Document:

Exhibit 4.9 

 

EXECUTION VERSION

  

AGREEMENT
BETWEEN NOTE HOLDERS

 

Dated
as of May 6, 2018

by and between

 

SPREF
WH III LLC

(Initial Note A-1 Holder)

 

and

 

SPREF
WH III LLC

(Initial Note A-2 Holder)

 

Stony
Creek Marketplace

 

     

    

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1	Definitions	1
	Section 2	Servicing of the Mortgage Loan	14
	Section 3	Priority of Payments	19
	Section 4	Workout	19
	Section 5	Administration of the Mortgage Loan	20
	Section 6	Rights of the Controlling Note Holder; Rights of the Non-Controlling Note Holder	24
	Section 7	Appointment of Special Servicer	27
	Section 8	Payment Procedure	27
	Section 9	Limitation on Liability of the Note Holders	28
	Section 10	Bankruptcy	29
	Section 11	Representations of the Note Holders	29
	Section 12	No Creation of a Partnership or Exclusive Purchase Right	30
	Section 13	Other Business Activities of the Note Holders	30
	Section 14	Sale of the Notes	30
	Section 15	Registration of the Notes and Each Note Holder	33
	Section 16	Governing Law; Waiver of Jury Trial	34
	Section 17	Submission To Jurisdiction; Waivers	34
	Section 18	Modifications	35
	Section 19	Successors and Assigns; Third Party Beneficiaries	35
	Section 20	Counterparts	35
	Section 21	Captions	36
	Section 22	Severability	36
	Section 23	Entire Agreement	36
	Section 24	Withholding Taxes	36
	Section 25	Custody of Mortgage Loan Documents	37
	Section 26	Cooperation in Securitization	37
	Section 27	Notices	38
	Section 28	Broker	38
	Section 29	Certain Matters Affecting the Agent	39
	Section 30	Reserved	39
	Section 31	Resignation of Agent	39
	Section 32	Resizing	39

 

    -i- 

    

    

 

THIS
AGREEMENT BETWEEN NOTEHOLDERS (“Agreement”), dated as of May 6, 2018 by and between SPREF WH III LLC (in its
capacity as initial owner of the Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial
agent, the “Initial Agent”) and SPREF WH III LLC (in its capacity as initial owner of the Note A-2, the “Initial
Note A-2 Holder” and, together with the Initial Note A-1 Holder, the “Initial Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein), Argentic Real Estate Finance LLC (“AREF”) originated
a certain loan (the “Mortgage Loan”) described on the schedule attached hereto as Exhibit A (the “Mortgage
Loan Schedule”) to the mortgage loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”),
which is evidenced, inter alia, by: (i) one promissory note in the original principal amount of $13,600,000 (as amended,
modified or supplemented, “Note A-1”) made by the Mortgage Loan Borrower in favor of the Initial Note A-1
Holder and (ii) one promissory note in the original principal amount of $8,000,000 (as amended, modified or supplemented, “Note A-2”
and, together with Note A-1 the “Notes”) made by the Mortgage Loan Borrower in favor of the Initial Note A-2
Holder and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real
property located as described on the Mortgage Loan Schedule and commonly known as “Stony Creek Marketplace” (the “Mortgaged
Property”);

 

WHEREAS,
the Initial Note A-1 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to
Wells Fargo Commercial Mortgage Securities, Inc. (the “Depositor”), as depositor, pursuant to a Mortgage Loan
Purchase Agreement to be dated as of April 30, 2018, by and between the Depositor, as purchaser, and Initial Note A-1 Holder,
as seller, and the Depositor intends to transfer its right, title and interest in and to Note A-1 to Wilmington Trust, National
Association (“Wilmington”), as trustee for the Wells Fargo Commercial Mortgage Trust 2018-C44 under a pooling
and servicing agreement, dated as of May 1, 2018 (the “Note A-1 PSA”), among the Depositor, as depositor,
Wells Fargo Bank, National Association, as master servicer and certificate administrator, Rialto Capital Advisors, LLC, as special
servicer, Wilmington, as trustee, and Pentalpha Surveillance, LLC, as operating advisor and asset representations reviewer;

 

WHEREAS,
the Initial Note A-2 Holder intends to sell, transfer and assign all or a portion of its right, title and interest in and
to Note A-2 to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more mortgage
loans;

 

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

 

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

 

     

    

    

 

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

 

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

 

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

 

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

 

“Agent
Office” shall mean the designated office of the Agent, which office at the date of this Agreement is located at SPREF
WH III LLC, 40 West 57th Street, 29th Floor, New York, New York 10019, Attention: Michael Schulte, Facsimile number: (646) 560-1745,
Email address: mschulte@silverpeakfinance.com, and which is the address to which notices to and correspondence with the Agent
should be directed. The Agent may change the address of its designated office by notice to the Note Holders.

 

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

 

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

 

“AREF”
shall mean Argentic Real Estate Finance LLC.

 

“Asset
Representations Reviewer” shall mean the asset representations reviewer appointed as provided in the Lead Securitization
Servicing Agreement and any successor thereunder.

 

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

 

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

 

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

 

“CLO
Asset Manager” with respect to any Securitization Vehicle that is a CLO, shall mean the entity that is responsible for
managing or administering a Note as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening
Trust Vehicle

 

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(including, without limitation, the right to exercise any consent and control rights available to the holder of
such Note).

 

“Certificate
Administrator” shall mean the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement
and any successor thereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Controlling
Note” shall mean Note A-1.

 

“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
the rights of the Controlling Note Holder under this Agreement may be exercised by the “Directing Certificateholder”
or any other party assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to
the extent provided in the Lead Securitization Servicing Agreement. If at any time 50% or more of Note A-1 is held by the Mortgage
Loan Borrower or a Borrower Party, the Note A-1 Holder shall not be entitled to exercise any rights of the Controlling Note Holder
and neither the Note A-1 Holder nor any other person shall be entitled to exercise the rights of the Controlling Note Holder (and
if Note A-1 is included in a Securitization, the Note A-1 PSA shall contain limitations on the rights of the Controlling Note
Holder that can be exercised by a certificateholder that is the Mortgage Loan Borrower or has certain relationships with the Mortgage
Loan Borrower). If the Controlling Note is included in a Securitization, the Lead Securitization Servicing Agreement may contain
additional limitations on the rights of the designated party entitled to exercise the rights of the “Controlling Note Holder”
hereunder if

 

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such designated party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, Wells Fargo Commercial Mortgage Securities, Inc. and (ii) with
respect to the Note A-2 Securitization, the depositor under the Note A-2 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or
any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action
for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets
of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of
a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or
any other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage
Loan Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage
Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any
such permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement
shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage
Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more
than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

     -4-

    

    

 

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

 

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

 

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

 

“Lead
Securitization” shall mean the Note A-1 Securitization; provided that, if the Note A-2 Securitization occurs
prior to the Note A-1 Securitization, then the Note A-2 Securitization shall be the Lead Securitization until such time as the
Note A-1 Securitization occurs, at which time the Note A-1 Securitization shall be the Lead Securitization.

 

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

 

“Lead
Securitization Master Servicer” shall mean the master servicer under the Lead Securitization Servicing Agreement.

 

“Lead
Securitization Note” shall mean Note A-1; provided that, if the Note A-2 Securitization occurs prior to the Note
A-1 Securitization, then Note A-2 shall be the Lead Securitization Note until such time as the Note A-1 Securitization occurs,
at which time Note A-1 shall be the Lead Securitization Note.

 

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

 

“Lead
Securitization Servicing Agreement” shall mean (i) the “pooling and servicing agreement” entered into in
connection with the Lead Securitization and (ii) on and after the date on which the Mortgage Loan is no longer subject to the
provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be
determined in accordance with the second paragraph of Section 2(a).

 

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

 

“Lead
Securitization Subordinate Class Representative” shall mean the “Controlling Class Representative” or other
analogous term used in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

“Master
Servicer Remittance Date” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of March 28, 2018, between Rainier Stony Creek Acquisitions,
LLC, as Borrower, and AREF, as Lender, as the same may be further amended, restated, supplemented or otherwise modified from time
to time, subject to the terms hereof.

 

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

 

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

 

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

 

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

 

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

 

“New
Notes” shall have the meaning assigned to such term in Section 32.

 

“Nonrecoverable
Servicing Advance” shall have the meaning assigned to such term (or such equivalent term) in the Lead Securitization
Servicing Agreement.

 

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“Non-Controlling
Note Holder” shall mean the Note A-2 Holder; provided that at any time Note A-2 is included in a Securitization,
the consultation and other rights of the “Non-Controlling Note Holder” under this Agreement may be exercised by the
Directing Certificateholder under the Non-Lead Securitization Servicing Agreement or any other party assigned the rights to exercise
the rights of the “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special
Servicer) has been given written notice.

 

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

 

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

 

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

 

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

 

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

 

“Non-Lead
Securitization” shall mean the Note A-2 Securitization; provided that, if the Note A-2 Securitization occurs
prior to the Note A-1 Securitization, then the Note A-2 Securitization shall be the Lead Securitization until such time as the
Note A-1 Securitization occurs, at which time the Note A-2 Securitization shall be the Non-Lead Securitization.

 

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

 

“Non-Lead
Securitization Note” shall mean Note A-2; provided that, if the Note A-2 Securitization occurs prior to the Note
A-1 Securitization, then Note A-1 shall be the Non-Lead Securitization Note until such time as the Note A-1 Securitization occurs,
at which time Note A-2 shall be the Non-Lead Securitization Note.

 

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

 

“Non-Lead
Securitization Servicing Agreement” shall mean the “pooling and servicing agreement” entered into in connection
with the Securitization of the Non-Lead Securitization Note.

 

     -7-

    

    

 

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

 

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

 

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

 

“Note A-1
Holder” shall mean the Initial Note A-1 Holder or any subsequent holder of Note A-1, as applicable.

 

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

 

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

 

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

 

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

 

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

 

“Note A-2
Holder” shall mean the Initial Note A-2 Holder or any subsequent holder of Note A-2, as applicable.

 

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

 

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

 

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

 

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

 

“Note
Holder Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative.

 

     -8-

    

    

 

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

 

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

 

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

 

“Notes”
shall mean, collectively, Note A-1 and Note A-2.

 

“Operating
Advisor” shall mean the operating advisor or its successor in interest, or any successor appointed as provided in the
Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)       an
entity Controlled (as defined below) by any of the Initial Note Holders, or

 

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

 

     -9-

    

    

 

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

 

(c)       one
or more of the following:

 

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

 

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

 

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

 

(iv)     an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional
Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in
clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund
manager responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50%
of the equity

 

     -10-

    

    

 

interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise
Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in
the definition), or

 

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

 

in
the case of any entity referred to in clause (c)(i), (ii), (iii), (iv)(B) or (v) of this definition, (x) such entity
has at least $200,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory
firm or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and (y) is regularly
engaged in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or
mezzanine loans with respect thereto) or owning or operating commercial real estate properties; provided that, in the case
of the entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied by a general
partner, managing member, or the fund manager responsible for the day-to-day management and operation of such entity; or

 

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

 

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

 

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

 

“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 holder of Note A-1, which consent shall not be unreasonably withheld, conditioned or delayed.

 

     -11-

    

    

 

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 Lead
Securitization Servicing Agreement and each Non-Lead Securitization Servicing Agreement, 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.

 

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

 

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time; provided, however,
that nothing in this definition suggests or mandates early compliance with any provision of the rules.

 

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

 

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

 

     -12-

    

    

 

servicer for one or more loans included in a commercial mortgage
loan securitization that was rated by DBRS, and DBRS has not downgraded or withdrawn the then current rating on any class of commercial
mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer
as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior
to the time of determination.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which Note A-1 or Note A-2 is held.

