Document:

Exhibit 4.6 

 

EXECUTION
VERSION

	 

 

Walmart
Shadow Anchored Portfolio

 

CO-LENDER
AGREEMENT

 

Dated
as of November 8, 2016

 

between

 

LADDER
CAPITAL FINANCE I LLC

for itself to the extent of its interest,

and
on behalf of Series TRS of Ladder Capital Finance I LLC, and

Series
TRS of Ladder Capital Finance I LLC

(Note A-1
Holder)

 

and

 

LADDER
CAPITAL FINANCE I LLC

for itself to the extent of its interest,

and
on behalf of Series TRS of Ladder Capital Finance I LLC, and

Series
TRS of Ladder Capital Finance I LLC

(Note A-2
Holder)

	 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

Page

 

	1.   	Definitions; Conflicts	2
	2.   	Servicing of the Mortgage Loan	12
	3.   	Priority of  Notes	14
	4.   	Workout	14
	5.   	Accounts; Payment Procedure	14
	6.   	Limitation on Liability	15
	7.   	Representations of the Holders	15
	8.   	Independent Analyses of each Holder	16
	9.   	No Creation of a Partnership or Exclusive Purchase Right	17
	10.   	Not a Security	17
	11.   	Other Business Activities of the Holders	17
	12.   	Transfer of Notes	17
	13.   	Exercise of Remedies by the Servicer	19
	14.   	Rights of the Directing Holder	21
	15.   	Appointment of Special Servicer	22
	16.   	Rights of the Non-Directing Holders	22
	17.   	Advances; Reimbursement of Advances	24
	18.   	Provisions Relating to Securitization	24
	19.   	Governing Law; Waiver of Jury Trial	29
	20.   	Modifications	29
	21.   	Successors and Assigns; Third Party Beneficiaries	29
	22.  	Counterparts	29
	23.   	Captions	29
	24.   	Notices	30
	25.   	Custody of Mortgage Loan Documents	30

 

    	-i- 

     

    

 

THIS
CO-LENDER AGREEMENT (the “Agreement”), dated as of November 8, 2016, is between LADDER CAPITAL FINANCE I
LLC, a Delaware limited liability company, for itself to the extent of its interest, and on behalf of Series TRS of Ladder
Capital Finance I LLC, and Series TRS of Ladder Capital Finance I LLC, a Delaware series of Ladder Capital Finance I LLC, a Delaware
limited liability company (collectively, “Ladder”), having an address at 345 Park Avenue, 8th Floor,
New York, NY 10154, as the holder of Note A-1, and Ladder, as the holder of Note A-2.

 

W I T N E S S E T H:

 

WHEREAS,
Ladder Capital Finance LLC has made a mortgage loan in the original principal amount of $89,036,250 (the “Mortgage Loan”)
to SFP Pool One Shopping Centers L.P., a Delaware limited partnership, SFP Pool Two Shopping Centers L.P., a Delaware limited
partnership, SFP Pool Three Shopping Centers L.P., a Delaware limited partnership, SFP Pool Four Shopping Centers L.P., a Delaware
limited partnership, and SFP Pool Five Shopping Centers L.P., a Delaware limited partnership, (collectively, the “Borrower”)
pursuant to a loan agreement between the Borrower, as borrower, and Ladder (as successor-in-interest to Ladder Capital Finance
LLC), as lender, dated as of September 1, 2016 (the “Loan Agreement”);

 

WHEREAS,
the Mortgage Loan is evidenced by two notes, Promissory Note A-1 in the original amended and restated principal amount of $49,500,000
and Promissory Note A-2 in the original amended and restated principal amount of $39,536,250 (“Note A-1” and
“Note A-2” respectively, and individually, each, a “Note” and collectively the “Notes”);

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the portfolio of properties known
as Walmart Shadow Anchored Portfolio (the “Mortgaged Property”);

 

WHEREAS,
Ladder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Wells Fargo Commercial Mortgage
Securities, Inc. (“WFCMS”), pursuant to a Mortgage Loan Purchase Agreement to be dated as of November 22, 2016,
by and between WFCMS, as purchaser, and Ladder as seller, and WFCMS intends to transfer its right, title and interest in and to
Note A-1 to Wilmington Trust, National Association, as trustee for the WFCM 2016-LC25 Mortgage Trust under a pooling and servicing
agreement, dated as of December 1, 2016 (the “LC25 PSA”), between WFCMS, as depositor, Wells Fargo Bank, National
Association, as general master servicer, CWCapital Asset Management LLC, as general special servicer, National Cooperative Bank,
N.A., as master servicer and special servicer for the National Cooperative Bank, N.A. mortgage loans, Wilmington Trust, National
Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator and Pentalpha Surveillance LLC,
as operating advisor and asset representations reviewer (such sales, transfers and assignments, the “LC25 Securitization”);

 

WHEREAS,
Ladder intends to sell, transfer and assign its right, title and interest in and to Note A-2 to Wells Fargo Commercial Mortgage
Securities, Inc. (“WFCMS”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated on or
prior to December 

 

    	 

     

    

 

22,
2016, by and between WFCMS, as purchaser, and Ladder as seller, and WFCMS intends to transfer its right, title and interest in
and to Note A-2 to Wilmington Trust, National Association, as trustee for the WFCM 2016-C37 Mortgage Trust under a pooling and
servicing agreement, dated as of December 1, 2016 (the “C37 PSA”), between WFCMS, as depositor, Wells Fargo
Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Wilmington Trust, National Association,
as trustee, Wells Fargo Bank, National Association, as certificate administrator and Trimont Real Estate Advisors, LLC, as operating
advisor and asset representations reviewer (such sales, transfers and assignments, the “C37 Securitization”);

 

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

 

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

 

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

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA or the C37 PSA.

 

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

 

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

 

    	 -2-

     

    

 

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

 

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

 

“C37
Master Servicer” shall mean the master servicer under the C37 PSA.

 

“C37
PSA” shall have the meaning assigned such term in the recitals.

 

“C37
Securitization” shall have the meaning assigned such term in the recitals.

 

“C37
Securitization Date” shall mean the closing date of the C37 Securitization.

 

“C37
Trustee” shall mean the trustee under the C37 Securitization.

 

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

 

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization or the C37 Securitization.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 -3-

     

    

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, and (ii) with respect to
the C37 Securitization, WFCMS.

 

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

 

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

 

“Excluded
Amounts” shall mean:

 

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

 

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

 

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

 

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

 

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

 

“Holder”
shall mean the Note A-1 Holder and/or the Note A-2 Holder, as the context indicates.

 

“Indemnified
Parties” shall mean each of the Lead Securitization depositor, the Lead Servicer, the Lead Securitization special servicer,
the Lead Securitization certificate administrator, the Lead Securitization operating advisor and the Lead Trustee (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
Servicing Agreement in respect of other mortgage loans).

 

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

 

    	 -4-

     

    

 

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

 

“Ladder”
shall mean Ladder Capital Finance LLC.

 

“Lead
Note” shall mean Note A-1.

 

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

 

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

 

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

 

“Lead
Securitization Trust” shall mean the trust established under the Note A-1 PSA.

 

“Lead
Servicer” shall mean the servicer designated under the Note A-1 PSA.

 

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

 

“Liquidation
Fee” shall have the meaning assigned to such term in the Servicing Agreement, provided that under no circumstances shall
the Liquidation Fee be calculated at a percentage of more than 1.0%.

 

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

 

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

 

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

 

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

 

“Master
Servicer Remittance Date” shall mean:

 

(a)           during
the period after the C37 Securitization Date but prior to the Note A-1 Securitization Date:

 

(i)        with
respect to Note A-1, one Business Day after receipt of properly identified funds; and

 

(ii)       with
respect to Note A-2, the “Master Servicer Remittance Date” (or analogous term) as defined in the C37 PSA; and

 

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

 

    	 -5-

     

    

 

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

 

(ii)       with
respect to Note A-2, the “Master Servicer Remittance Date” (or analogous term) as defined in the C37 PSA (as long
as such date is at least one Business Day after receipt of the Monthly Payment and no sooner than the sixth calendar day of the
month).

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of
Note A-1 and Note A-2.

 

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

 

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

 

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

 

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

 

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

 

“Non-Directing
Holders” shall mean the holders of Note A-2 or, if Note A-2 is included in a Securitization, the holders of Certificates
representing the specified interest in the class of Certificates designated as the “controlling class” or the duly
appointed representative of the holders of such Certificates or such other party otherwise entitled under the C37 PSA to exercise
the rights granted to the Non-Directing Holders in this Agreement.

 

“Non-Lead
Master Servicer” shall mean, with respect to Note A-2 and the C37 PSA, the master servicer designated under the C37
PSA.

