when so delivered to such master servicer and the 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; provided, however, that all items that relate to a Non-Lead
Depositor’s compliance with any applicable securities laws shall also be delivered to such Non-Lead Depositor.

 

(e)           In addition to the foregoing, each Securitization Servicing Agreement shall contain terms and conditions that are customary
for securitization transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code
relating to the tax elections of the trust fund formed pursuant to such Securitization Servicing Agreement, (ii) required
by law or changes in any law, rule or regulation or (iii) requested by the Rating Agencies rating the related Securitization.
Each Non-Lead Securitization Note Holder shall have the right to designate the Non-Lead Master Servicer and Non-Lead Special Servicer
with respect to the Securitization related to its Note, as long as each such Servicer satisfies the conditions to be the master
servicer or special servicer, as applicable, set forth in the Lead Securitization Servicing Agreement. Without limiting the generality
of any provision set forth above, for purposes of the Mortgage Loan, the Lead Securitization Servicing Agreement shall contain
(a) provisions requiring the Master Servicer and the Special Servicer to maintain, or subjecting them to possible termination
for not maintaining, compliance with customary servicer rating criteria (but the rating agencies need not be the same) and, subject
to Section 2(g), (b) provisions substantially similar in all material respects to or materially consistent with those
set forth in Note A-1 PSA with respect to (i) periodic reporting and periodic delivery of service provider compliance documents
under Regulation AB (and, in any event, each Securitization Servicing Agreement shall require such reporting and delivery so long
as the Lead Securitization is required to file periodic reports under the Securities Exchange Act of 1934, as amended), (ii) servicing
transfer events that would result in the transfer of the Mortgage Loan to special servicing status, (iii) the authority of
the Controlling Note Holder (or the Master Servicer or Special Servicer on its behalf) to grant or agree or consent to material
modifications and waivers of amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional
indebtedness in connection with the Mortgage Loan, (iv) the potential termination of the Master Servicer and Special Servicer
following a Servicer Termination Event, (v) requirements to obtain an appraisal or appraisal update following a transfer of
the Mortgage Loan to special servicing status and periodic updates thereof, (vi) duties of the Special Servicer in respect
of foreclosure and the management of REO property, (vii) primary servicing fees,

 

    -23-

    	 

    

 

(viii) special servicing, workout and liquidation
fees (and, in any event, the fees at which such compensation accrue or are determined shall not exceed 0.25% (or, if such rate
would result in a special servicing fee that would be less than $2,000 in any given month, such higher rate as would result in
a special servicing fee equal to $2,000), 1.00% and 1.00%, respectively) and (ix) indemnification of the Depositor, Master Servicer,
Special Servicer, Certificate Administrator, Trustee and Operating Advisor under the Lead Securitization Servicing Agreement (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 other mortgage loans) 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 servicing and administration of the Mortgage Loan (or, with respect to the related operating advisor, incurred in connection
with the provision of services for the Mortgage Loan) to the same extent that the Indemnified Parties are indemnified under the
Lead Securitization Servicing Agreement against the Indemnified Items; provided, that (A) this statement shall not be construed
to prohibit differences in timing, control or consultation triggers or thresholds, terminology, allocation of ministerial duties
between multiple servicers or other service providers or certificateholder or investor voting or consent thresholds, or to prohibit
or restrict additional approval, consent, consultation, notice or rating agency communication and rating agency confirmation requirements;
and (B) if there is any conflict between this sentence and any other provision of this Agreement, such other provision of this
Agreement shall control.

 

(f)            The Lead Securitization Note Holder shall cause the Lead Securitization Servicing Agreement to contain provisions requiring
the Master Servicer to deliver to any Non-Lead Master Servicer, any Non-Lead Special Servicer and any Non-Lead Trustee (i) notice
of any Appraisal Event promptly following the occurrence thereof and (ii) a statement of any Appraisal Reduction or Collateral
Deficiency Amount (if the Lead Securitization Servicing Agreement provides for calculation of any Collateral Deficiency Amount)
promptly following the calculation thereof.

 

(g)           The Lead Securitization Servicing Agreement shall contain the provisions
as set forth on Exhibit D to this Agreement (and to the extent such provisions are not included in the Lead Securitization Servicing
Agreement, such provisions shall be deemed incorporated therein and made a part thereof).

 

Section 3.           Priority
of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion
of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment
on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof,
whether received in the form of Scheduled Interest Payments, Scheduled Principal Payments, any proceeds from the sale or distribution
of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral
or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other than proceeds, awards or settlements
to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with
the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), shall be applied by the Lead Securitization
Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required
reserves

 

    -24-

    	 

    

 

or escrows required by the Mortgage Loan Documents (to the extent and in accordance with the
terms of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on account of recoveries
in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer
under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms
of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer with respect to
the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other additional compensation payable to it thereunder
(including without limitation, any Additional Trust Expenses relating to the Mortgage Loan (but subject to the second paragraph
of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout
Fees, Penalty Charges (to the extent provided in the immediately following paragraph), but excluding (i) any P&I Advances (and
interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof, and
(ii) any Master Servicing Fees due to the Master Servicer in excess of each Non-Lead Securitization Note’s pro rata
share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage
Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions
of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement.

 

For clarification purposes,
“Penalty Charges” (or analogous term as defined in the Lead Securitization Servicing Agreement) paid on each Note
shall, first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to
pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement
of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used
to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, any Non-Lead
Master Servicer or any Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such
Note by such party (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing
Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the
amount necessary to pay Additional Trust Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees)
incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with
respect to any remaining amount of Penalty Charges, pro rata, to the Lead Securitization Note (to be paid to the Master Servicer
and/or the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement) and
to each Non-Lead Securitization Note (to be paid, (x) prior to the securitization of such Note, to the related Note Holder and
(y) following the securitization of such Note, to the Master Servicer and/or the Special Servicer as additional servicing compensation
as provided in the Lead Securitization Servicing Agreement).

 

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

 

    -25-

    	 

    

 

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 equal priorities of each Note as described in Section 3.

 

Section 5.            Administration of the Mortgage Loan.

 

(a)           Subject to this Agreement (including, without limitation, Section 5(c)) and the Lead Securitization Servicing
Agreement and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf), 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 to 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-Lead Securitization 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, no Non-Lead Securitization Note Holder shall have any
right to, and each Non-Lead Securitization Note Holder 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 its behalf) the rights, if any, that such Note
Holder has from and after the initial Securitization Date 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 its behalf) shall not have any fiduciary duty to any Non-Lead Securitization 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) or any liability for failure to do so).

 

Each 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), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together 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 Notes together as notes evidencing one whole loan and shall require that all
offers be submitted to the Special Servicer in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan
shall be determined by the Special Servicer (unless the offeror is an Interested Person, in which case the Trustee shall make
such determination); provided, that no offer from an Interested Person shall constitute a fair price unless (i) it
is the highest offer received and (ii) at least two bona fide other offers are received from independent third parties.
In determining whether any offer received represents a fair price for the Mortgage Loan, the

 

    -26-

    	 

    

 

Trustee or the Special Servicer, as applicable, shall be supplied with and shall
rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement
within the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select
the appraiser conducting any such new Appraisal. In determining whether any such offer constitutes a fair price for the Mortgage
Loan, the Trustee or the Special Servicer, as applicable, shall instruct the appraiser to take into account (in addition to the
results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Lead Securitization Servicing Agreement),
as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy level
and physical condition of the related Mortgaged Property and the state of the local economy. The Trustee may conclusively rely
on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the Trustee at the expense
of the Holders in connection with making such determination. Notwithstanding the foregoing, the Lead Securitization Note Holder
(or the Special Servicer acting on its behalf) shall not be permitted to sell the Mortgage Loan without the written consent of
each Non-Lead Securitization Note Holder (unless with respect to each Non-Lead Securitization Note Holder, 50% or more of the related
Note (or the class of securities issued in the applicable Non-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” is held
by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower) unless the Special Servicer has delivered to each
Non-Lead Securitization Note Holder: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt
to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together
with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at
least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents
in the Servicer Mortgage File requested by such Non-Lead Securitization Note Holder; and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors and the related Lead Securitization Controlling
Class Representative 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. Subject to the foregoing, each Note Holder or its Note Holder Representative shall be permitted to submit an offer at any
sale of the Mortgage Loan.

 

Each Note Holder (to
the extent it is not the same entity as the Lead Securitization 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 its Note. Each Note Holder (to the
extent it is not the same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the Lead Securitization
Note Holder, such 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 its original Note, endorsed in blank, to or at
the direction of the Lead Securitization Note Holder in connection with the consummation of any such sale.

 

    -27-

    	 

    

 

The authority of the
Lead Securitization Note Holder to sell any Non-Lead Securitization Note, and the obligations of any other Note Holder to execute
and deliver instruments or deliver the related 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 Note is repurchased by the holder
of such Lead Securitization Note that sold such Lead Securitization Note into such Securitization from the trust fund established
under the Lead Securitization Servicing Agreement in connection with a material breach of representation or warranty made by such
Person with respect to the Lead Securitization Note or material document defect with respect to the documents delivered by such
Person with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence shall
not be construed to grant to any Non-Lead Securitization Note Holder the benefit of any representation or warranty made by the
holder of the Lead Securitization Note that sold such Lead Securitization Note into the Lead Securitization or any document delivery
obligation imposed on such Person under any mortgage loan purchase and sale agreement, instrument of transfer or other document
or instrument that may be executed or delivered by such Person in connection with the Lead Securitization.

 

(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 Specially Serviced
Mortgage 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 Note Holder shall cause 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 Note Holder. 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 Certificate Administrator or the Trustee on behalf of the Lead Securitization Note Holder to the extent
set forth in the Lead Securitization Servicing Agreement. The Lead Securitization Servicing Agreement shall not be amended in any
manner that may adversely affect any Non-Lead Securitization Note Holder in its capacity as Non-Lead Securitization Note Holder
without such Non-Lead Securitization Note Holder’s prior written consent. Each Non-Lead Securitization Note Holder (unless
it is the same Person as, or is an Affiliate of, the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead Securitization
Servicing Agreement with respect to its rights as specifically provided for therein.