 

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

 

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

 

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

 

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

 

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

 

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“Special
Servicer” shall mean the special servicer or its successor in interest, or any successor appointed as provided in the
Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

Section
2.          Servicing of the Mortgage Loan.

 

(a)       Each
Note Holder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced from and after the Lead
Securitization Date by the Lead Securitization Master Servicer and the Lead Securitization Special Servicer pursuant to the terms
of this Agreement and the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges that any other Note
Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26,
reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject
to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment
of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling
Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing
of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. In no event shall the Lead Securitization
Servicing Agreement require the Servicer to enforce the rights of any Note Holder or limit the Servicer in enforcing the rights
of one Note Holder against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights
of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization
Servicing Agreement to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents,
the Lead Securitization Servicing Agreement and applicable law, and shall not take any action or refrain from taking any action
or follow any direction inconsistent with the foregoing.

 

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If,
at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the
Note Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the
Note Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing
Agreement and all references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing
agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation
shall have been obtained from each Rating Agency that the appointment of the servicer(s) pursuant to such servicing agreement
would not, in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities
issued in connection with such Securitization; provided, further, however, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to
the provisions of the Lead Securitization Servicing Agreement as if such agreement was still in full force and effect with respect
to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder
that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement.

 

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

 

In
addition, the Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead
Securitization Note is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead
Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses incurred
in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee,

 

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the Operating Advisor, the Asset Representations Reviewer or the Depositor, as applicable,
is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the
Collection Account or Companion Distribution Account that are allocated to the related Non-Lead Securitization Note are insufficient
for reimbursement of such amounts. The Non-Lead Securitization Note Holder agrees to indemnify (as and to the same extent the
Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the Lead
Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Depositor under the Lead
Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the 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 Securitization Servicing Agreement in respect of other mortgage
loans) (the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and
related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration
of the Mortgage Loan (or, with respect to the Operating Advisor or the Asset Representations Reviewer, incurred in connection
with the provision of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified
Items”) to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in
the Collection Account or Companion Distribution Account that are allocated to the related Non-Lead Securitization Note are insufficient
for reimbursement of such amounts, the Non-Lead Securitization Note Holder shall be required to, promptly following notice from
the Master Servicer, reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency;
provided, however, that the Non-Lead Securitization Note Holder’s duty to pay Indemnified Items to the Operating
Advisor shall be subject to any limitations and conditions (including limitations and conditions with respect to the timing of
such payments and the sources of funds for such payments) as may be set forth from time to time in the Non-Lead Securitization
Servicing Agreement.

 

Any
Non-Lead Master Servicer may be required to make P&I Advances on the respective Non-Lead Securitization Note, from time to
time, subject to the terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement
and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their
own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization Note based on the information
that they have on hand and in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead Master Servicer, Non-Lead
Special Servicer or Non-Lead Trustee under any Non-Lead Securitization Servicing Agreement, as applicable, shall be entitled to
make its own recoverability determination with respect to a P&I Advance to be made on the related Non-Lead Securitization
Note based on the information that they have on hand and in accordance with the Non-Lead Securitization Servicing Agreement. The
Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, shall
be required to notify the other of the amount of its P&I Advance within two Business Days of making such advance. If the Master
Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master
Servicer, Non-Lead Special Servicer or the Non-Lead Trustee, as applicable (with respect to the Non-Lead Securitization Note),
determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be
non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as

 

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

 

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

 

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

 

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(ii)        each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of
the Lead Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any “additional
trust fund expenses” with respect to the Mortgage Loan) by any Non-Lead Securitization Trust, against any of the Indemnified
Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the “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 Securitization Servicing
Agreement; provided, however, that the Non-Lead Securitization Servicing Agreement may include limitations and conditions
on the payment or reimbursement of Indemnified Items to the Operating Advisor (including limitations and conditions with respect
to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements);

 

(iii)       the
related Non-Lead Master Servicer will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and Master Servicer notice of any subsequent change in the identity
of the Non-Lead Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note Holder”
with respect to such Non-Lead Securitization Note under this Agreement (together with the relevant contact information);

 

(iv)       any
matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation
pursuant to the Lead Securitization Servicing Agreement shall also require delivery of a Rating Agency Confirmation under any
Non-Lead Securitization Servicing Agreement; and

 

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

 

(d)       The
Lead Securitization Servicing Agreement shall contain the provisions and comply with the terms set forth on Schedule I to this
Agreement.

 

(e)       If
the Note A-2 Securitization occurs prior to the Note A-1 Securitization, the Note A-1 Holder shall provide the Depositor, the
Master Servicer and the Special Servicer under the Note A-2 PSA (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 e-mail) 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. In addition, if the Note A-2 Securitization
occurs prior to the Note A-1 Securitization, then 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 Master Servicer and the Special Servicer under the Note A-2 PSA (provided such party
is not also a party to the Note A-1 PSA).

 

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Section
3.          Priority of Payments. Each Note shall be of equal
priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security
therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in
connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the
form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other than (1) proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan
Borrower in accordance with the terms of the Mortgage Loan Documents, (2) all amounts for required reserves or escrows
required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents)) to be
held as reserves or escrows, (3) amounts received as reimbursements on account of recoveries in respect of property
protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead
Securitization Servicing Agreement, (4) all amounts that are then due, payable or reimbursable (except for (i)
reimbursements of P&I Advances (and interest thereon) on the Lead Securitization Note and (ii) any Servicing Fees due to
the Master Servicer in excess of any Non-Lead Securitization Note’s pro rata share of that portion of such
Servicing Fees calculated at the Servicing Fee Rate applicable to the Mortgage Loan as set forth in the Lead Securitization
Servicing Agreement and (5) Penalty Charges) shall be applied by the Lead Securitization Note Holder (or its designee) to the
Notes on a Pro Rata and Pari Passu Basis.

 

Penalty
Charges (as defined in the Lead Securitization Servicing Agreement) paid shall be allocated to the Notes on a Pro Rata and Pari
Passu Basis and applied first, to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary
to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement
of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, to reduce
the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer
or any Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such Note by such
party (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement,
as applicable), third, to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary
to pay “additional trust fund expenses” (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees)
incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, in
the case of the remaining amount of Penalty Charges, be paid to the Master Servicer and/or the Special Servicer as additional
servicing compensation as provided in the Lead Securitization Servicing Agreement.

 

Section
4.          Workout. Notwithstanding anything to the contrary
contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Agreement, and the obligation
to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with
a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance of the
Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal on any Note are
waived, reduced or deferred or (iv) any other adjustment is made to any of the payment

 

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terms of the Mortgage Loan, such
modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal
priorities of each Note as described in Section 3.

 

Section
5.          Administration of the Mortgage Loan.

 

(a)       Subject
to this Agreement (including but not limited to Section 5(b)) and the Lead Securitization Servicing Agreement and subject
to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have
the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the
Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents
or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call
or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and the Non-Lead
Securitization Note Holder shall have no voting, consent or other rights whatsoever except as explicitly set forth herein with
respect to the Lead Securitization Note Holder’s administration of, or exercise of its rights and remedies with respect
to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing Agreement, the Non-Lead Securitization
Note Holder agrees that it shall have no right to, and the Non-Lead Securitization Note Holders each hereby presently and irrevocably
assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting
on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has to, (i) call or cause the
Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect
to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note
Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master
Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary
duty to the Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing
shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth herein
or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability
for failure to do so).

 

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

 

Upon
the Mortgage Loan becoming a Defaulted Loan, the Non-Lead Securitization Note Holder hereby acknowledges the right and obligation
of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell
the Notes together as notes evidencing one whole loan in accordance with

 

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the terms of the Lead Securitization Servicing Agreement.
In connection with any such sale, the Special Servicer shall be required to sell the Notes together as notes evidencing one whole
loan and shall require that all offers be submitted to the Trustee in writing.

 

The
Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be
permitted to sell the Mortgage Loan without the written consent of the Non-Lead Securitization Note Holders unless the Special
Servicer has delivered to such Non-Lead Securitization Note Holders: (a) at least fifteen (15) Business Days prior written notice
of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each
bid package (together with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed
sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and
any documents in the Servicing File requested by such Non-Lead Securitization Note Holders and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors and the related “Subordinate Class
Representative” (or other similar term)) prior to the proposed sale date, all information and other documents being provided
to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection
with the proposed sale provided, that such Non-Lead Securitization Note Holders may waive any of the delivery or timing
requirements set forth in this sentence. Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note Holder
Representative, the Non-Lead Securitization Note Holders and any Non-Controlling Note Holder Representative shall be permitted
to bid at any sale of the Mortgage Loan unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage
Loan Borrower.

 

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

 

The
authority of the Lead Securitization Note Holder to sell the Non-Lead Securitization Note, and the obligations of any other Note
Holder to execute and deliver instruments or deliver the related Note upon request of the Lead Securitization Note Holder, shall
terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased
by the holder of such Lead Securitization Note that sold such Lead Securitization Note into such Securitization from the trust
fund established under the Lead Securitization Servicing Agreement in connection with a material breach of a representation or
warranty made by such Person with respect to the Lead Securitization Note or a material document defect with respect to the documents
delivered by such Person with respect

 

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to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding
sentence shall not be construed to grant to the Non-Lead Securitization Note Holder the benefit of any representation or warranty
made by the holder of the Lead Securitization Note that sold such Lead Securitization Note into the Lead Securitization or any
document delivery obligation imposed on such Person under any mortgage loan purchase and sale agreement, instrument of transfer
or other document or instrument that may be executed or delivered by such Person in connection with the Lead Securitization.

 

(b)       The
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be required:

 

(i)
to provide copies of any notice, information and report that it is required to provide to the Lead Securitization Subordinate
Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or the implementation
of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to the Non-Lead Securitization Note
Holder (or its related Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization
Subordinate Class Representative (for this purpose, without regard to whether such items are actually required to be provided
to the Lead Securitization Subordinate Class Representative under the Lead Securitization Servicing Agreement due to the expiration
of a Control Termination Event or a Consultation Termination Event) and

 

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

 

Notwithstanding
the consultation rights of the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the
immediately preceding

 

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sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf)
may take any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned ten
(10) Business Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines
that immediate action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead
Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or
take any alternative actions recommended by the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).

 

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

 

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

 

In
the event that one of the Notes is included in a REMIC, such other Note Holder shall not be required to reimburse such Note Holder
or any other Person for payment of (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating to the administration
of such REMIC or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances
for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use
of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable
to any other Note Holder be reduced to offset or make-up any such payment or deficit.

 

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(d)       Prior
to the Securitization of any Note (including any New Note), all notices, reports, information or other deliverables required to
be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the related Note
Holder (or its Note Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative, as applicable),
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have
satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.
Following the Securitization of any Note (including any New Note), as applicable, all notices, reports, information or other deliverables
required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the master
servicer and the special servicer with respect to such Securitization (who then may forward such items to the party entitled to
receive such items as and to the extent provided in the related Securitization Servicing Agreement) and, when so delivered to
such master servicer and the special servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer
acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under
the Lead Securitization Servicing Agreement.

 

Section
6.          Rights of the Controlling Note Holder; Rights of the Non-Controlling Note Holder.

 

(a)       The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling
Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder
Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower),
including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder, any affiliate
of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder Representative shall owe any
fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted to be
taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting on
behalf of the Controlling Note Holder. No Servicer acting on behalf of the Lead Securitization Note Holder shall be required to
recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified the Servicer or
Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of

 

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the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer, Operating
Advisor or Trustee of the then-current Controlling Note Holder Representative. So long as a Control Termination Event is in effect
pursuant to the terms of the Lead Securitization Servicing Agreement, the Controlling Note Holder Representative shall be the
Lead Securitization Subordinate Class Representative.