 

    	 -6-

     

    

 

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

 

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

 

“Non-Lead
Servicing Agreement” shall mean the C37 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note
A-1 Securitization” shall mean the first sale by the Note A-1 Holder of all or any portion of Note A-1 to
a depositor who will in turn include all or such portion (as applicable) 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 Trustee” shall mean the trustee under the Note A-1 PSA.

 

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

 

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

 

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

 

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

 

“P&I
Advance” shall mean an advance made by a party to the Note A-1 PSA or the C37 PSA, as applicable, with respect to a
delinquent monthly debt service payment on the Notes included in the related Securitization.

 

    	 -7-

     

    

 

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

 

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

 

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

 

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

 

“Pro
Rata and Pari Passu Basis” shall mean with respect to the Notes and each Holder, the allocation of any particular payment,
collection, cost, expense, liability or other amount between such Notes or such Holders, as the case may be, without any priority
of any such Note or any such Holder over another Note or Holder, as the case may be, and in any event such that each Note or Holder,
as the case may be, is allocated its respective pro rata share based on the principal balance of its Note in relation to the principal
balance of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“Qualified
Servicer” shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of
PNC Bank, National Association, (iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage
loan servicer (1) rated at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in
the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer
or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing
concerns of such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated
by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that
(i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer, as applicable,
in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn
the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or
special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, that within
the twelve (12) month period prior to the date of determination such servicer was acting as servicer or special servicer, as applicable,
in a commercial mortgage loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then-current
rating on any class

 

    	 -8-

     

    

 

of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the
continuation of such servicer as servicer or special servicer, as applicable, of such commercial mortgage securities as a material
reason for such downgrade or withdrawal. For purposes of this definition, for so long as any Note is included in a Securitization,
the ratings or actions of any Rating Agency that is not rating any such Securitization(s) shall not be considered.

 

“Qualified
Transferee” shall mean an Affiliate of Ladder or one or more of the following (other than a Borrower or any entity which
is an Affiliate of a Borrower):

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 -9-

     

    

 

directly
or indirectly, by one or more entities that are otherwise Qualified Transferees,

 

which,
in the case of each of clauses (i), (ii), and (iii) of this definition, has (A) at least $400,000,000 in total assets (in
name or under management) and (except with respect to a pension advisory firm or similar fiduciary) at least $150,000,000 in capital/statutory
surplus or shareholders’ equity, and (B) is regularly engaged in the business of making or owning commercial real estate
loans or commercial loans similar to the Mortgage Loan.

 

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

 

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

 

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

 

For
the purposes of this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage
any request for a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade
or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, or (2) does not reply
to such request or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the
requirement for Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing
Agreement, the Note A-1 PSA and the C37 PSA, as applicable, have been satisfied, then for such request only, the condition that
such confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes
of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder
shall not be deemed a waiver, declination or refusal to review or

 

    	 -10-

     

    

 

otherwise engage in any subsequent request for such Rating Agency
Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request
shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

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

 

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

 

“S&P”
shall mean S&P Global Ratings, a division of S&P Global, and its successors in interest.

 

“Securitization”
shall mean the Note A-1 Securitization and/or the C37 Securitization, as applicable.

 

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

 

“Servicing
Agreement” shall mean the Note A-1 PSA. In the event the Lead Note is no longer in a Securitization, the term “Servicing
Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section 2.

 

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

 

“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when
applied to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine
the servicing fee payable to the Master Servicer under the Servicing Agreement; provided that under no circumstances shall
the Servicing Fee Rate exceed 0.0025% per annum.

 

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

 

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

 

    	 -11-

     

    

 

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

 

“Special
Servicing Fee” shall have the meaning given to such term or an analogous term in the Servicing Agreement; provided
that under no circumstances shall the Special Servicing Fee exceed 25 basis points per annum of the Mortgage Loan.

 

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

 

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

 

“Trustee”
shall mean the trustee under Note A-1 PSA or the C37 PSA, as the context requires.

 

“Workout
Fee” shall have the meaning given to such term in the Servicing Agreement, provided that under no circumstances
shall the Workout Fee be calculated at a percentage of more than 1.0%.

 

2.        Servicing
of the Mortgage Loan. (a)  Each Holder acknowledges and agrees that, subject in each case to the specific terms
of this Agreement, the Mortgage Loan shall be serviced by the Note A-1 Master Servicer and the Special Servicer pursuant to
the terms of this Agreement and the Note A-1 PSA.

 

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

 

(b)       The
Note A-1 PSA and the C37 PSA 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 Note A-1 Trust
Fund and the C37 Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested by the Rating Agencies
rating the Note A-1 Securitization, or the C37 Securitization. In addition, the Note A-1 PSA and the C37 PSA shall have such additional
provisions as are set forth in Section 18. The parties hereto acknowledge that each of the pooling and servicing agreements entered
into in connection with the WFCM 2016-LC25 Mortgage Trust Commercial Mortgage Pass-Through Certificates and the WFCM 2016-C37
Mortgage Trust Commercial Mortgage Pass-Through Certificates is considered to be customary for securitization transactions involving
assets similar to the Mortgage Loan. The Note A-1 Holder shall have the right to designate the Master Servicer and Special Servicer
under the Note A-1 PSA as long as each such party is a Qualified Servicer and the Note A-2 Holder shall have the right to designate
the Master Servicer under the C37 PSA as long as each such party is a Qualified Servicer.

 

(c)       Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the appointment
of the Master Servicer and the 

 

    	 -12-

     

    

 

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

 

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

 

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

 

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

 

(g)       If
any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Holder therein shall at all times qualify as “foreclosure property” within the meaning
of Section 860G(a)(8) of the Code, and (iii) no Servicer may modify, waive or amend

 

    	 -13-

     

    

 

any
provision of the Mortgage Loan, consent to or withhold consent from any action of the Borrower, or exercise or refrain from exercising
any powers or rights that the Holders may have under the Mortgage Loan Documents, if any such action would constitute a “significant
modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States
Department of the Treasury, more than three (3) months after the startup day of the REMIC that includes any Note (or any portion
thereof). Each Holder agrees that the provisions of this paragraph shall be effected by compliance with any REMIC provisions in
the Servicing Agreement relating to the administration of the Mortgage Loan.

 

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

 

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

 

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

 

4.       Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the
Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms
thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced,
(iii) payments of interest or principal on Note A-1 or Note A-2 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

 

    	 -14-

     

    

 

the
Mortgage Loan Documents shall be structured to preserve, the equal priorities of Note A-1 and Note A-2 as described in Section 3.

 

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

 

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

 

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

 

    	 -15-

     

    

 

of
such Holder (including the Master Servicer or the Special Servicer on its behalf, except that the Master Servicer’s or Special
Servicer’s liability may be further limited or expanded as set forth in the Servicing Agreement).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(viii)    It
is a Qualified Transferee.

 

8.         Independent
Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7, it
has, independently and without reliance upon any other Holders and based on such documents and information as such Holder has
deemed appropriate, made its own credit analysis and decision to purchase its respective Note. Each

 

    	 -16-

     

    

 

Holder
hereby acknowledges that the other Holders shall have no responsibility for (i) the collectability of the Mortgage Loan,
(ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or
policies or any survey furnished or to be furnished in connection with the origination of the Mortgage Loan, (iii) the validity,
sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition
of the Borrower. Each Holder assumes all risk of loss in connection with its respective Note for reasons other than gross negligence,
willful misconduct or breach of this Agreement by any other Holder or negligence, willful misconduct or bad faith by any Servicer.

 

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

 

10.       Not
a Security. Neither Note A-1 nor Note A-2 shall be deemed to be a security within the meaning of the Securities Act of
1933 or the Securities Exchange Act of 1934.

 

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

 

12.       Transfer
of Notes. (a)  Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether
or not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more
than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the
other Holder has consented to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified
Transferee” for all purposes under this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation
has been received with respect to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified
Transferee” for all purposes under this Agreement, or (iii) such Transfer is to a Qualified Transferee. Any such transferee
must assume in writing the obligations of the

 

    	 -17-

     

    

 

transferring
Holder hereunder and agree to be bound by the terms and provisions of this Agreement and the Servicing Agreement. Other than in
connection with the Securitization of any Note, such proposed transferee shall also remake each of the representations and warranties
contained herein for the benefit of the other Holder. Notwithstanding the foregoing, without the non-transferring Holder’s
prior consent (which will not be unreasonably withheld), and, if such non-transferring Holder’s Note is in a Securitization,
without a Rating Agency Confirmation from each Rating Agency that has been engaged by the Depositor to rate the securities issued
in connection with such Securitization, no Holder shall Transfer all or any portion of its Note to a Borrower or an Affiliate
of a Borrower and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.

