Document:

Exhibit 4.5 

 

EXECUTION VERSION

 

AGREEMENT BETWEEN NOTEHOLDERS

 

Dated as of March 19, 2018

 

by and between

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A1-A Holder, Initial Note A1-B Holder, Initial Note A1-C Holder,

Initial Note A1-D Holder, Initial Note A1-E Holder and Initial Note A1-F Holder)

 

and

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A2 Holder)

 

and

 

IGIS US PRIVATE PLACEMENT REAL ESTATE INVESTMENT
TRUST NO. 169,

A KOREAN COMPANY

(Initial Note B Holder)

 

65 Bay Street

 

     

     

    

 

THIS AGREEMENT BETWEEN
NOTEHOLDERS (“Agreement”), dated as of March 19, 2018 by and between CITI REAL ESTATE FUNDING INC. (“CREFI”
and, together with its successors and assigns in interest, in its capacity as initial owner of Note A1-A, the “Initial
Note A1-A Holder”), and in its capacity as the initial agent, the “Initial Agent”), CREFI (together
with its successors and assigns in interest, in its capacity as initial owner of Note A1-B, the “Initial Note A1-B Holder”),
CREFI (together with its successors and assigns in interest, in its capacity as initial owner of Note A1-C, the “Initial
Note A1-C Holder”), CREFI (together with its successors and assigns in interest, in its capacity as initial owner of
Note A1-D, the “Initial Note A1-D Holder”), CREFI (together with its successors and assigns in interest, in
its capacity as initial owner of Note A1-E, the “Initial Note A1-E Holder”), CREFI (together with its successors
and assigns in interest, in its capacity as initial owner of Note A1-F, the “Initial Note A1-F Holder”), CREFI
(together with its successors and assigns in interest, in its capacity as initial owner of Note A2, the “Initial Note
A2 Holder”), and IGIS US PRIVATE PLACEMENT REAL ESTATE INVESTMENT TRUST NO. 169 (“IBK” and, together
with its successors and assigns in interest, in its capacity as initial owner of Note B, the “Initial Note B Holder”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein) CREFI originated a certain loan described on the schedule attached hereto as Exhibit
A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”) to Morgan Street Developers Urban
Renewal Company, LLC (the “Mortgage Loan Borrower”), which is evidenced by eight promissory notes, dated as
of March 14, 2018, and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on
certain real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”): (i) one
promissory note in the original principal amount of $20,000,000 (“Note A1-A”) made by the Mortgage Loan Borrower
in favor of the Initial Note A1-A Holder, (ii) one promissory note in the original principal amount of $20,000,000 (“Note
A1-B”) made by the Mortgage Loan Borrower in favor of the Initial Note A1-B Holder, (iii) one promissory note in the
original principal amount of $20,000,000 (“Note A1-C”) made by the Mortgage Loan Borrower in favor of the Initial
Note A1-C Holder, (iv) one promissory note in the original principal amount of $20,000,000 (“Note A1-D”) made
by the Mortgage Loan Borrower in favor of the Initial Note A1-D Holder, (v) one promissory note in the original principal amount
of $10,000,000 (“Note A1-E”) made by the Mortgage Loan Borrower in favor of the Initial Note A1-E Holder, (vi)
one promissory note in the original principal amount of $10,000,000 (“Note A1-F”) made by the Mortgage Loan
Borrower in favor of the Initial Note A1-F Holder, (vii) one promissory note in the original principal amount of $60,400,000 (“Note
A2”) made by the Mortgage Loan Borrower in favor of the Initial Note A2 Holder, and (viii) one promissory note in the
original principal amount of $39,600,000 (“Note B”) made by the Mortgage Loan Borrower in favor of CREFI;

 

WHEREAS, CREFI has sold
Note B to the Initial Note B Holder; and

 

WHEREAS, the parties
hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold
Note A1-A, Note A1-B, Note A1-C, Note A1-D, Note A1-E, Note A1-F, Note A2 and Note B;

 

     

     

    

 

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 Servicing Agreement.
Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly
requires otherwise.

 

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

 

“Additional
Servicing Expenses” shall mean (a) all Property Protection Advances and reasonable out-of-pocket expenses incurred by
and reimbursable to any Servicer, Trustee, certificate administrator or fiscal agent pursuant to the Servicing Agreement relating
solely to the Mortgage Loan, and (b) all interest accrued on Advances made by any Servicer or Trustee in accordance with the terms
of the Servicing Agreement.

 

“Advance Interest
Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement.

 

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

 

“Affiliate”
shall mean with respect to any specified Person (i) any other Person Controlling or Controlled by or under common Control with
such specified Person (each a “Common Control Party”), (ii) any other Person owning, directly or indirectly,
twenty-five percent (25%) or more of the beneficial interests in such Person or (iii) any other Person in which such Person or
a Common Control Party owns, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests.

 

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

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is the office
of the Initial Note A1-A Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence with
the Agent should be directed. The Agent may change the address of its designated office by notice to the Noteholders.

 

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

 

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

 

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

 

“Asset Representations
Reviewer” shall mean the asset representations reviewer appointed pursuant to the Note A1-A PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Certificate
Administrator” shall mean the certificate administrator appointed pursuant to the Note A1-A PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise.

 

“Control Appraisal
Period” means a Note A2 Control Appraisal Period or a Note B Control Appraisal Period, as the context may require.

 

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

 

“Controlling
Noteholder” shall mean as of any date of determination (i) the Note B Holder, unless a Note B Control Appraisal Period
has occurred and is continuing, (ii) if and for so long as a Note B Control Appraisal Period has occurred and is continuing and
no Note A2 Control Appraisal Period has occurred and is continuing, the Note A2 Holder, and (iii) if and for so long as a Note
A2 Control Appraisal Period has occurred and is continuing, the Note A1-A Holder; provided that at any time the Note A1-A
Holder is the Controlling Noteholder and Note A1-A is included in the Note A1-A Securitization, references to the “Controlling
Noteholder” herein shall mean the Controlling Class Representative or any other party assigned the rights to exercise the
rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing Agreement; and provided
further that, if the Note A2 Holder or the Note B Holder would be the Controlling Noteholder pursuant to the terms hereof,
but any interest in Note A2 or Note B, respectively, is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party, or the Mortgage Loan Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled to exercise the rights
of the Controlling Noteholder in respect of Note A2 or Note B, respectively, then a Note A2 Control Appraisal Period or a Note
B Control Appraisal Period, respectively, shall be deemed to have occurred; and provided further, however, that if
the Note A1-A Holder would be the Controlling Noteholder pursuant to the terms hereof, but at least 50% of the interests in Note
A1-A are held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Noteholder in respect of Note
A1-A, then the Controlling Noteholder shall be the Noteholder for the Senior Note that (x) is not held by the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party and the Mortgage Loan Borrower or Mortgage Loan Borrower Related Party would not otherwise
be entitled to exercise the rights of the Controlling Noteholder in respect of such Senior Note and (y) has the largest Principal
Balance (it being understood that if two or more Senior Notes meet such requirements and have the same Principal Balance, then
the Note with the lower alphabetical suffix will control (e.g., Note A1-B ahead of Note A1-C); and provided further, however,
that if no Senior Note meets the criteria set forth in clause (x) of the immediately preceding proviso and a Note A2 Control Appraisal
Period is in effect, then there shall be no Controlling Noteholder. The Note B Holder is the Controlling Holder as of the Closing
Date.

 

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

 

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

 

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

 

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

 

“Defaulted Mortgage
Loan Purchase Price” shall mean:

 

(i) in connection with
the purchase of the Senior Notes by the Note A2 Holder or the Note B Holder, the sum, without duplication, of each of the following
to the extent that such amounts have not been previously paid or reimbursed pursuant to Section 3 or Section 4 of
this Agreement:

 

(a) the aggregate Principal
Balance of the Senior Notes, (b) accrued and unpaid interest on the aggregate Principal Balance of the Senior Notes at the Note
A1 Rate from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest
accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under
the Mortgage Loan to the Senior Noteholders, other than Prepayment Premiums, default interest, late fees, exit fees and any other
similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the
Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other
similar fees, (d) without duplication of amounts under clause (c), any unreimbursed Advances and any expenses incurred in
enforcing the Mortgage Loan Documents (including, without limitation, Property Protection Advances payable or reimbursable to any
Servicer, and special servicing fees incurred by or on behalf of any Senior Noteholder), (e) without duplication of amounts under
clause (c), any accrued and unpaid Advance Interest Amount with respect to an Advance made by or on behalf of any Senior
Noteholder, (f) (x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (y) if the Mortgage
Loan is purchased more than ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this
Agreement, any liquidation or workout fees payable under the Servicing Agreement with respect to the Mortgage Loan and (g) any
Recovered Costs not reimbursed previously to any Senior Noteholder pursuant to this Agreement. Notwithstanding the foregoing, if
the purchasing Noteholder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted
Mortgage Loan Purchase Price shall not include the amounts described under clauses (i)(d) through (f) of this definition.
If the Mortgage Loan is converted into a Foreclosure Property, for purposes of determining the Defaulted Mortgage Loan Purchase
Price, interest will be deemed to continue to accrue on the Senior Notes at the Note A1 Rate as if the Mortgage Loan were not so
converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder
under this Agreement; and

 

(ii) in connection with
the purchase of Note A2 by the Note B Holder, the sum, without duplication, of each of the following to the extent that such amounts
have not been previously paid or reimbursed pursuant to Section 3 or Section 4 of this Agreement:

 

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(a) the Principal Balance
of Note A2, (b) accrued and unpaid interest on the Note A2 Principal Balance at the Note A2 Rate from the date as to which interest
was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly
Payment Date next following the date the purchase occurred, (c) any other amounts due under the Mortgage Loan to the Note A2 Holder,
other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if the
Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall
include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts
under clause (c), any accrued and unpaid Advance Interest Amount with respect to an Advance made by or on behalf of the
Note A2 Holder, (e) (x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (y) if the
Mortgage Loan is purchased after ninety (90) days after such option first becomes exercisable pursuant to Section 12 of
this Agreement, any liquidation or workout fees payable under the Servicing Agreement with respect to the Mortgage Loan and (f)
any Recovered Costs not reimbursed previously to the Note A2 Holder pursuant to this Agreement. Notwithstanding the foregoing,
if the purchasing Noteholder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted
Mortgage Loan Purchase Price shall not include the amounts described under clauses (ii)(c) through (f) of this definition.
If the Mortgage Loan is converted into a Foreclosure Property, for purposes of determining the Defaulted Mortgage Loan Purchase
Price, interest will be deemed to continue to accrue on Note A2 at the Note A2 Rate as if the Mortgage Loan were not so converted.
In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder under
this Agreement.

 

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

 

“Default Interest”
shall mean interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.

 

“Depositor”
shall mean the depositor under the Note A1-A PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Initial Note
A1-A Holder” shall have the meaning assigned to such term in the recitals.

 

“Initial Note
A1-B Holder” shall have the meaning assigned to such term in the recitals.

 

“Initial Note
A1-C Holder” shall have the meaning assigned to such term in the recitals.

 

“Initial Note
A1-D Holder” shall have the meaning assigned to such term in the recitals.

 

“Initial Note
A1-E Holder” shall have the meaning assigned to such term in the recitals.

 

“Initial Note
A1-F Holder” shall have the meaning assigned to such term in the recitals.

 

“Initial Note
A2 Holder” shall have the meaning assigned to such term in the recitals.

 

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

 

“Initial Noteholders”
shall mean, collectively, the Initial Note A1-A Holder, the Initial Note A1-B Holder, the Initial Note A1-C Holder, the Initial
Note A1-D Holder, the Initial Note A1-E Holder, the Initial Note A1-F Holder, the Initial Note A2 Holder and the Initial Note B
Holder.

 

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

 

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that for the purposes of this definition, in the event that more than one entity comprises the
Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

“Insurance and
Condemnation Proceeds” shall have the meaning assigned to such term or any one or more analogous terms in the Servicing
Agreement.

 

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

 

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

 

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

 

“Lead Securitization”
shall mean the Note A1-A Securitization.

 

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

 

“Lead Securitization
Note” shall mean any Senior Note held by the Lead Securitization.

 

“Lead Securitization
Noteholder” shall mean the Note A1-A Holder.

 

“Lead Securitization
Servicing Agreement” shall mean the Note A1-A PSA.

 

“Lead Securitization
Trust” shall mean the Note A1-A Securitization Trust.

 

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

 

“Liquidation
Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or any one or more analogous terms
in the Servicing Agreement.

 

“Major Decisions”
shall mean:

 

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

 

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

 

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

 

(iv)        any
sale of the Mortgage Loan or Foreclosure Property for less than the applicable Purchase Price (as defined in the Servicing Agreement);

 

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

 

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

 

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

 

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

 

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

 

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

 

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(xi)         any
determination that a Cash Trap Period (as defined in the Mortgage Loan Agreement) has commenced or terminated, and any releases
of any 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
approval or disapproval of a proposed assumption of the Mortgage Loan, and any approval of the related documentation, in each case
pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;

 

(xiii)       any
determination of an Acceptable Insurance Default (as defined in the Servicing Agreement);

 

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

 

(xv)        any
modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and non-disturbance
or attornment agreement in connection with any lease at the Mortgaged Property if the lease involves a ground lease or a lease
of an outparcel or affects an area greater than or equal to the greater of (1) 30% of the net rentable area of the improvements
at the Mortgaged Property and (2) 30,000 square feet of the improvements at the Mortgaged Property;

 

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

 

(xvii)      the
voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Mortgage Loan Borrower;

 

(xviii)     the
release of a guarantor under the Mortgage Loan Documents or the approval of any replacement or additional guarantor under the Mortgage
Loan Documents;

 

(xix)       the
approval of any property improvement plans or other material alterations proposed for the Mortgaged Property;

 

(xx)        subject
to the REMIC provisions of the Code, any determination regarding the application of casualty or condemnation proceeds to restoration
of the Mortgaged Property or to repayment of the Mortgage Loan;

 

(xxi)       any
proposed modification or waiver of the insurance requirements set forth in the Mortgage Loan Documents, other than pursuant to
the specific terms of such Mortgage Loan Documents and for which there is no lender discretion; or

 

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(xxii)      any
filing of a bankruptcy or similar action against the Mortgage Loan Borrower or Guarantor or the election of any action in a bankruptcy
or Insolvency Proceeding to seek relief from the automatic stay or dismissal of a bankruptcy filing or voting for or opposing a
plan of reorganization, seeking or opposing an order for adequate protection, adequate assurance, a § 363 sale, order shortening
time or similar motion of procedure in an Insolvency Proceeding or making an § 1111(b)(2) election on behalf of the Noteholders;

 

provided, however
that upon the occurrence and during the continuance of a Note A2 Control Appraisal Period, “Major Decision”
shall have the meaning given to such term in the Servicing Agreement.

 

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

 

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

 

“Model PSA”
shall mean that certain pooling and servicing agreement, dated as of July 1, 2017, between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management LLC, as
special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, N.A., as trustee, and
Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, relating to the JPMCC Commercial Mortgage
Trust 2017-JP7, Commercial Mortgage Pass-Through Certificates, Series 2017-JP7.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of March 14, 2018, between the Mortgage Loan Borrower, as Borrower,
and CREFI, as Lender, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject
to the terms hereof.

 

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

 

“Mortgage Loan
Borrower Related Party” shall have the meaning assigned to such term in Section 18.

 

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

 

“Mortgage Loan
Rate” shall mean, as of any date of determination, the weighted average of the Note A1 Rate, the Note A2 Rate and the
Note B Rate.

 

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

 

“Net Note A1
Rate” shall mean the Note A1 Rate minus the Servicing Fee Rate.

 

“Net Note A2
Rate” shall mean the Note A2 Rate minus the Servicing Fee Rate.

 

“Net Note B
Rate” shall mean the Note B Rate minus the Servicing Fee Rate.

 

“Non-Controlling
Noteholder” shall mean a Noteholder that is not the Controlling Noteholder.

 

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

 

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

 

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

 

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

 

    12

     

    

 

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

 

“Non-Lead Note”
shall mean each Note other than (i) Note A1-A and (ii) any other Note held in the Note A1-A Securitization.

 

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

 

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

 

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

 

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

 

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

 

“Non-Lead Securitization
Note” shall mean any Senior Note that is not held as part of the Lead Securitization.

 

“Non-Lead Securitization
Noteholder” shall mean any Senior Noteholder that is not the Lead Securitization Noteholder.

 

“Non-Lead Securitization
Servicing Agreement” shall mean from and after the date a Non-Lead Securitization Note is included in a Non-Lead Securitization,
the pooling and servicing agreement entered into in connection with such Non-Lead Securitization.

 

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

 

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

 

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

 

“Non-Lead Sponsor”
shall mean the applicable, then-current Senior Noteholder (immediately prior to the applicable Non-Lead Securitization) in its
capacity as the sponsor with respect to such Non-Lead Securitization Note in connection with such Non-Lead Securitization.

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

“Note”
shall mean any of Note A1-A, Note A1-B, Note A1-C, Note A1-D, Note A1-E, Note A1-F, Note A2 and Note B, as applicable.

 

“Note A1 Default
Rate” shall mean a rate per annum equal to the Note A1 Rate plus the Note Default Interest Spread.

 

“Note A1 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the sum of the Note A1-A Principal
Balance, the Note A1-B Principal Balance, the Note A1-C Principal Balance, the Note A1-D Principal Balance, the Note A1-E Principal
Balance and the Note A1-F Principal Balance and the denominator of which is the sum of the Note A1-A Principal Balance, the Note
A1-B Principal Balance, the Note A1-C Principal Balance, the Note A1-D Principal Balance, the Note A1-E Principal Balance, the
Note A1-F Principal Balance the Note A2 Principal Balance and the Note B Principal Balance.

 

“Note A1 Rate”
shall mean the Note A1 Rate set forth on the Mortgage Loan Schedule.

 

“Note A1 Relative
Spread” shall mean the ratio of the Note A1 Rate to the Mortgage Loan Rate.

 

“Note A1-A”
shall have the meaning assigned to such term in the recitals.

 

“Note A1-A Holder”
shall mean the Initial Note A1-A Holder, or any subsequent holder of Note A, together with its successors and assigns.

 

“Note A1-A Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A1-A Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A1-A Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A1-A PSA”
shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A1-A, by and between
(a) the Trustee, (b) the Master Servicer, (c) the Special Servicer, (d) the Depositor, (e) the Certificate Administrator, (f) the
Operating Advisor and (g) the Asset Representations Reviewer.

 

    14

     

    

 

“Note A1-A Securitization”
shall mean the sale by the Note A1-A Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the Depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage loans.

 

“Note A1-A Securitization
Trust” shall mean a trust formed pursuant to the Note A1-A Securitization pursuant to which Note A1-A is held.

 

“Note A1-B”
shall have the meaning assigned to such term in the recitals.

 

“Note A1-B Holder”
shall mean the Initial Note A1-B Holder, or any subsequent holder of Note A1-B, together with its successors and assigns.

 

“Note A1-B Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A1-B Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A1-B Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A1-B PSA”
shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A1-B.

 

“Note A1-B Securitization”
shall mean the sale by the Note A1-B Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage
loans.

 

“Note A1-B Securitization
Trust” shall mean a trust formed pursuant to Note A1-B Securitization pursuant to which Note A1-B is held.

 

“Note A1-C”
shall have the meaning assigned to such term in the recitals.