 

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

 

(b)       The
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note
Holder Representative”). For the purposes of this Section 6(b), all of the provisions relating to Controlling Note
Holder and the Controlling Note Holder Representative set forth in Section 6(a) (except those contained in the last sentence
of the first paragraph thereof) shall be deemed to apply to the Non-Controlling Note Holder and the Non-Controlling Note Holder
Representative, respectively.

 

For
so long as the Note A-1 Holder is the Controlling Note Holder and Note A-2 is included in the Note A-2 Securitization, the “Directing
Certificateholder” or similar party under the Note A-2 PSA shall be the Non-Controlling Note Holder Representative.

 

The
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at
any time to deal with more than one party exercising the rights of the “Non-Controlling Note Holder” herein or under
the Lead

 

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Securitization Servicing Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement
assigns such rights to more than one party or (y) to the extent any of Note A-2 is split into two or more New Notes pursuant
to Section 32, for purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New
Notes shall designate one party to deal with Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) and provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer
and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the
last party as to which it has received written notice as having been designated as the Non-Controlling Note Holder, as the Non-Controlling
Note Holder for all purposes of this Agreement. As of the date hereof and until further notice from the Non-Lead Securitization
Note Holder (or the Non-Lead Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder is the Non-Controlling
Note Holder.

 

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

 

(c)       The
Controlling Note Holder (or its Controlling Note Holder Representative) shall have, with respect to the Mortgage Loan, all of
the same rights and powers of the Directing Ceritificateholder under the Lead Securitization Servicing Agreement with respect
to the other mortgage loans included in the Lead Securitization, including without limitation, the right to consent and/or consult
regarding Major Decisions and other servicing matters, the right to advise (1) the Special Servicer with respect to all Specially
Serviced Loans and (2) the Special Servicer with respect to non-Specially Serviced Loans as to all matters for which the Master
Servicer must obtain the consent or deemed consent of the Special Servicer, and the right to direct the Special Servicer to take,
or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Ceritificateholder may deem advisable
or as to which provision is otherwise made therein, in each case subject to the terms and conditions of the Lead Securitization
Servicing Agreement.

 

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

 

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faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Note Holder.

 

Section
7.          Appointment of Special Servicer. The Controlling Note
Holder (or its Controlling Note Holder Representative) shall have the right at any time and from time to time, with or
without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement
Special Servicer in lieu thereof. Any designation by the Controlling Note Holder (or its Controlling Note Holder
Representative) of a Person to serve as Special Servicer shall be made by delivering to each other Note Holder, the Master
Servicer, the then existing Special Servicer and other parties to the Lead Securitization Servicing Agreement a written
notice stating such designation and satisfying the other conditions to such replacement as set forth in the Lead
Securitization Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of
the Lead Securitization Servicing Agreement), if any. The Controlling Note Holder shall be solely responsible for any
expenses incurred in connection with any such replacement without cause. The Controlling Note Holder shall notify the other
parties hereto of its termination of the then currently serving Special Servicer and its appointment of a replacement Special
Servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a Special Servicer with respect
to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing Agreement, then the
initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial Special
Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative) to
designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part
of the Special Servicer has occurred that affects the Non-Controlling Note Holder, such Non-Controlling Note Holder shall
have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust,
the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with
respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement.
Each Note Holder acknowledges and agrees that any successor special servicer appointed to replace the Special Servicer with
respect to the Mortgage Loan that was terminated for cause at the Non-Controlling Note Holder’s direction cannot at any
time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such Non-Controlling
Note Holder. The Non-Controlling Note Holder shall be solely responsible for reimbursing the Trustee’s or the
Controlling Note Holder’s, as applicable, costs and expenses, if not paid within a reasonable time by the terminated
special servicer and, in the case of the Trustee, that would otherwise be reimbursed to the Trustee from amounts on deposit
in the Lead Securitization’s Collection Account or Companion Distribution Account.

 

Section
8.          Payment Procedure.

 

(a)       The
Lead Securitization 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, and subject to the terms of the Lead Securitization Servicing
Agreement, (i) to deposit into the applicable Collection Account within the time period specified in the Lead Securitization Servicing
Agreement all

 

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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 Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
11.          Representations of the Note Holders. Each Note Holder
represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has
been duly authorized by all necessary corporate action, and does not contravene such Note Holder’s charter or any law
or contractual restriction binding upon such Note Holder, and that this Agreement is the legal, valid and binding obligation
of such Note Holder enforceable against such Note Holder in accordance with its terms, except as such

 

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enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification
and contribution obligations may be limited by applicable law. Each Note Holder represents and warrants that it is duly
organized, validly existing, in good standing and in possession of all licenses and authorizations necessary to carry on its
business. Each Note Holder represents and warrants that (a) this Agreement has been duly executed and delivered by such
Note Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders or
filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of
this Agreement by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge,
there is no pending action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an
adverse outcome of which would materially and adversely affect its performance under this Agreement.

 

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

 

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

 

Section
14.          Sale of the Notes.

 

(a)       Each
Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute, encumber
or otherwise dispose (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar
agreement, excluding a repo financing or a Pledge in accordance with Section 14(d)) of a Note (a “Transfer”)
except to a Qualified Institutional Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with
(x) a representation from a transferee or the

 

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applicable Note Holder certifying that such transferee is a Qualified Institutional
Lender (except in the case of a Transfer to a Securitization as to which the related pooling and servicing or similar agreement
requires the parties thereto to comply with this Agreement or in accordance with the immediately following sentence) and (y) a
copy of the assignment and assumption agreement referred to in Section 15. If a Note Holder intends to Transfer its respective
Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first obtain the consent of the
non-transferring Note Holder and, if such non-transferring Note Holder’s Note is held in a Securitization Trust, a confirmation
in writing from each Rating Agency that such Transfer will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization. Notwithstanding the foregoing, without the non-transferring
Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s
Note is held in a Securitization Trust, without a confirmation in writing from each Rating Agency that such Transfer will not
result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the related
Securitization, no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such Note) to the
Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall
vest no rights in the purported transferee. The transferring Note Holder agrees that it will pay the expenses of the non-transferring
Note Holder (including all expenses of the Master Servicer, the Special Servicer and the Trustee) and all expenses relating to
the confirmation from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder
shall have the right, without the need to obtain the consent of any other Note Holder, the Rating Agencies or any other Person,
to Transfer 49% or less (in the aggregate) of its beneficial interest in a Note. None of the provisions of this Section 14(a)
shall apply in the case of (1) a sale of Note A-1 together with Note A-2, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming
a Defaulted Loan, to a single member limited liability or limited partnership, 100% of the equity interest in which is owned directly
or indirectly, through one or more single member limited liability companies or limited partnerships, by the Lead Securitization
Trust.

 

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

 

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

 

(c)       Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the
Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a
Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this
Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which Controls
such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder,
provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without
a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to each other Note Holder and any Servicer that
a Pledge has been effected (including the name and address of the applicable Note Pledgee), each other Note Holder agrees to acknowledge
receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Note
Holder in respect of its obligations under this Agreement of which default such Note Holder has actual knowledge; (ii) to
allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of its obligations
to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no
amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other
Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving
of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s)
as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each other Note
Holder and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods,
under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the
pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder), and
until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments
that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to
this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely
releases each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note
Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to
have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging
Note

 

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Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable
law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee
other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure
or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor
to the pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified
Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such
Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions
of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and
any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in
writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
15.          Registration of the Notes and Each Note Holder. The
Agent shall keep or cause to be kept at the Agent Office books (the “Note Register”) for the registration
and transfer of the Notes. The Agent shall serve as the initial note registrar and the Agent hereby accepts such appointment.
The names and addresses of the holders of the Notes and the names and addresses of any transferee of any Note of which the
Agent has received notice, in the form

 

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of a copy of the assignment and assumption agreement referred to in this
Section 15, shall be registered in the Note Register. The Person in whose name a Note Holder is so registered shall be
deemed and treated as the sole owner and holder thereof for all purposes of this Agreement. Upon request of a Note Holder,
the Agent shall provide such party with the names and addresses of each other Note Holder. To the extent the Trustee or
another party is appointed as Agent hereunder, each Note Holder hereby designates such person as its agent under this
Section 15 solely for purposes of maintaining the Note Register.

 

In
connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall
execute an assignment and assumption agreement (unless the transferee is a Securitization Trust and the related pooling
and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the
obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the
terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the date
of such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize
any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this Section 15. Any
such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder
desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and each other Note Holder against any liability
that may result if the transfer is not made in accordance with the provisions of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
18.          Modifications. This Agreement shall not be modified,
cancelled or terminated except by an instrument in writing signed by each Note Holder. Additionally, for as long as any Note
is contained in a Securitization Trust, the Note Holders shall not amend or modify this Agreement without first receiving a
written confirmation from each Rating Agency that such amendment or modification will not result in a qualification,
withdrawal or downgrade of its then current ratings of the securities issued in connection with a Securitization; provided that
no such confirmation from the Rating Agencies shall be required in connection with a modification (i) to cure any ambiguity,
to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with
the Lead Securitization Servicing Agreement, or (ii) to make other provisions with respect to matters or questions arising
under this Agreement, which shall not be inconsistent with the provisions of this Agreement, or (iii) that addresses the
creation of New Notes in accordance with Section 32 hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)       Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees to indemnify
the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes,
interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization
Note Holder to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation
of the Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood
and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such
representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon
without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness
or validity of the same and (ii) such Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost
and expense, shall defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization
Note Holder.

 

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(c)       Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit of the
Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage
Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the
term of this Agreement, each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall
deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note
Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement.
Without limiting the effect of the foregoing, (i) if a Note Holder is created or organized under the laws of the United States,
any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created or organized
under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts
by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within
the United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms,
as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s exemption from
the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated to make
any payment hereunder with respect to the Non-Lead Securitization Note or otherwise until the holder of such Note shall have furnished
to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

Section
25.          Custody of Mortgage Loan Documents. Prior to the Lead
Securitization Date, the originals of all of the Mortgage Loan Documents (other than any Notes not held by the Initial Agent)
shall be held by the Initial Agent on behalf of the registered holders of each of the Notes. On and after the Lead
Securitization Date, the originals of all of the Mortgage Loan Documents (other than the Non-Lead Securitization Note) shall
be held in the name of the Lead Securitization Trustee (and held by a duly appointed custodian therefor), in accordance with
the terms of the Lead Securitization Servicing Agreement, on behalf of the registered holders of the Notes. On and after the
Non-Lead Securitization Date, the Non-Lead Securitization Note shall be held in the name of the Non-Lead Trustee (and held by
a duly appointed custodian therefor) on behalf of the Non-Lead Securitization Note Holder.

 

Section
26.          Cooperation in Securitization.

 

(a)       Each
Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with the Lead Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization Note
Holder, each Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s
expense, to satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower
to satisfy,

 

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the market standards to which the Lead Securitization Note Holder customarily adheres or that may be reasonably required
in the marketplace or by the Rating Agencies in connection with the Lead Securitization, including, entering into (or consenting
to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization
Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in
any such case, as may be reasonably requested by the Rating Agencies to effect the Lead Securitization; provided, however,
that in connection with the Lead Securitization, no Non-Lead Securitization Note Holder shall be required to modify or amend this
Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification
or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments
to, such Non-Lead Securitization Note Holder or (ii) materially increase such Non-Lead Securitization Note Holder’s
obligations or materially decrease such Non-Lead Securitization Note Holder’s rights, remedies or protections. The Non-Lead
Securitization Note Holder shall, at the Lead Securitization Note Holder’s expense, cooperate with the reasonable requests
of each Rating Agency and Lead Securitization Note Holder in connection with the Lead Securitization (including, without limitation,
reasonably cooperating with the Lead Securitization Note Holder (without any obligation to make additional representations and
warranties) to enable the Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions
(including customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in
connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly
with respect to any information relating to such Non-Lead Securitization Note Holder and its Non-Lead Securitization Note in any
Securitization document. Each Note Holder acknowledges that the information provided by it to the Lead Securitization Note Holder
may be or has been incorporated into the offering documents for the Lead Securitization. The Lead Securitization Note Holder and
each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any Note Holder. The Lead Securitization
Note Holder, at the Non-Lead Securitization Note Holder’s sole cost and expense, will reasonably cooperate with the Non-Lead
Securitization Note Holder by providing all information reasonably requested that is in the Lead Securitization Note Holder’s
possession in connection with such Non-Lead Securitization Note Holder’s preparation of disclosure materials in connection
with a Securitization.