 

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

 

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

 

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

 

    	 -18-

     

    

 

Note
Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given
if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination within
10 days after request therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee of any default of
the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made by such pledging Holder;
(v) that the other Holders or Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably
request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the other Holders; and (vi) that,
upon written notice (a “Redirection Notice”) to the Servicer by such Note Pledgee that the pledging Holder
is in default beyond any applicable cure periods with respect to the pledging Holder’s obligations to such Note Pledgee
pursuant to the applicable credit agreement or other agreements relating to the Pledge between the pledging Holder and such Note
Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such Redirection Notice is withdrawn
or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Servicer would otherwise be
obligated to make to the pledging Holder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging
Holder hereby unconditionally and absolutely releases the other Holders and any Servicer from any liability to the pledging Holder
on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or other
Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and
remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with
applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder and the Note Pledgee
and this Agreement. In such event, the other Holders and the Servicer shall recognize such Note Pledgee (and any transferee (other
than a Borrower or any Affiliate of a Borrower) that is also a Qualified Transferee at any foreclosure or similar sale held by
such Note Pledgee or any transfer in lieu of foreclosure), and such Person’s successor and assigns, as the successor to
the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee
shall assume in writing the obligations of the pledging Holder hereunder accruing from and after such Transfer (i.e., realization
upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of
a Note Pledgee under this Section 12(d) shall remain effective as to any Holder (and any Servicer) unless and until
such Note Pledgee shall have notified such Holder (and any Servicer, as applicable) in writing that its interest in the pledged
Note has terminated.

 

13.       Exercise
of Remedies by the Servicer. (a)  Subject to the terms of this Agreement and the Servicing Agreement and
subject to the rights and consents, where required, of the Directing Holder, the Servicer shall have the sole and exclusive
authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan,
including, without limitation, the sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage
Loan Documents, (ii) consent to any action or failure to act by the Borrower or any party to the Mortgage Loan
Documents, (iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other similar
proceedings and (iv) to take legal action to enforce or protect the Holders’ interests with respect to the
Mortgage Loan or to refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right at
any time to call or waive any Events of Default, or accelerate or refrain from accelerating the

 

    	 -19-

     

    

 

Mortgage
Loan or institute any foreclosure action, and the Holders shall have no voting, consent or other rights whatsoever with respect
to the Servicer’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject
to the terms and conditions of the Servicing Agreement, the Servicer shall have the sole and exclusive authority to make Property
Advances with respect to the Mortgage Loan. Except as otherwise provided in this Agreement, each Holder agrees that it shall have
no right to, and hereby presently and irrevocably assigns and conveys to the Servicer the rights, if any, that such Holder has
to (A) call or cause the Servicer to call an Event of Default under the Mortgage Loan, or (B) exercise any remedies
with respect to the Mortgage Loan or the Borrower, including, without limitation, filing or causing the Lead Note Holder or such
Servicer to file any bankruptcy petition against any Borrower. Each Holder shall, from time to time, execute such documents as
any Servicer shall reasonably require to evidence such assignment with respect to the rights described in clause (iii) of
the first sentence in this Section 13(a).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(4)        until
the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other

 

    	 -20-

     

    

 

documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

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

 

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

 

(d)       Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13
shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event
shall the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action,
as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent
with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC provisions of the
Code or any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of this Agreement.

 

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

 

    	 -21-

     

    

 

Servicer
to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem advisable.

 

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

 

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

 

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

 

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

 

15.       Appointment
of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any
time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage
Loan and

 

    	 -22-

     

    

 

appoint
a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person to serve
as Special Servicer by delivering to the other Holders and the parties to the Note A-1 PSA and the C37 PSA a written notice stating
such designation and by satisfying the other conditions required under the Servicing Agreement (including, without limitation,
a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

 

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

 

(i)        to
provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to
the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if Note A-2 has been included in a Securitization transaction, then for any information for which the Special Servicer would
be required to provide to such Non-Directing Holder, the Special Servicer shall provide such notice to the master servicer of
the other Securitization transaction, who shall forward such notice as and when required under the terms of the related Securitization
documents; and

 

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

 

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

 

    	 -23-

     

    

 

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

 

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

 

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

 

17.       Advances;
Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the
Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage
Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the
terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to
make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to
make any P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related
Trustee will not be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any
Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any
Advance made in the manner and from the sources provided in the Note A-1 PSA or the C37 PSA, as applicable.

 

(b)       The
Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from
the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

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

 

    	 -24-

     

    

 

(d)       The
parties to each of the Note A-1 PSA and the C37 PSA shall each be entitled to make their own recoverability determination with
respect to a P&I Advance based on the information that they have on hand and in accordance with the Note A-1 PSA or the C37
PSA, as applicable.

 

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

 

18.       Provisions
Relating to Securitization.

 

(a) New Notes. For so long as Ladder or an Affiliate of Ladder (an “Initial Note
Holder”) is the owner of any Notes, such Initial Note Holder shall have the right, subject to the terms of the
Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes (“Amended Notes”) or
additional notes (“New Notes”) reallocating the principal of the Note or Notes that it owns (but in no
case any Note that it does not then own) among Amended Notes and New Notes or severing a Note into one or more further
“component” notes in the aggregate principal amount equal to the then outstanding principal balance of the Note
or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended Notes and New
Notes following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior to such
amendments, (ii) all New Notes continue to have the same interest rate as Amended Note of which it was a part prior to such
amendments, (iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such
reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv) the Initial Note Holder
holding the New Notes shall notify each other Holder, as applicable, and, if any other Note has been included in a
securitization, the parties under each applicable PSA, in writing of such modified allocations and principal amounts, and (v)
the execution of such amendments and New Notes shall not violate the Servicing Standard. In connection with the
foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to
amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of
reflecting such reallocation of principal or such severing of a Note, (2) if a Note is severed into “component”
notes, such component notes shall each have their same rights as the respective original Note, (3) the definition of the term
“Securitization” and all of the related defined terms may be amended (and new terms added, as necessary) to
reflect the New Notes and (4) if the Lead Note is severed into “component” notes, another note (or one of the New
Notes) held by Ladder or an affiliate of Ladder may be designated as the Lead Note. Rating Agency Confirmation shall not be
required for any amendments to this Agreement required to facilitate the terms of this Section 18(a). The Initial Note
Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall reimburse the other Holders for
all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

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

 

(i)        the
applicable master servicer or Trustee for such Securitization shall be required to notify the master servicer, special servicer
and Trustee of each other

 

    	 -25-

     

    

 

Securitization of the amount of any P&I Advance it has made with respect to the Note included in
such Securitization within two Business Days of making such advance;

 

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

 

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

 

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

 

(v)       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 Note, 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 under the Lead Servicing Agreement (collectively, the “Indemnified
Items”) to the extent of its pro rata

 

    	 -26-

     

    

 

share of such Indemnified Items, and to the extent amounts on deposit in
the “Serviced Pari Passu 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 funds in the collection account (or equivalent account) established under such Non-Lead
Servicing Agreement; provided, however, that any Non-Lead Servicing Agreement may include limitations and conditions
on the payment or reimbursement of Indemnified Items to the Lead Securitization 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); and

 

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

 

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

 

(d)       The
Lead Securitization PSA shall:

 

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

 

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

 

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

 

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

 

    	 -27-

     

    

 

(v)        provide
that the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other
party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other
servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the
reports, certifications, compliance statements, accountants’ assessments and attestations, information to be included in
reports (including, without limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other
Servicing Agreements as the parties to each Non-Lead Securitization may require in order to comply with their obligations under
the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB,
and any other applicable law. Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any prior Securitization a copy of the Lead Securitization
Servicing Agreement and each Lead Servicer will be required, upon prior written request, to provide to the depositor and the Trustee
for any prior Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the
Lead Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as
were or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation AB” means
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§  229.1100-229.1125, as such may
be amended from time to time, and subject to such clarification and interpretation as have been provided by the United States
Securities and Exchange Commission (the “Commission”) or by the staff of the Commission, or as may be provided
by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance dates specified
therein. The Master Servicer, any primary servicer and the Special Servicer, upon prior written request, shall each be required
to provide certification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such
terms are defined in the related Non-Lead Servicing Agreements;

 

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

 

(vii)       provide
that, with respect to any/each Non-Lead Note, the Master Servicer shall withdraw from the related Collection Account and remit
to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified funds, any amounts that represent
late collections or principal prepayments on such Non-Lead Note or any successor REO Property with respect thereto (exclusive
of any portion of such amount payable or reimbursable to any third party in accordance with this Agreement),

 

    	 -28-

     

    

 

unless such amount
would otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such month;

 

(viii)    provide
that the Non-Lead Note Holders are intended third-party beneficiaries in respect of the rights afforded it under the Servicing
Agreement;

 

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

 

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

 

(xi)       satisfy
Moody’s rating methodology related to permitted investments and eligible accounts applicable to securities rated “Aaa”
by Moody’s.

