Document:

Exhibit 4.8

 

EXECUTION VERSION

 

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated as of April 11, 2019

by and between

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A-1 Holder)

 

and

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A-2 Holder)

 

and

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A-3 Holder)

 

59 Maiden Lane

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions	1
	Section 2.	Servicing of the Mortgage Loan	16
	Section 3.	Priority of Payments	28
	Section 4.	Workout	29
	Section 5.	Administration of the Mortgage Loan	29
	Section 6.	Note Holder Representatives	34
	Section 7.	Appointment of Special Servicer	36
	Section 8.	Payment Procedure	37
	Section 9.	Limitation on Liability of the Note Holders	38
	Section 10.	Bankruptcy	39
	Section 11.	Representations of the Note Holders	39
	Section 12.	No Creation of a Partnership or Exclusive Purchase Right	40
	Section 13.	Other Business Activities of the Note Holders	40
	Section 14.	Sale of the Notes	40
	Section 15.	Registration of the Notes and Each Note Holder	43
	Section 16.	Governing Law; Waiver of Jury Trial	44
	Section 17.	Submission To Jurisdiction; Waivers	44
	Section 18.	Modifications	44
	Section 19.	Successors and Assigns; Third Party Beneficiaries	45
	Section 20.	Counterparts	45
	Section 21.	Captions	45
	Section 22.	Severability	45
	Section 23.	Entire Agreement	45
	Section 24.	Withholding Taxes	45
	Section 25.	Custody of Mortgage Loan Documents	47
	Section 26.	Cooperation in Securitization	47
	Section 27.	Notices	48
	Section 28.	Broker	48
	Section 29.	Certain Matters Affecting the Agent	48
	Section 30.	Reserved	49
	Section 31.	Resignation of Agent	49
	Section 32.	Resizing	49

 

    -i-

     

    

 

This AGREEMENT BETWEEN
NOTE HOLDERS (this “Agreement”), dated as of April 11, 2019 by and between CITI REAL ESTATE FUNDING INC. (“Citi”
and, together with its successors and assigns in interest, in its capacity as initial owner of Note A-1 described below, the “Initial
Note A-1 Holder” and, in its capacity as the initial agent, the “Initial Agent”), CITI (together with
its successors and assigns in interest, in its capacity as initial owner of Note A-2 described below, the “Initial Note A-2
Holder”) and CITI (together with its successors and assigns in interest, in its capacity as initial owner of Note A-3
described below, the “Initial Note A-3 Holder”); the Initial Note A-1 Holder, the Initial Note
A-2 Holder and the Initial Note A-3 Holder are referred to collectively herein as the “Initial Note
Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), Citi 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) a
promissory note in favor of Citi in the original principal amount of $75,000,000 (as amended, modified, consolidated, or supplemented,
“Note A-1”), (ii) a promissory note in favor of Citi in the original principal amount of $75,000,000 (as
amended, modified, consolidated, or supplemented, “Note A-2”) and (iii) a promissory note in favor of Citi in
the original principal amount of $50,000,000 (as amended, modified, consolidated, or supplemented, “Note A-3”
and, together with Note A-1 and Note A-2, the “Notes”);

 

WHEREAS, each of the
Notes is secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real
property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”);

 

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

 

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

 

Section 1.               
Definitions. References to a “Section” or the “recitals” are, unless otherwise specified,
to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto (or to any analogous term) 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.

 

“Activity”
shall mean any review, analysis, comfort, verification, manipulation, reorganization, restructuring, recompilation, recomposition,
revision or modification of any information or data.

 

    

     

    

 

“Additional
Data Request” shall have the meaning assigned to such term in Section 2(i).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Certificate”
shall mean any certificate issued pursuant to a Securitization.

 

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

 

“Certificateholder”
shall mean any holder of a Certificate issued pursuant to a Securitization, to the extent provided under the terms of the related
Securitization Servicing Agreement.

 

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

 

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

 

“Commission”
shall mean the Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

“Controlling
Note” shall mean Note A-1.

 

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

 

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“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 the depositor under the Lead Securitization Servicing Agreement.

 

“EU Reporting
Administrator” shall have the meaning assigned to such term in Section 2(i).

 

“EU Reporting
Indemnified Party” shall have the meaning assigned to such term in Section 2(i).

 

“EU Reporting
Liability” shall have the meaning assigned to such term in Section 2(i).

 

“EU Reporting
Obligations” shall have the meaning assigned to such term in Section 2(i).

 

“EU Retention
Rules” shall mean the European Union legislation comprising Regulation (EU) 2017/2402.

 

“EU Transparency
Designee” shall have the meaning assigned to such term in Section 2(i).

 

“Event of Default”
shall mean, with respect to the Mortgage Loan, an “Event of Default” (or analogous term) 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
A-3 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

 

    -4-

     

    

 

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

 

“Interest Rate”
shall have the meaning assigned to such term in the Mortgage Loan Agreement.

 

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

 

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

 

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

 

“Lead Securitization”
shall mean:

 

(i) during
the period from and after the Securitization of any Note other than Note A-1 and prior to the Note A-1 Securitization, the Securitization
with the earliest Securitization Date; provided that, prior to the Securitization of Note A-1, if two or more Notes other
than Note A-1 have both the earliest Securitization Date and the same Securitization Date but are included in different Securitizations,
then the Securitization including the Note(s) with the larger (aggregate) Note Principal Balance shall be the Lead Securitization;
and

 

(ii) immediately
upon the occurrence of and following the Securitization of Note A-1, the Note A-1 Securitization.

 

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

 

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“Lead Securitization
Directing Certificateholder” shall mean the “Directing Certificateholder” as defined in the Lead Securitization
Servicing Agreement.

 

“Lead Securitization
Note” shall mean a Note held by the Lead Securitization.

 

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

 

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

 

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

 

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

 

“Master Servicer”
shall mean the applicable master servicer with respect to the Mortgage Loan appointed as provided in the Lead Securitization Servicing
Agreement.

 

“Model PSA”
shall mean that certain pooling and servicing agreement, dated as of February 1, 2019, relating to the GS Mortgage Securities Trust
2019-GC38, Commercial Mortgage Pass-Through Certificates, Series 2019-GC38.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of April 11, 2019, between Citi, as lender, and the Mortgage Loan
Borrower, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms
hereof.

 

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

 

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“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.

 

“Mortgage Loan
Seller Sub-Servicer” shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

 

“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.

 

“Non-Controlling
Note” means any Note (other than the Controlling Note), including any New Note designated as a “Non-Controlling
Note” hereunder pursuant to Section 32.

 

“Non-Controlling
Note Holder” means any holder of a Non-Controlling Note; provided that at any time such holder’s respective
Note is included in a Securitization, references to such “Non-Controlling Note Holder” herein shall mean the “Directing
Certificateholder” or any other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder”
hereunder, as and to the extent provided in the related Securitization Servicing Agreement and as to the identity of which the
Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written notice; provided
that for so long as 50% or more of any Non-Controlling Note is held by (or the majority “controlling class” holder
or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder” (as described above)
is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, such Non-Controlling Note (and the majority “controlling
class” holder or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder”
as described above) shall not be entitled to exercise any rights of such Non-Controlling Note Holder, and there shall be deemed
to be no Non-Controlling Note Holder hereunder with respect to such Non-Controlling Note. The Lead Securitization Note Holder (or
the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one
party in respect of any Note that is exercising the rights of a “Non-Controlling Note Holder” herein or under the Lead
Securitization Servicing Agreement and (x) to the extent that the related Securitization Servicing Agreement assigns such rights
to more than one party or (y) to the extent any Note is split into two or more New Notes pursuant to Section 32, for purposes
of this Agreement, the applicable Securitization Servicing Agreement or the holders of such New Notes shall designate one party
to deal with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) and provide
written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer acting
on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization

 

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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 a Non-Controlling Note Holder, as a Non-Controlling Note Holder under this Agreement.
If the Non-Controlling Note is included in a Securitization, the related Securitization Servicing Agreement may contain additional
limitations on the rights of the designated party entitled to exercise the rights of the “Non-Controlling Note Holder”
hereunder if such designated party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.

 

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

 

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

 

“Non-Lead Asset
Representations Reviewer” shall mean the party acting as “asset representations reviewer” (within the meaning
of Item 1101(m) of Regulation AB) under a Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Non-Lead Securitization
Servicing Agreement” shall mean any PSA that is not the Lead Securitization Servicing Agreement.

 

“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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-3 Holder”
shall mean the Initial Note A-3 Holder or any subsequent holder of Note A-3, as applicable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Operating Advisor”
shall mean the operating advisor 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(s) securitized pursuant to such Securitization Servicing Agreement.

 

“Percentage
Interest” shall mean, with respect to any Note Holder, a fraction, expressed as a percentage, the numerator of which
is the principal balance of the related Note and the denominator of which is the principal balance of the Mortgage Loan.

 

“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.

 

“PSA”
shall mean each of the Note A-1 PSA, the Note A-2 PSA and the Note A-3 PSA.

 

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

 

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

 

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(b)           one or more of the following:

 

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

 

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

 

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

 

(iv)        an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional
Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities
referred to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing
member, or the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided
that at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities
that are otherwise Qualified Institutional Lenders (without regard to

 

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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 (b)(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

 

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

 

“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under
the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior unsecured debt has a rating in either of the then in effect top two rating categories of each of the applicable
Rating Agencies (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s
and S&P).

 

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

 

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

 

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

 

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

 

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case
as effective from time to time as of the compliance dates specified therein.

 

“REMIC”
shall 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, such special servicer is acting as special servicer for one or more
loans included in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period
prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial
mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer
as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by
Morningstar equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a
ranking with respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan
securitization that

 

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

 

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

 

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

 

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

 

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

 

“Securitization
Date” shall mean, with respect to a Securitization, the effective date on which such Securitization 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 one or more of the Notes are held.

 

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

 

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

 

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

 

“Servicer Termination
Event” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that
the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept

 

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under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

 

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

 

“Special Servicer”
shall mean the applicable special servicer with respect to the Mortgage Loan appointed as provided in the Lead Securitization Servicing
Agreement.

 

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

 

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

 

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

 

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

 

“Undeveloped
Certificate Administrator Information/Data” shall mean, with respect to the Certificate Administrator, information or
data (other than attorney-client privileged information) that, at the time of any request for information or data, (a) is in the
possession of the Certificate Administrator and (b) has been provided to the Certificate Administrator by another Person, with
(i) (x) no obligation to conduct or perform any Activity or Activities, (y) no obligation to request, direct or instruct any other
Person (and no obligation on the part of any other Person) to conduct or perform any Activity or Activities and (z) no obligation
to verify any Activity or Activities performed by any other Person, and (ii) if for any reason such information or data itself
consists in whole or in part of the results of any Activity or Activities on the part of another Person (it being acknowledged
that this shall not be construed to require any Person to perform any Activity or Activities to determine whether the information
or data includes the results of any Activity or Activities on the part of another Person), (x) no obligation to conduct or perform
any further or additional any Activity or Activities, (y) no obligation to request, direct or instruct any other Person to conduct
or perform any further or additional any Activity or Activities and (z) no obligation to verify any Activity or Activities performed
by any other Person.

 

“Undeveloped
Servicer Information/Data” shall mean, with respect to the Master Servicer, a Mortgage Loan Seller Sub-Servicer or the
Special Servicer, as the case may be, information and data (other than attorney-client privileged information and other than information
relating to a workout or resolution strategy or plan for a Specially Serviced Mortgage Loan) that, at the time of any request for
information or data, (a) relates to the Mortgage Loan or the Mortgaged Property, (b) is in the possession of such Person and (c)
has been provided to such Person by or on behalf of the Borrower, property manager or lender, with

 

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(i) (x) no obligation to conduct
or perform any Activity or Activities, (y) no obligation to request, direct or instruct any other Person (and no obligation on
the part of any other Person) to conduct or perform any Activity or Activities and (z) no obligation to verify any Activity or
Activities performed by any other Person, and (ii) if for any reason such information or data itself consists in whole or in part
of the results of any Activity or Activities on the part of another Person (it being acknowledged that this shall not be construed
to require any Person to perform any Activity or Activities to determine whether the information or data includes the results of
any Activity or Activities on the part of another Person), (x) no obligation to conduct or perform any further or additional any
Activity or Activities, (y) no obligation to request, direct or instruct any other Person to conduct or perform any further or
additional any Activity or Activities and (z) no obligation to verify any Activity or Activities performed by any other Person.

 

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

 

Section 2.          Servicing of the Mortgage Loan.

 

(a)         Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced
from and after the Lead Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement
and the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly
payments of principal or interest in respect of any Note other than the Lead Securitization Note if such principal or interest
is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and
other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage
thereon, subject to the terms of the Lead Securitization Servicing Agreement; provided, further, that, when appointed,
the Special Servicer has the required Special Servicer Rating from each Rating Agency then rating a Securitization. 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 and the Trustee under the Lead Securitization Servicing
Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably
cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with
the Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the
Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with
respect to the administration and servicing of the Mortgage Loan on its behalf

 

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under the Lead Securitization Servicing Agreement
(subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement). The
Lead Securitization Servicing Agreement shall not limit the Servicer in enforcing the rights of one Note Holder against any other
Note Holder as may be required in order to service the Mortgage Loan as contemplated by this Agreement and the Lead Securitization
Servicing Agreement; provided, that it is also understood and agreed that nothing in this sentence shall be construed to
otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to
the Lead Securitization Servicing Agreement (i) to service the Mortgage Loan in accordance with the Servicing Standard, the terms
of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, (ii) to provide information to
each servicer under each Non-Lead Securitization Servicing Agreement necessary to enable each such servicer to perform its servicing
duties under such Non-Lead Securitization Servicing Agreement, and (iii) to not take any action or refrain from taking any action
or follow any direction inconsistent with the foregoing.

 

At any time that the
Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to
cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant
to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, that if a Non-Lead Securitization Note is in a Securitization and the servicer(s) to be appointed under such replacement
servicing agreement would not otherwise meet the conditions to be a servicer under the Lead Securitization Servicing Agreement
that is being replaced, then a Rating Agency Confirmation shall have been obtained from each Rating Agency; provided, further,
that if any special servicer under such replacement servicing agreement does not have a rating from a Rating Agency that is the
Required Special Servicer Rating, then a Rating Agency Confirmation shall have been obtained from such Rating Agency then rating
securities of such Non-Lead Securitization; provided, further, that until a replacement servicing agreement has been
entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the
Lead Securitization Servicing Agreement, as if such agreement were still in full force and effect with respect to the Mortgage
Loan, by the applicable Servicer in the Lead Securitization being replaced 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 (and, in the case
of an appointed special servicer, that has the Required Special Servicer Rating from each Rating Agency then rating securities
of a Non-Lead Securitization). The Note Holders acknowledge that at any time that the Mortgage Loan is no longer subject to the
provisions of the Lead Securitization Servicing Agreement, the Master Servicer shall have no further obligation to make P&I
Advances with respect to the Mortgage Loan.

 

(b)              
The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee or
the 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,
shall be entitled to reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account

 

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(as defined
in the Lead Securitization Servicing Agreement) and/or the related Companion Distribution Account (as defined in the Lead Securitization
Servicing Agreement) for the Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan,
and then, in the case of Servicing Advances that are Nonrecoverable Advances, if such funds on deposit in the Collection
Account and 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, shall be
entitled to reimbursement for interest on a Servicing Advance (including any Nonrecoverable Advance) at the Reimbursement Rate
in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections
of the Lead Securitization. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee,
as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Servicing Advance that
is a Nonrecoverable Advance or any interest on a Servicing Advance (including any Nonrecoverable Advance) at the Reimbursement
Rate, each Non-Lead Securitization Note Holder (including any Securitization Trust into which such Non-Lead Securitization Note
is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for its
pro rata share of such Nonrecoverable Advance or interest thereon at the Reimbursement Rate.

 

In addition,
any Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization
Note is deposited) shall be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse
the Lead Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Depositor or CREFC®, as applicable,
is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the related
Companion Distribution Account and, to the extent of funds related to the Mortgage Loan, the Collection Account, are insufficient
for reimbursement of such amounts. Each Non-Lead Securitization Note Holder agrees to indemnify (as and to the same extent the
Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the Lead
Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor (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, incurred in connection with
the provision of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified
Items”) to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in
the related Companion Distribution Account and, to the extent of funds related to the Mortgage Loan, the Collection Account, are
insufficient for reimbursement of such amounts, each Non-Lead Securitization Note Holder shall be required to, promptly following
notice from the Master

 

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Servicer, the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for
its pro rata share of the insufficiency.

 

Any Non-Lead
Master Servicer (or Non-Lead Trustee (if not made by such Non-Lead Master Servicer)) may be required to make P&I Advances on
the respective Non-Lead Securitization Note, from time to time, subject to the terms of the related Non-Lead Securitization Servicing
Agreement, the Lead Securitization Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee,
as applicable, shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on
the Lead Securitization Note based on the information that they have on hand and in accordance with the Lead Securitization Servicing
Agreement. Any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee under any Non-Lead Securitization Servicing
Agreement, as applicable, shall be entitled to make its own recoverability determination with respect to a P&I Advance to be
made on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance with the related
Non-Lead Securitization Servicing Agreement. The Master Servicer or the Trustee, as applicable, and any Non-Lead Master Servicer
or Non-Lead Trustee, as applicable, shall each be required to notify the other of the amount of its P&I Advance within two
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 Non-Lead Trustee, as applicable (with
respect to a Non-Lead Securitization Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an
outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as
applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance
is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement,
in the case of a determination of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead
Master Servicer or Non-Lead Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the case of 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 (and interest thereon at the Reimbursement Rate) first from the related Companion Distribution Account from
amounts allocable to the Note for which such P&I Advance was made, and then, if such funds are insufficient, (i) in
the case of the Lead Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the
Lead Securitization Servicing Agreement and (ii) in the case of a Non-Lead Securitization Note, from general collections of the
related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

(ii)           each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required
to indemnify each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the
terms of Lead Securitization Servicing Agreement) by the Securitization Trust holding such Non-Lead Securitization Note, against
any of the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit
in the related “Companion Distribution Account” are insufficient for reimbursement of such amounts, the related Non-Lead
Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency
out of general collections in the collection account (or equivalent account) established under such Non-Lead Securitization Servicing
Agreement;

 

(iii)          the related Non-Lead Master Servicer, Non-Lead Certificate Administrator or Non-Lead Trustee will be required to deliver
to the Trustee, the Certificate Administrator, the Special Servicer, the Master Servicer, the Operating Advisor and the Asset Representations
Reviewer (x) promptly following Securitization of such Non-Lead Securitization Note, notice of the deposit of such Non-Lead Securitization
Note into a Securitization Trust (which notice shall also provide contact information for the related

 

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Non-Lead Trustee, certificate
administrator, Non-Lead Master Servicer, Non-Lead Special Servicer and the party designated to exercise the rights of the “Non-Controlling
Note Holder” under this Agreement), accompanied by a certified copy of the executed Non-Lead Securitization Servicing Agreement
and (y) notice of any subsequent change in the identity of the Non-Lead Master Servicer or the party designated to exercise the
rights of the “Non-Controlling Note Holder” with respect to such Non-Lead Securitization Note under this Agreement
(together with the relevant contact information); and

 

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

 

(d)           If a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization
Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the
applicable Non-Lead Asset Representations Reviewer or any other party to such Non-Lead Securitization Servicing Agreement in connection
with such Asset Review by providing such Non-Lead Asset Representations Reviewer or such other requesting party with any documents
reasonably requested by such Non-Lead 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.

 

(e)         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; provided, however, that all items that relate to a Non-Lead Depositor’s
compliance with any applicable securities laws shall also be delivered to such Non-Lead Depositor.

 

(f)          In
addition to the foregoing, each Securitization Servicing Agreement shall contain terms and conditions that are customary for securitization
transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to

 

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the
tax elections of the trust fund formed pursuant to such Securitization Servicing Agreement, (ii) required by law or changes
in any law, rule or regulation or (iii) requested by the Rating Agencies rating the related Securitization.  Each Non-Lead
Securitization Note Holder shall have the right to designate the related Non-Lead Master Servicer and related Non-Lead Special
Servicer with respect to the Securitization related to its Note.  Without limiting the generality of any provision set forth
above, for purposes of the Mortgage Loan, each Securitization Servicing Agreement shall contain (A) provisions requiring the related
master servicer and the related special servicer to maintain, or subjecting them to possible termination for not maintaining,
compliance with customary servicer rating criteria (but the rating agencies need not be the same) and (B) provisions substantially
similar in all material respects to or materially consistent with those set forth in the Model PSA with respect to (i) periodic
reporting and periodic delivery of service provider compliance documents under Regulation AB (and, in any event, each Securitization
Servicing Agreement shall require such reporting and delivery so long as the Lead Securitization Trust is required to file periodic
reports under the Securities Exchange Act of 1934, as amended), (ii) servicing transfer events that would result in the transfer
of the Mortgage Loan to special servicing status, (iii) the authority of the Controlling Note Holder (or the Master Servicer or
Special Servicer on its behalf) to grant or agree or consent to material modifications, waivers and amendments to the Mortgage
Loan, or to approve material assignments and assumptions or material additional indebtedness in connection with the Mortgage Loan,
(iv) the potential termination of the related master servicer and special servicer following a servicer termination event, (v)
requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing status
and periodic updates thereof, (vi) duties of the special servicer in respect of foreclosure and the management of REO property,
(vii) special servicing, workout and liquidation fees (and, in any event, the fees at which such compensation accrue or are determined
shall not exceed 0.25%, 1.00% and 1.00%, respectively (subject to any market minimum special servicing fees and fee offsets set
forth in the Servicing Agreement), (viii) indemnification of the Depositor, Master Servicer, Special Servicer, certificate administrator,
Trustee and Operating Advisor under the Lead Securitization Servicing Agreement (and any director, officer, employee or agent
of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing
Agreement in respect of other mortgage loans) against any claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration
of the Mortgage Loan (or, with respect to the related operating advisor, incurred in connection with the provision of services
for the Mortgage Loan) to the same extent that the Indemnified Parties are indemnified under the Lead Securitization Servicing
Agreement against the Indemnified Items, (ix) requirements to give each Non-Lead Securitization Note Holder (except any Note Holder
of any other Note included in the Lead Securitization) notice of the Lead Securitization in writing (which may be by email) on
or before the applicable closing date for such Lead Securitization, together with contact information for each of the parties
to the Lead Securitization Servicing Agreement; (x) requirements to send a copy (in EDGAR-compatible format) of the Lead Securitization
Servicing Agreement to each Non-Lead Securitization Note Holder (except any Note Holder of any other Note included in the Lead
Securitization); and (xi) requirements to send written notice to each Non-Lead Securitization Note Holder in a timely manner (but
no later than two (2) business days after the applicable filing date) of any 8-K/A filing made by the Depositor regarding the
Lead Securitization Servicing Agreement if such

 

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filing contains revisions or changes to such Lead Securitization Servicing Agreement
that are material to such Non-Lead Securitization Note Holder; provided, that (A) this statement shall not be construed
to prohibit differences in timing, control or consultation triggers or thresholds, terminology, allocation of ministerial duties
between multiple servicers or other service providers or certificateholder or investor voting or consent thresholds, or to prohibit
or restrict additional approval, consent, consultation, notice or rating agency confirmation requirements; and (B) if there is
any conflict between this sentence and any other provision of this Agreement, such other provision of this Agreement shall control.
To the extent of any conflict between this Agreement and the Lead Securitization Servicing Agreement, the terms of this Agreement
shall control.