 

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

 

Section
27.           Notices. All notices required hereunder shall be given
by (i)  facsimile transmission (during business hours) if the sender on the same day sends a confirming copy of such
notice by reputable overnight delivery service (charges prepaid), (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

 

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written notice given as aforesaid. All written notices so given shall be deemed effective
upon receipt.

 

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

 

Section
29.          Certain Matters Affecting the Agent.

 

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

 

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

 

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

 

(d)       The
Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning of
the Act, shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed
by the Agent to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

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

 

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

 

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

 

Section
30.          Reserved.

 

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

 

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the Initial Agent without any further notice or other action. The
termination or resignation of such Master Servicer, as Master Servicer under the Lead Securitization Servicing Agreement,
shall be deemed a termination or resignation of such Master Servicer as Agent under this Agreement.

 

Section
32.          Resizing. Notwithstanding any other provision of this
Agreement, for so long as SPREF WH III LLC or an affiliate thereof (an “AREF Entity”) is the owner of the
Non-Lead Securitization Note (the “Owned Note”), such AREF Entity shall have the right, subject to the
terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional
notes (in either case “New Notes”) reallocating the principal of the Owned Note to such New Notes; or
severing the Owned Note into one or more further “component” notes in the aggregate principal amount equal to the
then outstanding principal balance of the Owned Note provided that (i) the aggregate principal balance of all outstanding New
Notes following such amendments is no greater than the aggregate principal of the Owned Note prior to such amendments, (ii)
all Notes continue to have the same weighted average interest rate as the Notes prior to such amendments, (iii) all Notes pay
pro rata and on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms
of this Agreement, (iv) the AREF Entity holding the New Notes shall notify the Lead Securitization Note Holder, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and
principal amounts, and (v) the execution of such amendments and New Notes does not violate the Servicing Standard. If the
Lead Securitization Note Holder so requests, the AREF Entity holding the New Notes (and any subsequent holder of such Notes)
shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except for
the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in
Section 5), no Note may be modified or amended without the consent of its holder and the consent of the holder of
the other Note. In connection with the foregoing (provided the conditions set forth in (i) through (v) above are satisfied,
with respect to (i) through (iv), as certified by the AREF Entity, on which certification the Master Servicer can rely), the
Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on
behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting such reallocation of principal.
If more than one New Note is created hereunder, for purposes of exercising the rights of the Non-Controlling Note Holder
hereunder, the Non-Controlling Note Holder of such New Notes shall be as provided in the definition of such term in this
Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

     -40-

    

    

 

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

	 	 	 	 
	 	SPREF WH III LLC,
	 	 	as Initial Note A-1 Holder
	 	 	 	 
	 	By:	Argentic Investment Management LLC, its
	 	 	Authorized Signatory
	 	 	 	 
	 	 	By:	/s/ Ryan Supple
	 	 	Name: Ryan Supple
	 	 	Title: Authorized Signatory
	 	 	 	 
	 	SPREF WH III LLC,
	 	 	as Initial Note A-2 Holder
	 	 	 	 
	 	By:	Argentic Investment Management LLC, its
	 	 	Authorized Signatory
	 	 	 	 
	 	 	By:	/s/ Ryan Supple
	 	 	Name: Ryan Supple
	 	 	Title: Authorized Signatory

 

(Agreement
Between Note Holders – Stony Creek Marketplace)

 

     

    

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

Description
of Mortgage Loan

 

	Mortgage
    Loan Borrower:	Rainier
    Stony Creek Acquisitions, LLC
	Date
    of Mortgage Loan:	March
    28, 2018
	Date
    of Amended and Restated Notes:	April
    30, 2018
	Original
    Principal Amount of Mortgage Loan:	$21,600,000
	Principal
    Amount of Mortgage Loan as of the date hereof:	$21,600,000
	Initial
    Note A-1 Principal Balance:	$13,600,000
	Initial
    Note A-2 Principal Balance:	$8,000,000
	Location
    of Mortgaged Property:	17015-17055,
    17065, 17070-17200, 17143-17177 Mercantile Blvd, Noblesville, Indiana 46060
	Initial
    Maturity Date:	April
    6, 2028

 

     A-1

    

    

 

EXHIBIT
B

 

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

 

(Prior
to Securitization of Note A-1):

SPREF
WH III LLC

40
West 57th Street, 29th Floor

New
York, New York 10019

Attention: Michael Schulte

with a copy to:

 

Dechert
LLP

Bank
of America Corp. Center

100 N. Tryon Street, 40th Floor

Charlotte, NC 28202

Attention:
Stewart McQueen

 

 

     B-1

    

    

 

EXHIBIT
C

PERMITTED FUND MANAGERS

 

		1.	AllianceBernstein

		2.	Apollo
                                         Real Estate Advisors

		3.	Archon
                                         Capital, L.P.

		4.	Artemis
                                         Real Estate Partners

		5.	BlackRock,
                                         Inc.

		6.	The
                                         Blackstone Group

		7.	Capital
                                         Trust

		8.	Clarion
                                         Partners

		9.	Colony
                                         Capital, Inc.

		10.	DLJ
                                         Real Estate Capital Partners

		11.	Dune
                                         Real Estate Partners

		12.	Eightfold
                                         Real Estate Capital, L.P.

		13.	Fortress
                                         Investment Group, LLC

		14.	Hudson
                                         Advisors

		15.	iStar
                                         Financial Inc.

		16.	JER
                                         Partners

		17.	Land-Lease
                                         Real Estate Investments

		18.	Lonestar
                                         Opportunity Funds

		19.	Normandy
                                         Real Estate Partners

		20.	Praedium
                                         Group

		21.	Raith
                                         Capital Partners

		22.	Rialto
                                         Capital Management LLC

		23.	Rialto
                                         Capital Advisors LLC

		24.	Rockwood

		25.	RREEF
                                         Funds

		26.	Starwood
                                         Financial Trust

		27.	Torchlight
                                         Investors, LLC

		28.	Walton
                                         Street Capital, LLC

		29.	Westbrook
                                         Partners

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

 

     C-1

    

    

 

SCHEDULE
I

 

The
Lead Securitization Servicing Agreement shall:

 

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

 

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

 

(iii)         provide
that the Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Notes, net of the Servicing
Fee payable with respect to each such Non-Lead Securitization Note, and any other applicable fees and reimbursements payable to
the Master Servicer, the Special Servicer and the Trustee to the other Holders on the “Master Servicer Remittance Date”
(or analogous term);

 

(iv)         provide
that with respect to each Non-Lead Securitization Note that is held by a Securitization, the Certificate Administrator agrees
to make available to each of the Non-Lead Securitization Note Holders or, if such Non-Lead Securitization Note is securitized,
to each of the Non-Lead Master Servicers (or, if so requested, the related certificate administrator) certain reports required
to be delivered pursuant to Section 3.29 of the Lead Securitization Servicing Agreement (which shall include all loan-level reports
constituting the CREFC Investor Reporting Package) to the extent related to the Mortgage Loan or the Non-Lead Securitization Note;

 

(v)         provide
that the Master Servicer shall provide (in electronic media) to each Non-Lead Securitization Note Holder (i) copies of operating
statements and rent rolls; (ii) annual CREFC® NOI Adjustment Worksheets (with annual operating statements as exhibits);
and (iii) annual CREFC® Operating Statement Analysis Reports, in each case prepared, received or obtained by it
pursuant to the Lead Securitization Servicing Agreement with respect to the Mortgaged Propert(y)(ies) securing the Non-Lead Securitization
Note;

 

(vi)         provide
that the servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement
shall include the duty to service the Mortgage Loan and all of the Notes on behalf of the Note Holders (including the respective
trustees and certificateholders) in accordance with (i) applicable laws, (ii) this Agreement and the Lead Securitization Servicing
Agreement and (iii) to the extent consistent with the foregoing, the Servicing Standard;

 

(vii)       provide
that the Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer,
in servicing the Mortgage Loan, must take into account the interests of each Note Holder and act in the best interests and for
the benefit of the Note Holders together with the certificateholders

 

    Schedule I-1

    

    

 

of the Lead Securitization, as a collective whole as if such
Note Holders and certificateholders constituted a single lender;

 

(viii)      provide
that with respect to any Non-Lead Securitization that is subject to following reporting requirements under the Securities Act
of 1933, as amended, the Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, (a) the Master
Servicer, any primary servicer, the Special Servicer, the Trustee and the certificate administrator or other party acting as custodian
for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing function
participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver;
provided that such party shall only be required to use commercially reasonable efforts to cause an Initial Sub-Servicer to deliver),
in a timely manner (i) the reports, certifications, compliance statements, accountants’ assessments and attestations, information
to be included in reports (including, without limitation, Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request,
any other materials specified in each of the Non-Lead Securitization Servicing Agreements, in the case of clauses (i) and
(ii), as the Non-Lead Depositor or the Non-Lead Trustee to the applicable Securitization reasonably believes, in good faith,
are required in order for the Non-Lead Depositor or the Non-Lead Trustee to comply with their obligations under the Securities
Act of 1933, the Securities Exchange Act of 1934 (including Rule 15Ga-1, as amended) and Regulation AB, and (b) without limiting
the generality of the foregoing (x) the Trustee or Certificate Administrator, as applicable, shall, upon reasonable prior written
request, provide or cause to be provided with notice in a timely manner to each Non-Lead Depositor and Non-Lead Trustee for any
Non-Lead Securitization a copy of the Lead Securitization Servicing Agreement and (y) the Master Servicer and Special Servicer
shall, upon reasonable prior written request, and subject to the right of the Master Servicer or the Special Servicer, as the
case may be, to review and approve such disclosure materials, permit a holder of a related Non-Lead Securitization Note to use
such party’s description contained in the Lead Securitization prospectus (updated as appropriate by the Master Servicer
or Special Servicer, as applicable, at the cost of the Non-Lead Depositor) for inclusion in the disclosure materials relating
to any securitization of a Non-Lead Securitization Note and (z) the Master Servicer and Special Servicer, upon reasonable written
request, shall provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered
with respect to the Lead Securitization (in each case, at the cost of the Mortgage Loan Seller). The Master Servicer and the Special
Servicer shall each be required to provide certification and indemnification to any Certifying Person with respect to any applicable
Sarbanes-Oxley Certification (or analogous terms);

 

(ix)         provide
that the Non-Lead Depositor and each Certification Party shall be entitled to indemnification from and against any claims, losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses, including
any reasonable out-of-pocket legal or other expenses incurred in connection with investigating or defending any such action or
claim, arising out of (i) an actual breach by the Master Servicer, the Special Servicer, the Certificate Administrator or the
Trustee, as the case may be, of its obligations under Article XI of the Lead Securitization Servicing Agreement, (ii) negligence,
bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Certificate Administrator or the
Trustee, as applicable, in the performance of such obligations under the Lead

 

    Schedule I-2

    

    

 