 

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

 

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

 

21.       Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns. Each of the Servicer, Non-Lead Servicer and related Trustee is an
intended third-party beneficiary of this Agreement. Except as provided in Section 5 and the preceding sentence,
none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party
hereto.

 

22.       Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and
the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document

 

    	 -29-

     

    

 

Format
(PDF) shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

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

 

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

 

25.       Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-2) will be held by the
Note A-1 Trustee (or by a custodian on its behalf) under the terms of the Note A-1 PSA on behalf of all of the
Holders.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    	 -30-

     

    

 

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

 

	 	Note
A-1 Holder:
	 	 	 
	 	LADDER
CAPITAL FINANCE I LLC, a Delaware limited liability company, for itself to the extent of its interest, and on behalf of Series
TRS of Ladder Capital Finance I LLC
	 	 	 
	 	By: 	/s/ David Traitel
	 	 	Name:
                                         David Traitel
	 	 	Title: Managing Director
	 	 	 
	 	SERIES
TRS OF LADDER CAPITAL FINANCE I LLC, a Delaware series of Ladder Capital Finance I LLC, a Delaware limited liability
company
	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name:
                                         David Traitel
	 	 	Title: Managing Director

 

Walmart
Shadow Anchored Portfolio CO-LENDER AGREEMENT

 

    	 

     

    

 

	 	Note
A-2 Holder:
	 	 	 
	 	LADDER
CAPITAL FINANCE I LLC, a
Delaware limited liability company, for itself to the extent of its interest, and on behalf of Series TRS of Ladder Capital Finance
I LLC
	 	 	 
	 	By: 	/s/ David Traitel
	 	 	Name:
                                         David Traitel
	 	 	Title: Managing Director
	 	 	 
	 	SERIES
TRS OF LADDER CAPITAL FINANCE I LLC, a
Delaware series of Ladder Capital Finance I LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name:
                                         David Traitel
	 	 	Title: Managing Director

 

Walmart
Shadow Anchored Portfolio CO-LENDER AGREEMENT

 

    	 

     

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

A.       Description
of Mortgage Loan

 

	Borrower:	SFP
    Pool One Shopping Centers L.P., SFP Pool Two Shopping Centers L.P., SFP Pool Three Shopping Centers L.P., SFP Pool Four Shopping
    Centers L.P., and SFP Pool Five Shopping Centers L.P.
	Mortgage
    Loan Origination Date:  	September
    1, 2016
	Initial
    Principal Amount of Mortgage Loan:	$89,036,250
	Location
    of Mortgaged Properties:	IA
    (7), TX (6), OK (5), LA (4), MI (2), IN (2), AL, AZ, CO, FL, KY, MS, OH and TN
	Current
    Use of Mortgaged Properties:	Retail
	Mortgage
    Interest Rate:	5.5898%
	Maturity
    Date:	September
    6, 2021

 

    	A-3 

     

    

 

B.       Description
of Notes

 

	Mortgage
    Loan Origination Date:	September
    1, 2016
	Original
    Amended and Restated Note A-1 Principal Balance:	$49,500,000
	Original
    Amended and Restated Note A-2 Principal Balance	$39,536,250
	Initial
    Note A-1 Percentage Interest:	55.6%
	Initial
    Note A-2 Percentage Interest:	44.4%
	Note
    A-1 Interest Rate:	5.5898%
	Note
    A-2 Interest Rate:	5.5898%
	Note
    A-1 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note
    A-2 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate

 

    	A-4 

     

    

 

EXHIBIT
B

 

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

 

Ladder
Capital Finance I LLC

345 Park Avenue, 8th Floor

New
York, New York 10154

Attention:
Pamela McCormack and Robert Perelman

Email: pamela.mccormack@laddercapital.com; 

robert.perelman@laddercapital.com

 

    	B-1 

     

    

 

EXHIBIT
C

 

PERMITTED
FUND MANAGERS

 

Westbrook
Partners

iStar
Financial Inc.

Capital
Trust

Archon
Capital, L.P.

Whitehall
Street Real Estate Fund, L.P.

The
Blackstone Group

Normandy
Real Estate Partners

Dune
Real Estate Partners

AllianceBernstein

Rockwood

RREEF
Funds

Hudson
Advisors

Artemis
Real Estate Partners

Apollo
Real Estate Advisors

Colony
Capital, Inc.

Praedium
Group

Fortress
Investment Group, LLC

Lonestar
Opportunity Funds

Clarion
Partners 

Walton
Street Capital, LLC

Starwood
Financial Trust

BlackRock,
Inc.

Eightfold
Real Estate Capital, L.P.

KKR
Real Estate Manager Finance LLC

 

    	C-1Exhibit 4.7

 

 

Execution
Version 

 

 

 

Hilton
Head Marriott

 

CO-LENDER
AGREEMENT

 

Dated
as of October 3, 2016 and updated as of November 1, 2016

 

between

 

RIALTO
MORTGAGE FINANCE, LLC

(Note A-1 Holder) 

and 

CITIGROUP
GLOBAL MARKETS REALTY CORP. 

(Note
A-2A Holder) 

and 

CITIGROUP
GLOBAL MARKETS REALTY CORP. 

(Note
A-2B Holder) 

and 

CITIGROUP
GLOBAL MARKETS REALTY CORP. 

(Note
A-3A Holder) 

and 

CITIGROUP
GLOBAL MARKETS REALTY CORP. 

(Note
A-3B Holder) 

and 

RIALTO
MORTGAGE FINANCE, LLC

(Note A-4 Holder)

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions;
    Conflicts	2
	2.	Servicing
    of the Mortgage Loan	15
	3.	Priority
    of Notes	16
	4.	Workout	17
	5.	Accounts;
    Payment Procedure	17
	6.	Limitation
    on Liability	18
	7.	Representations
    of the Holders	18
	8.	Independent
    Analyses of each Holder	19
	9.	No Creation
    of a Partnership or Exclusive Purchase Right	19
	10.	Not
    a Security	20
	11.	Other
    Business Activities of the Holders	20
	12.	Transfer
    of Notes	20
	13.	Exercise
    of Remedies by the Servicer	22
	14.	Rights
    of the Directing Holder	24
	15.	Appointment
    of Special Servicer	25
	16.	Rights
    of the Non-Directing Holders	26
	17.	Advances;
    Reimbursement of Advances	27
	18.	Provisions
    Relating to Securitization	28
	19.	Governing
    Law; Waiver of Jury Trial	36
	20.	Modifications	36
	21.	Successors
    and Assigns; Third Party Beneficiaries	36
	22.	Counterparts	37
	23.	Captions	37
	24.	Notices	37
	25.	Custody
    of Mortgage Loan Documents	37

 

     -i-

     

    

 

THIS
CO-LENDER AGREEMENT (the “Agreement”), dated as of October 3, 2016 and updated as of November 1, 2016, is between
RIALTO MORTGAGE FINANCE, LLC, a Delaware limited liability company (“RMF”), having an address at 600
Madison Avenue, 12th Floor, New York, New York 10022, as the holder of Note A-1 (the “Note A-1 Holder”)
and RMF, as the holder of Note A-4 (the “Note A-4 Holder”), and CITIGROUP GLOBAL MARKETS REALTY CORP.,
a New York Corporation (“CGMRC”), having an address at 390 Greenwich Street, 7th Floor, New York,
NY, as the holder of Note A-2A (the “Note A-2A Holder”), and CGMRC, as the holder of Note A-2B (the “Note
A-2B Holder”), and CGMRC, as the holder of Note A-3A (the “Note A-3A Holder”) and CGMRC, as the holder
of Note A-3B (the “Note A-3B Holder”).

 

W I T N E S S E T H:

 

WHEREAS,
RMF and CGMRC have made a mortgage loan in the original principal amount of $98,000,000 (the “Mortgage Loan”)
to Columbia Properties Hilton Head, LLC, a Delaware limited liability company (the “Borrower”)
pursuant to a loan agreement between the Borrower, as borrower, and RMF and CGMRC, as lenders, dated as of October 3, 2016 (the
“Loan Agreement”);

 

WHEREAS,
the Mortgage Loan is evidenced by six notes, Promissory Note A-1 in the original principal amount of $43,000,000, Promissory Note
A-2A in the original principal amount of $5,000,000, Promissory Note A-2B in the original principal amount of $15,000,000, Promissory
Note A-3A in the original principal amount of $10,000,000, Promissory Note A-3B in the original principal amount of $10,000,000
and Promissory Note A-4 in the original principal amount of $15,000,000 (“Note A-1,” “Note A-2A,”
“Note A-2B,” “Note A-3A,” “Note A-3B” and “Note A-4,”
respectively, and individually, each, a “Note” and collectively the “Notes”);

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the real property known as the Hilton
Head Marriott (the “Mortgaged Property”);

 

WHEREAS,
RMF intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-1 to Wells Fargo Commercial
Mortgage Securities, Inc. (“WFCMS”), as depositor, pursuant to a Mortgage Loan Purchase Agreement by and between
WFCMS, as purchaser, and RMF as seller, and WFCMS intends to transfer its right, title and interest in and to Note A-1 to a trustee
for the WFCM 2016-LC25 Mortgage Trust; provided, however, that RMF may sell, transfer and assign Note A-1 to another
depositor for deposit into another securitization trust (such sales, transfers and assignments, the “Note A-1 Securitization”);

 

WHEREAS,
the Note A-2A 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-2A 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;

 

     

     

    

 

WHEREAS,
the Note A-2B 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-2B 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;

 

WHEREAS,
the Note A-3A 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-3A 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;

 

WHEREAS,
the Note A-3B 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-3B 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;

 

WHEREAS,
the Note A-4 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-4 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;

 

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

 

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

 

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

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B PSA or the Note A-4 PSA.