 

(c)           Notwithstanding the foregoing, 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 Lead Securitization 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-Lead Securitization Note Holder (or its Note Holder Representative), within the same time frame it is required
to provide to the Lead Securitization Controlling Class Representative (for this purpose, without regard to whether such items
are actually required to be provided to the Lead

 

    -28-

    	 

    

 

Securitization
Controlling Class Representative under the Lead Securitization Servicing Agreement due to the expiration of the related “Subordinate
Control Period” (as defined under the Lead Securitization Servicing Agreement) or the “Collective Consultation Period”
(as defined under the Lead Securitization Servicing Agreement)) and (ii) to use reasonable efforts to consult with each Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having received
such notices, information and reports, such Non-Controlling Note Holder (or its 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 such Non-Controlling Note Holder (or its
Non-Controlling Note Holder Representative); provided that after the expiration of a period of ten (10) Business Days from
the delivery to such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) by the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) of written notice of a proposed action, together
with copies of the notice, information and report required to be provided to the Lead Securitization Controlling Class 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 Non-Controlling Note Holder Representative), whether or not such Non-Controlling
Note Holder (or its 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 each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately
preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may take
any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business
Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) 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 Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative
actions recommended by the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).

 

In addition to the consultation
rights provided in the immediately preceding paragraph, each Non-Controlling Note Holder shall have the right to annual meetings
(which may be held telephonically) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable,
in which servicing issues related to the Mortgage Loan are discussed.

 

(d)           If any Note is included as an asset of 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

 

    -29-

    	 

    

 

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 the pro rata share 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 related provisions in the Lead Securitization Servicing Agreement
relating to the administration of the Mortgage Loan. All costs and expenses of compliance with this Section 5(d), to the
extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment
or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by all of
the Note Holders collectively, each contributing on a pro rata and pari passu basis according to the Percentage Interest
represented by each Note.

 

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

 

Section 6.            Rights of the Controlling Note Holder.

 

(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. When exercising its various rights under Section 5 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 the Mortgage Loan Borrower, its principal or any Affiliate
of the Mortgage Loan Borrower), 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 may be taken by the Controlling Note Holder Representative acting
on behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization Note Holder

 

    -30-

    	 

    

 

shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified such Servicer
or Trustee 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 any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy 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
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer or Trustee
of the then-current Controlling Note Holder Representative.

 

Each Non-Controlling
Note Holder shall provide notice of its identity and contact information (including any change thereof) to the Trustee, Certificate
Administrator, the Master Servicer and the Special Servicer under the Lead Securitization; provided, that each Initial Note
Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate Administrator, the Master Servicer
and the Special Servicer under the Lead Securitization shall be entitled to conclusively rely on such identity and contact information
received by it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon.

 

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 (with respect to such Note Holder, the “Non-Controlling Note Holder Representative”).
All of the provisions relating to the Controlling Note Holder and the Controlling Note Holder Representative set forth in the first
paragraph of this Section 6(a) (except those contained in the last sentence thereof) and the second paragraph
of this Section 6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note Holder Representative
mutatis mutandis. Each Non-Controlling Note Holder Representative, as of the date of this Agreement and until the Lead Securitization
Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be the Note A-3-1 Holder and the Note
A-3-2 Holder, as applicable, provided that at any time a Non-Lead Securitization Note is included in a Securitization, references
to the “Non-Controlling Note Holder” herein shall mean the related “Directing Certificateholder”, “Directing
Holder” or “Controlling Class Representative” (or analogous term) under the Non-Lead Securitization or any other
party assigned the rights to exercise the rights of the related “Non-Controlling Note Holder” hereunder, as and to
the extent provided in the related 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.

 

For so long as the Controlling
Note is included in the Lead Securitization, the “Controlling Class Representative” under the Lead Securitization Servicing
Agreement (or any other party designated under the Lead Securitization Servicing Agreement to exercise the rights of the Controlling
Note Holder hereunder) shall be the Controlling Note Holder Representative.

 

(b)           The Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note hereunder
and the rights and powers granted to the Lead

 

    -31-

    	 

    

 

Securitization Controlling Class Representative with respect to the Mortgage Loan
(assuming that a “Subordinate Control Period” or similar period under, and as defined in, the Lead Securitization Servicing
Agreement is in effect). In addition, the Controlling Note Holder shall be entitled to advise (1) the Special Servicer with respect
to all matters related to the Mortgage Loan if it is a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect
to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as
set forth below (i) the Master Servicer shall not be permitted to implement any Major Decision unless it has obtained the prior
written consent of the Special Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s
implementing any Major Decision nor will the Special Servicer itself be permitted to implement any Major Decision as to which the
Controlling Note Holder has objected in writing within ten (10) Business Days (or thirty (30) days with respect to an Acceptable
Insurance Default) after receipt of the written recommendation and analysis and such additional information requested by the Controlling
Note Holder as may be necessary in the reasonable judgment of the Controlling Note Holder in order to make a judgment with respect
to such Major Decision. The Controlling Note Holder may also direct the Special Servicer to take, or to refrain from taking, such
other actions with respect to the Mortgage Loan as the Controlling Note Holder may deem advisable.

 

If the Controlling Note
Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten (10) Business
Days (or thirty (30) days with respect to an Acceptable Insurance Default) after delivery to the Controlling Note Holder by the
applicable Servicer of written notice of a proposed Major Decision (which notice shall contain a legend, in conspicuous boldface
type, substantially similar to the following: “THIS IS A REQUEST FOR ACTION APPROVAL. IF THE CONTROLLING NOTE HOLDER FAILS
TO APPROVE OR DISAPPROVE THE ENCLOSED ACTION WITHIN TEN (10) BUSINESS DAYS, SUCH ACTION MAY BE DEEMED APPROVED”) together
with any information requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the Controlling
Note Holder in order to make a judgment, then upon the expiration of such ten (10) Business Day period (or thirty (30) days with
respect to an Acceptable Insurance Default), such Major Decision shall be deemed to have been approved by the Controlling Note
Holder.

 

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

 

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

 

    -32-

    	 

    

 

No Note Holder Representative
will have any liability to any other Note Holder 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 any 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 a Note Holder Representative may take or refrain from taking actions, or give
or refrain from giving consents, that favor the interests of one Note Holder over any other Note Holder, and that any Note Holder
Representative may have special relationships and interests that conflict with the interests of any other Note Holder and, absent
willful malfeasance, bad faith or gross negligence on the part of the Note Holder Representative, agree to take no action against
the Note Holder Representative or any of its officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that no Note Holder Representative will be deemed to have been grossly negligent or reckless, or to have acted
in bad faith or engaged in willful malfeasance 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.

 

Section 7.           Appointment of Special Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative) shall
have the right (subject to the terms, conditions and limitations in the Lead Securitization Servicing Agreement) 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. 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 each other Note Holder, the Master Servicer,
the Special Servicer and each other party to the Lead Securitization Servicing Agreement a written notice stating such designation
and satisfying the other conditions to such replacement as set forth in the Lead Securitization Servicing Agreement (including,
without limitation, a Rating Agency Communication or a Rating Agency Confirmation, but only if required by the terms of the Lead
Securitization Servicing Agreement), if any. 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
any 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 solely with respect to the Mortgage Loan pursuant to and in accordance with the
terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges and agrees that any successor special servicer
appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause at a Non-Controlling
Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was so terminated without

 

    -33-

    	 

    

 

the prior
written consent of such Non-Controlling Note Holder. Each 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 Lead Securitization’s collection account (or equivalent account).

 

Section 8.            Payment Procedure.

 

(a)           The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf),
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 allocable to the Notes to the “Collection Account” and/or “Serviced
Companion Loan Custodial Account” (or the related analogous term and each as defined in the Lead Securitization Servicing
Agreement) pursuant to and in accordance with the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on its behalf) shall deposit such amounts to the applicable
account within one (1) Business Day of 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 (provided, that to the extent that any payment
is received after 2:00 p.m. (Eastern time) on any given Business Day, the Master Servicer is required to use commercially reasonable
efforts to deposit such payment into the applicable account within one (1) Business Day of receipt of such payment, but, in any
event , the Master Servicer is required to deposit such payments into the applicable account within two (2) Business Days of receipt
of such payment).

 

(b)           If the Lead Securitization Note Holder (or the Servicer acting on its behalf) 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 any Note Holder or any Servicer
or paid to any other Person, then, notwithstanding any other provision of this Agreement, the Lead Securitization Note Holder (or
the Servicer acting on its behalf) shall not be required to distribute any portion thereof to any Non-Lead Securitization Note
Holder and each Non-Lead Securitization Note Holder shall promptly on demand by the Lead Securitization Note Holder repay to the
Lead Securitization Note Holder (or the Servicer acting on its behalf) any portion thereof that the Lead Securitization Note Holder
(or the Servicer acting on its behalf) shall have theretofore distributed to such Non-Lead Securitization Note Holder, together
with interest thereon at such rate, if any, as the Lead Securitization Note Holder (or the Servicer acting on its behalf) 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 (or the Servicer acting on its behalf) makes any payment to any
Non-Lead Securitization Note Holder before the Lead Securitization Note Holder (or the Servicer acting on its behalf) 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 (or the Servicer acting on its behalf) does not receive the corresponding payment within five (5)
Business Days of its payment

 

    -34-

    	 

    

 

to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall, at the
Lead Securitization Note Holder’s (or the Servicer acting on its behalf) request, promptly return that payment to the Lead
Securitization Note Holder (or the Servicer acting on its behalf).

 

(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-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments
due to such Non-Lead Securitization Note Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations
under this Section 8 constitute absolute, unconditional and continuing obligations.

 

Section 9.           Limitation on Liability of the Note Holders. No Note Holder shall have any liability to any other Note Holder with
respect to its Note except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of
this Agreement on the part of such Note Holder; provided, that, notwithstanding any of the foregoing to the contrary, each
Servicer will nevertheless be subject to the obligations and standards (including the Servicing Standard) set forth in the related
Securitization Servicing Agreement.

