Document:

Exhibit 4.5

 

EXECUTION VERSION

 

 

INTERCREDITOR AGREEMENT

Dated as of November 23, 2020

by and between

MORGAN
STANLEY bank, N.A.,

(Note A-1 Holder, Note A-2- Holder, Note
A-3 Holder, Note A-4 Holder and Note A-5 Holder)

SUN
LIFE ASSURANCE COMPANY OF CANADA,

(Note B-1 Holder)

SUN
LIFE HONG KONG LIMITED,

(Note B-2 Holder)

and

SUN LIFE INSURANCE (CANADA) LIMITED

(Note B-3 Holder)

 

605 Third Avenue, New York, New York

 

     

     

    

This INTERCREDITOR
AGREEMENT (this “Agreement”), dated as of November 23, 2020, by and between MORGAN STANLEY BANK, N.A. (“Morgan
Stanley Bank”), as holder of Note A-1 (in such capacity, together with its successors and assigns, the “Note
A-1 Holder”), Morgan Stanley Bank, as holder of Note A-2 (in such capacity, together with its successors and assigns,
the “Note A-2 Holder”), Morgan Stanley Bank, as holder of Note A-3 (in such capacity, together with its successors
and assigns, the “Note A-3 Holder”), Morgan Stanley Bank, as holder of Note A-4 (in such capacity, together
with its successors and assigns, the “Note A-4 Holder”), Morgan Stanley Bank, as holder of Note A-5 (in such
capacity, together with its successors and assigns, the “Note A-5 Holder” and, together with the Note A-1 Holder,
the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder, the “Note A Holders”), SUN LIFE ASSURANCE
COMPANY OF CANADA, as holder of Note B-1 (in such capacity, together with its successors and assigns, the “Note B-1 Holder”),
SUN LIFE HONG KONG LIMITED, as holder of Note B-2 (in such capacity, together with its successors and assigns, the “Note
B-2 Holder”), SUN LIFE INSURANCE (CANADA) LIMITED, as holder of Note B-3 (in such capacity, together with its successors
and assigns, the “Note B-3 Holder” and, together with the Note B-1 Holder and Note B-2 Holder, the “Note
B Holders”), and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, as initial agent
(in such capacity, “Initial Agent”).

W I T N E S S E T H:

WHEREAS, on November
20, 2020, Morgan Stanley Bank and Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”) made a mortgage loan
in the original principal amount of $309,000,000.00 (together, the “Mortgage Loan”) to 605 Third Avenue Fee
LLC, a Delaware limited liability company, having an address at 299 Park Avenue, 42nd Floor, New York, New York 10171 (together
with its successors and assigns, the “Mortgage Loan Borrower”) pursuant to a Loan Agreement dated as of November
20, 2020 (as amended, supplemented or modified from time to time, the “Loan Agreement”);

WHEREAS, the Mortgage
Loan is secured by a first mortgage lien (the “Mortgage”), as more particularly described in the Mortgage Loan
Schedule attached as Exhibit A hereto, on the parcel of real property at the location set forth in the Mortgage Loan Schedule (the
“Mortgaged Property”);

WHEREAS, the Mortgage
Loan is evidenced by (i) Replacement, Amended and Restated Promissory Note A-1, in favor of Morgan Stanley Bank, in the original
principal amount of $80,000,000.00 (as amended, supplemented or modified, “Note A-1”), (ii) Replacement, Amended
and Restated Promissory Note A-2, in favor of Morgan Stanley Bank, in the original principal amount of $60,000,000.00 (as amended,
supplemented or modified, “Note A-2”), (iii) Replacement, Amended and Restated Promissory Note A-3, in favor
of Morgan Stanley Bank, in the original principal amount of $40,000,000.00 (as amended, supplemented or modified, “Note
A-3”), (iv) Replacement, Amended and Restated Promissory Note A-4, in favor of Morgan Stanley Bank, in the original principal
amount of $31,000,000.00 (as amended, supplemented or modified, “Note A-4”), (v) Replacement, Amended and Restated
Promissory Note A-5, in favor of Morgan Stanley Bank, in the original principal amount of $20,000,000.00

     

     

    

(as amended, supplemented or modified,
“Note A-5” and, together with Note A-1, Note A-2, Note A-3 and Note A-4, collectively, “Note A”
and each, a “Note A”), (vi) Replacement, Amended and Restated Promissory Note B-1, in favor of Sun Life Assurance
Company of Canada (as successor-in-interest to Morgan Stanley Mortgage Capital Holdings LLC), in the original principal amount
of $40,600,000.00 (as amended, supplemented or modified, “Note B-1”), (vii) Replacement, Amended and Restated
Promissory Note B-2, in favor of Sun Life Hong Kong Limited (as successor-in-interest to Morgan Stanley Mortgage Capital Holdings
LLC), in the original principal amount of $20,000,000.00 (as amended, supplemented or modified, “Note B-2”),
and (viii) Replacement, Amended and Restated Promissory Note B-3, in favor of Sun Life Insurance (Canada) Limited (as successor-in-interest
to Morgan Stanley Mortgage Capital Holdings LLC), in the original principal amount of $17,400,000.00 (as amended, supplemented
or modified, “Note B-3” and, together with Note B-1 and Note B-2, collectively, “Note B”);

WHEREAS, Morgan
Stanley Bank expects to transfer all or controlling portions of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 to securitization
depositors for inclusion in securitization trusts that may also include one or more other mortgage loans (each such securitization,
a “Note A Securitization” and the closing date of the Note A Securitization that includes the Lead Note A, the
“Note A Securitization Date”);

WHEREAS, on the date
hereof, MSMCH intends to transfer its right, title and interest in (i) Note B-1 to Sun Life Assurance Company of Canada, (ii) Note
B-2 to Sun Life Hong Kong Limited, and (iii) Note B-3 to Sun Life Insurance (Canada) Limited, in each case pursuant to that certain
Assignment and Assumption Agreements, dated as of November 23, 2020, between MSMCH, as seller, and Sun Life Assurance Company of
Canada, Sun Life Hong Kong Limited and Sun Life Insurance (Canada) Limited, as purchasers;

WHEREAS, the Mortgage
Loan is currently being serviced under a certain servicing agreement, dated as of May 11, 2016 (as amended, supplemented or modified,
the “Interim Servicing Agreement”), between Morgan Stanley Mortgage Capital Holdings LLC and Wells Fargo Bank,
National Association (the “Interim Servicer”);

WHEREAS, from and
after the Note A Securitization Date, the Mortgage Loan will be serviced pursuant to the pooling and servicing agreement entered
into in connection with such Note A Securitization; and

WHEREAS, the Holders
desire to enter into this Agreement to memorialize the terms under which they, and their respective successors and assigns, shall
hold the Notes;

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

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

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In addition, for so long as the Note
A Securitization Date has not occurred, any capitalized terms defined herein by reference to the Lead Note A PSA or provisions
referring to the operation of the Lead Note A PSA shall be disregarded and have no effect, and this Agreement shall be interpreted
without regard to such provisions.

“Additional
Servicing Compensation” shall mean any servicing compensation that a Servicer is entitled to retain under the Servicing
Agreement, other than Servicing Fees, Special Servicing Fees, Workout Fees and Liquidation Fees.

“Advance”
shall mean any advance of a Scheduled Payment by the Master Servicer, any Non-Lead Note Master Servicer, the Trustee or any Non-Lead
Note Trustee or any property advance or other similar servicing advance by any Servicer or Trustee under the Lead Note A PSA with
respect to any Note A, the Mortgage Loan or the Mortgaged Property.

“Advance
Rate” shall (a) prior to the Note A Securitization Date, and following the Note A Securitization Date, if Note A is no
longer included in such Securitization, mean the “Prime Rate” as published in the “Money Rates” section
of the New York City edition of The Wall Street Journal (or, if such section or publication is no longer available, such
other comparable publication as determined by the Servicer in its reasonable discretion) as may be in effect from time to time,
or, if the “Prime Rate” no longer exists, such other comparable rate (as determined by the Servicer in its reasonable
discretion) as may be in effect from time to time, and (b) on and after the Note A Securitization Date, and while any Note A is
included in the related Note A Securitization, have the meaning assigned to such term in the Lead Note A PSA.

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

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

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

“Appraisal”
shall mean the most recent appraisal of the Mortgaged Property or REO Property, or update thereof, prepared by an Independent Appraiser,
in accordance with 12 C.F.R 225.64 and conducted in accordance with the standards of the Appraisal Institute.

“Appraisal
Reduction” shall: (x) prior to the Note A Securitization Date, and following the Note A Securitization Date, if Lead
Note A is no longer included in such Securitization, mean, subject to the delivery of Threshold Event Collateral, as of any date
of

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determination, an amount equal to the
excess, if any, of (A) the sum of (i) the Mortgage Loan Principal Balance on such date, (ii) to the extent not previously advanced
by a Servicer, all accrued and unpaid interest (exclusive of any default rate interest) on the Mortgage Loan, (iii) without duplication
with respect to the items set forth in clauses (i) and (ii) above, all unreimbursed Advances (and unpaid interest thereon at the
Advance Rate) in respect of the Mortgage Loan and (iv) all currently due and unpaid real estate taxes and assessments, ground rents
and insurance premiums (net of escrow payments or other reserve funds or letters of credit held by a Servicer in respect of such
amounts), over (B) (i) the Appraised Value of the Mortgaged Property plus (ii) the amount of any escrows or reserves held by a
Servicer (other than reserves for real estate taxes, ground rents, assessments and insurance premiums then due and payable), letters
of credit and other cash equivalents which may, pursuant to the Mortgage Loan Documents, be used to pay down the principal balance
of the Mortgage Loan, and minus (iii) the amount of any monetary liens (other than liens for items described in clause (A)(iv)
above) on the Mortgaged Property that are prior (and not subordinate) to the lien of the related Mortgage and are not (1) insured
over or bonded in accordance with the Mortgage Loan Documents or (2) assumed in determining the Appraised Value of such Mortgaged
Property, and (y) on and after the Note A Securitization Date, and while any Note A is included in a Note A Securitization, have
the meaning assigned to such term in the Lead Note A PSA.

“Appraisal
Reduction Event” means (x) prior to the Note A Securitization Date, and following the Note A Securitization Date, if
Lead Note A is no longer included in such Securitization, the earliest of (i) one hundred twenty (120) days after an uncured delinquency
(without regard to the application of any grace period), other than any uncured delinquency in respect of a balloon payment, occurs
in respect of the Mortgage Loan, (ii) the date on which a reduction in the amount of Scheduled Payments or a change in any other
material economic term of the Mortgage Loan (other than an extension of the Maturity Date) becomes effective as a result of a modification
of the Mortgage Loan the Special Servicer, (iii) thirty (30) days after the date on which a receiver has been appointed for the
Mortgaged Property, (iv) thirty (30) days after the date on which the Mortgage Loan Borrower declares bankruptcy (and the bankruptcy
petition is not otherwise dismissed within such time), (v) sixty (60) days after the date on which an involuntary petition of bankruptcy
is filed with respect to the Mortgage Loan Borrower if not dismissed within such time, (vi) ninety (90) days after an uncured delinquency
occurs in respect of a balloon payment with respect to the Mortgage Loan, except where a refinancing or sale is anticipated within
one hundred twenty (120) days after the Maturity Date of the Mortgage Loan, in which case one hundred twenty (120) days after such
uncured delinquency, and (vii) immediately after the Mortgage Loan becomes an REO Loan, and (y) on and after the Note A Securitization
Date, and while any Note A is included in the a Note A Securitization, have the meaning assigned to such term in the Lead Note
A PSA.

“Appraised
Value” means, as of any date of determination, the appraised value of the Mortgaged Property based upon the most recent
Appraisal prepared by an Independent Appraiser that is contained in the related servicing file under the Servicing Agreement.

“Asset Representations
Reviewer” means the asset representations reviewer appointed as provided in the Lead Note A PSA and any successor appointed
as provided thereunder.

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“Borrower
Party” (i) prior to the Note A Securitization Date, shall mean the Mortgage Loan Borrower, any property manager or any
Affiliate of the foregoing, and (ii) on and after the Note A Securitization Date, shall have the meaning assigned to the term “Borrower
Party” (or other analogous term) in the Lead Note A PSA; provided that in all cases, the Mortgage Loan Borrower shall
be a “Borrower Party”.

“Business
Day” shall have the meaning assigned to such term (or other analogous term) in the Servicing Agreement or, if not defined
therein, shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are not
open for business.

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

“Certificate
Administrator” shall mean the certificate administrator under the Lead Note A PSA and any successor appointed as provided
thereunder.

“Closing
Date” shall mean the date of this Agreement.

“Code”
shall mean the Internal Revenue Code of 1986, as amended, by applicable temporary or final regulations of the U.S. Department of
Treasury issued thereunder.

“Collection
Account” shall mean, the “collection account” or similar account established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan, including, with respect to amounts payable to the Note B Holders, the “whole
loan custodial account” or similar account (which may be a sub-account of the “collection account”).

“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 by,” “Controlling”
and “under Common Control with” shall have the respective correlative meaning thereto.

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

(a) (1) the Note
B Principal Balance as of the Closing Date, together with any Threshold Event Collateral, minus (2) the sum of (i) any
payments of principal (whether as scheduled amortization, Prepayments or otherwise) allocated to and received on Note B-1, Note
B-2 and Note B-3, (ii) any Appraisal Reductions allocated to Note B-1, Note B-2 and Note B-3 and (iii) any Realized Principal Losses
(without duplication of any Appraisal Reductions),

is less than

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(b) 25% of (i) the
Note B Principal Balance as of the Closing Date, minus (ii) any payments of principal (whether as scheduled amortization,
Prepayments or otherwise) allocated to and received on Note B-1, Note B-2 and Note B-3.

“Control
Note” shall have the meaning assigned to such term in Section 20(e) of this Agreement.

“Controlling
Class” shall have the meaning assigned to such term (or other analogous term) in the Lead Note A PSA.

“Controlling
Holder” shall have the meaning assigned to such term in Section 20(e) of this Agreement.

“Costs”
shall mean all out-of-pocket costs, fees, expenses, Advances, interest, payments, losses, liabilities, judgments and/or causes
of action reasonably suffered or incurred or reasonably paid by a Holder (or any Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Asset Representations Reviewer or the Trust) pursuant to or in connection with the enforcement
and administration of the Mortgage Loan, the Mortgage Loan Documents, the Mortgaged Property, this Agreement or otherwise in connection
with the enforcement and administration of the Mortgage Loan, including, without limitation, reasonable attorneys’ fees and
disbursements, taxes, assessments, insurance premiums and other protective advances as more particularly provided in the Mortgage
Loan Documents, except for those resulting from the negligence or willful misconduct of such Holder (or such Servicer, Operating
Advisor, Trustee, Certificate Administrator or the Asset Representations Reviewer); provided, that “Costs”
shall exclude (i) the costs and expenses relating to the origination of the Mortgage Loan or the closing of any Note A Securitization,
(ii) the Servicing Fee, the Special Servicing Fee and any fees of the Operating Advisor, Trustee, Certificate Administrator or
Asset Representations Reviewer and (iii) the day-to-day customary and usual, ordinary costs of servicing and administration of
the Mortgage Loan.

“Cure Event”
shall have the meaning assigned to such term in Section 10(b) hereof.

“Cure Right”
shall have the meaning assigned to such term in Section 10(b) hereof.

“Custodial
Agreement” shall mean that certain custodial agreement, dated July 21, 2010, between Morgan Stanley Bank, as lender and
Wells Fargo Bank, N.A., as custodian.

“Custodian”
shall mean Wells Fargo Bank, N.A. and its successors in interest.

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

“Defaulted
Mortgage Loan” shall (x) prior to the Note A Securitization Date, mean the Mortgage Loan if any Event of Default exists
with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or any non-monetary Event
of Default exists that continues for at least thirty (30) days and (y) on and after the Note A

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Securitization Date, have the meaning
given to the term “Defaulted Loan” (or other analogous term) in the Servicing Agreement.

“Depositor”
shall mean the depositor under the Lead Note A PSA.

“Directing
Certificateholder” shall have the meaning assigned to such term (or other analogous term) in the Lead Note A PSA.

“Eligibility
Requirements” means, with respect to any Person, that such Person (i)(A) has total assets (in name or under management
and, in all cases, including uncalled capital commitments) in excess of $650,000,000 and (B) except with respect to a pension advisory
firm or similar fiduciary, has capital/statutory surplus or shareholder’s equity (including uncalled capital commitments)
of at least $250,000,000 or a market capitalization of at least $400,000,000 and (ii) is regularly engaged in the business
of making or owning commercial real estate loans (or interests therein, including mezzanine loans with respect to commercial real
estate) or owning or operating commercial real estate properties (or interests therein).

“Event of
Default” shall have the meaning given to the term “Event of Default” (or other analogous term) as defined
in the Loan Agreement.

“Final Recovery
Determination” shall mean a determination with respect to the Mortgage Loan by the Servicer, in its good faith discretion,
consistent with the Servicing Standard, that all insurance proceeds, condemnation proceeds, Liquidation Proceeds and other payments
or recoveries that the Servicer expects to be finally recoverable on the Mortgage Loan, without regard to any obligation of any
Holder, Servicer or Trustee, as the case may be, to make payments from its own funds, have been recovered.

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

“Holder”
shall mean the respective holder of a Note under this Agreement.

“Independent”
means a person who (i) does not have any direct financial interest or any material indirect financial interest, in any of the Holders,
the Servicer, the Mortgage Loan Borrower, any party to the Lead Note A PSA, while any Note A is included in such Securitization,
or any Affiliate thereof, (ii) is not connected with any of the foregoing as an officer, employee, trustee, partner, member, director
or person performing similar functions.

“Independent
Appraiser” means an Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal
Institute, (ii) if the state in which the Mortgaged Property is located certifies or licenses appraisers, is certified or licensed
in such state, and (iii) has a minimum of five years’ experience in the subject property type and market.

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

“Initial
Note A Holder” shall mean either of the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder,
the Initial Note A-4 Holder or the Initial Note A-5 Holder.

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“Initial
Note A-1 Holder” shall mean Morgan Stanley Bank.

 

“Initial
Note A-2 Holder” shall mean Morgan Stanley Bank.

“Initial
Note A-3 Holder” shall mean Morgan Stanley Bank.

“Initial
Note A-4 Holder” shall mean Morgan Stanley Bank.

“Initial
Note A-5 Holder” shall mean Morgan Stanley Bank.

“Initial
Note B Holder” shall mean either of the Initial Note B-1 Holder, the Initial Note B-2 Holder or the Initial Note B-3
Holder.

“Initial
Note B-1 Holder” shall mean Sun Life Assurance Company of Canada.

“Initial
Note B-2 Holder” shall mean Sun Life Hong Kong Limited.

“Initial
Note B-3 Holder” shall mean Sun Life Insurance (Canada) Limited.

“Interest
Rate” shall mean (i) with respect to Note A, the Note A Interest Rate, and (ii) with respect to Note B, the Note B Interest
Rate.

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

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

“Intervening
Trust Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity which holds
a 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 Note
A” shall mean Note A-1.

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

“Lead Note
A PSA” shall mean the pooling and servicing agreement governing the securitization trust for the Lead Note A after the
Note A Securitization Date.

“Lead Securitization”
shall mean the securitization of Lead Note A.

“Lead Securitization
Trust” shall mean any securitization trust that includes the Lead Note A.

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“Liquidation
Fee” shall have the meaning assigned to such term (or other analogous term) in the Lead Note A PSA.

“Liquidation
Proceeds” shall have the meaning assigned to such term (or other analogous term) in the Lead Note A PSA.

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

“Major Decision”
shall have the meaning given to such term (or other analogous term) in the Servicing Agreement or, if not defined therein, shall
mean any of the following actions:

(i)       any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property by deed in lieu
of foreclosure) of the ownership of the Mortgaged Property if the Mortgage Loan comes into and continues in default;

(ii)       any
amendment or modification, consent to a modification or waiver of a monetary term of the Mortgage Loan (other than Penalty Charges,
but including the timing of payments and acceptance of discounted payoffs) or material non-monetary term of the Mortgage Loan or
any extension of the Maturity Date thereof;

(iii)       any
amendments, modifications or waivers of the Mezzanine Intercreditor Agreement, any approval of any modification of the Mezzanine
Loan Documents (if the approval or consent of the Senior Lender or Senior Loan Controlling Holder is required under the Mezzanine
Intercreditor Agreement) and any approval of a transferee of an interest in the Mezzanine Loan to or a realization upon the Equity
Collateral by a Person who is not a Qualified Transferee (if the approval or consent of the Senior Lender or Senior Loan Controlling
Holder is required under the Mezzanine Intercreditor Agreement) (any capitalized terms that are used in this clause (iii) but not
defined in this Agreement shall have the meanings set forth in the Mezzanine Intercreditor Agreement);

(iv)       following
a default or an Event of Default with respect to the Mortgage Loan, any exercise of remedies, including any acceleration thereof,
application of reserve or escrow amounts to the outstanding balance of the Mortgage Loan or initiation of judicial, bankruptcy
or similar proceedings under the related Mortgage Loan Documents;

(v)       any
sale of the Mortgage Loan if it is a Defaulted Loan or REO Property for less than the sum of (A) the outstanding principal balance
of the Mortgage Loan, (B) accrued and unpaid interest (exclusive of default interest), (C) outstanding servicing advances plus
interest thereon at the Advance Rate, (D) unreimbursed Costs, (E) Special Servicing Fees, and (F) Liquidation Fees;

(vi)       any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous materials
located at the Mortgaged Property or at an REO Property;

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

(viii)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or, if lender
consent is required, any consent to such waiver or consent to a transfer of the Mortgaged Property or interests (direct or indirect)
in the Mortgage Loan Borrower, other than any such transfer or incurrence of debt as may be effected without the consent of the
lender under the related Mortgage Loan Documents;

(ix)       any
incurrence of additional debt by the Mortgage Loan Borrower or of any mezzanine financing by any beneficial owner of the Mortgage
Loan Borrower (to the extent that the lender has consent rights pursuant to the related Mortgage Loan Documents (for purposes of
the determination whether a lender has such consent rights pursuant to the related Mortgage Loan Documents, any Mortgage Loan Document
provision that requires that an intercreditor agreement be reasonably or otherwise acceptable to the lender will constitute such
consent rights));

(x)       entering
into or any modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar
agreement with any mezzanine lender or subordinate debt holder related to the Mortgage Loan or an action to enforce rights with
respect thereto or decision not to enforce such rights;

(xi)       any
franchise changes or brand management changes (in either case with respect to the Mortgage Loan if the lender consent or approval
is required under the related Mortgage Loan Documents) or any material property management company changes, including approval
of the termination of a manager and appointment of a new property manager;

(xii)       releases
of any escrow accounts, reserve accounts or letters of credit 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 material lender discretion;

(xiii)       any
requests for the funding or disbursement of “performance,” “earn-out,” holdback or similar escrows and
reserves (including those evidenced by letters of credit) regardless of whether such funding or disbursement may be characterized
as routine and/or customary and regardless of whether the Mortgage Loan has a primary servicer other than the Master Servicer;

(xiv)       any
acceptance of an assumption agreement or any other agreement permitting a transfer of direct or indirect interests in the Mortgage
Loan Borrower, guarantor or other obligor, or releasing the Mortgage Loan Borrower, guarantor or other obligor from liability under
the Mortgage Loan, or modifying the Mortgage Loan Borrower’s, guarantor’s or other obligor’s monetary liability
under the Mortgage Loan, 

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other than pursuant
to the specific terms thereof and for which there is no lender discretion;

(xv)       any
forbearance by the Servicer from taking any enforcement action with respect to (A) any failure by the Mortgage Loan Borrower to
maintain with respect to the Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty insurance
policy that does not specifically exclude, terrorist or similar acts, and/or (B) any failure on the part of the Mortgage Loan Borrower
to maintain with respect to the Mortgaged Property insurance coverage with respect to damages or casualties caused by terrorist
or similar acts upon terms not materially less favorable than those in place as of the origination date;

(xvi)       the
determination of any use of proceeds of a hazard insurance claim to restore the Mortgaged Property if the amount of such proceeds
exceeds the restoration threshold (as provided in the Loan Agreement);

(xvii)       the
modification, waiver, amendment, execution, termination or renewal of any lease, to the extent lender approval is required under
the related Mortgage Loan Documents and if such lease (A) involves a ground lease, (B) is for a commercial lease, or (C) otherwise
constitutes a “major lease” or “material lease,” if applicable, under the related Mortgage Loan Documents,
including entering into any related subordination, non-disturbance and attornment agreement, subject to any deemed approval expressly
set forth in the related lease;

(xviii)       any
adoption or implementation of a budget submitted by the Mortgage Loan Borrower with respect to the Mortgage Loan (to the extent
lender approval is required under the related Mortgage Loan Documents);

(xix)       the
filing of any bankruptcy petition against the Mortgage Loan Borrower, any operating lessee, or any guarantor of the Mortgage Loan
or seeking the appointment of a receiver, conservator or trustee for the Mortgage Loan Borrower, any operating lessee, guarantor
or the Mortgaged Property, voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Mortgage
Loan Borrower, operating lessee or guarantor, or any adoption or approval of a plan in bankruptcy, reorganization, restructuring
or similar event in any bankruptcy or insolvency proceeding with respect to the Mortgage Loan Borrower, operating lessee, or guarantor
or any other party required to be an special purpose entity under the Mortgage Loan Documents;

(xx)       the
exercise of the rights and powers granted under this Agreement or any related mezzanine loan intercreditor agreement to the Note
A Holder, the “Senior Lender” or such other similar term as may be set forth in any such agreement, as applicable,
and/or the “Servicer” referred to therein, if and to the extent such rights or powers affect the priority, payments,
consent rights, or security interest with respect to the Note A Holder, the “Senior Lender” or such other similar term;

(xxi)       consent
or approval of (or denial of consent or approval of), to the extent lender approval or consent is required or requested under any
such lease, the Mortgage 

    -11- 

     

    

Loan Documents or otherwise) to any sale or encumbrance of any fee interest (whether or not owned by the
Mortgage Loan Borrower) encumbered by a ground lease or other lease to the Mortgage Loan Borrower;

(xxii)       any
determination to exercise (or not exercise) any renewal option under any lease in circumstances in which lender has been granted
a right to exercise such renewal option;

(xxiii)       any
determination to exercise (or not exercise) any rights of lender pursuant to any “comfort letter” provided by a franchisor
in connection with the Mortgaged Property (including, without limitation, whether or not to assume or otherwise enter into a franchise
agreement with such franchisor pursuant to such comfort letter);

(xxiv)       any
proposed modification, amendment or waiver of any terms of any guarantees, letters of credit or rate cap or swap agreements;

(xxv)       any
extension or shortening of the Maturity Date of the Mortgage Loan or any Note, other than in accordance with the express provisions
of the Loan Agreement or such Note;

(xxvi)       any
renewal or replacement of the then existing insurance policies (to the extent that such renewal or replacement policy does not
comply with the terms of the Mortgage Loan);

(xxvii)       approval
of material alterations or capital expenditures unless required or permitted pursuant to the specific terms of the related Mortgage
Loan Documents and for which there is no material lender discretion; and

(xxviii)       following
a foreclosure of the Mortgage or acceptance of a deed in lieu of foreclosure, any approval of a recommended course of action for
the Mortgaged Property, any approval of a selling agent, and any approval of the sale price of the Mortgaged Property.