 

    -2-

     

    

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control
with such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or
indirectly, twenty-five percent (25%) or more of the beneficial interests in such Person or (c) any other Person in which
such Person or a Common Control Party owns, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract,
relation to individuals or otherwise, and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

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

 

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

 

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

 

“CGMRC”
shall mean Citigroup Global Markets Realty Corp. and its successors in interest.

 

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

 

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization, the Note A-2A Securitization, The Note A-2B Securitization,
the Note A-3A Securitization, the Note A-3B Securitization or the Note A-4 Securitization.

 

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

 

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

 

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

 

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

 

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

 

    -3-

     

    

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect to the
Note A-2A Securitization, the depositor under the Note A-2A PSA, (iii) with respect to the Note A-2B Securitization, the depositor
under the Note A-2B PSA, (iv) with respect to the Note A-3A Securitization, the depositor under the Note A-3A PSA, (v) with respect
to the Note A-3B Securitization, the depositor under the Note A-3B PSA and (vi) with respect to the Note A-4 Securitization, the
depositor under the Note A-4 PSA.

 

“Designated
Holder” shall mean the Holder of Note A-1.

 

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

 

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

 

“Excluded
Amounts” shall mean:

 

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

 

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

 

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

 

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

 

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

 

    -4-

     

    

 

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

 

“Intervening
Trust Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which
holds Note A-1, Note A-2A, Note A-2B, Note A-3A, Note A-3B or Note A-4 as collateral securing (in whole or in part) any obligation
or security held by such Securitization Vehicle as collateral for the CLO.

 

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

 

“Lead
Note” shall mean (a) during the period from and after the Securitization of a Non-Lead Note, the related first Note
or portion thereof contributed to a Securitization, and (b) on and after the Securitization of Note A-1, Note A-1.

 

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

 

“Lead
Securitization” shall mean the Securitization in which the Lead Note is deposited.

 

“Lead
Securitization PSA” shall mean the PSA of the Lead Securitization.

 

“Lead
Securitization Trust” shall mean the trust established under the Lead Securitization PSA.

 

“Lead
Servicer” shall mean the master servicer designated under the Lead Securitization PSA.

 

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

 

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

 

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

 

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

 

“Master
Servicer Remittance Date” shall mean:

 

(i)       with
respect to Note A-1, the first Business Day after the “determination date,” as such term or a similar term is defined
in the Lead Securitization PSA; and

 

(ii)      with
respect to Note A-2A, the first Business Day after the “determination date,” as such term or a similar term is defined
in the Lead

 

    -5-

     

    

 

Securitization PSA (or, from and after the Note A-2A Securitization Date, the Note A-2A PSA); and

 

(iii)       with
respect to Note A-2B, the first Business Day after the “determination date,” as such term or a similar term is defined
in the Lead Securitization PSA (or, from and after the Note A-2B Securitization Date, the Note A-2B PSA); and

 

(iv)       with
respect to Note A-3A, the first Business Day after the “determination date,” as such term or a similar term is defined
in the Lead Securitization PSA (or, from and after the Note A-3A Securitization Date, the Note A-3A PSA); and

 

(v)     
  with respect to Note A-3B, the first Business Day after the “determination date,” as such term or a
similar term is defined in the Lead Securitization PSA (or, from and after the Note A-3B Securitization Date, the Note A-3B
PSA; and

 

(vi)       with
respect to Note A-4, the first Business Day after the “determination date,” as such term or a similar term is defined
in the Lead Securitization PSA (or, from and after the Note A-4 Securitization Date, the Note A-4 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -6-

     

    

 

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

 

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

 

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

 

“Non-Lead
Master Servicer” shall mean, with respect to any Non-Lead Note, the master servicer under the related PSA.

 

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

 

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

 

“Non-Lead
Securitization” shall mean, at any time, each Securitization that is not then the Lead Securitization.

 

“Non-Lead
Servicing Agreements” shall mean the PSAs with respect to the Non-Lead Notes.

 

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

 

“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 recitals.

 

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

 

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

 

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

 

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

 

    -7-

     

    

 

“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 of the Mortgage Loan under the Note A-1 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -8-

     

    

 

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

 

“Note
A-3A Holder” shall mean CGMRC or any subsequent holder of Note A-3A.

 

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

 

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

 

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

 

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

 

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

 

“Note
A-3B Holder” shall mean CGMRC or any subsequent holder of Note A-3B.

 

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

 

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

 

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

 

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

 

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

 

“Note
A-4 Holder” shall mean RMF or any subsequent holder of Note A-4.

 

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

 

    -9-

     

    

 

“Note
A-4 PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-4 Securitization.

 

“Note
A-4 Securitization” shall mean the first sale by the Note A-4 Holder of all or any portion of Note A-4 to
a depositor who will in turn include all or such portion (as applicable) of Note A-4 as part of the securitization of one
or more mortgage loans.

 

“Note
A-4 Securitization Date” shall mean the closing date of the Note A-4 Securitization.

 

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

 

“P&I
Advance” shall mean an advance made by a party to the Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A
PSA, the Note A-3B PSA or the Note A-4 PSA, as applicable, with respect to a delinquent monthly debt service payment on the Notes
included in the related Securitization.

 

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

 

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

 

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

 

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

 

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

 

    -10-

     

    

 

“PSA”
means any of the Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B PSA and the Note A-4 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -11-

     

    

 

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

 

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

 

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

 

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

 

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

 

    -12-

     

    

 

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

 

For
the purposes of this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage
any request for a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade
or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, or (2) does not reply
to such request or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the
requirement for Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing
Agreement, the Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B PSA and the Note A-4 PSA,
as applicable, have been satisfied, then for such request only, the condition that such confirmation by such Rating Agency (only)
be obtained will be deemed not to apply for purposes of this Agreement. For purposes of clarity, any such waiver, declination
or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver, declination
or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition
for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous
waiver, declination or refusal to review or otherwise engage in such prior request.

 

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

 

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

 

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

 

“Reporting
Article” shall mean, with respect to any PSA, the article of such PSA that relates to reporting under the Securities
Exchange Act of 1934, as amended, and Regulation AB.

 

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

 

“S&P”
shall mean S&P Global Ratings, and its successors in interest.

 

“Securitization”
shall mean the Note A-1 Securitization, the Note A-2A Securitization, the Note A-2B Securitization, the Note A-3A Securitization,
the Note A-3B Securitization and/or the Note A-4 Securitization, as applicable.

 

    -13-

     

    

 

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

 

“Servicing
Agreement” shall mean the Lead Securitization PSA. In the event the Lead Note is no longer an asset of the trust fund
created pursuant to the Lead Securitization PSA, the term “Servicing Agreement” shall refer to the subsequent servicing
agreement entered into pursuant to Section 2.

 

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

 

“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when
applied to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine
the servicing fee payable to the Master Servicer under the Servicing Agreement.

 

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

 

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

 

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

 

“Special
Servicing Fee” shall have the meaning given to such term in the Servicing Agreement.

 

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

 

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

 

“Trustee”
shall mean the trustee under the Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B PSA or the
Note A-4 PSA, as the context requires.

 

    -14-

     

    

 

 

2.
        Servicing of the Mortgage Loan. (a)  Each Holder acknowledges and agrees
that, subject in each case to the specific terms of this Agreement, the Mortgage Loan shall be serviced by the Master Servicer
and the Special Servicer under the Servicing Agreement in effect at any given time. Each holder agrees to reasonably cooperate
with each Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

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

 

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

 

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

 

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

 

    -15-

     

    

 

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

 

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

 

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

 

The
Servicing Agreement may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay
the Master Servicer, the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties
to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect
to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation.