 

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

 

(h)           The Lead Securitization Note Holder shall cause the Lead Securitization Servicing Agreement to provide as follows (and,
to the extent such following provisions are not included in the Lead Securitization Servicing Agreement, they shall be deemed incorporated
therein and made a part thereof):

 

(i)           
the Master Servicer shall remit all payments received with respect to any Non-Lead Securitization Note, net of the servicing
fees payable to the Master Servicer and Special Servicer with respect to such Non-Lead Securitization Note, and any other applicable
fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the related Non-Lead Securitization
Note Holder by the earlier of (x) the Master Servicer Remittance Date (as defined in the Lead Securitization Servicing Agreement)
and (y) the Business Day following the “determination date” (or any term substantially similar thereto) as defined
in the related Non-Lead Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination
Date”), in each case, as long as the date on which remittance is required under this clause (i) is at least one (1) Business
Day after the scheduled monthly payment date under the Mortgage Loan Agreement;

 

(ii)           in connection with the expedited remittances contemplated by the preceding clause (i) and the expedited reporting contemplated
by the following clause (iii), (A) the Special Servicer shall (x) expedite its delivery of reports to the Master Servicer with
respect to the Mortgage Loan or the Mortgaged Property (including the delivery of information contemplated by CREFC® reports
that the Special Servicer is required to deliver to the Master Servicer) so that the reports (including CREFC® reports) provided
by the Master Servicer to each Non-Lead Securitization Note Holder may include all information contemplated to be included therein
for the applicable reporting period, and (y) expedite withdrawals from accounts maintained by it and remittances to the Master
Servicer in respect of the Mortgage Loan or the Mortgaged Property so that the Master Servicer’s remittances to each Non-Lead
Securitization Note Holder contemplated by the preceding clause (i) may include all amounts for the

 

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applicable collection period,
and (B) each party responsible under the Lead Securitization Servicing Agreement for delivering any Additional Form 10-D Disclosure
(or analogous information) to a Non-Lead Trustee or Non-Lead Depositor in respect of a Non-Lead Securitization Note shall deliver
such Additional Form 10-D Disclosure (or analogous information) no later than the 5th calendar day following the distribution date
for the related Non-Lead Securitization;

 

(iii)          with respect to any Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver
or cause to be delivered or to make available to the related Non-Lead Master Servicer all reports required to be delivered by the
Master Servicer to the Certificate Administrator and the Trustee under the Lead Securitization Servicing Agreement (which shall
include all loan-level reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead
Securitization Servicing Agreement, to the extent related to the Mortgage Loan, the Mortgaged Property, such Non-Lead Securitization
Note, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, by the earlier of (x) the Master
Servicer Remittance Date (as defined in the Lead Securitization Servicing Agreement) and (y) the Business Day following the related
Non-Lead Securitization Determination Date; in each case, as long as the date on which delivery is required under this clause (iii)
is at least one (1) Business Day after the scheduled monthly payment date under the Mortgage Loan Agreement; and

 

(iv)          Servicer Termination Events with respect to the Master Servicer and the Special Servicer shall include the failure to provide
to any Non-Lead Securitization Note Holder (if and to the extent required under the related Non-Lead Securitization) reports required
under the Exchange Act, and the rules and regulations thereunder, in a timely fashion that allows the depositor for such Non-Lead
Securitization to timely satisfy all filing requirements under the Exchange Act and the rules and regulations promulgated thereunder
in connection with such Non-Lead Securitization.

 

(i)            The Lead Securitization Note Holder shall cause the Lead Securitization Servicing Agreement to include provisions to the
effect that, at any time when a Non-Lead Note is included in a Securitization, for so long any Person (such a Person, with respect
to such Securitization, the “EU Transparency Designee”) is an “originator, sponsor [or] SSPE” (as
such terms are defined in the EU Retention Rules) and has transparency and reporting obligations or conditions imposed by the EU
Retention Rules or otherwise under applicable law in connection with such Securitization (“EU Reporting Obligations”):

 

(i)           
 each of the Master Servicer and the Certificate Administrator, as applicable, will make available to the vendor, if any,
designated by the EU Transparency Designee (such vendor, the “EU Reporting Administrator”) and the EU Transparency
Designee, the U.S. CREFC® Investor Reporting Package and, subject to the Lead Securitization Servicing Agreement, access to
such parties’ website, if any, relating to this Agreement or the securitizations effected hereby;

 

(ii)           
each of the Master Servicer, the Special Servicer and the Certificate Administrator, as applicable, shall use reasonable
efforts to deliver or make available to

 

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the EU Reporting Administrator and the EU Transparency Designee such additional information
and data as may be reasonably requested by the EU Reporting Administrator or the EU Transparency Designee in good faith and such
request for such information and data shall include the following: (A) the specific name of (or, if not known, the type of (using
customary references)) report, data, information, analysis, communication, agreement, document, or instrument being sought and
(B) reference to each applicable loan, borrower or related party, lender, and property (each, an “Additional Data Request”),
in each case within a reasonable period following the receipt of such Additional Data Request; provided that such obligation shall
be subject to all of the following terms and conditions:

 

(A)        the Master Servicer, any Mortgage Loan Seller Sub-Servicer or the Special Servicer, as the case may be, shall have no obligation
to deliver or make available information or data other than Undeveloped Servicer Information/Data and the Certificate Administrator
shall have no obligation to deliver or make available information or data other than Undeveloped Certificate Administrator Information/Data;

 

(B)         prior to such Additional Data Request, the EU Reporting Administrator and the EU Transparency Designee shall have reviewed
all information and data it received from each of the Master Servicer, the Special Servicer and the Certificate Administrator or
has access to via such party’s website (or as a Privileged Person);

 

(C)         the Master Servicer, any Mortgage Loan Seller Sub-Servicer, the Special Servicer or the Certificate Administrator, as the
case may be, shall have no obligation to deliver or make available information or data that is contained within the information
and data so received, or previously received, by or made available to the EU Reporting Administrator and the EU Transparency Designee,
or either of them, as described in the preceding clause (B) (including any information or data included in any U.S. CREFC®
Investor Reporting Package previously delivered or made available);

 

(D)        the EU Reporting Administrator or the EU Transparency Designee has reasonably determined it needs the requested information
and data for the purposes of compliance with EU Reporting Obligations;

 

(E)         the
Master Servicer, any Mortgage Loan Seller Sub-Servicer or the Special Servicer, as the case may be, shall have no obligation to
deliver or make available information or data other than asset-level Undeveloped Servicer Information/Data, in each case relating
to the securitization(s) effected hereby and the Serviced Mortgage Loans and the Serviced Whole Loans (including Undeveloped Servicer
Information/Data relating to the Borrowers or the Mortgaged Properties), and the Certificate Administrator shall have no obligation
to deliver or make available information or data other than bond-level Undeveloped Certificate Administrator Information/Data
relating to the securitization(s) effected hereby and the Mortgage Loans and the Whole Loans

 

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(including Undeveloped Certificate
Administrator Information/Data relating to the Borrowers or the Mortgaged Properties);

 

(F)         the Master Servicer, any Mortgage Loan Seller Sub-Servicer, the Special Servicer or the Certificate Administrator, as the
case may be, shall have no obligation to respond to more than one Additional Data Request made to such Person by the EU Reporting
Administrator and the EU Transparency Designee, or either of them, per reporting period under the EU Retention Rules;

 

(G)         the Person responsible for delivering or making available such Undeveloped Servicer Information/Data or Undeveloped Certificate
Administrator Information/Data shall be entitled in each case to elect in its sole discretion between delivering such Undeveloped
Servicer Information/Data or Undeveloped Certificate Administrator Information/Data, as the case may be, on the one hand, or making
available such Undeveloped Servicer Information/Data or Undeveloped Certificate Administrator Information/Data, as the case may
be, on the other hand; and

 

(H)         the EU Transparency Designee shall have previously satisfied the condition regarding indemnification set forth in Section
2(i)(v) below.

 

(iii)           with respect to each Mortgage Loan if there is a Sub-Servicer, the Master Servicer shall use reasonable efforts to cause
such Sub-Servicer to provide to the EU Reporting Administrator and the EU Transparency Designee access to such Sub-Servicer’s
website in order for the Master Servicer to comply with its obligations under this Section 2(i).

 

(iv)           for the purposes of clause (ii)(D) above, the Master Servicer, the Special Servicer and the Certificate Administrator (and
each Mortgage Loan Seller Sub-Servicer) shall be entitled to conclusively assume, and rely upon the determination (without any
independent investigation, diligence or otherwise), that each Additional Data Request is necessary for compliance with the EU Reporting
Obligations;

 

(v)           
the Lead Securitization Servicing Agreement may provide that it shall be a condition to the obligations of each of the Master
Servicer, any Mortgage Loan Seller Sub-Servicer for the Mortgage Loan, the Special Servicer and the Certificate Administrator otherwise
set forth above that the EU Transparency Designee shall have caused to be executed and delivered to the Master Servicer, any relevant
Mortgage Loan Seller Sub-Servicer, the Special Servicer and the Certificate Administrator an undertaking (by an entity reasonably
acceptable to the Master Servicer, the Special Servicer, the Certificate Administrator and any relevant Mortgage Loan Seller Sub-Servicer)
to indemnify and hold harmless the Master Servicer, the Special Servicer, the Certificate Administrator (and any relevant Mortgage
Loan Seller Sub-Servicer) and their respective officers, directors, shareholders, members, managers, employees, agents, affiliates
and controlling persons (each, an “EU Reporting Indemnified Party”), from and against any and all losses, liabilities,
damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees, expenses,

 

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disbursements and costs of enforcement), as incurred, which any such EU Reporting Indemnified Party incurs or to which any such
EU Reporting Indemnified Party may become subject pursuant to an action or claim, insofar as the same arise out of or are based,
in whole or in part, upon the EU Reporting Obligations and (B) reimburse each EU Reporting Indemnified Party for any and all expenses
(including, without limitation, the fees, expenses, costs and disbursements of counsel) as reasonably incurred in investigating,
preparing for or defending against any such action or claim, to the extent that any such expenses are not paid under clause (A)
above (in the case of both clauses (A) and (B) above, collectively, “EU Reporting Liabilities”); provided that
no holding harmless or indemnification shall be required to the extent that the relevant EU Reporting Liability arises out of such
EU Reporting Indemnified Party’s willful misconduct, fraud or gross negligence in the performance of its obligations under
this Section 2(i) or its grossly negligent disregard of its obligations under this Section 2(i); and provided, further,
that such EU Transparency Designee will be deemed to have satisfied the condition set forth in this clause (v) with respect to
the Master Servicer, any Mortgage Loan Seller Sub-Servicer, the Special Servicer or the Certificate Administrator, as the case
may be, if such EU Transparency Designee causes the execution and delivery, to or for the benefit of the Master Servicer, any Mortgage
Loan Seller Sub-Servicer, the Special Servicer or the Certificate Administrator, as the case may be, an indemnification agreement
the form and substance of which and the obligor under which are acceptable to such Person in its sole discretion as evidenced by
such Person’s execution thereof or consent thereto as a beneficiary. No such losses, claims or liabilities shall be paid
or reimbursed from the assets of the Lead Securitization; and

 

(vi)          the EU Transparency Designee shall notify the Master Servicer, each Mortgage Loan Seller Sub-Servicer, the Special Servicer
and the Certificate Administrator in writing of any termination or resignation of the EU Reporting Administrator and the appointment
of any replacement or successor EU Reporting Administrator and, at any time after the effective date of a termination or resignation
of the EU Reporting Administrator and before the effective date of the appointment of a replacement or successor EU Reporting Administrator,
references to the EU Reporting Administrator in this Section 2(i) shall be deemed to refer to the EU Transparency Designee;
provided, however, that the Master Servicer shall furnish the then-current notice addresses for the Mortgage Loan Seller Sub-Servicers
(as set forth in the related Sub-Servicing Agreements or as later received by the Master Servicer) within three (3) Business Days
following request therefor by the EU Transparency Designee and the EU Transparency Designee shall be entitled to rely on such notice
addresses so furnished to it for the purpose of such notice by the EU Transparency Designee to each Mortgage Loan Seller Sub-Servicer
under this clause (vi).

 

Notwithstanding anything
to the contrary in this Agreement, none of the Master Servicer, the Special Servicer or the Certificate Administrator (nor any
Sub-Servicer) shall have any reporting or other similar obligations in connection with the EU Transparency Designee’s compliance
with the EU Reporting Obligations except for the obligations expressly set forth above in this Section 2(i).

 

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In addition, the Lead
Securitization Note Holder shall cause the Lead Securitization Servicing Agreement to designate the EU Transparency Designee and
the EU Reporting Administrator as Privileged Persons, subject to the execution and delivery of a reasonable agreement restricting
the use of information made available to such Persons that is unrelated to the Mortgage Loan, and to designate as Privileged Persons
one or more authorities identified by the EU Transparency Designee.

 

Section 3.          Priority of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference
over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available
for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds
thereof, whether received in the form of Scheduled 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 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), shall be applied by the Lead Securitization Note Holder
(or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required
reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on
account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to
the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and
in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable
to any Servicer with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other additional
compensation payable to it thereunder (including without limitation, any additional trust fund expenses under the Lead Securitization
Servicing Agreement relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable
to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees, Penalty Charges (to the extent
provided in the immediately following paragraph), but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization
Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Servicing Fees due to the Master Servicer
in excess of each Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated
at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing
Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance
with the Lead Securitization Servicing Agreement.

 

For clarification purposes,
Penalty Charges (as defined in the Lead Securitization Servicing Agreement) paid on each Note shall first, be used to reduce,
on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or
the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance
with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable
on each Note by the amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer or any Non-Lead Trustee,
as applicable, for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified
in the Lead Securitization Servicing

 

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Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third,
be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional trust
fund expenses under the Lead Securitization Servicing Agreement (other than Special Servicing Fees, unpaid Workout Fees and Liquidation
Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally,
with respect to any remaining amount of Penalty Charges, pro rata, to the Lead Securitization Note (to be paid to the Master
Servicer and/or the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement)
and to each Non-Lead Securitization Note (to be paid, (x) prior to the securitization of such Note, to the related Note Holder
and (y) following the securitization of such Note, to the Master Servicer and/or the Special Servicer as additional servicing compensation
as provided in the Lead Securitization Servicing Agreement).

 

Any Note Holder that
receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan shall remit to the other Note
Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of
such proceeds on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights
with respect to its Note shall be for its own account.

 

Section 4.          Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the
Lead Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization
Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof
such that (i) the principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest
or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the
Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve,
the 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(c)) and the Lead Securitization Servicing
Agreement and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf) shall have the sole and exclusive
authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including,
without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action
or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default,
accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Lead Securitization Note Holder shall
have any voting, consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization
Note Holder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this
Agreement and the Lead Securitization Servicing Agreement, no Non-Lead Securitization Note Holder shall have any right to, and

 

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each Non-Lead Securitization Note Holder hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on 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 its behalf)
shall not have any fiduciary duty to any Non-Lead Securitization Note Holder in connection with the administration of the Mortgage
Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds
as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer)
or any liability for failure to do so).

 

Each Note Holder
hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of
the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together as notes evidencing
one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale, the
Special Servicer shall sell the Notes together as notes evidencing one whole loan and shall require that all offers be submitted
to the Trustee in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined by the Special
Servicer (unless the offeror is an Interested Person, in which case the Trustee shall make such determination); provided,
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least
one bona fide other offer is received from an independent third party. In determining whether any offer received represents a fair
price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable, shall be supplied with and shall rely on the most
recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within the preceding
nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the appraiser conducting
any such new Appraisal. In determining whether any such offer constitutes a fair price for the Mortgage Loan, the Trustee or the
Special Servicer, as applicable, shall instruct the appraiser to take into account (in addition to the results of any Appraisal
or updated Appraisal that it may have obtained pursuant to the Lead Securitization Servicing Agreement), as applicable, among other
factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy level and physical condition of
the Mortgaged Property and the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent appraiser
or other Independent expert in real estate matters retained by the Trustee at the expense of the Holders in connection with making
such determination. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on its behalf)
shall not be permitted to sell the Mortgage Loan without the written consent of each Non-Lead Securitization Note Holder (provided
that such consent is not required with respect to any Non-Lead Securitization Note that is held by the Mortgage Loan Borrower or
an Affiliate of the Mortgage Loan Borrower) unless the Special Servicer has delivered to each Non-Lead Securitization Note Holder:
(a) at least 15 Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least 10 days prior
to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special
Servicer in connection with any such proposed

 

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sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent
Appraisal for the Mortgage Loan, and any documents in the Servicing File requested by such Non-Lead Securitization Note Holder;
and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the
Lead Securitization Directing Certificateholder) prior to the proposed sale date, all information and other documents being provided
to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection
with the proposed sale. Subject to the foregoing, each Note Holder or its Note Holder Representative shall be permitted to submit
an offer at any sale of the Mortgage Loan.

 

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

 

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

 

(b)        The administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement.
The servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced
Loan (or to the extent otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case
pursuant to the Lead Securitization Servicing Agreement. Notwithstanding anything to the contrary contained herein, in accordance
with the Lead Securitization Servicing Agreement, the Lead Securitization Note Holder shall cause the

 

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Master Servicer and the Special
Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests
of each Note Holder. The Note Holders agree to be bound by the terms of the Lead Securitization Servicing Agreement. All rights
and obligations of the Lead Securitization Note Holder described hereunder may be exercised by the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee on behalf of the Lead Securitization Note Holder to the extent set forth
in the Lead Securitization Servicing Agreement. The Lead Securitization Servicing Agreement shall not be amended in any manner
that may adversely affect any Non-Lead Securitization Note Holder in its capacity as Non-Lead Securitization Note Holder without
such Non-Lead Securitization Note Holder’s prior written consent. Each Non-Lead Securitization Note Holder (unless it is,
or is an Affiliate of, the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead Securitization Servicing Agreement
with respect to its rights as specifically provided for therein.

 

(c)         Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) shall (i) provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Directing Certificateholder pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or the
implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Lead Securitization
Note Holder (or its Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization
Directing Certificateholder (for this purpose, without regard to whether such items are actually required to be provided to the
Lead Securitization Directing Certificateholder under the Lead Securitization Servicing Agreement due to the occurrence of a Control
Termination Event or a Consultation Termination Event) and (ii) use reasonable efforts to consult each Non-Controlling Note Holder
(or its Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having received such notices,
information and reports, such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) requests consultation
with respect to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating
to the Mortgage Loan, and consider alternative actions recommended by such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative); provided that after the expiration of a period of ten (10) Business Days from the delivery
to such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) by the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) of written notice of a proposed action, together with copies
of the notice, information and report required to be provided to the Lead Securitization Directing Certificateholder, the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to
consult such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) has responded within such ten (10) Business Day period (unless,
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course
of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall
be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding the consultation
rights of each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately preceding
sentence, the Lead Securitization Note

 

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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 a Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).

 

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

 

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

 

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

 

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Section 6.           Note Holder Representatives.

 

(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, 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 (other
than the Mortgage Loan Borrower, any manager of a Mortgaged Property or any principal or Affiliate thereof). No such Controlling
Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder).
All actions that are permitted to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling
Note Holder Representative acting on behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization
Note Holder shall not be required to recognize any Person as a Controlling Note Holder Representative until the Controlling Note
Holder has notified such Servicer or Trustee of such appointment and, if the Controlling Note Holder Representative is not the
same Person as the Controlling Note Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written
confirmation of its acceptance of such appointment, an address and telecopy number for the delivery of notices and other correspondence
and a list of officers or employees of such person with whom the parties to this Agreement may deal (including their names, titles,
work addresses and telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None
of the Servicers, Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative
until they receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer
or Trustee of the then-current Controlling Note Holder Representative.

 

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
and 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 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

 

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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.

 

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

 

Each Non-Controlling
Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations
with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note Holder Representative”).
All of the provisions relating to the Controlling Note Holder and the Controlling Note Holder Representative set forth in the first
paragraph of this Section 6(a) (except those contained in the last sentence thereof) and the second paragraph of this Section
6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note Holder Representative mutatis mutandis.

 

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

 

(b)           The Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note hereunder.
In addition, the Controlling Note Holder shall be entitled to advise (1) the Special Servicer with respect to all matters related
to the Mortgage Loan if it is a Specially Serviced Loan and (2) the Master Servicer and the Special Servicer with respect to all
Major Decisions, and, except as set forth below the Master Servicer and the Special Servicer shall not be permitted to implement
or consent to any Major Decision as to which the Controlling Note Holder has objected in writing within ten (10) Business Days
(or thirty (30) days with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis
and such additional information requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the
Controlling Note Holder in order to make a judgment with respect to such Major Decision. The Master Servicer or Special Servicer
shall seek the consent of the Controlling Note Holder with respect to any Major Decision to the same extent that it is responsible
under the Lead Securitization Servicing Agreement for seeking the consent of the Directing Certificateholder with respect to any
Major Decision with respect to any other mortgage loan serviced thereunder (assuming that a “Control Termination Event”
or similar event under the Lead Securitization Servicing Agreement has not occurred and is not continuing). The Controlling Note
Holder may also direct the Special

 

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

 

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

 

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

 

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

 

Section 7.          Appointment of Special Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative) shall
have the right (subject to the terms, conditions and limitations in the Lead Securitization Servicing Agreement) at any time and
from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint
a replacement Special Servicer with the Required Special Servicer Rating. Any designation by the Controlling Note Holder (or its
Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to each other Note
Holder, the Master Servicer, the Special Servicer and each other party to the Lead Securitization Servicing Agreement a written
notice stating such designation and satisfying the other conditions to such replacement as set forth in the Lead Securitization
Servicing Agreement and delivering a Rating Agency Communication to each Rating Agency (or obtaining a Rating Agency Confirmation
from each Rating Agency, but only if required by the terms of the Lead Securitization Servicing Agreement). 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

 

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currently serving Special Servicer and its appointment
of a replacement Special Servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a
Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing
Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial
Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative)
to designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of
the Special Servicer has occurred that affects any Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the
right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling
Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with respect to the Mortgage
Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges
and agrees that any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that
was terminated for cause at a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof)
that was so terminated without the prior written consent of such Non-Controlling Note Holder. Each Non-Controlling Note Holder
shall be solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and
expenses, if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise
be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s “collection account”.

 

Section 8.           Payment Procedure.

 

(a)         The Lead Securitization Note Holder (or the Master Servicer acting on its behalf), in accordance with the priorities set
forth in Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, shall deposit or cause
to be deposited all payments allocable to the Notes to the Collection Account and/or related Companion Distribution Account (each
as defined in the Lead Securitization Servicing Agreement) pursuant to and in accordance with the Lead Securitization Servicing
Agreement. The Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit such payments to the
applicable account within one Business Day of receipt of properly identified and available funds by the Lead Securitization Note
Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower (provided, that to the extent
that any payment is received after 2:00 p.m. (Eastern Time) on any given Business Day, the Master Servicer is required to use commercially
reasonable efforts to deposit such payments into the applicable account within one (1) Business Day of receipt of such properly
identified and available funds but, in any event, the Master Servicer is required to deposit such payments into the applicable
account within two (2) Business Days of receipt of such properly identified and available funds).

 

(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

 

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thereof to any Non-Lead Securitization Note Holder and each Non-Lead Securitization Note Holder shall promptly on demand
by the Lead Securitization Note Holder repay to the Lead Securitization Note Holder 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 any 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 a Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments
due to such Non-Lead Securitization Note Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations
under this Section 8 constitute absolute, unconditional and continuing obligations.

 

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

 

The Note Holders acknowledge
that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee) 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 any Non-Lead Securitization Note Holder and that the Lead
Securitization Note Holder (including any Servicer and the Trustee) shall have no liability whatsoever to any Non-Lead Securitization
Note Holder in connection with the Lead Securitization Note Holder’s exercise of rights or any omission by the Lead Securitization
Note Holder to exercise such rights other than as described above; provided, that each Servicer must act in accordance with
the Servicing Standard.

 

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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 any Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file
any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower
under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder
as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and
their proxy, for the purpose of exercising any and all rights and taking any and all actions available to any Non-Lead Securitization
Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency
Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make
any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify,
lift or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of
the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead
Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder
may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any
Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

 

Section 11.       Representations of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and performance
of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene
such Note Holder’s charter or any law or contractual restriction binding upon such Note Holder, and that this Agreement is
the legal, valid and binding obligation of such Note Holder enforceable against such Note Holder in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and
contribution obligations may be limited by applicable law. Each Note Holder represents and warrants that it is duly organized,
validly existing, in good standing and in possession of all licenses and authorizations necessary to carry on its business. Each
Note Holder represents and warrants that (a) this Agreement has been duly executed and delivered by such Note Holder, (b) to
such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental
agency or body, if any, required for the execution, delivery and performance of this Agreement by such Note Holder have been obtained
or made and (c) to such Note Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration
or

 

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governmental investigation against such Note Holder, an adverse outcome of which would materially and adversely affect its performance
under this Agreement.