As used above, the
terms “material lender discretion” and “lender discretion” require mortgagee discretion in making the relevant
decision regarding the release of collateral or the acceptance of substitute or additional collateral, as applicable, and such
decision need not be based upon the satisfaction of specified objective conditions, the satisfactory delivery of certain factual
evidence or opinions or the satisfaction of any other specified objective criteria that is set forth in the related Mortgage Loan
Documents.

“Majority
Note Holder” shall have the meaning to such term in Section 20(e) hereof.

“Master Servicer”
shall mean the master servicer under the Lead Note A PSA and any successor appointed as provided thereunder.

“Master Servicer
Remittance Date” shall have the meaning assigned to the term “Master Servicer Remittance Date” (or other
analogous term) in the Servicing Agreement.

    -12- 

     

    

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

“Mezzanine
Intercreditor Agreement” shall mean that certain Intercreditor Agreement, dated as of November 20, 2020, by and between
Morgan Stanley Bank, National Association, a national banking association, as note A holder, Morgan Stanley Mortgage Capital Holdings
LLC, a New York limited liability company, as note B holder and Morgan Stanley Mortgage Capital Holdings LLC, a New York limited
liability company, as mezzanine lender.

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

“Morgan Stanley
Bank” shall have the meaning assigned to such term in the preamble.

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

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

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

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

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

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

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

“Mortgage
Loan Schedule” shall mean the Mortgage Loan Schedule attached as Exhibit A hereto.

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

“Net Interest
Rate” shall mean (i) with respect to Note A, the Note A Interest Rate minus the Servicing Fee Rate, and (ii) with respect
to Note B, the Note B Interest Rate minus the Servicing Fee Rate.

“Non-Control
Note” shall have the meaning assigned to such term in Section 20(e) of this Agreement.

    -13- 

     

    

“Non-Controlling
Holder” shall have the meaning assigned to such term in Section 20(e) hereof.

“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 Servicer
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
to make such payments free of any obligation to withhold taxes; provided, that duly executed form(s) provided to the Servicer pursuant
to Section 33(c) hereof shall be sufficient to evidence that such providing Holder is not a Non-Exempt Person or liability
for withholding.

“Non-Lead
Note A” shall mean any Note A other than Note A-1.

“Non-Lead
Note A Holder” shall mean any Note A Holder other than the Note A-1 Holder.

“Non-Lead
Note A PSA” shall mean, after any securitization of a Non-Lead Note A, the pooling and servicing agreement governing
the related securitization trust.

“Non-Lead
Note Master Servicer” shall mean a master servicer under any Non-Lead Note A PSA and any successor appointed as provided
thereunder.

“Non-Lead
Note Special Servicer” shall mean a special servicer under any Non-Lead Note A PSA and any successor appointed as provided
thereunder.

“Non-Lead
Note Trustee” shall mean a trustee under any Non-Lead Note A PSA and any successor appointed as provided thereunder.

“Non-Lead
Securitization Trust” shall mean any securitization trust that includes a Non-Lead Note A.

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

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

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

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

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

“Note A-5”
shall have the meaning assigned to such term in the recitals.

“Note A Default
Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

    -14- 

     

    

“Note A Holders”
shall mean the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder.

“Note A Securitization
Date” shall have the meaning assigned to such term in the preamble.

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

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

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

“Note A-4
Holder” shall have the meaning assigned to such term in the preamble.

“Note A-5
Holder” shall have the meaning assigned to such term in the preamble.

“Note A Holder
Advance” shall mean any monthly debt service payment advance or any property advance or other servicing advance by the
Note A-1 Holder (or any Servicer or Trustee on its behalf), the Note A-2 Holder (or the applicable Non-Lead Note Master Servicer
or Non-Lead Note Trustee on its behalf), the Note A-3 Holder (or the applicable Non-Lead Note Master Servicer or Non-Lead Note
Trustee on its behalf), the Note A-4 Holder (or the applicable Non-Lead Note Master Servicer or Non-Lead Note Trustee on its behalf),
the Note A-5 Holder (or the applicable Non-Lead Note Master Servicer or Non-Lead Note Trustee on its behalf), with respect to Note A-1,
Note A-2, Note A-3, Note A-4, Note A-5, the Mortgage Loan or the Mortgaged Property.

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

“Note A Percentage
Interest” shall mean, as of any date, the ratio of the Note A Principal Balance to the Mortgage Loan Principal Balance.

“Note A Principal
Balance” shall mean, at any time of determination, the Closing Date Note A Principal Balance as set forth in the Mortgage
Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by the Note B-1 Holder
pursuant to Section 10(b) hereof) thereon received by the Note A Holder and (ii) any reductions in such amount pursuant
to Section 6.

“Note A-1
Percentage Interest” shall mean, as of any date, the ratio of the Note A-1 Principal Balance to the Mortgage
Loan Principal Balance.

“Note A-1
Principal Balance” shall mean at any time of determination, the Closing Date Note A-1 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by
the Note B-1 Holder pursuant to Section 10(b) hereof) thereon received by the Note A-1 Holder and (ii) any reductions in
such amount pursuant to Section 6.

    -15- 

     

    

“Note A-2
Percentage Interest” shall mean, as of any date, the ratio of the Note A-2 Principal Balance to the Mortgage
Loan Principal Balance.

“Note A-2
Principal Balance” shall mean at any time of determination, the Closing Date Note A-2 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by
the Note B-1 Holder pursuant to Section 10(b) hereof) thereon received by the Note A-2 Holder and (ii) any reductions in
such amount pursuant to Section 6.

“Note A-3
Percentage Interest” shall mean, as of any date, the ratio of the Note A-3 Principal Balance to the Mortgage
Loan Principal Balance.

“Note A-3
Principal Balance” shall mean at any time of determination, the Closing Date Note A-3 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by
the Note B-1 Holder pursuant to Section 10(b) hereof) thereon received by the Note A-3 Holder and (ii) any reductions in
such amount pursuant to Section 6.

“Note A-4
Percentage Interest” shall mean, as of any date, the ratio of the Note A-4 Principal Balance to the Mortgage
Loan Principal Balance.

“Note A-4
Principal Balance” shall mean at any time of determination, the Closing Date Note A-4 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by
the Note B-1 Holder pursuant to Section 10(b) hereof) thereon received by the Note A-4 Holder and (ii) any reductions in
such amount pursuant to Section 6.

“Note A-5
Percentage Interest” shall mean, as of any date, the ratio of the Note A-5 Principal Balance to the Mortgage
Loan Principal Balance.

“Note A-5
Principal Balance” shall mean at any time of determination, the Closing Date Note A-5 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by
the Note B-1 Holder pursuant to Section 10(b) hereof) thereon received by the Note A-5 Holder and (ii) any reductions in
such amount pursuant to Section 6.

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

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

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

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

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

    -16- 

     

    

“Note B Default
Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

“Note B Holder”
shall have the meaning assigned to such term in the preamble.

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

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

“Note B-3
Holder” shall have the meaning assigned to such term in the preamble.

“Note B Holder
Advance” shall mean any monthly debt service payment advance or any property advance or other servicing advance by the
Note B-1 Holder with respect to Note B, the Mortgage Loan or the Mortgaged Property (including, without limitation, any cure
payment made by the Note B-1 Holder pursuant to Section 10(b) hereof).

“Note B Holder
Purchase Notice” shall have the meaning assigned to such term in Section 10(a) hereof.

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

“Note B Percentage
Interest” shall mean, as of any date, the ratio of the Note B Principal Balance to the Mortgage Loan Principal Balance.

“Note B Principal
Balance” shall mean at any time of determination, the sum of the Note B-1 Principal Balance, the Note B-2 Principal Balance
and the Note B-3 Principal Balance.

“Note B-1
Percentage Interest” shall mean, as of any date, the ratio of the Note B-1 Principal Balance to the Mortgage
Loan Principal Balance.

“Note B-1
Principal Balance” shall mean at any time of determination, the Closing Date Note B-1 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal thereon received by the Note B-1 Holder and (ii) any reductions
in such amount pursuant to Section 6 hereof.

“Note B-2
Percentage Interest” shall mean, as of any date, the ratio of the Note B-2 Principal Balance to the Mortgage
Loan Principal Balance.

“Note B-2
Principal Balance” shall mean at any time of determination, the Closing Date Note B-2 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal thereon received by the Note B-2 Holder and (ii) any reductions
in such amount pursuant to Section 6 hereof.

“Note B-3
Percentage Interest” shall mean, as of any date, the ratio of the Note B-3 Principal Balance to the Mortgage
Loan Principal Balance.

    -17- 

     

    

“Note B-3
Principal Balance” shall mean at any time of determination, the Closing Date Note B-3 Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal thereon received by the Note B-3 Holder and (ii) any reductions
in such amount pursuant to Section 6 hereof.

“Notes”
shall mean, collectively, Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note B-1, Note B-2 and Note B-3.

“Operating
Advisor” shall mean the operating advisor under the Lead Note A PSA and any successor appointed as provided thereunder.

“Payment
Date” shall mean the “Monthly Payment Date” or “Payment Date” as such term (or other analogous
term) is defined in the Loan Agreement.

“Penalty
Charges” shall mean any amounts actually collected on the Mortgage Loan from the Mortgage Loan Borrower that represent
late payment charges, other than a Prepayment Premium or default interest.

“Percentage
Interest” shall mean (i) with respect to the Note A Holder, the Note A Percentage Interest, (ii) with respect to the
Note A-1 Holder, the Note A-1 Percentage Interest, (iii) with respect to the Note A-2 Holder, the Note A-2 Percentage Interest,
(iv) with respect to the Note A-3 Holder, the Note A-3 Percentage Interest, (v) with respect to the Note A-4 Holder, the Note A-4
Percentage Interest, (vi) with respect to the Note A-5 Holder, the Note A-5 Percentage Interest, (vii) with respect to the Note
B Holders, collectively, the Note B Percentage Interest, (viii) with respect to the Note B-1 Holder, the Note B-1 Percentage Interest,
(ix) with respect to the Note B-2 Holder, the Note B-2 Percentage Interest and (x) with respect to the Note B-3 Holder, the Note
B-3 Percentage Interest.

“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i)(a) one of the entities listed on Exhibit
B, or the successor-in-interest thereto or a Person Controlling, Controlled by or under Common Control with, any such entity, or
any other nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate
or (b) an entity that is otherwise a Qualified Institutional Lender under clauses (a), (b), (c) or (d)
of the definition thereof, (ii) investing through a fund with committed capital of at least $1,000,000,000 and (iii) not subject
to a proceeding or other action, whether voluntary or involuntary, of any case arising under any existing or future law of any
jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors.

“Person”
shall mean any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability company
or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal,
state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other form of entity.

“Pledge”
shall have the meaning assigned to such term in Section 17 hereof.

“Pledgee”
shall have the meaning assigned to such term in Section 17 hereof.

    -18- 

     

    

“Prepayment”
shall mean any payment of principal made by the Mortgage Loan Borrower with respect to the Mortgage Loan which is received in advance
of its scheduled Maturity Date, whether made by reason of a casualty or condemnation, due to the acceleration of the maturity of
such Mortgage Loan or otherwise.

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

“Principal
Balance” shall mean (i) with respect to the Note A Holder, the Note A Principal Balance, (ii) with respect to the Note
A-1 Holder, the Note A-1 Principal Balance, (iii) with respect to the Note A-2 Holder, the Note A-2 Principal Balance, (iv) with
respect to the Note A-3 Holder, the Note A-3 Principal Balance, (v) with respect to the Note A-4 Holder, the Note A-4 Principal
Balance, (vi) with respect to the Note A-5 Holder, the Note A-5 Principal Balance, (vii) with respect to the Note B Holders, collectively,
the Note B Principal Balance, (viii) with respect to the Note B-1 Holder, the Note B-1 Principal Balance, (ix) with respect to
the Note B-2 Holder, the Note B-2 Principal Balance and (x) with respect to the Note B-3 Holder, the Note B-3 Principal Balance.

“Pro Rata
and Pari Passu Basis” shall mean with respect to either (i) the Notes comprising Note A, and (ii) the Notes comprising
Note B, 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 pro rata
amount (calculated in proportion to the Principal Balances of the Note, as applicable, relative to the Note A Principal Balance
or Note B Principal Balance, as applicable) of such particular payment, collection, cost, expense, liability or other amount.

“Purchase
Option Consummation Window” shall mean the time period between (1) the 5th Business Day after the date of the Note B
Holder Purchase Notice and (2) the 10th Business Day after the date of the Note B Holder Purchase Notice; provided, that
if a Note B Holder Purchase Notice has been timely given by the Note B-1 Holder, the end of the Purchase Option Consummation Window
referenced in clause (2) shall be extended:

(a) by an
additional (i) fifteen (15) days upon payment to the Servicer of a non-refundable (unless the Note A Holder defaults in its obligation
or is unable to transfer Note A) cash deposit in an amount equal to five percent (5.0%) of the Purchase Option Price, which cash
deposit must be paid prior to such extension; and

(b) by an
additional fifteen (15) days beyond the fifteen (15) day extension period described in clause (a) above upon payment to the Servicer
of an additional non-refundable (unless the Note A Holder defaults in its obligation or is unable to transfer Note A) cash deposit
in an amount equal to five percent (5.0%) of the Purchase Option Price, which cash deposit must be paid prior to such extension.

    -19- 

     

    

“Purchase
Option Cut-Off Date” shall mean the earliest date to occur of (1) the cure of the event or circumstance resulting in
the Mortgage Loan being a Defaulted Mortgage Loan, (2) the consummation of a foreclosure sale, sale by power of sale or delivery
of a deed in lieu of foreclosure with respect to the Mortgaged Property, except that if the Servicer intends to accept a deed in
lieu of foreclosure, it shall notify the Note B Holders, and the Note B-1 Holder shall have the option, within thirty (30) days
from the date of receipt of notice to such effect, to deliver a Note B Holder Purchase Notice to the Note A Holder and, provided
that such notice has been delivered within such time period, to consummate the purchase within ten (10) Business Days after
such purchase notice is so delivered, and (3) the modification of the Mortgage Loan Documents effected in accordance herewith in
consummation of a workout of the Mortgage Loan and with the terms of the Servicing Agreement (and subject to the approval rights
of the Controlling Holder set forth herein and therein).

“Purchase
Option Notice” shall have the meaning assigned to such term in Section 10(a) hereof.

“Purchase
Option Price” shall mean, with respect to each Note A, the sum of the following, without duplication: (i) the Principal
Balance of such Note (as of the date of purchase), (ii) accrued and unpaid interest on the Principal Balance of such Note
at the Interest Rate applicable to such Note, up to (but excluding) the date of purchase (or, if such Note has been deposited into
a Securitization, if such date of purchase is not a Payment Date, up to (but excluding) the Payment Date next succeeding the date
of purchase), provided payment is made in good funds by 3:00 p.m. New York local time, (iii) any unreimbursed Note A
Holder Advances made by or on behalf of the Holder of such Note and interest thereon at the Advance Rate, (iv) any accrued
and unpaid Servicing Fees, (v) any Special Servicing Fees and Liquidation Fees (but excluding any such Liquidation Fees if such
Note is purchased within 90 days of the purchasing Holder’s receipt of the applicable Purchase Option Notice) and (vi) any
unreimbursed Costs incurred by the Holder of such Note. In determining the Purchase Option Price, amounts payable by the Mortgage
Loan Borrower as a Prepayment Premium, default interest, Penalty Charges and other similar fees and the value of such amounts shall
not be included; provided, that such amounts shall be included if the Person exercising the purchase option is a Borrower
Party. Solely for purposes of this calculation, (A) the Liquidation Fee rate shall not exceed one percent (1.0%) of any liquidation
proceeds received on the Mortgage Loan; and (B) the special servicing fee shall not exceed twenty-five basis points (0.25%) per
annum of the outstanding principal balance of the Mortgage Loan, subject to a monthly minimum fee not to exceed $5,000 as and to
the extent set forth in the Lead Note A PSA.

“Qualified
Conduit Lender” shall mean, with respect to a Pledge by a Holder of its Note, a commercial paper conduit program (a “Conduit”)
as to which the following conditions are satisfied:

(a)       the
terms of the loan (a “Conduit Inventory Loan”) made by the Conduit to such Holder require the Conduit to maintain
a third party (“Conduit Credit Enhancer”) to provide credit enhancement;

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

    -20- 

     

    

(c)       such
Holder pledges its interest in such Note to the Conduit as collateral for the Conduit Inventory Loan; and

(d)       the
Conduit Credit Enhancer and the Conduit agree that, if such 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 Holder, the Conduit Credit Enhancer
will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Holder’s interest
in such Note to the Conduit Credit Enhancer, and unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit
will not, without obtaining the written consent of the other Holder, have any greater right to acquire the interests in such Note
pledged by such Holder, by foreclosure or otherwise, than would any other purchaser that is not a Qualified Institutional Lender
at a foreclosure sale conducted by a Pledgee.

“Qualified
Institutional Lender” means (i) the Initial Note A Holder, (ii) the Initial Note B-1 Holder, (iii) the Initial Note B-2
Holder, (iv) the Initial Note B-3 Holder, and (iv) any one or more of the following (other than a Borrower Party):

(a)       a
real estate investment trust, bank, savings and loan association, investment bank, insurance company, trust company, commercial
credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that
any such Person referred to in this clause (a) satisfies the Eligibility Requirements;

(b)       an
investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D
under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (b) satisfies
the Eligibility Requirements;

(c)       an
institution substantially similar to any of the foregoing entities described in clauses (a) or (b) of this definition
that satisfies the Eligibility Requirements;

(d)       any
entity Controlled by any of the entities described in clauses (a), (b) or (c) of this definition;

(e)a Qualified
Trustee (or in the case of a CDO, a single purpose bankruptcy remote entity that contemporaneously pledges its interest in a Note to
a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of mortgage pass-through certificates backed
by, or other securitization of, a Note (any such securitization, “CMBS”) or 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 that also assigned a rating to one or more
classes of securities issued in connection with the Securitization of Note A (if applicable); (2) the special servicer or manager
of such Securitization Vehicle is a Qualified Servicer and such Qualified

    -21- 

     

    

Servicer is required to service
and administer such Note 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 that is a Qualified Institutional Lender, are each a
Qualified Institutional Lender under clauses (a), (b), (c) or (d) of this definition;

(f)       the
Trustee, in connection with the transactions contemplated by the Lead Note A PSA, or Non-Lead Note Trustee under a Non-Lead Note A
PSA; or

(g)       an
investment fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager acts as the
managing member, general partner or fund manager and 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 under clauses (a), (b),
(c) or (d) of this definition.

“Qualified
Servicer” shall mean any nationally recognized commercial mortgage loan servicer (A) with respect to Fitch, that is rated
at least “CMS3” (in the case of a master servicer) or “CSS3” (in the case of a special servicer), by Fitch;
(B) with respect to S&P, that appears on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer, in
the case of a master servicer, or the S&P Select Servicer List as a U.S. Commercial Mortgage Special Servicer, in the case
of a special servicer; (C) with respect to Moody’s, (1) that confirms in writing that it was appointed to act as, and currently
serves as, master servicer or special servicer, as applicable, on a transaction-level basis on the closing date of a commercial
mortgage loan securitization with respect to which Moody’s rated one or more classes of certificates and one or more of such
classes of certificates are still outstanding and rated by Moody’s, and (2) as to which Moody’s has not cited servicing
concerns with respect to such servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by Moody’s
in any other commercial mortgage-backed securities transaction serviced by such servicer prior to the time of determination; (D)
with respect to DBRS Morningstar, that is acting as master servicer or special servicer in a commercial mortgage loan securitization
that was rated by DBRS Morningstar within the twelve (12) month period prior to the date of determination, and DBRS Morningstar
has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of commercial mortgage securities
citing servicing concerns with the servicer as the sole or material factor in such rating action; and (E) in the case of KBRA,
that (1) is acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was
rated by KBRA within the twelve (12) month period prior to the date of determination that has not been downgraded or caused the
withdrawal of the then current rating on any class of commercial mortgage securities or placement of any class of commercial mortgage
securities on watch citing the continuation of such servicer, as master servicer or special servicer, as applicable, of such commercial
mortgage securities, as the sole or a material reason for such downgrade or withdrawal (or placement on watch) or (2) has not acted
as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by KBRA in such
twelve (12) month period but has received a Rating Agency Confirmation from KBRA.

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“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 $100,000,000 and subject to supervision
or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or
(iii) an institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories
of each of the Rating Agencies.

“Rating Agencies”
shall mean S&P, Moody’s, Fitch, KBRA, DBRS Morningstar; provided, that at any time during which a Note A is an
asset of a Securitization, “Rating Agencies” shall mean the rating agencies that from time to time rate the securities
issued in connection with such Securitization.

“Realized
Principal Loss” shall mean any reduction in the Mortgage Loan Principal Balance that does not result in an accompanying
payment of principal to any of the Holders, which may result from, but is not limited to, one of the following circumstances: (i)
the cancellation or forgiveness of any portion of the Mortgage Loan Principal Balance in connection with a bankruptcy or similar
proceeding or a modification or amendment of the Mortgage Loan granted by the Servicer pursuant to the terms of the Servicing Agreement
and this Agreement; or (ii) a reduction in the mortgage interest rate in connection with a bankruptcy or similar proceeding involving
the Mortgage Loan Borrower or a modification or amendment of the Mortgage Loan agreed to by the Servicer in accordance with the
terms of the Servicing Agreement and this Agreement, that as a result of the application of Section 6, results in the application
of principal to pay interest to one or more Holders (each such Realized Principal Loss described in this clause (ii) shall
be deemed to have been incurred on the Payment Date for each affected Scheduled Payment).

“Redirection
Notice” shall have the meaning assigned to such term in Section 17 hereof.

“REMIC”
shall mean a “real estate mortgage investment conduit” as defined in section 860D of the Code.

“REO Property”
shall mean the Mortgaged Property (or an interest therein) if acquired by the lender through foreclosure, deed-in-lieu of foreclosure,
abandonment or reclamation from bankruptcy in connection with a Defaulted Mortgage Loan or otherwise treated as foreclosure property
under the REMIC provisions of the Code.

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

“Scheduled
Payment” shall mean the monthly debt service payment of scheduled principal and/or interest (but excluding default interest)
due and payable in accordance with the terms of the Mortgage Loan Documents.

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

“Servicer”
shall mean (i) prior to the Note A Securitization Date, the Interim Servicer, (ii) on and after the Note A Securitization Date,
(a) if the Mortgage Loan is a non-Specially Serviced Mortgage Loan, the Master Servicer, and (b) if the Mortgage Loan is a Specially
Serviced Mortgage Loan, the Special Servicer (provided, that if the Lead Note A PSA allocates a specific function, right or obligation
with respect to the Mortgage Loan to the Master Servicer or Special Servicer, “Servicer” shall mean the party so designated)
and (iii) at any time the Mortgage Loan is not serviced pursuant to the Interim Servicing Agreement and no Note A is included in
a Securitization, the servicer approved pursuant to Section 2 hereof.

“Servicing
Agreement” shall mean (i) prior to the Note A Securitization Date, the Interim Servicing Agreement, and (ii) on and after
the Note A Securitization Date, the Lead Note A PSA; provided, that after the Note A Securitization Date, if no Note A is
an asset of the Trust, or at any other time when the Mortgage Loan is not serviced pursuant to the Interim Servicing Agreement
and the Note A Securitization Date has not occurred, the term “Servicing Agreement” shall mean the subsequent servicing
agreement entered into pursuant to Section 2 of this Agreement.