 

    -16-

     

    

 

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

 

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

 

If
any Servicer holding or having distributed any amount received or collected in respect of Note A-1, Note A-2A, Note A-2B, Note
A-3A, Note A-3B or Note A-4 determines, or a court of competent jurisdiction orders, at any time that any amount received or collected
in respect of Note A-1, Note A-2A, Note A-2B, Note A-3A, Note A-3B or Note A-4 must, pursuant to any insolvency, bankruptcy, fraudulent
conveyance, preference or similar law, be returned to the Borrower or paid to the Note A-1 Holder, the Note A-2A Holder, the Note
A-2B Holder, the Note A-3A Holder, the Note A-3B Holder, the Note A-4 Holder or any Servicer or paid to any other Person, then,
notwithstanding any other provision of this Agreement, no Servicer shall be required to distribute any portion thereof to the
Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the Note A-3B Holder or the Note A-4 Holder,
as applicable, and the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the Note A-3B Holder
or the Note A-4 Holder, as applicable, shall promptly on demand repay to such Servicer the portion thereof which shall have been
theretofore distributed to the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the Note A-3B
Holder or the Note A-4 Holder, as applicable, together with interest thereon at such rate, if any, as such Servicer shall have
been required to pay to the Borrower, the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the
Note A-3B Holder or the Note A-4 Holder, any Servicer or such other person or entity with respect thereto.

 

    -17-

     

    

 

Each
of the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the Note A-3B Holder and the Note A-4
Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in
excess of its distributable share thereof, it will promptly remit such excess to the Master Servicer. The Master Servicer shall
have the right to offset any amounts due hereunder from the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note
A-3A Holder, the Note A-3B Holder or the Note A-4 Holder, as applicable, with respect to the Mortgage Loan against any future
payments due to the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the Note A-3B Holder or
the Note A-4 Holder, as applicable, under the Mortgage Loan, provided, that the obligations of the Note A-1 Holder, the
Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder, the Note A-3B Holder and the Note A-4 Holder under this Section 5
are separate and distinct obligations from one another and in no event shall any Servicer enforce the obligations of any Holder
against any other Holder. The obligations of the Note A-1 Holder, the Note A-2A Holder, the Note A-2B Holder, the Note A-3A Holder,
the Note A-3B Holder and the Note A-4 Holder under this Section 5 constitute absolute, unconditional and continuing
obligations and each Servicer shall be deemed a third-party beneficiary of these provisions.

 

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

 

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

 

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

 

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

 

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

 

    -18-

     

    

 

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

 

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

 

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

 

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

 

(viii)         It
is a Qualified Transferee.

 

8.           Independent
Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7, it has,
independently and without reliance upon any other Holders and based on such documents and information as such Holder has deemed
appropriate, made its own credit analysis and decision to purchase its respective Note. Each Holder hereby acknowledges that the
other Holders shall have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability
or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to
be furnished in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of
the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each Holder
assumes all risk of loss in connection with its respective Note for reasons other than gross negligence, willful misconduct or
breach of this Agreement by any other Holder or negligence, willful misconduct or bad faith by any Servicer, subject to the terms
of the Servicing Agreement.

 

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

 

    -19-

     

    

 

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

 

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

 

12.          Transfer
of Notes. (a)  Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether
or not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more
than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the
other Holder has consented to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified
Transferee” for all purposes under this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation
has been received with respect to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified
Transferee” for all purposes under this Agreement, (iii) such Transfer is to a Qualified Transferee or (iv) such Transfer
is in connection with a sale by a Securitization Trust; provided that if such Transfer is a Transfer of the Lead Note,
such Transfer is to a Qualified Transferee. Any such transferee must assume in writing the obligations of the transferring Holder
hereunder and agree to be bound by the terms and provisions of this Agreement and the Servicing Agreement. Such proposed transferee
(except in the case of Transfers that are made in connection with a Securitization) shall also remake each of the representations
and warranties contained herein for the benefit of the other Holder. Notwithstanding the foregoing, without the non-transferring
Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Holder’s Note is in
a Securitization, without a Rating Agency Confirmation from each Rating Agency that has been engaged by the Depositor to rate
the securities issued in connection with such Securitization, no Holder shall Transfer all or any portion of its Note to a Borrower
or an Affiliate of a Borrower and any such Transfer shall be absolutely null and void and shall vest no rights in the purported
transferee. None of the provisions of this Section 12(a) shall apply in the case of a sale of Note A-1 together with Note A-2A,
Note A-2B, Note A-3A, Note A-3B and Note A-4, in accordance with the terms and conditions of the Lead Securitization PSA.

 

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

 

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

 

(d)       Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any entity
(other than a Borrower or any Affiliate of a Borrower) that has extended a credit facility to such Holder or has entered into a
repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial institution whose
long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note
Pledgee”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on terms and conditions
set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder
or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable terms and conditions
of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not take title to a Note
without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders and the Servicer
that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holders agree to acknowledge
receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default by the pledging Holder
in respect of its obligations under this Agreement of which default such Holder has actual knowledge and which notice shall be
given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note Pledgee a period of ten
(10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other Holders hereunder, but such
Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination
of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment, modification,
waiver or termination pursuant to the terms hereof) shall be effective against such Note Pledgee without the written consent of
such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to
be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination
within 10 days after request therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee of any default
of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made by such pledging
Holder; (v) that the other Holders or Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee
shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the other
Holders; and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such Note Pledgee
that the pledging Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s obligations
to such Note Pledgee pursuant to the applicable credit agreement or other agreements relating to the Pledge between the pledging
Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such Redirection
Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise directs that
such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments that any Servicer
would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or any

 

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Servicing Agreement.
Any pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer from any liability to the
pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer
or other Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its
rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder and the Note Pledgee
and this Agreement. In such event, or if the pledging holder otherwise assigns its interests to the Note Pledgee, the other Holders
and the Servicer shall recognize such Note Pledgee (and any transferee (other than a Borrower or any Affiliate of a Borrower) that
is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure),
and such Person’s successor and assigns, as the successor to the pledging Holder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations of the pledging
Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and
agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d)
shall remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and
any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

(i)       Each
Non-Directing Holder has provided written consent to such sale (to the extent the related Note with respect to the Non-Directing
Holder is not included in the same Securitization as the related Note with respect to the Directing Holder); or

 

(ii)      The
Special Servicer has delivered the following notices and information to each Non-Directing Holder (to the extent the related Note
with respect to the Non-Directing Holder is not included in the same Securitization as the Note with respect to the Directing Holder):

 

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

 

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

 

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

 

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

 

Any Non-Directing Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note
Holder, the Directing Holder, the Non-Lead Note Holders (to the extent the related Non-Lead Note is not included in the Lead Securitization)
and the Non-Directing Holders shall be permitted to submit an offer at any sale of the Defaulted Mortgage Loan (unless such Person
is a Borrower or an agent or Affiliate of a Borrower).

 

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The Non-Lead Note Holders
(to the extent it is not the same entity as the Lead Note Holder) hereby appoint the Lead Note Holder as their agent, and grant
to the Lead Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of soliciting
and accepting offers for and consummating the sale of the Non-Lead Notes. Each Non-Lead Note Holder further agrees that, upon the
request of the Lead Note Holder, such Non-Lead Note Holder shall execute and deliver to or at the direction of Lead Note Holder
such powers of attorney or other instruments as the Lead Note Holder may reasonably request to better assure and evidence the foregoing
appointment and grant, in each case promptly following such request, and shall deliver the related original Non-Lead Note, endorsed
in blank, to or at the direction of the Lead Note Holder in connection with the consummation of any such sale.

 

(d)       Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13
shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event shall
the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action, as the
case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent with
the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC provisions of the Code or
any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(f) of this Agreement.

 

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

 

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

 

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Business Day (or 30 days with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed to have
been approved by the Directing Holder.

 

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

 

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

 

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

 

    15.      Appointment of Special
Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any time and from time
to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a Qualified
Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person to serve as Special
Servicer by delivering to the other Holders and the parties to the Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note
A-3A PSA, the Note A-3B PSA and the Note A-4 PSA a written notice stating such designation and by satisfying the other conditions
required under the Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of
the Servicing Agreement), if any.

 

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

 

(i)      to
provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to
the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if Note A-2A, Note A-2B, Note A-3A, Note A-3B or Note A-4 has been included in a Securitization transaction, then for any
information for which the Special Servicer would be required to provide to such Non-Directing Holder, the Special Servicer shall
provide such notice to the master servicer of the other Securitization transaction, who shall forward such notice as and when required
under the terms of the related Securitization documents; and

 

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

 

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

 

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

 

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

 

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

 

    17.      Advances; Reimbursement
of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or
the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property
and (2) P&I Advances with respect to the Lead Note and any other Note contributed to the Lead Securitization and (ii) pursuant
to the terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated
to make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to
make any P&I Advance with respect to any Non-Lead Note (other than any Non-Lead Note contributed to the Lead Securitization)
and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect
to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee
will be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA, the Note A-2A
PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B PSA or the Note A-4 PSA, as applicable.