 

The Note Holders acknowledge
that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee on its behalf) to
comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including any Servicer
and the Trustee on its behalf) 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-Lead Securitization
Note Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee on its behalf) shall have no liability
whatsoever to any Non-Lead Securitization 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,
that each Servicer must act in accordance with the Servicing Standard and the terms of this Agreement.

 

Section 10.         Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead
Securitization Note Holder (or the Servicer on its behalf) 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-Lead Securitization 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

 

    -35-

    	 

    

 

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-Lead Securitization 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-Lead Securitization 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 any Servicer in connection with any Insolvency Proceeding are subject to and must be
in accordance with the Servicing Standard and the terms of this Agreement.

 

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 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. The Lead Securitization Note Holder shall have no obligation whatsoever to offer to any Non-Lead
Securitization Note Holder the opportunity to purchase a participation interest in any future loans originated by the Lead Securitization
Note Holder or its Affiliates and if the Lead Securitization Note Holder chooses to offer to any Non-Lead Securitization Note Holder
the opportunity to purchase a participation interest in any future mortgage loans originated by the Lead Securitization Note Holder
or its Affiliates, such offer shall be at such purchase price and interest rate as the Lead Securitization Note Holder chooses,

 

    -36-

    	 

    

 

in its sole and absolute discretion. No Non-Lead Securitization Note Holders shall have any obligation whatsoever to purchase from
the Lead Securitization Note Holder a participation interest in any future loans originated by the Lead Securitization Note Holder
or its Affiliates.

 

Section 13.         Other Business Activities of the Note Holders. Each Note Holder acknowledges that each other Note Holder or its 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 Affiliate thereof or any entity any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower
Affiliate thereof or any entity (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, hypothecate, contribute, encumber or otherwise
dispose of all or any portion of its respective Note (or a participation interest in such Note) (a “Transfer”)
except to a Qualified Institutional Lender in accordance with the terms of this Agreement. Promptly after any such Transfer, any
non-transferring Note Holders shall be provided with (x) a representation from each transferee or the transferring Note Holder
certifying that such transferee is a Qualified Institutional Lender (except in the case of a Transfer in accordance with the immediately
following sentence or a Transfer by a Note Holder to an entity that constitutes a Qualified Institutional Lender pursuant to clause
(c)(iii) of the definition thereof) and (y) a copy of the assignment and assumption agreement referred to in Section 15 (unless the transferee is a Securitization Trust and the related pooling and servicing agreement requires the parties thereto
to comply with this Agreement). If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity
that is not a Qualified Institutional Lender, it must first obtain the consent of each non-transferring Note Holder and, if any
such non-transferring Note Holder’s Note is held in a Securitization Trust, obtain a Rating Agency Confirmation from each
of the applicable engaged Rating Agencies for such Securitization Trust. Notwithstanding the foregoing, without each non-transferring
Note Holder’s prior consent (which will not be unreasonably withheld), and, if any such non-transferring Note Holder’s
Note is held in a Securitization Trust, without a Rating Agency from each of the applicable engaged Rating Agencies for such Securitization,
no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in
the purported transferee. The transferring Note Holder agrees that it shall pay the expenses of any non-transferring Note Holder
(including all expenses of the Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling
Note Holder Representative) and all expenses relating to the confirmation from the Rating Agencies in connection with any such
Transfer. Notwithstanding the foregoing, unless the related Note is included in a Securitization, 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 beneficial interest in a Note. None of the provisions of this Section

 

    -37-

    	 

    

 

14(a) shall apply in the case of (1) a sale of Note
A-1 together with Note A-2, Note A-3-1 and Note A-3-2, 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 Defaulted 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.

 

For the purposes of
this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for
a Rating Agency Confirmation, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition
that such confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity, any such
waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed
a waiver, declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder
and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless
of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

(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 the
Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase 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 applicable Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent
(or higher) rating from any two of Fitch, Moody’s and S&P) (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 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), each 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 each other Note Holder hereunder, but

 

    -38-

    	 

    

 

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 and accept any cure thereof by
such Note Pledgee which such pledging Note Holder has the right (but not the obligation) to effect hereunder, as if such cure
were made by such 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 each other Note
Holder 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 each other Note Holder 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. 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 the Mortgage Loan Borrower or any Affiliate thereof 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 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;

 

    -39-

    	 

    

 

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

 

(iii)        such Note Holder pledges (or sells, transfers or assigns as part of a repurchase facility) 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
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 each other Note Holder. 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 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 each other Note Holder against any liability that may result
if the transfer is not made in accordance with the provisions of this Agreement.

 

    -40-

    	 

    

 

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.

 

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 delivering a Rating Agency Communication to each Rating Agency then rating any securities
of any Securitization; provided that no such Rating Agency Communication 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

 

    -41-

    	 

    

 

provisions herein or with the Lead Securitization Servicing Agreement, or (ii) with respect to matters or questions arising under
this Agreement to make provisions of this Agreement consistent with other provisions of this Agreement (including without limitation,
in connection with the creation of New Notes pursuant to Section 32).

 

Section 19.         Statement of Intent. The Agent and each Noteholder intend that the Notes be classified and maintained as a grantor
trust under subpart E, part I of subchapter J of chapter 1 of the Code that is a fixed investment trust within the meaning of Treasury
Regulation §301.7701-4(c), and the parties will not take any action inconsistent with such classification. It is neither the
purpose nor the intent of this Agreement to create a partnership, joint venture, “taxable mortgage pool” or association
taxable as a corporation among the parties.

 

Section 20.         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 and Special Servicer and any Non-Lead Master Servicer, Non-Lead Special
Servicer or 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. For the avoidance of doubt, the representations in Section 11 shall not be binding upon
any Securitization Trust.

 

Section 21.         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 22.         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 23.         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 24.         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.

 

Section 25.         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

 

    -42-

    	 

    

 

interest, fees or other
amounts payable to any Non-Lead Securitization Note Holder with respect to the Mortgage Loan as a result of such Non-Lead Securitization
Note Holder constituting a Non-Exempt Person, such Lead Securitization Note Holder, in its capacity as servicer, shall be entitled
to do so with respect to such Non-Lead Securitization 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-Lead Securitization
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 Note Holder (to the extent it is not the same entity as the Lead Securitization 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 Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such 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 such 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 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 Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents (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 Note Holder (to the extent it is not the same entity as the Lead Securitization 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 a 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 a 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, such Note Holder shall satisfy the requirements of the

 

    -43-

    	 

    

 

preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, 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-Lead Securitization Note or otherwise until the holder of such Note shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

Section 26.         Custody of Mortgage Loan Documents. On and after the Note A-1 Securitization Date and the Note A-2 Securitization
Date, the originals of all of the Mortgage Loan Documents (other than Note A-3-1 and Note A-3-2) will be held in the name of the
trustee (and held by a duly appointed custodian therefor) under the Note A-1 PSA, on behalf of the registered holders of the Notes.

 

Section 27.         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 related Securitizing
Note Holder, each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense,
to satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the
market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the marketplace
or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as applicable) any
modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing 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 such Securitization; provided, that no Non-Securitizing 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, such Non-Securitizing Note Holder or (ii) materially increase such Non-Securitizing Note Holder’s
obligations or materially decrease such Non-Securitizing Note Holder’s rights, remedies or protections. In connection with
any Securitization, each related Non-Securitizing Note Holder shall provide for inclusion in any disclosure document relating to
such Securitization such information concerning such Non-Securitizing Note Holder and its Note as the related Securitizing Note
Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note
Holder’s expense, cooperate with the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection
with such Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any
obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary certifications
and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and such
Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review
and respond reasonably

 

    -44-

    	 

    

 

promptly with respect to any information relating to such Non-Securitizing Note Holder and its Note in any
Securitization document. Each Note Holder acknowledges that in connection with any Securitization, the information provided by
it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be incorporated into the offering
documents for such Securitization. Each Securitizing Note Holder and each Rating Agency shall be entitled to rely on the information
supplied by, or on behalf of, each Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each
Non-Securitizing Note Holder by providing all information reasonably requested that is in the Securitizing Note Holder’s
possession in connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with
a Securitization.

 

Upon request, each Securitizing
Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda,
prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the
Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.

 

Section 28.        
Notices. All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall
be in writing and personally delivered, (ii) sent by 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 29.        
Broker. Each Note Holder represents to each other that no broker was responsible for bringing about this transaction.

 

Section 30.        
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

 

    -45-

    	 

    

 

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 31.        
Reserved.

 

Section 32.       
Resignation or Termination of Agent. 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. UBSRES, 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 UBSRES 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, and any successor
master servicer shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place thereof
without any further notice or other action.