“Servicing
Fee” (i) prior to the Note A Securitization Date, shall have the meaning assigned to the term “Servicing Fee”
(or other analogous term) in the Interim Servicing Agreement and (ii) on and after the Note A Securitization Date, shall have the
meaning assigned to the term “Servicing Fee” or other analogous term in the Lead Note A PSA.

“Servicing
Fee Rate” (i) prior to the Note A Securitization Date, shall mean the rate per annum at which the “Servicing
Fee” (or other analogous term) defined in the Interim Servicing Agreement accrues and (ii) on and after the Note A Securitization
Date, shall have the meaning assigned to the term “Servicing Fee Rate” (or other analogous term) in the Lead Note A
PSA; provided, that in no event shall the Servicing Fee Rate exceed one basis point (0.01%) per annum without the consent
of the Controlling Holder.

“Servicing
Standard” shall mean the standard of care that is to be applied by the Servicer in servicing and administering the Mortgage
Loan, the Mortgaged Property and any REO Property, as set forth in the Servicing Agreement.

“Servicing
Transfer Event” means an event under the Lead Note A PSA that results in servicing of the Mortgage Loan being transferred
from the Master Servicer to the Special Servicer.

“Special
Servicer” shall mean the special servicer under the Lead Note A PSA and any successor appointed as provided thereunder
and in accordance with the terms of this Agreement.

“Special
Servicing Fee” shall have the meaning assigned to such term or other analogous term in the Lead Note A PSA; provided,
that in no event shall the Special Servicing

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Fee accrue at a rate that exceeds twenty-five
basis points (0.25%) per annum (subject to a monthly minimum fee not to exceed $5,000) without the consent of the Controlling Holder.

“Specially
Serviced Mortgage Loan” shall mean a mortgage loan serviced by the Special Servicer following a Servicing Transfer Event.

“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 20(c) hereof.

“Threshold
Event Cure” shall have the meaning assigned to such term in Section 20(c) hereof.

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

“Triggering
Event of Default” shall mean (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to
pay money due under the Mortgage Loan or (ii) so long as any Note A is included in a Securitization (and only on and after the
Note A Securitization Date) any non-monetary Event of Default (other than any imminent Event of Default) resulting in the Mortgage
Loan becoming a Specially Serviced Mortgage Loan. A Triggering Event of Default shall not exist if the Note B-1 Holder is exercising
its cure rights in accordance with Section 10 of this Agreement and the applicable cure period has not expired.

“Trust”
shall mean the trust established pursuant to the Lead Note A PSA.

“Trustee”
shall mean the trustee under the Lead Note A PSA and any successor appointed as provided thereunder.

“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 law 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. Person 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).

“Workout
Fee” shall have the meaning assigned to such term (or other analogous term) in the Lead Note A PSA.

2.       Administration
of the Mortgage Loan Generally.

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(a)       From
and after the date hereof, administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement,
which Servicing Agreement shall not be amended or modified in any manner materially adverse to a Note B Holder or in any manner
that adversely affects such Holder’s rights under this Agreement or under the Mortgage Loan Documents without the prior written
consent of such Holder. The Lead Note A Holder shall have the right to appoint any Master Servicer in accordance with the terms
of the Servicing Agreement. The Note B-1 Holder shall have the right from and after the date of this Agreement to appoint the Special
Servicer with respect to the Mortgage Loan in accordance with the terms of this Agreement.

(b)       Following
the Note A Securitization Date, if at any time Lead Note A ceases to be an asset of the Trust, the Lead Note A Holder shall cause
the Mortgage Loan to be serviced for the benefit of all Holders pursuant to a servicing agreement that has been agreed upon by
the Holders, and that is substantially similar to the servicing provisions of the Lead Note A PSA, and all references herein to
the “Servicing Agreement” shall mean such subsequent servicing agreement; provided, that until a replacement
servicing agreement has been entered into, the Lead Note A Holder shall cause the Mortgage Loan to be serviced for the benefit
of all Holders pursuant to the provisions of the Lead Note A PSA as if such agreement were still in full force and effect with
respect to the Mortgage Loan; provided, further, that until a replacement servicing agreement is in place, the actual
servicing of the Mortgage Loan may be performed by any Qualified Servicer appointed by the Lead Note A Holder and does not have
to be performed by the servicers under the Lead Note A PSA; provided, further, that in no event shall such subsequent
servicing agreement differ from the Lead Note A PSA in a manner that is materially adverse to a Note B Holder without the prior
written consent of such Holder. Consent of the Note B Holders to any replacement Servicing Agreement proposed by the Lead Note
A Holder shall not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary contained herein
(including Sections 5 and 20(a) hereof), in accordance with the Servicing Agreement, the Servicer shall be required
to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each
Holder (unless such Holder is a Borrower Party), with a view to maximizing the realization for all such Holders as a collective
whole (it being understood that the interests of the Note B Holders are a junior interest subject to the terms and conditions of
this Agreement). Each Holder that is not a Borrower Party shall be deemed a third party beneficiary of such provisions of the Servicing
Agreement.

(c)       The
Note B Holders hereby irrevocably appoint the Depositor as such Holders’ attorney in fact to sign the Lead Note A PSA on
its behalf with respect to such provisions that relate to the servicing of the Mortgage Loan and Note B.

(d)       The
Holders acknowledge (x) that the Servicer is to comply with this Agreement and the Mortgage Loan Documents and the Mezzanine Intercreditor
Agreement in the servicing of the Mortgage Loan and (y) that the rights of the holder of the Mortgage Loan, and consequently those
of the Holders, are subject to the terms and provisions of the Mortgage Loan Documents and the Mezzanine Intercreditor Agreement
and the laws applicable to the Mortgage Loan. The Holders further acknowledge that this Agreement shall constitute an “Intercreditor
Agreement” as such term (or other analogous term) is defined under the Lead Note A PSA.

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(e)       Prior
to the Note A Securitization Date, the Servicer shall be entitled to the Servicing Fee, and the engagement of Servicer for any
Special Services (as such term or other analogous term is defined in the Interim Servicing Agreement), and the fees therefor, shall
require the consent of all of the Holders. From and after the Note A Securitization Date, (i) the applicable Servicer shall be
entitled to the Servicing Fee, the Special Servicing Fee, the Liquidation Fee and the Workout Fee, in each case at the times and
in the amounts set forth in the Servicing Agreement, and (ii) the Holders acknowledge that pursuant to the Servicing Agreement,
a Servicer may be entitled to receive Additional Servicing Compensation, and to the extent any such Additional Servicing Compensation
is actually received by a Servicer in accordance with the Servicing Agreement, such Servicer shall be entitled to retain the same.

(f)       The
parties hereto acknowledge that each Note A or interests therein may be included as assets of a REMIC, and any provision of this
Agreement to the contrary notwithstanding, for so long as any interest in a Note A remains an asset of a REMIC: (i) the Mortgage
Loan shall be administered such that it 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 Holder of a Note A pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of
the Mortgage or otherwise or lien on such property following a default on the Mortgage Loan shall be administered so that the interest
of each Holder therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code, and (iii) no Holder 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 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 Treasury Regulation Section 1.860G-2(b), more than three (3) months after the earliest startup day
of the REMIC which includes a Note A (or any portion thereof) or would otherwise cause the REMIC to fail to qualify as a REMIC.
The Holders agree that the provisions of this paragraph shall be effected by compliance by each Note A Holder or its assignee with
this Agreement, the Servicing Agreement or any other servicing agreement that governs the administration of the Mortgage Loan or
the Holders’ interest therein.

(g)       Each
Non-Lead Note A Holder (including, but not limited to, any Non-Lead Securitization Trust into which such Non-Lead Note A is deposited)
shall be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, pay or reimburse
the Lead Securitization for such Non-Lead Note A Holder’s pro rata share (on a Pro Rata and Pari Passu Basis) of the portion
allocated to Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 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 Depositor or CREFC®, as applicable, is entitled to be reimbursed pursuant to the Lead Note A PSA and any costs,
fees and expenses related to obtaining any Rating Agency Confirmation, to the extent amounts on deposit in the Collection Account
are insufficient for reimbursement of such amounts. In addition to the reimbursement obligations with respect to Advances (and
Advance Interest) otherwise provided for in this Agreement, each Non-Lead Note A Holder agrees to indemnify (as and to the same
extent the Lead Securitization Trust is required to indemnify each of the following parties pursuant to the

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terms of the Lead Note A PSA)
each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Depositor (and any director,
officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead
Note A PSA) (the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and
administration of the Mortgage Loan and the Mortgaged Property under the Lead Note A PSA (collectively, the “Indemnified
Items”) to the extent of its pro rata share (on a Pro Rata and Pari Passu Basis) of the portion allocated to Note A-1, Note
A-2, Note A-3, Note A-4 and Note A-5 of such Indemnified Items, and to the extent amounts on deposit in the Collection Account
are insufficient for reimbursement of such amounts, the related Non-Lead Note A Holder shall be required to, promptly following
notice from the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, reimburse each of the applicable
Indemnified Parties for such pro rata share (including, if a Non-Lead Note A has been included in a Non-Lead Securitization Trust,
from general collections or any other amounts from the related Non-Lead Securitization Trust).

3.       Subordination
of Note B; Payments Prior to a Triggering Event of Default. Note B and the rights of the Note B Holders to receive payments
of principal, interest and other amounts in respect of Note B shall at all times be junior, subject and subordinate to Note
A and the rights of the Note A Holder to receive payments of principal, interest and other amounts in respect of Note A. Subject
to the application of Section 6, if no Triggering Event of Default shall have occurred and be continuing, then all amounts
tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation,
payments received in connection with any guaranty or indemnity agreement), whether received in the form of Scheduled Payments,
Prepayments, balloon payments, Liquidation Proceeds, Note B Holder Advances, Penalty Charges, cure payments, proceeds under title,
hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power
of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and 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 Servicing Standard or the Mortgage Loan Documents) shall be distributed by the Servicer (or, after the Note
A Securitization Date, the Master Servicer) and applied in the following order of priority, subject to any deduction, reimbursement,
recovery or other payment required or permitted under this Agreement with respect to the Mortgage Loan or the Mortgaged Property
(and payments shall be made at such times as are set forth in the Servicing Agreement), in each case to the extent of available
funds:

(a)       first,
to the Lead Note A Holder (or a Servicer or the Trustee, as applicable), up to the amount of any unreimbursed Costs paid by the
Lead Note A Holder (or paid or advanced by a Servicer or the Trustee, as applicable) with respect to the Mortgage Loan pursuant
to this Agreement or the Servicing Agreement, including, without limitation, unreimbursed Note A Holder Advances and interest thereon
at the applicable Advance Rate, to the extent such Costs and Note A Holder Advances and interest thereon are then payable
hereunder or under the Servicing Agreement;

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(b)       second,
to the Servicer and any Special Servicer, the applicable accrued and unpaid Servicing Fee, Special Servicing Fee and any Workout
Fee, earned by them with respect to the Mortgage Loan under this Agreement or the Servicing Agreement;

(c)       third,
pro rata, to each Holder, in an amount equal to the accrued and unpaid interest on its respective Principal Balance at the
Net Interest Rate applicable to such Note;

(d)       fourth,
pro rata, to the Holders in accordance with their respective initial Percentage Interests, any principal payments received
on the Mortgage Loan for the related interest accrual period, which amounts shall be applied in reduction of the Principal Balance
of the respective Notes;

(e)       fifth,
if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or the Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(d), first, to the Note A Holders, on a Pro Rata and Pari Passu
Basis, in an amount equal to the aggregate of unreimbursed Realized Principal Losses previously allocated to Note A in accordance
with the terms of Section 6 or Section 7, plus interest thereon at the Note A Net Interest Rate compounded
monthly from the date the related Realized Principal Loss was allocated to Note A, and second, to Note B, an amount equal
to the aggregate of unreimbursed Realized Principal Losses previously allocated to Note B in accordance with the terms of Section 6
or Section 7, plus interest thereon at the Note B Net Interest Rate compounded monthly from the date the related Realized
Principal Loss was allocated to Note B;

(f)       sixth,
to the Note B-1 Holder (or any Person acting on its behalf), up to the amount of any unreimbursed Note B Holder Advances made by
the Note B-1 Holder and any applicable interest thereon at the Advance Rate and unreimbursed Costs paid by the Note B-1 Holder
(or such Person acting on its behalf) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(g)       seventh,
any interest accrued at the Mortgage Loan Default Rate on the Mortgage Loan Principal Balance to the extent such default interest
amount is (i) actually paid by the Mortgage Loan Borrower and (ii) in excess of interest accrued on the Mortgage Loan Principal
Balance at the Mortgage Interest Rate, (x) first, to the Note A Holders (subject to the allocation of such amount pursuant
to the terms of the Servicing Agreement), on a Pro Rata and Pari Passu Basis according to their entitlements, in an amount calculated
on the Note A Principal Balance on such Payment Date prior to the application of funds contemplated in this Section 3 at
the excess of (A) the Note A Default Interest Rate over (B) the Note A Interest Rate, and (y) second, to the Note B Holder
in an amount calculated on the Note B Principal Balance on such Payment Date prior to the application of funds contemplated in
this Section 3 at the excess of (A) the Note B Default Interest Rate over (B) the Note B Interest Rate;

(h)       eighth,
pro rata, to each Holder, its Percentage Interest (prior to the application of funds contemplated in this Section 3)
of any Prepayment Premium, in each case, to the extent actually paid by the Mortgage Loan Borrower;

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(i)       ninth,
pro rata, to the extent not payable to any Servicer as Additional Servicing Compensation, to each Holder, its Percentage
Interest (prior to the application of funds contemplated in this Section 3) of any extension fees, assumption fees and Penalty
Charges, in each case, to the extent actually paid by the Mortgage Loan Borrower; and

(j)       tenth,
pro rata, to the Holders in accordance with their respective initial Percentage Interests, any excess amount not otherwise
applied pursuant to the foregoing clauses (a) through (i) of this Section 3.

4.       Payments
Following a Triggering Event of Default. Subject to the application of Section 6, after the occurrence of a Triggering
Event of Default and for so long as such Triggering Event of Default is continuing, then all amounts tendered by the Mortgage Loan
Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection
with any guaranty or indemnity agreement), whether received in the form of Scheduled Payments, Prepayments, balloon payments, Liquidation
Proceeds, Note B Holder Advances, Penalty Charges, cure payments, proceeds under title, hazard or other insurance policies or awards
or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other than any amounts
for required reserves or escrows required by the Mortgage Loan Documents and 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 Servicing Standard
or the Mortgage Loan Documents) shall be distributed by the Servicer (or, after the Note A Securitization Date, the Master Servicer)
and applied in the following order of priority, subject to any deduction, reimbursement, recovery or other payment required or
permitted under this Agreement with respect to the Mortgage Loan or the Mortgaged Property (and payments shall be made at such
times as are set forth in the Servicing Agreement), in each case to the extent of available funds:

(a)       first,
to the Lead Note A Holder (or a Servicer or the Trustee, as applicable), up to the amount of any unreimbursed Costs paid by the
Lead Note A Holder (or paid or advanced by a Servicer or the Trustee, as applicable) with respect to the Mortgage Loan pursuant
to this Agreement or the Servicing Agreement, including, without limitation, unreimbursed Note A Holder Advances and interest thereon
at the applicable Advance Rate, to the extent such Costs and Note A Holder Advances and interest thereon are then payable hereunder
or under the Servicing Agreement;

(b)       second,
to the Servicer and any Special Servicer, the applicable accrued and unpaid Servicing Fee, Special Servicing Fee and any Workout
Fee, earned by them with respect to the Mortgage Loan under this Agreement or the Servicing Agreement;

(c)       third,
to the Note A Holders, on a Pro Rata and Pari Passu Basis, in an amount equal to their respective amounts of accrued and unpaid
interest on the Note A Principal Balance at the Note A Net Interest Rate with respect to its respective Note;

(d)       fourth,
to each Note A Holder, in an amount equal to the Note A Principal Balance, until such principal amount has been paid in full with
respect to its respective Note on a Pro Rata and Pari Passu Basis;

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(e)       fifth,
if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or the Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(d), to the Note A Holders, on a Pro Rata and Pari Passu Basis, in an
amount equal to the aggregate of unreimbursed Realized Principal Losses previously allocated to the Note A Holders in accordance
with the terms of Section 6 or Section 7, plus interest thereon at the Note A Net Interest Rate compounded
monthly from the date the related Realized Principal Loss was allocated to Note A;

(f)       sixth,
to the Note B-1 Holder (or any Person acting on its behalf), up to the amount of any unreimbursed Note B Holder Advances made by
the Note B-1 Holder and any applicable interest thereon at the Advance Rate and unreimbursed Costs paid by the Note B-1 Holder
(or such Person acting on its behalf) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(g)       seventh,
to the Note B Holders, in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the Note B Net
Interest Rate;

(h)       eighth,
to the Note B Holders in an amount equal to the Note B Principal Balance, until such principal amount has been paid in full;

(i)       ninth,
if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or the Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(h), to Note B, an amount equal to the aggregate of unreimbursed Realized
Principal Losses previously allocated to Note B in accordance with the terms of Section 6 or Section 7,
plus interest thereon at the Note B Net Interest Rate compounded monthly from the date the related Realized Principal Loss was
allocated to Note B;

(j)       tenth,
any interest accrued at the Mortgage Loan Default Rate on the Mortgage Loan Principal Balance to the extent such default interest
amount is (i) actually paid by the Mortgage Loan Borrower and (ii) in excess of interest accrued on the Mortgage Loan Principal
Balance at the Mortgage Interest Rate, (x) first, to Note A Holders (subject to the allocation of such amount pursuant to
the terms of the Servicing Agreement), on a Pro Rata and Pari Passu Basis according to their entitlements, in an amount calculated
on the applicable Note A Principal Balances on such Payment Date prior to the application of funds contemplated in this Section
4 at the excess of (A) the Note A Default Interest Rate over (B) the Note A Interest Rate, and (y) second, to Note B
Holders in an amount calculated on the applicable Note B Principal Balances on such Payment Date prior to the application of funds
contemplated in this Section 4 at the excess of (A) the Note B Default Interest Rate over (B) the Note B Interest Rate;

(k)       eleventh,
pro rata, to each Holder, its Percentage Interest (prior to the application of funds contemplated in this Section 4)
of any Prepayment Premium, in each case, to the extent actually paid by the Mortgage Loan Borrower;

(l)       twelfth,
pro rata, to the extent not payable to any Servicer as Additional Servicing Compensation, to each Holder, its Percentage
Interest (prior to the application of

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funds contemplated in this Section
4) of any extension fees, assumption fees and Penalty Charges, in each case, to the extent actually paid by the Mortgage Loan
Borrower; and

(m)       thirteenth,
pro rata, to the Holders in accordance with their respective initial Percentage Interests, any excess amount not otherwise
applied pursuant to the foregoing clauses (a) through (l) of this Section 4.

5.       Priority
of Payments to Note Holders.

(a)       As
between Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5, each such Note shall be of equal priority, and
no portion of either such Note shall have priority or preference over any portion of the other such Note or security therefor.
All amounts allocable to Note A pursuant to Section 3 or Section 4, including any Appraisal Reduction Amounts and
Realized Principal Losses, shall be applied by the Servicer to Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5
on a Pro Rata and Pari Passu Basis.

(b)       As
between Note B-1, Note B-2 and Note B-3, each such Note shall be of equal priority, and no portion of either such Note
shall have priority or preference over any portion of the other such Note or security therefor. All amounts allocable to Note B
pursuant to Section 3 or Section 4, including any Appraisal Reduction Amounts and Realized Principal Losses, shall
be applied by the Servicer to Note B-1, Note B-2 and Note B-3 on a Pro Rata and Pari Passu Basis.

(c)       For
clarification purposes, Penalty Charges paid on each Note A shall first, be used to reduce, on a pro rata basis,
the amounts payable on each Note A 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 Note A PSA, second, be used to reduce the respective amounts payable on each Note A by the amount necessary to pay
the Master Servicer, Trustee, any Non-Lead Note Master Servicer or any Non-Lead Note Trustee, as applicable, for any interest accrued
on any advance of a Scheduled Payment made with respect to such Note A by such party (if and as specified in the Lead Note A PSA
or applicable Non-Lead Note A PSA, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable
on each Note A by the amount necessary to pay additional trust fund expenses under the Lead Note A PSA (including Special Servicing
Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Note A PSA)
and finally, with respect to any remaining amount of Penalty Charges, pro rata, to the Lead Note A (to be paid, (x)
prior to the securitization of each such Note A, to the related Note A Holder and (y) following the securitization of such Note
A, to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Lead Note A PSA)
and to each Non-Lead Note A (to be paid, (x) prior to the securitization of each such Non-Lead Note A, to the related Note A Holder
and (y) following the securitization of such Non-Lead Note A, to the Master Servicer and/or the Special Servicer as additional
servicing compensation as provided in the Lead Note A PSA).

(d)       Any
Note A Holder that receives proceeds from the sale of the primary servicing rights with respect to the Note A shall remit to the
other Note A Holders, promptly

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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 A Holder from the sale of master servicing rights with respect to its Note A shall be for its
own account.

6.       Workout.
Notwithstanding anything to the contrary contained herein, if the Servicer after obtaining the consent of the Controlling Holder
to the extent the same is required under this Agreement, in connection with a workout or proposed workout of the Mortgage Loan,
modifies the terms thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced,
(iii) payments of interest or principal on the Mortgage Loan are waived, reduced or deferred, other than a deferral of the balloon
payment resulting solely from the extension of the Maturity Date of the Mortgage Loan pursuant to the terms of the Servicing Agreement
or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, the full adverse economic effect of such
modification, waiver or amendment of amounts due on the Mortgage Loan shall be borne, first, by the Note B Holder (up to
the Note B Principal Balance, together with accrued interest thereon at the Note B Interest Rate and any other amounts due the
Note B Holder, which amounts shall be applied to Note B-1, Note B-2 and Note B-3 on a Pro Rata and Pari Passu Basis), and
second, by the Note A Holder (up to the Note A Principal Balance, together with accrued interest thereon at the Note A Interest
Rate and any other amounts due the Note A Holder), and all distributions pursuant to Section 3, Section 4 and Section
5 hereunder shall be made accordingly. The preceding statement shall not be construed to limit the rights or benefits of any
Person under Section 19 or Section 20 of this Agreement or the provisions of the Servicing Agreement, including the
Servicer’s obligation to act in accordance with the Servicing Standard. If the Mortgaged Property becomes an REO Property,
(a) the Holders shall have beneficial ownership of such REO Property notwithstanding the manner in which title may be taken under
the Servicing Agreement, (b) the Mortgage Loan shall be deemed to remain outstanding, with the same terms and conditions as in
effect immediately prior to foreclosure or the acceptance of a deed in lieu of foreclosure, for purposes of the relative rights
of the Holders between each other under this Agreement and the Servicing Agreement and (c) all revenues from and proceeds of such
REO Property shall be allocated and distributed under Section 4 of this Agreement. In no event shall a purchase of Note
A by the Note B-1 Holder be construed as a workout for purposes of the calculation of the Workout Fee, nor shall both a Liquidation
Fee and a Workout Fee be payable to one or more Servicers, whether individually or in the aggregate, with respect to the same proceeds
or collections.

7.       Collection
Accounts; Payment Procedure. Pursuant to the terms of the Servicing Agreement, the Note A Holder shall cause the Servicer (and,
after the Note A Securitization Date, the Master Servicer) to establish and maintain the Collection Account or Collection Accounts,
as applicable. Each Holder hereby directs the Master Servicer, in accordance with the priorities set forth in Section 3,
Section 4 or Section 5 hereof, as applicable, and subject to the terms of the Servicing Agreement and this Agreement
(which shall control to the extent set forth herein in the event of any conflict between the Servicing Agreement and this Agreement),
(i) to deposit into the applicable Collection Account within one Business Day of receipt of properly identified funds all payments
received with respect to the Mortgage Loan (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 Collection Account within one (1) Business Day of receipt of

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such payments but, in any event, the
Master Servicer is required to deposit such payments into the applicable Collection Account within two (2) Business Days of receipt
of such payments) and (ii) to remit from the applicable Collection Account for deposit or credit on each Master Servicer Remittance
Date all payments of any kind received with respect to and allocable to each Note, by wire transfer to accounts maintained by each
Holder and designated to the Servicer in writing. Amounts on deposit in the Collection Account shall be applied at the times and
for the purposes specified in the Servicing Agreement. If the Servicer holding or having distributed any amount received or collected
in respect of such Note 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 another Holder, the Servicer or any other Person, then, notwithstanding any other provision
of this Agreement, the Servicer shall not be required to distribute any portion thereof to the Holder of such Note, and such Holder,
as applicable, shall promptly on demand repay to the Servicer the portion thereof which shall have been theretofore distributed
to such Holder together with interest thereon at such rate, if any, as the Servicer shall have been required to pay to the Mortgage
Loan Borrower, another Holder, the Servicer or such other Person with respect thereto, or, if the amount in question had been advanced
by the Servicer, then with interest thereon at the Advance Rate. Each 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 Servicer. The Servicer shall have the right to offset any amounts due hereunder from a Holder, as applicable,
with respect to the Mortgage Loan against any future payments due to such Holder under the Mortgage Loan, provided, that the obligations
of each Holder under this Section 7 are separate and distinct obligations from one another and in no event shall the Servicer
enforce the obligations of one Holder against another Holder. The obligations of each Holder under this Section 7 constitute
absolute, unconditional and continuing obligations and the Servicer shall be deemed a third party beneficiary of these provisions.