 

“Note A1-C Holder”
shall mean the Initial Note A1-C Holder, or any subsequent holder of Note A1-C, together with its successors and assigns.

 

“Note A1-C Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A1-C Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A1-C Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A1-C PSA”
shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A1-C.

 

“Note A1-C Securitization”
shall mean the sale by the Note A1-C Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage
loans.

 

    15

     

    

 

“Note A1-C Securitization
Trust” shall mean a trust formed pursuant to Note A1-C Securitization pursuant to which Note A1-C is held.

 

“Note A1-D”
shall have the meaning assigned to such term in the recitals.

 

“Note A1-D Holder”
shall mean the Initial Note A1-D Holder, or any subsequent holder of Note A1-D, together with its successors and assigns.

 

“Note A1-D Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A1-D Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A1-D Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A1-D PSA”
shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A1-D.

 

“Note A1-D Securitization”
shall mean the sale by the Note A1-D Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage
loans.

 

“Note A1-D Securitization
Trust” shall mean a trust formed pursuant to Note A1-D Securitization pursuant to which Note A1-D is held.

 

“Note A1-E”
shall have the meaning assigned to such term in the recitals.

 

“Note A1-E Holder”
shall mean the Initial Note A1-E Holder, or any subsequent holder of Note A1-E, together with its successors and assigns.

 

“Note A1-E Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A1-E Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A1-E Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A1-E PSA”
shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A1-E.

 

“Note A1-E Securitization”
shall mean the sale by the Note A1-E Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage
loans.

 

“Note A1-E Securitization
Trust” shall mean a trust formed pursuant to Note A1-E Securitization pursuant to which Note A1-E is held.

 

“Note A1-F”
shall have the meaning assigned to such term in the recitals.

 

    16

     

    

 

“Note A1-F Holder”
shall mean the Initial Note A1-F Holder, or any subsequent holder of Note A1-F, together with its successors and assigns.

 

“Note A1-F Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A1-F Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A1-F Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A1-F PSA”
shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A1-F.

 

“Note A1-F Securitization”
shall mean the sale by the Note A1-F Holder of all of such Note (or the first securitization of any portion of such Note, if applicable)
to the applicable depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage
loans.

 

“Note A1-F Securitization
Trust” shall mean a trust formed pursuant to Note A1-F Securitization pursuant to which Note A1-F is held.

 

“Note A2 Control
Appraisal Period” shall mean any period with respect to the Mortgage Loan, if and for so long as:

 

(a)       (1)
the initial Note A2 Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal
prepayments or otherwise) allocated to, and received on, Note A2 after the date of creation of Note A2, (y) any Appraisal Reduction
Amount for the Mortgage Loan that is allocated to Note A2 and (z) any losses realized with respect to the Mortgaged Property or
the Mortgage Loan that are allocated to Note A2, is less than

 

(b)       25%
of the remainder of (i) the initial Note A2 Principal Balance less (ii) any payments of principal (whether as principal prepayments
or otherwise) allocated to, and received by, the Note A2 Holder on Note A2 after the date of creation of Note A2,

 

provided that a Note
A2 Control Appraisal Period shall terminate upon the occurrence of a Threshold Event Cure by the Note A2 Holder.

 

“Note A2 Default
Rate” shall mean a rate per annum equal to the Note A2 Rate plus the Note Default Interest Spread.

 

“Note A2 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A2 Principal Balance and
the denominator of which is the sum of the Note A1-A Principal Balance, the Note A1-B Principal Balance, the Note A-1C Principal
Balance, the Note A1-D Principal Balance, the Note A1-E Principal Balance, the Note A1-F Principal Balance, the Note A2 Principal
Balance and the Note B Principal Balance.

 

“Note A2 Rate”
shall mean the Note A2 Rate set forth on the Mortgage Loan Schedule.

 

    17

     

    

  

“Note A2 Relative
Spread” shall mean the ratio of the Note A2 Rate to the Mortgage Loan Rate.

 

“Note A2”
shall have the meaning assigned to such term in the recitals.

 

“Note A2 Holder”
shall mean the Initial Note A2 Holder, and any successor in interest, or any subsequent holder of Note A2.

 

“Note A2 Principal
Balance” shall mean, at any time of determination, the Initial Note A2 Principal Balance set forth on the Mortgage Loan
Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3, 4 or 5,
as applicable.

 

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

 

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

 

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

 

(b)       25%
of the remainder of the (i) initial Note B Principal Balance less (ii) any payments of principal (whether as principal prepayments
or otherwise) allocated to, and received by, the Note B Holder on Note B after the date of creation of Note B,

 

provided that a Note
B Control Appraisal Period shall terminate upon the occurrence of a Threshold Event Cure by the Note B Holder.

 

“Note B Default
Rate” shall mean a rate per annum equal to the Note B Rate plus the Note Default Interest Spread.

 

“Note B Holder”
shall mean the Initial Note B Holder, and any successor in interest, or any subsequent holder of the Note B.

 

“Note B Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B Principal Balance and
the denominator of which is the sum of the Note A1-A Principal Balance, the Note A1-B Principal Balance, the Note A1-C Principal
Balance, the Note A1-D Principal Balance, the Note A1-E Principal Balance, the Note A1-F Principal Balance, the Note A2 Principal
Balance and the Note B Principal Balance.

 

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

 

“Note B Rate”
shall mean the Note B Rate set forth on the Mortgage Loan Schedule.

 

    18

     

    

 

“Note B Relative
Spread” shall mean the ratio of the Note B Rate to the Mortgage Loan Rate.

 

“Note Default
Interest Spread” shall mean a rate per annum equal to four percent (4.0%); provided, however, that if the
weighted average of the Note A1 Default Rate, the Note A2 Default Rate and the Note B Default Rate would exceed the maximum rate
permitted by applicable law, the Note Default Interest Spread shall equal (i) the rate at which the weighted average of the Note
A1 Default Rate, the Note A2 Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus
(ii) the Mortgage Loan Rate.

 

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

 

“Note Rate”
shall mean any of the Note A1 Rate, the Note A2 Rate and the Note B Rate, as applicable.

 

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

 

“Noteholder”
shall mean any of the Note A1-A Holder, the Note A1-B Holder, the Note A1-C Holder, the Note A1-D Holder, the Note A1-E Holder,
the Note A1-F Holder, the Note A2 Holder and the Note B Holder, as applicable.

 

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

 

“Operating Advisor”
shall mean the operating advisor appointed pursuant to the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Prepayment
Premium” shall mean, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance
premium or similar fee

 

    19

     

    
 

required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents,
including any exit fee.

 

“Principal Balance”
shall mean any of the Note A1-A Principal Balance, the Note A1-B Principal Balance, the Note A1-C Principal Balance, the Note A1-D
Principal Balance, the Note A1-E Principal Balance, the Note A1-F Principal Balance, the Note A2 Principal Balance and the Note
B Principal Balance, as applicable.

 

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

 

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

 

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

 

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

 

(a)       an
entity Controlled (as defined below) by, under common Control with or Controlling any of the Initial Note A1-A Holder, the Initial
Note A1-B Holder, the Initial Note A1-C Holder, the Initial Note A1-D Holder, the Initial Note A1-E Holder, the Initial Note A1-F
Holder, the Initial Note A2 Holder or the Initial Note B Holder, or

 

(b)       one
or more of the following:

 

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

 

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

 

(iii)        a
Qualified Trustee (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns or pledges
its Subordinate Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a)
a securitization of, (b) the creation of collateralized debt obligations (“CDO”) secured by, or (c) a financing
through an “owner trust” of, a Note (any of the foregoing, a “Securitization Vehicle”), provided
that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by
each of the Rating Agencies which assigned a rating to one or more classes of securities issued in connection with such securitization
(it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued by such Securitization
Vehicle, a

 

    20

     

    

 

Rating Agency
Confirmation will not be required in connection with a transfer of such Note to such Securitization Vehicle); (2) in the case
of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer
Rating or is otherwise acceptable to the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”)
and such Approved Servicer is required to service and administer such Note in accordance with servicing arrangements for the assets
held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding
any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the
CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager
which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iii),
(iv) or (v) of this definition, or

  

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

 

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

 

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

 

(vii)       a
private real estate trust established and authorized under the laws of Korea (an “Acquiring Korean Trust”),
so long as (x) the beneficiaries of, and

 

    21

     

    

 

owners of not less than 51% of the equity interest in, the Acquiring Korean Trust are,
directly or indirectly, Persons that are otherwise Qualified Institutional Lenders and satisfy the capital surplus/equity and total
asset requirements set forth below, or

 

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

 

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

 

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) KBRA and (f) Morningstar or, (f) if any of such entities
shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical
rating agency reasonably designated by the Depositor or Non-Lead Depositor to rate the securities issued in connection with the
Securitization of any Senior Note; provided, however, that, at any time during which any Senior Note is an asset
of a Securitization, “Rating Agencies” or “Rating Agency” shall mean only those rating agencies that are
engaged by the Depositor or any Non-Lead Depositor from time to time to rate the securities issued in connection with the applicable
Securitization.

 

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

 

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

 

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

 

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

 

“Relative Spread”
shall mean any of the Note A1 Relative Spread, Note A2 Relative Spread or Note B Relative Spread, as the context may require.

 

    22

     

    

 

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

 

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

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of either “CSS3”
or “CLLSS3”, (ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S.
Commercial Mortgage Special Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for
one or more loans included in a commercial mortgage-backed securitization that was rated by Moody’s within the twelve (12)
month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any
class of commercial mortgage securities or placed any class of commercial mortgage-backed securities on watch citing the continuation
of such special servicer as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the
applicable replacement has a special servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar)
or (b) if not ranked by Morningstar, is currently acting as a special servicer on a deal or transaction-level basis for all or
a significant portion of the related mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Morningstar,
Fitch, DBRS or KBRA and the trustee does not have actual knowledge that Morningstar has, and the replacement special servicer certifies
that Morningstar has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings
on one or more classes of such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material
factor in such rating action, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole
or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in
contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the
time of determination, and (vi) in the case of DBRS, such special servicer is currently acting as special servicer for one or more
loans included in a commercial mortgage loan securitization that is rated by DBRS, and DBRS has not downgraded or withdrawn the
then-current rating on any class of commercial mortgage-backed securities or placed any class of commercial mortgage-backed securities
on watch citing the continuation of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in a transaction serviced by such special servicer prior to the time of determination.

 

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

 

“Risk Retention
Rules” shall mean the joint final rule that was promulgated to implement the Risk Retention Requirements (which such
joint final rule has been codified, inter alia, at 17 C.F.R. § 246), as such rule may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the Office of the Comptroller of the

 

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Currency, the Board of Governors
of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Commission and
the Department of Housing and Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by the staff of any such
agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time as
of the applicable compliance date specified therein.

 

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

 

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

 

“Securitization”
shall mean one or more sales by the Note A1-A Holder, Note A1-B Holder, Note A1-C Holder, Note A1-D Holder, Note A1-E Holder, Note
A1-F Holder, Note A2 Holder or Note B 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 Note A1-A or portion thereof is consummated.

 

“Securitization
Servicing Agreement” shall mean the Servicing Agreement or a Non-Lead Securitization Servicing Agreement, as the context
may require.

 

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

 

“Securitizing
Noteholder” has the meaning assigned to such term in Section 2(a).

 

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

 

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Mortgage Loan, or any bankruptcy or insolvency event that constitutes an Event of Default;
provided, however, that unless the Servicer has notice or knowledge of such event at least ten (10) Business Days
prior to the applicable distribution date, distributions will be made sequentially beginning on the subsequent distribution date;
provided, further, that the aforementioned requirement of notice or knowledge will not apply in the case of distribution
of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential Pay Event shall no longer exist
to the extent it has been cured (including any cure payment made by the Note A2 Holder or the Note B Holder in accordance with
Section 11) and shall not be deemed to exist to the extent the Note A2 Holder or the Note B Holder is exercising its cure
rights under Section 11 or the default that led to the occurrence of such Sequential Pay Event has otherwise been cured
or waived.

 

“Senior Notes”
means Note A1-A, Note A1-B, Note A1-C, Note A1-D, Note A1-E and Note A1-F.

 

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

 

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

 

“Servicing Agreement”
shall mean the Lead Securitization Servicing Agreement; provided that in the event that the Lead Securitization Note is
no longer an asset of the trust fund created pursuant to the Lead Securitization Servicing Agreement, the “Servicing Agreement”
shall be determined in accordance with Section 2(f).

 

“Servicing Fee
Rate” shall be the per annum rate at which primary servicing fees are payable in respect of the Mortgage Loan (but in
no event in excess of 0.00250%) per annum) as set forth in the Servicing Agreement. The Servicing Fee Rate shall not reflect any
master servicing fees payable by any Noteholder.

 

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

 

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

 

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

 

“Specially Serviced
Loan” shall have the meaning assigned to such term in the Servicing Agreement.

 

“Subordinate
Note” shall mean each of Note A2 and Note B.

 

“Subordinate
Noteholder” shall mean each of the Note A2 Holder and the Note B Holder.

 

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

 

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

 

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

 

“Transfer”
shall mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other
disposition (either (i) directly or

 

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(ii) indirectly through entering into a derivatives contract or any other similar agreement,
excluding a repurchase financing or a Pledge in accordance with Section 19(e)).

 

“Trustee”
shall mean the trustee appointed pursuant to the 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 that is eligible to elect to be treated as a U.S. Person).

 

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

 

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

 

Section 2.          Servicing.

 

(a)       Each
Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced pursuant to this Agreement
and the Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of the Notes other than the Lead Securitization Note if such principal or interest is not paid by the Mortgage
Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to
the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms
of the Servicing Agreement (including a determination of recoverability thereunder). Each Noteholder acknowledges that another
Noteholder (including, in particular, the Senior Noteholders) may elect, in its sole discretion, to include the related Note in
a Securitization (any such Noteholder, a “Securitizing Noteholder”) and agrees that it will reasonably cooperate
with such Securitizing Noteholder, at such Securitizing Noteholder’s expense, to effect such Securitization. Subject to the
terms and conditions of this Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the
Master Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee under
the Servicing Agreement by the Depositor, and the appointment of the Special Servicer as the initial Special Servicer under the
Servicing Agreement by the Depositor (subject to replacement by the Controlling Noteholder as provided herein) and agrees to reasonably
cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with
this Agreement and the Servicing Agreement. Each Noteholder hereby appoints the Master Servicer, the Special Servicer and the Trustee
in the Lead Securitization as such Noteholder’s attorney-in-fact to sign any documents reasonably required with respect to
the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement

 

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(subject at all times to the
rights of the Noteholders set forth herein and in the Servicing Agreement). In no event shall the Servicing Agreement require any
Servicer to enforce the rights of any Noteholder against any other Noteholder or limit any Servicer in enforcing the rights of
one Noteholder against any other Noteholder; however, this statement shall not be construed to otherwise limit the rights of one
Noteholder with respect to any other Noteholder. Each Servicer shall be required pursuant to the Servicing Agreement to service
the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Servicing Agreement
and applicable law, and shall not take any action or refrain from taking any action or follow any direction inconsistent with the
foregoing.

 

(b)       In
no event shall any Subordinate Noteholder be entitled to exercise any rights of the “directing holder”, controlling
or consulting class or any analogous class or holder under the Servicing Agreement except to the extent such Subordinate Noteholder
is given such rights expressly under the terms of this Agreement or the Servicing Agreement in its capacity as the Controlling
Noteholder, and in no event may any such “directing holder”, controlling or consulting class or analogous class or
holder under the Servicing Agreement have any of the rights of the Controlling Noteholder hereunder except during a Note A2 Control
Appraisal Period.

 

(c)       In
no event may the Servicing Agreement change the interest allocable to, or the amount of any payments due to, any Subordinate Noteholder
or materially increase any Subordinate Noteholder’s obligations or materially decrease any Subordinate Noteholder’s
rights, remedies or protections hereunder or otherwise adversely affect any Subordinate Noteholder’s rights hereunder.

 

(d)       The
Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent
provided in the Lead Securitization Servicing Agreement) (i) shall be required to make Property Protection 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. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement
for a Property Protection Advance, first from funds on deposit in each of the Collection Account and the Companion Distribution
Account that (in any case) represent amounts received on or in respect of the Mortgage Loan in the manner provided in the Lead
Securitization Servicing Agreement, and then, in the case of Nonrecoverable Property Protection Advances, if such funds on deposit
in the Collection Account and Companion Distribution Account are insufficient, from general collections of the Lead Securitization
as provided in the Lead Securitization Servicing Agreement and from general collections of each Non-Lead Securitization as provided
below. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for Advance
Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection Advance, in the manner and from the sources
provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization and, in
the case of Property Protection Advances, from general collections of each Non-Lead Securitization as provided below. Notwithstanding
the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains funds from general
collections of the Lead Securitization as a reimbursement for a Nonrecoverable Property Protection Advance or any Advance Interest
Amounts on a Property Protection Advance or a

 

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Nonrecoverable Property Protection Advance, each Non-Lead Securitization Noteholder
(including from general collections or any other amounts from the related Non-Lead Securitization Trust) shall be required to,
promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable
Property Protection Advance or Advance Interest Amounts.