 

Section 33.        
Resizing. Notwithstanding any other provision of this Agreement, for so long as any Note Holder or an affiliate
thereof (each, a “Resizing Entity”) is the owner of any Non-Lead Securitization Note (each, an “Owned
Note”), such Resizing 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 each case, as applicable “New Notes”)
reallocating the principal of an Owned Note to such New Notes; or severing an Owned Note into one or more further “component”
notes in the aggregate principal amount equal to the then outstanding principal balance of such Owned Note provided that
(i) the aggregate principal balance of all outstanding New Notes following such amendments is no greater than the aggregate
principal of such 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 and such
reallocated or component notes shall be automatically subject to the terms of this Agreement, and (iv) the Resizing Entity
holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee in writing of such modified allocations

 

    -46-

    	 

    

 

and principal amounts.
If the Lead Securitization Note Holder so requests, the Resizing Entity holding the New Notes (and any subsequent holder of such
Notes) shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except
for the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in
Section 5), no Note may be modified or amended without the consent of its holder and the consent of the holder of
each other Note. In connection with the foregoing (provided the conditions set forth in clauses (i) through (iv)
above are satisfied, with respect to clauses (i) through (iv), as certified by the Resizing Entity, on which certification
the Master Servicer can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan
Documents and this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting
such reallocation of principal and that each New Note shall be a “Note” hereunder and for purposes of adding and modifying
any definitions related thereto. If more than one New Note is created hereunder, for purposes of exercising the rights of a Controlling
Note Holder or Non-Controlling Note Holder hereunder, the “Controlling Note Holder” or “Non-Controlling Note
Holder”, as applicable, shall be as provided in the definitions of such terms in this Agreement; provided that the Controlling
Note Holder shall be entitled to designate any New Note created from the existing Controlling Note to be a Non-Controlling Note
hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

    -47-

    	 

    

 

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

	 	 	 
	 	Note A-1 Holder:
	 	 
	 	Wells
    Fargo Bank, National Association, as Trustee, for the benefit of the Holders of MORGAN STANLEY CAPITAL I TRUST 2016-UBS11
    Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-UBS11
	 	 	 
	 	By:	          Midland
    Loan Services, a Division of PNC Bank, National Association, as Master Servicer
	 	 	 
	 	By:	/s/ David
    A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title:   Senior Vice President

 

132
West 27th Street Agreement Among Note Holders 

 

     

    	 

    

 

	 	Note A-2 Holder:
	 	 
	 	Wells
    Fargo Bank, National Association, as Trustee, for the benefit of the Holders of MORGAN STANLEY CAPITAL I TRUST 2016-UBS11
    Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-UBS11
	 	 	 
	 	By:	          Midland
    Loan Services, a Division of PNC Bank, National Association, as Master Servicer
	 	 	 
	 	By:	/s/ David
    A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title:   Senior Vice President

 

132
West 27th Street Agreement Among Note Holders

 

     

    	 

    

 

	 	Note A-3-1 Holder:
	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name: Anthony Orso
	 	 	Title:   CEO-CCRE

 

132
West 27th Street Agreement Among Note Holders

 

     

    	 

    

 

	 	Note A-3-2 Holder:
	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name: Anthony Orso
	 	 	Title:   CEO-CCRE

 

132
West 27th Street Agreement Among Note Holders

 

     

    	 

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

    Description of Mortgage Loan

 

	Mortgage Loan Borrower(s):	27 Street Equities, LLC
	Date of Mortgage Loan:	August 3, 2016
	Date of Original Note:	August 3, 2016
	Date of the Note A-1:	August 3, 2016
	Date of the Note A-2:	August 3, 2016
	Date of the Note A-3-1:	September 23, 2016
	Date of the Note A-3-2:	September 23, 2016
	Original Principal Amount of Mortgage Loan:	$105,000,000
	Promissory Note A-1 Principal Balance:	$38,250,000
	Promissory Note A-2 Principal Balance:	$30,000,000
	Promissory Note A-3-1 Principal Balance:	$32,250,000
	Promissory Note A-3-2 Principal Balance:	$4,500,000
	Location of Mortgaged Property:	New York, NY
	Initial Maturity Date:	August 6, 2026

 

    A-1

    	 

    

 

EXHIBIT B

 

1.            Initial Note
A-1 Holder:

 

(Prior to Securitization of Note A-1):

 

To
UBSRES:

 

UBS
Real Estate Securities Inc.

1285 Avenue of the Americas 

New York, New York 10019 

Attention:  David Schell 

Email:  david.schell@ubs.com 

           

with a
copy to:

 

Cadwalader,
Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Frank Polverino, Esq.

Facsimile No.: (212) 504-6666

Email: frank.polverino@cwt.com

 

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

 

2.            Initial Note
A-2 Holder:

 

(Prior to Securitization of Note A-2):

 

To UBSRES:

 

UBS Real Estate Securities Inc. 

1285 Avenue of the Americas 

New York, New York 10019 

Attention:  David Schell 

Email:  david.schell@ubs.com 

 

with a copy to:

 

Cadwalader,
Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Frank Polverino, Esq.

Facsimile No.: (212) 504-6666

Email: frank.polverino@cwt.com

 

    B-1

    	 

    

 

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

 

3.            Note A-3-1
Holder:

 

(Prior to Securitization of Note A-3-1):

 

To CCRE:

 

Cantor Commercial Real Estate Lending,
L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

Email: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666 

Email: lisa.pauquette@cwt.com

 

Following Securitization of Note A-3-1 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.

 

4.            Note A-3-2
Holder:

 

(Prior to Securitization of Note A-3-2):

 

To CCRE:

 

Cantor Commercial Real Estate Lending,
L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

Email: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

 

    B-2

    	 

    

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666 

Email: lisa.pauquette@cwt.com

 

Following Securitization of Note A-3-2 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.

 

    B-3

    	 

    

 

EXHIBIT C 

PERMITTED FUND MANAGERS

 

		1.	Alliance Bernstein

		2.	Annaly Capital Management

		3.	Apollo Real Estate Advisors

		4.	Archon Capital, L.P.

		5.	AREA Property Partners

		6.	Artemis Real Estate Partners

		7.	BlackRock, Inc.

		8.	Capital Trust, Inc.

		9.	Clarion Partners

		10.	Colony Capital, LLC / Colony Financial, Inc.

		11.	CreXus Investment Corporation/Annaly Capital Management

		12.	DLJ Real Estate Capital Partners

		13.	Dune Real Estate Partners

		14.	Eightfold Real Estate Capital, L.P.

		15.	Five Mile Capital Partners

		16.	Fortress Investment Group, LLC

		17.	Garrison Investment Group

		18.	Goldman, Sachs & Co.

		19.	H/2 Capital Partners LLC

		20.	Hudson Advisors

		21.	Investcorp International

		22.	iStar Financial Inc.

		23.	J.P. Morgan Investment Management Inc.

		24.	JER Partners

		25.	Lend-Lease Real Estate Investments

		26.	Libermax Capital LLC

		27.	LoanCore Capital

		28.	Lone Star Funds

		29.	Lowe Enterprises

		30.	Normandy Real Estate Partners

		31.	One William Street Capital Management, L.P.

		32.	Och-Ziff Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.

		33.	Praedium Group

		34.	Raith Capital Partners, LLC

		35.	Rialto Capital Management, LLC

		36.	Rialto Capital Partners LLC

		37.	Rimrock Capital Management LLC

		38.	Rockpoint Group

		39.	Rockwood

		40.	RREEF Funds

		41.	Square Mile Capital Management

		42.	Starwood Capital Group/Starwood Financial Trust

		43.	The Blackstone Group

		44.	The Carlyle Group

		45.	Torchlight Investors

		46.	Walton Street Capital, L.L.C.

		47.	Westbrook Partners

		48.	WestRiver Capital

		49.	Wheelock Street Capital

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

 

    C-1

    	 

    

 

EXHIBIT D

 

The Lead Securitization
Servicing Agreement shall provide that:

 

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

 

(ii)           
if the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note or Servicing
Advance with respect to the Mortgage Loan, if made, or any outstanding P&I Advance or Servicing Advance previously made, would
be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer written notice
of such determination within two (2) Business Days after such determination was made;

 

(iii)         
the Master Servicer shall remit all payments received with respect to any Non-Lead Securitization Note, net of the Servicing
Fees payable to the Master Servicer and the Special Servicer with respect to each such Non-Lead Securitization Note, and any other
applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee to the related Non-Lead
Securitization Note Holders, by the earlier of (x) the Master Servicer Remittance Date and (y) the Business Day immediately succeeding
the related Non-Lead Securitization Determination Date, provided, that such earlier date in clause (x) or clause (y) shall not
be earlier than the Monthly Payment Date;

 

(iv)         
with respect to each Non-Lead Securitization Note that is held by a Securitization and each Monthly Payment Date,
the Master Servicer shall make available to each Non-Lead Master Servicer
its servicer remittance report for the related remittance, by the earlier of (x) the Master Servicer Remittance Date and
(y) the Business Day immediately succeeding the related Non-Lead Securitization Determination Date, provided, that such earlier
date in clause (x) or clause (y) shall not be earlier than the Monthly Payment Date;

 

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

 

(vi)          each Non-Lead Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder
under the Lead Securitization Servicing Agreement with respect to the following items; each of the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, and the Custodian shall be required to indemnify
each certifying person and each Non-Lead Depositor for any public Securitization Trust related to a Non-Lead Securitization Note,
and their respective directors and officers and controlling persons, to the same extent that

 

    D-1

    	 

    

 

they indemnify the Depositor (as
depositor in respect of the Lead Securitization) and each certifying person for (i) its failure to deliver the items in clause
(viii) below in a timely manner, (ii) its failure to perform its obligations to such Non-Lead Depositor or Non-Lead Trustee under
Article XI of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace period
or cure period, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it to perform its obligations
to such Non-Lead Depositor or Non-Lead Trustee under such Article XI (or any article substantially similar thereto) of the Lead
Securitization Servicing Agreement by the time required and/or (iv) any deficient Exchange Act report regarding, and delivered
by or on behalf of, such party;

 

(vii)         each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator
and the Trustee shall (i) with respect to any Mortgage Loan Seller Sub-Servicer (or analogous term) engaged by it that is a Servicing
Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect
to each other Additional Servicer and each Servicing Function Participant with which, in each case, it has entered into a servicing
relationship with respect to the Mortgage Loan, cause such party to, comply with the foregoing clause (vi) by inclusion of similar
provisions in the related sub-servicing or similar agreement;

 

(viii)        the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate Administrator or other party
acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer
and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged
by it to deliver), to the parties to each Non-Lead Securitization Servicing Agreement, in a timely manner, (i) the reports, certifications,
compliance statements, accountants’ assessments and attestations, any Lead Securitization Servicing Agreement amendments,
and all information (including information regarding any replacement Servicer) to be included in reports (including, without limitation,
Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the related Non-Lead
Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the parties to each Non-Lead Securitization may reasonably
require in order to comply with their obligations under the Securities Act and the Exchange Act (including Rule 15Ga-1) and Regulation
AB, and any other applicable law. Without limiting the generality of the foregoing, the Lead Securitization Note Holder shall
provide in a timely manner to any Non-Lead Depositor and any Non-Lead Trustee a copy of the Lead Securitization Servicing Agreement
in EDGAR-compatible format (but not later than one Business Day following the closing date of the Lead Securitization) and each
Servicer under the Lead Securitization Servicing Agreement will be required, upon prior written request, to provide to any Non-Lead
Depositor and any Non-Lead Trustee any other information required to comply in a timely manner with applicable filing requirements
under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB (with any such disclosure
information provided by a Servicer about itself to be at the expense of the party requesting such disclosure), in each case in
a timely manner for inclusion in any disclosure document (and, with respect to the Lead Securitization Servicing Agreement and
a replacement Servicer, for filing under Form 8-K), and with respect to such