 

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

 

Section 13.       Other Business Activities of the Note Holders. Each Note Holder acknowledges that 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)         Except as otherwise provided in Section 14(c) below, each Note Holder agrees that it will not sell, assign, transfer, pledge,
syndicate, hypothecate, contribute, encumber or otherwise dispose of all or any portion of its respective Note (or a participation
interest in such Note) (a “Transfer”) except to a Qualified Institutional Lender in accordance with the terms
of this Agreement. Promptly after any such Transfer, any non-transferring Note Holders shall be provided with (x) a representation
from each transferee or the transferring Note Holder certifying that such transferee is a Qualified Institutional Lender (except
in the case of a Transfer in accordance with the immediately following sentence or a Transfer by a Note Holder to an entity that
constitutes a Qualified Institutional Lender pursuant to clause (b)(iii) of the definition thereof) 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 (a) obtain the consent of
each non-transferring Note Holder and (b) if any such non-transferring Note Holder’s Note is held in a Securitization Trust,
provide each of the applicable engaged Rating Agencies for such Securitization Trust with a Rating Agency Communication (or, if
the transferring Note Holder is the Lead Securitization Note Holder, obtain a Rating Agency Confirmation from each of the applicable
Rating Agencies for such Securitization Trust). Notwithstanding the foregoing, without each non-transferring Note Holder’s
prior consent (which will not be unreasonably withheld), and, if any non-transferring Note Holder’s Note is held in a Securitization
Trust, until a Rating Agency Confirmation is obtained from each engaged Rating Agency for such

 

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Securitization Trust, no Note Holder
shall Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
The transferring Note Holder agrees that it shall pay the expenses of any non-transferring Note Holder (including all expenses
of the Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling Note Holder Representative)
and all expenses relating to any Rating Agency Communication or Rating Agency Confirmation 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 or of any other Person or having to provide any Rating Agency Communication or having to obtain any Rating Agency Confirmation,
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 the Lead Securitization Note together with all of the Non-Lead Securitization Notes, in
accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer,
in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged
Property, upon the Mortgage Loan becoming a 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.

 

(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 applicable Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent
(or higher) rating from any two of Fitch, Moody’s and S&P) or to a Person with respect to which a Rating Agency Confirmation
has been obtained (any of the foregoing, 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

 

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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 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;

 

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

 

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

 

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

 

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

 

Section 15.        Registration of the Notes and Each Note Holder. The Agent shall keep or cause to be kept at the Agent Office books
(the “Note Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial note
registrar and the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names and
addresses of any transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption
agreement referred to in this Section 15, shall be registered in the Note Register. The Person in whose name a Note
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), shall (i) assume in writing 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 and (ii)
remake each of the representation and warranties contained in Section 11 for the benefit of the other Note Holders as of 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.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 18.        Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend
or modify this Agreement without first obtaining a Rating Agency Confirmation from each Rating Agency then rating any Certificates
of any Securitization; provided that no such Rating Agency Confirmation shall be required in connection with a modification
(i) to cure any ambiguity, to

 

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

 

Section 19.        Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. Except as provided herein, including without limitation, with respect
to the Trustee, Certificate Administrator, Master Servicer and Special Servicer and any Non-Lead Master Servicer, Non-Lead Special
Servicer or Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person
not a party hereto. Subject to Section 14 and Section 15, each Note Holder may assign or delegate its rights
or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits of the
applicable Note Holder hereunder. For the avoidance of doubt, the representations in Section 11 shall not be binding upon
any Securitization Trust.

 

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

 

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

 

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

 

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

 

Section 24.        Withholding
Taxes. (a)  If the Lead Securitization Note
Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts
payable to any Non-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

 

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Note Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably
be requested for purposes of assisting such Note Holder to seek any allowable credits or deductions for the Taxes so withheld
in each jurisdiction in which such Note Holder is subject to tax.

 

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

 

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

 

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to any Non-Lead Securitization Note or otherwise until the holder of such Note shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

Section 25.         Custody of Mortgage Loan Documents. Prior to the Lead Securitization Date, the originals of all of the Mortgage Loan
Documents (other than the Notes, which will be held by the respective Note Holders or their designated custodians) will be held
by the Initial Agent on behalf of the registered holders of the Notes. On and after the Lead Securitization Date, the originals
of all of the Mortgage Loan Documents (other than the Notes, which will be held by the respective Note Holders or their designated
custodians) shall be held in the name of the Note A-1 Trustee (and held by a duly appointed custodian therefor) under the Lead
Securitization Servicing Agreement, on behalf of the registered holders of the Notes.

 

Section 26.          Cooperation in Securitization.

 

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

 

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

 

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

 

Section 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 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 documents 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;

 

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(e)         The Agent shall not be bound to make any investigation into the facts or matters stated in any documents 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 Trustee or a Certificate Administrator
in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the
Agent hereunder. Citi, as Initial Agent, may transfer its rights and obligations to a Servicer, the Trustee or the Certificate
Administrator, as successor Agent, at any time without the consent of any Note Holder. Notwithstanding the foregoing, the 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 Citi without any further notice or other action.
The termination or resignation of the Master Servicer, as Master Servicer under the Lead Securitization Servicing Agreement, shall
be deemed a termination or resignation of such Master Servicer as Agent under this Agreement, and any successor master servicer
shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place thereof without any further
notice or other action.

 

Section 32.        Resizing. Notwithstanding any other provision of this Agreement, for so long as any Note Holder or an affiliate thereof
(an “Original Entity”) is the owner of any Non-Lead Securitization Note that is not included in a Securitization
(each, an “Owned Note”), such Original Entity shall have the right, subject to the terms of the Mortgage Loan
Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in each case, as applicable,
“New Notes”) reallocating the principal of an Owned Note to such New Notes; or severing an Owned Note into one
or more further “component” notes in the aggregate principal amount equal to the then outstanding principal balance
of such Owned Note provided that (i) the aggregate principal balance of all outstanding New Notes following such amendments is
no greater than the aggregate principal of such Owned Note prior to such amendments, (ii) all Notes continue to have the same weighted
average interest rate as the Notes prior to such amendments, (iii) all Notes pay pro rata and on a pari passu basis
and such reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv) the Original Entity
holding the New Notes shall notify each other Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee in writing of such modified allocations and principal amounts, and (v) the execution of such amendments and New
Notes does not violate the Servicing Standard. If the Lead Securitization Note Holder so requests, the Original Entity holding
the New Notes (and any subsequent holder of such Notes) shall execute a confirmation of the continuing applicability of this Agreement
to the New Notes, as so modified. Except for the foregoing reallocation and for modifications pursuant to the Lead

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    -50-

     

    

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

 

	 	CITI REAL ESTATE FUNDING INC.,
 as Initial Note A-1 Holder
	 	 	 	 
		By:

	/s/ Richard Simpson
	 	 	Name:  Richard Simpson
	 	 	Title:    Vice President

 

	 	CITI REAL ESTATE FUNDING INC.,

               as Initial Note A-2 Holder
	 	 	 	 
		By:

	/s/ Richard Simpson
	 	 	Name:  Richard Simpson
	 	 	Title:    Vice President

 

	 	CITI REAL ESTATE FUNDING INC.,

               as Initial Note A-3 Holder
	 	 	 	 
		By:

	/s/ Richard Simpson
	 	 	Name:  Richard Simpson
	 	 	Title:    Vice President

 

Agreement Between
Note Holders – 59 Maiden Lane

 

    

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower:	59 Maiden Lane Associates, LLC
	Date of Mortgage Loan: 	April 11, 2019
	Date of Notes:	April 11, 2019
	Original Principal Amount of Mortgage Loan:	$200,000,000
	Principal Amount of Mortgage Loan as of the date hereof:	$200,000,000
	Note A-1 Principal Balance:	$75,000,000
	Note A-2 Principal Balance:	$75,000,000
	Note A-3 Principal Balance:	$50,000,000
	Location of Mortgaged Property:	New York, New York
	Initial Maturity Date:	May 6, 2029

 

    A-1

     

    

 

EXHIBIT B

 

Initial Note A-1 Holder, Initial
Note A-2 Holder and Initial Note A-3 Holder:

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile number: (212) 723-8599

 

with copies to:

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile number: (646) 328-2943

 

with an electronic copy emailed to: richard.simpson@citi.com

 

and

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile number: (646) 862-8988

 

with an electronic copy emailed to: ryan.m.oconnor@citi.com

 

    B-1

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

		1.	Westbrook Partners

		2.	DLJ Real Estate Capital Partners

		3.	iStar Financial Inc.

		4.	Capital Trust, Inc.

		5.	Lend-Lease Real Estate Investments

		6.	Archon Capital, L.P.

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

		8.	The Blackstone Group International Ltd.

		9.	Apollo Real Estate Advisors

		10.	Colony Capital, LLC

		11.	Praedium Group

		12.	JER Partners

		13.	Fortress Investment Group LLC

		14.	Lone Star Funds

		15.	Clarion Partners

		16.	Walton Street Capital, L.L.C.

		17.	Starwood Property Trust, Inc.

		18.	BlackRock, Inc.

		19.	Rialto Capital Management, LLC

		20.	Rialto Capital Advisors, LLC

		21.	Raith Capital Partners, LLC

		22.	Eightfold Real Estate Capital, L.P.

		23.	KKR Real Estate Manager Finance LLC

 

    C-1Exhibit 4.9

EXECUTION VERSION

AGREEMENT BETWEEN NOTEHOLDERS

Dated as of March 8, 2019

by and among

GOLDMAN SACHS BANK USA

(Initial Note A-2 Holder, Initial Note A-3 Holder, Initial Note A-4 Holder, Initial Note B-2 Holder and Initial Note C-2 Holder)

DEUTSCHE BANK AG, NEW YORK BRANCH

(Initial Note A-1 Holder, Initial Note B-1 Holder and Initial Note C-1 Holder)

Moffet Towers II – Building
5

    	 	  	 

     

    

THIS AGREEMENT BETWEEN
NOTEHOLDERS, dated as of March 8, 2019 by and between Goldman Sachs Bank USA (together with its successors and assigns in interest,
“Goldman”), a New York limited partnership, having an address of 200 West Street, New York, New York 10282 (in
its capacity as initial owner of Note A-2, Note A-3, Note A-4, Note B-2 and Note C-2, the “Initial Goldman Note Holder”,
and in its capacity as the initial agent, the “Initial Agent”) and Deutsche Bank AG, New York Branch (“DBNY”),
having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (in its capacity as initial owner of the Note A-1, Note
B-1 and Note C-1, the “Initial DBNY Note Holder” and together with the Initial Goldman Note Holder, the “Initial
Noteholders”).

W I T N E S S E T H:

WHEREAS, pursuant
to the Mortgage Loan Agreement (as defined herein) the Initial Noteholders 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(s) described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”) secured by certain first
mortgages or deeds of trust lien (as amended, modified or supplemented, the “Mortgage”) on one or more parcels
of, or estates in, real property located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged Property”),
which is evidenced, inter alia, by eight (8) promissory notes ((as amended, modified or supplemented, each a “Note”)
made by the Mortgage Loan Borrower in favor of the applicable Initial Noteholder having the designations, principal balances and
Initial Noteholder as set forth in the chart below. Each Note shall be referred to herein by its “Note Designation”
as set forth in the chart below.

	
        Note
        Designation
	
        Holder
	
        Original
        Principal Balance

	Note A-1	DBNY	$42,500,000
	Note A-2	GOLDMAN	$65,000,000
	Note A-3	GOLDMAN	$50,000,000
	Note A-4	GOLDMAN	$12,500,000
	Note B-1	DBNY	$63,750,000
	Note B-2	GOLDMAN	$21,250,000
	Note C-1	DBNY	$30,000,000
	Note C-2	GOLDMAN	$10,000,000

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

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

Section 1.       Definitions. References to a “Section,” the “preamble” 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 Servicing Agreement. Whenever used in this Agreement, the following terms shall have the
respective meanings set forth below unless the context clearly requires otherwise.

    	 	  	 

     

    

“A Note(s)”
shall mean each Note that has a designation starting with “A”, either individually or in the aggregate as the context
may require.

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

“Additional
Servicing Expenses” shall mean (a) all Servicing Advances, fees and/or expenses incurred by and reimbursable to any Servicer,
Trustee, Operating Advisor, certificate administrator or fiscal agent pursuant to the Servicing Agreement relating solely to the
Mortgage Loan, and (b) all interest accrued on Advances made by (x) any Servicer or Trustee in accordance with the terms of the
Servicing Agreement or (y) any Non-Lead Servicer or Non-Lead Trustee in accordance with the terms of the Non-Lead Securitization
Servicing Agreement; provided that (i) the aggregate special servicing fee (or equivalent) (which fee is payable solely
during the period that the Mortgage Loan is a Specially Serviced Mortgage Loan) shall not exceed an amount equal to 0.25% per annum
of the outstanding principal balance of the Mortgage Loan, (ii) the special servicing liquidation fee (or equivalent) shall not
exceed 1.0% of the collections made with respect to the Mortgage Loan or any sums received from proceeds from the disposition of
the Mortgaged Property or the Mortgage Loan, as the case may be, (iii) the special servicing workout fee (or equivalent) shall
not exceed 1.0% of the collections made with respect to the Mortgage Loan while the Mortgage Loan is a performing or “corrected”
loan (or such other analogous term pursuant to the Servicing Agreement), (iv) in no event shall both a workout fee and a liquidation
fee be payable on the same principal payment.

“Advance
Interest Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement or Non-Lead Securitization
Servicing Agreement, as applicable.

“Advances”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement
or Non-Lead Securitization Servicing Agreement, as applicable (but for purposes hereof shall be limited to Advances in respect
of the Mortgage Loan or the Mortgaged Property).

“Affiliate”
shall mean with respect to any specified Person (i) any other Person Controlling or Controlled by or under common Control
with such specified Person (each a “Common Control Party”), (ii) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (iii) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests.

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the
Securitization Date shall mean the Certificate Administrator, if any, and if there is no Certificate Administrator, shall mean
the Trustee.

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
Goldman Sachs Mortgage Company, 200 West Street, New York, New York 10282, Attention: Leah Nivison, 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 Noteholders.

    	 	 2	 

     

    

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

“Anticipated
Repayment Date” shall have the meaning assigned to such term in the Mortgage Loan Agreement.

“Applicable
Note A Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.

“Applicable
Note B Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.

“Applicable
Note C Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.

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

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

“Appraisal
Reduction Amount” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.

“Asset Representations
Reviewer” shall mean the asset representations reviewer appointed pursuant to the Note A-2 PSA.

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

“Asset Status
Report” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.

“B Note(s)”
shall mean each Note that has a designation starting with “B”, either individually or in the aggregate as the context
may require.

“Balloon
Payment” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.

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

“Business
Day” shall have the meaning assigned to such term in the Servicing Agreement or Non-Lead Securitization Servicing Agreement,
as applicable.

“C Note(s)”
shall mean each Note that has a designation starting with “C”, either individually or in the aggregate as the context
may require.

    	 	 3	 

     

    

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

“Certificate
Administrator” shall mean the certificate administrator appointed pursuant to the Note A-2 PSA.

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

“Collection
Account” shall mean the trust account or accounts (including any sub-accounts) created and maintained by the Servicer.

“Commission”
means the U.S. Securities and Exchange Commission or any successor thereto.

“Companion
Distribution Account” shall have the meaning assigned to such term or the term “Whole Loan Collection Account”
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

“Conduit”
shall have the meaning assigned to such term in Section 19(f).

“Conduit
Credit Enhancer” shall have the meaning assigned to such term in Section 19(f).

“Conduit
Inventory Loan” shall have the meaning assigned to such term in Section 19(f).

“Control”
means 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.

“Control
Appraisal Period” shall mean a Note B Control Appraisal Period or a Note C Control Appraisal Period, as the context may
require.

“Controlling
Class Representative” shall mean the “Controlling Class Representative” as defined in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.

“Controlling
Noteholder” shall mean as of any date of determination

(i)           
the holder or holders of a majority of the C Notes (by Principal Balance) (the “Majority C Noteholder”),
unless a Note C Control Appraisal Period has occurred and is continuing;

(ii)           
for so long as a Note C Control Appraisal Period has occurred and is continuing, the holder or holders of a majority of
the B Notes (by Principal Balance) (the

    	 	 4	 

     

    

“Majority B Noteholder”),
unless a Note B Control Appraisal Period has occurred and is continuing; or

(iii)           
if a Note B Control Appraisal Period has occurred and is continuing, the holder or holders of a majority of the Lead Securitization
Noteholder;

provided
that, if the Majority C Noteholder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the C
Notes is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Noteholder, a Note C Control
Appraisal Period shall be deemed to have occurred. If the Majority B Noteholder would be the Controlling Noteholder pursuant to
the terms hereof, but any interest in the B Notes is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party,
or the Mortgage Loan Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled to exercise the rights of the
Controlling Noteholder, a Note B Control Appraisal Period shall be deemed to have occurred. At any time the Lead Securitization
Note is the Controlling Noteholder and is included in the Lead Securitization, references to the “Controlling Noteholder”
herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization designated as the “controlling
class” (or such lesser amount as permitted under the terms of the Servicing Agreement) or such other class(es) otherwise
assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided
in the Servicing Agreement.

“Cure Period”
shall have the meaning assigned to such term in Section 11(a).

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

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

“Defaulted
Mortgage Loan” shall have the meaning assigned to such term in the Servicing Agreement.

“Defaulted
Mortgage Loan Purchase Price” shall mean (i) in connection with the purchase of the A Notes by the Note B Holders or
the Note C Holders, the sum, without duplication, of

(a) the aggregate
of the Principal Balances of each A Note, (b) all accrued and unpaid interest on each of the A Notes at its applicable Interest
Rate, from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest
accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under
the Mortgage Loan to the holders of each A Note, other than Prepayment Premiums, Default Interest, late fees, exit fees and any
other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser,
the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, Default Interest, late fees, exit fees and any other
similar fees, (d) without duplication of amounts under clause (c), any unreimbursed Servicing Advances and any
expenses incurred in enforcing the Mortgage Loan

    	 	 5	 

     

    

Documents (including, without limitation,
Servicing Advances payable or reimbursable to any Servicer, and special servicing fees incurred by or on behalf of the Notes unless
previously reimbursed by the Mortgage Loan Borrower, (e) without duplication of amounts under clause (c), any accrued and
unpaid Advance Interest Amount with respect to an Advance made by or on behalf of any holder of an A Note, (f) (x) if the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, or (y) if the Mortgage Loan is purchased more than ninety
(90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees
payable under the Servicing Agreement with respect to the Mortgage Loan or (z) if the Mortgage Loan is purchased more than 120
days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any Default Interest on each
of the A Notes at the applicable Default Rate set forth in the Mortgage Loan Agreement from the date as to which Default Interest
was last paid in full by Mortgage Loan Borrower and (g) any Recovered Costs not reimbursed previously to the holders of each
A Note pursuant to this Agreement. Notwithstanding the foregoing, if the Purchasing Noteholder is purchasing from the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts
described under clauses (i)(d) - (f) of this definition; plus

(ii) in connection
with the purchase of each B Note by the Note C Holders, the sum, without duplication of:

(a) the aggregate
of the Principal Balances of each B Note, (b) all accrued and unpaid interest on each of the B Notes at its applicable Interest
Rate, from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest
accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under
the Mortgage Loan to the holders of each B Note, other than Prepayment Premiums, Default Interest, late fees, exit fees and any
other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser,
the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, Default Interest, late fees, exit fees and any other
similar fees, (d) without duplication of amounts under clause (c), any unreimbursed Servicing Advances and any
expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, Servicing Advances payable or reimbursable
to any Servicer, and special servicing fees incurred by or on behalf of the Notes unless previously reimbursed by the Mortgage
Loan Borrower, (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount with respect
to an Advance made by or on behalf of any holder of an B Note, (f) (x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party is the purchaser or (y) if the Mortgage Loan is purchased more than ninety (90) days after such option first becomes
exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Servicing Agreement with
respect to the Mortgage Loan or (z) if the Mortgage Loan is purchased more than 120 days after such option first becomes exercisable
pursuant to Section 12 of this Agreement, any Default Interest on each of the B Notes at the applicable Default Rate from
the date as to which Default Interest was last paid in full by Mortgage Loan Borrower and (g) any Recovered Costs not reimbursed
previously to the holders of each A Note pursuant to this Agreement. Notwithstanding the foregoing, if the Purchasing Noteholder
is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price
shall not include the amounts described under clauses (ii)(d) - (f) of this definition.

    	 	 6	 

     

    

If the Mortgage Loan
is converted into an REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed
to continue to accrue on each Note at the applicable Default Rate as if the Mortgage Loan were not so converted. In no event shall
the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder under this Agreement.

“Defaulted
Note Purchase Date” shall have the meaning assigned to such term in Section 12.

“Default
Interest” shall mean with respect to any Note, interest on such Note at a rate per annum equal to interest accrued thereon
at the Default Rate in excess of the Interest Rate applicable to such Note.

“Default
Rate” shall mean with respect to any Note, the lesser of the Interest Rate plus five percent (5%) or the maximum rate
permitted by applicable law.

“Depositor”
shall mean the Person selected by the Lead Securitization Noteholder to create the Securitization Trust.

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

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

“Final Recovery
Determination” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used
in the Servicing Agreement.

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

“Grace Period”
shall have the meaning assigned to such term in Section 11(a).

“Indemnified
Items” shall mean, collectively, any claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration
of the Mortgage Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision
of services for the Mortgage Loan) under the Servicing Agreement.

“Indemnified
Parties” shall mean, collectively, (i) 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
Servicing Agreement, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer and the Depositor (and any director, officer, employee or agent of any of the foregoing,
to the extent such parties are identified as indemnified parties in the Servicing Agreement in respect of other mortgage loans)
and (ii) the Lead Securitization Trust.

“Independent”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

    	 	 7	 

     

    

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

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

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

“Initial
Interest Rate” shall mean, as of any date of determination, (a) with respect to each A Note, the Initial Note A Interest
Rate, (b) with respect to each B Note, the Initial Note B Interest Rate and (c) with respect to each C Note, the Initial Note C
Interest Rate.

“Initial
Note A Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.

“Initial
Note B Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.

“Initial
Note C Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.

“Initial
Noteholder” as to any Note shall mean either the Initial Goldman Note Holder or the Initial DBNY Note Holder as is designated
the “Holder” in the table set forth in the preamble to this Agreement.

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

“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.

“Insurance
and Condemnation Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.

    	 	 8	 

     

    

“Interest
Rate” shall mean, as of any date of determination, (a) with respect to each A Note, the Applicable Note A Interest Rate,
(b) with respect to each B Note, the Applicable Note B Interest Rate and (c) with respect to each C Note, the Applicable Note C
Interest Rate.

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

“Interim
Servicing Agreement” shall mean that certain interim servicing agreement to be negotiated in good faith between the parties
hereto after the date hereof. Until such time as the parties hereto execute an Interim Servicing Agreement, the Noteholders shall
cause the Mortgage Loan to be serviced by in accordance with this Agreement and the customary and usual servicing practices of
originators of commercial mortgage loans intended to be securitized. The Servicing Fee Rate under the Interim Servicing Agreement
will be 1.0 basis points per annum, paid monthly based on the outstanding principal balance of the Notes and calculated on the
same basis as interest is accrued on the Mortgage Loan.

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

“Junior Operating
Advisor” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a).

“KBRA”
shall mean Kroll Bond Rating Agency, Inc., or its successor in interest.

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

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

“Lead Securitization
Note” shall mean Note A-2.

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

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

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

    	 	 9	 

     

    

“Major Decisions”
shall have the meaning given to such term or any one or more analogous terms in the Servicing Agreement; provided that at any time
that Note A-2 is not included in the Lead Securitization, “Major Decision” shall mean:

(i)           
any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property)
of the ownership of the property or properties securing the Mortgage Loan if it comes into and continues in default;

(ii)           
any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the
Mortgage Loan Documents or any extension of the maturity date of the Mortgage Loan;

(iii)           
following a default or an event of default with respect to the Mortgage Loan Documents, any exercise of remedies, including
the acceleration of the Mortgage Loan or initiation of any proceedings, judicial or otherwise, under the related Mortgage Loan
Documents;

(iv)           
any sale of the Mortgage Loan (when it is a Defaulted Mortgage Loan) or REO Property for less than the applicable Purchase
Price (as defined in the Servicing Agreement);

(v)           
any determination to bring a Mortgaged Property or an REO Property into compliance with applicable environmental laws or
to otherwise address any Hazardous Materials (as defined in the Servicing Agreement) located at a Mortgaged Property or an REO
Property;

(vi)           
any release of material collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any
consent to either of the foregoing, other than if required pursuant to the specific terms of the related Mortgage Loan Documents
and for which there is no lender discretion;

(vii)           
any waiver of or any determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause
with respect to the Mortgage Loan or any consent to such a waiver or any consent to a transfer of all or any portion of the Mortgaged
Property or of any direct or indirect legal or beneficial interests in the Mortgage Loan Borrower;

(viii)           
any incurrence of additional debt by the Mortgage Loan Borrower or any mezzanine financing by any direct or indirect beneficial
owner of the Mortgage Loan Borrower (to the extent that the lender has consent rights pursuant to the related Mortgage Loan Documents);

(ix)           
any material modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement with
any mezzanine lender

    	 	 10	 

     

    

or subordinate debt holder related
to the Mortgage Loan, or any action to enforce rights (or decision not to enforce rights) with respect thereto;

(x)           
any property management company changes, including, without limitation, approval of a new property manager or the termination
of a manager and appointment of a new property manager or franchise changes, and any new management agreement or amendment, modification
or termination of any management agreement (in each case, if the lender is required to consent or approve such changes under the
Mortgage Loan Documents);

(xi)           
releases of any material amounts from any escrow accounts, reserve funds or letters of credit, in each case, held as performance
escrows or reserves, other than those required pursuant to the specific terms of the related Mortgage Loan Documents and for which
there is no lender discretion;

(xii)           
any acceptance of an assumption agreement releasing a borrower, guarantor or other obligor from liability under the Mortgage
Loan other than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion;

(xiii)           
any determination of an Acceptable Insurance Default;

(xiv)           
any determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances where
the Master Servicer determines, in its reasonable business judgment, exercised in accordance with the Servicing Standard, that
a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant
risk of such default or any other default that is likely to impair the use or marketability of the Mortgaged Properties or such
other analogous event described in the definition of Servicing Transfer Event; or

(xv)           
any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and
nondisturbance or attornment agreement in connection with any lease, at a Mortgaged Property if it would be a Material Lease (as
defined in the Mortgage Loan Agreement).