Securitization Servicing Agreement, or (iii) delivery
of any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, the Master Servicer, Special Servicer,
Certificate Administrator or Trustee, as the case may be;

 

(x)          provide
that the Non-Lead Securitization Note Holders are intended third-party beneficiaries in respect of the rights afforded them under
the Lead Securitization Servicing Agreement and the Non-Lead Master Servicers will be entitled to enforce the rights of the Non-Lead
Securitization Note Holders under this Agreement and the Lead Securitization Servicing Agreement;

 

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

 

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

 

(xiii)       provide
that if any action relating to the servicing and administration of the Mortgage Loan requires delivery of a Rating Agency Confirmation
as a condition precedent to such action, then, except as set forth in the Lead Securitization Servicing Agreement, such action
shall also require delivery of a Rating Agency Confirmation from any Rating Agency that was engaged by a participant in the applicable
Non-Lead Securitization to assign a rating to the related commercial mortgage pass-through certificates issued in connection with
such Non-Lead Securitization;

 

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

 

(xv)       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;

 

(xvi)       provide
that Servicer Termination Events (or analogous term) with respect to the Master Servicer and the Special Servicer shall include,
but not be limited to, (i) the failure to timely remit payments to the Non-Lead Securitization Note Holders, which failure continues
unremedied for one business day following the date on which such payment was to be made; and (ii) the failure to provide to the
Non-Lead Securitization Note Holders (if and to the extent required under the applicable Non-Lead Securitization) reports required
under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, in a timely fashion. Upon the
occurrence of such a Servicer

 

    Schedule I-3

    

    

 

Termination Event affecting a Non-Lead Securitization Note Holder, the Trustee shall, upon the direction
of the related Non-Lead Securitization Note Holder, require the appointment of a subservicer with respect to the related Non-Lead
Securitization Note;

 

(xvii)      provide
that compensating interest payments as defined therein with respect to each Note will be allocated by the Master Servicer between
each Note, pro rata, in accordance with their respective principal amounts. The Master Servicer shall remit any compensating
interest payment in respect of a Non-Lead Securitization Note to the related Non-Lead Securitization Note Holder;

 

(xviii)     provide
that any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement;

 

(xix)       provide
that, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the
related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer,
the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or
any other party to the Other Pooling and Servicing Agreement in connection with such Asset Review by providing the Other Asset
Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset Representations
Reviewer or such other requesting party, but only to the extent such documents are in the possession of the Master Servicer, the
Special Servicer, the Trustee or the Custodian, as the case may be, but in any event excluding any documents known to the Master
Servicer, the Special Servicer, the Trustee or the Custodian to contain information that is proprietary to the related originator
or Mortgage Loan Seller or any draft documents or privileged or internal communications;

 

(xx)         have
provisions materially consistent with customary market terms with respect to:

 

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

 

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

 

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

 

(D)       
subject to various adjustments and caps provided for in the Lead Securitization Servicing Agreement (which shall be substantially
similar to those set forth in the Non-Lead Securitization Servicing Agreement), primary servicing, special servicing, workout
and liquidation fees (and, in any event, the fees at which such compensation accrue or are determined shall not exceed 0.0025%,
0.25%, 1.00% and 1.00%, respectively),

 

provided,
however, that (1) this clause (xx) shall not be construed to prohibit differences in timing, control or consultation triggers
or thresholds, terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate

 

    Schedule I-4

    

    

 

holder or investor voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice
or rating agency confirmation requirements; and (2) in the event of any conflict between this sentence and any other provision
of this Agreement, such other provision of the Agreement shall control.

 

    Schedule I-5EX-4.2

 Exhibit 4.2 

ADAPTIVE INSIGHTS, INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT (the “Agreement”) is entered into as of June 22, 2015, by and among ADAPTIVE INSIGHTS, INC., a Delaware corporation (the
“Company”), and the investors listed on Exhibit A hereto, referred to hereinafter as the “Investors” and each individually as an “Investor.” 

RECITALS 

WHEREAS, certain of the Investors are purchasing shares of the Company’s Series G Preferred Stock (the
“Series G Stock”), pursuant to that certain Series G Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date herewith (the “Financing”); 

WHEREAS, the obligations set forth in the Purchase Agreement are conditioned upon the execution and delivery of this
Agreement; 
 WHEREAS, certain of the Investors (the “Prior Investors”) are holders of the
Company’s Series A Preferred Stock (the “Series A Stock”), Series B Preferred Stock (the “Series B Stock”), Series C Preferred Stock (the “Series C Stock”), Series D
Preferred Stock (the “Series D Stock”), Series E Preferred Stock (the “Series E Stock”), Series E-1 Preferred Stock (the “Series E-1 Stock”), Series F Preferred Stock (the “Series F Stock” and together with the Series A Stock, the Series B Stock, the Series C Stock, the Series D Stock, the Series E Stock,
the Series E-1 Stock and the Series G Stock, the “Preferred Stock”);. 

WHEREAS, the Prior Investors and the Company are parties to an Amended and Restated Investor Rights Agreement dated
May 13, 2013 (the “Prior Agreement”); 
 WHEREAS, the
parties to the Prior Agreement desire to amend and restate the Prior Agreement and accept the rights and covenants hereof in lieu of their rights and covenants under the Prior Agreement; and 

WHEREAS, in connection with the consummation of the Financing, the Company and the Investors have agreed to the
registration rights, information rights, and other rights as set forth below. 
 NOW, THEREFORE, in
consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. GENERAL. 
 1.1
Definitions. As used in this Agreement the following terms shall have the following respective meanings: 
 (a)
“Common Stock” means shares of the Company’s common stock. 
 (b) “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 (c) “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits
inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
 1. 

 (d) “Holder” means any person owning of record Registrable
Securities that have not been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.10 hereof. 

(e) “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common
Stock registered under the Securities Act. 
 (f) “Register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or
document. 
 (g) “Registrable Securities” means (a) Common Stock of the Company issuable or issued upon
conversion of the Shares and (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange
for or in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144, or
(ii) sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned. 

(h) “Registrable Securities then outstanding” shall be the number of shares of the Company’s Common Stock
that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

(i) “Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections 2.2, 2.3
and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to exceed twenty-five thousand dollars ($25,000) of a
single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any
event by the Company). 
 (j) “SEC” or “Commission” means the Securities and Exchange
Commission. 
 (k) “Securities Act” shall mean the Securities Act of 1933, as amended. 

(l) “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale.

 (m) “Shares” shall mean the Company’s Preferred Stock held by the Investors listed on Exhibit A hereto
and their permitted assigns. 
 (n) “Special Registration Statement” shall mean (i) a registration
statement relating to any employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, including any registration statements related to the issuance or resale of securities
issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities. 
 SECTION 2. REGISTRATION;
RESTRICTIONS ON TRANSFER. 
 2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 

  
 2. 

 (i) there is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such registration statement; or 
 (ii) (A) The transferee
has agreed in writing to be bound by the terms of this Agreement, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the
proposed disposition, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such
shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require the transferee
to be bound by the terms of this Agreement. 
 (b) Notwithstanding the provisions of subsection (a) above, no such restriction
shall apply to a transfer by a Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests or otherwise in accordance with the provisions of the applicable partnership agreement,
(B) a corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance with their
interest in the limited liability company or otherwise in accordance with the provisions of the applicable limited liability company operating agreement, (D) an investment fund to its affiliated partnerships or investment funds or any of their
respective directors, officers or partners, (E) an individual transferring to the Holder’s family member or trust for the benefit of an individual Holder or (F) a venture capital fund transferring to an affiliated venture capital
fund; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. 

(c) Each certificate representing Shares or Registrable Securities shall be stamped or otherwise imprinted with legends substantially
similar to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR
UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND
CONDITIONS OF A CERTAIN AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

(d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the Company has
completed its Initial Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be
so disposed of without registration, qualification and legend. 

  
 3. 

 (e) Any legend endorsed on an instrument pursuant to applicable state securities laws and
the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal or an opinion of counsel reasonably acceptable to the Company to
the effect that the securities may lawfully be disposed of without registration, qualification and legend. 
 2.2 Demand Registration.

 (a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request from Holders
representing twenty percent (20%) of the Registrable Securities (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of the Registrable Securities with
an anticipated aggregate offering price to the public of at least $10,000,000, then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this
Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in Section 2.2(a) or
Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such underwriting by a majority in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 2.2 or
Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of Registrable
Securities which would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of
Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless
all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 

(i) prior to the earlier of (A) the third anniversary of the date of this Agreement or (B) one hundred eighty (180) days
following the effective date of the registration statement pertaining to the Initial Offering; 
 (ii) after the Company has effected
two (2) registrations pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 

(iii) during the period starting with the date of filing of, and ending on the date one hundred eighty (180) days following the
effective date of the registration statement pertaining to a public offering, other than pursuant to a Special Registration Statement; provided that the Company is actively and in good faith employing all commercially reasonable efforts to
cause such registration statement to become effective and provided, in the case of a public offering other than the Initial Offering, that the Initiating Holders were permitted to register such shares as requested to be registered pursuant to
Section 2.3 hereof without reduction by the underwriter thereof; 

  
 4. 

 (iv) if within thirty (30) days of receipt of a written request from Initiating
Holders pursuant to Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than pursuant to a Special Registration Statement within ninety
(90) days; provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; 

(v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.2, a certificate signed
by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in
which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be exercised by
the Company not more than twice in any twelve (12) month period and provided further that the Company shall not register securities for the account of itself or any other stockholder during such 90 day period other than pursuant to a
Special Registration Statement; 
 (vi) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be
immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 

(vii) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance. 
 2.3 Piggyback Registrations. 

(a) The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the filing
of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding
Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition
of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include
any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(b) Underwriting. If the registration statement under which the Company gives notice under this Section 2.3 is for an
underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that
marketing factors require a limitation of the number of shares to be underwritten in order to avoid jeopardizing the success of the offering, the number of shares that may be included in the underwriting shall be allocated, first, to the Company;
second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any stockholder of the Company (other than a Holder) on a pro rata basis; provided, however, that no such
reduction shall reduce the amount of securities of the selling Holders included in the registration below twenty-five percent (25%) of the total amount of securities included in such registration, unless such offering is the Initial Offering and
such registration does not include shares of any other selling stockholders, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding clause and provided further that
in no event shall any 

  
 5. 

 
Registrable Securities be excluded from such offering unless all other stockholders’ securities have been first excluded. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or
withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, limited liability company, corporation or venture capital fund, the partners, retired partners, members, retired members,
stockholders and affiliated venture capital funds of such Holder, or the estates and family members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing person shall be deemed to
be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals
included in such “Holder,” as defined in this sentence. 
 (c) Right to Terminate Registration. The
Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The
Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 
 2.4
Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) use all
commercially reasonable efforts to effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’
Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days
after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(i) if Form S-3 is not available for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000); 

(iii) if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this Section 2.4, the
Company gives notice to such Holder or Holders of the Company’s good faith intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement provided that such Holders were
permitted to register such shares as requested to be registered pursuant to Section 2.3 hereof without reduction by the underwriter thereof and provided further that the Company is actively employing in good faith all commercially
reasonable efforts to cause such registration statement to become effective; 
 (iv) if the Company shall furnish to the Holders a
certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not
more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than twice in any twelve
(12) month period and provided further that the Company shall not register securities for the account of itself or any other stockholder during such 90 day period other than pursuant to a Special Registration Statement; 

  
 6. 

 (v) if the Company has, within the twelve (12) month period preceding the date of
such request, already effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4, or 

(vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance. 
 (c) Subject to the foregoing, the Company shall
file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations
effected pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. 