The Servicer shall
distribute (or cause to be distributed) to the Holders all payments due to the Holders in accordance with Section 3, Section
4 and Section 5 hereof; provided, that prior to calculating any amount of interest or principal due on such date
to the Holders, the Servicer shall reduce the Note B Principal Balance (not below zero) by any Realized Principal Loss with respect
to the Mortgage Loan (which such amount shall be applied to reduce the Note B-1 Principal Balance, the Note B-2 Principal Balance
and the Note B-3 Principal Balance on a Pro Rata and Pari Passu Basis), and after the Note B Principal Balance has been reduced
to zero, the Servicer shall reduce the Note A Principal Balance (not below zero) by any Realized Principal Loss with respect to
the Mortgage Loan.

8.       Advances.

(a)       The
parties acknowledge that the Master Servicer, the Special Servicer and/or the Trustee may make (and in certain circumstances, shall
be required to make) Advances under the Lead Note A PSA, in which case interest may accrue on such Advances at the Advance Rate.
The right of the Master Servicer, the Special Servicer and the Trustee to reimbursement for such Advances and interest accrued
thereon is prior to the rights of the Holders to receive any distributions or amounts recovered with respect to the Mortgage Loan
or the Mortgaged Property to the extent provided in this Agreement and the Lead Note A PSA.

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(b)       Unless
otherwise agreed between the parties hereto, no Note B Holder shall be entitled to any Note A Holder Advance made in respect of
all or any portion of the debt service due on the Mortgage Loan.

(c)       Notwithstanding
any other provisions contained herein or in the Servicing Agreement to the contrary, no Note B Holder shall be required to reimburse
the Note A Holder or any other Person for a payment of any REMIC or grantor trust taxes or Advances therefor or interest accrued
thereon at the Advance Rate or for deficits in other items of disbursement or income resulting from the use of funds for payment
of REMIC or grantor trust taxes (other than such Holder’s pro rata share (based on its Percentage Interest) of
taxes imposed in connection with the grantor trust created pursuant to this Agreement)), nor shall any disbursement or payment
otherwise distributable to a Note B Holder be reduced to offset or make up any such payment or deficit or any fees payable to the
Trustee or the Certificate Administrator under the Servicing Agreement.

9.       Limitation
on Liability. Subject to Section 20(e) hereof and the terms of the Servicing Agreement, no Holder shall have any liability
to any other Holder with respect to such other Holder’s Note, except with respect to losses actually suffered due to the
bad faith, gross negligence, willful misconduct or breach of this Agreement on the part of such Holder; provided, that nothing
herein shall be deemed to contravene any provisions relating to liability of the Servicer or the Trustee under the Servicing Agreement.
No Holder shall have any fiduciary responsibilities to any other Holder.

10.       Note
Purchase Option; Cure Rights

(a)       If
the Mortgage Loan becomes and remains a Defaulted Mortgage Loan, upon written notice from the Lead Note A Holder (a “Purchase
Option Notice”) of such occurrence (which Purchase Option Notice the Servicer shall give to the Note B Holders),
the Note B-1 Holder shall have the right, subject to the last sentence of this Section 10(a), by written notice to the Lead
Note A Holder (a “Note B Holder Purchase Notice”), given prior to the Purchase Option Cut-Off Date to purchase
Note A at the related Purchase Option Price.

In the case of an
exercise of the purchase option by the Note B-1 Holder, upon the delivery of the Note B Holder Purchase Notice to the Lead Note
A Holder, the Note A Holder shall sell (and the Note B-1 Holder shall purchase) Note A (without recourse or warranty, except
that such selling Holder shall represent and warrant that it owns 100% of the economic and beneficial interests in its respective
Note free and clear of liens, encumbrances and any participations therein) at the related Purchase Option Price on a date within
the Purchase Option Consummation Window mutually designated by the Note B-1 Holder and such selling Holder. The Note B-1 Holder
shall also pay all reasonable out-of-pocket costs and expenses of the Lead Note A Holder (and any Servicer or Trustee on its behalf)
in connection with such purchase.

The applicable Purchase
Option Price shall be calculated by the Servicer three (3) Business Days prior to the date upon which a Holder is to consummate
the purchase described above (and such calculation shall be accompanied by reasonably detailed back-up documentation explaining
how such price was determined) and shall, absent manifest error, be binding upon each Holder.

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The right of the
Note B-1 Holder to exercise the purchase option hereunder shall automatically terminate upon the related Purchase Option Cut-Off
Date, subject to the possibility that such right will be reinstated after the occurrence of the events described in clauses
(1) or (3) in the definition of “Purchase Option Cut-Off Date” if another event which causes the Mortgage
Loan to become a Defaulted Mortgage Loan subsequently occurs. Upon the consummation of a sale pursuant to the purchase option contemplated
by this Section 10(a), the Note A Holder (or the Servicer or Trustee on its behalf) shall deliver all original Mortgage
Loan Documents and other applicable materials in its possession to the Note B-1 Holder. Notwithstanding the foregoing, if a Borrower
Party holds any interest in Note B-1, the purchase option set forth in this Section 10(a) shall be exercisable by the
remainder, if any, of the interest in Note B-1 that is not so held.

(b)       The
Note B-1 Holder (provided that such Holder is not a Borrower Party) shall have the right (but not the obligation) to cure
a monetary Event of Default or a non-monetary Event of Default; provided, that if such Holder elects to cure any Event of
Default, the Event of Default must be cured, in the case of a monetary Event of Default, within ten (10) Business Days of the later
to occur of the expiration of the Mortgage Loan Borrower’s cure period, if any, and receipt of the first notice of such Event
of Default, and in the case of a non-monetary Event of Default, thirty (30) days following the later to occur of the expiration
of the Mortgage Loan Borrower’s cure period, if any, and receipt of the first notice of such Event of Default; provided
if such non-monetary Event of 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 Note B-1 Holder, the Note B-1 Holder shall be given an additional
period of time as reasonably necessary to enable the Note B-1 Holder in the exercise of due diligence to cure such non-monetary
Event of Default for so long as (i) the Note B-1 Holder diligently and expeditiously proceeds to cure such non-monetary Event of
Default, (ii) the Note B-1 Holder makes all cure payments, if any, that it is permitted to make in accordance with the terms and
provisions of this clause (b) (exclusive of any default interest, late fees and/or late charges), (iii) such additional period
of time does not exceed ninety (90) days, (iv) such non-monetary Event of Default is not caused by an insolvency proceeding of
the Mortgage Loan Borrower, operating lessee or any other obligor under the Loan Agreement and an insolvency proceeding of the
Mortgage Loan Borrower, operating lessee or any other obligor under the Loan Agreement does not occur during such cure period and
(v) there is no material impairment to the value, use or operation of the Mortgaged Property taken as a whole, or the value of
the Mortgage Loan, as reasonably determined by Servicer in good faith as a result of such non-monetary default or the attempted
cure (each such cure right, the “Cure Right” and the exercise of such right, a “Cure Event”);
provided the right to cure such Event of Default shall be limited as follows: (i) there shall not be more than twelve Cure
Events over the life of the Mortgage Loan, (ii) there shall not be more than six consecutive Cure Events and (iii) there shall
not be more than six Cure Events, whether or not consecutive, in any 12-month period. For purposes of the foregoing, an individual
Cure Event shall, in the event of a delinquent Scheduled Payment, terminate on the date that such payment is made unless Note A
has been securitized, in which case it shall terminate on the next Payment Date. If a Holder elects to exercise a Cure Right, it
shall make the applicable cure payment as directed by the Note A Holder (or the Servicer on its behalf), and each such cure
payment shall include all Costs, expenses, losses, liabilities, obligations, damages, penalties, and disbursements imposed on,
incurred by or asserted against the Note A Holder (including, without limitation, all unreimbursed Advances (without regard to

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whether such Advance would be a non-recoverable
advance) and any interest charged thereon at the Advance Rate, and any unpaid Special Servicing Fees with respect to the Mortgage
Loan) related to the Event of Default and incurred during the period of time from such Event of Default until such cure payment
is made. The right of the Note B-1 Holder to reimbursement of any cure payment shall be as set forth in Section 3 and Section
4, as applicable. So long as an Event of Default exists that is being cured by the Note B-1 Holder pursuant to this Section
10(b) and the cure period has not expired and the Note B-1 Holder is permitted to cure under the terms of this Section 10(b),
the Note A Holder, the Servicer and the Trustee shall not treat such default as a default or a Triggering Event of Default for
purposes of (i) accelerating the Mortgage Loan, (ii) modifying, amending or waiving any provisions of the Mortgage Loan Documents,
(iii) 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, (iv) treating the Mortgage Loan as a Specially Serviced Mortgage Loan or (v) Section
3 or Section 4 hereof; provided, that such limitations shall not prevent the Note A Holder, the Servicer or the
Trustee from sending notices of the default to the Mortgage Loan Borrower or any related guarantor or making demands on the Mortgage
Loan Borrower or any related guarantor or from collecting default interest or late payment charges from the Mortgage Loan Borrower.
Additional Cure Events shall only be permitted with the consent of each Holder.

11.       Additional
Understanding. For as long as the Mortgage Loan remains outstanding:

(a)       Financial
Statements Etc. Promptly upon receipt thereof, the Servicer shall provide each Holder copies of each financial statement and
any other reports or notices delivered to the Servicer pursuant to the terms of the Mortgage Loan Documents. Subject to the terms
of the Mortgage Loan Documents, promptly upon receipt thereof, so long as such Holder is not a Borrower Party, the Servicer shall
also deliver to such Holder copies of any other documents relating to the Mortgage Loan (to the extent in the Servicer’s
possession), including, without limitation, all written notices, property inspection reports and loan servicing statements. Upon
the request of the Controlling Holder, the Note A Holder (or the Servicer acting on its behalf) shall request additional financial
reporting and other items as may be requested pursuant to the Mortgage Loan Documents and promptly deliver the same to the Controlling
Holder upon its receipt of the same from the Mortgage Borrower.

(b)       Copies.
Any copies of financial statements, reports or statements to be furnished by a Servicer under this Agreement may be furnished by
hard copy or electronic means.

12.       Representations.
Each of the Initial Note A Holder and each Initial Note B Holder hereby represents and warrants as of the date hereof that:

(a)       Such
Holder is duly organized, validly existing and in good standing as a legal entity under the laws of its jurisdiction of organization;

(b)       The
execution and delivery of this Agreement by such Holder, and the performance of, and compliance with, the terms of this Agreement
by such Holder, will not violate its organizational documents or constitute a default (or an event which, with notice or

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lapse of time, or both, would
constitute a default) under, or result in the breach of, any material agreement or other instrument to which it is a party or that
is applicable to it or any of its assets, in each case which materially and adversely affects its ability to carry out the transactions
contemplated by this Agreement;

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

(d)       This
Agreement is its legal, valid and binding obligation, enforceable against such Holder in accordance with its terms, except as the
enforcement thereof may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws
relating to or affecting the enforcement of creditors’ rights or by general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law);

(e)       Such
Holder has the right to enter into this Agreement without the consent of any third party;

(f)       Such
Holder is holding its Note for its own account in the ordinary course of its business;

(g)       Such
Holder has not dealt with any broker, investment banker, agent or other person that is entitled to any commission or compensation
in connection with the execution and delivery of this Agreement; and

(h)       Such
Holder is a Qualified Institutional Lender.

13.       Independent
Analyses of the Note B Holders. Each Initial Note B Holder acknowledges that it has, independently and without reliance upon
any Note A Holder and based on such documents and information as such Holder has deemed appropriate, made its own credit analysis
and decision to purchase its Note. Each Note B Holder hereby acknowledges that the Note A Holders have not made any representations
or warranties with respect to the Mortgage Loan and that the Note A Holders shall have no responsibility for (i) the collectability
of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance
policy or policies or any survey furnished or to be furnished in connection with the origination of the Mortgage Loan, (iii) the
validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial
condition of the Mortgage Loan Borrower. Each Note B Holder assumes all risk of loss in connection with Note B (and Note B-1,
Note B-2 and Note B-3, as applicable) for reasons other than gross negligence, willful misconduct or breach of this Agreement by
the Note A Holders or Agent or the or negligence, willful misconduct or bad faith or breach of the Servicing Agreement by the Servicer
or the Trustee.

14.       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 Agent, the Note A-1 Holder (or the Servicer or Trustee on its behalf), any Non-Lead Note A

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Holder (nor any Non-Lead Note Master
Servicer, Non-Lead Note Special Servicer or Non-Lead Note Trustee on its behalf) and the Note B Holders as a partnership, association,
joint venture or other entity. None of the Holders (nor any Servicer, Trustee, Non-Lead Note Master Servicer, Non-Lead Note Special
Servicer or Non-Lead Note Trustee on behalf of a Note A Holder) shall have any obligation whatsoever to offer to any other party
the opportunity to purchase notes or interests relating to any future loans originated by either party or their respective Affiliates,
and if any such party chooses to offer to another party the opportunity to purchase notes or interests in any future mortgage loans
originated by it or its Affiliates, such offer shall be at such purchase price and interest rate as the applicable party chooses
in its sole and absolute discretion. No Holder shall have any obligation whatsoever to purchase from another Holder any notes or
interests in any future loans originated by another Holder or any of its Affiliates.

15.       Not
a Security. None of the Notes shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.

16.       Transfer
of Notes.

(a)       Each
Holder may Transfer 49% or less in the aggregate (in one or more transactions) of its beneficial interest in its Note, whether
or not the related transferee is a Qualified Institutional Lender without the consent or approval of the other Holder, the Servicer
or any other Person, provided that any such Transfer shall be made in accordance with the conditions in the second succeeding sentence
below. No Holder shall Transfer more than 49% (in one or more transactions) of its beneficial interest in its Note, unless (i) the
other Holder has consented (which consent shall not be unreasonably withheld, conditioned, or delayed) to such Transfer (and the
transferring Holder shall have paid all reasonable out-of-pocket costs and expenses of the non-transferring Holder in connection
with obtaining any such consent), in which case the related transferee shall thereafter be deemed to be a “Qualified Institutional
Lender” for all purposes under this agreement, or (ii) such Transfer is to a Qualified Institutional Lender, provided
any such Transfer made pursuant to clauses (i) or (ii) of this sentence shall be made in accordance with the conditions in the
next sentence of this Section 16(a). Each Holder agrees that each Transfer to be made by it under clauses (a) or
(b) of this Section 16 is subject to the following conditions: (i) all such Transfers shall be made upon at least
three (3) Business Days’ prior written notice to the other Holder, (ii) a transferee of any interest in such Note shall (x)
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 transferring Holder hereunder with respect to the transferred Note from and after the date of such assignment
(or, in the case of a pledge, collateral assignment or other encumbrance by the transferring Holder of its Note solely as security
for a loan to such transferring Holder, made by a third-party lender whereby the transferring Holder remains fully liable under
this Agreement, such third party lender executes an agreement that such lender shall be bound by the terms and provisions of this
Agreement and the obligations of the transferring Holder hereunder on and after the date on which such lender succeeds to the rights
of the transferring Holder hereunder by foreclosure or otherwise) and (y) 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 of Section 2 and
(iii) the proposed transferee remakes each of the representations and warranties contained

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herein for the benefit of the
other Holder (other than the representation that the transferee is a Qualified Institutional Lender for transfers made pursuant
to subsection (i) of the second sentence of this Section 16(a)). Notwithstanding anything to the contrary contained
herein, no Holder shall in any event Transfer all or any portion of its Note to a Borrower Party unless the other Holder has consented
to such Transfer, and any such Transfer without having obtained such prior consent shall be void ab initio. Upon the consummation
of a Transfer of all or any portion of a Note, the transferring Person shall be released from all liability arising under this
Agreement with respect to such 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 a Note as described in clause (b) below).

(b)       In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) the obligations of the
Holder of such Note under this Agreement shall remain unchanged, (ii) such Holder shall remain solely responsible for the performance
of such obligations, and (iii) the non-transferring Holder and any Persons acting on its behalf shall continue to deal solely and
directly with such Holder in connection with its rights and obligations under this Agreement and the Servicing Agreement, and all
amounts payable hereunder shall be determined as if such Holder had not sold such Note interest; provided, that if the applicable
participant is a Qualified Institutional Lender (and delivers to the non-transferring Holder a certification from an authorized
officer confirming its status as a Qualified Institutional Lender), then, the transferring Holder by written notice to the non-transferring
Holder, may delegate to such participant such transferring Holder’s right (if any) to exercise the rights of the Controlling
Holder hereunder and under the Servicing Agreement.

17.       Pledge.
Notwithstanding anything to the contrary contained herein, a Holder may pledge, transfer, collaterally assign or otherwise encumber
(a “Pledge”) its Note or any interest therein to any entity (other than any Borrower Party) which has extended
a credit facility to such Holder and that is (i) a Qualified Institutional Lender, (ii) a financial institution whose long-term
unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency or (iii) a Qualified Conduit
Lender (each such entity, a “Pledgee”), on terms and conditions set forth in this Section 17, it
being further agreed that a financing provided by a Pledgee to such pledging Holder or any person that Controls such Holder that
is secured by such Holder’s interest in its Note and is structured as a repurchase arrangement, shall constitute a “Pledge”
hereunder; provided all applicable terms and conditions of this Section 17 are complied with; provided, further,
that a Pledgee of Note B-1, Note B-2 or Note B-3 that is not a Qualified Institutional Lender may not take title to the related
Note after the Note A Securitization Date without the prior written consent of the Note A Holder; provided, further,
that no Pledgee may take title to a Note without satisfying the requirements for transfer set forth in Section 16 and this
Section 17. Upon written notice by the pledging Holder to the non-pledging Holder and the Servicer that a Pledge has been
effected (including the name and address of the applicable Pledgee), the Servicer shall agree: (i) to give the Pledgee written
notice of any default by the pledging Holder in respect of its obligations under this Agreement of which default the Servicer has
actual knowledge and which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to
allow such Pledgee a period of ten (10) days to cure a default by the pledging Holder in respect of its obligations to the non-pledging
Holder hereunder, but such Pledgee shall not be obligated to cure any such default; (iii) that no amendment,

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modification, waiver or termination
of this Agreement or the Servicing Agreement, if the pledging Holder had the right to consent to such amendment, modification,
waiver or termination pursuant to the terms hereof or the Servicing Agreement, as applicable, shall be effective against such Pledgee
without the written consent of such Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which
consent shall be deemed to be given if Pledgee shall fail to respond to any request for consent to any such amendment, modification,
waiver or termination within 10 days after request therefor; (iv) that the Servicer shall give to such Pledgee copies of any
notice of default under the Mortgage Loan simultaneously with the giving of same to the pledging Holder and accept any cure thereof
by such Pledgee which such pledging Holder has the right (but not the obligation) to effect hereunder, as if such cure were made
by such pledging Holder; (v) that the Servicer shall deliver to Pledgee such estoppel certificate(s) as Pledgee shall reasonably
request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the Servicer; and (vi) that,
upon written notice (a “Redirection Notice”) to the non-pledging Holder and the Servicer by such Pledgee that
the pledging Holder is in default, beyond any applicable cure periods with respect to the pledging Holder’s obligations to
such Pledgee pursuant to the applicable credit agreement or repurchase agreement, as applicable, between the pledging Holder and
such Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such Redirection Notice is withdrawn
or rescinded by such Pledgee, Pledgee shall be entitled to receive any payments that the Servicer would otherwise be obligated
to pay to the pledging Holder from time to time pursuant to this Agreement or the Servicing Agreement. Any pledging Holder hereby
unconditionally and absolutely releases the non-pledging Holder and the Servicer from any liability to the pledging Holder on account
of the Servicer’s or non-pledging Holder’s compliance with any Redirection Notice believed by the Servicer or the non-pledging
Holder, as applicable, to have been delivered by a Pledgee. A Pledgee shall be permitted to exercise fully its rights and remedies
against the pledging Holder to such 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 Servicer shall recognize such Pledgee (and any transferee (other than
any Borrower Party) which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Pledgee or any
transfer in lieu of foreclosure), and its successor and assigns that are Qualified Institutional Lenders, as the successor to the
pledging Holder’s rights, remedies and obligations under this Agreement, and any such Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Holder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Pledgee) and agree to be bound by the terms and provisions of this Agreement. The rights
of a Pledgee under this Section 17 shall remain effective as to the non-pledging Holder (and the Servicer) unless and
until such Pledgee shall have notified such non-pledging Holder (and the Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

18.       Other
Business Activities of the Holders. Each Holder acknowledges that each other Holder and/or any of its Affiliates may make loans
or otherwise extend credit to, and generally engage in any kind of business with, any Borrower Party and/or any entity that is
a holder of debt secured by direct or indirect ownership interests in any Borrower Party or any entity that is a holder of a preferred
equity interest in any Borrower Party, and receive payments on such other loans or extensions of credit to any Borrower Party 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.

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19.       Exercise
of Remedies by the Servicer.

(a)       Subject
to Section 20 of this Agreement, and except as otherwise provided in this Agreement or the Servicing Agreement and subject
to the applicable limitations set forth in this Agreement or the Servicing Agreement, the Servicer (or other party entitled in
accordance with the Servicing Agreement to act on behalf of the Holders) shall have the sole and exclusive authority with respect
to the administration of, and exercise of all rights and remedies with respect to, the Mortgage Loan granted under this Agreement
or the Servicing Agreement, including, without limitation, the sole and exclusive authority to (i) modify or waive any of the terms
of the Mortgage Loan Documents, (ii) consent to any action or failure to act by the Mortgage Loan Borrower or any party to the
Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other similar
proceedings and (iv) take legal action to enforce or protect the Holders’ interests with respect to the Mortgage Loan or
to refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right at any time to declare or
waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute any foreclosure action,
and subject to the terms and conditions of this Agreement, including, without limitation, Section 20 hereof, the Non-Lead
Note A Holders and the Note B Holders shall not have any voting, consent or other rights whatsoever with respect to the Servicer’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan on behalf of the Note A Holder.
Subject to the terms and conditions of the Servicing Agreement, and subject to the terms and conditions of Section 10(b)
hereof, the Servicer on behalf of the Note A Holder shall have the sole and exclusive authority to make servicing advances with
respect to the Mortgage Loan. Except as otherwise provided in this Agreement, each Non-Lead Note A Holder and Note B Holder agrees
that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Servicer (or other party entitled
in accordance with the Servicing Agreement to act on behalf of the Holders), the rights, if any, that such Holder has (A) to declare
or cause the Lead Note A Holder or the Servicer to declare an Event of Default under the Mortgage Loan, (B) to exercise any
remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the
Note A Holder or the Servicer to file any bankruptcy petition against the Mortgage Loan Borrower or (C) to vote any claims with
respect to the Mortgage Loan in bankruptcy, insolvency or similar type of proceeding of the Mortgage Loan Borrower. Each of the
Non-Lead Note A Holders and the Note B Holders shall, from time to time, execute such documents as the Lead Note A Holder or the
Servicer shall reasonably request to evidence such assignment with respect to the rights described in clause (iii)
of the first sentence in this Section 19(a). Each of the Non-Lead Note A Holders and the Note B Holders acknowledges that
the Servicer on behalf of the Lead Note A Holder may in its sole discretion (subject to the terms of this Agreement, the Mortgage
Loan Documents and the Servicing Agreement) exercise, or omit to exercise, any rights that the Servicer on behalf of the Note A
Holders may have under this Agreement or the Servicing Agreement in a manner that may be adverse to the interests of the Non-Lead
Note A Holders or Note B Holders, and that the Servicer on behalf of Note A Holder shall have no liability whatsoever to the
Non-Lead Note A Holders or the Note B Holders (or a servicer on their behalf), other than as set forth in Section 9
hereof, in connection with exercise of rights by the Servicer on behalf of the Note A Holder or any omission by the Servicer on
behalf of the Note A Holder to exercise such rights. The foregoing provisions of this Section 19(a) shall not limit the
right of a Note B Holder or any

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Affiliate thereof to be the Special
Servicer or to exercise its rights as Controlling Holder under this Agreement or any comparable rights as Holder of Note B-1, Note
B-2 or Note B-3, as applicable, under the Servicing Agreement. Each Note B Holder expressly and irrevocably waives for itself
and any Person claiming through or under such Holder 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 that purports to give a junior noteholder, mortgagee
or loan participant the right to initiate any loan enforcement or foreclosure proceedings.

(b)       Notwithstanding
anything to the contrary contained herein, the exercise by the Lead Note A Holder (or the Servicer or the Trustee on its behalf)
of its rights under this Section 19 shall be subject in all respects to any section of the Servicing Agreement governing
REMIC administration, and in no event shall the Lead Note A Holder (or the Servicer or the Trustee on its behalf) be permitted
to take any action or refrain from taking any action which would violate the laws of any applicable jurisdiction, breach the Mortgage
Loan Documents or be inconsistent with the Servicing Standard or violate any other provisions of the Servicing Agreement or this
Agreement or cause the arrangement evidenced hereby not to be treated as a “grantor trust” for federal income tax purposes.

(c)       The
Lead Note A Holder (or the Servicer or the Trustee on its behalf) shall exercise such rights and powers described in this Section
19 on the understanding that the Lead Note A Holder (or the Servicer or the Trustee on its behalf) shall administer the
Mortgage Loan in a manner consistent with the Servicing Agreement and this Agreement. Without limiting the generality of the foregoing,
the Lead Note A Holder (or the Servicer or the Trustee on its behalf) may rely on the advice of legal counsel, accountants and
other experts (hired by the Note A Holder (or the Servicer or the Trustee on its behalf) and upon any written communication or
telephone conversation which the Lead Note A Holder or such Servicer or Trustee believes to be genuine and correct or to have been
signed, sent or made by the proper Person.