 

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

 

Each 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 Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement and this Agreement.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination
with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that they have on hand and
in accordance with the Lead Securitization Servicing Agreement. 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

 

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on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance with the related
Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the applicable Non-Lead Master
Servicer or Non-Lead Trustee shall be required to notify each other servicer and trustee with respect to a Securitization of the
amount of its P&I Advance within two (2) Business Days of making such advance. If the Master Servicer, the Special Servicer
or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer
or Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization Note), determines that a proposed P&I Advance,
if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer,
the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Property Protection Advance would be
non-recoverable or an outstanding Property Protection Advance is or would be non-recoverable, then the Master Servicer or the Trustee
(as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Master
Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the related
Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by such Non-Lead Master Servicer,
such Non-Lead Special Servicer or such 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, within two (2) Business Days of making such determination.
The Master Servicer, the Trustee, a Non-Lead Master Servicer or a Non-Lead Trustee, as applicable, will only be entitled to reimbursement
for a P&I Advance that becomes non-recoverable and advance interest thereon first from the Collection Account (in the case
of the Lead Securitization Note) or the Companion Distribution Account (in the case of a Non-Lead Securitization Note) from amounts
allocable to the Note for which such P&I Advance was made, and then, if funds are insufficient, (i) in the case of the Lead
Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization
Servicing Agreement and (ii) in the case of a Non-Lead Securitization Note, from general collections of the related Non-Lead Securitization
Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

(e)       The
Servicing Agreement shall contain provisions to the effect that (and to the extent such following provisions are not included in
the Servicing Agreement, they shall be deemed incorporated therein and made a part thereof):

 

(i)        any
payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders on the “master servicer
remittance date” under the Servicing Agreement;

 

(ii)       each
Non-Lead Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide access to, any
information relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as such Non-Lead Noteholder may
reasonably request and would be customarily in the possession of, or collected or known by, the Master Servicer or the Special
Servicer of mortgage loans

 

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similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders
of the securities issued by the Lead Securitization Trust but not limited to standard CREFC reports and Asset Status Reports, provided
that if an interest in the requesting Noteholder or its related Note is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party, then such requesting Noteholder shall not be entitled to receive the Asset Status Report or any other information
relating to the Special Servicer’s workout strategy or any “excluded information” or analogous term under the
Servicing Agreement;

 

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

 

(iv)      the
Servicing Agreement may not be amended without the consent of each Non-Lead Noteholder if such amendment would be materially adverse
to such Non-Lead Noteholder or would materially adversely affect the Mortgage Loan or any Non-Lead Noteholder’s rights with
respect thereto or would alter any term that is defined herein by reference to the Servicing Agreement in a manner that is materially
adverse to a Non-Lead Noteholder;

 

(v)       [reserved];

 

(vi)      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;

 

(vii)     if
the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note or Property Protection
Advance with respect to the Mortgage Loan, if made, or any outstanding P&I Advance or Property Protection Advance previously
made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer
written notice of such determination promptly after such determination was made together with such reports that the Master Servicer
delivered to the Special Servicer or Trustee in connection with notification of its determination of nonrecoverability;

 

(viii)    the
Master Servicer shall remit all payments allocated to a Non-Lead Securitization Note pursuant to Section 3 or 4,
net of the servicing fees payable to the Master Servicer and Special Servicer with respect to such Non-Lead Securitization Note,
and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the related
Non-Lead Securitization Noteholder by the earlier of (x) the Master Servicer Remittance Date (as defined in the Lead Securitization
Servicing Agreement) and (y) the Business Day following the “determination date” (or any term substantially similar
thereto) as defined in the related Non-Lead Securitization Servicing Agreement (such determination date, the “Non-Lead
Securitization Determination Date”), in each case as long as the date on which remittance is required under this clause
(viii) is at least one (1) Business Day after the scheduled monthly payment date under the Mortgage Loan Agreement, provided,
that any late collections received by

 

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the Master Servicer after the related due date under the Mortgage Loan shall be remitted
by the Master Servicer in accordance with Section 2(c)(xv) below;

 

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

 

(x)        the
Master Servicer and the Special Servicer, as applicable, shall provide (in electronic media) to each Non-Lead Noteholder all documents,
certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the Mortgage Loan
provided by it to any other party to the Lead Securitization Servicing Agreement at the time provided to such other party;

 

(xi)       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 Noteholders (including any respective trustees and
certificateholders) in accordance with the terms and provisions of this Agreement, the Lead Securitization Servicing Agreement
and the Servicing Standard;

 

(xii)      each
Non-Lead Noteholder shall be entitled to the same indemnity as the Lead Securitization Noteholder under the Lead Securitization
Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Custodian shall be required to (and shall require any Servicing Function Participant or Additional Servicer engaged
by it to) indemnify each Certifying Person and each Non-Lead Depositor, 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 (xiii) below in a timely manner, (ii) its failure to perform its
obligations to such Non-Lead Depositor or the related Non-Lead Trustee under Article XI (or any article substantially similar thereto)
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 (other than an Initial Sub-Servicer)
to perform its obligations to such depositor or trustee under such Article XI (or any article substantially similar thereto) of
the Lead Securitization Servicing Agreement by the time required and/or (iv) any Deficient Exchange Act Deliverable regarding,
and delivered by or on behalf of, such party;

 

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(xiii)     with
respect to any Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act (including
Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required
to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation
AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable
efforts to cause an Initial Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance statements,
accountants’ assessments and attestations, and 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 related Non-Lead Securitization
Servicing Agreement, in the case of sub-clauses (i) and (ii), as the related Non-Lead Depositor or the related Non-Lead
Trustee reasonably believes, in good faith, are required in order for such Non-Lead Depositor or such Non-Lead Trustee to comply
with (1) its obligations under the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3 and (2)
any applicable comment letter from the Commission or its obligations with respect to any Deficient Exchange Act Deliverable, (b)
without limiting the generality of the foregoing (x) the Depositor or the Lead Securitization Noteholder shall provide or cause
to be provided to such Non-Lead Depositor (and to counsel to such Non-Lead Depositor) and such Non-Lead Trustee (1) written notice
(which may be by email) in a timely manner (but no later than three (3) Business Days prior to closing) of the occurrence of the
Lead Securitization, and (2) no later than the closing date of the Lead Securitization, a copy of the Lead Securitization Servicing
Agreement in an EDGAR-compatible format, and (y) the Master Servicer and Special Servicer (or any replacement Master Servicer or
Special Servicer, as applicable) shall, upon reasonable prior written request, and subject to the right of the Master Servicer
or the Special Servicer, as the case may be, to review and approve such disclosure materials, permit a holder of any Non-Lead Securitization
Note to use such party’s description contained in the Lead Securitization prospectus (updated as appropriate by the Master
Servicer or Special Servicer, as applicable, at the cost of the related Non-Lead Sponsor) or contained in a Lead Securitization
Form 8-K), for inclusion in the disclosure materials or a Form 8-K relating to any securitization of a Non-Lead Securitization
Note, and (z) the Master Servicer and the Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable),
shall provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect
to the Lead Securitization (in each case, at the cost of the related Non-Lead Sponsor), and (c) in connection with any amendment
of the Lead Securitization Servicing Agreement, the Depositor shall provide written notice (which may be by email) of such proposed
amendment to each Non-Lead Depositor and each Non-Lead Trustee no later than three (3) Business Days prior to the date of effectiveness
of such amendment, and, on the date of effectiveness of such amendment to the Lead Securitization Servicing Agreement, provide
a copy of such amendment in an EDGAR-compatible format to such Non-Lead Depositor and such Non-Lead Trustee. The Master Servicer
and the Special Servicer shall each be required to provide certification and indemnification to any Certifying Person with respect
to any applicable Sarbanes-Oxley Certification with respect to a Non-Lead Securitization;

 

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(xiv)    each
of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall cooperate (and
require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with the related Non-Lead Depositor (including, without limitation, providing all due diligence information, reports,
written responses, negotiations and coordination) to the same extent as such party is required to cooperate with the Depositor
under Article XI (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement and in connection
with Deficient Exchange Act Deliverables. All respective reasonable out-of-pocket costs and expenses incurred by a Non-Lead Depositor
(including reasonable legal fees and expenses of outside counsel to such depositor) in connection with the foregoing (other than
those costs and expenses related to participation by such Non-Lead Depositor in any telephone conferences and meetings with the
Commission and other costs such Non-Lead Depositor must bear pursuant to Article XI (or any article substantially similar thereto)
of the Lead Securitization Servicing Agreement) and any amendments to any reports filed with the Commission therewith shall be
promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from such Non-Lead Depositor;

 

(xv)     any
late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to a Non-Lead Securitization
Note or reimbursable to the related Non-Lead Master Servicer or the related Non-Lead Trustee shall be remitted by the Master Servicer
to the related Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified funds; 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 amounts to the related 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; and provided, further, that in the event the Master Servicer is in receipt
of properly identified funds that are not available to the Master Servicer, the Master Servicer may instead remit such amounts
on the same Business Day that such properly identified funds become available to the Master Servicer;

 

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

 

(xvii)   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 a Non-Lead Securitization to the same
extent provided with respect to the commercial mortgage pass-through certificates issued in connection with the Lead Securitization;

 

(xviii)  Servicer
Termination Events with respect to the Master Servicer and the Special Servicer shall include: (i) solely with respect to the Master
Servicer, the failure to timely remit payments to a Non-Lead Noteholder, which failure continues unremedied for

 

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one (1) Business
Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer, the failure to deposit
into any REO Account any amount required to be so deposited within two (2) Business Days after the date such deposit was to be
made, or the failure to remit to the Master Servicer for deposit into the Collection Account or the related Companion Distribution
Account, as applicable, any amount required to be so remitted by the Special Servicer within one (1) Business Day after the date
such remittance was to be made; (iii) solely with respect to the Special Servicer, the failure to maintain the Required Special
Servicer Rating or to be otherwise acceptable to each Rating Agency rating a Securitization, which failure continues unremedied
for a period of sixty (60) days following actual knowledge thereof by the Special Servicer; (iv) the qualification, downgrade or
withdrawal, or placing on “watch status” in contemplation of a rating downgrade or withdrawal of the ratings of any
class of certificates issued in connection with a Non-Lead Securitization by the Rating Agencies rating such securities (and such
qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn by such rating agencies
within sixty (60) days of actual knowledge of such event by the Master Servicer or the Special Servicer, as the case may be), and
publicly citing servicing concerns with the Master Servicer or Special Servicer, as applicable, as the sole or a material factor
in such rating action; and (v) the failure to provide to a Non-Lead Securitization Noteholder (if and to the extent required under
the related Non-Lead Securitization) reports required under the Exchange Act, and the rules and regulations thereunder, in a timely
fashion. Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting any Non-Lead Noteholder
and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall,
upon the direction of any Non-Lead Noteholder, require the appointment of a subservicer with respect to the affected Non-Lead Note.
Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Noteholder and the
Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction
of a Non-Lead Noteholder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

 

(xix)     upon
any resignation of the Master Servicer or the Special Servicer, any termination of the Master Servicer or Special Servicer and/or
any replacement thereof, any appointment of a successor to the Master Servicer or Special Servicer, or the effectiveness of any
designation of a new Special Servicer, the Trustee or Certificate Administrator shall promptly (and in any event no later than
three (3) Business Days prior to the effective date of such resignation, termination, replacement and/or appointment of a Master
Servicer or Special Servicer) provide written notice thereof to (A) each Non-Lead Trustee, each Non-Lead Master Servicer, and each
Non-Lead Depositor, together with any information reasonably required (including, without limitation, any disclosure required under
Item 1108 of Regulation AB) for the related Non-Lead Securitization to comply with any applicable reporting obligations under the
Exchange Act (provided, that such notice shall not be deemed to be provided unless receipt thereof has been confirmed in writing
(which may be by email) from the related Non-Lead Depositor) and (B) each Subordinate Noteholder;

 

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

 

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

 

Furthermore, Servicing
Agreement, as it relates to the servicing of the Subordinate Notes, shall contain provisions no less favorable to the Subordinate
Noteholders than the comparable provisions contained in the Model PSA.

 

(f)        Each
Non-Lead Securitization Noteholder agrees that it shall cause the related Non-Lead Securitization Servicing Agreement to provide
as follows (and to the extent such following provisions are not included in such Non-Lead Securitization Servicing Agreement, they
shall be deemed incorporated therein and made a part thereof):

 

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

 

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such Non-Lead Securitization Noteholder’s pro rata share of any such Nonrecoverable
Property Protection Advances (together with advance interest thereon) and/or additional trust fund expenses (including compensation
due to the Master Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan
and the Mortgaged Property);

 

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

 

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

 

(g)       The
Initial Note A1-A Holder shall:

 

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

 

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contact
information for each of the parties to the Lead Securitization Servicing Agreement; and

 

(ii)       send
to each Non-Lead Securitization Noteholder, the parties to the related Non-Lead Securitization Servicing Agreement (that are not
also party to the Lead Securitization Servicing Agreement) and each Subordinate Noteholder (x) on the Lead Securitization Date
(to the extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related
Non-Lead Depositor on or prior to the Lead Securitization Date), a copy (in EDGAR-compatible format) of the execution version of
the Lead Securitization Servicing Agreement, (y) within (1) one Business Day after the date of any re-filing by the Depositor of
the Lead Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment
thereto following the Lead Securitization Date), a copy (in EDGAR-compatible format) of the re-filed Lead Securitization Servicing
Agreement, and (z) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes
made by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Lead
Securitization Date).

 

(h)       Each
Non-Lead Securitization Noteholder shall provide (or cause to be provided) to the Lead Securitization Noteholder and the parties
to the Lead Securitization Servicing Agreement (provided that the Lead Securitization Servicing Agreement has been delivered to
such Non-Lead Securitization Noteholder) notice of the closing of the related Non-Lead Securitization, in writing (which may be
by email) prior to or promptly following the related Non-Lead Securitization Date, which notice shall include a copy of the related
Non-Lead Securitization Servicing Agreement.

 

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

 

(j)        At
any time after the Securitization Date that Note A1-A is no longer subject to the provisions of the Servicing Agreement, the Note
A1-A Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement that contains servicing provisions which
are the same as or more favorable to each other Senior Noteholder and each Subordinate Noteholder, in substance, to those in the
Servicing Agreement and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement;
provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation shall have
been obtained from each Rating Agency rating such Securitization that the appointment of the servicer(s) pursuant to such servicing
agreement would not, in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the
securities issued in connection with such Securitization; provided, further, that until a replacement servicing agreement
has been entered into, the Note A1-A Holder shall cause the Mortgage Loan to be serviced in accordance with the servicing provisions
set forth in the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan;
provided, however, that the Servicer under such replacement Servicing Agreement shall have no further obligations
to advance monthly payments of principal and interest; provided, further, however,

 

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that until a replacement
servicing agreement is in place, the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial
mortgage loan servicer meeting the requirements of the Servicing Agreement appointed by the Note A1-A Holder and the special servicer
appointed by the Controlling Noteholder (which special servicer must satisfy the Required Special Servicer Rating of, or otherwise
be acceptable to, each of the Rating Agencies rating any outstanding Securitization) and does not have to be performed by the service
providers set forth under the Servicing Agreement.

 

Section 3.          Subordination
of the Subordinate Notes; Payments Prior to a Sequential Pay Event. Note A2 and the rights of the Note A2 Holder to receive
payments of interest, principal and other amounts with respect to Note A2 shall at all times be junior, subject and subordinate
to the Senior Notes and the respective rights of the Senior Noteholders to receive payments of interest, principal and other amounts
with respect to the Senior Notes, as and to the extent set forth herein. Note B and the rights of the Note B Holder to receive
payments of interest, principal and other amounts with respect to such Note B shall at all times be junior, subject and subordinate
to the Senior Notes and Note A2 and the respective rights of the Senior Noteholders and the Note A2 Holder to receive payments
of interest, principal and other amounts with respect to the Senior Notes and Note A2, as and to the extent set forth herein. If
no Sequential Pay Event shall have occurred and be continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise
available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized
as proceeds thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under
any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds
(other than proceeds, awards or settlements that are required to be applied to the restoration or repair of the Mortgaged Property
or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted
by the REMIC Provisions), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents
(to the extent, in accordance with the terms of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements
on account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under the Servicing Agreement
and (y) all amounts that are then due, payable or reimbursable to any Servicer (excluding master servicing fees, trustee fees,
certificate administrator fees, operating advisor fees and asset representations reviewer fees, all of which shall be payable by
each of the Senior Noteholders to such parties out of distributions made to them in respect of their respective Senior Notes),
with respect to the Mortgage Loan pursuant to the Servicing Agreement (such amounts contemplated by clauses (x) and (y),
“Withheld Amounts”), shall be distributed by the Master Servicer in the following order of priority without
duplication (and payments shall be made at such times as are set forth in the Servicing Agreement):

 

(a)        first,
to the Senior Noteholders, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the aggregate Principal Balance of the Senior Notes at the Net Note A1 Rate;

 

(b)       second,
to the Senior Noteholders, pro rata (based on the respective Principal Balances of the Senior Notes) in an aggregate amount
equal to the sum of (x) the Note A1 Percentage Interest of all principal payments received (other than principal payments related
to Insurance and Condemnation Proceeds that the Mortgage Loan Borrower is required to pay to the

 

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Noteholders on a sequential basis),
if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan and (y) any Insurance and Condemnation Proceeds
received, if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan allocated as principal on the Mortgage
Loan and payable to the Noteholders, until the aggregate Principal Balance of the Senior Notes has been reduced to zero;

 

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

 

(d)        fourth,
to the Note A2 Holder in an amount equal to the accrued and unpaid interest on the Note A2 Principal Balance at the Net Note A2
Rate;

 

(e)        fifth,
to the Note A2 Holder in an amount equal to the sum of (x) the Note A2 Percentage Interest of all principal payments received (other
than principal payments related to Insurance and Condemnation Proceeds that the Mortgage Loan Borrower is required to pay to the
Noteholders on a sequential basis), if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan and (y)
any Insurance and Condemnation Proceeds received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan allocated as principal on the Mortgage Loan and payable to the Noteholders remaining after giving effect to the allocations
in clause (b) above, until the Note A2 Principal Balance has been reduced to zero;

 

(f)        sixth,
to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the Net Note B Rate;

 

(g)       seventh,
to the Note B Holder in an amount equal to the sum of (x) the Note B Percentage Interest of all principal payments received (other
than principal payments related to Insurance and Condemnation Proceeds that the Mortgage Loan Borrower is required to pay to the
Noteholders on a sequential basis), if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan and (y)
any Insurance and Condemnation Proceeds received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan allocated as principal on the Mortgage Loan and payable to the Noteholders remaining after giving effect to the allocations
in clauses (b) and (e) above, until the Note B Principal Balance has been reduced to zero;

 

(h)       eighth,
to the extent the Note A2 Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse
such Note A2 Holder for all such cure payments;

 

(i)        ninth,
to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse
the Note B Holder for all such cure payments;

 

(j)        tenth,
to the Senior Noteholders, pro rata (based on the respective Principal Balances of the Senior Notes) in an aggregate amount
equal to the product of (i) the Note A1

 

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Percentage Interest multiplied by (ii) the Note A1 Relative Spread, and (iii) any Prepayment
Premium to the extent paid by the Mortgage Loan Borrower;

 

(k)       eleventh,
to the Note A2 Holder in an amount equal to the product of (i) the Note A2 Percentage Interest multiplied by (ii) the Note A2 Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(l)        twelfth,
to the Note B Holder in an amount equal to the product of (i) the Note B Percentage Interest multiplied by (ii) the Note B Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(m)      thirteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(l) and, as a result of a Workout the Principal Balance of Note A2 has
been reduced, such excess amount shall be paid to the Note A2 Holder in an amount up to the reduction, if any, of the Note A2 Principal
Balance as a result of such Workout, plus interest on such aggregate amount at the related Note A2 Rate;

 

(n)        fourteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(m) and, as a result of a Workout the Principal Balance of Note B has
been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if any, of the Note B Principal
Balance as a result of such Workout, plus interest on such amount at the related Note B Rate;

 

(o)       fifteenth,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be paid
pro rata to the Senior Noteholders, the Note A2 Holder and the Note B Holder in accordance with the Note A1 Percentage Interest,
the Note A2 Percentage Interest and the Note B Percentage Interest, respectively, with the amount distributed to the Senior Noteholders
to be allocated between the Senior Noteholders pro rata based on the respective Principal Balances of the Senior Notes;
and

 

(p)       sixteenth,
if any excess amount, including, without limitation, any Default Interest, is available to be distributed in respect of the Mortgage
Loan, and not otherwise applied in accordance with the foregoing clauses (a)-(o), any remaining amount shall be paid pro rata
to the Senior Noteholders, the Note A2 Holder and the Note B Holder in accordance with the initial Note A1 Percentage Interest,
the initial Note A2 Percentage Interest and the initial Note B Percentage Interest, respectively, with the amount distributed to
the Senior Noteholders to be allocated between the Senior Noteholders pro rata based on the respective Principal Balances
of the Senior Notes.