2.5 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Section 2.2 or any registration under Section 2.3 or Section 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder,
shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to
Section 2.2 or 2.4, the request of which has been subsequently withdrawn by the Initiating Holders, in the case of a registration proceeding begun pursuant to Section 2.2, or, in the case of a registration proceeding begun pursuant to
Section 2.4, by the Holder or Holders requesting such registration pursuant to Section 2.4 or joining in such request pursuant to Section 2.4 (the “Requesting Holders”), unless (a) the withdrawal is based
upon material adverse information concerning the Company of which the Initiating Holders or the Requesting Holders were not aware at the time of such request or (b) the Holders of at least sixty-six and two-thirds percent (66 2/3%) of Registrable Securities agree to forfeit their right to one requested registration pursuant to Section 2.2, in which event such right shall be forfeited by all Holders). If the
Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was
requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then the Holders shall not forfeit their rights pursuant to Section 2.2 to a demand registration. 

2.6 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective
for up to ninety (90) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed
sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Holders
participating in such registration hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period and provided further that during any such period all officers and directors
of the Company are also prohibited from selling securities of the Company (or any security of any of the Company’s subsidiaries or affiliates) except pursuant to pre-existing Rule 10b-5(1) trading plans) if the Company reasonably believes, based upon the good faith judgment of the Board of Directors of the Company, that the Company may, in the absence of such delay or suspension hereunder, be
required under state or federal securities laws to disclose any corporate development the disclosure of which could reasonably be expected to have a material adverse effect upon the Company, 

  
 7. 

 
its stockholders, a potentially significant transaction or event involving the Company, or any negotiations, discussions, or proposals directly relating thereto. In the event that the Company
shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the
duration of the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable
registration statement, which consent shall not be unreasonably withheld. If so directed by the Company, all Holders registering shares under such registration statement shall use their best efforts to deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. The Company shall not be required to file, cause to
become effective or maintain the effectiveness of any registration statement that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

(b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection (a) above.

 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) Use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into
and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such
an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such prospectus
in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing. 
 (g) Use all commercially reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

  
 8. 

 (h) Cause all such Registrable Securities registered pursuant to this Section 2 to be
listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed. 

(i) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration. 
 2.7 Termination of
Registration Rights. All registration rights granted under this Section 2 shall terminate and be of no further force and effect on the earlier to occur of (i) five (5) years after the date of the Company’s first firmly
underwritten public offering of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission, and declared effective under the Securities Act if upon the closing of such offering all of the outstanding
shares of Preferred Stock have been converted to Common Stock either (A) at the election of the holders of such Preferred Stock as provided in the Company’s Certificate of Incorporation, as such may be amended from time to time (the
“Certificate”), or (B) pursuant to the provisions for the automatic conversion of such Preferred Stock as provided in the Certificate (a “Qualified IPO”), or (ii) upon an “Asset
Transfer” or “Acquisition”, each as defined in the Certificate (a “Change of Control”) pursuant to which the proceeds to the stockholders of the Company, in each of the foregoing cases of
this subsection (ii), consist solely of cash and/or publicly traded securities, or (iii) with respect to any Holder, at such time after as such Holder holds less than 1% of the Company’s outstanding Common Stock (treating all shares of
Preferred Stock on an as converted basis), the Company has completed its Initial Offering and all Registrable Securities of the Company issuable or issued upon conversion of the Shares held by and issuable to such Holder (and its affiliates) may be
sold pursuant to Rule 144 during any ninety (90) day period. Upon such termination, such shares shall cease to be “Registrable Securities” hereunder for all purposes. 

2.8 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result
of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b) It shall be a
condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them
and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.2 or Section 2.4 if,
due to the operation of subsection 2.2(b), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate
offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

2.9 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or
2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers
and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses,
claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact contained in
such registration statement or incorporated reference therein, including any 

  
 9. 

 
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under
the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, member, officer, director, underwriter or controlling
person for any legal or other expenses reasonably incurred by them, promptly as such costs are accrued and submitted to the Company by invoice, in connection with investigating or defending any such loss, claim, damage, liability or action;
provided however, that the indemnity agreement contained in this Section 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

(b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to
which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act, any
underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses, claims, damages or liabilities
(joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements: (i) any untrue statement or alleged untrue
statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act (collectively, a
“Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed
by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person,
underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such
a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 2.9 exceed the net proceeds from the offering received by such Holder.

 (c) Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action
(including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to
the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of 

  
 10. 

 
the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this
Section 2.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9. 

(d) If the indemnification provided for in this Section 2.9 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the
other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified
party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or
by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder, when combined
with any amounts paid by such Holder pursuant to Section 2.9(b), exceed the net proceeds from the offering received by such Holder. 

(e) The obligations of the Company and Holders under this Section 2.9 shall survive completion of any offering of Registrable
Securities in a registration statement and the termination of this Agreement. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

2.10 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities that (a) is a subsidiary, parent, general partner, limited partner, retired partner, member or retired member, of a Holder, (b) is a
Holder’s family member or trust for the benefit of an individual Holder, or (c) acquires at least two hundred thousand (200,000) shares of Registrable Securities (as adjusted for stock splits and combinations), or all of the
Registrable Securities of a Holder who holds less than 200,000 shares of Registrable Securities; or (d) is an entity affiliated by common control (or other related entity, including affiliated venture capital funds) with such Holder
provided, however, in each case (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to
which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement. 

2.11 Amendment of Registration Rights. Any provision of this Section 2 may be amended and the observance thereof may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holders of at least sixty-six and two-thirds percent (66 2/3%) of the Registrable Securities then outstanding. Any amendment or waiver effected in accordance with this Section 2.11 shall be binding upon each Holder and the Company. By
acceptance of any benefits under this Section 2, Holders of Registrable Securities hereby agree to be bound by the provisions hereunder. 

2.12 Limitation on Subsequent Registration Rights. Other than as provided in Section 5.10, after the date of this Agreement,
the Company shall not, without the prior written consent of the Holders of at least sixty-six and two-thirds percent (66 2/3%) of the Registrable Securities then
outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder registration rights senior to or on parity with those granted to the Holders hereunder, other than the right to
a Special Registration Statement. 

  
 11. 

 2.13 “Market
Stand-Off” Agreement. Each Holder hereby agrees that such Holder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any
hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) for a period specified by the representative of the
underwriters of Common Stock (or other securities) of the Company not to exceed one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period, not to
exceed 18 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or similar or successor regulatory
restriction) provided that such agreement shall apply only to the Company’s Initial Offering and provided, further, all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting
securities are bound by and have entered into similar agreements. 
 2.14 Agreement to Furnish Information. Each Holder agrees
to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter that are consistent with the Holder’s obligations under Section 2.13 or that are necessary to give further effect thereto. In
addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the
Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.13 and this
Section 2.14 shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one
hundred eighty (180) day period (or such longer period, not to exceed 18 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance
with FINRA Rule 2711). Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 2.13 and 2.14. The underwriters of the Company’s stock are intended third party beneficiaries of Sections 2.13 and
2.14 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 2.15
Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration or pursuant to a
registration on Form S-3, the Company agrees to use its best efforts to: 
 (a) Make and keep
public information available, as those terms are understood and defined in SEC Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for
an offering of its securities to the general public; 
 (b) File with the SEC, in a timely manner, all reports and other documents
required of the Company under the Exchange Act; and 
 (c) So long as a Holder owns any Registrable Securities, furnish to such Holder
forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements)
or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3; a copy of the most recent annual or quarterly report of the Company filed with the Commission; and such other reports
and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

  
 12. 

 SECTION 3. COVENANTS OF THE COMPANY. 

3.1 Basic Financial Information and Reporting. 

(a) The Company will maintain true books and records of account in which full and correct entries will be made of all its business
transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied (except as noted therein), and will set aside on its books all such proper accruals and
reserves as shall be required under generally accepted accounting principles consistently applied. 
 (b) So long as an Investor (with
its affiliates) shall own not less than one million (1,000,000) shares of Registrable Securities (as adjusted for stock splits and combinations) (a “Major Investor”), as soon as practicable after the end of each fiscal
year of the Company, and in any event within one hundred twenty (120) days thereafter (or within one hundred eighty (180) days thereafter with approval of the Board of Directors of the Company), the Company will furnish such Major
Investor a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such year, all prepared in accordance with generally accepted accounting principles consistently
applied (except as noted therein) and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be audited and accompanied by a certified report and opinion
thereon by independent public accountants selected by the Company’s Board of Directors. 
 (c) The Company will furnish each
Major Investor: (i) within forty-five (45) days after the end of each fiscal year an annual budget and operating plans for the following fiscal year (and as soon as available, any subsequent written revisions thereto); (ii) as soon as
practicable, but in any event within forty-five (45) days after the end of each of the first three quarters of each fiscal year of the Company, a balance sheet of the Company as of the end of such fiscal quarter, and a statement of income and a
statement of cash flows of the Company for such fiscal quarter; and (iii) as soon as practicable after the end of each month, and in any event within thirty (30) days thereafter, a balance sheet of the Company as of the end of each such
month, and a statement of income and a statement of cash flows of the Company for such month and for the current fiscal year to date, including a comparison to plan figures for such period, prepared in accordance with generally accepted accounting
principles consistently applied (except as noted thereon), with the exception that no notes need be attached to such statements and year-end adjustments may not have been made. 

(d) The Company will furnish each Major Investor such other information relating to the financial condition, business or corporate
affairs of the Company as each Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this subsection (d) to provide information which the Board of Directors determines
in good faith is confidential or attorney-client privileged and should not, therefore, be disclosed. 
 3.2 Inspection Rights.
Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to
review such information as is reasonably requested all at such reasonable times and as often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to a Major
Investor reasonably deemed by the Company to be a competitor of the Company or with respect to information which the Board of Directors determines in good faith is confidential or attorney-client privileged and should not, therefore, be disclosed
and provided further that under no circumstances shall any Major Investor be deemed a “competitor” as a result of such Major Investors’, or such Major Investors’ affiliates’, investment in any of such Major
Investors’, or such Major Investors’ affiliates’, portfolio companies. 
 3.3 Board Observer Rights. So long as
JMI Equity Fund VII, L.P (“JMI”) holds at least one million (1,000,000) shares of Registrable Securities (as adjusted for stock splits and combinations), the Company shall allow one representative designated by JMI to attend
all meetings of the Company’s Board of Directors and committees thereof in a nonvoting capacity, and in connection therewith, the 

  
 13. 

 
Company shall give such representative copies of all notices, minutes, consents and other materials, financial or otherwise, which the Company provides to its Board of Directors and committees
thereof at the same time and in the same manner as provided to such directors; provided, however, that the Company reserves the right to exclude such representative from access to any material or meeting or portion thereof if the Company
believes that such exclusion is reasonably necessary to preserve the attorney-client privilege between the Company and its counsel or to avoid a conflict of interest. 

3.4 Confidentiality of Records. Each Investor agrees to use the same degree of care as such Investor uses to protect its own
confidential information to keep confidential any information furnished to such Investor that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor may
disclose such proprietary or confidential information (i) to any partner, subsidiary or parent of such Investor for the purpose of evaluating its investment in the Company as long as such partner, subsidiary or parent is required to abide by
the confidentiality provisions substantially similar to this Section 3.4; (ii) at such time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it free of any obligation of confidentiality; or
(iv) that is developed by Investor or its agents independently of and without reference to any confidential information communicated by the Company. Notwithstanding the foregoing, nothing in this Section 3.4 shall restrict the ability of
any Investor that is an investment fund to disclose the existence and nature of its relationship with the Company to its affiliates, members or partners, or to provide its affiliates, members, limited partners or partners with periodic reports and
such other financial information about the Company prepared by such Investor in the ordinary course of its business. 
 3.5
Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the conversion of the Shares, all Common Stock issuable from time to time upon such conversion. 