(d)       Upon
the Mortgage Loan becoming a Defaulted Mortgage Loan, the Lead Note A Holder (or the Special Servicer acting on behalf of the Lead
Note A Holder) shall have the authority to sell all of Note A (and, if the Note B Holders consent to the inclusion of Note B in
such a sale as described below, Note B) together in accordance with the terms of the Lead Note A PSA. The Non-Lead Note A Holder
(and, if the Note B Holders have consented to the inclusion of Note B in such a sale as described below, the Note B Holders) hereby
appoints the Lead Note A Holder as its agent, and grants to the Lead Note A 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. The Non-Lead
Note A Holder (and, if the Note B Holders have consented to the inclusion of Note B in such a sale as described below, the Note
B Holders) agrees that, upon the request of the Lead Note A Holder (or the Special Servicer acting on behalf of the Lead Note A
Holder), such Note Holder shall execute and deliver to or at the direction of Lead Note A Holder (or the Special Servicer acting
on behalf of the Lead Note A Holder) such powers of attorney or other instruments as the Lead Note A Holder (or the Special Servicer
acting on behalf of the Lead Note A 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 Note A Holder (or

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the Special Servicer acting on
behalf of the Lead Note A Holder) in connection with the consummation of any such sale. Note B shall be included in such an offer
and sale only if the Note B Holder affirmatively consents thereto not later than thirty (30) days following the Purchase Option
Notice described in Section 10(a).

20.       Certain
Powers of the Controlling Holder.

(a)       The
Servicer shall consult with and obtain the prior written consent of the Controlling Holder with respect to any Major Decision.
Notwithstanding anything in this Agreement or the Servicing Agreement to the contrary, prior to taking any action constituting
a Major Decision, the Servicer shall send the Controlling Holder a written notice requesting the Controlling Holder’s consent,
and if the Controlling Holder fails to either approve or reject said Major Decision within three (3) Business Days of its receipt
of such notice, the Servicer shall send a second notice to the Controlling Holder in writing in capitalized, bold faced 14 point
type containing the following statement at the top of the first page: “THIS IS A REQUEST FOR MAJOR DECISION APPROVAL. IF
THE CONTROLLING HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED MAJOR DECISION WITHIN TWO (2) BUSINESS DAYS, THE SERVICER OR
THE SPECIAL SERVICER, AS THE CASE MAY BE, MAY DELIVER A DEEMED APPROVAL NOTICE,” and if the Controlling Holder fails to either
approve or reject said Major Decision within such two (2) business day period after receipt of the second notice, and having been
provided with all reasonably requested information with respect thereto, then the Controlling Holder’s approval will be deemed
to have been given.

Furthermore, the Servicer
shall be required (subject to the Servicer’s prevailing duties under Section 20(e)) to deliver to the Directing
Certificateholder (if and for as long as the Lead Note A is held by the Trust) reasonable (as determined by the Servicer)
prior notice of any final decision with respect to any Major Decision, together with the information then in the possession of
the Servicer (other than correspondence with or information furnished by or on behalf of the Controlling Holder) and obtained or
prepared by the applicable Servicer in connection with such proposed action.

Notwithstanding the
foregoing provisions of this Section 20(a), if the Servicer reasonably determines in accordance with the Servicing Standard that
immediate action is necessary to protect the interests of the Holders (as a collective whole), the Servicer may take any such action
without waiting for the Controlling Holder’s response.

Upon reasonable request,
the Lead Note A Holder shall provide, or cause the Special Servicer to provide, the Controlling Holder with any information in
the possession of the Note A Holder or the Special Servicer with respect to such matters, including, without limitation, its reasons
for a proposed action.

The Lead Note A Holder
or the applicable Servicer shall notify the Holders of any release or substitution of collateral for the Mortgage Loan even if
such release or substitution is in accordance with the Mortgage Loan; provided, however, that no such release or
substitution of collateral shall be effected except in accordance with the terms of this Agreement.

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Any amounts funded
by any Servicer or Trustee on behalf of any Holder pursuant hereto, under the Mortgage Loan Documents as a result of (1) the making
of any protective Advances or (2) interest accruals or accretions and any compounding thereof (including default interest) with
respect to the Note shall not at any time be deemed to contravene this subsection.

(b)       Appraisal
Reductions shall be allocated to reduce first, the Note B Principal Balance (and, correspondingly, the Note B-1 Principal
Balance, the Note B-2 Principal and the Note B-3 Principal Balance on a Pro Rata and Pari Passu Basis), and second, the
Note A Principal Balance (on a Pro Rata and Pari Passu Basis), in each case up to the outstanding amount thereof, for purposes
of determining the identity of the Controlling Holder. The Special Servicer shall give written notice to the Controlling Holder
of any Appraisal Reductions calculated with respect to the Mortgage Loan and any allocation thereof to reduce the Principal Balance
of such Holder.

(c)       Notwithstanding
the foregoing, the Controlling Holder shall be entitled to avoid a Control Appraisal Event caused by application of an Appraisal
Reduction upon satisfaction of the following (which must be completed within forty-five (45) days of the receipt of a third party
Appraisal (or an update thereto) that indicates such Control Appraisal Event has occurred): (i) such Controlling Holder shall have
delivered a supplement to the Appraised Value of the Mortgaged Property (the “Threshold Event Collateral”),
in the amount specified in clause (ii) below, to be held by or on behalf of the Master Servicer or the Special Servicer
(in each case together with documentation reasonably acceptable to the Master Servicer or the Special Servicer in accordance with
the Servicing Standard to create and perfect a first priority security interest in favor of the Trust in such collateral) in the
form of (A) cash collateral for the benefit of the Trustee, and acceptable to the Master Servicer or the Special Servicer, as the
case may be, or (B) an unconditional and irrevocable standby letter of credit payable on sight demand (with the Trustee as beneficiary),
in form acceptable to the Master Servicer or Special Servicer, as the case may be, issued by a domestic bank or other financial
institution the long term unsecured debt obligations of which are rated at least “AA” by S&P and “Aa2”
by Moody’s or the short term obligations of which are rated at least “A-1+” by S&P and “P-1”
by Moody’s, 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 Event not to
occur. If the requirements of this paragraph are satisfied by the Controlling Holder (a “Threshold Event Cure”),
the Control Appraisal Event caused by application of an Appraisal Reduction shall be deemed not to have occurred. If a letter of
credit is furnished as Threshold Event Collateral, the applicable Controlling Holder shall (x) renew such letter of credit not
later than 30 days prior to expiration thereof or replace such letter of credit with a substitute letter of credit or other Threshold
Event Collateral with an expiration date that is greater than 45 days from the date of substitution and (y) if the long or short
term ratings of the letter of credit provider fall below the minimum requirements provided above, replace such letter of credit
within 30 days of such downgrade with a replacement letter from an issuer meeting the rating requirements; provided, that,
if a letter of credit is not renewed prior to 30 days prior to the expiration date of such letter of credit or replaced within
30 days of such downgrade, the letter of credit shall provide that the Master Servicer or the Special Servicer, as the case may
be, may (and at the direction of the applicable Controlling Holder, shall) draw upon such letter of credit and hold the proceeds
thereof as Threshold Event Collateral. The Threshold Event

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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
a Control Appraisal Event from occurring; or (ii) the occurrence of a Final Recovery Determination. If the Appraised Value of the
Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control Appraisal Event without
taking into consideration any, or some portion of, Threshold Event Collateral previously delivered by the Controlling Holder, the
Threshold Event Collateral (or such portion thereof) held by the Trustee, the Master Servicer or the Special Servicer shall promptly
be returned to such Controlling Holder (at its sole expense). Upon a Final Recovery Determination with respect to the Mortgage
Loan, such Threshold Event Collateral shall be available to reimburse the Note A Holder and the Trust for any realized loss with
respect to the Mortgage Loan after application of the net proceeds of liquidation, not in excess of the Note A Principal Balance,
plus accrued and unpaid interest thereon at the applicable interest rate and all other Costs reimbursable under this Agreement
and under the Servicing Agreement, and to the extent not so utilized, such Threshold Event Collateral shall be returned to the
Holder that posted such Threshold Event Collateral. 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 Holder that posted such Threshold Event Collateral, who shall be taxable
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 Event.

(d)       The
Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant to, the terms of the
Lead Note A PSA. If at any time an Appraisal Reduction exists that would result in a Control Appraisal Event, or at any time after
the delivery of Threshold Event Collateral pursuant to clause (c) above, the Note B-1 Holder shall have the right, at its own cost,
to obtain and deliver, or direct the Servicer (or Special Servicer, as the case may be) to obtain and deliver, to the Servicer,
such Holder and the Trustee (if applicable) an appraisal (a “Supplemental Appraisal”) that satisfies the requirements
for any such appraisal as set forth in the Servicing Agreement. After the first Supplemental Appraisal, if there is a material
change with respect to the Mortgaged Property related to the applicable Appraisal Reduction, such Holder will have the right, at
its own cost, to request, in writing, that the Special Servicer obtain an additional Supplemental Appraisal, which request shall
set forth its belief of what constitutes a material change to the Mortgaged Property (including any related documentation). Only
one Supplemental Appraisal of the Mortgaged Property may be requested by such Holder within the same six-month period. Upon receipt
of a Supplemental Appraisal, the Servicer (or Special Servicer, as the case may be) shall recalculate the Appraisal Reduction in
respect of the Mortgage Loan based on such Supplemental Appraisal and shall notify the Trustee (if applicable), the Master Servicer
(if applicable) and such Holder of such recalculated Appraisal Reduction. If, as a result of such calculation based on a Supplemental
Appraisal, a Control Appraisal Event then in effect shall no longer exist, then the Note B-1 Holder shall be reinstated as Controlling
Holder. Until such time as such Supplemental Appraisal is obtained by the Special Servicer and the recalculation of the Appraisal
Reduction has been made (it being agreed that such recalculation shall be done no later than three (3) Business Days following
receipt of such Supplemental Appraisal), the original Control Appraisal Event shall remain in effect (subject to clause (c) above).

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(e)       The
terms “Controlling Holder” and “Control Note” shall mean as of any date of determination,
the Note B-1 Holder and Note B-1, unless (i) a Control Appraisal Event has occurred or (ii) the Note B-1 Holder is a Borrower Party,
in which case the “Controlling Holder” and “Control Note” shall be the Lead Note A Holder and Lead Note
A, respectively. The terms “Non-Controlling Holder” and “Non-Control Note” shall mean the
Holder that is not the Controlling Holder and the Note that is not the Control Note, respectively.

If more
than one Person shall hold a direct interest in a Note, the holder(s) of more than 50% of the principal amount of such Note shall
designate by written notice to the other Holders one of such Persons (with respect to such Note, the “Majority Note Holder”)
to act on behalf of all such Persons holding an interest in such Note. The Majority Note Holder with respect to any Note shall
have the sole right to receive any notices which are required to be given or which may be given to the Holder of such Note pursuant
to this Agreement and to exercise the rights and power given to the Holder of such Note hereunder subject to Section 10
of this Agreement, including any approval rights of the Holder of such Note; provided, that until the Majority Note Holder
has been so designated, the last Person known to the other Holder and the Servicer to hold more than a 50% direct interest in such
Note shall be deemed to be the Majority Note Holder with respect to such Note. Once the Majority Note Holder has been designated
hereunder with respect to any Note, each Holder shall be entitled to rely on such designation until it has received written notice
from the holder(s) of more than 50% of the principal amount of such Note of the designation of a different Person to act as the
Majority Note Holder with respect thereto. If any Borrower Party owns the entirety or a majority of any Note, then such Note shall
not qualify as the Control Note. If any Borrower Party owns less than a majority of the Control Note, then for purposes of determining
the Controlling Holder, the ownership interest of such Borrower Party shall be deemed to be zero, and the owners of more than 50%
of the remaining interests in such Note shall be deemed to be the Holder of such Note. No reference set forth in this Agreement
to the ownership of any interest in a Note by any Borrower Party shall be construed to limit Section 16(a) of this
Agreement. In no event may any Borrower Party be the Controlling Holder.

(f)       Notwithstanding
anything herein to the contrary, no advice, direction or objection from or by the Controlling Holder, as contemplated by Section
20(a) hereof, may (and Agent, the Lead Note A Holder and any Servicer shall ignore and act without regard to any such advice, direction
or objection that Agent, the Lead Note A Holder or a Servicer has determined, in its reasonable, good faith judgment, will) require
or cause Agent, the Lead Note A Holder or Servicer to violate any provision of this Agreement, the Mortgage Loan Documents or the
Servicing Agreement (and, on and after the Note A Securitization Date, and solely while any Note A is included in such Securitization,
including any REMIC provisions), including each Servicer’s obligation to act in accordance with the Servicing Standard.

(g)       No
Controlling Holder shall have any liability to the Trustee, the Servicer, the Special Servicer, any certificateholder in a Securitization,
the Agent or any other Holder for any action taken, or for refraining from the taking of any action or the giving of any consent
or for errors in judgment; provided, that the Controlling Holder will not be protected against any liability which would
otherwise be imposed by reason of bad faith, willful misconduct or gross negligence or breach of this Agreement on the part of
such party. By its acceptance of a Mortgage Note, each Holder shall be deemed to have confirmed its

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understanding that (i) a Controlling
Holder may take or refrain from taking actions that favor its interests or those of its affiliates over those of any other Holder,
(ii) a Controlling Holder may have special relationships and interests that conflict with the interest of another Holder and shall
be deemed to have agreed to take no action against a Controlling Holder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or conflicts, and (iii) no Controlling Holder shall be liable by reason of
its having acted or refrained from acting solely in its interest or in the interest of its affiliates.

(h)       Subject
to the terms of the applicable Servicing Agreement, the Controlling Holder may designate, in writing, a representative (other than
a Borrower Party) to exercise its rights and powers under this Section 20 or otherwise under this Agreement (with copies
of such writing to be delivered to each of the other parties hereto). Such designation shall remain in effect until it is revoked
by the Controlling Holder by a writing delivered to each of the other parties hereto. Such notice shall include the name, address
and other contact information of such representative. Such representative shall have the sole right to receive any notices which
are required to be given or which may be given to the Controlling Holder pursuant to this Agreement.

(i)       The
Non-Controlling Holder shall be entitled to receive, upon request made to the appropriate party, a copy of any notice or report
required to be delivered (upon request or otherwise) by such party to the Controlling Holder. Any such party shall be permitted
to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

(j)       Upon
determining that a Servicing Transfer Event has occurred with respect to the Mortgage Loan, the Master Servicer shall promptly
notify each Holder.

(k)       The
Controlling Holder may at any time and from time to time replace any existing Special Servicer with respect to the Mortgage Loan
with any other person that is a Qualified Servicer and that makes the representations, warranties, and covenants set forth in such
Lead Note A PSA. The Controlling Holder shall designate a person to serve as replacement Special Servicer by delivering to the
other Holders, the Master Servicer and the existing Special Servicer a written notice stating such designation and by satisfying
the other conditions required under the Lead Note A PSA; provided, that if Note A ceases to be an asset of the Trust created
pursuant to the Lead Note A PSA, the Note A Holder shall have the right to approve such replacement Special Servicer if such replacement
Special Servicer is not a Qualified Servicer. The Controlling Holder shall promptly pay any expenses incurred by the Note A Holder
in connection with such replacement. The Controlling Holder shall notify the other parties hereto of any termination of the Special
Servicer and appointment of a new Special Servicer in accordance with this Section 20. If the Controlling Holder has not
appointed a Special Servicer with respect to the Mortgage Loan, then the Special Servicer designated in the Lead Note A PSA shall
be the Special Servicer.

(l)       If
the Note A Holder is required to act as Controlling Holder under this Agreement or the Servicing Agreement, the Special Servicer
shall (i) notify the Note A Holder that such action is required, (ii) provide written direction to the Note A Holder to vote on
such

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action and (iii) provide any
information which is reasonably requested by the Note A Holder and is in the possession of the Special Servicer to enable the Note
A Holder to vote.

(m)       If
the Lead Note A Holder is the Controlling Holder, the Lead Note A 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 Directing Certificateholder
under the Lead Note A PSA (or its representative thereunder) with respect to any Major Decisions or the implementation of any recommended
actions outlined in an Asset Status Report (as defined under the Lead Note A PSA) relating to the Mortgage Loan, to each Non-Lead
Note A Holder (or its representative), within the same time frame it is required to provide to the Directing Certificateholder
under the Lead Note A PSA (for this purpose, without regard to whether such items are actually required to be provided to the Directing
Certificateholder under the Lead Note A PSA due to the occurrence of a control termination event or a consultation termination
event thereunder) and (ii) use reasonable efforts to consult each Non-Lead Note A Holder (or its representative) on a strictly
non-binding basis, to the extent that, having received such notices, information and reports, such Non-Lead Note A (or its 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-Lead Note A Holder
(or its representative); provided that after the expiration of a period of ten (10) Business Days from the delivery to such
Non-Lead Note A Holder (or its representative) by the Lead Note A 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 Note A Securitization Directing Certificateholder, the Lead Note A Holder (or the Master Servicer or the Special
Servicer acting on its behalf) shall no longer be obligated to consult such Non-Lead Note A Holder (or its representative), whether
or not such Non-Lead Note A Holder (or its representative) has responded within such ten (10) Business Day period (unless, the
Lead Note A 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-Lead Note A Holder (or its representative) set forth in the immediately preceding sentence, the Lead Note A 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 Note A 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 Note A 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-Lead Note A Holder (or its representative).

(n)       In
addition to the consultation rights provided in the immediately preceding paragraph, if the Lead Note A Holder is the Controlling
Holder, each Non-Lead Note A Holder shall have the right to annual meetings (which may be held telephonically) with the Lead Note
A 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

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Special Servicer, as applicable,
in which servicing issues related to the Mortgage Loan are discussed.

(o)       Each
Non-Lead Note A 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 Note A PSA; provided, that each Initial
Note A 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 Note A PSA 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.

21.       No
Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any Holder
to another Holder, or a loan from any Holder to any other Holder. Except as otherwise provided in this Agreement and the Servicing
Agreement, the Note B Holders shall not have a separate interest in any property taken as security for the Mortgage Loan except
by virtue of being a lender under the Loan Agreement; provided, that if any such property or the proceeds thereof shall
be applied in respect of payments due under the Mortgage Loan, then each Note B Holder shall be entitled to receive its share of
such application in accordance with the terms of this Agreement and/or the Servicing Agreement. The Holders acknowledge and agree
that the Mortgage Loan represents a single “claim” under Section 101 of the Bankruptcy Code, and no Note B Holder shall
be a separate creditor of the Mortgage Loan Borrower under the Bankruptcy Code, or that if Note B-1, Note B-2 or Note B-3,
as applicable, is construed to represent a single or separate such “claim,” that the Holder of such Note shall be deemed
to have assigned such claim to Note A Holder.

22.       Governing
Law; Waiver of Jury Trial. The parties agree that the State of New York has a substantial relationship to the parties and to
the underlying transaction embodied hereby, and in all respects, including, without limitation, matters of construction, validity
and performance, this Agreement and the obligations arising hereunder shall be governed by, and construed in accordance with, the
laws of the State of New York applicable to contracts made and performed in such State and any applicable law of the United States
of America. 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.

23.       Modifications,
Waiver in Writing.

(a)       This
Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto. The party
seeking modification of this Agreement shall be solely responsible for any and all expenses that may arise in order to modify this
Agreement. Additionally, from and after a Securitization, this Agreement shall not be amended or modified without first (a) receiving
an opinion of counsel experienced in REMIC matters that such amendment or modification will not adversely affect the REMIC status
of any Note in such Securitization and this Agreement, except for amendments pursuant to Section 23(b), and (b) if such
modification, cancellation or termination would adversely affect the rights or materially affect the duties of the Servicer or
Trustee, receiving the written

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consent of such affected party.
The Servicer shall provide each Rating Agency with a copy of any amendment or modification of this Agreement.

(b)       For
so long as Morgan Stanley Bank or an affiliate thereof (a “Morgan Stanley Bank Entity”) is the owner of Note
A-1, Note A-2, Note A-3, Note A-4 or Note A-5, such Morgan Stanley Bank Entity shall have the right, subject to the terms of the
Mortgage Loan Documents, to cause the respective Holder of Note A to execute amended and restated or additional notes reallocating
the principal of one or more of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 among each other or to such new notes, provided
that (i) the aggregate principal balance and notional balance of all outstanding notes following such amendments is no greater
than the aggregate principal balance and notional balance of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 prior to such
amendments, (ii) all notes representing the new notes continue to have the same weighted average interest rate as the weighted
average interest rate of the notes representing Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 prior to such amendments, (iii)
the Morgan Stanley Bank Entity holding the applicable Notes notifies the Trustee, the Master Servicer, the Special Servicer, the
Non-Lead Note Trustee, the Non-Lead Note Master Servicer, the Non-Lead Note Special Servicer and the other Holders in writing of
such modified allocations and principal amounts (it being understood that no consent by such parties is required for any such allocations),
(iv) such modifications shall not affect the definition of Control Appraisal Event and shall not change the provisions relating
to when the Note A Holder would become the Controlling Party and (v) the execution of such amendments and new notes does not have
an adverse effect on any other Notes or on any REMIC or grantor trust created by the Lead Note A PSA or any Non-Lead Note PSA.

24.       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; provided, that no successors or assigns of the (a) Initial Note A Holder
(other than any assignee that becomes a party to this Agreement following a Transfer that is not pursuant to the Securitization),
or (b) the Initial B-1 Holder, the Initial B-2 Holder or the Initial B-3 Holder shall have any liability for a breach of representation
or warranty set forth in this Agreement. Each of the Master Servicer, Special Servicer and Trustee under the Lead Note A PSA and
each of the Non-Lead Note Master Servicer, Non-Lead Note Special Servicer and Non-Lead Note Trustee is an intended third-party
beneficiary of this Agreement. Except as provided in the preceding sentence, none of the provisions of this Agreement shall be
for the benefit of or enforceable by any Person not a party hereto or a successor or assign of a party hereto.

25.       Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the
same instrument. This Agreement may be executed and delivered by the parties by electronic means (including without limitation
facsimile, pdf or other electronic means) and such execution and delivery shall have the same effect as original ink signatures.

26.       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.

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27.       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.

28.       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.

29.       Notices.
All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective
for all purposes if sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail,
postage prepaid, (c) expedited delivery service, either commercial or United States Postal Service, with proof of attempted delivery,
or (d) by fax provided that such fax notice must also be delivered by one of the means set forth in (a), (b) or (c) above, addressed
as follows: (A) if to the Note A Holder, 1585 Broadway, New York, New York 10036, Attention: Jane Lam (with copies to (i) Morgan
Stanley Bank, N.A., 1633 Broadway, 29th Floor, New York, New York 10019, Attention: Legal Compliance Division, and (ii) cmbs_notices@morganstanley.com),
and (B) if to the Note B-1 Holder, the Note B-2 Holder or the Note B-3 Holder, c/o Sun Life Assurance Company of Canada, Private
Fixed Income, 1 York Street, Suite 3200, Toronto, Ontario M5J 0B6, Canada, Attn: Private Fixed Income, or, in each of the foregoing
cases, at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a
written notice to the other parties hereto in the manner provided for in this Section. A copy of all notices, consents, approvals
and requests directed to any Holder shall be delivered concurrently to each Person (not to exceed four (4) in the aggregate) designated
by such Holder. A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery; (b) in
the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; (c) in the case of
expedited prepaid delivery upon the first attempted delivery on a Business Day; or (d) in the case of fax, upon receipt of answerback
confirmation, provided that such fax notice was also delivered as required in this Section. A party receiving a notice which does
not comply with the technical requirements for notice under this Section may elect to waive any deficiencies and treat the notice
as having been properly given.

30.       Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the original of each Non-Lead Note
A and the original Note B-1, the original Note B-2 and the original Note B-3 but including copies of such Notes) will be held (a)
prior to the Note A Securitization, by the Initial Agent (or a custodian on its behalf) and (b) after the Note A Securitization,
by the Trustee or other applicable Person under the Servicing Agreement. The original Note A-2 shall be held by the Note A-2 Holder,
the original Note A-3 shall be held by the Note A-3 Holder, the original Note A-4 shall be held by the Note A-4 Holder, the original
Note A-5 shall be held by the Note A-5 Holder, the original Note B-1 shall be held by the Note B-1 Holder, the original Note B-2
shall be held by the Note B-2 Holder and the original Note B-3 shall be held by the Note B-3 Holder.

31.       Termination.
This Agreement and the respective obligations and responsibilities of the parties under this Agreement shall terminate upon (a) mutual
agreement by

    -52- 

     

    

the parties hereto, evidenced in writing;
(b) thirty (30) days after each of the Notes is paid in full; or (c) payment (or provision for payment) to the Holders
of all amounts held by or on behalf of the Servicer and required under the Servicing Agreement, to be so paid on the last Master
Servicer Remittance Date following final payment or other liquidation (or any advance with respect thereto) of the Mortgage Loan
or the Mortgaged Property.