 

Section 4.      Payments
Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in accordance with Section
3 of this Agreement;

 

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provided, if a Sequential Pay Event shall have occurred and be continuing, all amounts tendered
by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan
or the Mortgaged Property or amounts realized as proceeds thereof (including without limitation amounts received by the Master
Servicer or Special Servicer pursuant to the Servicing Agreement as reimbursements on account of recoveries in respect of Advances),
whether received in the form of Monthly Payments, any proceeds from the sale or distribution of any Foreclosure Property, the Balloon
Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage
Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements that are required to be applied to the
restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage
Loan Documents, to the extent permitted by the REMIC Provisions), but excluding any Withheld Amounts, shall be distributed by the
Master Servicer in the following order of priority without duplication (and payments shall be made at such times as are set forth
in the Servicing Agreement):

 

(a)        first,
to the Senior Noteholders, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the aggregate Principal Balance of the Senior Notes at the Net Note A1 Rate;

 

(b)       second,
to the Senior Noteholders, pro rata (based on the respective Principal Balances of the Senior Notes), until the aggregate
Principal Balance of the Senior Notes has been reduced to zero;

 

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

 

(d)        fourth,
to the Note A2 Holder in an amount equal to the accrued and unpaid interest on the Note A2 Principal Balance at the Net Note A2
Rate;

 

(e)        fifth,
to the Note A2 Holder, until the Note A2 Principal Balance has been reduced to zero;

 

(f)        sixth,
to the extent the Note A2 Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse
the Note A2 Holder for all such cure payments; and to the Note A2 Holder in the amount of any other unreimbursed reasonable out-of-pocket
costs and expenses paid by the Note A2 Holder, in each case to the extent reimbursable by, but not previously reimbursed by, the
Mortgage Loan Borrower;

 

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

 

(h)       eighth,
to the Note B Holder, until the Note B Principal Balance has been reduced to zero;

 

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(i)        ninth,
to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse
the Note B Holder for all such cure payments; and to the Note B Holder in the amount of any other unreimbursed reasonable out-of-pocket
costs and expenses paid by the Note B Holder, in each case to the extent reimbursable by, but not previously reimbursed by, the
Mortgage Loan Borrower;

 

(j)        tenth,
to the Senior Noteholders, pro rata (based on the respective Principal Balances of the Senior Notes) in an aggregate amount
equal to the product of (i) the Note A1 Percentage Interest multiplied by (ii) the Note A1 Relative Spread, and (iii) any Prepayment
Premium to the extent paid by the Mortgage Loan Borrower;

 

(k)       eleventh,
to the Note A2 Holder in an amount equal to the product of (i) the Note A2 Percentage Interest multiplied by (ii) the Note A2 Relative
Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(l)        twelfth,
to the Note B Holder in an amount equal to the product of (i) the Percentage Interest of such Note multiplied by (ii) the Note
B Relative Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(m)      thirteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(l) and, as a result of a Workout the Principal Balance of Note A2 has
been reduced, such excess amount shall be paid to the Note A2 Holder in an amount up to the reduction, if any, of the Note A2 Principal
Balance as a result of such Workout, plus interest on such aggregate amount at the related Note A2 Rate;

 

(n)        fourteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(m) and, as a result of a Workout the Principal Balance of Note B has
been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if any, of the Note B Principal
Balance as a result of such Workout, plus interest on such amount at the related Note B Rate;

 

(o)        fifteenth,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be paid
pro rata to the Senior Noteholders, the Note A2 Holder and the Note B Holder in accordance with the Note A1 Percentage Interest,
the Note A2 Percentage Interest and the Note B Percentage Interest, respectively, with the amount distributed to the Senior Noteholders
to be allocated between the Senior Noteholders pro rata based on the respective Principal Balances of the Senior Notes;
and

 

(p)       sixteenth,
if any excess amount, including, without limitation, any Default Interest, is available to be distributed in respect of the Mortgage
Loan, and not otherwise applied in accordance with the foregoing clauses (a)-(o), any remaining amount shall be paid pro rata
to 

 

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the Senior Noteholders, the Note A2
Holder and the Note B Holder in accordance with the initial Note A1 Percentage Interest, the initial Note A2 Percentage
Interest and the initial Note B Percentage Interest, respectively, with the amount distributed to the Senior Noteholders to
be allocated between the Senior Noteholders pro rata based on the respective Principal Balances of the Senior
Notes.

 

Section 5.          Administration
of the Mortgage Loan.

 

(a)       Subject
to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent with the
Servicing Standard, the Note A1-A Holder (or any Servicer acting on behalf of the Note A1-A 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 other Noteholder shall have any voting,
consent or other rights whatsoever with respect to the Note A1-A Holder’s administration of, or exercise of its rights and
remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation,
Section 5(f) below) and consistent with the Servicing Standard, the Note A1-B Holder and each Subordinate Noteholder agrees
that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Note A1-A Holder (or any Servicer
acting on behalf of the Note A1-A Holder) the rights, if any, that such A1-A Holder or Subordinate Noteholder, as applicable, has
to, (i) call or cause the Note A1-A 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 Note A1-A Holder
to file any bankruptcy petition against the Mortgage Loan Borrower. The Note A1-A Holder (or any Servicer acting on behalf of the
Note A1-A Holder) shall not have any fiduciary duty to any other Senior Noteholder, the Note A2 Holder or the Note B Holder in
connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Note A1-A Holder from the obligation
to make any disbursement of funds as set forth herein).

 

(b)       The
administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder agrees to
be bound by the terms of this Agreement and the Servicing Agreement. The Servicers shall service the Mortgage Loan in accordance
with the terms of this Agreement, including without limitation, the rights of the Subordinate Noteholders set forth in Section
5(f) below and consistent with the Servicing Standard. Servicing of the Mortgage Loan shall be carried out by the Master Servicer
and, if the Mortgage Loan is a Specially Serviced Mortgage Loan, by the Special Servicer, in each case pursuant to the Servicing
Agreement and consistent with the Servicing Standard. Notwithstanding anything to the contrary contained herein, in accordance
with the Servicing Agreement, the Note A1-A Holder shall cause the Master Servicer and the Special Servicer to service and administer
the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each of the Noteholders as a
collective whole (it being understood that (x) the interest of the Note A2 Holder is subordinate to the Senior Notes and (y) the
interest of the Note B Holder is subordinate to the Senior Notes and Note A2, in the cause of each of (x) and (y) subject to the
terms and conditions of this Agreement, including without limitation the rights of the Controlling Noteholder), and any

 

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

 

(c)       Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement
(including, without limitation, Sections 5(f) and 6), if the Servicer in connection with a Workout of the Mortgage
Loan modifies the terms thereof in accordance herewith such that (i) the unpaid principal balance of the Mortgage Loan is decreased,
(ii) the Mortgage Loan Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments of interest or
principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in the Mortgage
Loan Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan, all payments to the
Senior Noteholders, Note A2 Holder and Note B Holder pursuant to Section 3 and Section 4, as applicable, shall be
made as though such Workout did not occur, with the payment terms of the Notes remaining the same as they are on the date hereof,
the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such Workout
shall be borne, first, by the Note B Holder, second, by the Note A2 Holder, and then, by the Senior Noteholders
(pro rata based on the Principal Balances of their respective Notes), in that order, in each case up to the amount otherwise
due on such Note(s). Subject to the Servicing Agreement and this Agreement (including without limitation Sections 5(f) and
(6)), in the case of any modification or amendment described above, the Note A1-A Holder (or the Servicer on its behalf)
will have the sole authority and ability to revise the payment provisions set forth in Section 3 and Section 4 above
in a manner that reflects (x) the subordination of Note A2 to the Senior Notes and (y) the subordination of Note B to the Senior
Notes and Note A2, with respect to the loss that is the result of such amendment or modification, including: (i) the ability to
increase the Note A1 Percentage Interest, to increase or reduce, as applicable, the Note A2 Percentage Interest, and to reduce
the Note B Percentage Interest in a manner that reflects a loss in principal as a result of such amendment or modification and
(ii) the ability to change the Note A1 Rate, the Note A2 Rate and the Note B Rate, as applicable, in order to reflect a reduction
in the Mortgage Loan Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Sections
3 and 4 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan extends
the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not to be due
on the original maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage Loan.

 

(d)       All
rights and obligations of the Note A1-A Holder described hereunder may be exercised by the Servicers on behalf of the Note A1-A
Holder in accordance with the Servicing Agreement and this Agreement. Each Non-Lead Noteholder shall be provided access to any
website that an investor would be permitted to access in accordance with the procedures set forth in the Servicing Agreement.

 

(e)       If
any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of

 

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Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on
behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of
the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of the
Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent from
any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Noteholders may
have under the Mortgage Loan Documents, if any such action would constitute a “significant modification” of the Mortgage
Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more than three
months after the earliest startup day of any REMIC which includes a Senior Note (or any portion thereof). The Noteholders agree
that the provisions of this Section 5(e) shall be effected by compliance by the Note A1-A Holder or its assignees with this
Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage Loan or the Note A1-A
Holder’s interests therein. All costs and expenses of compliance with this Section 5(e), to the extent that such costs
and expenses relate to administration of a REMIC or to any determination respecting the amount, payment or avoidance of any tax
under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by each Noteholder with respect to
the REMIC containing the Note owned by such Noteholder.

 

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

 

(f)       (i)Subject
to clauses (ii) or (iii) below, if any consent, modification, amendment or waiver under or other action in respect of the Mortgage
Loan (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision has been
requested or proposed or any fact or circumstance has occurred requiring that a Major Decision be made, or if the Servicer or Special
Servicer otherwise intends to make a Major Decision, then the Servicer or Special Servicer, as applicable, shall deliver prompt
written notice thereof to the Controlling Noteholder and its Controlling Noteholder Representative, if any, at least ten (10) Business
Days prior to taking action with respect to such Major Decision (or making a determination not to take action with respect to such
Major Decision), and none of the Servicer, the Special Servicer or any other Person shall implement any decision with respect to
such Major Decision (or make a determination not to take action with respect to such Major Decision) unless and until the Servicer
or the Special Servicer, as applicable, has received the written consent of the Controlling Noteholder (or its Controlling Noteholder
Representative).

 

(ii)       If
the Servicer or Special Servicer, as applicable, has not received a response from the Controlling Noteholder (or its Controlling
Noteholder Representative) with respect to

 

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such Major Decision within ten (10) Business Days after delivery of the notice of such
Major Decision, the Note A1-A Holder (or the Special Servicer acting on its behalf) shall deliver an additional copy of the notice
of such Major Decision in all caps bold 14-point font: “This is a Second Notice. Failure to respond within ten (10) Business
Days of this Second Notice will result in a loss of your right to consent with respect to this decision,” and if the Controlling
Noteholder fails to respond to the Note A1-A Holder (or the Special Servicer acting on its behalf) with respect to any such proposed
action within ten (10) Business Days after receipt of such second notice, the Controlling Noteholder shall have no further consent
rights with respect to such action (provided, however, that such failure to reply shall not affect the rights of the Controlling
Noteholder to consent to any future actions).

 

(iii)      Notwithstanding
the foregoing, the Note A1-A Holder (or any Servicer acting on its behalf) shall not follow any advice or consultation provided
by the Controlling Noteholder (or its Controlling Noteholder Representative) that would require or cause the Note A1-A Holder (or
any Servicer acting on its behalf) to violate any applicable law, including the REMIC Provisions, be inconsistent with the Servicing
Standard, require or cause the Note A1-A Holder (or any Servicer acting on its behalf) to violate provisions of this Agreement
or the Servicing Agreement, require or cause the Note A1-A Holder (or any Servicer acting on its behalf) to violate the terms of
the Mortgage Loan, or materially expand the scope of the Note A1-A Holder’s (or any Servicer acting on its behalf) responsibilities
under this Agreement or the Servicing Agreement.

 

The Special Servicer
shall be required to provide copies to each Non-Controlling Noteholder of any notice, information and report that is required to
be provided to the Controlling Noteholder pursuant to the Servicing Agreement with respect to any Major Decisions or the implementation
of any recommended actions outlined in an Asset Status Report within the same time frame such notice, information and report is
required to be provided to the Controlling Noteholder, and the Special Servicer shall be required to consult with each Non-Controlling
Noteholder on a strictly non-binding basis, to the extent having received such notices, information and reports, any Non-Controlling
Noteholder requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined
in an Asset Status Report, and consider alternative actions recommended by such Non-Controlling Noteholder; provided that
after the expiration of a period of ten (10) Business Days from the delivery to any Non-Controlling Noteholder by the Special Servicer
of written notice of a proposed action, together with copies of the notice, information and reports, the Special Servicer shall
no longer be obligated to consult with such Non-Controlling Noteholder, whether or not such Non-Controlling Noteholder has responded
within such ten (10) Business Day period (unless, the Special Servicer proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). After the Note A1-A Securitization, references in this paragraph
to a Non-Controlling Noteholder as such term relates to the Note A1-A Holder shall mean the Controlling Class Representative. After
the Securitization of any other Senior Note, references in this paragraph to a Non-Controlling Noteholder as such term relates
to the holder of such Senior Note shall mean the controlling class representative or directing certificateholder or analogous term
under the applicable Securitization Servicing Agreement.

 

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

 

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

 

(g)       Either
the Note A2 Holder or the Note B Holder shall be entitled to avoid a Note A2 Control Appraisal Period or a Note B Control Appraisal
Period, respectively, caused by application of an Appraisal Reduction Amount upon satisfaction of the following (which must be
completed within thirty (30) days of the Special Servicer’s receipt of a third party Appraisal that indicates such Control
Appraisal Period has occurred (which such Appraisal the Special Servicer will be required to deliver to each Subordinate Noteholder
within two Business Days of receipt by the Special Servicer of such third party Appraisal) together with the Master Servicer’s
calculation of the Appraisal Reduction Amount applicable to each Subordinate Note: (i) such Subordinate Noteholder shall have delivered
Threshold Event Collateral as a supplement to the appraised value of the Mortgaged Property, in the amount specified in clause
(ii) below, to the Servicer, together with documentation acceptable to the Servicer in accordance with the Servicing Standard to
create and perfect a first priority security interest in favor of the Servicer on behalf of the Note A1-A Holder in such collateral
(a) cash collateral for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby letter
of credit with the Note A1-A Holder (or after the closing of the Note A1-A Securitization, the Servicer or such other party as
provided under the Servicing Agreement) as the beneficiary, issued by a bank or other financial institutions the long term unsecured
debt obligations of which are rated at least “AA” by S&P, “A” by Fitch and “Aa2” by Moody’s
or the short term obligations of which are rated at least “A-1+” by S&P, “F-1” by Fitch and “P-1”
by Moody’s, in each case ignoring any of the foregoing ratings requirements with respect to any rating agency that is not
one of the Rating Agencies (either (a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event
Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property as determined pursuant to the
Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements of this paragraph are
satisfied by a Subordinate Noteholder (a “Threshold Event Cure”), no Control Appraisal Period caused by application
of an Appraisal Reduction Amount shall be deemed to have occurred with respect to such Subordinate Noteholder. If a letter of credit
is furnished as Threshold Event Collateral, the applicable Subordinate Noteholder shall be required to renew such letter of credit
not later than thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit
or other Threshold Event Collateral with an expiration date that is greater than forty-five (45) days from the date of substitution;
provided, however, that, if a letter of credit is not renewed prior to thirty (30) days prior to the expiration date
of such letter of credit, the letter of credit shall provide that the Servicer may (and at the direction of the applicable Controlling
Noteholder, shall) draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter of
credit is furnished as Threshold Event Collateral, the applicable Subordinate Noteholder shall be required to replace such letter
of credit with other

 

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Threshold Event Collateral within 30 days if the credit ratings of the issuing entity are downgraded below
the required ratings; provided, however, that, if such Threshold Event Collateral is not so replaced, the Servicer
shall draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. The Threshold Event Cure shall
continue until (i) the appraised value of the Mortgaged Property plus the value of the Threshold Event Collateral would not be
sufficient to prevent the applicable Control Appraisal Period from occurring; 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 Period without taking into consideration any, or some portion of, Threshold Event Collateral previously delivered
by a Subordinate Noteholder, any or such portion of Threshold Event Collateral held by the Servicer shall promptly be returned
to such Subordinate Noteholder (at its sole expense). Upon a Final Recovery Determination with respect to the Mortgage Loan, such
Threshold Event Collateral shall be available to reimburse each Noteholder for any realized loss pursuant to Sections 3
or 4, as applicable, with respect to the Mortgage Loan after application of the net proceeds of liquidation, not in excess
of the applicable Principal Balance, plus accrued and unpaid interest thereon at the applicable interest rate and all other Additional
Servicing Expenses reimbursable under this Agreement and under the Servicing Agreement. Any Threshold Event Collateral shall be
treated as an “outside reserve fund” for purposes of the REMIC Provisions and such property (and the right to reimbursement
of any amounts with respect thereto from a REMIC) shall be beneficially owned by the posting Noteholder who shall be taxed on all
income with respect thereto. The entire amount of Threshold Event Collateral, without a haircut or other reduction, shall be considered
in determining the sufficiency of such Threshold Event Collateral to avoid a Control Appraisal Period.

 

(h)       Regardless
of whether a Control Appraisal Period is in effect with respect to either Subordinate Note, each of the Master Servicer and the
Special Servicer shall provide to each Subordinate Noteholder copies of all notices, reports and information that the Servicing
Agreement requires such Master Servicer or Special Servicer, as the case may be, to provide to the Controlling Noteholder during
such time as no Control Appraisal Period is in effect.

 

(i)        The
Master Servicer or Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant to,
the terms of the Servicing Agreement. During such time as a Note A2 Control Appraisal Period or a Note B Control Appraisal Period
is continuing, the Note A2 Holder or the Note B Holder, respectively, shall have the same right as that afforded to an “Appraised-Out
Class” under the section of the Servicing Agreement that is analogous to Section 4.05(b) of the Model PSA, to require the
Special Servicer to order an additional or updated Appraisal (referred to in the Model PSA as a “second Appraisal”)
at any time with respect to the Mortgage Loan. Any such additional or updated Appraisal shall be at the expense of the requesting
Noteholder and the Special Servicer shall obtain such additional or updated Appraisal in accordance with such section of the Servicing
Agreement and the Master Servicer shall re-calculate any Appraisal Reduction Amount consistent with such section.

 

(j)        If
an Event of Default under the Mortgage Loan has occurred and is continuing, the Special Servicer may, in accordance with the terms
and provisions of the Servicing Agreement and subject to the Servicing Standard, elect to sell (1) the Mortgage Loan, subject to
the consent right of the Controlling Noteholder (or its Controlling Noteholder Representative), in which case such sale would include
each of the Senior Notes, Note A2 and Note B as determined by the

 

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Special Servicer in accordance with the Servicing Standard (taking
into account the subordinate nature of the Subordinate Notes) or (2) the Senior Notes together, in which case of this clause (2)
the Special Servicer shall provide notice to the applicable Non-Lead Master Servicer who shall provide notice to the related Non-Controlling
Noteholder of the planned sale and of such Non-Controlling Noteholder’s opportunity to submit an offer on the Mortgage Loan.

 

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

 

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

 

Section 6.          Appointment
of Controlling Noteholder Representative.

 

(a)       The
Controlling Noteholder shall have the right at any time to appoint a controlling noteholder representative to exercise its rights
hereunder (the “Controlling Noteholder Representative”). The Controlling Noteholder shall have the right in
its sole discretion at any time and from time to time to remove and replace the Controlling Noteholder Representative. When exercising
its various rights under Section 5 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each
case, act through the Controlling Noteholder Representative. The Controlling Noteholder Representative may be any Person (other
than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower), including, without limitation,
the Controlling Noteholder, any officer or employee of the Controlling Noteholder, any Affiliate of the Controlling Noteholder
or any other unrelated third party. No such Controlling Noteholder Representative shall owe any fiduciary duty or other duty to
any other Person (other

 

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than the Controlling Noteholder). All actions that are permitted to be taken by the Controlling Noteholder
under this Agreement may be taken by the Controlling Noteholder Representative acting on behalf of the Controlling Noteholder and
other Noteholders (and any Servicer) will accept such actions of the Controlling Noteholder Representative as actions of the Controlling
Noteholder. The Note A1-A Holder (or any Servicer on its behalf) shall not be required to recognize any Person as a Controlling
Noteholder Representative until the Controlling Noteholder has notified the Note A1-A Holder (and any Servicer) of such appointment
and, if the Controlling Noteholder Representative is not the same Person as the Controlling Noteholder, the Controlling Noteholder
Representative provides the Note A1-A Holder (and any Servicer) with written confirmation of its acceptance of such appointment,
an address, any fax number and any email address for the delivery of notices and other correspondence and a list of officers or
employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses, telephone
numbers, any fax numbers and any email addresses). The Controlling Noteholder shall promptly deliver such information to any Servicer.
None of the Servicers, Operating Advisor and Trustee shall be required to recognize any person as a Controlling Noteholder Representative
until they receive such information from the Controlling Noteholder. The Controlling Noteholder agrees to inform each such Servicer
or Trustee of the then-current Controlling Noteholder Representative.