 

    D-2

    	 

    

 

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

 

(ix)          each of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall
cooperate (and require each Servicing Function Participant and Sub-Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with each Non-Lead Depositor to the same extent as such party is required to cooperate with the Lead Depositor under
Article XI of the Lead Securitization Servicing Agreement in connection with the reporting requirements under the Securities Act,
the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. All respective reasonable out-of-pocket
costs and expenses incurred by any Non-Lead Depositor (including reasonable legal fees and expenses of outside counsel to such
depositor) in connection with the foregoing (other than those costs and expenses related to participation by such Non-Lead Depositor
in any telephone conferences and meetings with the Commission and other costs such Non-Lead Depositor must bear pursuant to Article
XI of the Lead Securitization Servicing Agreement) and any amendments to any reports filed with the Commission therewith shall
be promptly paid by the applicable Affected Reporting Party (to the same extent such Affected Reporting Party is required to pay
the Lead Depositor in analogous situations under the Lead Securitization Servicing Agreement) upon receipt of an itemized invoice
from such Non-Lead Depositor;

 

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

 

    D-3

    	 

    

 

(xi)          each Non-Lead Securitization Note Holder is an intended third-party beneficiary in respect of the rights afforded it under
the Lead Securitization Servicing Agreement;

 

(xii)         each Non-Lead Master Servicer and each Non-Lead Special Servicer shall each be a third-party beneficiary of the Lead Securitization
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification
of such Non-Lead Master Servicer or such Non-Lead Special Servicer, as the case may be, and the provisions regarding reimbursement
of Advances or interest;

 

(xiii)        if the Mortgage Loan becomes a Defaulted Loan and the Special Servicer determines to sell the Lead Securitization Note
in accordance with the Lead Securitization Servicing Agreement, it shall have the right and the obligation to sell all of the
Notes as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection
with any such sale, the Special Servicer shall provide notice to each Non-Lead Master Servicer who shall provide notice to the
respective Non-Controlling Note Holder in the related securitization of the planned sale;

 

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

 

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

 

(xvi)       
“Servicer Termination Events” include customary market termination events with respect to failure to make advances,
failure to timely remit payments to the Non-Lead Securitization Note Holders as required hereunder or under the Lead Securitization
Servicing Agreement (subject to no more than one Business Day grace period), failure to timely deposit amounts into any REO Account
or to remit to a Servicer for deposit into the Collection Account or any other account required under the Lead Securitization
Servicing Agreement, failure to deliver (or cause to be delivered) materials or information required in order for a Non-Lead Securitization
Note Holder or a Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form
SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead
Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such
grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon
the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note
Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master
Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer

 

    D-4

    	 

    

 

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

 

(xvii)       in connection with (A) any amendment of the Lead Securitization Servicing Agreement, a party to such Lead Securitization
Servicing Agreement is required to provide a copy of the executed amendment to each Non-Lead Depositor and one or more parties
to the related Non-Lead Securitization Servicing Agreement (which may be by e-mail), together with a copy of such amendment in
electronic format, within one (1) Business Day following the execution of such amendment, and (B) the termination, resignation
and/or replacement of the Master Servicer or Special Servicer under the Lead Securitization Servicing Agreement, the replacement
“master servicer” or replacement “special servicer”, as applicable, is required to provide to each Non-Lead
Depositor and one or more parties to the related Non-Lead Securitization Servicing Agreement all disclosure about itself that
is required to be included in Form 8-K no later than the date of effectiveness thereof;

 

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

 

(xix)         the Lead Securitization Servicing Agreement shall satisfy Moody’s rating methodology as of the closing date of the
Lead Securitization related to permitted investments and eligible accounts applicable to securities rated “Aaa” by
Moody’s; and

 

(xx)          to the extent of any conflict between this Agreement and the Lead Securitization Servicing Agreement, the terms of this
Agreement shall control.

 

    D-5Exhibit 4.1

 

SMITH-MIDLAND CORPORATION

 

2016 EQUITY INCENTIVE PLAN

 

Smith-Midland Corporation (the “Company”),
a Delaware corporation, hereby establishes and adopts the following Smith-Midland Corporation 2016 Equity Incentive Plan (the “Plan”).

 

1.             PURPOSE
OF THE PLAN

 

The purpose of the Plan is to assist the Company
and its Subsidiaries in attracting and retaining selected individuals to serve as employees, directors and consultants of the Company
and its Subsidiaries who are expected to contribute to the Company’s success and to achieve long-term objectives which will
inure to the benefit of all stockholders of the Company through the additional incentives inherent in the Awards hereunder.

 

2.             DEFINITIONS

 

2.1.           
“Affiliate” means, as to any Person, any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control,”
when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise. The term “controlling” and “controlled”
shall have meanings correlative to the foregoing.

 

2.2.           
“Award” shall mean any Restricted Stock Award, Restricted Stock Unit Award, Other Share-Based
Award or Performance Award granted pursuant to the provisions of the Plan.

 

2.3.           
“Award Agreement” shall mean any agreement, contract or other instrument or document evidencing
any Award hereunder, whether in writing or through an electronic medium.

 

2.4.           
“Board” shall mean the board of directors of the Company; a member thereof may be referred
to herein as a “director.”

 

2.5.           
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

2.6.           
“Committee” shall mean the Compensation Committee of the Board or the full Board during such
times as no committee is appointed by the Board or during such times as the Board is acting in lieu of the Committee; provided
that, at any time that securities of the Company are listed on a national securities exchange, including the Nasdaq Global Market
(“NASDAQ”), the Committee shall consist of no fewer than two Directors, each of whom is (i) a “Non-Employee
Director” within the meaning of Rule 16b-3 of the Exchange Act, (ii) an “outside director” within the
meaning of Section 162(m) of the Code, and (iii) an “independent director” to the extent required by the rules and
regulations of the national securities exchange on which the Shares are then listed.

 

     

     

    

  

2.7.           
“Covered Employee” shall mean an employee of the Company or any Subsidiary who is a “covered
employee” within the meaning of Section 162(m) of the Code to the extent required by such rules.

 

2.8.           
“Director” shall mean a member of the Board who is not an employee of the Company or any of
its Subsidiaries.

 

2.9.           
“Dividend Equivalents” shall have the meaning set forth in Section 11.5.

 

2.10.       
“Employee” shall mean any employee of the Company or any Subsidiary and any prospective employee
conditioned upon, and effective not earlier than, such person becoming an employee of the Company or any Subsidiary. Solely for
purposes of the Plan, an Employee shall also mean any consultant who is a natural person and who provides services to the Company
or any Subsidiary, so long as such person (i) renders bona fide services that are not in connection with the offer and sale
of the securities in a capital-raising transaction and (ii) does not directly or indirectly promote or maintain a market for
the Company’s securities.

 

2.11.       
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.12.       
“Fair Market Value” shall mean, with respect to any property other than Shares, the market
value of such property determined by such methods or procedures as shall be established from time to time by the Committee. The
Fair Market Value of Shares means, on any given date, (i) if the Shares are then listed on a national securities exchange, including
NASDAQ, the closing sales price per Share on the exchange for such date, or if no sale was made on such date on the exchange, on
the last preceding day on which a sale occurred; (ii) if Shares are not then listed on a national securities exchange but are then
quoted on another stock quotation system, the closing price for the Shares as quoted on such quotation system on such date, or
if no sale was made on such date on such quotation system, on the last preceding day on which a sale was made; or (iii) if (i)
and (ii) do not apply, such value as the Committee in its discretion may in good faith determine.

 

2.13.       
 “Limitations” shall have the meaning set forth in Section 9.5.

 

2.14.       
“Option” shall mean any right granted to a Participant under the Plan allowing such Participant
to purchase Shares at such price or prices and during such period or periods as the Committee shall determine.

 

2.15.       
“Other Share-Based Award” shall have the meaning set forth in Section 7.1.

 

2.16.       
“Participant” shall mean an Employee or director of the Company who is selected by the Committee
to receive an Award under the Plan.

 

2.17.       
“Payee” shall have the meaning set forth in Section 12.1.

 

2.18.       
“Performance Award” shall mean any Award of Performance Cash or Performance Shares granted
pursuant to Article 8.

 

     

     

    

  

2.19.       
“Performance Cash” shall mean any cash incentives granted pursuant to Article 8 which
will be paid to the Participant upon the achievement of such performance goals as the Committee shall establish.

 

2.20.       
“Performance Period” shall mean the period established by the Committee of not less than 6 months
during which any performance goals specified by the Committee with respect to such Award are to be measured.

 

2.21.       
“Performance Share” shall mean any grant pursuant to Article 8 of a unit valued by reference
to a designated number of Shares, which value will be paid to the Participant upon achievement of such performance goals as the
Committee shall establish.

 

2.22.       
“Permitted Assignee” shall have the meaning set forth in Section 11.3.

 

2.23.       
“Person” means any individual, corporation, partnership, joint venture, limited liability
company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department
or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

2.24.       
“Restricted Stock” shall mean any Share issued with the restriction that the holder may not
sell, transfer, pledge or assign such Share and with such other restrictions as the Committee, in its sole discretion, may impose
(including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may lapse
separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.

 

2.25.       
“Restricted Stock Award” shall have the meaning set forth in Section 6.1.