3.6 Stock Vesting. Unless otherwise approved by the Board of Directors, all stock options and other stock equivalents issued
after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) twenty-five percent (25%) of such stock shall vest at the end of the first year following the earlier
of the date of issuance or such person’s services commencement date with the Company, and (b) 1/36th of the remaining number of shares shall vest monthly thereafter over the following three
(3) years. With respect to any shares of stock purchased by any such person, the Company’s repurchase option shall provide that upon such person’s termination of employment or service with the Company, with or without cause, the
Company or its assignee shall have the option to purchase at cost any unvested shares of stock held by such person. 
 3.7
Proprietary Information and Inventions Agreement. The Company shall require all employees and consultants to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s
counsel. 
 3.8 Assignment of Right of First Refusal. In the event the Company elects not to exercise any right of first
refusal or right of first offer the Company may have on a proposed transfer of any of the Company’s outstanding capital stock pursuant to the Company’s charter documents, by contract or otherwise, the Company shall, to the extent it may do
so, assign such right of first refusal or right of first offer to each Major Investor. In the event of such assignment, each Major Investor shall have a right to purchase its pro rata portion of the capital stock proposed to be transferred. Each
Major Investor’s pro rata portion shall be equal to the product obtained by multiplying (i) the aggregate number of shares proposed to be transferred by (ii) a fraction, the numerator of which is the number of shares of Registrable
Securities held by such Major Investor at the time of the proposed transfer and the denominator of which is the total number of shares owned by all Major Investors at the time of such proposed transfer. Prior to the expiration of the Company’s
right of first refusal or right of first offer, as applicable, which has been assigned hereunder, each Major Investor that elects to purchase all the shares available to it (a “Fully-Participating Investor”) may elect to
purchase that portion of the shares of capital stock for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors, that is equal to the proportion that the number of shares of Registrable Securities
then outstanding and held by such Fully-Participating Investor bears to the total number of shares of 

  
 14. 

 
Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Participating Investors who wish to purchase some of the unsubscribed shares. In the event
that this Section 3.7 conflicts with that certain Amended and Restated Co-Sale Agreement, dated as of the date hereof (the “Co-Sale
Agreement”), the terms of the Co-Sale Agreement shall apply. 
 3.9 Qualified
Small Business. For so long as any of the Shares are held by an Investor (or a transferee in whose hands such Shares are eligible to qualify as “Qualified Small Business Stock” as defined in Section 1202(c) of the
Internal Revenue Code of 1986, as amended (the “Code”)), the Company will use its reasonable efforts to comply with the reporting and recordkeeping requirements of Section 1202 of the Code, any regulations promulgated
thereunder and any similar state laws and regulations. 
 3.10 Certain Covenants Relating to SBA Matters. 

(a) So long as any Investor which is a licensed Small Business Investment Company (an “SBIC Investor”) holds any
securities of the Company, the Company will at all times comply with the non-discrimination requirements of 13 C.F.R. Parts 112, 113 and 117. 

(b) Within 45 days after the end of each fiscal year and at such other times as an SBIC Investor may reasonably request, the Company
shall deliver to such SBIC Investor a written assessment, in form and substance satisfactory to such SBIC Investor, of the economic impact of such SBIC Investor’s financing specifying the full-time equivalent jobs created or retained in
connection with such investment, and the impact of the financing on the Company’s business in terms of profits and on taxes paid by the Company and its employees. Upon request, the Company agrees to promptly provide each SBIC Investor with
sufficient information to permit such Investor to comply with its obligations under the Small Business Investment Act of 1958, as amended, and the regulations promulgated thereunder and related thereto; provided, however, each SBIC Investor
agrees that it will protect any information which the Company labels as confidential to the extent permitted by law. Any submission of any financial information under this Section shall include a certificate of the Company’s president, chief
executive officer, treasurer or chief financial officer. 
 3.11 Termination of Covenants. The covenants of the Company
contained in Sections 3.1 and 3.2 shall expire and terminate as to each Investor upon the earlier to occur of (i) the effective date of the registration statement pertaining to the Initial Offering, (ii) the Company becomes subject to the
reporting provisions of the Exchange Act, or (iii) a Change of Control. All other covenants of the Company contained in Section 3 of this Agreement (other than the provisions of Section 3.4) shall expire and terminate as to
each Investor upon the earlier to occur of (i) the effective date of the registration statement pertaining to a Qualified IPO, (ii) the Company becomes subject to the reporting provisions of the Exchange Act, or (iii) a Change of
Control. 
 3.12 Directors’ Expenses. The Company shall reimburse all reasonable expenses incurred by any non-employee director, including in connection with attendance at Board meetings (including any meetings of committees of the Board of Directors) and any other meetings or events attended on behalf of the Company at
the request of the Company’s Chief Executive Officer. Any travel reimbursements shall be consistent with the Company’s travel policies for its Chief Executive Officer and shall be prorated based on expenses incurred by such director on
behalf of companies other than the Company. 
 3.13 Director and Officer Insurance. The Company shall maintain, from
financially sound and reputable insurers, Directors and Officers liability insurance and Errors and Omissions insurance in an amount and on terms and conditions satisfactory to the Board of Directors. 

3.14 Employment Practices Liability Insurance. The Company shall maintain, from financially sound and reputable insurers,
Employment Practices Liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors. 

  
 15. 

 3.15 Committee Membership. The directors elected by the holders of the
Company’s Preferred Stock, as set forth in that Amended and Restated Voting Agreement of even date herewith, shall each have a right, at such director’s option, to serve on all committees of the Company’s Board of Directors,
including, but not limited to, the Audit Committee and the Compensation Committee. 
 3.16 Right to Conduct Activities.
The Company hereby acknowledges that certain of the Investors are investment funds, and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business. No such Investor, nor its partners,
affiliates, advisors or affiliated investment funds shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Investor or any affiliated investment fund in any entity competitive to the Company, or
(ii) actions taken by any partner, officer, advisor or other representative of such Investor or any of its affiliates to assist any such competitive company, whether or not such action was taken as a board member of such competitive company, or
otherwise; provided, however, that nothing herein shall relieve such Investor or any other party from liability associated with misuse of the Company’s confidential information in contravention of Section 3.4 hereof. 

3.17 Anti-Bribery. For this section “Group Company” means the Company and all its subsidiaries and
“Government Official” means any officer or employee of a foreign government or government-controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of
the foregoing, or any political party or official thereof, or candidate for political office. The Company undertakes: 
 (a) that it
will use commercially reasonable efforts to establish within a commercially reasonable period of time, but in any event within three months from the date of this Agreement, sufficient internal controls and procedures to ensure that all Group
Companies and the Representatives are acting in accordance with the United States Foreign Corrupt Practices Act, as amended and United Kingdom Bribery Act 2010, if applicable; and 

(b) that no Group Company nor any Representative shall take any actions in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Government Official or to any other person while knowing that all or some portion of such money or value will be offered, given or promised to a Government Official
for the purpose of obtaining or retaining business or securing any improper advantage. 
 SECTION 4. RIGHTS OF FIRST REFUSAL. 

4.1 Subsequent Offerings. Subject to applicable securities laws, each Major Investor shall have a right of first refusal to
purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.7 hereof. Each
Major Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issuable or issued upon conversion of the Shares) which such Major Investor is
deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the
Shares or upon the exercise of any outstanding warrants or options) immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other
security of the Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security),
(iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. For purposes of this Section 4, the term “Major
Investor” includes any general partners and affiliates of a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and affiliates in such proportions as
it deems appropriate. 

  
 16. 

 4.2 Exercise of Rights. If the Company proposes to issue any Equity Securities, it
shall give each Major Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Major Investor shall have fifteen
(15) days from the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein
the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to (i) any Major Investor who is not an “Accredited Investor” as
such term is defined in the Securities Act, provided that such offer is otherwise only being made to Accredited Investors, or (ii) any Major Investor who would cause the Company to be in violation of applicable federal securities laws by
virtue of such offer or sale. 
 4.3 Issuance of Equity Securities to Other Persons. If not all of the Major Investors elect to
purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Major Investors who do so elect and shall offer such Major Investors the right to acquire such unsubscribed shares on a pro rata basis. The
Major Investors shall have five (5) days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares. If the Major Investors fail to exercise in full the
rights of first refusal, the Company shall have ninety (90) days thereafter to sell the Equity Securities in respect of which the Major Investor’s rights were not exercised, at a price and upon general terms and conditions not
materially more favorable to the purchasers thereof than specified in the Company’s notice to the Major Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the notice
provided pursuant to Section 4.2, the Company shall not thereafter issue or sell any Equity Securities, without first offering such securities to the Major Investors in the manner provided in this Section 4. 

4.4 Sale Without Notice. In lieu of giving notice to the Major Investors prior to the issuance of Equity Securities
as provided in Section 4.2, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of Equity Securities. Such notice shall describe the type, price and terms of the Equity Securities. Each
Major Investor shall have twenty (20) days from the date of receipt of such notice to elect to purchase up to the number of shares that would, if purchased by such Major Investor, maintain such Major Investor’s pro rata share (as set forth
in Section 4.1) of the Company’s equity securities. The closing of such sale shall occur within sixty (60) days of the date of notice to the Major Investors. 

4.5 Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not
apply to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to a Qualified IPO or (ii) a Change in Control. The rights of first refusal established by this Section 4 may be
amended, or any provision waived with the written consent of Major Investors holding at least sixty-six and two-thirds percent (66 2/3%) of the Registrable Securities
held by all Major Investors, provided that (a) such amendment or waiver applies to all Major Investors in the same fashion (it being agreed that a waiver with respect to a particular transaction shall be deemed to apply to all Major
Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Major Investors may nonetheless, by agreement with the Company, purchase Equity Securities in such transaction), and (b) if the rights of
first refusal established by this Section are waived with respect to a particular transaction and any Major Investor purchases Equity Securities in such transaction, then each Major Investor shall, subject to compliance with applicable securities
laws, be given the reasonable opportunity to purchase Equity Securities in such transaction equal to the total amount of Equity Securities purchased by all Major Investors in such transaction multiplied by a fraction, the numerator of which is the
number of shares of the Company’s Common Stock (including all shares of Common Stock issuable or issued upon conversion of the Shares) held by such Major Investor immediately prior to such transaction and the denominator of which is the total
number of shares of the Company’s Common Stock (including all shares of Common Stock issuable or issued upon conversion of the Shares) held by all Major Investors immediately prior to such transaction. 

4.6 Transfer of Rights of First Refusal. The rights of first refusal of each Major Investor under this
Section 4 may be transferred to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.10. 

  
 17. 