 

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

 

(c)       If
the Note A1-A Holder is the Controlling Noteholder, each of the other Senior Noteholders, the Note A2 Holder and the Note B Holder
acknowledges and agrees all of the aforementioned rights and obligations of the Controlling Noteholder and the Controlling Noteholder
Representative set forth in Section 5(f) and 5(g) and this Section 6 shall be exercisable by the Note A1-A
Holder (or the applicable Person specified in the Servicing Agreement) to the extent set forth in the Servicing Agreement.

 

Section 7.          Special
Servicer. The Controlling Noteholder (or its Controlling Noteholder Representative), at its expense (including, without limitation,
the reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated Special Servicer),

 

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shall have the right, at any time from time to time, to appoint a replacement Special Servicer with respect to the Mortgage Loan.
The Controlling Noteholder (or its Controlling Noteholder Representative) shall be entitled to terminate the rights and obligations
of any Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10) Business Days’ prior
written notice to the Special Servicer (provided, however, that the Controlling Noteholder and/or Controlling Noteholder
Representative shall not be liable for any termination or similar fee in connection with the removal of the Special Servicer in
accordance with this Section 7); such termination not to be effective unless and until (A) each Rating Agency delivers
a Rating Agency Confirmation; (B) the initial or successor Special Servicer has assumed in writing (from and after the date such
successor Special Servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer
under the Servicing Agreement from and after the date it becomes the Special Servicer as they relate to the Mortgage Loan pursuant
to an assumption agreement reasonably satisfactory to the Trustee; and (C) the Trustee shall have received an opinion of counsel
reasonably satisfactory to the Trustee to the effect that (x) the designation of such replacement to serve as Special Servicer
is in compliance with the Servicing Agreement, (y) such replacement will be bound by the terms of the Servicing Agreement with
respect to such Mortgage Loan and (z) subject to customary qualifications and exceptions, the applicable Servicing Agreement will
be enforceable against such replacement in accordance with its terms. The Note A1-A Holder shall promptly provide copies to any
terminated Special Servicer of the documents referred to in the preceding sentence. Prior to the Note A1-A Securitization, if
the Mortgage Loan becomes a Specially Serviced Mortgage Loan, and if not later than thirty (30) days after the Mortgage Loan becomes
a Specially Serviced Mortgage Loan the Controlling Noteholder (or its Controlling Noteholder Representative) elects to replace
the Special Servicer, then each Noteholder agrees that no liquidation fees or workout fees shall be payable to the Special Servicer
being replaced, unless such Special Servicer shall have either successfully completed a workout or a liquidation, in which case
such fees shall be payable as provided herein. The Note A1-A Holder will reasonably cooperate with the Controlling Noteholder
in order to satisfy the foregoing conditions, including the Rating Agency Confirmation.

 

Section 8.          Payment
Procedure.

 

(a)       The
Note A1-A Holder (or the Master Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4,
as applicable, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable
to the Notes to the Collection Account or Companion Distribution Account established pursuant to the Servicing Agreement. The Note
A1-A Holder (or the Lead Master Servicer on its behalf) shall establish a segregated sub-account for amounts due to each Noteholder.
The Note A1-A Holder (or the Lead Master Servicer acting on its behalf) shall deposit such amounts to the applicable account within
one (1) Business Day following the Note A1-A Holder’s (or the Lead Master Servicer’s acting on its behalf) receipt
of properly identified and available funds from or on behalf of the Mortgage Loan Borrower; provided, however, that
to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use
commercially reasonable efforts to deposit such amounts into the applicable account within one (1) Business Day of receipt thereof
but, in any event, the Master Servicer shall deposit such amounts into the applicable account within two (2) Business Days of receipt
thereof; and provided, further, that in the event the Master Servicer is in receipt of properly identified funds
that are not available to the Master Servicer, the Master Servicer may instead deposit such amounts into the Collection

 

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Account
and Companion Distribution Account, as applicable, on the same Business Day that such properly identified funds become available
to the Master Servicer.

 

(b)       If
the Note A1-A Holder (or the Servicer on its behalf) determines, or a court of competent jurisdiction orders, at any time that
any amount received or collected in respect of a Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference
or similar law, be returned to the Mortgage Loan Borrower or paid to such Noteholder or any Servicer or paid to any other Person,
then, notwithstanding any other provision of this Agreement, the Note A1-A Holder (or the Servicer on its behalf) shall not be
required to distribute any portion thereof to such Noteholder and such Noteholder will promptly on demand by the Note A1-A Holder
(or the Servicer on its behalf) repay to the Note A1-A Holder (or the Servicer on its behalf) any portion thereof that the Note
A1-A Holder (or the Servicer on its behalf) shall have theretofore distributed to such Noteholder, together with interest thereon
at such rate, if any, as the Note A1-A Holder shall have been required to pay to the Mortgage Loan Borrower, the Master Servicer,
Special Servicer, any other Noteholder or such other Person with respect thereto.

 

(c)       If,
for any reason, the Note A1-A Holder (or the Servicer on its behalf) makes any payment to any other Noteholder before the Note
A1-A Holder (or the Servicer on its behalf) has received the corresponding payment (it being understood that the Note A1-A Holder
(or the Servicer on its behalf) is under no obligation to do so), and the Note A1-A Holder (or the Servicer on its behalf) does
not receive the corresponding payment within three (3) Business Days of its payment to such other Noteholder, then such other Noteholder
will, at the Note A1-A Holder’s (or the Servicer’s on its behalf) request, promptly return that payment to the Note
A1-A Holder (or the Servicer on its behalf).

 

(d)       Each
Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable share thereof, it will promptly remit such excess to the Note A1-A Holder (or the Servicer on its
behalf) subject to this Agreement and the Servicing Agreement and to be distributed pursuant to the terms of this Agreement. The
Note A1-A Holder (or the Servicer on its behalf) shall have the right to offset any amounts due hereunder from any other Noteholder,
as applicable, with respect to the Mortgage Loan against any future payments due to such other Noteholder, as applicable, under
the Mortgage Loan, provided, that each Noteholder’s obligations under this Section 8 are separate and distinct
obligations from one another and in no event shall the Note A1-A Holder (or the Servicer on its behalf) enforce the obligations
of one Noteholder against another Noteholder. Each Noteholder’s obligations under this Section 8 constitute absolute,
unconditional and continuing obligations.

 

Section 9.          Limitation
on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf) shall have any liability
to any other Noteholder except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach
of this Agreement on the part of such Noteholder.

 

Each Noteholder acknowledges
that, subject to the terms and conditions hereof, any other Noteholder may exercise, or omit to exercise, any rights that such
Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of each other
Noteholder and that such Noteholder shall have no liability whatsoever to any other

 

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Noteholder in connection with such Noteholder’s
exercise of rights or any omission by such Noteholder to exercise such rights; provided, however, that such Noteholder
shall not be protected against any liability to any other Noteholder that would otherwise be imposed by reason of willful misfeasance,
bad faith or negligence.

 

Section 10.        Bankruptcy.
Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder hereby covenants and agrees
that only the Note A1-A Holder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition
under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other
Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or
all or any part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower.
Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder further agrees that only the
Note A1-A Holder, as a creditor, can make any election, give any consent, commence any action or file any motion, claim, obligation,
notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code
or in any other Insolvency Proceeding. The Noteholders hereby appoint the Note A1-A Holder as their agent, and grant to the Note
A1-A 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 Subordinate Noteholders and the Controlling Noteholder in connection
with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including,
without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election under
Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the
automatic stay with respect to the Mortgage Loan. The Noteholders, hereby agree that, upon the request of the Note A1-A Holder
but subject to the provisions of Section 5(f), each other Noteholder shall execute, acknowledge and deliver to the Note
A1-A Holder all and every such further deeds, conveyances and instruments as the Note A1-A Holder may reasonably request for the
better assuring and evidencing of the foregoing appointment and grant. All actions taken by any Servicer in connection with any
Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

 

Section 11.         Cure Rights
of Subordinate Noteholders.

 

(a)       Subject
to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest
on the Mortgage Loan by the end of the applicable grace period (the “Grace Period”) for such payment permitted
under the applicable Mortgage Loan Documents (a “Monetary Default”), the Note A1-A Holder shall provide written
notice to each Subordinate Noteholder and the Controlling Noteholder Representative of such default (the “Monetary Default
Notice”). The Note A2 Holder and the Note B Holder shall each have the right, but not the obligation, to cure such Monetary
Default within seven (7) Business Days after receiving the Monetary Default Notice (the “Cure Period”) and at
no other times. The Monetary Default Notice shall contain a statement that the Subordinate Noteholder’s or the Controlling
Noteholder Representative’s failure to cure such Monetary Default within seven (7) Business Days after receiving such notice
will result in the termination of the right to cure such Monetary Default. At the time a payment is made by a Subordinate Noteholder
to cure a Monetary

 

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Default, such Subordinate Noteholder shall pay or reimburse the Senior Noteholders for all unreimbursed Advances
(whether or not recoverable with respect to any Note), Advance Interest Amounts, any unpaid fees to any Servicer and any Additional
Servicing Expenses. No Subordinate Noteholder shall be required, in order to effect a cure hereunder, to pay any default interest
or late charges under the Mortgage Loan Documents. So long as a Monetary Default exists for which a cure payment permitted hereunder
is made, such Monetary Default shall not be treated as an Event of Default by the Note A1-A Holder (including for purposes of (i)
the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions
of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure
or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced
Mortgage Loan); provided that such limitation shall not prevent the Note A1-A Holder from collecting Default Interest or
late charges from the Mortgage Loan Borrower to be applied in accordance with this Agreement. Any amounts advanced by a Noteholder
on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3 or Section
4, as applicable.

 

(b)       Notwithstanding
anything to the contrary contained in Section 11(a), the Subordinate Noteholders’ right to cure under Section 11(a)
shall be limited to a combined total of (i) six (6) cures of Monetary Defaults over the term of the Mortgage Loan, no more than
four (4) of which may be consecutive, and (ii) six (6) cures of Non-Monetary Defaults over the term of the Mortgage Loan. Additional
Cure Periods shall only be permitted with the consent of the Note A1-A Holder and, in the case of Additional Cure Periods requested
by the Note B Holder, the Note A2 Holder’s consent will also be required.

 

(c)       No
action taken by a Subordinate Noteholder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under the Mortgage Loan Documents and the Senior Noteholders’ respective rights under the Mortgage Loan
Documents shall not be waived or prejudiced by virtue of any Subordinate Noteholder’s actions under this Agreement. Subject
to the terms of this Agreement, each Subordinate Noteholder shall be subrogated to the Senior Noteholders’ respective rights
to any payment owing to such Senior Noteholders for which such Subordinate Noteholder makes a cure payment as permitted under this
Section 11, and the Note B Holder shall be subrogated to the Note A2 Holder’s rights to any payment owing to such
Note A2 Holder for with the Note B Holder makes a cure payment as permitted under this Section 11, but in either case such
subrogation rights may not be exercised against the Mortgage Loan Borrower until ninety-one (91) days after the Note is paid in
full.

 

(d)       If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Note A1-A Holder shall provide notice of such Non-Monetary Default to each Subordinate Noteholder and
the Controlling Noteholder Representative of such Non-Monetary Default (the “Non-Monetary Default Notice”) and
the Note A2 Holder and the Note B Holder shall each have the right, but not the obligation, to cure such Non-Monetary Default until
the later of (a) the expiration date of the cure period afforded to the Mortgage Loan Borrower under the Mortgage Loan Documents,
without regard for the date of receipt by such Subordinate Noteholder of the Non-Monetary Default Notice, and (b) the date which
is thirty (30) days from the date of receipt by such Subordinate Noteholder of the Non-Monetary Default Notice related to such
Non-Monetary Default; provided, however, if such Non-

 

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Monetary Default is susceptible of cure but cannot reasonably
be cured within such period and if curative action was promptly commenced and is being diligently pursued by a Subordinate Noteholder,
such Subordinate Noteholder (unless a Control Appraisal Period has occurred and is continuing with respect to such Subordinate
Noteholder) shall be given an additional period of time as is reasonably necessary to enable such Subordinate Noteholder in the
exercise of due diligence to cure such Non-Monetary Default for so long as (i) such Subordinate Noteholder diligently and expeditiously
proceed to cure such Non-Monetary Default, (ii) such Subordinate Noteholder makes all cure payments that they are permitted to
make in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional period of time does not
exceed ninety (90) days, (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during such period of time
that the Note A2 Holder or Note B Holder have to cure a Non-Monetary Default in accordance with this Section 11(d) (the
“Non-Monetary Default Cure Period”), an Insolvency Proceeding does not occur, and (v) during such Non-Monetary
Default Cure Period, there is no material adverse effect on the value, use or operation of the Mortgaged Property taken as whole,
which cannot be cured by the applicable Subordinate Noteholder within five (5) days of such notice of such material adverse effect.
The Non-Monetary Default Notice shall contain a statement that the Subordinate Noteholders’ or the Controlling Noteholder
Representative’s failure to cure such Non-Monetary Default within the applicable Non-Monetary Default Cure Period after receiving
such notice will result in the termination of the right to cure such Non-Monetary Default. No Subordinate Noteholder shall contact
the Mortgage Loan Borrower in order to effect any cures under Section 11(a) or this Section 11(d) without the prior
written consent of the Note A1-A Holder (or the Servicer on its behalf), such consent not to be unreasonably withheld, conditioned
or delayed.

 

(e)       In
the event that both the Note A2 Holder and the Note B Holder deliver a notice of exercise of cure rights, the Note B Holder shall
have the right to effectuate the related cure and the right of the Note A2 Holder to cure shall be suspended and any cure payments
remitted by the Note A2 Holder shall be returned to the Note A2 Holder. In the case of a Non-Monetary Default, if the Note B Holder
does not consummate such cure, notice of which failure the Note A1-A Holder shall promptly communicate (or cause a Servicing Party
to communicate) such fact to the Note A2 Holder, then, in the case of a failure by the Note B Holder in circumstances in which
the Note A2 Holder delivered a notice of exercise, the Note A2 Holder shall have the right to effectuate such cure within the time
period for a cure specified above.

 

Section 12.          Purchase
By Subordinate Noteholder. Each of the Note A2 Holder and the Note B Noteholder shall have the right, by written notice to
(x) the Senior Noteholders and (y) if the purchasing Noteholder is the Note B Holder, the Note A2 Holder (a “Noteholder
Purchase Notice”; the sender(s) of such notice, the “Purchasing Noteholder”; and each recipient of
such notice, a “Selling Noteholder”), delivered at any time an Event of Default under the Mortgage Loan or a
Servicing Transfer Event has occurred and is continuing, to purchase, in immediately available funds, (i) if the Purchasing Noteholder
is the Note A2 Holder, the Senior Notes, and (ii) if the Purchasing Noteholder is the Note B Holder, the Senior Notes and Note
A2 (each Note specified in the Noteholder Purchase Notice, a “Purchased Note”), in whole but not in part at
the applicable Defaulted Mortgage Loan Purchase Price. For avoidance of doubt, if a Subordinate Noteholder elects to send a Noteholder
Purchase Notice pursuant to this Section 12, it must purchase the applicable Purchased Note(s). Upon the delivery of the
Noteholder Purchase Notice to the Selling Noteholder(s), the Selling Noteholder shall sell (and the Purchasing Noteholder shall

 

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purchase) the Purchased Note(s) at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note
Purchase Date”) not less than ten (10) days and not more than sixty (60) days after the date of the Noteholder Purchase
Notice, as shall be mutually established by the Purchasing Noteholder and the Selling Noteholder(s). The Noteholder Purchase Notice
shall contain a statement that the Purchasing Noteholder’s failure to purchase the Purchased Note(s) on a Defaulted Note
Purchase Date (other than as a result of any failure to consummate such purchase on the part of the Selling Noteholder or as a
result of the conditions giving rise to such purchase ceasing to exist) will result in the termination of such right in respect
of the Event of Default that caused such purchase right to be exercisable and not in respect of any other Event of Default. Each
Subordinate Noteholder agrees that the sale of any Purchased Notes to it shall comply with all requirements of the Servicing Agreement
and that all actual costs and expenses related thereto shall be paid by the applicable Purchasing Noteholder. The Defaulted Mortgage
Loan Purchase Price shall be calculated by the Selling Noteholder(s) (or the Servicer on its or their behalf) three (3) Business
Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included
in the Defaulted Mortgage Loan Purchase Price and reasonably detailed back-up documentation explaining how such price was determined),
and shall, absent manifest error, be binding upon the Purchasing Noteholder. Concurrently with the payment to the Selling Noteholder(s)
in immediately available funds of the Defaulted Mortgage Loan Purchase Price, the Selling Noteholder(s) shall execute at the sole
cost and expense of the Purchasing Noteholder in favor of the Purchasing Noteholder assignment documentation which will assign
the Purchased Note(s) and the Mortgage Loan Documents without recourse, representations or warranties (except each Selling Noteholder
will represent and warrant that it had good and marketable title to, was the sole owner and holder of, and had power and authority
to deliver its Note and all of its right, title and interest in and to the Mortgage Loan Documents free and clear of all liens
and encumbrances (other than the interest created by the Note(s) that are not the Purchased Note(s))). The right of the Note A2
Holder or the Note B Holder to purchase one or more Notes as set forth above in this Section 12 shall automatically terminate
upon a foreclosure sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property
(and the Note A1-A Holder shall give the Subordinate Noteholders ten (10) Business Days’ prior written notice of its intent
with respect to such action (which such action shall be subject to Section 5 hereof)). Notwithstanding the foregoing sentence,
if title to the Mortgaged Property is transferred to the Note A1-A Holder (or a designee on its behalf), in a manner commonly known
as “the borrower turning over the keys” and not otherwise in connection with a consummation by the Note A1-A Holder
of a foreclosure sale or sale by power of sale, less than ten (10) Business Days after the acceleration of the Mortgage Loan, the
Note A1-A Holder shall notify each Subordinate Noteholder of such transfer and the Note A2 Holder and Note B Holder shall each
have a fifteen (15) Business Day period from the date of such notice from the Note A1-A Holder to deliver the Noteholder Purchase
Notice to the Note A1-A Holder (and, if the Note B Holder is delivering such Noteholder Purchase Notice, to the Note A2 Holder),
in which case such Subordinate Noteholder shall be obligated to purchase the Mortgaged Property, in immediately available funds,
within such fifteen (15) Business Day period at the applicable Defaulted Mortgage Loan Purchase Price.