 

2.26.       
“Restricted Stock Unit” means an Award that is valued by reference to a Share, which value
may be paid to the Participant by delivery of such property as the Committee shall determine, including without limitation, cash
or Shares, or any combination thereof, and that has such restrictions as the Committee, in its sole discretion, may impose, including
without limitation, any restriction on the right to retain such Awards, to sell, transfer, pledge or assign such Awards, and/or
to receive any Dividend Equivalents with respect to such Awards, which restrictions may lapse separately or in combination at such
time or times, in installments or otherwise, as the Committee may deem appropriate.

 

2.27.       
“Restricted Stock Unit Award” shall have the meaning set forth in Section 6.1.

 

2.28.       
“Shares” shall mean the shares of the common stock of the Company, par value $0.01 per share.

 

2.29.       
“Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if, at the relevant time each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in
the chain.

 

     

     

    

  

2.30.       
“Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption
of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case
by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.

 

3.             SHARES
SUBJECT TO THE PLAN

 

3.1.           
Number of Shares. (a) Subject to adjustment as provided in Section 11.2, a total of 400,000 Shares
shall be authorized for issuance under the Plan.

 

(b)              
If any Shares subject to an Award are forfeited, expire or otherwise terminate without issuance of such Shares, or any Award
is settled for cash or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, such
Shares shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, again be available for
issuance under the Plan.

 

(c)               
In the event that withholding tax liabilities arising from such an Award are satisfied by the tendering of Shares (either
actually or by attestation) or by the withholding of Shares by the Company, then the Shares so tendered or withheld shall be available
for issuance under the Plan.

 

(d)              
Substitute Awards shall not reduce the Shares authorized for grant under the Plan or authorized for grant to a Participant
in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company
or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation
of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted,
to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided
that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms
of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or
Directors prior to such acquisition or combination.

 

3.2.           
Character of Shares. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued
shares, treasury shares or shares purchased in the open market or otherwise.

 

4.             ELIGIBILITY
AND ADMINISTRATION

 

4.1.           
Eligibility. Any Employee or director of the Company shall be eligible to be selected as a Participant.

 

4.2.           
Administration. (a) The Plan shall be administered by the Committee. The Committee shall have full power
and authority, subject to the provisions of the Plan and subject to such orders or resolutions not inconsistent with the provisions
of the Plan as may from time to time be adopted by the Board, to: (i) select the Employees and directors of the Company to
whom Awards may from time to time be granted hereunder; (ii) determine the type or types of Awards, not inconsistent with
the provisions of the Plan, to be granted to each Participant hereunder; (iii) determine the number of Shares or dollar value
to be covered by each Award granted hereunder; (iv) determine the terms and conditions, not inconsistent with the provisions
of the Plan, of any Award granted hereunder; (v) determine whether, to what extent and under what circumstances Awards may
be settled in cash, Shares or other property; (vi) determine whether, to what extent, and under what circumstances cash, Shares,
other property and other amounts payable with respect to an Award made under the Plan shall be deferred either automatically or
at the election of the Participant; (vii) determine whether, to what extent and under what circumstances any Award shall be
canceled or suspended; (viii) interpret and administer the Plan and any instrument or agreement entered into under or in connection
with the Plan, including any Award Agreement; (ix) correct any defect, supply any omission or reconcile any inconsistency
in the Plan or any Award in the manner and to the extent that the Committee shall deem desirable to carry it into effect; (x) establish
such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (xi) determine
whether any Award will have Dividend Equivalents; and (xii) make any other determination and take any other action that the
Committee deems necessary or desirable for administration of the Plan.

 

     

     

    

  

(b)              
Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any
Participant, and any Subsidiary.

 

(c)               
To the extent not inconsistent with applicable law, including Section 162(m) of the Code, or any national securities exchange
on which the Shares are then traded, the Committee may delegate to (i) a committee of one or more directors of the Company
any of the authority of the Committee under the Plan, including the right to grant, cancel or suspend Awards and (ii) to the
extent permitted by law, one or more executive officers or a committee of executive officers the right to grant Awards to Employees
who are not Directors or executive officers of the Company.

 

5.             OPTIONS

 

5.1.           
Notwithstanding anything in the Plan to the contrary, Options may not be granted under the Plan.

 

6.             RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

6.1.           
Grants. Awards of Restricted Stock and Restricted Stock Units may be issued hereunder to Participants
either alone or in addition to other Awards granted under the Plan (a “Restricted Stock Award” or “Restricted
Stock Unit Award” respectively), and such Restricted Stock Awards and Restricted Stock Unit Awards shall also be available
as a form of payment of Performance Awards and other earned cash-based incentive compensation. A Restricted Stock Award or Restricted
Stock Unit Award shall be subject to vesting restrictions imposed by the Committee covering a period of time specified by the Committee,
unless (i) the Committee determines that there are no vesting conditions or (ii) the Committee applies Article 9 to the Award as
provided in Section 9.1. The Committee has absolute discretion to determine whether any consideration (other than services) is
to be received by the Company or any Subsidiary as a condition precedent to the issuance of Restricted Stock or Restricted Stock
Units.

 

6.2.           
Award Agreements. The terms of any Restricted Stock Award or Restricted Stock Unit Award granted under
the Plan shall be set forth in an Award Agreement which shall contain provisions determined by the Committee and not inconsistent
with the Plan. The terms of Restricted Stock Awards and Restricted Stock Unit Awards need not be the same with respect to each
Participant.

 

     

     

    

  

6.3.           
Rights of Holders of Restricted Stock and Restricted Stock Units. Unless otherwise provided in the Award
Agreement, beginning on the date of grant of the Restricted Stock Award and subject to execution of the Award Agreement, the Participant
shall become a stockholder of the Company with respect to all Shares subject to the Award Agreement and shall have all of the rights
of a stockholder, including the right to vote such Shares and the right to receive distributions made with respect to such Shares.
A Participant receiving a Restricted Stock Unit Award shall not possess any rights of a stockholder with respect to such Award.
Except as otherwise provided in an Award Agreement any Shares or any other property (including cash) distributed as a dividend
or otherwise with respect to any Restricted Stock Award as to which the restrictions have not yet lapsed shall be subject to the
same restrictions as such Restricted Stock Award. Notwithstanding the provisions of this Section, cash dividends with respect to
any Restricted Stock Award and any other property distributed as a dividend or otherwise with respect to any Restricted Stock Award
or the number of Shares covered by a Restricted Stock Unit Award that vests based on achievement of performance goals shall either
(i) not be paid or credited or (ii) be accumulated, shall be subject to restrictions and risk of forfeiture to the same extent
as the Restricted Stock or Restricted Stock Units with respect to which such cash, Shares or other property has been distributed
and shall be paid at the time such restrictions and risk of forfeiture lapse.

 

6.4.           
Effect of Termination of Employment. The Award Agreement for Restricted Stock Award or Restricted Stock
Unit Award shall set forth the extent to which the Participant shall have the right to retain Restricted Stock or Restricted Stock
Units following termination of the Participant’s employment with or provision of services to the Company (including service
as a director of the Company) and its Subsidiaries.

 

6.5.           
Issuance of Shares. Any Restricted Stock granted under the Plan may be evidenced in such manner as the
Committee may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates, which certificate
or certificates shall be held by the Company. Such certificate or certificates shall be registered in the name of the Participant
and shall bear an appropriate legend referring to the restrictions applicable to such Restricted Stock.

 

7.             OTHER
SHARE-BASED AWARDS

 

7.1.           
Grants. Other Awards of Shares and other Awards that are valued in whole or in part by reference to, or
are otherwise based on, Shares or other property (“Other Share-Based Awards”) may be granted hereunder to Participants
either alone or in addition to other Awards granted under the Plan. Other Share-Based Awards shall also be available as a form
of payment of other Awards granted under the Plan and other earned cash-based compensation. Other Share-Based Awards shall be subject
to vesting restrictions imposed by the Committee covering a period of time specified by the Committee, unless the Committee applies
Article 9 to the Award as provided in Section 9.1.

 

     

     

    

  

7.2.           
Award Agreements. The terms of Other Share-Based Award granted under the Plan shall be set forth in an
Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. The terms of such
Awards need not be the same with respect to each Participant. Notwithstanding the provisions of this Section, Dividend Equivalents
and cash and any property distributed as a dividend or otherwise with respect to the number of Shares covered by a Other Share-Based
Award shall be subject to restrictions and risk of forfeiture to the same extent as the Shares covered by a Other Share-Based Award
with respect to which such cash, Shares or other property has been distributed.

 

7.3.           
Effect of Termination of Employment. The Award Agreement for an Other Share-Based Award shall set forth
the extent to which the Award will be retained following termination of the Participant’s employment with or provision of
services to the Company (including service as a director of the Company) and its Subsidiaries.

 

7.4.           
Payment. Except as may be provided in an Award Agreement, Other Share-Based Awards may be paid in cash,
Shares, other property, or any combination thereof, in the sole discretion of the Committee. Other Share-Based Awards may be paid
in a lump sum or in installments or, in accordance with procedures established by the Committee, on a deferred basis subject to
the requirements of Section 409A of the Code.

 

8.             PERFORMANCE
AWARDS

 

8.1.           
Grants. Performance Awards in the form of Performance Cash or Performance Shares, as determined by the
Committee in its sole discretion, may be granted hereunder to Participants, for no consideration or for such minimum consideration
as may be required by applicable law, either alone or in addition to other Awards granted under the Plan. The performance goals
to be achieved for each Performance Period shall be conclusively determined by the Committee and may be based upon criteria set
forth in Section 9.2.

 

8.2.           
Award Agreements. The terms of any Performance Award granted under the Plan shall be set forth in an Award
Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan, including whether such
Awards shall have Dividend Equivalents. The terms of Performance Awards need not be the same with respect to each Participant.

 

8.3.           
Terms and Conditions. The performance criteria to be achieved during any Performance Period and the length
of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. The amount of the Award
to be distributed shall be conclusively determined by the Committee.

 

8.4.           
Effect of Termination of Employment. The Award Agreement for Performance Awards shall set forth the extent
to which the Participant shall have the right to retain Performance Awards following termination of the Participant’s employment
with or provision of services to the Company and its Subsidiaries.