 

(b)       The
Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from
the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

(c)       To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, each Non-Lead
Note Holder of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization into which any Non-Lead
Note is deposited) shall be required to, promptly following notice from the Lead Servicer, pay to the Lead Securitization for its
pro rata share of such Property Advance and/or interest thereon at the Reimbursement Rate. In addition, each Non-Lead Note
Holder of any Non-Lead Note not deposited into the Lead Securitization (including any Securitization into which any Non-Lead Note
is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s pro rata
share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which
the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement
(to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement
of such amounts).

 

(d)       The
parties to each of Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B PSA and the Note A-4 PSA
shall each be entitled

 

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to make their own recoverability determination with respect to a P&I Advance based on the information
that they have on hand and in accordance with Note A-1 PSA, the Note A-2A PSA, the Note A-2B PSA, the Note A-3A PSA, the Note A-3B
PSA or the Note A-4 PSA, as applicable.

 

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

 

    18.      Provisions Relating
to Securitization.

 

     (a) New Notes. For
so long as RMF or an Affiliate of RMF or CGMRC or an Affiliate of CGMRC (an “Initial Note Holder”) is the
owner of any Notes, such Initial Note Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to
cause the Borrower to execute amended and restated notes (“Amended Notes”) or additional notes
(“New Notes”) reallocating the principal of the Note or Notes that it owns (but in no case any Note that
it does not then own) among Amended Notes and New Notes or severing a Note into one or more further “component”
notes in the aggregate principal amount equal to the then outstanding principal balance of the Note or Notes being amended or
created, provided that (i) the aggregate principal balance of the Amended Notes and New Notes following such
amendments is no greater than the principal balance of the Amended Notes and New Notes prior to such amendments, (ii) all New
Notes continue to have the same interest rate as the Amended Note of which it was a part prior to such amendments, (iii) all
New Notes pay pro rata and on a pari passu basis with the Amended Notes and such reallocated or component notes
shall be automatically subject to the terms of this Agreement and (iv) the Initial Note Holder holding the New Notes shall
notify each other Holder, as applicable, and, if any other Note has been included in a securitization, the parties under each
applicable PSA, in writing (which may be by email) of such modified allocations and principal amounts. In connection with the
foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to
amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of
reflecting such reallocation of principal or such severing of a Note, (2) if a Note is severed into “component”
notes, such component notes shall each have their same rights as the respective original Note, (3) the definition of the term
“Securitization” and all of the related defined terms may be amended (and new terms added, as necessary) to
reflect the New Notes and (4) if Note A-1 is severed into “component” notes, another note (or one of the New
Notes) held by RMF or an Affiliate of RMF may be substituted for Note A-1 in the definition of “Designated
Holder” and “Directing Holder” and the definitions of “Lead Note” and “Lead
Securitization” and “Non-Directing Holder” will be revised accordingly. Neither Rating Agency Confirmation
nor approval of the Directing Holder shall be required for any amendments to this Agreement required to facilitate the terms
of this Section 18(a). The Initial Note Holder whose Note is being reallocated or split pursuant to this Section
18(a) shall reimburse the other Holders for all costs and expenses incurred by the other Holders in connection with the
reallocation or split.

 

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(b)       The
Non-Lead Note Holder agrees that (unless the Non-Lead Note and the Lead Note are included in the same Securitization) it shall
cause the Non-Lead Servicing Agreement to provide as follows:

 

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

 

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

 

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

 

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

 

(v)    each
of Trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each of the
Master Servicer and the Trustee under the Servicing Agreement will be a third party beneficiary under the Non-Lead Servicing Agreement
with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect to such
Non-Lead Note by the Master Servicer or the Trustee under the Servicing Agreement and (2) as to the Master Servicer only, the indemnification
of the Master Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any
other

 

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

 

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

 

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

 

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

 

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

 

(iii)       The
Note A-3A Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the
Note A-3A Securitization Date) (provided such party is not also a party to the Note A-3A PSA) notice of the Note A-3A Securitization
in writing (which may be by email) prior to or promptly following the Note A-3A Securitization Date. Such notice shall contain
contact information for each of the parties to the Note A-3A PSA and the identity of the Controlling Class Representative under
such Note A-3A PSA. In addition, after the Note A-3A Securitization Date, the Note A-3A Holder shall send a copy of the Note A-3A
PSA to

 

    -30-

     

    

 

the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the Note A-3A Securitization
Date) (provided such party is not also a party to the Note A-3A PSA).

 

(iv)    The
Note A-3B Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the
Note A-3B Securitization Date) (provided such party is not also a party to the Note A-3B PSA) notice of the Note A-3B Securitization
in writing (which may be by email) prior to or promptly following the Note A-3B Securitization Date. Such notice shall contain
contact information for each of the parties to the Note A-3B PSA and the identity of the Controlling Class Representative under
such Note A-3B PSA. In addition, after the Note A-3B Securitization Date, the Note A-3B Holder shall send a copy of the Note A-3B
PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the Note A-3B Securitization
Date) (provided such party is not also a party to the Note A-3B PSA).

 

(v)
    The Note A-4 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead
Securitization PSA (as of the Note A-4 Securitization Date) (provided such party is not also a party to the Note A-4
PSA) notice of the Note A-4 Securitization in writing (which may be by email) prior to or promptly following the Note A-4
Securitization Date. Such notice shall contain contact information for each of the parties to the Note A-4 PSA and the
identity of the Controlling Class Representative under such Note A-4 PSA. In addition, after the Note A-4 Securitization
Date, the Note A-4 Holder shall send a copy of the Note A-4 PSA to the Depositor, the Servicer and the Special Servicer under
the Lead Securitization PSA (as of the Note A-4 Securitization Date) (provided such party is not also a party to the
Note A-4 PSA).

 

(d)       The
Lead Securitization PSA shall:

 

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

 

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

 

(iii)       provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note (other than any Non-Lead
Note deposited into the Lead Securitization as to which payments shall be applied as provided in the Servicing Agreement), net
of its Servicing Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and
the Trustee, to the Non-Lead Holder on the applicable Master Servicer Remittance Date;

 

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

 

(v)       provide
that the Master Servicer, any primary servicer, the Special Servicer and the Trustee for the Lead Securitization, certificate administrator
or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each
other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports,
certifications, compliance statements, accountants’ assessments and attestations, information to be included in reports (including,
without limitation, Form 15G, Form 10K, Form 10D, Form 8K), notices, and other materials specified in each of the other Servicing
Agreements as the parties to each Non-Lead Securitization may require in order to comply with (1) their obligations under the Securities
Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other
applicable law and (2) any applicable comment letter from the Securities and Exchange Commission or its obligations with respect
to any deficient Exchange Act receivable. Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any other Securitization a copy of the Lead Securitization
PSA and each Lead Servicer (at the expense of the Lead Note Holder) will be required to provide to the depositor and the Trustee
for any other Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead
Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance 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, the Special Servicer and each other applicable party to the Lead Servicing Agreement shall each
be required to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification
(or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

 

(vi)       each
of the Master Servicer, the Special Servicer, the custodian and the Trustee and each Affected Reporting Party (or analogous term)
for the Lead Securitization shall cooperate (and require each servicing function participant and additional servicer retained by
it to cooperate under the applicable sub-servicing

 

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Agreement), with the Depositor of each Non-Lead Securitization to the same extent
as such party is required to cooperate with the Depositor of the Lead Securitization under the Reporting Article of the Lead Securitization
PSA in connection with the reporting requirements under the Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. All respective reasonable out-of-pocket
costs and expenses incurred by each Depositor of a Non-Lead Securitization (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
Depositor in any telephone conferences and meetings with the United States Securities and Exchange Commission (the “Commission”)
and other costs such Depositor must bear pursuant to the Reporting Article of the Lead Securitization PSA) and any amendments to
any reports filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt
of an itemized invoice from such Depositor;

 

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

 

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

 

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

 

(x)       provide
that each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of the
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or

 

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indemnification
of such master servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;

 

(xi)       provide
that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders (other than
any Non-Lead Note Holder which is a direct party to the Servicing Agreement) without their consent;

 

(xii)       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;

 

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

 

(xiv)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required, failure to
deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the depositor under
a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form
SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the
case of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a servicer termination event
with respect to the Master Servicer affecting the Non-Lead Note Holder and the Master Servicer is not otherwise terminated pursuant
to the Lead Securitization PSA, the Master Servicer shall be required, upon the direction of the Non-Lead Note Holder, to appoint
a subservicer with respect to the Non-Lead Note. Upon the occurrence of a servicer termination event with respect to the Special
Servicer affecting the Non-Lead Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization
PSA, the Trustee shall, upon direction of the Non-Lead Note Holder, terminate the Special Servicer with respect to, but only with
respect to, the Mortgage Loan;

 