 

Section
13.        Representations of each Subordinate Noteholder. Each
Subordinate Noteholder represents, solely as to itself and its Subordinate Note, and it is specifically understood and
agreed, that it is acquiring such Note for its own account in the ordinary course of its business and none of the Senior
Noteholders or the other Subordinate Noteholder shall have any liability or

 

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responsibility to such Subordinate Noteholder
except (i) as expressly provided herein or (ii) for actions that are taken or omitted to be taken by the Senior
Noteholders or such other Subordinate Noteholder that constitute gross negligence or willful misconduct or that constitute a
breach of this Agreement. Each Subordinate Noteholder represents and warrants solely as to itself that the execution,
delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary
corporate action, and does not contravene its charter or any law or contractual restriction binding upon such Subordinate
Noteholder, and that this Agreement is the legal, valid and binding obligation of such Subordinate Noteholder enforceable
against such Subordinate Noteholder in accordance with its terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally,
and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited
by applicable law. Each Subordinate Noteholder represents and warrants solely as to itself that it is duly organized, validly
existing, in good standing and possesses of all licenses and authorizations necessary to perform its obligations hereunder.
Each Subordinate Noteholder represents and warrants as to itself that (a) this Agreement has been duly executed and delivered
by such Subordinate Noteholder, (b) to such Subordinate Noteholder’s actual knowledge, all consents, approvals,
authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution,
delivery and performance of this Agreement by such Subordinate Noteholder have been obtained or made and (c) to such
Subordinate Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or
governmental investigation against such Subordinate Noteholder, an adverse outcome of which would materially and adversely
affect its performance under this Agreement.

 

Each Subordinate Noteholder
acknowledges that none of the Senior Noteholders or the other Subordinate Noteholder owes such Subordinate Noteholder any fiduciary
duty with respect to any action taken under the Mortgage Loan Documents and, except as provided herein, need not consult with such
Subordinate Noteholder with respect to any action taken by such Senior Noteholder or other Subordinate Noteholder, as applicable,
in connection with the Mortgage Loan.

 

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

 

Section
14.         Representations of the Senior Noteholders. Each of the Senior
Noteholders represents and warrants that the execution, delivery and performance of this Agreement is within its corporate
powers, has been duly authorized by all necessary corporate action, and does not contravene such Noteholder’s charter
or any law or contractual restriction binding upon such Noteholder and that this Agreement is the legal, valid and binding
obligation of such Noteholder as applicable enforceable against it in accordance with its terms. Each of the Senior
Noteholders represents and warrants that it is duly organized, validly existing, in good standing and possession of all
licenses and authorizations necessary to carry on its respective business. Each of the Senior Noteholders represents
and warrants that (a) this Agreement has been duly executed and delivered by such Noteholder, (b) to such Noteholder’s
actual knowledge, all

 

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consents, approvals, authorizations, orders or filings of or with any court or governmental agency or
body, if any, required for the execution, delivery and performance of this Agreement by such Noteholder have been obtained or
made and (c) to such Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or
governmental investigation against such Noteholder, an adverse outcome of which would materially and adversely affect its
performance under this Agreement.

 

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

 

Section
15.         Independent Analysis of each Subordinate Noteholder. Each
Subordinate Noteholder acknowledges that it has, independently and without reliance upon the Initial Note A1-A Holder, the
Initial Note A1-B Holder, the Initial Note A1-C Holder, the Initial Note A1-D Holder, the Initial Note A1-E Holder or the
Initial Note A1-F Holder, except with respect to the representations and warranties provided by the Initial Note A1-A Holder,
the Initial Note A1-B Holder, the Initial Note A1-C Holder, the Initial Note A1-D Holder, the Initial Note A1-E Holder and
the Initial Note A1-F Holder herein and in any documents or instruments executed and delivered by the Initial Note A1-A
Holder, the Initial Note A1-B Holder, the Initial Note A1-C Holder, the Initial Note A1-D Holder, the Initial Note
A1-E Holder or the Initial Note A1-F Holder in connection herewith (including the representations and warranties provided in
the agreement pursuant to which it acquired its Subordinate Note), and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to purchase such Subordinate Note and such Subordinate
Noteholder accepts responsibility therefor. Each Subordinate Noteholder hereby acknowledges that, other than the
representations and warranties provided herein and in such other documents or instruments, no Senior Noteholder has made any
representations or warranties with respect to the Mortgage Loan, subject to such representations and warranties as provided
by such Senior Noteholder herein and in such other documents and instruments, and that no Senior Noteholder shall have any
responsibility for (i) the collectibility 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 to such
Senior Noteholder in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness
of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage Loan
Borrower. Each Subordinate Noteholder assumes all risk of loss in connection with its Note except as specifically set forth
herein.

 

Section 16.         No
Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant hereto
shall be deemed to constitute the relationship created hereby between any of the Noteholders as a partnership, association, joint
venture or other entity. No Noteholder shall have any obligation whatsoever to offer to any other Noteholder the opportunity to
purchase a Note interest in any future loans originated by such Noteholder, as applicable, or its Affiliates, and if such Noteholder
chooses to offer to any other Noteholder the opportunity to purchase a Note interest in any future mortgage loans originated by
such Noteholder or their respective Affiliates, such offer shall be at such purchase price and interest rate as such Noteholder,
chooses, in its sole and absolute discretion. No Noteholder shall have any

 

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obligation whatsoever to purchase from any other Noteholder
a Note interest in any future loans originated by such other Noteholder or its Affiliates.

 

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

 

Section 18.         Other
Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates may make
loans or otherwise extend credit to, and generally engage in any kind of business with, (i) (a) the Mortgage Loan Borrower or
(b) any direct or indirect parent of the Mortgage Loan Borrower or (c) any Affiliate of the Mortgage Loan Borrower or (d) any
Affiliate of any direct or indirect parent of the Mortgage Loan Borrower, (ii) any entity that is a holder of debt secured by
direct or indirect ownership interests in the Mortgage Loan Borrower or any Affiliate of the holder of such debt, or (iii) any
entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower or any Affiliate of a holder of such preferrred
equity (each, a “Mortgage Loan Borrower Related Party”), and receive payments on such other loans or extensions
of credit to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely and without accountability in
the same manner as if this Agreement and the transactions contemplated hereby were not in effect.

 

Section 19.         Sale
of the Notes.

 

(a)       Each
Subordinate Noteholder agrees that it will not Transfer all or any portion of its Note except in accordance with this Section
19. Each Subordinate Noteholder shall have the right, without the need to obtain the consent of any Senior Noteholder or any
other Person, to Transfer 49% or less (in the aggregate) of its interest in its Note to any Person, provided that any such Transfer
shall be made in accordance with the terms of this Section 19. Each Subordinate Noteholder shall have the right to Transfer
its entire Note or any portion thereof exceeding 49%, (i) to a Qualified Institutional Lender, provided, that promptly after the
Transfer the Senior Noteholders (and, in the case of a Transfer of Note B, the Note A2 Holder) is provided with (x) a representation
from a transferee or such Subordinate Noteholder certifying that such transferee is a Qualified Institutional Lender, and (y) a
copy of the assignment and assumption agreement referred to in Section 20 and provided further, that such transfer would
not cause such Note to be held by more than seven persons and (ii) to an entity that is not a Qualified Institutional Lender, provided
that with respect to this clause (ii), such Subordinate Noteholder obtains (1) prior to the Lead Securitization Date, the consent
of the Note A1-A Holder and the Note A2 Holder, each such consent not to be unreasonably withheld, conditioned or delayed, and
(2) after the Lead Securitization Date, Rating Agency Confirmation (and for avoidance of doubt, no consent of the Note A1-A Holder
or the Note A2 Holder shall be required after the closing of the Note A1-A Securitization); provided that in each of case
(1) and (2), (x) promptly after the Transfer the Senior Noteholders are each provided with a copy of the assignment and assumption
agreement referred to in Section 20 and (y) such transfer would not cause the subject Note to be held by more than seven
persons; and provided further, however, that in the case of each of clause (i) and (ii), if such transfer would cause there
to be no one person owning a majority of the subject Note, then such transfer will not be permitted unless persons owning a majority
of the subject Note designate one of such persons to act on behalf of such persons owning such majority. If the subject Note is
held by more than one Noteholder at any time, the holders of a majority of the Note A2 Principal Balance or the Note B Principal
Balance, as applicable, shall immediately appoint a representative

 

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to exercise all rights of such Subordinate Noteholder hereunder.
Notwithstanding the foregoing, no Subordinate Noteholder shall Transfer all or any portion of its Note to the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the
purported transferee without the prior consent of both the Note A1-A Holder and the other Subordinate Noteholder, each of which
consent may be withheld in such Note A1-A Holder’s or other Subordinate Noteholders sole and absolute discretion. Each Subordinate
Noteholder agrees it will pay the expenses of the Note A1-A Holder (including all expenses of the Master Servicer and the Special
Servicer) and each other Senior Noteholder (including all expenses of the applicable Non-Lead Master Servicer and the applicable
Non-Lead Special Servicer) in connection with any such Transfer.

 

(b)       All
Transfers under Section 19(a) shall be made upon written notice to the Senior Noteholders not later than the date of such
Transfer (and, in the case of a Transfer of Note B, upon not less than five (5) Business Days’ prior written notice to the
Note A2 Holder, unless the Transfer is to an Affiliate of the Note B Holder, in which case written notice need only be given not
later than the date of such Transfer), and each transferee shall (i) execute an assignment and assumption agreement whereby such
transferee assumes all or a ratable portion, as the case may be, of the obligations of the applicable Subordinate Noteholder hereunder
with respect to its Note from and after the date of such assignment (or, in the case, of a pledge, collateral assignment or other
encumbrance made in accordance with Section 19(e) by such Subordinate Noteholder of its Note solely as security for a loan
to such Subordinate Noteholder made by a third-party lender whereby such Subordinate Noteholder remains fully liable under this
Agreement, on or before the date on which such third-party lender succeeds to the rights of such Subordinate Noteholder by foreclosure
or otherwise, such third-party lender executes an agreement that such lender shall be bound by the terms and provisions of this
Agreement and the obligations of such Subordinate Noteholder hereunder) and (ii) agree in writing to be bound by the Servicing
Agreement, unless the Servicing Agreement is not then in effect with respect to the Mortgage Loan, in which event the parties will
enter into or agree to be bound by any replacement servicing agreement therefor in accordance with the provisions hereof. Upon
the consummation of a Transfer of all or any portion of a Subordinate Note in accordance with this Agreement, the transferring
Person shall be released from all liability arising under this Agreement with respect to such Subordinate Note (or the portion
thereof that was the subject of such Transfer), for the period after the effective date of such Transfer (it being understood and
agreed that the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation
interest in the subject Subordinate Note as described in clause (c) below). In connection with any such permitted transfer of a
portion of a Subordinate Note and for all purposes of this Agreement, a Senior Noteholder need only recognize the majority holder
of such Subordinate Note for purposes of notices, consents and other communications between the applicable Senior Noteholder, and
such majority holder of the subject Subordinate Note shall be the only Person authorized hereunder to exercise any rights of such
Subordinate Noteholder under this Agreement; provided, however, the majority holder of the subject Subordinate Note
may from time to time designate any other Person as an additional party entitled to receive notices, consents and other communications
and/or to exercise rights on behalf of such Subordinate Noteholder hereunder by delivering written notice thereof to the Senior
Noteholders, and, from and after delivery of such notice, such designee shall be so authorized hereunder and shall be the only
party entitled to receive such notices, consents and such other communications and/or to exercise such rights.

 

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(c)       In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s
obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance
of such obligations, (iii) the other Noteholders and any Persons acting on their behalf shall continue to deal solely and directly
with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement and the Servicing Agreement,
and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such participation interest; provided,
however, that if the applicable participant is a Qualified Institutional Lender (and delivers to the other Noteholders a
certification from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder, by written
notice to the other Noteholders, may delegate to such participant such Noteholder’s right to exercise the rights of the Controlling
Noteholder hereunder and under the Servicing Agreement; provided, further, however, that upon the occurrence
of a Note A2 Control Appraisal Period or a Note B Control Appraisal Period, the aforesaid delegation of rights shall terminate
and be of no further force and effect with respect to Note A2 (in the case of a Note A2 Control Appraisal Period) or Note B (in
the case of a Note B Control Appraisal Period).

 

(d)       Each
Senior Noteholder shall have the right to Transfer all or any portion of its Note without the prior consent of any other
Noteholder (i) prior to an Event of Default, to any party other than the Mortgage Loan Borrower or any Mortgage Loan Borrower
Related Party and (ii) after an Event of Default, to any party, including the Mortgage Loan Borrower and any Mortgage Loan
Borrower Related Party; provided, however, that following any Event of Default under the Mortgage Loan, a
Senior Noteholder may only transfer all or any portion of its Note to the Mortgage Loan Borrower or any Mortgage Loan
Borrower Related Party with the prior written consent of the Controlling Noteholder at any time when such Senior Noteholder
is not the Controlling Noteholder; provided  further, however, that following any Transfer of a Senior
Note, the Mortgage Loan continues to be serviced in its entirety pursuant to the Servicing Agreement by a Servicer
unaffiliated with Mortgage Loan Borrower. For the avoidance of doubt, subject to Section 12, no Noteholder or the
Servicer shall have any right to Transfer or cause the Transfer of any other Note.

 

(e)       Notwithstanding
any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage
Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder and that is either
a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this
Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person which Controls
such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured as a repurchase arrangement,
shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender
may not take title to the pledged Note without (a) prior to the first Securitization of any Note, the consent of each other Noteholder
and (b) after the closing of the first Securitization of any Note, Rating Agency Confirmation. Upon written notice by the applicable
Noteholder to each other Noteholder and any Servicer that a Pledge has been effected (including the name and address of the applicable
Note Pledgee), each other Noteholder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee
written notice of any default by the pledging Noteholder in respect of its obligations under this Agreement of which default such
Noteholder

 

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has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure a default by the pledging
Noteholder in respect of its obligations to each other Noteholder hereunder, but such Note Pledgee shall not be obligated to cure
any such default; (iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against such
Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or
delayed; (iv) that such other Noteholder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously
with the giving of same to the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder
has the right (but not the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such
other Noteholder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided
that any such certificate(s) shall be in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice
(a “Redirection Notice”) to each other Noteholder and any Servicer by such Note Pledgee that the pledging Noteholder
is in default, beyond any applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant
to the applicable credit agreement between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or
confirmed by the pledging Noteholder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee
shall be entitled to receive any payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder
from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely
releases each other Noteholder and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to
such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and
this Agreement. In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than
the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the
pledging Noteholder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Noteholder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 19(e) shall remain effective as to any Noteholder (and any Servicer) unless
and until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 20.        Registration
of Transfer. In connection with any Transfer of a Note (but excluding (x) any participant and (y) any Pledgee unless and until
it realizes on its Pledge), a transferee shall execute an assignment and assumption agreement whereby such transferee assumes all
of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing and agrees to be bound
by the terms of this Agreement, including the restriction on Transfers set forth in Section 19, from and after the date
of such assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to execute an assignment and assumption
agreement in connection with any Transfer of a Note if the obligations are assumed pursuant to the Servicing Agreement. In connection
with a Transfer of a Note, the Noteholder transferring its interests hereunder shall cause the applicable transfer to be 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 19 and this Section 20. Any such purported transfer shall be absolutely null and void and shall vest no
rights in the purported transferee. Each Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify
the Agent and any other Noteholder against any liability that may result if the transfer is not made in accordance with the provisions
of this Agreement. Upon the Lead Securitization, the Certificate Administrator shall automatically become and be the Agent.

 

Section 21.         Registration
of the Notes. The Agent shall keep or cause to be kept at the Agent Office books (the “Note Register”) for
the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the Agent hereby accepts such
appointment. The names and addresses of the holders of the Notes and the names and addresses of any transferee of any Note of which
the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to in Section 20,
and the principal amounts (and stated interest) of the Note owing to each such Noteholder, shall be registered in the Note Register.
The Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes
of this Agreement, except in the case of the Initial Noteholders who may

 

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hold their Notes through a nominee. Upon request of a
Noteholder, the Agent shall provide such party with the names and addresses of the Noteholders. To the extent another party is
appointed as Agent hereunder, the Noteholders hereby designate such person as its agent under this Section 21 solely for
purposes of maintaining the Note Register. The parties intend for the Mortgage Loan to be in registered form for federal income
tax purposes under Section 5.103-1(c) of the United States Treasury Regulations.

 

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

 

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

 

Section 24.         Governing
Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN 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 25.         Submission
to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

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

 

Section 27.       Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns. Except as provided herein, none of the provisions of this Agreement shall
be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder may assign
or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights
and benefits of the applicable Noteholder hereunder, including, without limitation, the right to make further assignments and grant
additional Notes.

 

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

 

Section 29.       Captions.
The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended
to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction
of this Agreement.

 

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Section 30.        Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

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

 

(a)       If
the Note A1-A Holder shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to any
Subordinate Noteholder with respect to the Mortgage Loan as a result of such Subordinate Noteholder constituting a Non-Exempt Person,
the Note A1-A Holder, or the Servicer on its behalf, shall be entitled to do so with respect to such Subordinate Noteholder’s
interest in such payment (all withheld amounts being deemed paid to such Subordinate Noteholder), provided that the Note
A1-A Holder shall furnish such Subordinate Noteholder with a statement setting forth the amount of Taxes withheld, the applicable
rate and other information which may reasonably be requested for purposes of assisting such Subordinate Noteholder to seek any
allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Subordinate Noteholder is subject
to tax.

 

(b)       Each
Subordinate Noteholder shall and hereby agrees to indemnify the Note A1-A Holder against and hold the Note A1-A Holder harmless
from and against any Taxes, interest, penalties and reasonable attorneys’ fees, expenses and disbursements arising or resulting
from any failure of the Note A1-A Holder (or the Servicer on its behalf) to withhold Taxes from payment made to such Subordinate
Noteholder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Subordinate
Noteholder to the Note A1-A Holder in connection with the obligation of the Note A1-A Holder to withhold Taxes from payments made
to such Subordinate Noteholder, it being expressly understood and agreed that the Note A1-A 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.

 

(c)       Contemporaneously
with the execution of this Agreement, and from time to time as reasonably requested by the Note A1-A Holder or Servicer during
the term of this Agreement, each Subordinate Noteholder shall deliver to the Note A1-A Holder or Servicer, as applicable, evidence
satisfactory to the Note A1-A Holder substantiating whether such Subordinate Noteholder is a Non-Exempt Person and whether the
Note A1-A Holder is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement, it being acknowledged by the parties hereto that delivery of a certification in the form attached hereto
as Exhibit D shall be satisfactory evidence that such Subordinate Noteholder is not a Non-Exempt Person. Without limiting
the effect of the foregoing, (i) if a Subordinate Noteholder (or, if such Subordinate Noteholder is disregarded for U.S. federal
income tax purposes, the owner of such Subordinate Noteholder) is created or organized under the

 

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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 Note
A1-A Holder an Internal Revenue Service Form W-9 and (ii) if a Subordinate Noteholder (or, if such Subordinate Noteholder is disregarded
for U.S. federal income tax purposes, the owner of such Subordinate Noteholder) is not created or organized under the laws of the
United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan
Borrower is treated for United States income tax purposes as derived in whole or part from sources within the United States, such
Subordinate Noteholder shall satisfy the requirements of the preceding sentence by furnishing to the Note A1-A Holder Internal
Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or applicable successor
forms, as may be required from time to time, duly executed by such Subordinate Noteholder; provided that such Subordinate
Noteholder, without request, shall deliver a new, appropriately completed Form W-8 if the Subordinate Noteholder’s current
Form W-8 “expires” or if there is a “change in circumstances” that makes any of the information on the
current Form W-8 incorrect (both within the meaning of the instructions to such Form W-8). The Note A1-A Holder shall not be obligated
to make any payment hereunder to the Note A2 Holder or the Note B Holder in respect of Note A2 or Note B, as applicable, or otherwise
until such Note A2 Holder or Note B Holder shall have furnished to the Note A1-A Holder the requested forms, certificates, statements
or documents.