“Master Servicer”
shall mean the master servicer appointed pursuant to the Servicing Agreement.

“Model PSA”
shall mean the Pooling and Servicing Agreement, dated as of February 1,
2019, by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor and as Asset Representations Reviewer, on behalf of the holders of GS Mortgage Securities Trust 2019-GC38, Commercial Mortgage
Pass-Through Certificates, Series 2019-GC38.

    	 	 11	 

     

    

“Monetary
Default” shall have the meaning assigned to such term in Section 11(a).

“Monetary
Default Notice” shall have the meaning assigned to such term in Section 11(a).

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

“Monthly
Payment Date” shall have the meaning assigned to such term in the Mortgage Loan Documents).

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

“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting
from any acquisition by Morningstar, Inc. or other similar entity of Realpoint LLC.

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

“Mortgaged
Property” 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 8, 2019, between the Mortgage Loan Borrower, as Borrower,
and the Initial Noteholders, 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 18.

“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 mean the Schedule attached hereto as Exhibit A.

“Net Note
Rate” shall mean with respect to any Note, the Initial Interest Rate for such Note minus the Servicing Fee Rate applicable
to such Note.

“Non-Controlling
Note” shall mean the interest of each Non-Controlling Noteholder in its Note.

“Non-Controlling
Noteholder” shall mean each Noteholder other than the Controlling Noteholder; provided that, if at any time a
Non-Controlling Note (or, at any time a

    	 	 12	 

     

    

Non-Lead Securitization Note is included
in a Securitization, the Non-Lead Securitization Subordinate Class Representative) is held by the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party, no Person shall be entitled to exercise the rights of such Non-Controlling Noteholder with respect
to such Non-Controlling Note.

“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 Noteholders to make such payments free of any obligation or liability for withholding.

“Non-Lead
Asset Representations Reviewer” shall mean the party acting as “asset representations reviewer” (within the
meaning of Item 1101(m) of Regulation AB) under a Non-Lead Securitization.

“Non-Lead
Certificate Administrator” shall mean the “certificate administrator” or such other analogous term under
a Non-Lead Securitization.

“Non-Lead
Depositor” shall mean the “depositor” under a Non-Lead Securitization.

“Non-Lead
Master Servicer” shall mean the applicable “master servicer” under a Non-Lead Securitization.

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

“Non-Lead
Noteholder” shall mean any Noteholder other than the Lead Securitization Noteholder.

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

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

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

“Non-Lead
Securitization Note” shall mean an A Note other than the Lead Securitization Note.

“Non-Lead
Securitization Noteholder” shall mean each Note A Holder other than the Lead Securitization Note, provided that
at any time an A Note that is not the Lead Securitization Note is included in a Securitization other than the Lead Securitization,
references to the “Non-Lead Securitization Noteholder” herein shall mean the Non-Lead Securitization Subordinate Class
Representative under the related Non-Lead Securitization Servicing Agreement, as and to the

    	 	 13	 

     

    

extent provided in the related Non-Lead
Securitization Servicing Agreement and as to the identity of which the Lead Securitization Noteholder (and the Master Servicer
and the Special Servicer) has been given written notice. The Lead Securitization Noteholder (or the Master Servicer or the Special
Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights of a “Non-Lead
Securitization Noteholder” herein or under the Servicing Agreement and, to the extent that the related Non-Lead Securitization
Servicing Agreement assigns such rights to more than one party, for purposes of this Agreement, the Non-Lead Securitization Servicing
Agreement shall designate one party to deal with the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer
acting on its behalf) and provide written notice of such designation to the Lead Securitization Noteholder (and the Master Servicer
and the Special Servicer acting on its behalf) (such party, the “Non-Lead Securitization Noteholder Representative”);
provided that, in the absence of such designation and notice, the Lead Securitization Noteholder (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-Lead Securitization Noteholder Representative with respect to such Non-Controlling Note for
all purposes of this Agreement.

Prior to Securitization
of any Non-Lead Securitization Note by the Non-Lead Securitization Noteholder (including any New Notes), all notices, reports,
information or other deliverables required to be delivered to such Non-Lead Securitization Noteholder pursuant to this Agreement
or the Servicing Agreement by the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its
behalf) only need to be delivered to each Non-Lead Securitization Noteholder Representative and, when so delivered to each Non-Lead
Securitization Noteholder Representative, the Lead Securitization Noteholder (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 Servicing
Agreement. Following Securitization of any Non-Lead Securitization Notes by the Non-Lead Securitization Noteholder, all notices,
reports, information or other deliverables required to be delivered to such Non-Lead Securitization Noteholder pursuant to this
Agreement or the Servicing Agreement by the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting
on its behalf) shall be delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer (who then may
forward such items to the party entitled to receive such items as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement) and, when so delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer,
the Lead Securitization Noteholder (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 Servicing Agreement.

“Non-Lead
Securitization Noteholder Representative” shall have the meaning assigned to such term in the definition of “Non-Lead
Securitization Noteholder”.

“Non-Lead
Securitization Servicing Agreement” shall mean the servicing agreement for the related Non-Lead Securitization.

“Non-Lead
Securitization Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued
in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization
Servicing Agreement or

    	 	 14	 

     

    

their duly appointed representative;
provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the “controlling
class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder”
is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be entitled to exercise the
rights of the related Non-Lead Securitization Subordinate Class Representative.

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

“Non-Lead
Servicer” shall mean the Non-Lead Master Servicer or Non-Lead Special Servicer, as applicable.

“Non-Lead
Special Servicer” shall mean the “special servicer” under a Non-Lead Securitization.

“Non-Lead
Trustee” shall mean the applicable “trustee” under a Non-Lead Securitization.

“Non-Monetary
Default” shall have the meaning assigned to such term in Section 11(d).

“Non-Monetary
Default Cure Period” shall have the meaning assigned to such term in Section 11(d).

“Non-Monetary
Default Notice” shall have the meaning assigned to such term in Section 11(d).

“Nonrecoverable
Servicing Advance” shall have the meaning assigned to the term “Nonrecoverable Property Protection Advance”
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

“Note”
shall mean any A Note, B Note or C Note, as applicable.

“Note A ARD
Interest” shall heaving the meaning given to the term “Note A Accrued Interest” in the Mortgage Loan Agreement.

“Note A-2
PSA” shall mean a pooling and servicing agreement, substantially in the form of the Model PSA and subject to Section
2 hereof, to be entered into in connection with the Securitization, by and among (a) the Person who serves as Trustee from
and after the Lead Securitization Date, (b) the Person who serves as Master Servicer from and after the Lead Securitization
Date, (c) the Person which serves as Special Servicer from and after the Lead Securitization Date, (d) the Person who serves
as Operating Advisor from and after the Lead Securitization Date and (e) the Depositor, and any other additional Persons that
may be party to such pooling and servicing agreement; provided it is acknowledged that such agreement is subject in all respects
to changes (i) required by the Code relating to the tax elections of the related Securitization Trust (ii) required by law
or changes in any law, rule or regulation and (iii) requested by the Rating Agencies or any purchaser of subordinate certificates.
The Servicing Standard in

    	 	 15	 

     

    

the Note A-2 PSA shall require, among
other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Noteholder (taking
into account that the Subordinate Notes are junior to the A Notes as and to the extent provided herein).

“Note A Holder(s)”
shall mean the Noteholder(s) of A Notes.

“Note B ARD
Interest” shall have the meaning given to the term “Note B Accrued Interest” in the Mortgage Loan Agreement.

“Note B Control
Appraisal Period” A “Note B Control Appraisal Period” shall exist with respect to the Mortgage Loan, if and
for so long as:

(a)               
(1) the sum of the aggregate initial Principal Balances of the B Notes set forth on the Mortgage Loan Schedule minus (2)
the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and
received on, any B Note after the date of its creation, (y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated
to such B Notes and (z) any losses realized with respect to the Mortgaged Property or the Mortgage Loan that are allocated to the
B Notes, is less than

(b)              
25% of the remainder of (i) the sum of the aggregate initial Principal Balances of the B Notes set forth on the Mortgage
Loan Schedule less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by,
the Note B Holders after the date of their creation.

“Note B Holder(s)”
shall mean the Noteholder(s) of B Notes.

“Note C ARD
Interest” shall heaving the meaning given to the term “Note C Accrued Interest” in the Mortgage Loan Agreement.

“Note C Control
Appraisal Period” A “Note C Control Appraisal Period” shall exist with respect to the Mortgage Loan, if and
for so long as:

(a)               
(1) the sum of the aggregate initial Principal Balances of the C Notes set forth on the Mortgage Loan Schedule minus (2)
the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and
received on, any C Note after the date of its creation, (y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated
to such C Notes and (z) any losses realized with respect to the Mortgaged Property or the Mortgage Loan that are allocated to the
C Notes, is less than

(b)               25%
of the remainder of (i) the sum of the aggregate initial Principal Balances of the C Notes set forth on the Mortgage Loan Schedule
less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note C
Holders after the date of their creation.

“Note C Holder(s)”
shall mean the Noteholder(s) of C Notes.

    	 	 16	 

     

    

“Note Pledgee”
shall have the meaning assigned to such term in Section 19(e).

“Note Register”
shall have the meaning assigned to such term in Section 21.

“Noteholder”
shall mean with respect to any Note, the Initial Noteholder thereof, or any subsequent holder of such Note, together with its successors
and assigns.

“Noteholder
Purchase Notice” has the meaning assigned to such term in Section 12.

“Operating
Advisor” shall mean the operating advisor appointed pursuant to the Note A-2 PSA.

“Percentage
Interest” with respect to any Note shall mean a fraction, expressed as a percentage, the numerator of which is the Principal
Balance of such Note and the denominator of which is the sum of the Principal Balances of all Notes.

“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 a nationally-recognized manager of investment funds investing in debt or equity
interests relating to commercial real estate, (ii) investing through a fund or funds with committed capital of at least $500,000,000
and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

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

“Pledge”
shall have the meaning assigned to such term in Section 19(e).

“Prepayment
Premium” shall mean, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance
premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents,
including any exit fee.

“Principal
Balance” with respect to any Note as of any date of determination shall mean the initial principal balance set forth
on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3,
4 or 5, as applicable.

“Purchased
Note” has the meaning assigned to such term in Section 12.

“Purchasing
Noteholder” has the meaning assigned to such term in Section 12.

“Qualified
Institutional Lender” shall mean each of the Initial Noteholders (and any Affiliates and subsidiaries of such entity)
and any other Person that is:

(a)   
an entity Controlled (as defined below) by, under common Control with or Controlling any Initial Noteholder, or

(b)  
one or more of the following:

    	 	 17	 

     

    

(i)           
a real estate investment bank, an insurance company, reinsurance trust, 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 (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns
or pledges its Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a)
a securitization of, (b) the creation of collateralized debt obligations (“CDO”) secured by, or (c) a financing
through an “owner trust” of, a Note (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 which assigned a rating to one or more classes of securities issued in connection with such securitization
(it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued by such Securitization
Vehicle, a Rating Agency Confirmation will not be required in connection with a transfer of such Note to such Securitization Vehicle);
(2) in the case of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required
Special Servicer Rating or is otherwise 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 in accordance with servicing arrangements
for the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing
standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle
that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by
a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i),
(ii), (iii), (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 $500,000,000, in which (A) the applicable Noteholder, (B) a person that is otherwise a Qualified Institutional
Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause
(i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager responsible
for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests in
such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders
(without regard to

    	 	 18	 

     

    

the capital surplus/equity and total
asset requirements set forth below in the definition), or

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

(vi)           
in the case of any entity referred to in clause (b)(i), (b)(ii), (b)(iii)(a), (b)(iv)(B) or (b)(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, asset manager or similar fiduciary) and at least $500,000,000 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 junior CMBS securities 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

(vii)           
a Person that is otherwise a Qualified Institutional Lender but is acting in an agency capacity for a syndicate of lenders
where at least 51% of the lenders in such syndicate are otherwise Qualified Institutional Lenders under clauses (b)(i),
(ii), (iv), (v) and (vi) above, or

(viii)           
a private trust established and authorized under the laws of the Republic of Korea (an “Acquiring Korean Trust”),
so long as the beneficiaries of, and owners of not less than 51% of the equity interest in, the Acquiring Korean Trust are, directly
or indirectly, Persons that are otherwise Qualified Institutional Lender and satisfy the capital surplus/equity and total asset
requirements set forth in clause (b)(vi), above; or

(c)   
any entity Controlled (as defined below) 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.

For purposes of this
definition only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty
percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract
or otherwise (“Controlled” and “Controlling” have the meaning correlative thereto).

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

    	 	 19	 

     

    

debt is rated either of the then in
effect top two rating categories of each of the applicable Rating Agencies.

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) KBRA and (f) Morningstar or, (g) 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 the Depositor or Non-Lead Depositor to rate the securities issued in connection with the
Securitization of any A Note; provided, however, that, at any time during which any A Note is an asset of one or more Securitizations,
“Rating Agencies” or “Rating Agency” shall mean only those rating agencies that are engaged by the Depositor
or Non-Lead Depositor, as applicable, from time to time to rate the securities issued in connection with the Securitization of
such Note.

“Rating Agency
Confirmation” shall mean, after a Securitization, the meaning given thereto or any analogous term in the Servicing Agreement
including any deemed Rating Agency Confirmation.

“Recovered
Costs” shall mean any amounts referred to in clauses (i)(d) and/or (i)(e) of the definition of “Defaulted Mortgage
Loan Purchase Price” that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources
other than collections on or in respect of the Mortgage Loan or the Mortgaged Property (including, without limitation, from collections
on or in respect of loans, if any, other than the Mortgage Loan).

“Redirection
Notice” shall have the meaning assigned to such term in Section 19(e).

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case
as effective from time to time as of the compliance dates specified therein.

“Relative
Spread” with respect to any Note and any date of determination shall mean the ratio of the Interest Rate of such Note
to the weighted average as of such date of determination (prior to taking into account any payments made on account of principal
as of such date) of the Interest Rates on all the Notes based on their Principal Balances.

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

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

“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,

    	 	 20	 

     

    

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

“Risk Retention
Requirements” shall mean the credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C. §78o-11),
as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“Risk Retention
Rules” shall mean the joint final rule that was promulgated to implement the Risk Retention Requirements (which such
joint final rule has been codified, inter alia, at 17 C.F.R. § 246), as such rule may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the Office of the Comptroller of the Currency, the Board of Governors
of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Commission and
the Department of Housing and Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by the staff of any such
agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time as
of the applicable compliance date specified therein.

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

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

    	 	 21	 

     

    

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

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

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

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which an A Note is held.

“Selling
Noteholder” has the meaning assigned to such term in Section 12.

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Mortgage Loan, or any bankruptcy or insolvency event that constitutes an Event of Default;
provided, however, that unless the Servicer under the Servicing Agreement has notice or knowledge of such event at
least ten (10) Business Days prior to the applicable distribution date, distributions will be made sequentially beginning on the
subsequent distribution date; provided, further, that the aforementioned requirement of notice or knowledge will
not apply in the case of distribution of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential
Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by a Curing Noteholder in accordance
with Section 11) and shall not be deemed to exist to the extent any Curing Noteholder is exercising its cure rights under Section
11 or the default that led to the occurrence of such Sequential Pay Event has otherwise been cured or waived.

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

“Servicing
Advances” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable.

“Servicing
Agreement” shall mean, with respect to the Mortgage Loan, prior to the Note A-2 Securitization Date, the Interim Servicing
Agreement, and, from and after the Note A-2 Securitization Date, the Note A-2 PSA, together with any amendment, restatement, supplement,
replacement or modification thereto entered into in accordance with the terms hereof or thereof.

“Servicing
Fee Rate” shall be the per annum rate at which primary servicing fees are payable in respect of the Mortgage Loan (but
in no event in excess of 0.0100%) per annum) as set forth in the Servicing Agreement. The Servicing Fee Rate shall not reflect
any master servicing fees payable by any Noteholder.

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

    	 	 22	 

     

    

“Servicing
Transfer Event” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.

“Special
Servicer” shall mean the special servicer appointed pursuant to the Servicing Agreement and this Agreement.

“Specially
Serviced Mortgage Loan” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.

“Subordinate
Note” shall mean each B Note or C Note, as applicable.

“Subordinate
Noteholder” shall mean each Noteholder of a B Note or C Note, as applicable.

“Substitute
Servicing Agreement” means a servicing agreement that contains servicing provisions which are the same as or more favorable
to the Non-Lead Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable provisions
relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting
requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the “Servicing Agreement”
shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization,
then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement.

“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.

“Threshold
Event Collateral” shall have the meaning assigned to such term in Section 5(g).

“Threshold
Event Cure” shall have the meaning assigned to such term in Section 5(g).

“Transfer”
shall mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other
disposition (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar
agreement, excluding a repurchase financing or a Pledge in accordance with Section 19(e)).

“Trustee”
shall mean the trustee appointed pursuant to the Note A-2 PSA.

“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

    	 	 23	 

     

    

substantial decisions of such trust
(or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20, 1996 that is eligible to
elect to be treated as a U.S. Person).

“Withheld
Amounts” shall have the meaning assigned to such term in Section 3.

“Workout”
shall mean any written modification, waiver, amendment, restructuring or workout of the Mortgage Loan or the Note entered into
with the Mortgage Loan Borrower in accordance with the Servicing Agreement.

Section 2.       Servicing.

(a)               
Each
Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced pursuant to this Agreement
and the Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of the Notes other than the Lead Securitization Note (and a Non-Lead Master Servicer may be required to
advance monthly payments of principal and interest on a Non-Lead Securitization Note pursuant to the terms of the Non-Lead Securitization
Servicing Agreement) if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance
delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance
and enforcement of the lien of the Mortgage thereon, subject to the terms of the Servicing Agreement (including a determination
of recoverability thereunder). Each Noteholder acknowledges that each Note A Holder may elect, in its sole discretion, to include
the related Note in a Securitization and agrees that it will reasonably cooperate with such other Noteholder, at such other Noteholder’s
expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Noteholder hereby irrevocably
and unconditionally consents to the appointment of the Master Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee under the Servicing Agreement by the Depositor, and the appointment of the
Special Servicer as the initial Special Servicer under the Servicing Agreement by the Depositor (subject to replacement by the
Controlling Noteholder as provided herein) 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 this Agreement and the Servicing Agreement. Each Noteholder
hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Noteholder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Servicing Agreement (subject at all times to the rights of the Noteholders set forth herein and in the
Servicing Agreement). In no event shall the Servicing Agreement require any Servicer to enforce the rights of any Noteholder against
any other Noteholder or limit any Servicer in enforcing the rights of one Noteholder against any other Noteholder; however, this
statement shall not be construed to otherwise limit the rights of one Noteholder with respect to any other Noteholder. Each Servicer
shall be required pursuant to the Servicing Agreement to service the Mortgage Loan in accordance with the Servicing Standard,
this Agreement, the terms of the Mortgage Loan Documents, the Servicing Agreement, any intercreditor agreement and applicable
law, and shall not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

(b)               
In
no event shall any Subordinate Noteholder be entitled to exercise any rights of the “directing holder”, controlling
or consulting class,” “controlling class representative” or any

    	 	 24	 

     

    

analogous class or holder under the
Servicing Agreement except to the extent such Subordinate Noteholder is given such rights expressly under the terms of this Agreement
or the Servicing Agreement in its capacity as the Controlling Noteholder, and in no event may any such “directing holder”,
controlling or consulting class or analogous class or holder under the Servicing Agreement have any of the rights of the Controlling
Noteholder hereunder except during a Note B Control Appraisal Period.

(c)               
The
Note A-2 PSA shall, unless otherwise agreed to by the Controlling Noteholder, contain servicing provisions substantially similar
in all material respects to the servicing provisions of the Model PSA. In no event may the Servicing Agreement change the
interest allocable to, or the amount of any payments due to, any Subordinate Noteholder or materially increase any Subordinate
Noteholder’s obligations or materially decrease any Subordinate Noteholder’s rights, remedies or protections hereunder
or otherwise adversely affect any Subordinate Noteholder’s rights hereunder.

(d)               
The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to
the extent provided in the Note A-2 PSA) (i) shall be required to make Servicing Advances with respect to the Mortgage Loan, subject
to the terms of the Note A-2 PSA and this Agreement, and (ii) may be required to make principal and interest Advances on the Lead
Securitization Note, if and to the extent provided in the Note A-2 PSA and this Agreement. The Master Servicer or Trustee shall
be required to provide written notice to the Non-Lead Master Servicer and the Non-Lead Trustee of any principal and interest Advance
it has made with respect to the Lead Securitization Note within two (2) Business Days of making such advance. 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 each of the Collection Account and the Companion Distribution Account that (in any case) represent amounts received
on or in respect of the Mortgage Loan in the manner provided in the Note A-2 PSA, and then, in the case of Nonrecoverable Servicing
Advances, if such funds on deposit in the Collection Account and Companion Distribution Account are insufficient, from general
collections of the Lead Securitization as provided in the Note A-2 PSA and from general collections of the Non-Lead Securitization
as provided below. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement
for Advance Interest Amounts on a Servicing Advance or a Nonrecoverable Servicing Advance, in the manner and from the sources provided
in the Note A-2 PSA, including from general collections of the Lead Securitization and, in the case of Servicing Advances, from
general collections of the Non-Lead Securitization as provided below. 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 Amounts on a Servicing Advance or a Nonrecoverable Servicing Advance,
the Non-Lead Securitization Noteholder (including from general collections or any other amounts from the Non-Lead Securitization
Trust) 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 Amounts. If the Master Servicer determines that a proposed
principal and interest Advance with respect to the Lead Securitization Note or Property Protection Advance with respect to the
Mortgage Loan, if made, or any outstanding principal and interest Advance or Property Protection Advance previously made, would
be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide the Non-Lead Master Servicer written notice
of such

    	 	 25	 

     

    

determination promptly after such determination
was made together with such reports that the Master Servicer delivered to the Special Servicer or Trustee in connection with notification
of its determination of nonrecoverability.

In addition, the Non-Lead
Securitization Noteholder (including, but not limited to, the Non-Lead Securitization Trust) shall be required to, promptly following
notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for the Non-Lead Securitization
Noteholder’s pro rata share of any additional trust fund expenses with respect to the Mortgage Loan or the Mortgaged
Property, any other fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan and
allocable to the Note A Holders pursuant to this Agreement and as to which the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor or the Depositor, as applicable, is entitled to be reimbursed pursuant to the
Note A-2 PSA, and any fees, costs or expenses related to obtaining a Rating Agency Confirmation and allocated to the Note A Holders,
in each case to the extent amounts on deposit in the Companion Distribution Account that are allocated to the Non-Lead Securitization
Note are insufficient for reimbursement of such amounts (which such reimbursement shall be made, if the Non-Lead Securitization
Note has been included in a Non-Lead Securitization, from general collections or any other amounts from such Non-Lead Securitization
Trust). The Non-Lead Securitization Noteholder agrees to indemnify (i) (as and to the same extent the Lead Securitization Trust
is required to indemnify each of the Indemnified Parties against any Indemnified Items to the extent of its pro rata share
of such Indemnified Items, and to the extent amounts on deposit in the Companion Distribution Account that are allocated to the
Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead Securitization Noteholder shall be
required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse each of the applicable
Indemnified Parties for its pro rata share of the insufficiency (including, if the Non-Lead Securitization Note has been
included in a Non-Lead Securitization, from general collections or any other amounts from such Non-Lead Securitization Trust).