32.       Statement
of Intent. If the Internal Revenue Service characterizes this Agreement as a partnership for federal income tax purposes, each
of the Non-Lead A Holder and the Note B Holder authorizes and directs the Lead Note A Holder to elect out of partnership
accounting pursuant to Treasury Regulations Section 1.761-2, and agrees to file its own tax returns and reports in a manner
consistent with such election, to the extent required under the United States federal income tax law, and the Holders agree that
any Taxes, penalty, interest or other obligation imposed under the Code, as amended, with respect to the income tax items arising
from such partnership shall be the sole obligation of the Holder to whom such items are allocated and not of such partnership.

33.       Withholding
Taxes.

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

(b)       Each
Holder shall and hereby agrees to indemnify the Servicer against and hold the Servicer harmless from and against any Taxes, interest,
penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Servicer to withhold Taxes from
payment made to such Holder in reliance upon any representation, certificate, statement, document or instrument made or provided
by such Holder in connection with the withholding of Taxes from payments made to such Holder, it being expressly understood and
agreed that (i) the Servicer 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, except as
otherwise required under applicable law, (ii) such Holder shall, upon request of the Servicer and at its sole cost and expense,
defend any claim or action relating to the foregoing indemnification using counsel selected by such Holder and reasonably acceptable
to the Servicer, and (iii) such indemnification obligations of the Holders shall be limited to those Holders that provided an incorrect
representation, certificate, statement, document or instrument in connection with the withholding of Taxes from payments made to
such Holder and shall be allocated between such Holders in accordance with their respective Percentage Interests. The Person that
is the Holder at any particular time shall not be liable under this Section 33 with respect to any predecessor or successor
Holder.

    -53- 

     

    

(c)       Each
Holder represents to the Servicer as of the date hereof that it is not a Non-Exempt Person and that neither the Servicer 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 Holder shall deliver to the Servicer evidence satisfactory to the Servicer substantiating
that it is not a Non-Exempt Person and that the Servicer 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, unless there is a change in law after the date that such
Holder became a party hereto. Without limiting the effect of the foregoing, (a) if a 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 Servicer an Internal Revenue Service Form W-9, or successor form, and (b) if a 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 Holder shall satisfy the requirements of the preceding sentence by furnishing to the Servicer Internal
Revenue Service Form W-8EXP, W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required
from time to time, duly executed by such Holder, as evidence of such Holder’s entitlement to exemption from or reduction
in the withholding of United States tax with respect thereto. The Servicer shall not be obligated to make any payment hereunder
to any Holder until such Holder shall have furnished to the Servicer the requested forms, certificates, statements or documents.
It is hereby acknowledged that such forms have been received by the Servicer as of the date hereof with respect to each of Initial
Note B-1 Holder, Initial Note B-2 Holder and Initial Note B-3 Holder.

34.       Resignation
of Agent. The 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 Holder. Notwithstanding the foregoing, the Holders hereby agree that,
simultaneously with the closing of the Note A Securitization, the Master Servicer shall be deemed to have been automatically appointed
as the successor Agent under this Agreement in place of the Initial Agent without any further notice or other action. The termination
or resignation of such Master Servicer, as Master Servicer under the 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.

[NO FURTHER TEXT ON THIS PAGE]

 

    -54- 

     

    

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

 

	 	Note A Holder:
	 	 
	 	MORGAN STANLEY BANK, N.A.
	 	 
	 	By:	/s/ Cynthia Eckes
	 	 	Name: 	Cynthia Eckes
	 	 	Title: 	Authorized Signatory 
	 	 	 	 
	 	Note B-1 Holder:
	 	 
	 	SUN LIFE ASSURANCE COMPANY OF CANADA
	 	 
	 	By:	/s/ Gary Franko
	 	 	Name: 	Gary Franko
	 	 	Title: 	Managing Director 

Private Fixed Income
	 	 	 	 
	 	By:	/s/ Alec Svoboda
	 	 	Name: 	Alec Svoboda
	 	 	Title: 	Managing Director 

Private Fixed Income
	 	 	 	 
	 	Note B-2 Holder:
	 	 
	 	SUN LIFE HONG KONG LIMITED
	 	 
	 	By:	 /s/ Shiuan Ting van Vuuren
	 	 	Name: 	Shiuan Ting van Vuuren
	 	 	Title: 	Chief Investment Officer
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

 

    Signature Page to Intercreditor Agreement

     

    

 

 

	 	Note B-3 Holder:
	 	 
	 	SUN LIFE INSURANCE (CANADA) LIMITED
	 	 	 	 
	 	By:	/s/ Gary Franko
	 	 	Name: 	Gary Franko
	 	 	Title: 	Managing Director 

Private Fixed Income
	 	 	 	 
	 	By:	/s/ Alec Svoboda
	 	 	Name: 	Alec Svoboda
	 	 	Title: 	Managing Director 

Private Fixed Income
	 	 	 	 
	 	 	 	 
	 	Initial Agent:
	 	 
	 	MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
	 	 
	 	By:	/s/ Jane Lam
	 	 	Name: 	Jane Lam
	 	 	Title: 	Authorized Signatory

 

    Signature Page to Intercreditor Agreement

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.       Description of
Mortgage Loan

	Mortgage Loan Borrower:	605 Third Avenue Fee LLC
	Date of Mortgage Loan:	November 20, 2020
	Initial Principal Amount of Mortgage Loan:	$309,000,000.00
	Closing Date Mortgage Loan Principal Balance:	$309,000,000.00
	Location of Mortgaged Property:	605 Third Avenue

New York, New York
	Current Use of Mortgaged Property:	Office
	Mortgage Interest Rate:	The weighted average of the Note A Interest Rate and the Note B Interest Rate (based on the Note A Principal Balance and the Note B Principal Balance) as of the date hereof
	Mortgage Loan Default Rate:	Lesser of (a) the maximum rate permitted by applicable law and (b) 4% above the Mortgage Interest Rate
	Maturity Date:	December 5, 2030.

B.Description of Notes

	Origination Date Note A Principal Balance:	$231,000,000.00
	Closing Date Note A-1 Principal Balance:	$80,000,000.00
	Closing Date Note A-2 Principal Balance:	$60,000,000.00
	Closing Date Note A-3 Principal Balance:	$40,000,000.00
	Closing Date Note A-4 Principal Balance:	$31,000,000.00

 

    A-1

     

    

 

 

	Closing Date Note A-5 Principal Balance:	$20,000,000.00
	Origination Date Note B Principal Balance:	$78,000,000.00
	Closing Date Note B-1 Principal Balance:	$40,600,000.00
	Closing Date Note B-2 Principal Balance:	$20,000,000.00
	Closing Date Note B-3 Principal Balance:	$17,400,000.00
	Closing Date Note A Percentage Interest:	74.76%
	Closing Date Note A-1 Percentage Interest:	25.89%
	Closing Date Note A-2 Percentage Interest:	19.42%
	Closing Date Note A-3 Percentage Interest:	12.94%
	Closing Date Note A-4 Percentage Interest:	10.03%
	Closing Date Note A-5 Percentage Interest:	6.47%
	Closing Date Note B Percentage Interest:	25.24%
	Closing Date Note B-1 Percentage Interest:	13.14%
	Closing Date Note B-2 Percentage Interest:	6.47%
	Closing Date Note B-3 Percentage Interest:	5.63%
	Note A Interest Rate:	1.93752%

 

    A-2

     

    

 

 

	Note B Interest Rate:	3.07800%
	Note A Default Interest Rate:	Lesser of (a) the maximum rate permitted by applicable law and (b) 4% above the Note A Interest Rate
	Note B Default Interest Rate:	Lesser of (a) the maximum rate permitted by applicable law and (b) 4% above the Note B Interest Rate

 

    A-3

     

    

EXHIBIT B

PERMITTED FUND MANAGERS

 

	1.	Westbrook Partners
	2.	DLJ Real Estate Capital Partners
	3.	iStar Financial Inc.
	4.	Lend-Lease Real Estate Investments
	5.	Archon Capital, L.P.
	6.	Whitehall Street Real Estate Fund, L.P.
	7.	The Blackstone Group International Ltd.
	8.	Apollo Real Estate Advisors
	9.	Colony Capital, LLC
	10.	Praedium Group
	11.	JER Partners
	12.	Fortress Investment Group LLC
	13.	Lone Star Funds
	14.	Clarion Partners
	15.	Walton Street Capital, L.L.C.
	16.	Starwood Property Trust, Inc.
	17.	BlackRock, Inc.
	18.	Rialto Capital Management, LLC
	19.	Raith Capital Partners, LLC
	20.	Eightfold Real Estate Capital, L.P.
	21.	Principal Real Estate Investors, LLC
	22.	One William Street Capital Management, L.P.

 

    B-1Exhibit 4.6

EXECUTION COPY

 

 

CO-LENDER AGREEMENT

Dated as of November 20, 2020

by and among

WELLS FARGO BANK, NATIONAL ASSOCIATION

and

GOLDMAN SACHS BANK USA

McClellan Park

 

 

    		  	
 

    

    

TABLE OF CONTENTS

Page

	Section 1.   	Definitions.	2
	Section 2.   	Servicing of the Mortgage Loan.	17
	Section 3.   	Priority of Payments.	28
	Section 4.   	Workout.	29
	Section 5.   	Administration of the Mortgage Loan.	30
	Section 6.   	Appointment of Controlling Note Holder Representative and Non-Controlling Note Holder Representative.	33
	Section 7.   	Appointment of Special Servicer.	37
	Section 8.   	Payment Procedure.	38
	Section 9.   	Limitation on Liability of the Note Holders.	39
	Section 10.   	Bankruptcy.	40
	Section 11.   	Representations of the Note Holders.	40
	Section 12.   	No Creation of a Partnership or Exclusive Purchase Right.	41
	Section 13.   	Other Business Activities of the Note Holders.	41
	Section 14.   	Sale of the Notes.	41
	Section 15.   	Registration of the Notes and Each Note Holder.	44
	Section 16.   	Governing Law; Waiver of Jury Trial.	45
	Section 17.   	Submission To Jurisdiction; Waivers.	45
	Section 18.   	Modifications.	45
	Section 19.   	Successors and Assigns; Third Party Beneficiaries.	46
	Section 20.   	Counterparts.	46
	Section 21.   	Captions.	47
	Section 22.   	Severability.	47
	Section 23.   	Entire Agreement.	47
	Section 24.   	Withholding Taxes.	47
	Section 25.   	Custody of Mortgage Loan Documents.	48
	Section 26.   	Cooperation in Securitization.	48
	Section 27.   	Notices.	49
	Section 28.   	Broker.	50
	Section 29.   	Certain Matters Affecting the Agent.	50
	Section 30.   	Termination and Resignation of Agent.	50
	Section 31.   	Resizing.	51

 

 

    		i 	
 

    

    

THIS CO-LENDER AGREEMENT
(this “Agreement”), dated as of November 20, 2020, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“WFB”
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”), WFB (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”), WFB (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”), WFB (together with its successors and assigns
in interest, in its capacity as initial owner of Note A-4 described below, the “Initial Note A-4 Holder”),
WFB (together with its successors and assigns in interest, in its capacity as initial owner of Note A-5 described below, the “Initial
Note A-5 Holder”), GOLDMAN SACHS BANK USA (“GS” and, together with its successors and assigns
in interest, in its capacity as initial owner of Note A-6 described below, the “Initial Note A-6 Holder”),
GS (together with its successors and assigns in interest, in its capacity as initial owner of Note A-7 described below, the “Initial
Note A-7 Holder”) and GS (together with its successors and assigns in interest, in its capacity as initial owner
of Note A-8 described below, the “Initial Note A-8 Holder”; and collectively with the Initial Note A-1
Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder, the Initial Note A-4 Holder, the Initial Note A-5 Holder, the
Initial Note A-6 Holder and the Initial Note A-7 Holder, the “Initial Note Holders”).

W I T N E S S E T H:

WHEREAS, pursuant
to the Mortgage Loan Agreement (as defined herein), the Initial Note Holders originated a certain loan (the “Mortgage
Loan”) described on Exhibit A hereto (the “Mortgage Loan Schedule”) to McClellan Realty, LLC (the
“Mortgage Loan Borrower”), which was evidenced by, among other things, eight Notes (as further described below)
in the aggregate original principal amount of $358,000,000.00 made by the Mortgage Loan Borrower in favor of the Initial Note Holders,
and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real property
located as described in the Mortgage Loan Agreement and certain other property described in the Mortgage Loan Agreement (collectively,
the “Mortgaged Property”);

WHEREAS, the Mortgage
Loan is evidenced by the following promissory notes (as amended, modified or supplemented, including any New Notes, the “Notes”),
the designations and original principal amounts set forth below and made by the Mortgage Loan
Borrower in favor of the applicable Initial Note Holder as set forth in the table:

 

	Note	Initial Note Holder	Original Principal Balance
	Note A-1	WFB	$91,000,000.00
	Note A-2	WFB	$69,000,000.00
	Note A-3	WFB	$50,600,000.00
	Note A-4	WFB	$20,000,000.00
	Note A-5	WFB	$20,000,000.00

    		  	
 

    

    

 

	Note	Initial Note Holder	Original Principal Balance
	Note A-6	GS	$75,000,000.00
	Note A-7	GS	$16,400,000.00
	Note A-8	GS	$16,000,000.00

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

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

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

“Accelerated
Mezzanine Loan Lender” shall mean a mezzanine lender under a Mezzanine Loan that has been accelerated or as to which
foreclosure or enforcement proceedings have been commenced against the equity collateral pledged to secure such Mezzanine Loan.

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

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

“Agent Office”
shall mean the designated office of the Agent which office initially shall be the office of the Initial Note A-1 Holder listed
on Exhibit B hereto and after the Securitization Date, shall be the offices of the Master Servicer. The Agent Office 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 Co-Lender Agreement, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

“Appraisal”
shall mean an appraisal prepared by an appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged
Property is located, as appropriate; provided that each appraiser will be required to represent in such appraisal or in
a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice”
as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest,
direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and its compensation
is not affected by the approval or disapproval of the Mortgage Loan.

    		2 	
 

    

    

“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 the 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.

“Borrower
Affiliate” shall mean, with respect to a Mortgage Loan Borrower, a mortgagor, a manager of a Mortgaged Property or an
Accelerated Mezzanine Loan Lender, (a) any other Person controlling or controlled by or under common control with such borrower,
mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly,
25% or more of the beneficial interests in such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable.
For purposes of this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in North Carolina, California,
Minnesota, New York, Kansas, Pennsylvania or any of the jurisdictions in which the respective primary servicing offices of either
the Master Servicer or the Special Servicer or the Corporate Trust Offices of either the Certificate Administrator or the Trustee
are located, or the New York Stock Exchange or the Federal Reserve System of the United States of America, are authorized or obligated
by law or executive order to remain closed.

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

“Certificates”
shall mean any securities issued in connection with the Lead Securitization or a Non-Lead Securitization.

“Certifying
Person” shall mean each Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization that
includes a Serviced Companion Loan in connection with the filing of a Form 10-K.

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

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

    		3 	
 

    

    

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

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

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

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

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

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

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

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

“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in the Lead Securitization,
the rights of the “Controlling Note Holder” herein may be exercised by the holders of the majority of the class of
securities issued in the Lead Securitization designated as the “controlling class” or such other class(es) otherwise
assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided
in the Lead Securitization Servicing Agreement; provided, further, that if at any time 50% or more of Note A-1 (or class
of securities issued in the Lead Securitization designated as the “controlling class” or such other class(es) otherwise
assigned the rights to exercise the rights of the “Controlling Note Holder”) is held by a Borrower Affiliate, Note
A-1 (or the class of securities issued in the Lead Securitization designated as the “controlling class” or such other
class(es) otherwise assigned the rights to exercise the rights of the “Controlling Note Holder”) shall not be entitled
to exercise any rights of the Controlling Note Holder under this Agreement or the Lead Securitization Servicing Agreement, as and
to the extent provided in the Lead Securitization Servicing Agreement.

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

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

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

    		4 	
 

    

    

“Directing
Holder” shall mean the “Directing Certificateholder” or equivalent Person under the Lead Securitization Servicing
Agreement.

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

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

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

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

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

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

“Initial
Note A-5 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

“Initial
Note A-6 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

“Initial
Note A-7 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

“Initial
Note A-8 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

    		5 	
 

    

    

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 (a) 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 and (b) for the purposes of this definition, if 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 Documents.

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

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

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

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

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

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

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

    		6 	
 

    

    

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

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

“Major Decisions”
shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement; provided
that at any time that Note A-1 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 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, 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 Loan) or REO Property for less than the applicable Purchase Price
(as defined in the Lead Securitization 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 Lead Securitization 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 a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or
any consent to such a waiver or consent to a transfer of a Mortgaged Property or interests in the borrower;

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

    		7 	
 

    

    

(ix)               
 any material modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement
with any mezzanine lender or subordinate debt holder related to the Mortgage Loan, or any action to enforce rights (or decision
not to enforce rights) with respect thereto, or any material modification, waiver or amendment thereof;

(x)               
any property management company changes, including, without limitation, approval of the termination of a manager and appointment
of a new property manager or franchise changes (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 (as defined in the Lead Securitization Servicing Agreement);

(xiv)               
any determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances described
in paragraph (c) of the definition of “Specially Serviced Loan” (as defined in the Lead Securitization Servicing Agreement);
or

(xv)               
any approval of a Major Lease (as defined in the Mortgage Loan Documents) to the extent lender’s approval is required
by the Mortgage Loan Documents.

“Master Servicer”
shall mean the Master Servicer appointed under the Lead Securitization Servicing Agreement to service the Mortgage Loan.

“Mezzanine
Loan” shall mean a mezzanine loan secured by equity interests in the Mortgage Loan Borrower.

“Monthly
Payment Date” shall have the meaning given to such 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.

    		8 	
 

    

    

“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 November 13, 2020, among the Initial Note Holders, as Lender,
and McClellan Realty, LLC, as Mortgage Loan Borrower, as the same may be further amended, restated, supplemented or otherwise modified
from time to time, subject to the terms hereof.

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

“Mortgage
Loan 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” means a sub-servicer required to be retained by the Master Servicer by a mortgage loan seller
in the Lead Securitization, or any successor thereto.

“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 31.

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

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

“Non-Controlling
Note” means any Note other than Note A-1.

“Non-Controlling
Note Holder” shall mean each Note Holder other than the Note A-1 Holder; provided that with respect to each Non-Controlling
Note, at any time such Non-Controlling Note is included in a Securitization, references to the “Non-Controlling Note Holder”
herein shall mean the related Non-Controlling Note Holder Representative or any other party assigned the rights to exercise the
rights of the “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special
Servicer) has been given written notice; provided that with respect to each Non-

    		9 	
 

    

    

Controlling Note, if at any time 50%
or more of such 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 Note (and the majority “controlling class” holder or other party assigned the rights
to exercise the rights of such “Non-Controlling Note Holder” as described above) shall not be entitled to exercise
any rights of such Non-Controlling Note Holder, and there shall be deemed to be no Non-Controlling Note Holder hereunder with respect
to such Non-Controlling Note. The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) shall not be required at any time to deal with more than one party as representative of the “controlling class”
holder(s) in respect of any Note that is exercising the rights of a “Non-Controlling Note Holder” herein or under the
Lead Securitization Servicing Agreement (it being understood for the avoidance of doubt that the Lead Securitization Note Holder
(or the Master Servicer or Special Servicer on its behalf) may additionally need to deal with the master servicer, special servicer
or other party to the related Securitization Servicing Agreement) and, (x) to the extent that any related Securitization Servicing
Agreement assigns such rights to more than one such party as the representative of the “controlling class” holder(s)
or (y) to the extent a Non-Controlling Note is split into two or more New Notes pursuant to Section 31, for purposes of
this Agreement, such Securitization Servicing Agreement shall designate one party to deal with the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) as the representative of the related “controlling class”
holder(s) in exercising its rights as a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing
Agreement, and such party shall provide written notice of such designation to the Lead Securitization Note Holder (and the Master
Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the
last party as to which it has received written notice as having been designated as the applicable Non-Controlling Note Holder,
as the applicable Non-Controlling Note Holder under this Agreement.

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

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

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

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

    		10 	
 

    

    

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

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

“Non-Lead
Operating Advisor” shall mean the “operating advisor” under a Non-Lead Securitization Servicing Agreement.

“Non-Lead
Securitization” shall mean any Securitization of 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 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 the servicing agreement for any Non-Lead Securitization.

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

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

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

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

“Note(s)”
shall have the meaning assigned to such term in the recitals.

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

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

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

    		11 	
 

    

    

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

“Operating
Advisor” shall mean the Operating Advisor appointed under the Lead Securitization Servicing Agreement.

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

“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto 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 the allocation of any particular payment, collection, cost, expense, liability or other
amount among the Notes or the 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 Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount.

“Pro Rata
Share” shall mean a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of the
applicable Note and the denominator of which is the sum of the Note Principal Balance of all of the Notes.

“Qualified
Institutional Lender” shall mean each of the Initial Note Holders (together with any affiliated transferee in connection
with a transfer to a Securitization or for internal bookkeeping or other corporate purposes) and any other U.S. Person that is:

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

(b)              
the trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CLO comprised of,
or other securitization vehicle involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether
with assets from others or not), provided that the securities issued in connection with such CLO or other securitization
vehicle are rated initially 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 the Lead Securitization, or

    		12 	
 

    

    

(c)               
 one or more of the following:

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

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

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

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

    		13 	
 

    

    

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

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

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

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

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

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

For the purposes of
this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage any request for
a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal
of its then current rating of the securities issued pursuant to the related Securitization,

    		14 	
 

    

    

or (2) does not reply to such request
or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for
Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in the Lead Securitization
Servicing Agreement and each Non-Lead Securitization Servicing Agreement, as applicable, have been satisfied, then for such request
only, the condition that such confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of
this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for
such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent
request for such Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement
for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage
in such prior request.

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

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

“Reimbursement
Rate” shall mean the rate per annum applicable to the accrual of interest on Servicing Advances and P&I Advances,
which rate per annum shall equal The “Prime Rate” as published in the “Money Rates” section of the New
York City edition of the Wall Street Journal (or, if such section or publication is no longer available, such other comparable
publication as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time,
or, if the “Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator
in its reasonable discretion) as may be in effect from time to time.

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

“Required
Special Servicer Rating” shall mean (i) in the case of Fitch, a rating of “CSS3”, (ii) in the case of S&P,
such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (iii) in the case
of Moody’s, within the twelve (12) month period prior to the date of determination, such special servicer has acted as special
servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Moody’s and Moody’s
has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans
as a material reason for such downgrade or withdrawal, (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

    		15 	
 

    

    

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, within the twelve (12) month period prior to the date of determination,
such special servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization
that was rated by DBRS, and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities
or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer
of such commercial mortgage loans as a material reason for such downgrade or withdrawal (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal).

“Resizing
Holder” shall have the meaning assigned to such term in Section 31.

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

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

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

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

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

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

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

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

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

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

    		16 	
 

    

    

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

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

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

“Special
Servicer” shall mean any Special Servicer appointed as provided in the Lead Securitization Servicing Agreement and this
Agreement to service the Mortgage Loan.

“Special
Servicer Termination Event” shall mean, with respect to any Special Servicer, a “Servicer Termination Event”
as such term is defined in the Lead Securitization Servicing Agreement.

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

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

“Trust Fund
Expenses” shall have the meaning assigned to the term “additional trust fund expense” in the Lead Securitization
Servicing Agreement.

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

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

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

Section 2.               
Servicing of the Mortgage Loan.

(a)               
The Mortgage Loan shall be serviced initially by Wells Fargo Bank, National Association (the “Initial Servicer”)
in accordance with the terms of this Agreement, the Mortgage Loan Documents, applicable law and Accepted Servicing Practices. For
purposes of this Agreement, “Accepted Servicing Practices” shall mean the servicing and administration of the
Mortgage Loan (a) in the same manner in which the Initial Servicer, and with the same care,

    		17 	
 

    

    

skill, prudence and diligence with which
the Initial Servicer generally services and administers similar mortgage loans with similar mortgagors (i) for other third parties,
giving due consideration to customary and usual standards of practice of prudent institutional commercial lenders servicing their
own loans or (ii) held in its own portfolio, whichever standard is higher, (b) with a view to maximization of the recovery on the
Mortgage Loan on a net present value basis and the best interests of the Initial Note Holders as a collective whole, and (c) without
regard to: (i) any known relationship that the Initial Servicer (or any affiliate thereof) may have with the Mortgage Loan Borrower,
the related sponsors or with any other party to the Mortgage Loan Documents; (ii) the ownership of any certificate or any interest
in the Mortgage Loan by the Initial Servicer (or any affiliate thereof); (iii) the right of the Initial Servicer (or any affiliate
thereof) to receive reimbursement of costs, or the sufficiency of any compensation payable to it under the servicing agreement
or with respect to any particular transaction; or (iv) any ownership, servicing and/or management by the Initial Servicer (or any
affiliate thereof) of any other mortgage loans or real property. The servicing fee payable to the Initial Servicer shall be as
agreed to by all of the Initial Note Holders and paid out of collection on the Mortgage Loan by each Initial Note Holder on a pro
rata basis in accordance with its Pro Rata Share. Each Note Holder acknowledges and agrees that, subject to the terms of this
Agreement, the Mortgage Loan shall be serviced from and after the Securitization Date pursuant to the Lead Securitization Servicing
Agreement. Each Note Holder acknowledges that the other Note Holders may elect, in their sole discretion, to include their Notes
in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate with such other Note Holder, at such
other Note Holder’s expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note
Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Asset Representations Reviewer and the Operating Advisor under the Lead Securitization Servicing
Agreement by the Depositor as each such party may be replaced pursuant to the terms of the Lead Securitization Servicing Agreement
and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage
Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder hereby irrevocably appoints the Master Servicer,
the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents
reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization
Servicing Agreement (subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing
Agreement). In no event shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any Note
Holder against any other Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder;
however, this statement shall not be construed to otherwise limit the rights of one Note Holder with respect to any other Note
Holder. Each Servicer (i) shall be required pursuant to the Lead Securitization Servicing Agreement to service the Mortgage Loan
in accordance with the Servicing Standard (which shall require, among other things, that each Servicer, in servicing the Mortgage
Loan, must take into account the interests of each Note Holder), the terms of the Mortgage Loan Documents, this Agreement, the
Lead Securitization Servicing Agreement and applicable law, (ii) shall provide information to each Non-Lead Servicer to enable
each such Non-Lead Servicer to perform its servicing duties under the related Non-Lead Securitization Servicing Agreement and (iii)
shall not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

    		18 	
 

    

    

(b)              
 At any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement,
the Note Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by
the Note Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing
Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary for
any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934, as
amended) and all references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing
agreement; provided, however, that (1) if (x) 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
or (y) a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each
Rating Agency for each Securitization then outstanding with respect to which certificates thereof are then rated by such Rating
Agency; provided, further, however, that until a replacement servicing agreement has been entered into, the
Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Lead Securitization
Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan, by the Servicer
in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder, which with respect to the master
servicer shall be a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement and with respect
to the special servicer shall be an Approved Servicer.