 

Section 33.         Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Notes) will be held by the
Note A1-A Holder (or a custodian acting on behalf of the Note A1-A Holder) who shall act as secured party under the Mortgage Loan
Documents on behalf of the registered holders of the Notes. Notwithstanding anything to the contrary in this Agreement, upon the
Note A1-A Securitization, the originals of all of the Mortgage Loan Documents (other than the Notes) shall be held by the Custodian
(as defined in the Servicing Agreement). Each Note shall be held by the respective Noteholder or a custodian appointed by such
Noteholder.

 

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

 

All notices and reports
(including, without limitation, Asset Status Reports) required to be delivered hereunder by the Note A1-A Holder (or any Servicer
on its behalf) to the Controlling Noteholder (or its Controlling Noteholder Representative), or by the Controlling Noteholder (or
its Controlling Noteholder Representative) to the Note A1-A Holder as a Non-Controlling Noteholder (or any Servicer on its behalf),
shall also be delivered by the applicable party to each other Noteholder (including to the Note A2 Holder and the Note B Holder
regardless of whether a Note A2 Control Appraisal Period or a Note B Control Appraisal Period is continuing).

 

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

 

Section 36.         Certain
Matters Affecting the Agent.

 

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

 

(b)       The
Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 20;

 

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

 

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

 

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

 

(f)        The
Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 20; and

 

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

 

Section 37.         Termination
of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note A1-A Holder. In the
event that the Agent is terminated pursuant to this Section 37, all of its rights and obligations under this Agreement shall
be terminated, other than any rights or obligations that accrued prior to the date of such termination.

 

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this
Agreement and perform the duties of the Agent hereunder. CREFI, as Initial Agent, may transfer its rights and obligations to a
Servicer, as successor Agent, at any time without the consent of any Noteholder. CREFI, as Initial Agent, shall promptly and diligently
attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act in such capacity, shall promptly
and diligently attempt to cause a similar servicer to act as successor Agent. Notwithstanding the foregoing, the Noteholders hereby
agree that, simultaneously with the closing of the Note A1-A Securitization, the Certificate Administrator shall be deemed to have
been automatically appointed as the

 

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successor Agent under this Agreement in place of the Initial Agent or any successor thereto
prior to such Securitization without any further notice or other action. The termination or resignation of the Certificate Administrator,
as Certificate Administrator under the Servicing Agreement, shall be deemed a termination or resignation of such Certificate Administrator
as Agent under this Agreement.

 

Section 38.Resizing.
Each Noteholder agrees, subject to clause (iii)(y) below, that if a Senior Noteholder determines that it is advantageous to resize
its Note (or if the Senior Noteholders and the Note A2 Holder, acting unanimously, determine that it is advantageous to resize
the Senior Notes and Note A2) by causing the Mortgage Loan Borrower to execute amended and restated notes (“New Notes”)
(which must be pari passu in the event of a resizing of a Senior Note, but shall be senior and subordinate in the event of a resizing
of the Senior Notes and Note A2) reallocating the principal of such Note(s) to such New Notes, each Noteholder other than the resizing
Noteholder shall cooperate with the resizing Noteholder to effect such resizing at such resizing Noteholder’s expense; provided
that (i) the aggregate principal balance of all outstanding New Notes following the creation thereof is no greater than the principal
balance of such Note or Notes immediately prior to the creation of the New Notes, (ii) the weighted average interest rate of all
outstanding New Notes following the creation thereof is the same as the interest rate of the related Note or Notes immediately
prior to the creation of the New Notes, and (iii) no such resizing shall (x) change the interest allocable to, or the amount of
any payments due to, any other Noteholder, or priority of such payments, or (y) increase any other Noteholder’s obligations
or decrease any other Noteholder’s rights, remedies or protections. In connection with any resizing of a Senior Note, the
related Noteholder may allocate its rights hereunder among the New Notes in any manner in its sole discretion. Any cap on a Senior
Noteholder’s obligation to pay other Noteholder’s expenses pursuant to Section 40 of this Agreement shall not
apply to any other Noteholder’s expenses in connection with a resizing pursuant to this Section 38 or any Securitization
of a resized Senior Note.

 

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

 

Section 40.         Cooperation
in Securitization.

 

(a)       Each
Noteholder acknowledges that any Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization of a Senior Note, at the request of the related Noteholder, each other Noteholder shall use commercially
reasonable efforts, at the requesting Noteholder’s expense, to satisfy, and to cooperate with the requesting Noteholder
in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the requesting Noteholder customarily
adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization,
including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents
and to cooperate with the requesting Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications
to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization;
provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization
no other Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification,
as applicable) in

 

    69

     

    

 

connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount
of any payments due to or priority of any payments to be made to, such Noteholder, (ii) increase such Noteholder’s obligations
or decrease such Noteholder’s rights, remedies or protections hereunder or under any Mortgage Loan Document, or (iii) otherwise
materially adversely affect the rights and interests of such Noteholder. In connection with any such Securitization of a Senior
Note, each other Noteholder agrees to provide for inclusion in any disclosure document relating to the related Securitization such
customary non-confidential information concerning such Noteholder as the requesting Noteholder reasonably determines to be necessary
to satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that if it is
not the requesting Noteholder, it shall use commercially reasonable efforts to cooperate with the requests of each Rating Agency
and the requesting Noteholder in connection with the preparation of any offering documents in connection with the Securitization,
and to review and respond reasonably promptly with respect to any information relating to it in any Securitization document, all
at the cost and expense of the requesting Noteholder. Each Noteholder acknowledges that the information provided by it to the requesting
Noteholder pursuant to this Section 40 may be incorporated into the offering documents for a Securitization. A requesting
Senior Noteholder and each Rating Agency shall be entitled to rely on the information supplied by each other Noteholder pursuant
to this Section 40.

 

(b)       The
Senior Noteholder securitizing its Note may, at its election, deliver to each other Noteholder drafts of the preliminary and final
Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the
Note A1-A Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working
group of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates
to such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall
review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2)
Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general
working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such
time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute
a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement
between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus, free writing prospectus
or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that
no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the
Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents
other than the accuracy of any comments it elects to make regarding itself.

 

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

 

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[SIGNATURE PAGE FOLLOWS]

 

    71

     

    

 

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

 

	 	INITIAL
NOTE A1-A HOLDER, INITIAL NOTE A1-B HOLDER, INITIAL NOTE A1-C HOLDER, INITIAL NOTE A1-D HOLDER, INITIAL NOTE A1-D HOLDER, INITIAL
NOTE A1-E HOLDER, INITIAL NOTE A1-F HOLDER AND INITIAL AGENT:

                                

                               CITI REAL ESTATE FUNDING INC.

	 	 	 
	 	By:	/s/ Brad Bloom
			Name: Brad Bloom

                                         Title: Vice President

 

65 Bay Street

 

     

     

    

 

	 	INITIAL
                               NOTE A2 HOLDER:

                                

                               CITI
                               REAL ESTATE FUNDING INC. 

                               

	 	 	 
	 	By:	/s/ Brad
                                                                                                                                                           Bloom
			Name:
                                         Brad Bloom

                                         Title: Vice President

 

65 Bay Street

 

     

     

    

 

	 	INITIAL
                                         NOTE B HOLDER:

                                

                               IGIS
                               US PRIVATE PLACEMENT REAL ESTATE INVESTMENT TRUST NO. 169, a Korean company

                               

	 	 	 
	 	By:	NongHyup
                                         Bank, as trustee

 

	 	By:	/s/ Seo Wan Chul
			Name:
                                         Seo Wan Chul

                                         Title:   Manager

 

65
Bay Street

 

     

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

A.       Description of
Mortgage Loan:

 

	Mortgage Loan:	Loan Agreement, dated as of March 14, 2018 between Morgan Street Developers Urban Renewal Company, LLC, as borrower, and Citi Real Estate Funding Inc., as lender
	Date of the Mortgage Loan:	March 14, 2018
	Date of Note A1-A:	March 14, 2018
	Date of Note A1-B:	March 14, 2018
	Date of Note A1-C:	March 14, 2018
	Date of Note A1-D:	March 14, 2018
	Date of Note A1-E:	March 14, 2018
	Date of Note A1-F:	March 14, 2018
	Date of Note A2:	March 14, 2018
	Date of Note B:	March 14, 2018
	Initial Principal Amount of Mortgage Loan:	$200,000,000
	Location of Mortgaged Property:	Jersey City, New Jersey
	Stated Maturity Date:	April 6, 2028

 

    A-1 

     

    

 

B.       Description of
Note Interests:

 

	Initial Note A1-A Principal Balance:	$20,000,000
	Initial Note A1-B Principal Balance:	$20,000,000
	Initial Note A1-C Principal Balance:	$20,000,000
	Initial Note A1-D Principal Balance:	$20,000,000
	Initial Note A1-E Principal Balance:	$10,000,000
	Initial Note A1-F Principal Balance:	$10,000,000
	Initial Note A2 Principal Balance:	$60,400,000
	Initial Note B Principal Balance:	$39,600,000
	Initial Note A1 Percentage Interest:	50.0%
	Initial Note A2 Percentage Interest:	30.2%
	Initial Note B Percentage Interest:	19.8%
	Note A1 Rate:	4.6616%
	Note A2 Rate:	5.00%
	Note B Rate:	5.40%

 

    A-2 

     

    

 

EXHIBIT B

 

Initial Note A1-A Holder and Initial Note A1-B Holder:

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile number: (212) 723-8599

 

with copies to

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile number: (646) 328-2943

 

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

 

and

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile number: (646) 862-8988

 

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

 

Initial Note A2 Holder:

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile number: (212) 723-8599

 

with copies to

 

    B-1 

     

    

 

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile number: (646) 328-2943

 

 

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

 

and

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile number: (646) 862-8988

 

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

 

Initial Note B Holder:

IGIS US Private Placement Real Estate Investment Trust No. 169, a Korean company

14F, Sewoo Building

115 Yeouigongwon-ro

Yeongdeungpo-gu, Seoul 07241

Republic of Korea

Attention: Nawoo Lee

Facsimile number: +82 2 780 7303

 

    B-2 

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

1. Apollo Global Real Estate 

2. Apollo Global Management 

3. Archon Capital, L.P. 

4. AREA Property Partners 

5. Athene Asset Management, L.P. 

6. BlackRock, Inc. 

7. The Blackstone Group International Ltd. 

8. Brookfield Asset Management 

9. Capital Trust, Inc. 

10. Clarion Partners 

11. Colony Capital, Inc. 

12. DLJ Real Estate Capital Partners 

13. Eightfold Real Estate Capital, L.P. 

14. Fortress Investment Group LLC 

15. Garrison Investment Group 

16. Goldman, Sachs & Co. 

17. iStar Financial Inc. 

18. J.E. Robert Companies 

19. KKR Real Estate Manager Finance LLC 

20. Lend-Lease Real Estate Investments 

21. LoanCore Capital 

22. Lonestar Funds 

23. Praedium Group 

24. Raith Capital Partners, LLC 

25. Rialto Capital Management, LLC 

26. Rockpoint Group 

27. Starwood Capital/Starwood Financial Trust 

28. Torchlight Investors 

29. Walton Street Capital, LLC 

30. Westbrook Partners 

31. WestRiver Capital 

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

33. Vestas Investment Management Co., Ltd.

 

    C-1 

     

    

 

EXHIBIT D

 

PORTFOLIO INTEREST CERTIFICATION

 

Reference is hereby made
to the Co-Lender Agreement dated as of [   ] (as amended, supplemented or otherwise modified from time to time, the “Agreement”),
between [    ], and each lender from time to time party thereto.

 

Pursuant to the provisions
of Section 32 [Withholding Taxes] of the Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the promissory note evidencing Note [A2][B] in respect of which it is providing this certificate, (ii) it is
not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code.

 

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

 

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

 

[NAME OF LENDER]

 

	By:	 	 
	Name:	 
	Title:	 

 

Date: ________ __, 20[  ]

 

    D-1Exhibit 4.6

EXECUTION VERSION

AGREEMENT BETWEEN NOTEHOLDERS

Dated as of May 9, 2018

by and among

RIALTO MORTGAGE FINANCE, LLC 

(Note A-1 Holder)

RIALTO MORTGAGE FINANCE, LLC 

(Note A-2 Holder)

and

ACREFI Mortgage Lending, LLC, 

(Note B Holder)

(Flats at East Bank) 

     

    

    

 

THIS
AGREEMENT BETWEEN NOTEHOLDERS (“Agreement”), dated as of May 9, 2018 by and among RIALTO MORTGAGE
FINANCE, LLC, a Delaware limited liability company, having an address at 600 Madison Avenue, 12th Floor, New
York, New York 10022 (“RMF” and together with its successors and assigns in interest, in its capacity as
initial owner of the Note A-1, the “Note A-1 Holder”), RMF (together with its successors and assigns in interest,
in its capacity as initial owner of the Note A-2, the “Note A-2 Holder”) and ACREFI MORTGAGE LENDING, LLC,
a Delaware limited liability company, having an address c/o Apollo Global Management, L.P., having an address at 9 West 57th
Street, Floor 43, New York, New York 10019 (“Apollo” and together with its successors and assigns in interest,
in its capacity as owner of the Note B, the “Note B Holder”).

W I T N E S S E T H:

WHEREAS, pursuant to that certain Mortgage Loan Agreement (as defined herein) RMF originated the mortgage loan (the “Mortgage Loan”) described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), Mortgage Loan is secured by that certain mortgage lien (as amended, modified or supplemented, the “Mortgage”) on one or more parcels of, or estates in, real property located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged Property”); and

WHEREAS, pursuant to the Mortgage Loan Agreement, the Mortgage Loan Borrower has executed and delivered (i) one promissory note in the original principal amount of $59,000,000.00 (“Note A-1”) made by the Mortgage Loan Borrower in favor of the Note A 1 Holder, (ii) one promissory note in the original principal amount of $13,000,000.00 (“Note A-2”, and together with Note A-1, the “Senior Notes”) made by the Mortgage Loan Borrower in favor of the Note A-2 Holder and (iii) one promissory note in the original principal amount of $21,000,000.00 (“Note B”, and together with the Senior Notes, the “Notes”) made by the Mortgage Loan Borrower in favor of RMF, as the initial Note B Holder (the “Initial Note B Holder”);

WHEREAS, RMF, in its capacity as the Initial Note B Holder transferred Note B to ACREFI Mortgage Lending, LLC (together with its successors and assigns in interest, the “Note B Holder”, pursuant to that certain Assignment and Assumption Agreement by and between the Note B Holder and RMF, as Initial Note B Holder; and

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

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 Servicing Agreement or the Model PSA, as applicable. Whenever used in this Agreement, the
following terms shall have the respective meanings set forth below unless the context clearly requires otherwise.

“Acceptable Insurance Default” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or such other analogous term used in the Securitization Servicing Agreement.

“Additional Servicing Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable to any Servicer, Trustee, Securitization Operating Advisor, certificate administrator or fiscal agent pursuant to the Servicing Agreement, and (b) all interest accrued on Advances made by (x) any Servicer or Trustee in accordance with the terms of the Servicing Agreement or (y) any Non-Lead Servicer or Non-Lead Trustee in accordance with the terms of the Non-Lead Securitization Servicing Agreement; provided that the aggregate special servicing fee (or equivalent) (which fee is payable solely during the period that the Mortgage Loan is a Specially Mortgage Serviced Loan) shall not exceed an amount equal to 0.25% per annum of the outstanding principal balance of the Mortgage Loan, the special servicing liquidation fee (or equivalent) shall not exceed 1.0% of the collections made with respect to the Mortgage Loan or any sums received from proceeds from the disposition of the Mortgaged Property or the Mortgage Loan, as the case may be, and the special servicing workout fee (or equivalent) shall not exceed 1.0% of the collections made with respect to the Mortgage Loan while the Mortgage Loan is a performing or “corrected” loan (or such other analogous term pursuant to the Servicing Agreement).

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

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

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

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

“Agent Office” shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at Rialto Mortgage Finance, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Andrew Snow, and

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which is the address to which notices to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to the Noteholders.

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

“Apollo” means Apollo Global Management, L.P.

“Apollo Holder” means individually or collectively, as the context so requires, any Noteholder that is Apollo or any Affiliate thereof (it being agreed that all Noteholders who are Apollo Holders, or are Persons for which Apollo Global Management, L.P., or its Affiliate is a fund or asset manager, shall all be deemed to be Affiliates of such Noteholder).

“Appraiser” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or such other analogous term used in the Securitization Servicing Agreement.

“Appraisal” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or such other analogous term used in the Securitization Servicing Agreement.

“Appraisal Reduction Amount” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or such other analogous term used in the Securitization Servicing Agreement.

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

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

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

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

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

“Certificate Administrator” shall mean the certificate administrator under the Securitization Servicing Agreement, if any.

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

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

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

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

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

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise.

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

(a)           (1)          the initial Note B Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, the Note B after the date of creation of the Note B (and not returned to the Note A-1 Holder, the Note A-2 Holder, the Servicer or Mortgage Loan Borrower), (y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to the Note B and (z) without duplication, any losses realized with respect to any Mortgaged Property or the Mortgage Loan that are allocated to the Note B, is less than

(b)          25% of the remainder of the (i) initial Note B Principal Balance less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note B Holder on the Note B after the date of creation of the Note B (and not returned to the Note A-1 Holder, the Note A-2 Holder, the Servicer or Mortgage Loan Borrower).

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

“Controlling Noteholder” shall mean as of any date of determination (i) the Note B Holder, unless a Control Appraisal Period has occurred and is continuing or (ii) if a Control Appraisal Period has occurred and is continuing, the Note A-1 Holder; provided that at any time Note A-1 is the Controlling Noteholder and is included in the Lead Securitization, references to the “Controlling Noteholder” herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization designated as the “controlling class” (or such lesser amount as permitted under the terms of the Servicing Agreement) or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing Agreement; provided, further, that, if any Noteholder

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would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the Note of such Noteholder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Noteholder, a Control Appraisal Period shall be deemed to have occurred with respect to such Noteholder. As of the Closing Date, the Controlling Noteholder will be the Note B Holder.

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

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

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

“Defaulted Mortgage Loan Purchase Price” shall mean the sum, without duplication, of (a) the Principal Balance of Note A-1 and Note A-2, (b) accrued and unpaid interest thereon at the Note A-1 Rate and Note A-2 Rate, respectively, from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts described in clause (c) above, any unreimbursed property protection or servicing Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, servicing Advances payable or reimbursable to any Servicer, and earned and unpaid special servicing fees not in excess of the limitations set forth in this Agreement), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount, (f) (x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (y) if the Mortgage Loan is purchased after ninety (90) days after the first such option becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Securitization Servicing Agreement with respect to the Mortgage Loan and (g) any Recovered Costs not reimbursed previously to Note A-1 or Note A-2 pursuant to this Agreement. Notwithstanding the foregoing, if the Note B Holder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted into a REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on Note A-1 and Note A-2 at the Note A-1 Rate or Note A-2 Rate, as applicable, as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Note B Holder under this Agreement.