The Non-Lead Master
Servicer may be required to make principal and interest Advances on a Non-Lead Securitization Note, from time to time, subject
to the terms of the Non-Lead Securitization Servicing Agreement, the Note A-2 PSA 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 principal and interest Advance to be made on the Lead Securitization Note based on the information that they have on hand
and in accordance with the Note A-2 PSA. The Non-Lead Master Servicer and the Non-Lead Special Servicer and the Non-Lead Trustee,
as applicable, shall be entitled to make their own recoverability determination with respect to a principal and interest Advance
to be made on a Non-Lead Securitization Note based on the information that they have on hand and in accordance with the Non-Note
A-2 PSA. The Master Servicer and the Trustee, as applicable, and the Non-Lead Master Servicer or the Non-Lead Trustee shall be
required to notify each other servicer and trustee with respect to a Securitization of the amount of its principal and interest
Advance within two (2) Business Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable
(with respect to the Lead Securitization Note) or the Non-Lead Master Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee,
as applicable (with respect to a Non-Lead Securitization Note), determines that a proposed principal and interest Advance, if made,
would be non-recoverable or an outstanding principal and interest Advance is or would be non-recoverable, or if

    	 	 26	 

     

    

the Master Servicer, the Special Servicer
or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable or an outstanding
Servicing Advance is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the Note A-2 PSA, in
the case of a determination of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or the Non-Lead
Master Servicer or the Non-Lead Trustee (as provided in the Non-Lead Securitization Servicing Agreement, in the case of a determination
of non-recoverability by the Non-Lead Master Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee) shall notify the
Master Servicer and the Trustee, or the Non-Lead Master Servicer and the Non-Lead Trustee, as the case may be, within two (2) Business
Days of making such determination. Each of the Master Servicer, the Trustee, the Non-Lead Master Servicer and the Non-Lead Trustee,
as applicable, will only be entitled to reimbursement for a principal and interest Advance that becomes non-recoverable and advance
interest thereon first from the Collection Account or the Companion Distribution Account from amounts allocable to the Mortgage
Loan for which such principal and interest 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 Note A-2 PSA and (ii) in the case
of the Non-Lead Securitization Note, from general collections of the Non-Lead Securitization Trust, as and to the extent provided
in the Non-Note A-2 PSA.

(e)               
At any time after the Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the
Servicing Agreement, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing
provisions set forth in the Servicing Agreement or a Substitute Servicing Agreement as if such agreement was still in full force
and effect with respect to the Mortgage Loan; provided, however, that the Servicer under the Servicing Agreement shall have no
further obligations to advance monthly payments of principal or interest; provided, further, however, that until a replacement
servicing agreement is in place, the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial
mortgage loan servicer appointed by Lead Securitization Noteholder and the special servicer appointed by the Controlling Noteholder
and does not have to be performed by the service providers set forth under the Servicing Agreement; provided, further, however,
that until a replacement servicing agreement has been entered into, the if a Non-Lead Securitization Note becomes the subject of
an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer,
the Trustee and the Custodian shall reasonably cooperate with the Non-Lead Asset Representations Reviewer in connection with such
Asset Review by providing the Non-Lead Asset Representations Reviewer with any documents reasonably requested by the Non-Lead Asset
Representations Reviewer, but only to the extent (x) such documents are in the possession of the Master Servicer, the Special Servicer,
the Trustee or the Custodian, as the case may be, and (y) the Non-Lead Asset Representations Reviewer has not been able to obtain
such documents from the related mortgage loan seller.

(f)               
Notwithstanding anything to the contrary contained in this Agreement, any obligation of the Servicer pursuant to the terms
hereof shall be performed by the Master Servicer or the Special Servicer, as applicable, as set forth in the Servicing Agreement.

(g)              
The Servicing Agreement shall contain provisions to the effect that:

    	 	 27	 

     

    

(i)           
if an event of default under the Servicing Agreement has occurred (A) with respect to the Master Servicer under the Servicing
Agreement that affects a Noteholder or any class of commercial mortgage securities backed by a Note, and the Master Servicer is
not otherwise terminated under the Servicing Agreement, then the Non-Lead Securitization Noteholders shall be entitled to direct
the Trustee to appoint a sub-servicer solely with respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced,
to replace the current sub-servicer, but only if such original sub-servicer is in default under the related sub-servicing agreement);
and (B) the appointment (or replacement) of a sub-servicer with respect to the Mortgage Loan, as contemplated in clause (A) above,
will in any event be subject to written confirmation from each Rating Agency that such appointment 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
any Securitization;

(ii)           
any payments received on the Mortgage Loan shall be paid by the Master Servicer (a) to each of the Noteholders (other than
the Non-Lead Securitization Noteholders) on the “master servicer remittance date” under the Servicing Agreement and
(b) by the earlier of (x) the Master Servicer Remittance Date (as defined in the Lead Securitization Servicing Agreement) and (y)
the Business Day following the “determination date” (or any term substantially similar thereto) as defined in the Non-Lead
Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination Date”),
in each case as long as the date on which remittance is required under this clause (viii) is at least one (1) Business Day
after the scheduled monthly payment date under the Mortgage Loan Agreement;

(iii)           
each Non-Lead Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide access
to, any information relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as such Non-Lead Noteholder
may reasonably request and would be customarily in the possession of, or collected or known by, the Master Servicer or the Special
Servicer of mortgage loans similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders
of the securities issued by the Lead Securitization Trust that includes but is not limited to standard CREFC reports and Asset
Status Reports, provided that if an interest in the requesting Noteholder or its related Note is held by the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party, then such requesting Noteholder shall not be entitled to receive the Asset Status Report
or any other information relating to the Special Servicer’s workout strategy or any “excluded information” or
analogous term under the Servicing Agreement;

(iv)           
each Noteholder is an intended third party beneficiary in respect of the rights afforded it under the Servicing Agreement
and may directly enforce such rights;

(v)           
the Servicing Agreement may not be amended without the consent of each Non-Lead Noteholder if such amendment would be adverse
(other than de minimus changes) to such Non-Lead Noteholder or would adversely adverse (other than de minimus changes) affect the
Mortgage Loan or any Non-Lead Noteholder’s rights with respect thereto or would alter any term that is defined herein by
reference to the Servicing

    	 	 28	 

     

    

Agreement in a manner that is
adverse adverse (other than de minimus changes) to a Non-Lead Noteholder;

(vi)           
the Special Servicer selected by the Controlling Noteholder shall be named as the Special Servicer for the Mortgage Loan
by the earlier of (x) the closing of the Lead Securitization or (y) the Mortgage Loan becoming a Specially Serviced Mortgage Loan
under any other Servicing Agreement; provided, however, that such Special Servicer has the Required Special Servicer
Rating of, or otherwise be acceptable to, each of the Rating Agencies rating each Securitization;

(vii)           
any matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation
pursuant to the Servicing Agreement shall also require delivery of a Rating Agency Confirmation for each Non-Lead Securitized Note
and the applicable Rating Agencies.

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

(i)           
such Non-Lead Securitization Noteholder 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 the Notes are insufficient to
cover such Servicing Advances or additional trust fund expenses, (A) the Non-Lead Master Servicer will be required to, promptly
following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, or the Lead Securitization Trust, as applicable, out of general funds in the collection
account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization
Noteholder’s pro rata share of any such Nonrecoverable Servicing Advances (together with advance interest thereon)
and/or additional trust fund expenses (including compensation due to the Master Servicer and the Special Servicer to the extent
related to the servicing and administration of the Mortgage Loan and the Mortgaged Property), and (B) if the Servicing Agreement
permits the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to reimburse itself from the Lead
Securitization Trust’s general account, then the Master Servicer, the Special Servicer, the Certificate Administrator or
the Trustee, as applicable, may do so, and the Non-Lead Master Servicer will be required to, promptly following notice from the
Master Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization Trust out of general funds in the collection
account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement for the Non-Lead Securitization
Noteholder’s pro rata share of any such Nonrecoverable Servicing Advances (together with advance interest thereon)
and/or additional trust fund expenses (including compensation due to the Master Servicer and the Special Servicer to the extent
related to the servicing and administration of the Mortgage Loan and the Mortgaged Property);

    	 	 29	 

     

    

(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 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 the 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 Companion Distribution Account
that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead Master
Servicer will be required to reimburse each of the applicable Indemnified Parties for the Non-Lead Securitization Note’s
pro rata share of the insufficiency out of general funds in the collection account (or equivalent account) established under
the Non-Lead Securitization Servicing Agreement;

(iii)           
the Non-Lead Master Servicer, Non-Lead Trustee or Non-Lead Certificate Administrator will be required to deliver to the
Trustee, the Certificate Administrator, the Special Servicer, the Master Servicer, the Operating Advisor and each Subordinate Noteholder
(i) promptly following the Non-Lead Securitization, notice of the deposit of the Non-Lead Securitization Note into a Securitization
Trust (which notice may be (x) in the form of delivery (which may be by email) of a copy of the Non-Lead Securitization Servicing
Agreement, or (y) by email notification together with contact information for the Non-Lead Trustee, the Non-Lead Certificate Administrator,
the Non-Lead Master Servicer, the Non-Lead Special Servicer and the party designated to exercise the rights of the Non-Lead Securitization
Noteholder as a “Non-Controlling Noteholder” or “Non-Controlling A Noteholder” under this Agreement), accompanied
by a certified copy of the executed Non-Lead Securitization Servicing Agreement and (ii) notice of any subsequent change in the
identity of the Non-Lead Master Servicer, the Non-Lead Trustee or the party designated to exercise the rights of the Non-Lead Securitization
Noteholder as a “Non-Controlling Noteholder” or “Non-Controlling A Noteholder” under this Agreement (together
with the relevant contact information) (which may be in the form of email delivery of a copy of; and

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

(i)              
Each Lead Securitization Noteholder shall:

(i)           
give each Non-Lead Securitization Noteholder notice of the Securitization of the Lead Securitization Note in writing (which
may be by email) not less than three (3) Business Days prior to the applicable pricing date for the Lead Securitization, together
with contact information for each of the parties to the Lead Securitization Servicing Agreement; and

(ii)           
send to each Non-Lead Securitization Noteholder and the parties to the related Non-Lead Securitization Servicing Agreement
(that are not also party to the Lead Securitization Servicing Agreement) (x) on or promptly following the Lead Securitization Date
(to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related
Non-Lead Depositor on or prior to the Lead

    	 	 30	 

     

    

Securitization Date), a copy (in
EDGAR-compatible format) of the execution version of the Lead Securitization Servicing Agreement, (y) within (1) one Business Day
after the date of any re-filing by the Depositor of the Lead Securitization Servicing Agreement with the Commission to account
for any changes thereto (other than a formal amendment thereto following the Lead Securitization Date), a copy (in EDGAR-compatible
format) of the re-filed Lead Securitization Servicing Agreement, and (z) promptly following distribution thereof to the parties
to the Lead Securitization Servicing Agreement, any changes made by the Depositor to the Lead Securitization Servicing Agreement
(other than a formal amendment thereto following the Lead Securitization Date).

(j)              
The Servicing Agreement shall provide that compensating interest payments as defined therein with respect to any A Notes
will be allocated by the Master Servicer between the A Notes, pro rata, in accordance with their respective Principal Balances.
The Master Servicer shall remit any compensating interest payment in respect of and Non-Lead Securitization Note to the applicable
Non-Lead Securitization Noteholder.

(k)              
In
the event any filing is required to be made by any Non-Lead Depositor under the related Servicing Agreement in order to comply
with the Non-Lead Depositor’s requirements under the Securities Exchange Act of 1934, as amended, the related Lead Securitization
Noteholder (including the Depositor and Trustee) shall use commercially reasonable efforts to timely comply with any such filing.

(l)              
If
a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing
Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with such Non-Lead
Asset Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer
with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent that such documents
are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and are
not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead Asset Representations Reviewer has informed
such party that it has first requested, and not received, the documents from the master servicer, special servicer and custodian
for the applicable Non-Lead Securitization).

Section 3.       Subordination of the Subordinate Notes; Payments Prior to a Sequential Pay Event. The Subordinate Notes and the rights
of the Subordinate Noteholders to receive payments of interest, principal and other amounts with respect to such Subordinate Notes
shall at all times be junior, subject and subordinate to the A Notes and the Note A Holders to receive payments of interest, principal
and other amounts with respect to such A Notes as set forth herein. The C Notes and the rights of the Note C Holders to receive
payments of interest, principal and other amounts with respect to such C Notes shall at all times be junior, subject and subordinate
to the A Notes and the B Notes and the Note A Holders and Note B Holders to receive payments of interest, principal and other amounts
with respect to such A Notes and B Notes as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer,
shall have occurred and be continuing, 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

    	 	 31	 

     

    

Payments, the Balloon Payment, Liquidation
Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance
and Condemnation Proceeds (other than proceeds, awards or settlements that are required to be applied to the restoration or repair
of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents,
to the extent permitted by the REMIC Provisions), but excluding (x) 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 or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable to the
Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer (excluding
master servicing fees, trustee fees, certificate administrator fees, operating advisor fees and asset representations reviewer
fees, all of which shall be payable by each of the Note A Holders to such parties out of distributions made to them in respect
of such A Note, respectively), with respect to the Mortgage Loan pursuant to the Servicing Agreement (such amounts contemplated
by clauses (x) and (y), “Withheld Amounts”), shall be distributed by the Master Servicer in the
following order of priority without duplication (and payments shall be made at such times as are set forth in the Servicing Agreement):

(a)              
first, to each Note A Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the Principal Balance of such A Note at the Net Note Rate of such Note;

(b)              
second (A) prior
to the Anticipated Repayment Date, to each Note A Holder, pro rata (based on the Principal Balances of such Notes) in an amount
equal to all principal payments received, including any Insurance and Condemnation Proceeds received, if any, with respect to
such Monthly Payment Date allocated as principal on the Mortgage Loan and payable to the Noteholders, until their respective Principal
Balances have been reduced to zero and (B) on and after the Anticipated Repayment Date, first (1) to each Note A Holder, pro rata
(based on the Principal Balances of such Notes) in an amount equal to funds sufficient to pay the monthly amount determined by
the lender to be required to fully amortize the then outstanding Principal Balance of each A Note over an amortization schedule
of 30 years using an assumed interest rate of the Initial Note A Interest Rate, then (2) to each Note A Holder, pro rata (based
on the Principal Balances of such Notes) in an amount equal to all principal payments received with respect to such Monthly Payment
Date allocated as principal on the Mortgage Loan and payable to the Noteholders, until their respective Principal Balances have
been reduced to zero and then, (3) to each Note A Holder, pro rata (based on their respective entitlements to interest) in an
amount equal to all Note A ARD Interest on such A Note;

(c)              
third, to each Note A Holder, pro rata (based on their respective entitlements) up to the amount of any unreimbursed
out-of-pocket costs and expenses paid by such Note A Holder including any Recovered Costs not previously reimbursed by the Mortgage
Loan Borrower (or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed to such Servicer) with respect
to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(d)              
fourth, to each Note A Holder, pro rata (based on their respective entitlements) in an amount equal to the product
of (i) the Percentage Interest of such Note

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multiplied by (ii) the Relative Spread
of such Note and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

(e)               
fifth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout the aggregate Principal Balance
of the A Notes has been reduced, such excess amount shall be paid to each Note A Holder pro rata (based on the Principal
Balances of such Notes) in an aggregate amount up to the reduction, if any, of the Principal Balance of the each A Note as a result
of such Workout, plus interest on such aggregate amount at the related Note A Rate;

(f)               
sixth, to each Note B Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the Principal Balance of such B Note at the Net Note Rate of such Note;

(g)              
seventh, (A) prior to the Anticipated Repayment Date, to each Note B Holder, pro rata (based on the Principal Balances
of such Notes) in an amount equal to all principal payments received, including any Insurance and Condemnation Proceeds received,
if any, with respect to such Monthly Payment Date allocated as principal on the Mortgage Loan and payable to the Noteholders remaining
after giving effect to the allocation in clause (b) above, until their respective Principal Balances have been reduced
to zero and (B) on and after the Anticipated Repayment Date, first, (1) to each Note B Holder, pro rata (based on the Principal
Balances of such Notes) in an amount equal to all principal payments received with respect to such Monthly Payment Date allocated
as principal on the Mortgage Loan and payable to the Noteholders, until their respective Principal Balances have been reduced
to zero and then (2) to each Note B Holder, pro rata (based on their respective entitlements to interest) in an amount equal to
all Note B ARD Interest on such B Note;

(h)              
eighth,
to each Note B Holder, pro rata (based on their respective entitlements) in an amount equal to the product of (i) the Percentage
Interest of such Note multiplied by (ii) the Relative Spread of such Note and (iii) any Prepayment Premium to the extent paid
by the Mortgage Loan Borrower;

(i)              
ninth, to the extent a Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to each
Note B Holder, pro rata (based on their respective entitlements to reimbursement for cure payments) to reimburse the such
Noteholder for all such cure payments;

(j)              
tenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the aggregate Principal Balance
of a B Note has been reduced, to each Note B Holder, pro rata, in an amount up to the reduction, if any, of the Principal
Balance of such Note as a result of such Workout, plus interest on such aggregate amount at the related Interest Rate of such B
Note;

    	 	 33	 

     

    

(k)              eleventh, to each Note C Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the
accrued and unpaid interest on the Principal Balance of such C Note at the Net Note Rate of such Note;

(l)               twelfth, (A) prior to the Anticipated Repayment Date, to each Note C Holder, pro rata (based on the Principal Balances of
such Notes) in an amount equal to all principal payments received, including any Insurance and Condemnation Proceeds received,
if any, with respect to such Monthly Payment Date allocated as principal on the Mortgage Loan and payable to the Noteholders remaining
after giving effect to the allocation in clause (b) and clause (g) above, until their respective Principal Balances
have been reduced to zero and (B) on and after the Anticipated Repayment Date, first, (1) to each Note C Holder, pro rata (based
on the Principal Balances of such Notes) in an amount equal to all principal payments received with respect to such Monthly Payment
Date allocated as principal on the Mortgage Loan and payable to the Noteholders, until their respective Principal Balances have
been reduced to zero and then (2) to each Note C Holder, pro rata (based on their respective entitlements to interest) in an amount
equal to all Note C ARD Interest on such C Note;

(m)            
thirteenth, to each Note C Holder, pro rata (based on their respective entitlements) in an amount equal to the product
of (i) the Percentage Interest of such Note multiplied by (ii) the Relative Spread of such Note and (iii) any Prepayment Premium
to the extent paid by the Mortgage Loan Borrower;

(n)              fourteenth, to the extent a Note C Holder has made any payments or advances to cure defaults pursuant to Section 11, to
each Note C Holder, pro rata (based on their respective entitlements to reimbursement for cure payments) to reimburse the
such Noteholder for all such cure payments;

(o)              fifteenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the
amounts required to be applied in accordance with the foregoing clauses (a)-(n) and, as a result of a Workout the aggregate Principal
Balance of a C Note has been reduced, to each C Note pro rata, in an amount up to the reduction, if any, of the Principal
Balance of such Note as a result of such Workout, plus interest on such aggregate amount at the related Interest Rate of such C
Note; and

(p)              sixteenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied
in accordance with the foregoing clauses (a)-(m), any remaining amount shall be paid pro rata to the Noteholders in accordance
with their respective initial Percentage Interests.

Section 4.       Payments Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in
accordance with Section 3 of this Agreement; provided, if a Sequential Pay Event, as determined by the applicable Servicer
and as set forth in the Servicing Agreement, shall have occurred and be continuing, 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 (including without limitation amounts received by the Master Servicer or Special Servicer pursuant
to the Servicing Agreement as reimbursements on account of recoveries in respect of Advances),

    	 	 34	 

     

    

whether received in the form of Monthly
Payments, any proceeds from the sale or distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under
any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds
(other than proceeds, awards or settlements that are required to be applied to the restoration or repair of the Mortgaged Property
or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted
by the REMIC Provisions), but excluding any Withheld Amounts, shall be distributed by the Master Servicer in the following order
of priority without duplication (and payments shall be made at such times as are set forth in the Servicing Agreement):

(a)              
first,
to each Note A Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued and unpaid
interest on the Principal Balance of such A Note at the Net Note Rate of such Note;

(b)              
second
(A) prior to the Anticipated Repayment Date, to each Note A Holder, pro rata (based on the Principal Balances of such Notes) until
their respective Principal Balances have been reduced to zero and (B) on and after the Anticipated Repayment Date, first (1) to
each Note A Holder, pro rata (based on the Principal Balances of such Notes) until their respective Principal Balances have been
reduced to zero and then, (2) to each Note A Holder, pro rata (based on their respective entitlements to interest) in an amount
equal to all Note A ARD Interest on such A Note;

(c)              
third,
to each Note A Holder, pro rata (based on their respective entitlements) up to the amount of any unreimbursed out-of-pocket
costs and expenses paid by such Note A Holder including any Recovered Costs not previously reimbursed by the Mortgage Loan Borrower
(or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed to such Servicer) with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(d)              
fourth, to each
Note A Holder, pro rata (based on their respective entitlements) in an amount equal to the product of (i) the Percentage
Interest of such Note multiplied by (ii) the Relative Spread of such Note and (iii) any Prepayment Premium to the extent paid
by the Mortgage Loan Borrower;

(e)              
fifth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout the aggregate Principal Balance
of the A Notes has been reduced, such excess amount shall be paid to each Note A Holder pro rata (based on the Principal
Balances of such Notes) in an aggregate amount up to the reduction, if any, of the Principal Balance of the each A Note as a result
of such Workout, plus interest on such aggregate amount at the related Note A Rate

(f)              
sixth, to each Note B Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the Principal Balance of such B Note at the Net Note Rate of such Note;

    	 	 35	 

     

    

(g)              
seventh,
(A) prior to the Anticipated Repayment Date, to each Note B Holder, pro rata (based on the Principal Balances of such Notes) until
their respective Principal Balances have been reduced to zero and (B) on and after the Anticipated Repayment Date, first, (1)
to each Note B Holder, pro rata (based on the Principal Balances of such Notes) until their respective Principal Balances have
been reduced to zero and then (2) to each Note B Holder, pro rata (based on their respective entitlements to interest) in an amount
equal to all Note B ARD Interest on such B Note;

(h)              
eighth,
to each Note B Holder, pro rata (based on their respective entitlements) in an amount equal to the product of (i) the Percentage
Interest of such Note multiplied by (ii) the Relative Spread of such Note and (iii) any Prepayment Premium to the extent paid
by the Mortgage Loan Borrower;

(i)                ninth, to the extent a Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to each
Note B Holder, pro rata (based on their respective entitlements to reimbursement for cure payments) to reimburse the such
Noteholder for all such cure payments;

(j)                tenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the aggregate Principal Balance
of a B Note has been reduced, to each Note B Holder, pro rata, in an amount up to the reduction, if any, of the Principal
Balance of such Note as a result of such Workout, plus interest on such aggregate amount at the related Interest Rate of such B
Note;

(k)              
eleventh, to each Note C Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the
accrued and unpaid interest on the Principal Balance of such C Note at the Net Note Rate of such Note;

(l)                twelfth, (A) prior to the Anticipated Repayment Date, to each Note C Holder, pro rata (based on the Principal Balances of
such Notes) until their respective Principal Balances have been reduced to zero and (B) on and after the Anticipated Repayment
Date, first, (1) to each Note C Holder, pro rata (based on the Principal Balances of such Notes) until their respective Principal
Balances have been reduced to zero and then (2) to each Note C Holder, pro rata (based on their respective entitlements to interest)
in an amount equal to all Note C ARD Interest on such C Note;

(m)            
thirteenth, to each Note C Holder, pro rata (based on their respective entitlements) in an amount equal to the product
of (i) the Percentage Interest of such Note multiplied by (ii) the Relative Spread of such Note and (iii) any Prepayment Premium
to the extent paid by the Mortgage Loan Borrower;

(n)              
fourteenth, to the extent a Note C Holder has made any payments or advances to cure defaults pursuant to Section 11, to
each Note C Holder, pro rata (based on their respective entitlements to reimbursement for cure payments) to reimburse the
such Noteholder for all such cure payments;

    	 	 36	 

     

    

(o)              
fifteenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the
amounts required to be applied in accordance with the foregoing clauses (a)-(n) and, as a result of a Workout the aggregate Principal
Balance of a C Note has been reduced, to each Note C Holder, pro rata, in an amount up to the reduction, if any, of the
Principal Balance of such Note as a result of such Workout, plus interest on such aggregate amount at the related Interest Rate
of such C Note; and

(p)              
sixteenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied
in accordance with the foregoing clauses (a)-(o), any remaining amount shall be paid pro rata to the Noteholders in accordance
with their respective initial Percentage Interests.

Section 5.       Administration of the Mortgage Loan.