The Lead Securitization
Note Holder agrees that, if any Lead Securitization Note is included in a Securitization, the related Lead Securitization Note
Holder shall cause the applicable Lead Securitization Servicing Agreement to contain a provision that requires any Lead Certificate
Administrator to deliver to each Non-Lead Trustee, each Non-Lead Certificate Administrator, each Non-Lead Special Servicer, each
Non-Lead Master Servicer, each Non-Lead Operating Advisor and each Non-Lead Asset Representations Reviewer, as applicable, promptly
following the Securitization of any Lead Securitization Note, notice of the deposit of Lead Securitization Note into a Securitization
Trust (which notice shall also provide contact information for the related Trustee, the related Certificate Administrator, the
related Master Servicer, the related Special Servicer, the related Operating Advisor, the related Asset Representations Reviewer,
accompanied by a copy of the executed Lead Securitization Servicing Agreement).

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

    		19 	
 

    

    

(d)              
 The Non-Lead Securitization Note Holders agree to indemnify (i) (as and to the same extent the Lead Securitization Trust
is required to indemnify each of the following parties in respect of other mortgage loans in the Lead Securitization Trust pursuant
to the terms of Lead Securitization Servicing Agreement) each of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and the Depositor (and any director, officer, employee or agent of any of the foregoing, to
the extent such parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of other
mortgage loans) and (ii) the Lead Securitization Trust (such parties in clause (i) and the Lead Securitization Trust, collectively,
the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration
of the Mortgage Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision
of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of their pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Collection
Account or Companion Distribution Account that are allocated to the related Non-Lead Securitization Note are insufficient for reimbursement
of such amounts, the related Non-Lead Securitization Note Holder shall be required to, promptly following notice from the Master
Servicer, the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for its pro rata share
of the insufficiency (including, if the applicable 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).

(e)               
Each Non-Lead Securitization Note Holder agrees to pay its Pro Rata Share of (i) any Servicing Advances and any interest
accrued and payable on such Servicing Advances at the Advance Rate and (ii) any Trust Fund Expenses and any other fees, costs or
expenses incurred in connection with the servicing and administration of the Mortgage Loan (including, without, limitation, any
costs, fees and expenses related to obtaining any Rating Agency Confirmation and any Indemnified Items) in accordance with the
Lead Securitization Servicing Agreement and this Agreement to the extent that such amounts remain unpaid or unreimbursed after
funds received from the Mortgage Loan Borrower for payment of such amounts and any principal and interest collections allocable
to the Notes have been applied to pay such amounts.

In the event that
the Master Servicer or the Special Servicer has determined that expected proceeds of the Mortgage Loan (or foreclosed property)
would be insufficient for reimbursement of (i) any Servicing Advances and any interest accrued and payable on such Servicing Advances
at the Advance Rate, (ii) the Indemnified Items and (iii) any other Trust Fund Expenses and any other fees, costs or expenses incurred
in connection with the servicing and administration of the Mortgage Loan (including, without, limitation, any costs, fees and expenses
related to obtaining any Rating Agency Confirmation), each Non-Lead Securitization Note Holder shall be required to, promptly following
notice from the Master Servicer, pay the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Asset Representations Reviewer, the Operating Advisor, or the Lead Securitization Trust, as applicable, the related Non-Lead Securitization
Note Holder’s Pro Rata Share of the insufficiency and if such Non-Lead Securitization Note Holder is a Non-Lead Securitization
Trust, then such Non-Lead Securitization Note Holder shall be required to use general

    		20 	
 

    

    

collections on the other mortgage loans
in the related Non-Lead Securitization Trust to pay such Pro Rata Share.

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

(f)               
The Non-Lead Master Servicer may be required to make P&I Advances on the related Non-Lead Securitization Note, from
time to time, subject to the terms of the related servicing agreement for the related Non-Lead Securitization Servicing Agreement.
Each Non-Lead Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee, as applicable, shall be entitled to make their own
recoverability determination with respect to a P&I Advance to be made on the 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. Additionally,
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. The Master Servicer and the Trustee, as applicable, and the related
Non-Lead Master Servicer or the related Non-Lead Trustee shall be required to notify the other of the amount of its P&I Advance
within two business days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with
respect to the Lead Securitization Note) or a Non-Lead Master Servicer, a Non-Lead Special Servicer or a 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, if and to the extent such information is not already included in the Distribution Date Statement
for the month in which such P&I Advance is made, 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 the related Non-Lead Master Servicer or the related Non-Lead Trustee (as provided in the related Non-Lead Securitization Servicing
Agreement, in the case of a determination of non-recoverability by the related Non-Lead Master Servicer, the related Non-Lead Special
Servicer or the related 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 the other Securitization within two business days of making such determination.

(g)              
Each Non-Lead Securitization Note Holder agrees that, if the related 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)               
any Servicing Advances (and advance interest thereon) and any Trust Fund Expenses (including Indemnified Items) relating
to servicing and administration of the Mortgage Loan and the Mortgaged Property, including without

    		21 	
 

    

    

limitation, any unpaid Special
Servicing Fees, Liquidation Fees and Workout Fees relating to the Mortgage Loan will be paid in accordance with Sections 2 and
3 of this Agreement and the Lead Securitization Servicing Agreement;

(ii)               
in the event that the Master Servicer or the Special Servicer has determined that proceeds of the Mortgage Loan (or foreclosed
property) would be insufficient for reimbursement of the amounts described in clause (i) above, the related Non-Lead Master Servicer
will be required to, promptly following notice from the Master Servicer or the Special Servicer, pay the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee or the Lead Securitization Trust, as applicable, such Non-Lead Securitization
Trust’s Pro Rata Share of the insufficiency out of general funds in the collection account (or equivalent account) established
under the related Non-Lead Securitization Servicing Agreement;

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

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

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

(i)                
Each Non-Lead Securitization Note Holder shall give each of the parties to the Lead Securitization Servicing Agreement (that
will not also be a party to the related Non-Lead Securitization Servicing Agreement) notice of the Non-Lead Securitization in writing
(which may be by e-mail) prior to or promptly following the related Non-Lead Securitization Date. Such notice shall contain contact
information for each of the parties to the related Non-Lead Securitization Servicing Agreement. In addition, after the related
Non-Lead Securitization Date, the related Non-Lead Securitization Note Holder (or a certificate administrator designated to do
so in the Non-Lead Securitization Servicing Agreement) shall send an electronic copy of the related Non-Lead Securitization Servicing
Agreement to each of the parties to the Lead Securitization Servicing Agreement.

(j)                
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 and the Trustee and the Certificate Administrator shall reasonably
cooperate with such Non-Lead Asset Representations Reviewer in connection with such Asset

    		22 	
 

    

    

Review by providing such Non-Lead Asset
Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the
extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator
as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer, Non-Lead Master Servicer, Non-Lead
Special Servicer or custodian under the related Non-Lead Securitization Servicing Agreement.

(k)              
The Lead Securitization Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as
follows (and to the extent the 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 or Trustee shall be required to provide written notice to each Non-Lead Master Servicer and each Non-Lead
Trustee of any P&I Advance it has made with respect to the Lead Securitization Note within two (2) business days of making
such advance;

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

(iii)               
the Master Servicer shall deliver or make available all reports required to be delivered by the Master Servicer to the Certificate
Administrator under the Lead Securitization Servicing Agreement, including the CREFC® Investor Reporting Package,
to the extent related to the Mortgage Loan, the Mortgaged Property or the Non-Lead Securitization Notes (i) prior to the securitization
of a Non-Lead Securitization Note, to the related Note Holder on each Distribution Date (as defined in the Lead Securitization
Servicing Agreement); and (ii) following securitization of a Non-Lead Securitization Note, to the related Non-Lead Master Servicer
no later than two Business Days after the Determination Date (as defined in the Lead Securitization Servicing Agreement);

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

(v)               
each Non-Lead Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder
under the Lead Securitization Servicing Agreement with respect to the following items; each of the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, and the Custodian shall be required to indemnify each
Certifying Person and the Non-Lead

    		23 	
 

    

    

Depositor for any public Other
Securitization, and their respective directors and officers and controlling persons, to the same extent that they indemnify the
Depositor (as depositor in respect of the Lead Securitization) and each Certifying Person for (i) its failure to deliver the items
in clause (vii) below in a timely manner, (ii) its failure to perform its obligations to such Non-Lead Depositor or Non-Lead Trustee
under Article XI (or any article substantially similar thereto that addresses Exchange Act reporting and Regulation AB compliance)
of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace period or cure
period, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it to perform its obligations
to such Non-Lead Depositor or Non-Lead Trustee under such Article XI (or any article substantially similar thereto that addresses
Exchange Act reporting and Regulation AB compliance) of the Lead Securitization Servicing Agreement by the time required and/or
(iv) any deficient Exchange Act report or other deliverable regarding, and delivered by or on behalf of, such party;

(vi)               
each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and
the Trustee shall (i) with respect to any Initial Sub-Servicer (as defined in the Lead Securitization Servicing Agreement) engaged
by it that is a Servicing Function Participant (as defined in the Lead Securitization Servicing Agreement) or Additional Servicer
(as defined in the Lead Securitization Servicing Agreement), use commercially reasonable efforts to cause such party to, and (ii)
with respect to each other Additional Servicer (as defined in the Lead Securitization Servicing Agreement) and each Servicing Function
Participant (as defined in the Lead Securitization Servicing Agreement) with which, in each case, it has entered into a servicing
relationship with respect to the Mortgage Loans, cause such party to, comply with the foregoing Section 2(k)(v) by inclusion
of similar provisions in the related sub-servicing or similar agreement;

(vii)               
the Master Servicer, any primary servicer, the Special Servicer and the Trustee, Certificate Administrator or other party
acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause (or, the case of a
Mortgage Loan Seller Sub-Servicer, shall be required to use commercially reasonable efforts to cause) each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver),
to each Non-Lead Depositor and each Non-Lead Trustee, in a timely manner, (i) the reports, certifications, compliance statements,
accountants’ assessments and attestations, and all information to be included in reports (including, without limitation,
Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the applicable Non-Lead
Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the parties to each Non-Lead Securitization may reasonably
require in order to comply with their obligations under the Securities Act and the Exchange Act (including Rule 15Ga-1) and Regulation
AB, and any other applicable law. Without limiting the generality of the foregoing, the Initial Note Holder of the Lead Securitization
Note shall provide in a timely manner to each Non-Lead Depositor and each Non-Lead Trustee a copy of the Lead Securitization Servicing
Agreement in EDGAR-compatible format (but not later than one business day following the closing date of the Lead Securitization)
and each Servicer under the Lead

    		24 	
 

    

    

Securitization Servicing Agreement
will be required, upon prior written request, to provide to each Non-Lead Depositor and each Non-Lead Trustee any other information
required to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K, any other disclosure
information required pursuant to Regulation AB, in each case in a timely manner for inclusion in any disclosure document, and with
respect to such Servicers (at the expense of the requesting party), upon prior written request, market indemnification agreements,
opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization. In addition,
the Initial Note Holder of the Lead Securitization Note shall give the other Note Holders written notice in a timely manner (but
no later than one (1) business day prior to the applicable filing date) of any re-filing (other than a filing made in connection
with a formal amendment of the Lead Securitization Servicing Agreement) by the Depositor of the Lead Securitization Servicing Agreement
subsequent to the Securitization Date if such filing contains revisions or changes that are material to the other Note Holders.
As used in this Agreement, “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB),
17 C.F.R. §§ 229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation
as have been provided by the United States SEC or by the staff of the SEC, or as may be provided by the SEC or its staff from time
to time, in each case as effective from time to time as of the compliance dates specified therein. The Master Servicer, any primary
servicer and the Special Servicer shall each be required to provide certification and indemnification to each Certifying Person
with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are defined in the Non-Lead Securitization
Servicing Agreement;

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

(ix)               
any late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to any Non-Lead
Note or reimbursable to any Non-Lead Master Servicer or any Non-Lead Trustee in accordance with this Agreement

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shall be remitted by the Master
Servicer to the applicable Non-Lead Master Servicer within one (1) Business Day of receipt and identification thereof unless such
amount would otherwise be included in the monthly remittance to the applicable Non-Lead Securitization Note Holder for such month;
provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given business day, the
Master Servicer shall use commercially reasonable efforts to remit such late collections to such Non-Lead Master Servicer within
one (1) business day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within
two (2) business days of receipt of properly identified funds;

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

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

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

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

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

(xv)               
“Servicer Termination Events” (or any analogous term under the Lead Securitization Servicing Agreement) include
customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead
Securitization Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than
one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into
a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order
for the Non-Lead Securitization Note Holders

    		26 	
 

    

    

or the Non-Lead Depositor to timely
comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other
triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods
(provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor
to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event
with respect to the Master Servicer affecting any Non-Lead Securitization Note Holder and the Master Servicer is not otherwise
terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of
such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to the related Non-Lead Note. Upon the occurrence
of a Servicer Termination Event with respect to the Special Servicer affecting any Non-Lead Securitization Note Holder and the
Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction
of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage
Loan;

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

(xvii)               
if a Non-Lead Securitization Note becomes the subject of an “Asset Review” (or such similar term, as defined
in the related Non-Lead Securitization Servicing Agreement), the applicable parties to the Lead Securitization Servicing Agreement
are required to reasonably cooperate with the Non-Lead Asset Representations Reviewer or other applicable party to the Non-Lead
Securitization Servicing Agreement in connection with such Asset Review (or a substantially similar provision), including with
respect to providing access to related underlying documents;

(xviii)               
special servicing, workout and liquidation fees rates shall not exceed 0.25%, 1.00% and 1.00%, respectively, subject to
any market minimum amounts and fee offsets set forth in the Lead Securitization Servicing Agreement; and

(xix)               
any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement.

(l)                
Prior to Securitization of any Non-Lead Securitization Note (including any New Notes), all notices, reports, information
or other deliverables required to be delivered to the

    		27 	
 

    

    

related Non-Lead Securitization Note
Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the related Non-Lead Securitization
Note Holder (or its Non-Lead Securitization Note Holder Representative) and, when so delivered to such Non-Lead Securitization
Note Holder (or Non-Lead Securitization Note Holder Representative), the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items
hereunder or under the Lead Securitization Servicing Agreement. Following Securitization of any Non-Lead Securitization Note, all
notices, reports, information or other deliverables required to be delivered to the related Non-Lead Securitization 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 related Non-Lead Master Servicer and the related
Non-Lead Special Servicer (who then may forward such items to the party entitled to receive such items as and to the extent provided
in the Non-Lead Securitization Servicing Agreement) and, when so delivered to the related Non-Lead Master Servicer and the related
Non-Lead Special Servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf)
shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization
Servicing Agreement (except where required by this Agreement or the Lead Securitization Servicing Agreement to deliver items directly
to a Non-Lead Depositor or other party to a Non-Lead Securitization Servicing Agreement for purposes of compliance with securities
laws).

Section 3.               
Priority of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference
over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available
for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds
thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty,
letter of credit or other collateral or instrument securing the Mortgage Loan, or Insurance and Condemnation 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), 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 property protection expenses
or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing
Agreement and (y) all amounts that are then due, payable or reimbursable (except for (i) any reimbursements of P&I Advances
(and interest thereon) made with respect to a Note, which may only be reimbursed out of payments and collections allocable to such
Note, (ii) any Servicing Fees due to the Master Servicer in excess of any Non-Lead Securitization Note’s pro rata
share of that portion of such Servicing Fees calculated at the Servicing Fee Rate applicable to the Mortgage Loan as set forth
in the Lead Securitization Servicing Agreement) to any Servicer (or the Trustee as successor to the Servicer), with respect to
the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement (including without limitation, any additional trust fund
expenses relating to the Mortgage Loan (but subject to second paragraph of Section 5(d) hereof) and any Special Servicing Fees,

    		28 	
 

    

    

Liquidation Fees, Workout Fees, Penalty
Charges (to the extent provided in the immediately following paragraph), amounts paid by the Mortgage Loan Borrower in respect
of modification fees or assumption fees and any other additional compensation payable pursuant to the Lead Securitization Servicing
Agreement), shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu
Basis.

For clarification
purposes, Penalty Charges (as defined in the Lead Securitization Servicing Agreement) paid shall be allocated to the Notes on a
Pro Rata and Pari Passu Basis and applied first, to reduce, on a pro rata basis, the amounts payable on each Note
by the amount necessary to reimburse, on a pro rata basis, the Master Servicer, the Trustee or the Special Servicer, as
applicable, any Servicing Advances made by any such party in accordance with the terms of the Lead Securitization Servicing Agreement
and to pay any interest to such parties that has accrued on any such Servicing Advances at the Reimbursement Rate, second,
to reduce, on a pro rata basis, the respective amounts payable on each Note by the amount necessary to pay the Master Servicer,
Trustee, any Non-Lead Master Servicer or any Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made
with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or any Non-Lead Securitization
Servicing Agreement, as applicable), third, to reduce, on a pro rata basis, the amounts payable on each Note by the
amount necessary to pay additional trust fund expenses (including, if not paid by the related Mortgagor, 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, (i) in the case of the remaining amount of Penalty Charges allocable to the Lead Securitization Note, be
paid to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Lead Securitization
Servicing Agreement and (ii) in the case of the remaining amount of Penalty Charges allocable to any Non-Lead Securitization
Note, be paid, (x) prior to the securitization of such Note, to the related Non-Lead Securitization 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.

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

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,

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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 payments to the
Note Holders pursuant to Section 3, which shall be made as though such workout did not occur, with the payment terms of each Note
remaining the same as they are on the date hereof, and the full economic effect of all waivers, reductions or deferrals of amounts
due on the Mortgage Loan attributable to such workout shall be borne by the Note Holders, on a Pro Rata and Pari Passu Basis
(up to their respective Note Principal Balances, together with accrued interest thereon at the Interest Rate and any other amounts
due to each Note Holder, as applicable).

Section 5.               
Administration of the Mortgage Loan.

(a)               
Subject to this Agreement (including but not limited to Section 5(b)) and the Lead Securitization Servicing Agreement,
and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect
to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan
Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents,
call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and 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, each Non-Lead Securitization Note
Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
the rights, if any, that such Note Holder has to, (i) call or cause the Lead Securitization Note Holder to call an Event of
Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower,
including, without limitation, filing or causing the Lead Securitization Note Holder to file any bankruptcy petition against the
Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting
on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to any Non-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).

Upon the Mortgage
Loan becoming a Defaulted Loan, each Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead
Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization

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Note Holder) to sell the Non-Lead Securitization
Notes together with the Lead Securitization Note as notes evidencing one whole loan in accordance with the terms of the Lead Securitization
Servicing Agreement. In connection with any such sale, the Special Servicer shall be required to sell each Non-Lead Securitization
Note together with the Lead Securitization Note in the manner set forth in the Lead Securitization Servicing Agreement. In connection
with any such sale, the Special Servicer shall be required to sell any Non-Lead Securitization Note together with the Lead Securitization
Note in the manner set forth in the Lead Securitization Servicing Agreement. Whether any cash offer constitutes a fair price for
the Mortgage Loan shall be determined by the Trustee or Special Servicer, as applicable, in accordance with the terms of the Lead
Securitization Servicing Agreement. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer
acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage Loan if it becomes a Defaulted
Loan without the written consent of the Non-Lead Securitization Note Holders (provided that such consent is not required
if any Non-Lead Securitization Note Holder is the Mortgage Loan Borrower or an affiliate of the Mortgage Loan Borrower) unless
the Special Servicer has delivered to the Non-Lead Securitization Note Holders: (a) at least fifteen (15) Business Days’
prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale
date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer
in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent
Appraisal for the Mortgage Loan, and any documents in the Servicing File reasonably requested by any Non-Lead Securitization Note
Holder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed, and a reasonable period of
time (but no less time than is afforded to the other offerors and the Directing Holder) prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by any Servicer in connection
with the proposed sale; provided that such Non-Lead Securitization Note Holders may waive any of the delivery or timing
requirements set forth in this sentence. Subject to the terms of the Lead Securitization Servicing Agreement, each of the Controlling
Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note Holders and the applicable Non-Controlling Note
Holder Representative shall be permitted to bid at any sale of the Mortgage Loan unless such person is the Mortgage Loan Borrower
or an agent or Affiliate of the Mortgage Loan Borrower.

Notwithstanding the
foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on its behalf) will not be permitted to sell the
Mortgage Loan if the Mortgage Loan becomes a Defaulted Loan without the written consent of each Non-Lead Securitization Note Holder
(provided that such consent is not required from any Non-Lead Securitization Note Holder that is a Borrower Affiliate) 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 material amendments to such bid packages) received by the Special Servicer in connection
with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy of the most recent appraisal for
the Mortgage Loan, and any documents in the servicing file reasonably requested by such Non-Lead Securitization Note Holder that
are material to the price of the Mortgage Loan; and (d) until the sale is completed, and a reasonable period of time (but
no less time than is afforded to other offerors) prior to the proposed sale date, all information and other documents being provided
to other offerors and all

    		31 	
 

    

    

leases or other documents that are approved
by the Master Servicer or the Special Servicer in connection with the proposed sale; provided that such Non-Lead Securitization
Note Holder may waive any of the delivery or timing requirements described in this sentence. Subject to the terms of the Lead Securitization
Servicing Agreement, each Non-Lead Securitization Note Holder (or its representative) that is not a Borrower Affiliate shall be
permitted to submit an offer at any sale of the Mortgage Loan.

Each Non-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 the Non-Lead Securitization Notes. Each Non-Lead Securitization Note Holder further agrees that, upon
the request of the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall execute and deliver to or at
the direction of Lead Securitization Note Holder such powers of attorney or other instruments as the Lead Securitization Note Holder
may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request,
and shall deliver the related original Non-Lead Securitization Note, endorsed in blank, to or at the direction of the Lead Securitization
Note Holder in connection with the consummation of any such sale.

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

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

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Anything herein or
in the Lead Securitization Servicing Agreement to the contrary notwithstanding, if one of the Notes is included in a REMIC, but
others are not, other Note Holders whose Notes are not included in a REMIC 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 the other Note Holders be reduced to offset or make-up any such payment or deficit.

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

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

(b)          
Neither the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to the other
Note Holders or any other Person for any action taken, or for refraining from the taking of any action or the giving of any consent
or the failure to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement,

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

(c)           
The Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note Holder hereunder
and the rights and powers granted to the “controlling class representative” or similar party under, and as defined
in, the Lead Securitization Servicing Agreement with respect to the Mortgage Loan. In addition, the Controlling Note Holder shall
be entitled to advise (1) the Special Servicer with respect to all Major Decisions related to a “Specially Serviced
Loan” (as defined in the Lead Securitization Servicing Agreement) and (2) the Special Servicer with respect to all matters
for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below
(i) the Master Servicer shall not be permitted to implement any Major Decision unless it has obtained the prior consent of
the Special Servicer and (ii) prior to the occurrence and continuance of a Control Event (as defined in the Lead Securitization
Servicing Agreement), the Special Servicer shall not be permitted to consent to the Master Servicer’s implementing any Major
Decision nor will the Special Servicer itself be permitted to implement any Major Decision as to which the Controlling Note Holder
has objected in writing within ten (10) Business Days after receipt of the written analysis and such additional information
requested by the Controlling Note Holder and reasonably available to the Special Servicer as may be necessary in the reasonable
judgment of the Controlling Note Holder in order to make a judgment with respect to such Major Decision. The Controlling Note Holder
may also direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as
the Controlling Note Holder may deem advisable.

If the Controlling
Note Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten (10)
Business Days after delivery to the Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision,
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 Days such Major Decision shall be deemed
to have been approved by the Controlling Note Holder.

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In the event that
the Special Servicer or Master Servicer (in the event the 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, prior to the occurrence and continuance of a Control Event pursuant
to the Lead Securitization Agreement (or consultation with the Controlling Note Holder after the occurrence and during the continuance
of a Control Event, but prior to the occurrence of a Consultation Termination Event (as defined in the Lead Securitization Servicing
Agreement)), is necessary to protect the interests of the Note Holders (as a collective whole) and the Special Servicer has made
a reasonable effort to contact the Controlling Note Holder, the Master Servicer or the Special Servicer, as the case may be, may
take any such action without waiting for the Controlling Note Holder’s response.