(xv)       provide
that if a Non-Lead Note becomes the subject of an “asset review” under a Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations

 

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reviewer or other
applicable party to such Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing
access to related underlying documents to the extent the asset representations reviewer or such other applicable party to the Non-Lead
Servicing Agreement has not obtained such documents from the entity that was the Non-Lead Note Holder prior to transfer of the
Non-Lead Note to a Securitization and such documents are in the possession of the applicable party to the Servicing Agreement;

 

(xvi)       provide
that the Non-Lead Note Holders shall be entitled to the same indemnity as the Lead Note Holder under the Lead Securitization PSA
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 the Depositor under any Non-Lead
Servicing Agreement, and their respective directors and officers and controlling persons, to the same extent that they indemnify
the Depositor of the Lead Securitization (in its capacity as such) and each certifying person for (i) its failure to deliver the
items in clauses (v) and (xii) above in a timely manner, (ii) its failure to perform its obligations to such Depositor of a Non-Lead
Securitization or Trustee of a Non-Lead Securitization under the Reporting Article (or any article substantially similar thereto)
of the Lead Securitization PSA by the time required after giving effect to any applicable grace period or cure period, (iii) the
failure of any servicer or servicing function participant retained by it to perform its obligations to such Depositor of a Non-Lead
Securitization or Trustee of a Non-Lead Securitization under such the Reporting Article (or any article substantially similar thereto)
of the Lead Securitization PSA by the time required and/or (iv) any deficient Securities Exchange Act of 1934 report regarding,
and delivered by or on behalf of, such party;

 

(xvii)       each
of the Master Servicer, the Special Servicer, the operating advisor, the custodian, the certificate administrator and the Trustee
of the Lead Securitization PSA shall (i) with respect to any initial sub-servicer engaged by it that is a servicing function participant
or additional servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other additional
servicer and each servicing function participant with which, in each case, it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such party to, comply with the foregoing Section 18 (d)(xvi) by inclusion of similar provisions in
the related sub-servicing or similar agreement;

 

(xviii)       provide
for special servicing, workout and liquidation fee rates that do not exceed (i) 0.25%, in the case of special servicing fees, (ii)
the lesser of (x) 1.00% and (y) such rate that results in a workout fee of $1,000,000, in the case of workout fees, and (iii) the
lesser of (x) 1.00% and (y) such rate that results in a liquidation fee of $1,000,000, in the case of liquidation fees, subject
in each case to market minimum special servicing fees and offsets set forth in the Lead Securitization PSA; and

 

(xix)       to
the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation and Rating Agency
communications shall be provided with respect to the Certificates issued in connection with each Non-Lead

 

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Securitization to the
same extent provided with respect to the Certificates issued in connection with the Lead Securitization;

 

(e)          The
Holder of any Note that, upon the closing of the Securitization of such Note, will constitute the Lead Note under this Agreement
shall:

 

(i)           give
the other Note Holders (except any Holder of any other Note included in such Securitization) notice of such Securitization in writing
(which may be by email) not less than three (3) Business Days prior to the applicable pricing date for such Securitization, together
with contact information for each of the parties to the related PSA;

 

(ii)          on
the closing date of such Securitization, send a copy (in EDGAR-compatible format) of such PSA to the other Note Holders (except
any Holder of any other Note included in such Securitization); and

 

(iii)          give
the other Note Holders (except any Holder of any other Note included in such Securitization) written notice in a timely manner
(but no later than one (1) Business Day prior to the applicable filing date) of any re-filing (other than a filing made in connection
with a formal amendment of such PSA) by the Depositor of such PSA subsequent to the Securitization Date if such filing contains
revisions or changes that are material to the other Note Holder.

 

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

 

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

 

    21.     Successors and Assigns;
Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and assigns. Each of the Master Servicer, Non-Lead Master Servicer and related Trustee is an intended third-party beneficiary
of this Agreement. Except as provided in Section 5 and the preceding sentence, none of the provisions of this Agreement
shall be for the benefit of or enforceable by any Person not a party hereto.

 

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

 

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

 

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

 

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

 

[NO FURTHER TEXT ON THIS PAGE]

 

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

  

	 	Note A-1 Holder:
	 	 
	 	RIALTO MORTGAGE FINANCE, LLC

	 	 
	 	By:	/s/  Marshall
    Van Smith 
	 	 	Name:   Marshall
    Van Smith    
Title:     Authorized Signatory

 

WFCM
2016-LC25 – Rialto & Citi Marriott Hilton Head Co-Lender Agreement

    

     

    

	 	 
	 	Note A-2A Holder:
	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY CORP.
	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:   Richard W. Simpson
Title:     Authorized Signatory

 

WFCM 2016-LC25 –
Rialto & Citi Marriott Hilton Head Co-Lender Agreement

 

    

     

    

 

	 	 
	 	Note A-2B Holder:
	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY CORP.
	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:   Richard W. Simpson
Title:     Authorized Signatory

 

WFCM 2016-LC25 –
Rialto & Citi Marriott Hilton Head Co-Lender Agreement

 

    

     

    

 

	 	 
	 	Note A-3A Holder:
	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY CORP.
	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:   Richard W. Simpson
Title:     Authorized Signatory

 

WFCM 2016-LC25 –
Rialto & Citi Marriott Hilton Head Co-Lender Agreement

 

    

     

    

 

	 	 
	 	Note A-3B Holder:
	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY CORP.
	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	Name:   Richard W. Simpson
Title:     Authorized Signatory

 

WFCM 2016-LC25 –
Rialto & Citi Marriott Hilton Head Co-Lender Agreement

 

    

     

    

 

	 	 
	 	Note A-4 Holder:
	 	 
	 	RIALTO MORTGAGE FINANCE, LLC
	 	 
	 	By:	/s/ Marshall Van Smith
	 	 	Name:   Marshall Van Smith
Title:     Authorized Signatory

 

WFCM 2016-LC25 –
Rialto & Citi Marriott Hilton Head Co-Lender Agreement

 

    

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.       Description of
Mortgage Loan

	Borrower:	Columbia Hilton Head Properties, LLC
	Mortgage Loan Origination Date:  	October 3, 2016
	Initial Principal Amount of Mortgage Loan:	$98,000,000
	Locations of Mortgaged Property:	Hilton Head, South Carolina
	Current Use of Mortgaged Property:	Hotel
	Mortgage Interest Rate:	
        Note A-1:           4.9200%

        Note A-2A:        4.9200%

        Note A-2B:       4.9200%

        Note A-3A:       4.9200%

        Note A-3B:        4.9200%

        Note A-4:           4.9200%

	Maturity Date:	October 6, 2026

    A-7

     

    

B.       Description of
Notes

	Mortgage Loan Origination Date:	 
	Initial Note A-1 Principal Balance:	$43,000,000
	Initial Note A-2A Principal Balance:	$5,000,000
	Initial Note A-2B Principal Balance:	$15,000,000
	Initial Note A-3A Principal Balance:	$10,000,000
	Initial Note A-3B Principal Balance:	$10,000,000
	Initial Note A-4 Principal Balance:	$15,000,000
	Initial Note A-1 Percentage Interest:	43.877755%
	Initial Note A-2A Percentage Interest:	5.102041%
	Initial Note A-2B Percentage Interest:	15.306122
	Initial Note A-3A Percentage Interest:	10.204082%
	Initial Note A-3B Percentage Interest:	10.204082
	Initial Note A-4 Percentage Interest:	15.306122%
	Note A-1 Interest Rate:	4.9200%
	Note A-2A Interest Rate:	4.9200%
	Note A-2B Interest Rate:	4.9200%
	Note A-3A Interest Rate:	4.9200%
	Note A-3B Interest Rate:	4.9200%
	Note A-4 Interest Rate:	4.9200%
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2A Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2 Interest Rate
	Note A-2B Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-3A Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-3 Interest Rate
	Note A-3B Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-4 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-4 Interest Rate

    A-8

     

    

EXHIBIT B

Note A-1 and Note A-4 Holder:

(Prior to Securitization of Note A-1
and Note A-4):

Rialto Mortgage Finance, LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Andrew Snow

andrew.snow@rialtocapital.com

with a copy to:

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

Attention: Frank Polverino

Facsimile No: (212) 504-6666

frank.polverino@cwt.com

Note A-2A Holder, Note A-2B Holder, Note A-3A Holder, and
Note A-3B Holder:

 

Citigroup Global Markets Realty Corp.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention : Ana Rosu Marmann

Facsimile No.: (646) 328-2938

ana.rosu@citi.com

 

with a copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

Attention: Joseph Kelly and Charles Schrank

Facsimile No.: (212) 839-5599

jkelly@sidley.com; cschrank@sidley.com

    B-1

     

    

 EXHIBIT C

PERMITTED FUND MANAGERS

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

KKR Real Estate Manager Finance LLC

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

 

    C-1

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