(a)   
Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent
with the Servicing Standard, the Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder)
shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect
to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan
Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents,
call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy and no other
Noteholder shall have any voting, consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan except as set forth in this Agreement
and the Servicing Agreement including the rights of a Subordinate Noteholder in its capacity as the Controlling Noteholder to consent
to the Major Decisions set forth in this Agreement. Subject to this Agreement and the Servicing Agreement (including, without limitation,
Section 5(f) below) and consistent with the Servicing Standard, each Non-Lead Securitization Noteholder and each Subordinate
Noteholder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization
Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder) the rights, if any, that such Non-Lead Securitization
Noteholder or Subordinate Noteholder, as applicable, has to, (i) call or cause the Lead Securitization Noteholder 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 Noteholder to file any bankruptcy petition
against the Mortgage Loan Borrower. The Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization
Noteholder) shall not have any fiduciary duty to any Non-Lead Noteholder in connection with the administration of the Mortgage
Loan (but the foregoing shall not relieve the Lead Securitization Noteholder from the obligation to make any disbursement of funds
as set forth herein).

Subject to Section
11 and Section 12 hereof, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, each Non-Lead Securitization Noteholder
hereby acknowledges the right and obligation of the Lead Securitization Noteholder (or the Special Servicer acting on behalf of
the Lead Securitization Noteholder) to sell each Non-Lead Securitization Note together with the Lead Securitization Note as notes
evidencing one whole loan in accordance with the terms of the

    	 	 37	 

     

    

Servicing Agreement. In connection with
any such sale, the Special Servicer shall be required to sell each Non-Lead Securitization Note together with the Lead Securitization
Note in the manner set forth in the Servicing Agreement and shall be required to require that all offers be submitted to the Trustee
in writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the offer amount (subject to a cap of
$2,500,000). Whether any cash offer constitutes a fair price for the A Notes shall be determined by the Trustee; provided,
that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least
two bona fide other offers are received from independent third parties. In determining whether any offer received represents a
fair price for the A Notes, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal
conducted in accordance with the Servicing Agreement within the preceding nine (9) month period or, in the absence of any such
Appraisal, on a new Appraisal. The Trustee shall select the Appraiser conducting any such new Appraisal. In determining whether
any such offer constitutes a fair price for the A Notes, the Trustee shall instruct the Appraiser to take into account (in addition
to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Servicing Agreement), as applicable,
among other factors, the period and amount of any delinquency on the affected A Notes, the occupancy level and physical condition
of the related Mortgaged Property and the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent
Appraiser or other Independent expert in real estate matters retained by the Trustee at the expense of the Noteholders in connection
with making such determination. Notwithstanding the foregoing, the Lead Securitization Noteholder (or the Special Servicer acting
on behalf of the Lead Securitization Noteholder) shall not be permitted to sell the Non-Lead Securitization Notes if they become
a Defaulted Mortgage Loan without the written consent of each Non-Lead Securitization Noteholder (provided that such consent
is not required if such Non-Lead Securitization Noteholder is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower)
unless the Special Servicer has delivered to such Non-Lead Securitization Noteholder: (a) at least 15 Business Days’ prior
written notice of any decision to attempt to sell the Non-Lead Securitization Notes; (b) at least 10 days prior to the proposed
sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer
in connection with any such proposed sale, (c) at least 10 days prior to the proposed sale date, a copy of the most recent Appraisal
for the Mortgage Loan, and any documents in the Servicing File reasonably requested by the Non-Lead Securitization Noteholder that
are material to the price of the Non-Lead Securitization Notes and (d) until the sale is completed, and a reasonable period of
time (but no less time than is afforded to the other offerors and the Controlling Class Representative) prior to the proposed sale
date, all information and other documents being provided to other offerors and all leases or other documents that are approved
by the Special Servicer in connection with the proposed sale; provided, that such Non-Lead Securitization Noteholder may
waive any of the delivery or timing requirements set forth in this sentence. Subject to the terms of the Servicing Agreement, each
of the Controlling Noteholder, the Controlling Class Representative, any other Noteholder (or any controlling class representative
or directing holder on its behalf under the Non-Lead Securitization Servicing Agreement) shall be permitted to bid at any sale
of the Non-Lead Securitization Note unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan
Borrower.

In addition, subject
to Section 11 and Section 12 hereof, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, the Special Servicer
may, in accordance with the terms and provisions of the Servicing Agreement and subject to the Servicing Standard, elect to sell
the B

    	 	 38	 

     

    

Notes and the C Notes, subject to the
consent rights of the Noteholders thereof, together with the A Notes as notes evidencing one whole loan.

Each Non-Lead Noteholder
hereby appoints the Lead Securitization Noteholder as its agent, and grants to the Lead Securitization Noteholder an irrevocable
power of attorney coupled with an interest, and their proxy, for the purpose of soliciting and accepting offers for and consummating
the sale its Non-Lead Note. Each Non-Lead Noteholder further agrees that, upon the request of the Lead Securitization Noteholder,
such Non-Lead Noteholder shall execute and deliver to or at the direction of Lead Securitization Noteholder such powers of attorney
or other instruments as the Lead Securitization Noteholder may reasonably request to better assure and evidence the foregoing appointment
and grant, in each case promptly following request, and shall deliver its original Non-Lead Note endorsed in blank, to or at the
direction of the Lead Securitization Noteholder in connection with the consummation of any such sale. For the avoidance of doubt,
this paragraph is subject to the consent rights of the Note B Noteholders and the Note C Noteholders in the immediately preceding
paragraph.

The authority and
obligation of the Lead Securitization Noteholder to sell each Non-Lead Note, and the obligations of each Non-Lead Noteholder to
execute and deliver instruments or deliver its Non-Lead Note upon request of the Lead Securitization Noteholder, shall terminate
and cease to be of any further force or effect upon the date, if any, upon which Lead Securitization Note is repurchased by the
seller of such Lead Securitization Note from the trust fund established under the Lead Securitization Agreement in connection with
a material breach of representation or warranty made by such seller as mortgage loan seller into such Lead Securitization with
respect to Lead Securitization Note or material document defect with respect to the documents delivered by such seller with respect
to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence shall not be construed
to grant to any Non-Lead Noteholder the benefit of any representation or warranty made by such seller or any document delivery
obligation imposed on such seller under any mortgage loan purchase and sale agreement, instrument of transfer or other document
or instrument that may be executed or delivered by such seller in connection with the Lead Securitization.

(b)  
The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder
agrees to be bound by the terms of the Servicing Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf)
shall service the Mortgage Loan in accordance with the terms of this Agreement, including without limitation, the rights of the
Subordinate Noteholders set forth in Section 5(f) below and consistent with the Servicing Standard. Servicing of the Mortgage
Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan, by the Special
Servicer, in each case pursuant to the Servicing Agreement and consistent with the Servicing Standard. Notwithstanding anything
to the contrary contained herein, in accordance with the Servicing Agreement, the Lead Securitization Noteholder shall cause the
Master Servicer and the Special Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard,
taking into account the interests of each of the Noteholders as a collective whole (it being understood that (x) the interests
of the Note B Holders are subordinate to the interests of the Note A Holders and (y) the interests of the Note C Holders are subordinate
to the interests of the Note A Holders and the Note B Holders, in the cause of each of (x) and (y) subject to the terms and conditions
of this Agreement, including without limitation the rights of the Controlling

    	 	 39	 

     

    

Noteholder), and any Subordinate Noteholder
who is not the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party shall be deemed a third party beneficiary of such
provisions of the Servicing Agreement. The foregoing provisions of this Section 5(b) shall not limit or modify the
rights of the Controlling Noteholder and/or the Junior Operating Advisor to exercise their respective rights specifically set forth
under this Agreement.

(c)              
Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement
(including, without limitation, Sections 5(f) and 6), if the Lead Securitization Noteholder in connection with a
Workout of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is
decreased, (ii) the Interest Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments
of interest or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an
increase in the Interest Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan,
all payments to the Note A Holders, Note B Holders and Note C Holders pursuant to Section 3 and Section 4, as applicable,
shall be made as though such Workout did not occur, with the payment terms of each Note A remaining the same as they are on the
date hereof, the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable
to such Workout shall be borne first, by the Note C Holders (pro rata based on the Principal Balances of their respective
Notes), second, by the Note B Holders (pro rata based on the Principal Balances of their respective Notes), and
then, by the Note A Holders (pro rata based on the Principal Balances of their respective Notes), in that order,
in each case up to the amount otherwise due on such Note(s). Subject to the Servicing Agreement and this Agreement (including
without limitation Sections 5(f) and 6), in the case of any modification or amendment described above, the Lead Securitization
Noteholder will have the sole authority and ability to revise the payment provisions set forth in Section 3 and Section 4
above in a manner that reflects the subordination of (x) the B Notes to the A Notes and (y) the subordination of the C Notes to
the A Notes and the B Notes with respect to the loss that is the result of such amendment or modification, including: (i) the
ability to increase the Percentage Interest of an A Note, to increase or reduce, as applicable, the Percentage Interest of a B
Note, and to reduce the Percentage Interest of a C Note in a manner that reflects a loss in principal as a result of such amendment
or modification and (ii) the ability to change the Interest Rate applicable to a Note in order to reflect a reduction in
the Interest Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Sections 3 and
4 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan extends the original maturity
date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity
date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage Loan.

(d)              
All
rights and obligations of the Lead Securitization Noteholder described hereunder may be exercised by the Servicers on behalf of
the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement. Each Non-Lead Noteholder shall
be provided access to any website that an investor would be permitted to access in accordance with the procedures set forth in
the Servicing Agreement, it being understood and agreed that each Non-Lead Noteholder is subject to any restrictions on the access
to such websites contained in the Servicing Agreement.

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(e)              
If
any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each 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 Noteholders 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 interests
of the Noteholders 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 Noteholders
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 months after the earliest startup day of any REMIC which includes the Lead Securitization Note (or any portion thereof).
The Noteholders agree that the provisions of this Section 5(e) shall be effected by compliance by the Lead Securitization Noteholder
or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration of the
Mortgage Loan or the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with this
Section 5(e), to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting
the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall
be borne by each Noteholder with respect to the REMIC containing the Note owned by such Noteholder.

Anything herein or
in the Servicing Agreement to the contrary notwithstanding, in the event that a Note is included in a REMIC and the other Notes
are not, the other Noteholders shall not be required to reimburse such Noteholder that deposited its Note in the REMIC 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
either such other Noteholder be reduced to offset or make-up any such payment or deficit.

(f)              
(i)Subject
to clauses (ii) or (iii) below, with respect to any consent, modification, amendment or waiver under or other action in respect
of the Mortgage Loan (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major
Decision, the Servicer shall provide the Controlling Noteholder (or its Junior Operating Advisor) with at least ten (10) Business
Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) prior notice requesting consent to the requested
Major Decision. The Servicer shall not take any action with respect to such Major Decision (or make a determination not to take
action with respect to such Major Decision), unless and until the Special Servicer receives the written consent of the Controlling
Noteholder (or its Junior Operating Advisor) before implementing a decision with respect to such Major Decision.

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(ii)              
If
the Lead Securitization Noteholder (or the Servicer acting on its behalf) has not received a response from the Controlling Noteholder
(or its Junior Operating Advisor) with respect to such Major Decision within five (5) Business Days after delivery of the notice
of a Major Decision, the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) shall deliver an additional
copy of the notice of a Major Decision in all caps bold 14-point font: “THIS IS A SECOND NOTICE. FAILURE TO RESPOND WITHIN
FIVE (5) BUSINESS DAYS OF THIS SECOND NOTICE WILL RESULT IN A LOSS OF YOUR RIGHT TO CONSENT WITH RESPECT TO THIS DECISION.”
and if the Controlling Noteholder (or its Junior Operating Advisor) fails to respond to the Lead Securitization Noteholder (or
the Special Servicer acting on its behalf) with respect to any such proposed action within five (5) Business Days after receipt
of such second notice, the Controlling Noteholder (or its Junior Operating Advisor), as applicable, shall have no further consent
rights with respect to the specific action set forth in such notice. Notwithstanding the foregoing, or if a failure to take any
such action at such time would be inconsistent with the Servicing Standard, the Servicer may take actions with respect to such
Mortgaged Property before obtaining the consent of the Controlling Noteholder (or its Junior Operating Advisor) if the Servicer
reasonably determines in accordance with the Servicing Standard that failure to take such actions prior to such consent would materially
and adversely affect the interest of the Noteholders as a collective whole, and the Servicer has made a reasonable effort to contact
the Controlling Noteholder. The foregoing shall not relieve the Lead Securitization Noteholder (or a Servicer acting on its behalf)
of its duties to comply with the Servicing Standard.

(iii)              
Notwithstanding
the foregoing, the Lead Securitization Noteholder (or any Servicer acting on its behalf) shall not follow any advice or consultation
provided by the Controlling Noteholder (or its Junior Operating Advisor) that would require or cause the Lead Securitization Noteholder
(or any Servicer acting on its behalf) to violate any applicable law, including the REMIC Provisions, be inconsistent with the
Servicing Standard, require or cause the Lead Securitization Noteholder (or any Servicer acting on its behalf) to violate provisions
of this Agreement or the Servicing Agreement, require or cause the Lead Securitization Noteholder (or any Servicer acting on its
behalf) to violate the terms of the Mortgage Loan, or materially expand the scope of any Lead Securitization Noteholder’s
(or any Servicer acting on its behalf) responsibilities under this Agreement or the Servicing Agreement.

The Special Servicer
shall be required to provide copies to each Non-Controlling Noteholder of any notice, information and report that is required to
be provided to the Controlling Noteholder pursuant to the Servicing Agreement with respect to any Major Decisions, or the implementation
of any recommended actions outlined in an Asset Status Report, within the same time frame such notice, information and report is
required to be provided to the Controlling Noteholder, and at any time the Controlling Noteholder is the Lead Securitization Noteholder,
the Special Servicer shall be required to consult with each Non-Lead Securitization Noteholder on a strictly non-binding basis,
to the extent having received such notices, information and reports, any Non-Lead Securitization Noteholder requests consultation
with respect to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report, and
consider alternative actions recommended by such Non-Lead Securitization Noteholder; provided that after the expiration
of a period of ten (10) Business Days from the delivery to any Non-Controlling A Noteholder by the Special Servicer of written
notice of a proposed action, together with copies of the notice, information and reports, the Special Servicer shall no longer
be

    	 	 42	 

     

    

obligated to consult with such Non-Lead
Securitization Noteholders, whether or not such Non-Lead Securitization Noteholders have responded within such ten (10) Business
Day period.

The Noteholders acknowledge
that the Note A-2 PSA may contain certain provisions that give the Operating Advisor certain non-binding consultation rights with
respect to Major Decisions related to compliance with the Risk Retention Rules applicable to the Lead Securitization.

(g)              
Either (x) the Note B Holders, acting unanimously, or (y) the Note C Holders, acting unanimously, shall be entitled to avoid
a Note B Control Appraisal Period or a Note C Control Appraisal Period, respectively, caused by application of an Appraisal Reduction
Amount upon satisfaction of the following (which must be completed within thirty (30) days of the Servicer’s receipt of a
third party Appraisal that indicates such Control Appraisal Period has occurred (which such Appraisal the Special Servicer will
be required to deliver to the Controlling Noteholder within two Business Days of receipt by the Special Servicer of such third
party Appraisal) together with the Master Servicer or Special Servicer’s, as applicable, calculation of the Appraisal Reduction
Amount applicable to each Subordinate Note: (i) such Controlling Noteholder shall have delivered Threshold Event Collateral as
a supplement to the appraised value of the Mortgaged Property, in the amount specified in clause (ii) below, to the Servicer, together
with documentation acceptable to the Servicer in accordance with the Servicing Standard to create and perfect a first priority
security interest in favor of the Servicer on behalf of the Lead Securitization Noteholder in in such collateral (a) cash collateral
for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby letter of credit with the Lead
Securitization Noteholder (or after the closing of the Lead Securitization, the Servicer or such other party as provided under
the Servicing Agreement) as the beneficiary, issued by a bank or other financial institutions the long term unsecured debt obligations
of which are rated at least “AA” by S&P, “A” by Fitch and “Aa2” by Moody’s or the
short term obligations of which are rated at least “A-1+” by S&P, “F-1” by Fitch and “P-1”
by Moody’s, in each case ignoring any of the foregoing ratings requirements with respect to any rating agency that is not
one of the Rating Agencies (either (a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event
Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property as determined pursuant to the
Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements of this paragraph are
satisfied by the Controlling Noteholder (a “Threshold Event Cure”), no Control Appraisal Period caused by application
of an Appraisal Reduction Amount shall be deemed to have occurred with respect to such Subordinate Noteholder. If a letter of credit
is furnished as Threshold Event Collateral, the applicable Controlling Noteholder shall be required to renew such letter of credit
not later than thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit
or other Threshold Event Collateral with an expiration date that is greater than forty-five (45) days from the date of substitution;
provided, however, that, if a letter of credit is not renewed prior to thirty (30) days prior to the expiration date of such letter
of credit, the letter of credit shall provide that the Servicer may (and at the direction of the applicable Controlling Noteholder,
shall) draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter of credit is furnished
as Threshold Event Collateral, the applicable Controlling Noteholder shall be required to replace such letter of credit with other
Threshold Event Collateral within 30 days if the credit ratings of the issuing entity are downgraded below the required ratings;
provided, however, that, if such Threshold Event Collateral is not so replaced, the Servicer shall draw upon such letter

    	 	 43	 

     

    

of credit and hold the proceeds thereof
as Threshold Event Collateral. The Threshold Event Cure shall continue until (i) the appraised value of the Mortgaged Property
plus the value of the Threshold Event Collateral would not be sufficient to prevent the applicable Control Appraisal Period from
occurring; (ii) the occurrence of a Final Recovery Determination or (iii) the return of the Threshold Event Collateral pursuant
to the following sentence. If the appraised value of the Mortgaged Property, upon any redetermination thereof, is sufficient to
avoid the occurrence of a Control Appraisal Period without taking into consideration any, or some portion of, Threshold Event Collateral
previously delivered by the Controlling Noteholder, any or such portion of Threshold Event Collateral held by the Servicer shall
promptly be returned to such Controlling Noteholder (at its sole expense). Upon a Final Recovery Determination with respect to
the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse each Noteholder for any realized loss pursuant
to Section 3 or 4, as applicable, with respect to the Mortgage Loan after application of the net proceeds of liquidation, not in
excess of the aggregate Principal Balances of the Notes more senior to such Controlling Noteholder, plus accrued and unpaid interest
thereon at the applicable Interest Rate and all other Additional Servicing Expenses reimbursable under this Agreement and under
the Servicing Agreement. Any Threshold Event Collateral shall be treated as an “outside reserve fund” for purposes
of the REMIC Provisions and such property (and the right to reimbursement of any amounts with respect thereto from a REMIC) shall
be beneficially owned by the posting Noteholder who shall be taxed on all income with respect thereto. The entire amount of Threshold
Event Collateral, without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event
Collateral to avoid a Control Appraisal Period.

(h)              
The
Master Servicer or Special Servicer shall obtain Appraisals that meet the requirements of, and at the times required pursuant
to, the terms of the Servicing Agreement.

(i)              
Notwithstanding
anything to the contrary contained herein or in the Servicing Agreement, if at any time the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party is a Noteholder (a “Borrower Party Noteholder”), then (i) such Borrower Party Noteholder
shall not have any rights as a Controlling Noteholder or a Controlling Class Representative, (ii) such Borrower Party Noteholder
shall have no right to appoint or terminate the Master Servicer or Special Servicer, (iii) such Borrower Party Noteholder shall
have no right to consult with or advise the Master Servicer or Special Servicer, and shall have no right to review and approve
or comment on any Asset Status Report and (iv) in each and every instance where, pursuant to this Agreement or the Servicing Agreement,
the Master Servicer or Special Servicer must take into account the interests of each Noteholder (or words of similar import),
such consideration shall be given to the Borrower Party Noteholder only in its capacity as a holder of the applicable Note.

Section 6.       Appointment
of Junior Operating Advisor.

(a)              
The
Controlling Noteholder shall have the right at any time to appoint a controlling noteholder representative to exercise its rights
hereunder (the “Junior Operating Advisor”). The Controlling Noteholder shall have the right in its sole discretion
at any time and from time to time to remove and replace the Junior Operating Advisor. When exercising its various rights under
Section 5 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through the
Junior Operating Advisor. The Junior Operating Advisor may be any Person (other than the Mortgage Loan Borrower, its principal
or any Affiliate of the

    	 	 44	 

     

    

Mortgage Loan Borrower), including,
without limitation, the Controlling Noteholder, any officer or employee of the Controlling Noteholder, any Affiliate of the Controlling
Noteholder or any other unrelated third party. No such Junior Operating Advisor shall owe any fiduciary duty or other duty to any
other Person (other than the Controlling Noteholder). All actions that are permitted to be taken by the Controlling Noteholder
under this Agreement may be taken by the Junior Operating Advisor acting on behalf of the Controlling Noteholder and other Noteholders
(and any Servicer) will accept such actions of the Junior Operating Advisor as actions of the Controlling Noteholder. The Lead
Securitization Noteholder (or any Servicer on its behalf) shall not be required to recognize any Person as a Junior Operating Advisor
until the Controlling Noteholder has notified the Lead Securitization Noteholder (and any Servicer) of such appointment and, if
the Junior Operating Advisor is not the same Person as the Controlling Noteholder, the Junior Operating Advisor provides the Lead
Securitization Noteholder (and any Servicer) with written confirmation of its acceptance of such appointment, an address, any fax
number and any email address 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, telephone numbers, any fax numbers
and any email addresses). The Controlling Noteholder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Junior Operating Advisor until they receive such information
from the Controlling Noteholder. The Controlling Noteholder agrees to inform each such Servicer or Trustee of the then-current
Junior Operating Advisor.

(b)              
Neither
the Junior Operating Advisor nor the Controlling Noteholder will have any liability to any other Noteholder or any other Person
for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing Agreement, or
for errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross
negligence. The Noteholders agree that the Junior Operating Advisor and the Controlling Noteholder may take or refrain from taking
actions that favor the interests of one Noteholder over any other Noteholder, and that the Junior Operating Advisor may have special
relationships and interests that conflict with the interests of a Noteholder and, absent willful misfeasance, bad faith or gross
negligence on the part of the Junior Operating Advisor or such Controlling Noteholder, as the case may be, agree to take no action
against the Junior Operating Advisor, such Controlling Noteholder or any of their respective officers, directors, employees, principals
or agents as a result of such special relationships or interests, and that neither the Junior Operating Advisor nor such Controlling
Noteholder 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 solely in
the interests of any Noteholder.

(c)               If the Lead Securitization Noteholder is the Controlling Noteholder, the Subordinate Noteholders acknowledge and agree all
of the aforementioned rights and obligations of the Controlling Noteholder and the Junior Operating Advisor set forth in Section
5(f) and 5(g) and this Section 6 shall be exercisable by the Lead Securitization Noteholder (or the applicable Person specified
in the Servicing Agreement) to the extent set forth in the Servicing Agreement.

Section 7.       Special Servicer. The Controlling Noteholder (or its Junior Operating Advisor), at its expense (including, without
limitation, the reasonable costs and

    	 	 45	 

     

    

expenses of counsel to any third parties
and costs and expenses of the terminated Special Servicer), shall have the right, at any time from time to time, to appoint a replacement
Special Servicer with respect to the Mortgage Loan. The Controlling Noteholder (or its Junior Operating Advisor) shall be entitled
to terminate the rights and obligations of the Special Servicer under the Servicing Agreement, with or without cause, upon at least
ten (10) Business Days’ prior written notice to the Special Servicer (provided, however, that the Controlling Noteholder
and/or Junior Operating Advisor shall not be liable for any termination or similar fee in connection with the removal of the Special
Servicer in accordance with this Section 7); such termination not be effective unless and until (A) each Rating Agency delivers
a Rating Agency Confirmation (to the extent any portion of the Mortgage Loan has been securitized); (B) the initial or successor
Special Servicer has assumed in writing (from and after the date such successor Special Servicer becomes the Special Servicer)
all of the responsibilities, duties and liabilities of the Special Servicer under the Servicing Agreement from and after the date
it becomes the Special Servicer as they relate to the Mortgage Loan pursuant to an assumption agreement reasonably satisfactory
to the Trustee; and (C) the Trustee shall have received an opinion of counsel reasonably satisfactory to the Trustee to the effect
that (x) the designation of such replacement to serve as Special Servicer is in compliance with the Servicing Agreement, (y) such
replacement will be bound by the terms of the Servicing Agreement with respect to such Mortgage Loan and (z) subject to customary
qualifications and exceptions, the applicable Servicing Agreement will be enforceable against such replacement in accordance with
its terms. The Lead Securitization Noteholder shall promptly provide copies to any terminated Special Servicer of the documents
referred to in the preceding sentence. The Lead Securitization Noteholder will reasonably cooperate with the Controlling Noteholder
in order to satisfy the foregoing conditions, including the Rating Agency Confirmation.