No objection 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 or materially
expand the scope of responsibilities of any of the Master Servicer or Special Servicer, as applicable.

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

(d)              
Each Non-Controlling Note Holder shall have the right at any time to appoint a representative (other than a Borrower Affiliate)
in connection with the exercise of its rights and obligations with respect to the Mortgage Loan (with respect to such Non-Controlling
Note Holder, the “Non-Controlling Note Holder Representative”). Each Non-Controlling Note Holder shall have
the right in its sole discretion at any time and from time to time to remove and replace the Non-Controlling Note Holder Representative.
When exercising its various rights under Section 5 and elsewhere in this Agreement, each Non-Controlling Note Holder may,
at its option, in each case, act through its Non-Controlling Note Holder Representative. The Non-Controlling Note Holder Representative
may be any Person (other than a Borrower Affiliate), including, without limitation, the related Non-Controlling Note Holder, any
officer or employee of the related Non-Controlling Note Holder, any affiliate of the related Non-Controlling Note

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Holder or any other unrelated third
party. No such Non-Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other
than such Non-Controlling Note Holder). All actions that are permitted to be taken by each Non-Controlling Note Holder under this
Agreement may be taken by a Non-Controlling Note Holder Representative acting on behalf of such Non-Controlling Note Holder.

(e)               
No Servicer, Trustee, Asset Representations Reviewer, Operating Advisor or Certificate Administrator acting on behalf of
the Lead Securitization Note Holder shall be required to recognize any Person as a Non-Controlling Note Holder Representative until
the related Non-Controlling Note Holder has notified each Servicer, Trustee, Asset Representations Reviewer, Operating Advisor
and Certificate Administrator of such appointment and, if the Non-Controlling Note Holder Representative is not the same Person
as the related Non-Controlling Note Holder, the Non-Controlling Note Holder Representative provides each Servicer, Trustee, Operating
Advisor and Certificate Administrator with written confirmation of its acceptance of such appointment (and such parties will be
entitled to rely on such notice), an address and facsimile number for the delivery of notices and other correspondence and a list
of officers or employees of such Person with whom the parties to this Agreement may deal (including their names, titles, work addresses
and facsimile numbers). The related Non-Controlling Note Holder shall promptly deliver such information to each Servicer, Operating
Advisor, Trustee and Certificate Administrator.

(f)               
(1) the Lead Securitization Note Holder (or the Special Servicer acting on its behalf) shall be required to provide to each
Non-Lead Securitization Note Holder (or its related Non-Lead Securitization Note Holder Representative) (i) notice, information
and reports with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report
relating to the Mortgage Loan (similar to such notice, information and report it is required to deliver to the Directing Holder
pursuant to the Lead Securitization Servicing Agreement) (for this purpose, without regard to whether such items are actually required
to be provided to the Directing Holder under the Lead Securitization Servicing Agreement due to the occurrence of a Control Termination
Event or a Consultation Termination Event) and (2) the Lead Securitization Note Holder (or the Special Servicer acting on its behalf)
shall be required to consult with each Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative)
on a strictly non-binding basis with respect to any such Major Decision or the implementation of any recommended actions in the
summary of the Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by the related Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative); provided that after the expiration of a period of ten
(10) Business Days from the delivery to a Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative)
by the Lead Securitization Note Holder of written notice of a proposed action, together with copies of the notice, information
and report required to be provided to the Non-Controlling Note Holder, the Lead Securitization Note Holder (or the Special Servicer
acting on its behalf) shall no longer be obligated to consult with such Non-Controlling Note Holder (or its related Non-Controlling
Note Holder Representative), whether or not such Non-Controlling Note Holder (or its related Non-Controlling Note Holder Representative)
has responded within such ten (10) Business Day period unless the Lead Securitization Note Holder (or the Master Servicer or the
Special Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously
proposed, in which case such ten (10) Business Day period

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shall be deemed to begin anew from the
date of such proposal and delivery of all information relating thereto. Notwithstanding the consultation rights of any Non-Controlling
Note Holder (or its related Non-Controlling Note Holder Representative) set forth in the immediately preceding sentence, the Lead
Securitization Note Holder (or Special Servicer acting on its behalf) may make any Major Decision or take any action set forth
in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization
Note Holder (or Special Servicer) determines that immediate action with respect thereto is necessary to protect the interests of
the Note Holders. In no event shall the Lead Securitization Note Holder (or Servicer or Special Servicer, acting on its behalf)
be obligated at any time to follow or take any alternative actions recommended by any Non-Controlling Note Holder (or its related
Non-Controlling Note Holder Representative).

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

Section 7.               
Appointment of Special Servicer. Subject to the terms of the Lead Securitization Servicing Agreement, the Controlling
Note Holder (or its Controlling Note Holder Representative) shall have the right at any time and from time to time, with or without
cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer
in lieu thereof. Any designation by the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to
serve as Special Servicer shall be made by delivering to the other Note Holder, the Servicer, the then existing Special Servicer
and other parties to the Lead Securitization Servicing Agreement a written notice stating such designation and satisfying the other
conditions to such replacement as set forth in the Lead Securitization Servicing Agreement and, if such replacement Special Servicer
does not have the Required Special Servicer Rating for each Rating Agency then rating a Non-Lead Securitization, delivering a Rating
Agency Confirmation from each such Rating Agency. The Controlling Note Holder shall be solely responsible for any expenses incurred
in connection with any such replacement without cause. The Controlling Note Holder shall notify the other parties hereto of its
termination of the then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance
with this Section 7 and promptly deliver all information necessary for any Non-Lead Securitization to comply with any applicable
reporting requirements under the Exchange Act. Any such appointment of a replacement Special Servicer will not become effective
unless all such information has been delivered to the Non-Lead Securitization Note Holders. 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

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

Section 8.               
Payment Procedure.

(a)               
The Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms
of the Lead Securitization Servicing Agreement, shall deposit or cause to be deposited all payments and collections on the Mortgage
Loan to the Collection Account and the portion of such payments and collections that are distributable to the Non-Lead Securitization
Note Holders shall be deposited into the Companion Distribution Account 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 (i) deposit such amounts
to the applicable account within two (2) Business Days after receipt of properly identified funds by the Lead Securitization Note
Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower and (ii) remit from the applicable
account (A) prior to the Securitization Date, within two Business Days of receipt of properly identified funds (unless otherwise
specified pursuant to an interim servicing agreement) and (B) on or after the Securitization Date, (A) with respect to the Lead
Securitization Note, the remittance date under the Lead Securitization Servicing Agreement and (B) with respect to each Non-Lead
Securitization Note, (x) prior to the Non-Lead Securitization, the remittance date under the Lead Securitization Servicing Agreement
for the Lead Securitization Note and (y) on or after the Non-Lead Securitization, the earlier of the remittance date under the
Lead Securitization Servicing Agreement and the business day immediately succeeding the “determination date” set forth
in the related Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note, provided such “determination
date” shall not be earlier than the 1st day of the month. All payments received and allocable pursuant to this
Agreement and the Lead Securitization Servicing Agreement with respect to the Non-Lead Securitization Notes (net

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of amounts payable or reimbursable from
such account) by wire transfer to accounts maintained by the applicable Note Holder.

(b)              
If the Lead Securitization Note Holder determines, or a court of competent jurisdiction orders, at any time that any amount
received or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or
similar law, be returned to the Mortgage Loan Borrower or paid to the Lead Securitization Note Holder, a Non-Lead Securitization
Note Holder or any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, the Lead
Securitization Note Holder shall not be required to distribute any portion thereof to such Non-Lead Securitization Note Holders
and such 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 a 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 receives from any source 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(s), 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. Subject to the terms of the Lead Securitization Servicing Agreement
governing limitation on the liabilities of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
Asset Representations Reviewer and the Operating Advisor each Note Holder shall have no liability to any other Note Holder with
respect to its Note except with respect to losses actually suffered due to the negligence, willful misconduct or breach of this
Agreement on the part of such Note Holder.

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

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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. However, the Servicer
must act in accordance with the Servicing Standard.

Section 10.           
Bankruptcy. Subject to Section 5(b), each Note Holder hereby 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 of the Non-Lead Securitization Note Holders, can make any election, give any consent, commence any action
or file any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan
Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization
Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest,
and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to the Non-Lead Securitization
Note Holders 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 the
Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

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

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

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

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

Section 14.           
Sale of the Notes.

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

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Holder shall be deemed to be a Qualified
Institutional Lender pursuant to this Agreement, or (y) after a Securitization of such non-transferring Note Holder’s Note,
Rating Agency Confirmation from each of the applicable Rating Agencies for such Securitization Trust (after which, such new Note
Holder shall be deemed to be a Qualified Institutional Lender pursuant to this Agreement). Notwithstanding the foregoing, without
the non-transferring Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring
Note Holder’s Note is held in a Securitization Trust, without Rating Agency Confirmation, no Note Holder shall Transfer all
or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Borrower Affiliate and
any such Transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee. The transferring
Note Holder agrees that it will pay the expenses of the non-transferring Note Holder (including all expenses of the Master Servicer,
the Special Servicer and the Trustee) and all expenses relating to the confirmation from the Rating Agencies in connection with
any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent
of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less (in the aggregate) of its Note or any
beneficial interest in its Note whether or not the related transferee is a Qualified Institutional Lender. None of the provisions
of this Section 14(a) shall apply in the case of (1) a sale of all of the Notes in accordance with the terms and conditions of
the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming
a 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)               
Any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage Loan Borrower
or any Borrower Affiliate) which has extended a credit facility to such Note Holder or has entered into a repurchase agreement
with such Note Holder that, in each case, 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 or to an entity with respect
to which Rating Agency Confirmation has been obtained pursuant to this Section 14 (each 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 and Rating Agency Confirmation shall not be required, 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 any other Note Holder and any Servicer that a Pledge has been

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effected (including the name and address
of the applicable Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to
give Note Pledgee written notice of any default by the pledging Note Holder in respect of its obligations under this Agreement
of which default such Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to
cure a default by the pledging Note Holder in respect of its obligations to any 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 certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s)
shall be in a form reasonably satisfactory to such other Note Holder; and (vi) that, upon written notice (a “Redirection
Notice”) to the other Note Holders and any Servicer by such Note Pledgee that the pledging Note Holder is in default,
beyond any applicable cure periods, under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement between the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the
pledging Note Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be
entitled to receive any payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder
from time to time pursuant to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally
and absolutely releases the other Note Holders and each Servicer from any liability to the pledging Note Holder on account of such
other Note Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note
Holder to have been delivered by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against
the pledging Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and
any transferee other than the Mortgage Loan Borrower or any Affiliate thereof that 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:

    		43 	
 

    

    

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

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

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

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

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

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

In connection with
any Transfer of a Note occurring hereafter (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 or the Transfer is
to a transferee in connection with a transfer to a Securitization Trust and the related pooling and servicing agreement or trust
and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the
obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the
terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the date
of such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize
any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this Section 15. Any
such purported transfer shall be absolutely null and void ab initio and shall vest no rights in the

    		44 	
 

    

    

purported transferee. Each Note Holder
desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and the other Note Holders against any liability
that may result if the transfer is not made in accordance with the provisions of this Agreement.

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

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

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

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

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

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

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

    		45 	
 

    

    

modify this Agreement without first
receiving a Rating Agency Confirmation from each Rating Agency then rating any securities issued in a Securitization. However,
no such confirmation from the Rating Agencies shall be required in connection with a modification (i) to cure any ambiguity, to
correct an error or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or
with the Lead Securitization Servicing Agreement, (ii) to make other provisions with respect to matters or questions arising under
this Agreement, which shall not be inconsistent with the provisions of this Agreement or (iii) entered into pursuant to Section
31 of this Agreement or (iv) if and to the extent that it would be deemed given or not required pursuant to the definition of Rating
Agency Confirmation in the Lead Securitization Servicing Agreement and/or any Non-Lead Securitization Servicing Agreement, as applicable.

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

Section 20.           
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument.  Each of the parties hereto consents to do business electronically in connection with
this Agreement.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Agreement or any notice issued in connection herewith shall
be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity, admissibility into evidence and enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, Uniform Real Property Electronic Recording
Act (“URPERA”), if applicable, the New York State Electronic Signatures and Records Act, the Illinois Electronic
Commerce Security Act or any other similar state laws based on the Uniform Electronic Transactions Act, if applicable; provided
that nothing herein shall require either party to accept Electronic Signatures in any form or format without the other party’s
prior written consent, which consent can be withheld in its sole discretion. For purposes hereof, “Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person
with the intent to sign, authenticate or accept such contract or record.  Without limiting the generality of the foregoing,
each of the parties hereto hereby (i) agrees that, for all purposes electronic images of this Agreement (with respect to the signature
pages hereto) shall have the same legal effect, validity, admissibility into evidence and enforceability as any paper original,
and (ii) waives any argument, defense or right to contest the validity, admissibility into evidence

    		46 	
 

    

    

or enforceability of this Agreement
based solely on the lack of paper original copies of this Agreement, including with respect to any signatures hereon.  Even
though the parties agree that such Electronic Signatures are legally enforceable and intended to be effective for all purposes,
the signing parties agree if requested by either party in its sole discretion to promptly deliver to the other party the requested
original document bearing an original manual signature, (i) in order to reduce the risk of fraud, comply with potentially applicable
regulations, (ii) to the extent required or advisable to be delivered in connection with any program made available to either party
or any of its affiliates by the Federal Reserve, U.S. Treasury Department or any other federal or state regulatory body, (iii)
to the extent required pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative
proceeding, or as otherwise as required by applicable law, rule or regulation or compulsory legal process, or as requested by a
governmental and/or regulatory authority (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), or (iv) for other operational or risk management purposes.

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 is required by law to
deduct and withhold Taxes from interest, fees or other amounts payable to a 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, the 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). The Lead Securitization Note Holder shall
furnish such Non-Lead Securitization Note Holder with a statement setting forth the amount of Taxes withheld, the applicable rate
and other information which may reasonably be requested for purposes of assisting such Note Holder to seek any allowable credits
or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.

(b)              
Each Non-Lead Securitization Note Holder 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

    		47 	
 

    

    

payment made to such Non-Lead Securitization
Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Non-Lead
Securitization 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 Non-Lead Securitization Note Holder. It is expressly understood and agreed
that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation,
certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any
obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity
of the same and (ii) such Non-Lead Securitization Note Holder, upon request of the Lead Securitization Note Holder and at
its sole cost and expense, shall defend any claim or action relating to the foregoing indemnification using counsel selected by
the Lead Securitization Note Holder.

(c)               
Each Non-Lead Securitization Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage
Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower
is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant
to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of
this Agreement, each Non-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 Non-Lead Securitization
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 Non-Lead Securitization Note Holder is not created or organized under the laws of the United States,
any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is
treated for United States income tax purposes as derived in whole or part from sources within the United States, such Note Holder
shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder Internal Revenue
Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time
to time, duly executed by such Note Holder, as evidence of such Note Holder’s exemption from the withholding of United States
tax with respect thereto. The Lead Securitization Note Holder shall not be obligated to make any payment hereunder with respect
to a Non-Lead Securitization Note or otherwise until the related Non-Lead Securitization Note Holder shall have furnished to the
Lead Securitization Note Holder requested forms, certificates, statements or documents.

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

    		48 	
 

    

    

Section 26.           
Cooperation in Securitization.

(a)               
Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization.
In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization
Note Holder, each Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s
expense, to satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower
to satisfy, the market standards to which the Lead Securitization Note Holder customarily adheres or which may be reasonably required
in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to,
as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization
Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in
any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however,
that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Lead
Securitization Note Holders shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such
modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable
to, or the amount of any payments due to or priority of such payments to, a Non-Lead Securitization Note Holder or (ii) materially
increase a Non-Lead Securitization Note Holders’ obligations or materially decrease any Non-Lead Securitization Note Holders’
rights, remedies or protections. In connection with the Lead Securitization, each Non-Lead Securitization Note Holder agrees to
provide for inclusion in any disclosure document relating to the Lead Securitization such information concerning such Non-Lead
Securitization Note Holder and the related Non-Lead Securitization Note as the Lead Securitization Note Holder reasonably determines
to be necessary or appropriate. Such Non-Lead Securitization Note Holder agrees that it shall, at the Lead Securitization Note
Holder’s expense, cooperate with the reasonable requests of each Rating Agency and Lead Securitization Note Holder in connection
with the Lead Securitization (including, without limitation, reasonably cooperating with the Lead Securitization Note Holder (without
any obligation to make additional representations and warranties) to enable the Lead Securitization Note Holder to make all necessary
certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage
Loan and the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents
thereof and to review and respond reasonably promptly with respect to any information relating to a Non-Lead Securitization Note
Holder and the related Non-Lead Securitization Note in any Securitization document. Each Non-Lead Securitization Note Holder acknowledges
that the information provided by it to the Lead Securitization Note Holder may be incorporated into the offering documents for
the Lead Securitization. The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information
supplied by, or on behalf of, each Non-Lead Securitization Note Holder. The Lead Securitization Note Holder will reasonably cooperate
with each Non-Lead Securitization Note Holder by providing all information reasonably requested that is in the Lead Securitization
Note Holder’s possession in connection with each Non-Lead Securitization Note Holders’ preparation of disclosure materials
in connection with a Securitization.

    		49 	
 

    

    

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

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

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

Section 29.           
Certain Matters Affecting the Agent.

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

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

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

(d)              
None of the Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within
the meaning of the Act shall be personally liable for any action taken, suffered or omitted by it in good faith and reasonably
believed by the Agent to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

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

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

    		50 	
 

    

    

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

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

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

Section 31.           
Resizing. Notwithstanding any other provision of this Agreement, for so long as an Initial Note Holder or an affiliate
of an Initial Note Holder (the “Resizing Holder”) is the owner of any Non-Lead Securitization Note (the “Owned
Note”) and such Owned Note is not included in a Securitization, such Resizing Holder shall have the right, subject to
the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional
notes (in either case, “New Notes”) reallocating the principal of the Owned Note to such New Notes or severing
the Owned Note into one or more further “component” notes in the aggregate principal amount equal to the then outstanding
principal balance of the Owned Note; provided that (i) the aggregate principal balance of all outstanding New Notes following
such amendments is no greater than the aggregate principal of the Owned Note prior to such amendments, (ii) all Notes continue
to have the same weighted average interest rate as the Notes prior to such amendments or re-allocations, (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 Resizing Holder holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts,
and (v) the execution of such amendments and New Notes does not violate the Servicing Standard. If the Lead Securitization Note
Holder so requests, the Resizing Holder (and any subsequent holder of such Notes) shall execute a confirmation of the continuing
applicability of this Agreement to the New Notes, as so modified. Except for the foregoing reallocation and for modifications pursuant
to the Lead Securitization Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent
of its holder and the consent of the holder of the other Notes. In connection with the foregoing (provided the conditions set forth
in (i) through (v) above are satisfied, with respect to (i) through (iv), as certified by the Resizing Holder, on which certification
the Master Servicer can rely), the Master

    		51 	
 

    

    

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 the Controlling Note is involved in any resizing contemplated
by this Section 31, the applicable Note Holder shall be entitled to designate any one of the related New Notes as the Controlling
Note, and the definitions of “Controlling Note” and “Controlling Note Holder” shall be deemed to have been
revised accordingly. Any New Note that is created in a resizing contemplated by this Section 31 and is not the Controlling Note
shall be deemed to be a Non-Controlling Note under this Agreement, the definitions of “Non-Controlling Note” and “Non-Controlling
Note Holder” shall be deemed to have been revised accordingly to include such New Notes, and the applicable Note Holders
of such Non-Controlling Notes shall have the same rights and responsibilities as all other Non-Controlling Note Holders.

 

    		52 	
 

    

    

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

 

[SIGNATURES BEGIN ON
FOLLOWING PAGE]

 

    		53 	
 

    

    

 

	 	Initial Note A-1 Holder
	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association
	 	 
	 	 By:  	/s/ Jeffrey L. Cirillo
	 	 	Name:  	Jeffrey L. Cirillo
	 	 	Title: 	Managing Director
	 	 	 	 

 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

	 	Initial Note A-2 Holder
	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association
	 	 
	 	 By:  	/s/ Jeffrey L. Cirillo
	 	 	Name:  	Jeffrey L. Cirillo
	 	 	Title: 	Managing Director
	 	 	 	 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

	 	Initial Note A-3 Holder
	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association
	 	 
	 	 By:  	/s/ Jeffrey L. Cirillo
	 	 	Name:  	Jeffrey L. Cirillo
	 	 	Title: 	Managing Director
	 	 	 	 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

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

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

	 	Initial Note A-5 Holder
	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association
	 	 
	 	 By:  	/s/ Jeffrey L. Cirillo
	 	 	Name:  	Jeffrey L. Cirillo
	 	 	Title: 	Managing Director
	 	 	 	 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

	 	Initial Note A-6 Holder
	 	 
	 	GOLDMAN SACHS BANK USA,
a New York state-chartered bank
	 	 
	 	 By:  	/s/ Timothy Richards
	 	 	Name:  	Timothy Richards
	 	 	Title: 	Authorized Signatory
	 	 	 	 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

	 	Initial Note A-7 Holder
	 	 
	 	GOLDMAN SACHS BANK USA,
a New York state-chartered bank
	 	 
	 	 By:  	/s/ Timothy Richards
	 	 	Name:  	Timothy Richards
	 	 	Title: 	Authorized Signatory
	 	 	 	 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

	 	Initial Note A-8 Holder
	 	 
	 	GOLDMAN SACHS BANK USA,
a New York state-chartered bank
	 	 
	 	 By:  	/s/ Timothy Richards
	 	 	Name:  	Timothy Richards
	 	 	Title: 	Authorized Signatory
	 	 	 	 

(Co-Lender Agreement – McClellan Park)

    		  	
 

    

    

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

	Mortgage Loan Borrower:	McClellan Realty, LLC
	Date of Mortgage Loan: 	November
    13, 2020 
	Date of Notes: 	November
    13, 2020 (Replacement Promissory Note A-1 and Replacement Promissory Note A-2, each dated November 20, 2020).
	Original Principal Amount of Mortgage Loan:	$358,000,000.00
	Principal Amount of Mortgage Loan as of the date hereof:	$358,000,000.00
	Initial Note A-1 Principal Balance:	$91,000,000.00
	Initial Note A-2 Principal Balance:	$69,000,000.00
	Initial Note A-3 Principal Balance:	$50,600,000.00
	Initial Note A-4 Principal Balance:	$20,000,000.00
	Initial Note A-5 Principal Balance:	$20,000,000.00
	Initial Note A-6 Principal Balance:	$75,000,000.00
	Initial Note A-7 Principal Balance:	$16,400,000.00
	Initial Note A-6 Principal Balance:	$16,000,000.00
	Location of Mortgaged Property:	McClellan, California
	Scheduled Maturity Date:	December 11, 2030
	 	 

 

 

    		A-1 	
 

    

    

EXHIBIT B

1.       Initial
Note A-1, Initial Note A-2 Holder, Initial Note A-3 Holder, Initial Note A-4 Holder and Initial Note A-5 Holder:

Wells Fargo Bank, National Association

30 Hudson Yards, 15th Floor

New York, New York 10001

Attention: A.J. Sfarra

Email: Anthony.sfarra@wellsfargo.com

with a copy to:

Troy Stoddard, Esq.

Senior Counsel

Wells Fargo Legal Department, D1086-341

550 S. Tryon St., 34th Floor

Charlotte, North Carolina 28202

Email: troy.stoddard@wellsfargo.com

with a copy to (if by email):

Cadwalader Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: David Burkholder

Email: David.Burkholder@cwt.com

2.       Initial
Note A-6, Initial Note A-7 Holder and Initial Note A-8:

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 and gs-refgsecuritization@gs.com

    		B-1 	
 

    

    

and:

Cleary Gottlieb Steen & Hamilton LLP  

One Liberty Plaza

New York NY 10006

Attention: Michael Weinberger

Email: mweinberger@cgsh.com  

 

and

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

E-mail: lisa.pauquette@cwt.com

 

 

    		B-2 	
 

    

    

EXHIBIT C

 

 

	1.	Apollo Global Real Estate
	2.	Archon Capital, L.P.
	3.	AREA Property Partners
	4.	BlackRock, Inc.
	5.	The Blackstone Group International Ltd.
	6.	Capital Trust, Inc.
	7.	Clarion Partners
	8.	Colony Capital, Inc.
	9.	DLJ Real Estate Capital Partners
	10.	Eightfold Real Estate Capital, L.P.
	11.	Fortress Investment Group LLC
	12.	Garrison Investment Group
	13.	Goldman, Sachs & Co.
	14.	iStar Financial Inc.
	15.	J.E. Roberts Companies
	16.	Lend-Lease Real Estate Investments
	17.	LoanCore Capital
	18.	Lonestar Funds
	19.	Praedium Group
	20.	Raith Capital Partners, LLC
	21.	Rialto Capital Management, LLC
	22.	Rialto Capital Advisors, LLC
	23.	Rockpoint Group
	24.	Starwood Capital/Starwood Financial Trust
	25.	Torchlight Investors
	26.	Walton Street Capital, LLC
	27.	Westbrook Partners
	28.	WestRiver Capital
	29.	Whitehall Street Real Estate Fund, L.P.

 

    		C-1

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