 

     

     

    

  

8.5.           
Payment. Except as provided in Article 10 or as may be provided in an Award Agreement, Performance
Awards will be paid only after the end of the relevant Performance Period. Performance Awards may be paid in cash, Shares, other
property, or any combination thereof, in the sole discretion of the Committee. Performance Awards may be paid in a lump sum or
in installments following the close of the Performance Period or, in accordance with procedures established by the Committee, on
a deferred basis subject to the requirements of Section 409A of the Code.

 

9.             CODE SECTION 162(m) PROVISIONS

 

9.1.           
Covered Employees. Notwithstanding any other provision of the Plan, if the Committee determines at the
time a Restricted Stock Award, a Restricted Stock Unit Award, a Performance Award or an Other Share-Based Award is granted to a
Participant who is, or is likely to be, as of the end of the tax year in which the Company would claim a tax deduction in connection
with such Award, a Covered Employee, then the Committee may provide that this Article 9 is applicable to such Award.

 

9.2.           
Performance Criteria. If the Committee determines that a Restricted Stock Award, a Restricted Stock Unit,
a Performance Award or an Other Share-Based Award is intended to be subject to this Article 9, the lapsing of restrictions
thereon and the distribution of cash, Shares or other property pursuant thereto, as applicable, shall be subject to the achievement
of one or more objective performance goals established by the Committee, which shall be based on the attainment of specified levels
of one or any combination of the following: net sales; booking value of contract awards; year-end backlog; days sales outstanding;
revenue; revenue growth or product revenue growth; operating income (before or after taxes); pre- or after-tax income (before or
after allocation of corporate overhead and bonus); earnings per share; net income (before or after taxes); return on equity; total
shareholder return; return on assets or net assets; appreciation in and/or maintenance of the price of the Shares or any other
publicly traded securities of the Company; market share; gross profits; earnings (including earnings before taxes, earnings before
interest and taxes or earnings before interest, taxes, depreciation and amortization); economic value-added models or equivalent
metrics; comparisons with various stock market indices; reductions in costs; cash flow or cash flow per share (before or after
dividends); return on capital (including return on total capital or return on invested capital); cash flow return on investment;
improvement in or attainment of expense levels or working capital levels; operating margins, gross margins or cash margin; year-end
cash; debt reductions; stockholder equity; market share; regulatory achievements; and implementation, completion or attainment
of measurable objectives with respect to research, development, products or projects, production volume levels, acquisitions and
divestitures and recruiting and maintaining personnel. Such performance goals also may be based solely by reference to the Company’s
performance or the performance of a Subsidiary, division, business segment or business unit of the Company, or based upon the relative
performance of other companies or upon comparisons of any of the indicators of performance relative to other companies. The Committee
may also exclude charges related to an event or occurrence which the Committee determines should appropriately be excluded, including
(a) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (b) an
event either not directly related to the operations of the Company or not within the reasonable control of the Company’s
management, or (c) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting
principles. Such performance goals shall be set by the Committee within the time period prescribed by, and shall otherwise comply
with the requirements of, Section 162(m) of the Code, and the regulations thereunder.

 

     

     

    

  

9.3.           
Adjustments. Notwithstanding any provision of the Plan (other than Article 10), with respect to any
Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Other Share-Based Award that is subject to this Section 9,
the Committee may adjust downwards, but not upwards, the amount payable pursuant to such Award, and the Committee may not waive
the achievement of the applicable performance goals, except in the case of the death or disability of the Participant or as otherwise
determined by the Committee in special circumstances.

 

9.4.           
Restrictions. The Committee shall have the power to impose such other restrictions on Awards subject to
this Article as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for “performance-based
compensation” within the meaning of Section 162(m) of the Code.

 

9.5.           
Limitations on Grants to Individual Participants. Subject to adjustment as provided in Section 11.2,
no Participant may be granted Restricted Stock Awards, Restricted Stock Unit Awards, Performance Awards and/or Other Share-Based
Awards in any 12-month period that are intended to comply with the performance-based exception under Code Section 162(m) and are
denominated in Shares with respect to more than 200,000 Shares (the “Limitations”). In addition to the foregoing, the
maximum dollar value that may be earned by any Participant in any 12-month period with respect to Performance Awards that are intended
to comply with the performance-based exception under Code Section 162(m) and are denominated in cash is $5,000,000. If an Award
is cancelled, the cancelled Award shall continue to be counted toward the applicable Limitations.

 

10.           CHANGE
IN CONTROL PROVISIONS

 

10.1.       
Treatment of Awards. (a) Unless otherwise provided in an Award Agreement, in the event of a Change in
Control of the Company in which the successor company assumes or replaces a Restricted Stock Award, Restricted Stock Unit Award,
Performance Award or Other Share-Based Award (or in which the Company is the ultimate parent corporation and continues the Award),
if a Participant’s employment with such successor company (or a subsidiary thereof) terminates (other than a termination
by the Company for cause (as defined in an Award Agreement) within 24 months following such Change in Control (or such other
period set forth in the Award Agreement, including prior thereto if applicable): (i)  restrictions, limitations and other
conditions on Restricted Stock and Restricted Stock Units shall lapse and the Restricted Stock and Restricted Stock Units shall
become free of all restrictions, limitations and conditions and become fully vested, (ii) all Performance Awards shall be
considered to be earned and payable (pro rata based on the portion of Performance Period completed as of the date of the Change
in Control), and any other restriction shall lapse and such Performance Awards shall be immediately settled or distributed, and
(iii) the restrictions, limitations and other conditions applicable to any Other Share-Based Awards shall lapse, and such Other
Share-Based Awards shall become free of all restrictions, limitations and conditions and become fully vested and transferable to
the full extent of the original grant. For the purposes of this Section 10.1, a Restricted Stock Award, Restricted Stock Unit
Award, Performance Award or Other Share-Based Award shall be considered assumed or replaced if following the Change in Control,
the assumed or replacement award confers the right to purchase or receive, for each Share subject to a Restricted Stock Award,
Restricted Stock Unit Award, Performance Award or Other Share-Based Award immediately prior to the Change in Control, the consideration
(whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of
Shares for each Share subject to Award on the effective date of such transaction (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the outstanding shares).

 

     

     

    

  

(b)              
Unless otherwise provided in an Award Agreement, in the event of any Change in Control of the Company, to the extent the
successor company does not assume or replace a Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Other
Share-Based Award (or in which the Company is the ultimate parent corporation and does not continue the Award): (i)  restrictions,
limitations and other conditions applicable to Restricted Stock and Restricted Stock Units that are not assumed or replaced shall
lapse and the Restricted Stock and Restricted Stock Units shall become free of all restrictions, limitations and conditions and
become fully vested, (ii) all Performance Awards shall be considered to be earned and payable (pro rata based on the portion
of Performance Period completed as of the date of the Change in Control), and any other restriction shall lapse and such Performance
Awards shall be immediately settled or distributed, and (iii) the restrictions, limitations and other conditions applicable to
any Other Share-Based Awards shall lapse, and such Other Share-Based Awards shall become free of all restrictions, limitations
and conditions and become fully vested and transferable to the full extent of the original grant.

 

10.2.       
Change in Control. For purposes of the Plan, Change in Control means the occurrence of any of the following
events:

 

(a)               
(i) sale of all or substantially all of the assets of the Company to any Person or group of Persons which is not an
Affiliate of Rodney Smith and/or Ashley Smith (who are, as of the date of adoption of the Plan, executive officers of the Company);
(ii) any Person or group of Persons (other than a Person or group consisting solely of Affiliates of Rodney Smith and/or Ashley
Smith) is or shall become the “beneficial owner” (as defined in Rule 13(d)-3 and 13(d)-5 under the Exchange Act), directly
or indirectly, of more than 50% of the voting stock of the Company then outstanding or (iii) a merger or consolidation pursuant
to which any Person or group of Persons (other than a Person or group consisting solely of Affiliates of Rodney Smith and/or Ashley
Smith) becomes the “beneficial owner” (as defined in clause (ii) above) of more than 50% of the voting stock of the
Company or the surviving or resulting entity immediately following the consummation of such transaction; or

 

(b)              
consummation of a complete liquidation or dissolution of the Company.

 

11.           GENERALLY APPLICABLE PROVISIONS

 

11.1.       
Amendment and Termination of the Plan. The Board may, from time to time, alter, amend, suspend or terminate
the Plan as it shall deem advisable, subject to any requirement for stockholder approval imposed by applicable law; provided that
the Board may not amend the Plan in any manner that would result in noncompliance with Rule 16b-3 of the Exchange Act. Unless
required by applicable law, rule or regulation, no amendments to, or suspension or termination of, the Plan shall impair the rights
of a Participant in any material respect under any Award previously granted without such Participant’s consent.

 

     

     

    

  

11.2.       
Adjustments. In the event of any merger, reorganization, consolidation, recapitalization, dividend or
distribution (whether in cash, shares or other property, other than a regular cash dividend), stock split, reverse stock split,
spin-off or similar transaction or other change in corporate structure affecting the Shares or the value thereof, such adjustments
and other substitutions shall be made to the Plan and to Awards as the Committee deems equitable or appropriate to prevent dilution
or enlargement of the rights of Participants under the Plan, taking into consideration the accounting and tax consequences, including
such adjustments in the aggregate number, class and kind of securities that may be delivered under the Plan, in the aggregate or
to any one Participant, the Limitations, and, in the number, class and kind of securities subject to outstanding Awards granted
under the Plan (including, if the Committee deems appropriate, the substitution of similar awards denominated in the shares of
another company) as the Committee may determine to be appropriate provided, however, that the number of Shares subject to any Award
shall always be a whole number.