The Controlling Noteholder
agrees and acknowledges that the Note A-2 PSA may contain provisions such that any Special Servicer could be terminated under the
Note A-2 PSA based on a recommendation by the Operating Advisor if (A) the Operating Advisor determines, in its sole discretion
exercised in good faith, that (1) the Special Servicer has failed to comply with the Servicing Standard and (2) a replacement of
the Special Servicer would be in the best interest of the holders of securities issued under the Note A-2 PSA (as a collective
whole) and (B) an affirmative vote of requisite certificateholders is obtained. The Controlling Noteholder will retain its right
to remove and replace the Special Servicer, but the Controlling Noteholder may not restore a Special Servicer that has been removed
in accordance with the preceding sentence.

Section 8.       Payment Procedure.

(a)               
The Lead Securitization Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section
3 or 4, as applicable, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments
allocable to the Notes to the Collection Account or Companion Distribution Account for the Notes established pursuant to the Servicing
Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf) shall establish a segregated sub-account for amounts
due to the each Noteholder. The Lead Securitization Noteholder (or the Servicer acting on its behalf) shall deposit such amounts
to the applicable account within two (2) Business Days following the Lead Securitization Noteholder’s (or the Servicer’s
acting on its behalf) receipt of properly identified and available funds from or on behalf of the Mortgage Loan Borrower.

    	 	 46	 

     

    

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

(c)               
If,
for any reason, the Lead Securitization Noteholder (or the Servicer on its behalf) makes any payment to any other Noteholder before
the Lead Securitization Noteholder (or the Servicer on its behalf) has received the corresponding payment (it being understood
that the Lead Securitization Noteholder (or the Servicer on its behalf) is under no obligation to do so), and the Lead Securitization
Noteholder (or the Servicer on its behalf) does not receive the corresponding payment within three (3) Business Days of its payment
to such other Noteholder, then such other Noteholder will, at the Lead Securitization Noteholder’s (or the Servicer’s
on its behalf) request, promptly return that payment to the Lead Securitization Noteholder (or the Servicer on its behalf).

(d)               
Each
Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable share thereof, it will promptly remit such excess to the Lead Securitization Noteholder (or the
Servicer on its behalf) subject to this Agreement and the Servicing Agreement and to be distributed pursuant to the terms of this
Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf) shall have the right to offset any amounts due hereunder
from any other Noteholder, as applicable, with respect to the Mortgage Loan against any future payments due to such other Noteholder,
as applicable, under the Mortgage Loan, provided, that each Noteholder’s obligations under this Section 8 are separate
and distinct obligations from one another and in no event shall the Lead Securitization Noteholder (or the Servicer on its behalf)
enforce the obligations of one Noteholder against another Noteholder. Each Noteholder’s obligations under this Section 8
constitute absolute, unconditional and continuing obligations.

Section 9.       Limitation
on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf, but only to the extent
that the Servicing Agreement does not impose any other standard upon any Servicer, in which case the Servicing Agreement shall
control) shall have any liability to any other Noteholder except with respect to losses actually suffered due to the gross negligence,
willful misconduct or breach of this Agreement on the part of such Noteholder.

Each Subordinate Noteholder
acknowledges that, subject to the terms and conditions hereof and the obligation of the Lead Securitization Noteholder (including
any Servicer) to comply with, and except as otherwise required by, the Servicing Standard, the Lead

    	 	 47	 

     

    

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

Each Subordinate Noteholder
acknowledges that, subject to the terms and conditions hereof and the obligation of any Non-Lead Securitization Noteholder (including
any Non-Lead Servicer) to comply with, and except as otherwise required by, the Servicing Standard (as if such standard was applicable
to any Non-Lead Securitization Noteholder as a “servicer” thereunder), each Non-Lead Securitization Noteholder (including
any Non-Lead Servicer) may exercise, or omit to exercise, any rights that such Non-Lead Securitization Noteholder may have under
this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of such Subordinate Noteholder and
that any Non-Lead Securitization Noteholder (including any Non-Lead Servicer) shall have no liability whatsoever to such Subordinate
Noteholder in connection with any Non-Lead Securitization Noteholder’s exercise of rights or any omission by a Non-Lead Securitization
Noteholder to exercise such rights other than as described above; provided, however, that the Non-Lead Servicer must
act in accordance with the servicing standard under the Non-Lead Securitization Servicing Agreement.

Each Noteholder acknowledges
that, subject to the terms and conditions hereof, any other Noteholder may exercise, or omit to exercise, any rights that such
Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of each other
Noteholder and that such Noteholder shall have no liability whatsoever to any other Noteholder in connection with such Noteholder’s
exercise of rights or any omission by such Noteholder to exercise such rights; provided, however, that such Noteholder
shall not be protected against any liability to any other Noteholder that would otherwise be imposed by reason of willful misfeasance,
bad faith or negligence.

Section 10.       Bankruptcy. Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder hereby covenants
and agrees that only the Lead Securitization Noteholder (or the Servicer on its behalf) has the right to institute, file, commence,
acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke
or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan
Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage
Loan Borrower. Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder further agrees that
only the Lead Securitization Noteholder, as a creditor, 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. Subject to the provisions of Section 5(f), the Noteholders
hereby appoint the Lead Securitization Noteholder as their agent, and grant to the Lead Securitization Noteholder an irrevocable
power of attorney

    	 	 48	 

     

    

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 Subordinate Noteholders
and the Controlling Noteholder 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 Noteholders, hereby agree that,
upon the request of the Lead Securitization Noteholder but subject to the provisions of Section 5(f), each other Noteholder
shall execute, acknowledge and deliver to the Lead Securitization Noteholder all and every such further deeds, conveyances and
instruments as the Lead Securitization Noteholder may reasonably request for the better assuring and evidencing of the foregoing
appointment and grant. All actions taken by any Servicer in connection with any Insolvency Proceeding are subject to and must be
in accordance with the Servicing Standard.

Section 11.       Cure Rights of Subordinate Noteholders.

(a)               
Subject to Section
11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest on the Mortgage
Loan by the end of the applicable grace period (the “Grace Period”) for such payment permitted under the applicable
Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder shall provide written notice
to each Subordinate Noteholder and the Junior Operating Advisor of such default (the “Monetary Default Notice”).
The Controlling Noteholders, acting unanimously (or, for purposes of this Section 11(a) and Section 11(d), if the Controlling
Noteholders are the Note C Holders, either the Note C Holders (acting unanimously) or the Note B Holders (acting unanimously)
(such permitted electing Subordinate Noteholders, the “Curing Noteholders”)), shall have the right, but not
the obligation, to cure such Monetary Default within seven (7) Business Days after receiving the Monetary Default Notice (the
“Cure Period”) and at no other times. The Monetary Default Notice shall contain a statement that the Curing
Noteholders’ failure to cure such Monetary Default within seven (7) Business Days after receiving such notice will result
in the termination of the right to cure such Monetary Default. At the time a payment is made by the Curing Noteholders to cure
a Monetary Default, such Curing Noteholders shall pay or reimburse each Note A Holders, and if Note C Holders are effecting such
cure, each Note B Holder, for all unreimbursed Advances (whether or not recoverable with respect to any Note), Advance Interest
Amounts, any unpaid fees to any Servicer and any Additional Servicing Expenses. No Curing Noteholders shall be required, in order
to effect a cure hereunder, to pay any Default Interest or late charges under the Mortgage Loan Documents. So long as a Monetary
Default exists for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of
Default by the Lead Securitization Noteholder (including for purposes of (i) the definition of “Sequential Pay Event,”
(ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents or commencing
proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect
to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such
limitation shall not prevent the Lead Securitization Noteholder from collecting Default Interest or late charges from the Mortgage
Loan Borrower to be applied in accordance with this Agreement. Any amounts advanced by a Noteholder on behalf of the Mortgage
Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3 or Section 4,
as applicable.

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(b)               
Notwithstanding
anything to the contrary contained in Section 11(a), the Subordinate Noteholders’ right (collectively) to cure under
Section 11(a) shall be limited to a combined total of (i) six (6) cures of Monetary Defaults over the term of the Mortgage
Loan, no more than three (3) of which may be consecutive, and (ii) six (6) cures of Non-Monetary Defaults over the term of the
Mortgage Loan. Additional Cure Periods shall only be permitted with the consent of the Lead Securitization Noteholder and, in
the case of additional Cure Periods requested by the Note C Holders, each Note B Holder’s consent will also be required.

(c)               
No action taken
by a Subordinate Noteholder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower of its obligations
under the Mortgage Loan Documents and the Note A Holders’ respective rights under the Mortgage Loan Documents shall not
be waived or prejudiced by virtue of any Subordinate Noteholder’s actions under this Agreement. Subject to the terms of
this Agreement, each Subordinate Noteholder shall be subrogated to the Note A Holders’ respective rights to any payment
owing to such Note A Holders for which such Subordinate Noteholder makes a cure payment as permitted under this Section 11,
and the Note C Holders shall be subrogated to the Note B Holders’ respective rights to any payment owing to such Note B
Holders for with the Note C Holders make a cure payment as permitted under this Section 11, but in either case such subrogation
rights may not be exercised against the Mortgage Loan Borrower until ninety-one (91) days after the Note is paid in full.

(d)               
If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Lead Securitization Noteholder shall provide notice of such Non-Monetary Default to each Subordinate
Noteholder and the Junior Operating Advisor of such Non-Monetary Default (the “Non-Monetary Default Notice”)
and the Curing Noteholder, acting unanimously, shall each have the right, but not the obligation, to cure such Non-Monetary Default
until the later of (a) the expiration date of the cure period afforded to the Mortgage Loan Borrower under the Mortgage Loan Documents,
without regard for the date of receipt by such Curing Noteholders of the Non-Monetary Default Notice, and (b) the date which is
thirty (30) days from the date of receipt by such Curing Noteholders of the Non-Monetary Default Notice related to such Non-Monetary
Default; provided, however, if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured within
such period and if curative action was promptly commenced and is being diligently pursued by the Curing Noteholders, such Curing
Noteholders) shall be given an additional period of time as is reasonably necessary to enable such Curing Noteholders in the exercise
of due diligence to cure such Non-Monetary Default for so long as (i) such Controlling Noteholders diligently and expeditiously
proceed to cure such Non-Monetary Default, (ii) such Curing Noteholders make all cure payments that they are permitted to make
in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional period of time does not exceed
ninety (90) days, (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during such period of time that
the Curing Noteholders have to cure a Non-Monetary Default in accordance with this Section 11(d) (the “Non-Monetary
Default Cure Period”), an Insolvency Proceeding does not occur, and (v) during such Non-Monetary Default Cure Period,
there is no material adverse effect on the value, use or operation of the Mortgaged Property taken as whole, which cannot be cured
by the Curing Noteholders within five (5) days of such notice of such material adverse effect. The Non-Monetary Default Notice
shall contain a statement that the Curing Noteholders’ failure to cure such Non-Monetary Default within the applicable Non-Monetary
Default Cure Period after receiving such notice will result in the termination of the right to cure such Non-Monetary Default.

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No Curing Noteholder shall contact the
Mortgage Loan Borrower in order to effect any cures under Section 11(a) or this Section 11(d) without the prior written
consent of the Lead Securitization Noteholder (or the Servicer on its behalf), such consent not to be unreasonably withheld, conditioned
or delayed.

(e)               
In
the event that the Controlling Noteholders are the Note C Holders, and both the Note C Holders (acting unanimously) and the Note
B Holders (acting unanimously) send notice of their election to cure a Monetary Default or a Non-Monetary Default, the Controlling
Noteholders and only the Controlling Noteholders shall be entitled to act as the Curing Noteholder.

Section 12.       Purchase By Subordinate Noteholder(s). Each of (A) the Note B Holders, acting unanimously, and (B) the Note C Holders,
acting unanimously, shall have the right, by written notice to (x) the Note A Holders and (y) if the Noteholder(s) electing to
make such purchase is the Note C Holders, the Note B Holders (a “Noteholder Purchase Notice”; the sender(s)
of such notice, the “Purchasing Noteholder”; and each recipient of such notice, a “Selling Noteholder”),
delivered at any time an Event of Default under the Mortgage Loan has occurred and is continuing, to purchase, in immediately available
funds, (i) if the Purchasing Noteholder is the Note B Holders, acting unanimously, the A Notes, and (ii) if the Purchasing Noteholder
is the Note C Holders, the A Notes and the B Notes (each Note specified in the Noteholder Purchase Notice, a “Purchased
Note”), in whole but not in part at the applicable Defaulted Mortgage Loan Purchase Price. For avoidance of doubt, if
one or more Subordinate Noteholder(s) elects to send a Noteholder Purchase Notice pursuant to this Section 12, it/they must
purchase the applicable Purchased Note(s). Upon the delivery of the Noteholder Purchase Notice to the Selling Noteholder(s), the
Selling Noteholder shall sell (and the Purchasing Noteholder shall purchase) the Purchased Note(s) at the applicable Defaulted
Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”) not less than ten (10) days and
not more than forty-five (45) days after the date of the Noteholder Purchase Notice, as shall be mutually established by the Purchasing
Noteholder and the Selling Noteholder(s). The Noteholder Purchase Notice shall contain a statement that the Purchasing Noteholder’s
failure to purchase the Purchased Note(s) on a Defaulted Note Purchase Date (other than as a result of any failure to consummate
such purchase on the part of the Selling Noteholder or as a result of the conditions giving rise to such purchase ceasing to exist)
will result in the termination of such right in respect of the Event of Default that caused such purchase right to be exercisable
and not in respect of any other Event of Default. Each Subordinate Noteholder agrees that the sale of any Purchased Notes to it
shall comply with all requirements of the Servicing Agreement and that all costs and expenses related thereto shall be paid by
the applicable Purchasing Noteholder. The Defaulted Mortgage Loan Purchase Price shall be calculated by the Selling Noteholder(s)
(or the Servicer on its or their behalf) three (3) Business Days prior to the Defaulted Note Purchase Date (and such calculation
shall be accompanied by a listing of all amounts included in the Defaulted Mortgage Loan Purchase Price and reasonably detailed
back-up documentation explaining how such price was determined), and shall, absent manifest error, be binding upon the Purchasing
Noteholder. Concurrently with the payment to the Selling Noteholder(s) in immediately available funds of the Defaulted Mortgage
Loan Purchase Price, the Selling Noteholder(s) shall execute at the sole cost and expense of the Purchasing Noteholder in favor
of the Purchasing Noteholder assignment documentation which will assign the Purchased Note(s) and the Mortgage Loan Documents without
recourse, representations or warranties (except each Selling Noteholder will represent and warrant that it had good and marketable
title to, was the sole owner and holder of, and had power and authority to deliver its

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Note and all of its right, title and
interest in and to the Mortgage Loan Documents free and clear of all liens and encumbrances (other than the interest created by
the Note(s) that are not the Purchased Note(s))). The right of the Note B Holders or the Note C Holders to purchase one or more
Notes as set forth above in this Section 12 shall automatically terminate upon a foreclosure sale, sale by power of sale
or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Lead Securitization Noteholder shall
give the Subordinate Noteholders ten (10) Business Days’ prior written notice of its intent with respect to such action).
Notwithstanding the foregoing sentence, if title to the Mortgaged Property is transferred to the Lead Securitization Noteholder
(or a designee on its behalf), in a manner commonly known as “the borrower turning over the keys” and not otherwise
in connection with a consummation by the Lead Securitization Noteholder of a foreclosure sale or sale by power of sale or acceptance
of a deed in lieu of foreclosure, less than ten (10) Business Days after the acceleration of the Mortgage Loan, the Lead Securitization
Noteholder shall notify each Subordinate Noteholder of such transfer and the Note B Holders and Note C Holders shall each have
a fifteen (15) Business Day period from the date of such notice from the Lead Securitization Noteholder to deliver the Noteholder
Purchase Notice to the Lead Securitization Noteholder (and, if the Note C Holders are delivering such Noteholder Purchase Notice,
to the Note B Holders), in which case such Subordinate Noteholder shall be obligated to purchase the Mortgaged Property, in immediately
available funds, within such fifteen (15) Business Day period at the applicable Defaulted Mortgage Loan Purchase Price.

Section 13.       Representations of each Subordinate Noteholder. Each Subordinate Noteholder represents, solely as to itself and its
Subordinate Note, and it is specifically understood and agreed, that it is acquiring such Note for its own account in the ordinary
course of its business and none of the other Noteholders shall have any liability or responsibility to such Subordinate Noteholder
except (i) as expressly provided herein or (ii) for actions that are taken or omitted to be taken by such other Noteholder that
constitute gross negligence or willful misconduct or that constitute a breach of this Agreement. Each Subordinate Noteholder represents
and warrants solely as to itself 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 its charter or any law or contractual restriction
binding upon such Subordinate Noteholder, and that this Agreement is the legal, valid and binding obligation of such Subordinate
Noteholder enforceable against such Subordinate Noteholder in accordance with its terms, except as such enforcement may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited
by applicable law. Each Subordinate Noteholder represents and warrants solely as to itself that it is duly organized, validly existing,
in good standing and possesses of all licenses and authorizations necessary to perform its obligations hereunder. Each Subordinate
Noteholder represents and warrants as to itself that (a) this Agreement has been duly executed and delivered by such Subordinate
Noteholder, (b) to such Subordinate Noteholder’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 Subordinate Noteholder have been obtained or made and (c) to such Subordinate Noteholder’s actual knowledge, there
is no pending action, suit or proceeding, arbitration or governmental investigation against such Subordinate Noteholder, an adverse
outcome of which would materially and adversely affect its performance under this Agreement.

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Each Subordinate Noteholder
acknowledges that no other Noteholder owes such Subordinate Noteholder any fiduciary duty with respect to any action taken under
the Mortgage Loan Documents and, except as provided herein, need not consult with such Subordinate Noteholder with respect to any
action taken by such other Noteholder, as applicable, in connection with the Mortgage Loan.

Each Subordinate Noteholder
expressly and irrevocably waives for itself and any Person claiming through or under such Subordinate Noteholder any and all rights
that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any similar
law which purports to give a junior loan noteholder the right to initiate any loan enforcement or foreclosure proceedings.

Section 14.       Representations of each Initial Noteholder. Each Initial Noteholder 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 Noteholder’s charter or any law or contractual restriction binding upon such Noteholder and that
this Agreement is the legal, valid and binding obligation of such Noteholder as applicable enforceable against it in accordance
with its terms. Each Initial Noteholder represents and warrants that it is duly organized, validly existing, in good standing and
possession of all licenses and authorizations necessary to carry on its respective business. Each Initial Noteholder represents
and warrants that (a) this Agreement has been duly executed and delivered by such Noteholder, (b) to such Noteholder’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 Noteholder have been obtained or made and (c) to
such Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation
against such Noteholder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.

Each Initial Noteholder
acknowledges that no other Noteholder owes such Noteholder any fiduciary duty with respect to any action taken under the Mortgage
Loan Documents and, except as provided herein or in the Servicing Agreement, need not consult with such Noteholder with respect
to any action taken by such Noteholder in connection with the Mortgage Loan.

Section 15.       Independent Analysis of each Subordinate Noteholder. Each Subordinate Noteholder acknowledges that it has, independently
and without reliance upon any Initial Noteholder, except with respect to the representations and warranties provided by an Initial
Noteholder herein and in any documents or instruments executed and delivered by the such Initial Noteholder in connection herewith
(including the representations and warranties provided in the agreement pursuant to which it acquired its Subordinate Note), and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to purchase such
Subordinate Note and such Subordinate Noteholder accepts responsibility therefor. Each Subordinate Noteholder hereby acknowledges
that, other than the representations and warranties provided herein and in such other documents or instruments, no Initial Noteholder
has made any representations or warranties with respect to the Mortgage Loan, subject to such representations and warranties as
provided by such Initial Noteholder herein and in such other documents and instruments, and that no Initial Noteholder shall have
any responsibility for (i) the collectibility of

    	 	 53	 

     

    

the Mortgage Loan, (ii) the validity,
enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished
or to be furnished to an Initial Noteholder in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency
or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage
Loan Borrower. Each Subordinate Noteholder assumes all risk of loss in connection with its Note except as specifically set forth
herein.

Section 16.       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 or among any of the Noteholders as a partnership,
association, joint venture or other entity. None of the Noteholders shall have any obligation whatsoever to offer to any other
Noteholder the opportunity to purchase a Note interest in any future loans originated by such Noteholder or its Affiliates, and
if such Noteholder chooses to offer to any other Noteholder the opportunity to purchase a Note interest in any future mortgage
loans originated by the such Noteholder or their respective Affiliates, such offer shall be at such purchase price and interest
rate as the offering Noteholder chooses, in its sole and absolute discretion. No Noteholder shall have any obligation whatsoever
to purchase from any other Noteholder an interest in any future loans originated by such Noteholder or their respective Affiliates.

Section 17.       Not a Security. No Subordinate Note shall be deemed to be a security within the meaning of the Securities Act of
1933 or the Securities Exchange Act of 1934.

Section 18.       Other Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, (i) (a) the Mortgage Loan Borrower
or (b) any direct or indirect parent of the Mortgage Loan Borrower or (c) any Affiliate of the Mortgage Loan Borrower or (d) any
Affiliate of any direct or indirect parent of the Mortgage Loan Borrower, (ii) any entity that is a holder of debt secured by direct
or indirect ownership interests in the Mortgage Loan Borrower or any Affiliate of the holder of such debt, or (iii) any entity
that is a holder of a preferred equity interest in the Mortgage Loan Borrower or any Affiliate of a holder of such preferred
equity (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 19.       Sale of the Notes.

(a)               
Each
Subordinate Noteholder agrees that it will not Transfer all or any portion of its Note except in accordance with this Section
19. Each Subordinate Noteholder shall have the right, without the need to obtain the consent of any other Noteholder or any
other Person, to Transfer 49% or less (in the aggregate) of its interest in its Note to any Person, provided that any such Transfer
shall be made in accordance with the terms of this Section 19. Each Subordinate Noteholder shall have the right to
Transfer its entire Note or any portion thereof exceeding 49%, (i) to a Qualified Institutional Lender, provided, that promptly
after the Transfer each Note A Holder (and, in the case of a Transfer of a C Note, each Note B Holder) is provided with (x) a
representation from a transferee or such Subordinate Noteholder certifying that such transferee is a Qualified Institutional Lender,
and (y) a copy of the assignment and assumption agreement

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referred to in Section 20 and
provided further, that such transfer would not cause such Note to be held by more than five persons nor cause there to be no one
person owning a majority of such Note and (ii) to an entity that is not a Qualified Institutional Lender, provided that with respect
to this clause (ii), such Subordinate Noteholder obtains (1) prior to the Lead Securitization Date, the consent of the Lead Securitization
Noteholder and each other Note A Holder, each such consent not to be unreasonably withheld, conditioned or delayed, and (2) after
the Lead Securitization Date, Rating Agency Confirmation (and for avoidance of doubt, no consent of the Lead Securitization Noteholder
or other Note A Holder shall be required after the closing of the Lead Securitization); provided that in each of case (1)
and (2), (x) promptly after the Transfer each Note A Holder are each provided with a copy of the assignment and assumption agreement
referred to in Section 20 and (y) such transfer would not cause the subject Note to be held by more than five persons; and
provided further, however, that if such transfer would cause there to be no one person owning a majority of the subject
Note, then such transfer will not be permitted unless persons owning a majority of the subject Note designate one of such persons
to act on behalf of such persons owning such majority. If the subject Note is held by more than one Noteholder at any time, the
Majority B Noteholders or Majority C Noteholders, as applicable, shall immediately appoint a representative to exercise all rights
of such Subordinate Noteholder hereunder. As of the date hereof, the Majority B Noteholders hereby designate the Noteholder holding
Note B-1 as the representative to exercise all of the rights of the Note B Holders pursuant to this Section 19, until such
time as the Note B Holders shall notify the other Noteholders in writing. As of the date hereof, the Majority C Noteholders hereby
designate the Noteholder holding Note C-1 as the representative to exercise all of the rights of the Note C Holders pursuant to
this Section 19, until such time as the Note C Holders shall notify the other Noteholders in writing. Notwithstanding the
foregoing, without the Lead Securitization Noteholder’s prior consent, which may be withheld in the Lead Securitization Noteholder’s
sole and absolute discretion, and, in the case of a Transfer of a C Note, without the Note B Holders, which may be withheld in
the Note B Holders’ sole and absolute discretion, no Subordinate Noteholder shall Transfer all or any portion of its 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. Each Subordinate Noteholder agrees it will pay the expenses of the Lead Securitization
Noteholder (including all expenses of the Master Servicer and the Special Servicer) and the Non-Lead Securitization Noteholders
(including all expenses of the related Non-Lead Master Servicer and the related Non-Lead Special Servicer) in connection with any
such Transfer.