 4.7 Excluded Securities. The rights of first refusal established by this
Section 4 shall have no application to any of the following Equity Securities: 
 (a) up to 23,877,415 shares (as adjusted for
any stock dividends, combinations, splits, recapitalizations and the like with respect to such shares after the date of this Agreement) of Common Stock (the “Option Pool”) (as such Option Pool may be increased from time to
time by approval of the Board of Directors and the holders of at least sixty-six and two-thirds percent (66 2/3%) of the outstanding shares of Preferred Stock as
required by the Company’s Certificate of Incorporation, as such may be amended from time to time) issued to employees, officers or directors of, or consultants or advisors to the Company or any subsidiary, pursuant to the Company’s 2013
Equity Incentive Plan (or any similar successor stock purchase or stock option plans adopted by the Company), or any additional shares of Common Stock issued to employees, officers or directors of, or consultants or advisors to the Company or any
subsidiary, pursuant to stock purchase or stock option plans or other arrangements that are unanimously approved by the Board of Directors; 

(b) stock issued or issuable pursuant to any rights or agreements, options, warrants or convertible securities outstanding as of the
date of this Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the rights of first refusal established by this Section 4 were complied with or were inapplicable pursuant
to any provision of this Section 4.6 with respect to the initial sale or grant by the Company of such rights or agreements; 

(c) any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, strategic alliance, acquisition
or similar business combination approved by the Board of Directors, including a majority of the directors appointed by the holders of the Shares; 

(d) shares of Common Stock issued in connection with any stock split or stock dividend by the Company; 

(e) shares of Common Stock issued upon conversion of shares of the Company’s Preferred Stock; 

(f) any Equity Securities issued pursuant to any equipment loan or leasing arrangement, real property leasing arrangement, or debt
financing from a bank or similar financial or lending institution approved by the Board of Directors, including a majority of the directors appointed by the holders of the Shares, and provided that the issuance of such shares is primarily for
purposes other than the raising of additional capital through an equity financing; 
 (g) any Equity Securities that are issued by the
Company pursuant to a Qualified IPO; 
 (h) any Equity Securities issued in connection with strategic transactions involving the
Company and other entities, including (i) joint ventures, manufacturing, marketing or distribution arrangements or (ii) technology transfer or development arrangements; provided that the issuance of shares therein has been approved
by the Company’s Board of Directors and provided that the issuance of such shares is primarily for purposes other than the raising of additional capital through an equity financing; and 

(i) Equity Securities issued pursuant to the Purchase Agreement. 

SECTION 5. MISCELLANEOUS. 
 5.1
Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed under the laws of the State of California in all respects as such laws are applied to agreements among California residents entered into and to be
performed entirely within California. The parties agree that any action brought by either party under or in relation to this Agreement, including without limitation 

  
 18. 

 
to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any state or federal court located
in the County of Santa Clara, California. WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES
OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE
PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 5.2 Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be
a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee,
the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 

5.3 Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other documents delivered
pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties,
covenants and agreements except as specifically set forth herein and therein. 
 5.4 Severability. In the event one or more of
the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 
 5.5 Amendment and Waiver.

 (a) Except as otherwise expressly provided, this Agreement may be amended or modified only upon the written consent of the
Company and the holders of at least sixty-six and two-thirds percent (66 2/3%) of the then-outstanding Registrable Securities. 

(b) Except as otherwise expressly provided, the obligations of the Company and the rights of the Holders under this Agreement may be
waived only with the written consent of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the then-outstanding Registrable Securities. 

(c) For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights hereunder, the Company
shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 
 (d)
Notwithstanding anything herein to the contrary, neither Section 3.3, nor this Section 5.5(d) may be amended, waived, discharged or terminated without the prior written consent of JMI Equity Fund VII, L.P. 

  
 19. 

 (e) Notwithstanding anything herein to the contrary, clause (b) of Section 4.5
may not be amended or waived without the prior written consent of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the then-outstanding Series G
Stock. 
 5.6 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to
any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the
Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by
law, or otherwise afforded to any party, shall be cumulative and not alternative. 
 5.7 Notices. All notices required or
permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address or
electronic mail address as such party may designate by ten (10) days advance written notice to the other parties hereto. 
 5.8
Acknowledgment. The Company hereby acknowledges that certain Investors and their affiliated advisors and funds are professional investment managers and/or funds, and as such, invest in numerous portfolio companies, some of which may be deemed
competitive with the Company’s business (as conducted or proposed to be conducted). Neither such Investor, nor its affiliates (including affiliated advisors and funds) shall be liable to the Company for any claim arising out of, or based upon,
(i) the investment by such Investor or any affiliated fund in any entity competitive to the Company, or (ii) actions taken by any advisor, partner, officer or other representative of such Investor or any affiliated fund to assist any such
competitive company, whether or not such action was taken as a board member of such competitive company, or otherwise. 
 5.9
Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall
be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and
accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
 5.10 Titles and Subtitles.
The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

5.11 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional
shares of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall
be deemed an “Investor,” a “Holder” and a party hereunder. 
 5.12 Counterparts.
This Agreement may be executed in any number of counterparts and by facsimile signature, each of which shall be an original, but all of which together shall constitute one instrument. 

  
 20. 

 5.13 Aggregation of Stock. All shares of Registrable Securities held or acquired by
affiliated entities or persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

5.14 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.15 Amendment of Prior Agreement. The
Prior Agreement is hereby amended and superseded in its entirety and restated herein. Such amendment and restatement is effective upon the execution of this Agreement by the Company and Prior Investors holding at least
sixty-six and two-thirds percent (66 2/3%) of the outstanding Registrable Securities under the Prior Agreement pursuant to Section 5.5 of the Prior Agreement. Upon
such execution, all provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety by the provisions hereof and shall have no further force or effect, including, without
limitation, the right of first refusal under Section 4 of the Prior Agreement. 
 [THIS SPACE INTENTIONALLY LEFT BLANK] 

 

  
 21. 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	COMPANY:
	
	ADAPTIVE INSIGHTS, INC.
		
	By:	 	 /s/ Tom Bogan

		 	Tom Bogan, Chief Executive Officer

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	JMI EQUITY FUND VII, L.P.
		
	By:	 	JMI Associates VII, L.L.C.
		 	Its General Partner
		
	By:	 	 /s/ Peter Arrowsmith

	Name:	 	Peter Arrowsmith
	Title:	 	Managing Member

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	BESSEMER VENTURE PARTNERS VIII L.P. BESSEMER VENTURE PARTNERS VIII INSTITUTIONAL L.P.
	
	By: Deer VIII & Co. L.P., their General Partner
	By: Deer VIII & Co. Ltd., its General Partner
		
	By:	 	 /s/ Scott Ring, General Counsel

		 	Scott Ring, General Counsel

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	NORWEST VENTURE PARTNERS XI, LP
	By: Genesis VC Partners XI, LLC, General Partner
		
	By:	 	NVP Associates, LLC,
		 	Managing Member
		
	By:	 	 /s/ Sergio Monsalve

	Title:	 	
	Name:	 	Sergio Monsalve

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	INFORMATION VENTURE PARTNERS I, L.P.
		
	By:	 	 /s/ Robert Antoniades

	Title:	 	President
	Name:	 	Robert Antoniades

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	ONSET VI, L.P.
	 By: ONSET VI Management, LLC

its General Partner

		
	By:	 	 /s/ Terry Opdendyk

	Terry Opdendyk, Managing Director
	
	ONSET IV, L.P.
	 By: ONSET IV Management, LLC

its General Partner

		
	By:	 	 /s/ Terry Opdendyk

	Terry Opdendyk, Managing Director

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
 INVESTOR(S):

  

			
	MONITOR VENTURE PARTNERS, LP
	 By: Monitor Venture Management, LLC,

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member
	
	MONITOR VENTURE PARTNERS I, LP
	 By: Monitor Venture Management, LLC,

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member
	
	MONITOR VENTURE MANAGERS
	FUND I, LLC
	 By: Monitor Venture Management, LLC,

its Managing Member

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member
	
	MONITOR VENTURE PARTNERS A, LP
	 By: Monitor Venture Management I-A, LLC,

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member

			
	MONITOR VENTURE PARTNERS I-A, LP
	 By: Monitor Venture Management I-A, LLC,

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member
	
	MONITOR VENTURE MANAGERS FUND I-A, LLC
	 By: Monitor Venture Management I-A, LLC,

its Managing Member

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member
	
	MONITOR VENTURE PARTNERS I-B, LP
	 By: Monitor Venture Management I-B, LLC

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

	Neal Bhadkamkar
	Managing Member

 
 

  
 AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT 
 SIGNATURE
PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	Monitor Venture Partners Annex, L.P.
	 By: Monitor Venture Annex Management, L.L.C.

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

		 	Neal Bhadkamkar
		 	Managing Member
	
	Monitor Venture Partners I Annex, L.P.
	 By: Monitor Venture Annex Management, L.L.C.

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

		 	Neal Bhadkamkar
		 	Managing Member
	
	Monitor Venture Partners A Annex, L.L.C.
	 By: Monitor Venture Annex Management, L.L.C.

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

		 	Neal Bhadkamkar
		 	Managing Member
	
	Monitor Venture Partners I-A Annex, L.L.C.
	 By: Monitor Venture Annex Management, L.L.C.

its General Partner

		
	By:	 	 /s/ Neal Bhadkamkar

		 	Neal Bhadkamkar
		 	Managing Member

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	CVP SBIC, L.P.
	
	 By: CV SBIC, Inc.,
 its
General Partner

		
	By:	 	 /s/ Derek J. Blazensky

	Name:	 	Derek J. Blazensky
	Title:	 	General Partner
	
	CARDINAL VENTURE AFFILIATES, L.P.
	
	 By: Cardinal Ventures, LLC,

its General Partner

		
	By:	 	 /s/ Derek J. Blazensky

	Name:	 	Derek J. Blazensky
	Title:	 	General Partner

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	MYDAP LLC
		
	By:	 	 /s/ Scott Whitefoot

	Title:	 	Board Member
	Name:	 	Scott Whitefoot

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
	
	GRANITE INVESTMENTS AND ACQUISITIONS, LLC
		
	By:	 	 /s/ Jeff L. Biggert

	Title:	 	Manager
	Name:	 	Jeff L. Bigert

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	INVESTOR(S):
		
	By:	 	 /s/ Max P. Watson

	Max P. Watson

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	 INVESTOR(S):
  

	By:	 	 /s/ John Gaff

		 	John Graff

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 The foregoing AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT is hereby executed as of the date first above written. 
  

			
	 INVESTOR(S):
  

	 AUSTIN LEE VENTURES, LTD
  

	By:	 	 /s/ William Austin

	Title:	 	Manager
	Name:	 	William Austin

 AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT 
 SIGNATURE PAGE 

 EXHIBIT A 

SCHEDULE OF INVESTORS 

NAME AND ADDRESS 

 
 JMI EQUITY FUND VII,
L.P. 
 BESSEMER VENTURE PARTNERS VIII L.P. 

BESSEMER VENTURE PARTNERS VIII INSTITUTIONAL L.P. 

INFORMATION VENTURE PARTNERS I, L.P. 

ONSET VI, L.P. 
 ONSET IV,
L.P. 
 MONITOR VENTURE PARTNERS I-B, LP 

MONITOR VENTURE PARTNERS I, L.P. 

MONITOR VENTURE PARTNERS, L.P. 

MONITOR VENTURE MANAGERS FUND I, L.L.C. 

MONITOR VENTURE PARTNERS I-A, L.P. 

MONITOR VENTURE PARTNERS A, L.P. 

MONITOR VENTURE MANAGERS FUND I-A, L.L.C. 

MONITOR VENTURE PARTNERS ANNEX, L.P. 

MONITOR VENTURE PARTNERS I ANNEX, L.P. 

MONITOR VENTURE PARTNERS A ANNEX, L.L.C. 

MONITOR VENTURE PARTNERS I-A ANNEX, L.L.C. 

CVP SBIC, L.P. 
 CARDINAL
VENTURE AFFILIATES, L.P. 
 A. BROOKE SEAWELL 

LESLIE F. MURDOCK, LIVING TRUST 

WILLIAM A. SOWARD 

VENTURE LENDING & LEASING III, LLC 

MYDAP LLC 
 GRANITE
INVESTMENTS AND ACQUISITIONS, LLC 
 MAX WATSON 

AUSTIN LEE VENTURES, LTD 

SALESFORCE.COM INC. 

JEFFRREY E. EPSTEIN AND SUE H. EPSTEIN, TTEES UTD 6/22/2012

 CODD REVOCABLE TRUST U/A DTD 03-06-1998 
 EXHIBIT A 

LIST OF INVESTORS 

 NORWEST VENTURE PARTNERS XI, LP 

PATRICIA CHANDLER SEAWELL REVOCABLE TRUST DTD 5/5/2008 

JOHN GRAFF 

EXHIBIT A 

LIST OF INVESTORS

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