 

11.3.       
Transferability of Awards. Except as provided below, no Award and no Shares subject to Awards described
in Article 7 that have not been issued or as to which any applicable restriction, performance or deferral period has not lapsed,
may be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution,
and such Award may be exercised during the life of the Participant only by the Participant or the Participant’s guardian
or legal representative. To the extent and under such terms and conditions as determined by the Committee, a Participant may assign
or transfer an Award without consideration (each transferee thereof, a “Permitted Assignee”) to (i) the Participant’s
spouse, children or grandchildren (including any adopted and step children or grandchildren), parents, grandparents or siblings,
(ii) to a trust for the benefit of one or more of the Participant or the persons referred to in clause (i), (iii) to
a partnership, limited liability company or corporation in which the Participant or the Persons referred to in clause (i) are
the only partners, members or shareholders or (iv) for charitable donations; provided that such Permitted Assignee shall be
bound by and subject to all of the terms and conditions of the Plan and the Award Agreement relating to the transferred Award and
shall execute an agreement satisfactory to the Company evidencing such obligations; and provided further that such Participant
shall remain bound by the terms and conditions of the Plan. The Company shall cooperate with any Permitted Assignee and the Company’s
transfer agent in effectuating any transfer permitted under this Section.

 

11.4.       
Termination of Employment. The Committee shall determine and set forth in each Award Agreement whether
any Awards granted in such Award Agreement will continue to be exercisable, and the terms of such exercise, on and after the date
that a Participant ceases to be employed by or to provide services to the Company or any Subsidiary (including as a director of
the Company), whether by reason of death, disability, voluntary or involuntary termination of employment or services, or otherwise.
The date of termination of a Participant’s employment or services will be determined by the Committee, which determination
will be final.

 

     

     

    

  

11.5.       
Deferral; Dividend Equivalents. The Committee shall be authorized to establish procedures pursuant
to which the payment of any Award may be deferred. Subject to the provisions of the Plan and any Award Agreement, the recipient
of an Award (including any deferred Award), may, if so determined by the Committee, be entitled to receive, currently or on a deferred
basis amounts equivalent to cash, stock or other property dividends on Shares (“Dividend Equivalents”) with respect
to the number of Shares covered by the Award, as determined by the Committee, in its sole discretion. The Committee may provide
the Dividend Equivalents (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested and may
provide that such amounts and Dividend Equivalents are subject to the same vesting or performance conditions as the underlying
Award. Notwithstanding the foregoing, Dividend Equivalents credited in connection with an Award that vests based on the achievement
of performance goals shall be subject to restrictions and risk of forfeiture to the same extent as the Award with respect to which
such cash, stock or other property has been distributed.

 

12.           MISCELLANEOUS

 

12.1.       
Tax Withholding. The Company shall have the right to make all payments or distributions pursuant to the
Plan to a Participant (or a Permitted Assignee thereof) (any such person, a “Payee”) net of any applicable federal,
state and local taxes required to be paid or withheld as a result of (a) the grant of any Award, (b)  the delivery
of Shares or cash, (c) the lapse of any restrictions in connection with any Award or (e) any other event occurring pursuant
to the Plan. The Company or any Subsidiary shall have the right to withhold from wages or other amounts otherwise payable to such
Payee such withholding taxes as may be required by law, or to otherwise require the Payee to pay such withholding taxes. If the
Payee shall fail to make such tax payments as are required, the Company or its Subsidiaries shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment of any kind otherwise due to such Payee or to take such other action as
may be necessary to satisfy such withholding obligations. The Committee shall be authorized to establish procedures for election
by Participants to satisfy such obligation for the payment of such taxes by tendering previously acquired Shares (either actually
or by attestation, valued at their then Fair Market Value), or by directing the Company to retain Shares (up to the Participant’s
minimum required tax withholding rate or such other rate that will not trigger a negative accounting impact) otherwise deliverable
in connection with the Award.

 

12.2.       
Right of Discharge Reserved; Claims to Awards. Nothing in the Plan nor the grant of an Award hereunder
shall confer upon any Employee or director the right to continue in the employment or service of the Company or any Subsidiary
or affect any right that the Company or any Subsidiary may have to terminate the employment or service of (or to demote or to exclude
from future Awards under the Plan) any such Employee or director at any time for any reason. Except as specifically provided by
the Committee, the Company shall not be liable for the loss of existing or potential profit from an Award granted in the event
of termination of an employment or other relationship. No Employee or Participant shall have any claim to be granted any Award
under the Plan, and there is no obligation for uniformity of treatment of Employees or Participants under the Plan.

 

 

     

     

    

  

12.3.       
Substitute Awards. Notwithstanding any other provision of the Plan, the terms of Substitute Awards may
vary from the terms set forth in the Plan to the extent the Committee deems appropriate to conform, in whole or in part, to the
provisions of the awards in substitution for which they are granted.

 

12.4.       
Forfeiture Events. (a) The Committee may specify in an Award Agreement that the Participant’s rights,
payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the
occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.
Such events may include, but shall not be limited to, termination of employment for cause, termination of the Participant’s
provision of services to the Company and/or a Subsidiary, violation of material Company and/or Subsidiary policies, breach of noncompetition,
non-solicitation, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant
that is detrimental to the business or reputation of the Company, and/or its Subsidiaries.

 

(b)              
If the Company is required to file an accounting restatement due to the material noncompliance of the Company, as a result
of misconduct, with any financial reporting requirement under the securities laws, if the Participant knowingly or recklessly engaged
in the misconduct, or knowingly or recklessly failed to prevent or report the misconduct, or if the Participant is one of the individuals
subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, the Participant shall reimburse the Company
the amount of any payment in settlement of an Award earned or accrued for such period as determined by the Committee following
the first public issuance or filing with the United States Securities and Exchange Commission (whichever just occurred) of the
financial document reflecting such material noncompliance.

 

12.5.       
Stop Transfer Orders. All certificates for Shares delivered under the Plan pursuant to any Award shall
be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and
any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

 

12.6.       
Nature of Payments. All Awards made pursuant to the Plan are in consideration of services performed or
to be performed for the Company or any Subsidiary, division or business unit of the Company. Any income or gain realized pursuant
to Awards under the Plan constitutes a special incentive payment to the Participant and shall not be taken into account, to the
extent permissible under applicable law, as compensation for purposes of any of the employee benefit plans of the Company or any
Subsidiary except as may be determined by the Committee or by the Board or board of directors of the applicable Subsidiary.

 

12.7.       
Other Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.

 

     

     

    

  

12.8.       
  Severability. If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable
in whole or in part by a court of competent jurisdiction or by reason of a change in law or regulation, such provision shall (a)
be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so limited
shall remain in full force and effect, and (b) not affect any other provision of the Plan or part thereof, each of which shall
remain in full force and effect. If the making of any payment or the provision of any other benefit required under the Plan shall
be held unlawful or otherwise invalid or unenforceable by a court of competent jurisdiction, such unlawfulness, invalidity or unenforceability
shall not prevent any other payment or benefit from being made or provided under the Plan, and if the making of any payment in
full or the provision of any other benefit required under the Plan in full would be unlawful or otherwise invalid or unenforceable,
then such unlawfulness, invalidity or unenforceability shall not prevent such payment or benefit from being made or provided in
part, to the extent that it would not be unlawful, invalid or unenforceable, and the maximum payment or benefit that would not
be unlawful, invalid or unenforceable shall be made or provided under the Plan.

 

12.9.       
  Construction. As used in the Plan, the words “include” and “including,”
and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without
limitation.”

 

12.10.    
 Unfunded Status of the Plan. The Plan is intended to constitute an “unfunded” plan for
incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein
shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Company. In its
sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created
under the Plan to deliver the Shares or payments in lieu of or with respect to Awards hereunder; provided, however, that the
existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.

 

12.11.   
   Governing Law. The Plan and all determinations made and actions taken thereunder, to the extent not otherwise
governed by the Code or the laws of the United States, shall be governed by the laws of the State of New York, without reference
to principles of conflict of laws, and construed accordingly.

 

12.12.   
   Effective Date of Plan; Termination of Plan. The Plan shall be effective on the date of the approval of
the Plan by the Board (i.e. October 13, 2016). Awards may be granted under the Plan at any time and from time to time on or prior
to the tenth anniversary of the effective date of the Plan, on which date the Plan will expire except as to Awards then outstanding
under the Plan. Such outstanding Awards shall remain in effect until they have been exercised or terminated, or have expired.

 

12.13.   
    Foreign Employees. Awards may be granted to Participants who are foreign nationals or employed outside
the United States, or both, on such terms and conditions different from those applicable to Awards to Employees employed in the
United States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law
or tax policy. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s
obligation with respect to tax equalization for Employees on assignments outside their home country.

 

     

     

    

  

12.14.   
   Compliance with Section 409A of the Code. This Plan is intended to comply and shall be administered
in a manner that is intended to comply with Section 409A of the Code and shall be construed and interpreted in accordance
with such intent. To the extent that an Award or the payment, settlement or deferral thereof is subject to Section 409A of
the Code, the Award shall be granted, paid, settled or deferred in a manner that will comply with Section 409A of the Code,
including regulations or other guidance issued with respect thereto, except as otherwise determined by the Committee. Any provision
of this Plan that would cause the grant of an Award or the payment, settlement or deferral thereof to fail to satisfy Section 409A
of the Code shall be amended to comply with Section 409A of the Code on a timely basis, which may be made on a retroactive
basis, in accordance with regulations and other guidance issued under Section 409A of the Code.

 

12.15.   
   No Registration Rights; No Right to Settle in Cash. The Company has no obligation to register with any
governmental body or organization any of (a) the offer or issuance of any Award, (b) any Shares issuable upon the exercise of any
Award, or (c) the sale of any Shares issued upon exercise of any Award, regardless of whether the Company in fact undertakes to
register any of the foregoing. In particular, in the event that any of (x) any offer or issuance of any Award, (y) any Shares issuable
upon exercise of any Award, or (z) the sale of any Shares issued upon exercise of any Award are not registered with any governmental
body or organization, the Company will not under any circumstance be required to settle its obligations, if any, under this Plan
in cash.

 

12.16.   
    Captions. The captions in the Plan are for convenience of reference only, and are not intended to narrow,
limit or affect the substance or interpretation of the provisions contained herein.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]