(b)               
All
Transfers under Section 19(a) shall be made upon written notice to the Note A Holders not later than the date of such Transfer
(and, in the case of a Transfer of a C Note, upon not less than five (5) Business Days’ prior written notice to the Note
B Holders, unless the Transfer is to an Affiliate of such Note C Holder in which case written notice need only be given not later
than the date of such Transfer), and each transferee shall (i) execute an assignment and assumption agreement whereby such
transferee assumes all or a ratable portion, as the case may be, of the obligations of the applicable Subordinate Noteholder hereunder
with respect to its Note from and after the date of such assignment (or, in the case, of a pledge, collateral assignment or other
encumbrance made in accordance with Section 19(e) by such Subordinate Noteholder of its Note solely as security for a loan
to such Subordinate Noteholder made by a third-party lender whereby such Subordinate Noteholder remains fully liable under this
Agreement, on or before the date on which such third-party lender succeeds to the rights of such Subordinate Noteholder by foreclosure
or otherwise, such third-party lender executes an agreement that such lender shall be bound by the

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terms and provisions of this Agreement
and the obligations of such Subordinate Noteholder hereunder) and (ii) agree in writing to be bound by the Servicing Agreement,
unless the Servicing Agreement is not then in effect with respect to the Mortgage Loan, in which event the parties will enter into
or agree to be bound by any replacement servicing agreement therefor in accordance with the provisions hereof. Upon the consummation
of a Transfer of all or any portion of a Subordinate Note in accordance with this Agreement, the transferring Person shall be released
from all liability arising under this Agreement with respect to such Subordinate Note (or the portion thereof that was the subject
of such Transfer), for the period after the effective date of such Transfer (it being understood and agreed that the foregoing
release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest in the subject
Subordinate Note as described in clause (c) below). In connection with any such permitted transfer of a portion of a Subordinate
Note and for all purposes of this Agreement, each Note A Holder need only recognize the majority holder of such Subordinate Note
for purposes of notices, consents and other communications between such Note A Holders, as applicable, and such majority holder
of the subject Subordinate Note shall be the only Person authorized hereunder to exercise any rights of such Subordinate Noteholder
under this Agreement; provided, however, the majority holder of the subject Subordinate Note may from time to time
designate any other Person as an additional party entitled to receive notices, consents and other communications and/or to exercise
rights on behalf of such Subordinate Noteholder hereunder by delivering written notice thereof to each Note A Holder, and, from
and after delivery of such notice, such designee shall be so authorized hereunder and shall be the only party entitled to receive
such notices, consents and such other communications and/or to exercise such rights.

(c)               
In the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such
Noteholder’s obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible
for the performance of such obligations, (iii) the other Noteholders and any Persons acting on their behalf shall continue
to deal solely and directly with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement
and the Servicing Agreement, and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such
participation interest; provided, however, that if the applicable participant is a Qualified Institutional Lender
(and delivers to the other Noteholders a certification from an authorized officer confirming its status as a Qualified Institutional
Lender), such Noteholder, by written notice to the other Noteholders, may delegate to such participant such Noteholder’s
right to exercise the rights of the Controlling Noteholder hereunder and under the Servicing Agreement; provided, further,
however, that upon the occurrence of a Note B Control Appraisal Period or a Note C Control Appraisal Period, the aforesaid
delegation of rights shall terminate and be of no further force and effect with respect to a B Note (in the case of a Note B Control
Appraisal Period) or a C Note (in the case of a Note C Control Appraisal Period).

(d)               
Each
of the Note A Holders shall have the right to Transfer all or any portion of its Note without the prior consent of any other Noteholder
(i) with respect to each A Note prior to an Event of Default, to any party other than the Mortgage Loan Borrower or any Mortgage
Loan Borrower Related Party and (ii) after an Event of Default, to any party, including the Mortgage Loan Borrower and any Mortgage
Loan Borrower Related Party; provided, however, that following such Transfer of any A Note, the Mortgage Loan continues
to be serviced in its entirety pursuant to the Servicing Agreement by a Servicer unaffiliated with Mortgage Loan Borrower. For

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the avoidance of doubt, subject to Section
12, no Noteholder or the Servicer shall have any right to Transfer or cause the Transfer of any other Note.

(e)               
Notwithstanding
any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage
Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder 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 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person which Controls
such Noteholder that is secured by such Noteholder’s interest in the applicable 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) prior to the first Securitization of any Note, the consent of each other
Noteholder and (b) after the closing of the first Securitization of any Note, Rating Agency Confirmation. Upon written notice
by the applicable Noteholder to each other Noteholder and any Servicer that a Pledge has been effected (including the name and
address of the applicable Note Pledgee), each other Noteholder agrees to acknowledge receipt of such notice and thereafter agrees:
(i) to give Note Pledgee written notice of any default by the pledging Noteholder in respect of its obligations under this
Agreement of which default such Noteholder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10)
Business Days to cure a default by the pledging Noteholder in respect of its obligations to each other Noteholder 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 Noteholder shall give to such Note Pledgee
copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging Noteholder and accept
any cure thereof by such Note Pledgee which such pledging Noteholder has the right (but not the obligation) to effect hereunder,
as if such cure were made by such pledging Noteholder; (v) that such other Noteholder 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 Noteholder; and (vi) that, upon written notice (a “Redirection Notice”)
to each other Noteholder and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any applicable
cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant
to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases each other
Noteholder and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s
compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered by a Note
Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder 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 Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage
Loan Borrower or any Affiliate thereof which is also

    	 	 57	 

     

    

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 Noteholder’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 Noteholder 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 19(e) shall remain effective as to any Noteholder (and
any Servicer) unless and until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing
that its interest in the pledged Note has terminated.

(f)               
Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified
Institutional Lender provides financing to a Noteholder then such Noteholder 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 Noteholder to finance the acquisition
and holding of its Note will require a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;

(ii)           
The Conduit Credit Enhancer and conduit manager (if Moody’s rates the Securitization) will be a Qualified Institutional
Lender;

(iii)           
Such Noteholder will pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the applicable
Note to the Conduit as collateral for the Conduit Inventory Loan;

(iv)           
The Conduit Credit Enhancer and the Conduit will agree that, if such Noteholder 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 Noteholder, the Conduit
Credit Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Noteholder’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 the consent
of each other Noteholder, have any greater right to acquire the interests in the Note pledged by such Noteholder, 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 20.       Registration of Transfer. In connection with any Transfer of a Note (but excluding (x) any participant and (y) any
Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption agreement whereby
such transferee assumes all of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing
and agrees to be bound by the terms of this Agreement, including the restriction on Transfers set forth in Section 19, from and
after the date of such assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to execute an assignment
and assumption

    	 	 58	 

     

    

agreement in connection with any Transfer
of a Note if the obligations are assumed pursuant to the Servicing Agreement. In connection with a Transfer of a Note, the Agent
shall not recognize any attempted or purported transfer of any Note in violation of the provisions of Section 19 and this Section 20.
Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Noteholder
desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and any other Noteholder against any liability
that may result if the transfer is not made in accordance with the provisions of this Agreement. Upon a Securitization of the Lead
Securitization Note, the Certificate Administrator shall automatically become and be the Agent.

Section 21.       Registration
of the Notes. The Agent shall keep or cause to be kept at the Agent Office books (the “Note Register”)
for the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the Agent hereby accepts
such appointment. The names and addresses of the holders of the Notes and the names and addresses of any transferee of any Note
of which the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to in Section
20, and the principal amounts (and stated interest) of the Note owing to each such Noteholder, shall be registered in the Note
Register. The Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for
all purposes of this Agreement, except in the case of the Initial Noteholders who may hold their Notes through a nominee. Upon
request of a Noteholder, the Agent shall provide such party with the names and addresses of the Noteholders. To the extent another
party is appointed as Agent hereunder, the Noteholders hereby designate such person as its agent under this Section 21
solely for purposes of maintaining the Note Register. The parties intend for the Notes to be in registered form for federal income
tax purposes under Section 5f.103-1(c) of the United States Treasury Regulations.

Section 22.       Statement of Intent. The Agent and each Noteholder intend that the Notes be classified, and the arrangement hereby
be maintained, in a manner consistent with rules applicable to a grantor trust under subpart E, part I of subchapter J of chapter
1 of the Code that is a fixed investment trust within the meaning of Treasury Regulation §301.7701-4(c), and the parties will
not take any action inconsistent with such classification. It is neither the purpose nor the intent of this Agreement to create
a partnership, joint venture, “taxable mortgage pool” or association taxable as a corporation among the parties.

Section 23.       No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Noteholders.
Except as otherwise provided in this Agreement and the Servicing Agreement, no Non-Lead Noteholder shall have any interest in any
property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of
any sale, lease or other disposition thereof shall be received, then each Non-Lead Noteholder shall be entitled to receive its
share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

Section 24.       Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN

    	 	 59	 

     

    

ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Section 25.       Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

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

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

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

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

Section 26.       Modifications; Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in
writing signed by each Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders
shall not amend or modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation
from the Rating Agencies shall be required in connection with a modification or amendment (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 Servicing
Agreement, (ii) entered into pursuant to Section 38 of this Agreement or (iii) to correct or supplement any provision herein
that may be defective or inconsistent with any other provisions of this Agreement.

Section 27.       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

    	 	 60	 

     

    

and permitted assigns. Except as provided
herein, 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 19, each Noteholder 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 Noteholder hereunder, including, without limitation,
the right to make further assignments and grant additional Notes.

Section 28.       Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

Section 29.       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 30.       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 31.       Entire Agreement. This Agreement constitutes the entire agreement among 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 32.       Withholding Taxes.

(a)               
If the Lead Securitization Noteholder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes
from interest, fees or other amounts payable to any Subordinate Noteholder with respect to the Mortgage Loan as a result of such
Subordinate Noteholder constituting a Non-Exempt Person, the Lead Securitization Noteholder, or the Servicer on its behalf, shall
be entitled to do so with respect to such Subordinate Noteholder’s interest in such payment (all amounts so withheld being
deemed paid to such Subordinate Noteholder), provided that the Lead Securitization Noteholder shall furnish such Subordinate
Noteholder 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 Subordinate Noteholder to seek any allowable credits or deductions for the Taxes so
withheld in each jurisdiction in which such Subordinate Noteholder is subject to tax.

(b)               
Each Subordinate
Noteholder shall and hereby agrees to indemnify the Lead Securitization Noteholder against and hold the Lead Securitization Noteholder
harmless from and against any Taxes, interest, penalties and reasonable attorneys’ fees, expenses and disbursements arising
or resulting from any failure of the Lead Securitization Noteholder (or the Servicer on its behalf) to withhold Taxes from payment
made to such Subordinate Noteholder in reliance upon

    	 	 61	 

     

    

any representation, certificate, statement,
document or instrument made or provided by such Subordinate Noteholder to the Lead Securitization Noteholder in connection with
the obligation of the Lead Securitization Noteholder to withhold Taxes from payments made to such Subordinate Noteholder, it being
expressly understood and agreed that (i) the Lead Securitization Noteholder 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 Subordinate Noteholders shall, upon request of the Lead Securitization
Noteholder, at its sole cost and expense, defend any claim or action relating to the foregoing indemnification using counsel selected
by the Lead Securitization.

(c)               
Contemporaneously
with the execution of this Agreement, and from time to time as reasonably requested by the Lead Securitization Noteholder or Servicer
during the term of this Agreement, each Subordinate Noteholder shall deliver to the Lead Securitization Noteholder or Servicer,
as applicable, evidence satisfactory to the Lead Securitization Noteholder substantiating whether such Subordinate Noteholder
is a Non-Exempt Person and whether the Lead Securitization Noteholder is obligated under applicable law to withhold Taxes on sums
paid to it with respect to the Mortgage Loan or otherwise under this Agreement, it being acknowledged by the parties hereto that
delivery of a certification in the form attached hereto as Exhibit D shall be satisfactory evidence that such Subordinate
Noteholder is not a Non-Exempt Person. Without limiting the effect of the foregoing, (i) if a Subordinate Noteholder (or, if such
Subordinate Noteholder is disregarded for U.S. federal income tax purposes, the owner of such Subordinate Noteholder) 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 Noteholder an Internal Revenue Service Form W-9 and (ii) if
a Subordinate Noteholder (or, if such Subordinate Noteholder is disregarded for U.S. federal income tax purposes, the owner of
such Subordinate Noteholder) 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 Subordinate Noteholder shall satisfy the
requirements of the preceding sentence by furnishing to the Lead Securitization Noteholder Internal Revenue Service Form W-8ECI,
Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or applicable successor forms, as may be required from
time to time, duly executed by such Subordinate Noteholder; provided that such Subordinate Noteholder, without request,
shall deliver a new, appropriately completed Form W-8 if the Subordinate Noteholder’s current Form W-8 “expires”
or if there is a “change in circumstances” that makes any of the information on the current Form W-8 incorrect (both
within the meaning of the instructions to such Form W-8). The Lead Securitization Noteholder shall not be obligated to make any
payment hereunder to any Subordinate Noteholder in respect of its Note or otherwise until such Subordinate Noteholder shall have
furnished to the Lead Securitization Noteholder the requested forms, certificates, statements or documents.

Section 33.       Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Notes) will
be held by the Lead Securitization Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder) who shall
act as secured party under the Mortgage Loan Documents on behalf of the registered holders of the

    	 	 62	 

     

    

Notes. Notwithstanding anything to the
contrary in this Agreement, upon the Lead Securitization, the originals of all of the Mortgage Loan Documents (other than the Notes)
shall be held by the Custodian (as defined in the Servicing Agreement). Each Note shall be held by the respective Noteholder or
a custodian appointed by such Noteholder.

Section 34.       Notices. All notices required hereunder shall be given by (i) writing and personally delivered, (ii) sent by facsimile
transmission (during business hours) if a party has provided a facsimile number, (iii) reputable overnight delivery service (charges
prepaid), (iv) sent by electronic mail containing language requesting the recipient to confirm receipt thereof if a party has provided
an electronic mail address and only if such electronic mail is promptly followed by a written notice or (iv) certified United States
mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit
B hereto, or at such other address as any party shall hereafter inform the other party by written notice given as aforesaid.
All written notices so given shall be deemed effective upon receipt.

All notices and reports
(including, without limitation, Asset Status Reports) required to be delivered hereunder by the Lead Securitization Noteholder
(or any Servicer on its behalf) to the Controlling Noteholder (or its Junior Operating Advisor), or by the Controlling Noteholder
(or its Junior Operating Advisor) to the Lead Securitization Noteholder (or any Servicer on its behalf), shall also be delivered
by the applicable party to each other Noteholder.

Section 35.       Broker. Each Noteholder represents to each other Noteholder that no broker was responsible for bringing about this
transaction.

Section 36.       Certain Matters Affecting the Agent.

(a)               
The Noteholders hereby appoint the Agent to act on their behalf, and the Agent shall act on behalf of the Noteholders;

(b)              
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 20;

(c)               
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;

(d)              
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 of the Noteholders pursuant to the provisions of this Agreement, unless it has received
indemnity reasonably satisfactory to it;

(e)               
The Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning
of the Securities 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;

    	 	 63	 

     

    

(f)               
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 20; and

(g)              
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.

Section 37.       Termination
of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization Noteholder.
In the event that the Agent is terminated pursuant to this Section 37, all of its rights and obligations under this Agreement
shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this
Agreement and perform the duties of the Agent hereunder. Goldman Sachs Bank USA, as Initial Agent, may transfer its rights and
obligations to a Servicer, as successor Agent, at any time without the consent of any Noteholder. Goldman Sachs Bank USA, as Initial
Agent, shall promptly and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to
act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. Notwithstanding
the foregoing, the Noteholders hereby agree that, simultaneously with the closing of the Lead Securitization, the Certificate Administrator
shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place of the Initial Agent
or any successor thereto prior to such Securitization without any further notice or other action. The termination or resignation
of the Certificate Administrator, as Certificate Administrator under the Servicing Agreement, shall be deemed a termination or
resignation of such Certificate Administrator as Agent under this Agreement.

Section 38.       Resizing. In connection with the Mortgage Loan, each Noteholder agrees, subject to clause (iii) below, that if a
Note A Holder determines that it is advantageous to resize its Note by causing the Mortgage Loan Borrower to execute amended and
restated or additional pari passu notes (in either case, “New Notes”) reallocating the principal of such Note
to such New Notes, each Noteholder other than the resizing Noteholder shall cooperate with the resizing Noteholder to effect such
resizing at such resizing Noteholder’s expense; provided that (i) the aggregate principal balance of all outstanding
New Notes following the creation thereof is no greater than the principal balance of such Note or Notes immediately prior to the
creation of the New Notes, (ii) the weighted average Interest Rate of all outstanding New Notes following the creation thereof
is the same as the Interest Rate of the related Note or Notes immediately prior to the creation of the New Notes, and (iii) no
such resizing shall (x) change the interest allocable to, or the amount of any payments due to, any other Noteholder, or priority
of such payments, or (y) increase any other Noteholder’s obligations or decrease any other Noteholder’s rights,
remedies or protections. In connection with any resizing of an A Note, the related Noteholder may allocate its rights hereunder
among the New Notes in any manner in its sole discretion.

Section 39.       Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement, on
the other, this Agreement shall control.

    	 	 64	 

     

    

Section 40.       Cooperation
in Securitization.

(a)               
Each Noteholder acknowledges that any Note A Holder may elect, in its sole discretion, to include its Note in a Securitization.
In connection with a Securitization of an A Note, at the request of the related Noteholder, each other Noteholder shall use commercially
reasonable efforts, at the requesting Noteholder’s expense, to satisfy, and to cooperate with the requesting Noteholder in
attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the requesting Noteholder customarily
adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization,
including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and
to cooperate with the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to
the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization;
provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization
no other Noteholder 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 any payments to be made to, such Noteholder, (ii) increase such Noteholder’s obligations
or decrease such Noteholder’s rights, remedies or protections hereunder or under any Mortgage Loan Document, or (iii) otherwise
adversely (other than de minimus changes) affect the rights and interests of such Noteholder. In connection with any such Securitization
of an A Note, each other Noteholder agrees to provide for inclusion in any disclosure document relating to the related Securitization
such customary non-confidential information concerning such Noteholder as the requesting Noteholder reasonably determines to be
necessary to satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that
if it is not the requesting Noteholder, it shall use commercially reasonable efforts to cooperate with the requests of each Rating
Agency and the requesting Noteholder in connection with the preparation of any offering documents in connection with the Securitization,
and to review and respond reasonably promptly with respect to any information relating to it in any Securitization document, all
at the cost and expense of the requesting Noteholder. Each Noteholder acknowledges that the information provided by it to the requesting
Noteholder pursuant to this Section 40 may be incorporated into the offering documents for a Securitization. A requesting
Note A Holder and each Rating Agency shall be entitled to rely on the information supplied by each other Noteholder pursuant to
this Section 40.

(b)               
Each
Note A Holder securitizing its Note may, at its election, deliver to each other Noteholder drafts of the preliminary and final
Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the
Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group
of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to
such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall
review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2)
Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general
working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such
time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment

    	 	 65	 

     

    

shall constitute a waiver of such other
Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement between any such other
Noteholder with respect to the preliminary and final offering memoranda, prospectus, free writing prospectus or any other disclosure
documents the requesting Noteholder’s determination shall control (the parties acknowledging that no inaccuracy in such documents
shall in any respect prejudice any such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). No such
other Noteholder shall have any obligation or liability with respect to any such offering documents other than the accuracy of
any comments it elects to make regarding itself.

(c)               
Notwithstanding anything herein to the contrary, each of Note A Holder acknowledges and agrees that (i) no other Noteholder
shall be required to incur any out-of-pocket expenses in connection with their respective Securitizations of an A Note, and (ii)
any such other Noteholder shall only be required to disclose such customary non-confidential information reasonably determined
by the requesting Note A Holder to be necessary to satisfy its disclosure obligations in connection with its Securitization.

[SIGNATURE PAGE FOLLOWS]

 

 

    	 	 66	 

     

    

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

	 	GOLDMAN
SACHS BANK USA, as Initial Goldman Noteholder and Initial Agent
	 	 
	 	 
	 	By: 	/s/ Leah Nivison
	 	 	Name: Leah Nivison
Title: Authorized Signatory

 

	 	DEUTSCHE BANK AG, NEW YORK BRANCH, as Initial DBNY Noteholder
	 	 
	 	 
	 	By: 	 /s/ Natalie Grainger
	 	 	Name: Natalie Grainger
Title: Director

	 	 
	 	 
	 	By: 	/s/ Matt Smith
	 	 	Name: Matt Smith
Title: Director

 

 

AGREEMENT
AMONG NOTEHOLDERS (MOFFETT TOWERS II - BUILDING 5)

    	 	  	 

     

    

EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.    Description
of Mortgage Loan:

 

	Mortgage Loan:	Loan Agreement, dated as of March 8, 2019 between Goldman Sachs Bank USA, Deutsche Bank AG, New York Branch, together as lender, and MT2 B5 LLC, as borrower
	Date of the Mortgage Loan and Notes:	March 8, 2019
	Initial Principal Amount of Mortgage Loan:	$295,000,000
	Location of Mortgaged Property:	Sunnyvale, California
	Anticipated Repayment Date:	April 6, 2029

B.     Description
of Note Interests: Each Note shall have the Initial Principal Balance, Percentage Interest and initial rate of interest set
forth in the table below.

	
        Note
        Designation
	
        Initial

        Interest Rate
	
        

        Percentage Interest
	
        Original
        Principal Balance

	Note A-1	4.025882353%	14.41%	$42,500,000
	Note A-2	4.025882353%	22.03%	$65,000,000
	Note A-3	4.025882353%	16.95%	$50,000,000
	Note A-4	4.025882353%	4.24%	$12,500,000
	Note B-1	5.660000000%	21.61%	$63,750,000
	Note B-2	5.660000000%	7.20%	$21,250,000
	Note C-1	6.410000000%	10.17%	$10,000,000
	Note C-2	6.410000000%	3.39%	$30,000,000

 

 

    	 	A-1	 

     

    

EXHIBIT B

1.    Initial
Goldman Note Holder:

Goldman Sachs Bank USA

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com

with a copy to:

Goldman Sachs Bank USA

200 West Street

New York, New York 10282

Attention: Joe Osborne

Email: joe.osborne@gs.com

2.    Initial
DBNY Noteholder:

Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: Robert Pettinato

Telecopier: (212) 797-4488

Email: Robert.pettinato@db.com

with a copy to:

Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: General Counsel

with a copy to:

[Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Robert Kim

Facsimile No.: (212) 504-6666]

 

 

    	 	 B-1	 

     

    

EXHIBIT C

PERMITTED FUND MANAGERS

		1.	Westbrook Partners

		2.	DLJ Real Estate Capital Partners

		3.	iStar Financial Inc.

		4.	Capital Trust, Inc.

		5.	Lend-Lease Real Estate Investments

		6.	Archon Capital, L.P.

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

		8.	The Blackstone Group International Ltd.

		9.	Apollo Real Estate Advisors

		10.	Colony Capital, Inc.

		11.	Praedium Group

		12.	J.E. Roberts Companies

		13.	Fortress Investment Group, LLC

		14.	Lonestar Opportunity Fund

		15.	Clarion Partners

		16.	Walton Street Capital, LLC

		17.	Starwood Financial Trust

		18.	BlackRock, Inc.

		19.	Rialto Capital Management, LLC

		20.	Raith Capital Partners, LLC

		21.	Rialto Capital Advisors LLC

		22.	Teachers Insurance and Annuity Association of America

		23.	Principal Real Estate Investors, LLC

		24.	Metropolitan Life Insurance Company

		25.	New York Life Insurance Company

EXHIBIT D

PORTFOLIO INTEREST CERTIFICATION

Reference is hereby
made to the Agreement Between Noteholders, dated as of March 8, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Agreement”), by and between Goldman Sachs Bank and USA Deutsche Bank AG, New York Branch, and
each lender from time to time party thereto.

Pursuant to the provisions
of Section 32 (Withholding Taxes) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the promissory note evidencing Note [B-1-A][B-1-B][B-2-A][B-2-B][C-1][C-2] in respect of which it is providing
this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder
of the Mortgage Loan Borrower within the meaning

    	 	 C-1	 

     

    

of Section 871(h)(3)(B) of the Code
and (iv) it is not a controlled foreign corporation related to the Mortgage Loan Borrower as described in Section 881(c)(3)(C)
of the Code.

The undersigned has
furnished the Master Servicer and the Mortgage Loan Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E.

Unless otherwise defined
herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

[NAME OF LENDER]

By:____________________________________

Name:

Title:

Date: ________ __, 20[ ]

 

    	 	 E-2

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