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

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“Default Interest” shall mean interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.

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

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

“Final Recovery Determination” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or such other analogous term used in the Securitization Servicing Agreement.

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

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

“Ground Lease” shall have the meaning assigned to such term in the Mortgage Loan Agreement.

“Indemnified Items” shall mean, collectively, 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 Servicing Agreement.

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

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

“Initial Agent” shall mean RMF.

“Insolvency Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any other

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action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage Loan Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any such permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

“Insurance and Condemnation Proceeds” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

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

“Interested Person” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

“Interim Servicing Agreement” shall mean that certain interim servicing agreement to be negotiated in good faith between the parties hereto after the date hereof. Until such time as the Interim Servicing Agreement is entered into, the Note A-1 Holder shall cause the Mortgage Loan to be serviced by Wells Fargo Bank, National Association, in accordance with this Agreement and the customary and usual servicing practices of originators of commercial mortgage loans intended to be securitized, and in all events, subject to the Servicing Standard.

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

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

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

“Lead Securitization” shall mean the Securitization of Note A-1 in a Securitization Trust to be designated by the Note A-1 Holder.

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

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

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

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

“Liquidation Proceeds” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

“Major Decisions” shall mean:

(i)             any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property by deed-in-lieu or otherwise) 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, insurance requirements, 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, bankruptcy or otherwise, under the related Mortgage Loan Documents with respect to the Mortgage Loan Borrower or any guarantor or indemnitor under the Mortgage Loan, and the election of any action in a bankruptcy or Insolvency Proceeding involving the Mortgage Loan Borrower or any guarantor or indemnitor under the Mortgage Loan to seek relief from the automatic stay or dismissal of a bankruptcy filing or making an §1111(b)(2) election on behalf of the Noteholders;

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

(vi)           any direct or indirect transfer of a Mortgaged Property, any release of material collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent to any 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;

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(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 Mortgage Loan Borrower;

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

(ix)           any material modification, waiver or amendment of, or any material consent granted or withheld in connection with, or the execution 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 amendment, modification or termination of any Management Agreement (as defined in the Mortgage Loan Agreement) or property management company changes, including, without limitation, approval of the termination of a manager and appointment of a new property manager (in each case, if the lender is required to consent or approve such changes under the Mortgage Loan Documents);

(xi)           any determination that a Cash Sweep Event Period (as defined in the Mortgage Loan Agreement) has commenced or terminated, 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 to be released pursuant to the specific terms of the related Mortgage Loan Documents and for which there is no lender discretion;

(xii)          any release of a Mortgage Loan Borrower or guarantor or other obligor from liability under the Mortgage Loan (including acceptance of an assumption agreement or any other agreement permitting transfers of interests in the Mortgage Loan Borrower or any guarantor or indemnitor) other than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion, and the approval of any replacement or additional guarantor under the Mortgage Loan Documents;

(xiii)         any determination of an Acceptable Insurance Default (as defined in the Securitization Servicing Agreement);

(xiv)         the approval of or voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Mortgage Loan Borrower;

(xv)          any material modification, waiver or amendment of a guaranty related to the Mortgage Loan;

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(xvi)         any (A) proposed modification or waiver of any material provision in the Mortgage Loan Documents governing the type, nature or amount of insurance coverage required to be obtained and maintained by the Mortgage Loan Borrower, and (B) approval of any casualty insurance settlements related to a Mortgaged Property;

(xvii)        any determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer based on a determination that (A) a default (other than an Acceptable Insurance Default) is reasonably foreseeable, (B) such default will materially impair the value of the related Mortgaged Property as security for such Mortgage Loan and (C) the default is likely to continue unremedied;

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

(xix)         the approval or adoption of any material alteration at the Mortgage Property (if Mortgage Lender approval is required by the Mortgage Loan Documents, and if so, notwithstanding anything to contrary set forth herein, subject to the same standard of approval as is applicable thereto in the Mortgage Loan Documents);

(xx)          any modification, waiver or amendment of any Major Lease, the execution of any new Major Lease or the granting of a subordination and nondisturbance or attornment agreement in connection with any Major Lease;

(xxi)         any modification, waiver or amendment of the Ground Lease, the execution of any new Ground Lease, the granting of a subordination and nondisturbance or attornment agreement in connection with any Ground Lease, or any determination as to whether conditions precedent to any Optional Fee Transfer (as defined in the Mortgage Loan Agreement) have been satisfied;

(xxii)        any modification, waiver or amendment of any TIF Document (as defined in the Mortgage Loan Agreement), or the execution of any new TIF Document; or

(xxiii)       the approval of any modification or amendment to the Access Lease (as defined in the Mortgage Loan Agreement) that adversely affects the rights of access to the roadways demised under the Access Lease;

provided, however that after the Securitization Date, during a Control Appraisal Period, “Major Decisions” shall have the meaning given to such term in the Securitization Servicing Agreement.

“Major Lease” shall have the meaning assigned to such term in the Mortgage Loan Agreement.

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

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“Model PSA” shall mean the pooling and servicing agreement for the Citigroup Commercial Mortgage Trust 2017-C4 transaction, dated as of October 1, 2017, among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Citibank, N.A., as certificate administrator, and Wilmington Trust, National Association, as trustee, as amended, modified or supplemented in compliance with Regulation AB.

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

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

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

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

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

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

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

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

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

“Mortgage Loan Agreement” shall mean that certain loan agreement, dated as of May 9, 2018, between the Mortgage Loan Borrower, as Borrower, and RMF, as Lender, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms hereof.

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

“Mortgage Loan Borrower Related Party” shall have the meaning assigned to such term in Section 18.

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

“Mortgage Loan Rate” shall mean, as of any date of determination, the weighted average of the Note A-1 Rate, the Note A-2 Rate and the Note B Rate.

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

“Net Note A-1 Rate” shall mean the Note A-1 Rate minus the Servicing Fee Rate applicable to Note A-1.

“Net Note A-2 Rate” shall mean the Note A-2 Rate minus the Servicing Fee Rate applicable to Note A-2.

“Net Note B Rate” shall mean the Note B Rate minus the Servicing Fee Rate applicable to Note B.

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

“Non-Controlling Noteholder” shall mean the Note A-1 Holder and the Note A-2 Holder or, if a Control Appraisal Period has occurred and is continuing, the Note B Holder.

“Non-Controlling Pari Passu Noteholder” shall mean the Note A-2 Holder, provided that with respect to the related Non-Controlling Note held by the Note A-2 Holder, at any time such Non-Controlling Note is included in a Securitization other than the Lead Securitization, references to the “Non-Controlling Pari Passu Noteholder” herein shall mean the Non-Lead Securitization Subordinate Class Representative under the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Noteholder (and the Master Servicer and the Special Servicer) has been given written notice; provided that, if at any time 50% or more of such Non-Controlling Note (or, at any time such Non-Controlling Note is included in a Securitization, the class of securities issued in such Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder”) is held by any Mortgage Loan Borrower Related Party, no Person shall be entitled to exercise the rights of such Non-Controlling Pari Passu Noteholder with respect to such Non-Controlling Note. The Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights of a “Non-Controlling Pari Passu Noteholder” herein or under the Securitization Servicing Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent a Non-Controlling Note is split into two or more New Notes pursuant to Section 38, for purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead Securitization Noteholder (and the Master Servicer and the Special Servicer acting on its behalf) (such party,

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the “Non-Controlling Pari Passu Noteholder Representative”); provided that, in the absence of such designation and notice, the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated as the Non-Controlling Pari Passu Noteholder Representative with respect to such Non-Controlling Note for all purposes of this Agreement. As of the date hereof and until further notice from the Non-Lead Securitization Noteholder (or the Non-Lead Master Servicer or another party acting on its behalf), the Note A-2 Holder is the Non-Controlling Pari Passu Noteholder Representative with respect to such Note.

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

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

“Non-Controlling Pari Passu Noteholder Representative” shall have the meaning assigned to such term in the definition of “Non-Controlling Pari Passu Noteholder”.

“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

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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 A-1 Holder or Note A-2 Holder to make such payments free of any obligation or liability for withholding.

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

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

“Non-Lead Securitization” shall mean any Securitization of the Note A-2 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 the Note A-2.

“Non-Lead Securitization Noteholder” shall mean the Note A-2 Holder.

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

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

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

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

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

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

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

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

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

“Note” shall mean any of Note A-1, Note A-2 and Note B, as applicable.

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

“Note
A-1 Default Rate” shall mean a rate per annum equal to the Note A-1 Rate plus the Note Default
Interest Spread.

“Note A-1 Holder” shall mean the Note A-1 Holder, or any subsequent holder of the Note A-1, together with its successors and assigns.

“Note A-1 Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal Balance.

“Note
A-1 Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Note A-1 Principal
Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder or reductions
in such amount pursuant to Sections 3, 4 or 5, as applicable.

“Note A-1 Rate” shall mean the Note A-1 Rate set forth on the Mortgage Loan Schedule.

“Note A-1 Relative Spread” shall mean the ratio of the Note A-1 Rate to the Mortgage Loan Rate.

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

“Note A-2 Default Rate” shall mean a rate per annum equal to the Note A-2 Rate plus the Note Default Interest Spread.

“Note A-2 Holder” shall mean the Note A-2 Holder, or any subsequent holder of Note A-2, together with its successors and assigns.

“Note A-2 Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-2 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal Balance.

“Note A-2 Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Note A-2 Principal Balance set forth on the Mortgage Loan

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Schedule, less any payments of principal
thereon received by the Note A-2 Holder or reductions in such amount pursuant to Sections 3, 4
or 5, as applicable.

“Note A-2 Rate” shall mean the Note A-2 Rate set forth on the Mortgage Loan Schedule.

“Note A-2 Relative Spread” shall mean the ratio of the Note A-2 Rate to the Mortgage Loan Rate.

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

“Note B Default Rate” shall mean a rate per annum equal to the Note B Rate plus the Note Default Interest Spread.

“Note B Holder” shall have the meaning assigned to such term in the recitals, and any successor in interest, or any subsequent holder of the Note B.

“Note B Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal Balance.

“Note B Principal Balance” shall mean, at any time of determination, the Note B Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Section 3, 4 or 5, as applicable.

“Note B Rate” shall mean the Note B Rate set forth on the Mortgage Loan Schedule.

“Note B Relative Spread” shall mean the ratio of the Note B Rate to the Mortgage Loan Rate.

“Note Default Interest Spread” shall mean a rate per annum equal to five percent (5%); provided, however, that if the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.

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

“Note Rate” shall mean any of the Note A-1 Rate, the Note A-2 Rate and the Note B Rate, as applicable.

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

“Noteholder” shall mean any of the Note A-1 Holder, Note A-2 Holder and Note B Holder, as applicable.

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

“Penalty Charges” prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

“Percentage Interest” shall mean, with respect to the Note A-1 Holder, the Note A-1 Percentage Interest, with respect to the Note A-2 Holder, the Note A-2 Percentage Interest, and with respect to the Note B Holder, the Note B Percentage Interest, as each may be adjusted from time to time.

“Permitted Fund Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto and made a part hereof or any other a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least $500,000,000 and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

“Person” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

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

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

“Principal Balance” shall mean any of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal Balance, as applicable.

“Pro Rata and Pari Passu Basis” shall mean with respect to Note A-1 and Note A-2 and the related Noteholders, the allocation of any particular payment, collection, cost, expense, liability or other amount between such Notes or such Noteholders, as the case may be, without any priority of any such Note or any such Noteholder over another such Note or Noteholder, as the case may be, and in any event such that each Note or Noteholder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection, cost, expense, liability or other amount.

“Qualified Institutional Lender” shall mean each of the Noteholders, Rialto Mortgage Finance, LLC, an Apollo Holder, and any other U.S. Person that is:

(a)              an entity Controlled (as defined below) by, under common Control with or Controlling either the Note A-1 Holder, Note A-2 Holder or the Note B Holder, or

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(b)                one or more of the following:

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

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

(iii)           a Qualified Trustee (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns or pledges its Note B, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized debt obligations (“CDO”) secured by, or (C) a financing through an “owner trust” of, any or all of the Note B (any of the foregoing, a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies which assigned a rating to one or more classes of securities issued in connection with 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 the Note B (or portion thereof or interest therein) to such Securitization Vehicle); (2) in the case of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise acceptable to the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer the Note B (or applicable portion thereof or interest therein) in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (b)(i), (b)(ii), (b)(iii), (b)(iv) or (b)(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) the Note A-1 Holder, Note A-2 Holder or the Note B Holder, as applicable, (B) a person that is otherwise a Qualified Institutional Lender under clause (b)(i), (b)(ii) or (b)(v) (with respect to an institution substantially similar to the entities referred to in clause (b)(i) or (b)(ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or

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the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the definition), or

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

in the case of any entity referred to in clause (b)(i), (ii), (iii)(A), (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 (b)(iv) (B) above, the requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of such entity; or

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

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

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

“Rating Agencies” shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) KBRA and (f) Morningstar or, (g) if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating agency reasonably designated by the Depositor or Non-Lead Depositor to rate the securities issued in connection with the Securitization of Note A-1 or Note A-2, as applicable; provided, however, that, at any time during which Note A-1 or Note A-2 is an asset of one or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean with respect to Note A-1 or Note A-2, only those rating agencies that are engaged by the Depositor or Non-Lead

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Depositor, as applicable, from time to time to rate the securities issued in connection with the Securitization of such Note.

“Rating Agency Confirmation”: shall mean, prior to a Securitization, with respect to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any Class of Certificates (if then rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from each Rating Agency with respect to such matter, and after a Securitization, the meaning given thereto or any analogous term in the Servicing Agreement, including any deemed Rating Agency Confirmation.

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

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

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

“Relative Spread” shall mean Note A-1 Relative Spread or Note A-2 Relative Spread or Note B Relative Spread, as the context may require.

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

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

“REO Property” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA and (ii) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

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“Required Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”, (ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has a special servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by Morningstar, is currently acting as a special servicer on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Morningstar, Fitch, DBRS or KBRA and the trustee does not have actual knowledge that Morningstar has, and the replacement special servicer certifies that Morningstar has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material factor in such rating action, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is currently acting as special servicer for one or more loans included in a commercial mortgage loan securitization that is rated by DBRS, and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.

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

“Securitization” shall mean one or more sales by the Note A-1 Holder or Note A-2 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 Operating Advisor” shall mean the operating advisor under the Securitization Servicing Agreement, if any.

“Securitization Servicing Agreement” shall mean a pooling and servicing agreement, substantially in the form of the Model PSA entered into in connection with the Lead Securitization, which pooling and servicing agreement is in a form customary and usually used in the servicing practices of servicers of commercial mortgage loans included in a securitization

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by and among (a) the Trustee, (b) the Person who serves as master servicer from and after the Securitization Date, (c) the Person which serves as special servicer from and after the Securitization Date, (d) the Person who services as operating advisor from and after the Securitization Date and (e) the Depositor, and any other additional Persons that may be party to such pooling and servicing agreement; provided it is acknowledged that such agreement is subject in all respects to changes (i) required by the Code relating to the tax elections of the related Lead Securitization Trust, (ii) required by law or changes in any law, rule or regulation and (iii) requested by the Rating Agencies or any purchaser of subordinate certificates that are customary and consistent with market standards. The Servicing Standard in the Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Noteholder (taking into account that the Note B is junior to Note A-1 and Note A-2). During any period that the Mortgage Loan is no longer subject to the provisions of the Securitization Servicing Agreement, the “Securitization Servicing Agreement” shall be determined in accordance with Section 2(f) hereof.

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

“Senior Note(s)” shall mean each of the Note A-1 and the Note A-2.

“Senior Noteholder(s)” shall mean each of the Note A-1 Holder and the Note A-2 Holder.

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

“Servicer” shall mean (a) prior to the Securitization Date, Wells Fargo Bank, National Association and (b) from and after the Securitization Date, the Master Servicer or the Special Servicer, as the context may require.

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

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“Servicing Agreement” shall mean, with respect to the Mortgage Loan, prior to the Securitization Date, the Interim Servicing Agreement, and, from and after the Securitization Date, the Securitization Servicing Agreement.

“Servicing Fee Rate” shall mean (a) prior to the Securitization Date, 2 basis points, and (b) from and after the Securitization Date, have the meaning assigned to such term in the Servicing Agreement.

“Servicing Standard” shall (a) prior to the Securitization Date, have the meaning assigned to such term in the Model PSA and (b) following the Securitization Date, shall have the meaning assigned to such term in the Securitization Servicing Agreement or any one or more analogous terms in the Securitization Servicing Agreement.

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

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

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

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

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

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

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

“Trustee” shall mean the bank or trust company as may be selected by the Depositor and approved by the Rating Agencies to act as trustee for the related Securitization, and shall include any fiscal agent and/or paying agent appointed for such Securitization.

“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

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

“Whole Loan Custodial Account” shall mean the custodial account or subaccount established for the Mortgage Loan pursuant to the Servicing Agreement.

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

Section 2.          Servicing.

(a) 
Each Noteholder acknowledges and agrees that, subject in each
case to this Agreement, the Mortgage Loan shall be serviced prior to the Securitization Date pursuant to the Interim
Servicing Agreement and from and after the Securitization Date (except as otherwise set forth in Section 2(f)), pursuant to
the Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly
payments of principal or interest in respect of the Notes other than the Note A-1 (and the Non-Lead Master Servicer shall be
required to advance monthly payments of principal and interest on Note A-2 pursuant to the terms of the Non-Lead
Securitization Servicing Agreement) if such principal or interest is not paid by the Mortgage Loan Borrower but shall be
obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the
Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the
Securitization Servicing Agreement. The Note B Holder acknowledges that each of the Note A-1 Holder and the Note A-2 Holder
may elect, in its sole discretion, to include the Note A-1 and/or Note A-2 in a Securitization and agrees that, subject to Section
40 hereof, it will reasonably cooperate with the Note A-1 Holder and the Note A-2 Holder, at the Note A-1
Holder’s and the Note A-2 Holder’s, as applicable, sole cost and expense, to effect such Securitization.
Subject to the terms and conditions of this Agreement (including, without limitation, Section 2(d) and Section 7 hereof),
each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, Special Servicer
and the Trustee under the Securitization Servicing Agreement by the Depositor and agrees to reasonably cooperate with and
consent to the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with
the Securitization Servicing Agreement. Each Noteholder hereby appoints the Master Servicer and the Trustee in the Lead
Securitization as such Noteholder’s attorney-in-fact to sign any documents reasonably required with respect to the
administration and servicing of the Mortgage Loan on its behalf under the Securitization Servicing Agreement (subject at all
times to the rights of the Noteholders set forth herein and in the Servicing Agreement). In no event shall the Servicing
Agreement require the Servicer to enforce the rights of any Noteholder or limit the Servicer in enforcing the rights of one
Noteholder against any other Noteholder; however, this statement shall not be construed to otherwise limit the rights of one
Noteholder with respect to any other Noteholder. The Servicer shall be required pursuant to the Servicing Agreement to
service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, this
Agreement, the Servicing Agreement and applicable law, shall provide information to each Non-Lead Servicer to enable such
Non-Lead Servicer to perform its servicing duties under the related

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Non-Lead Securitization Servicing Agreement and shall not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

(b)          The Note B Holder shall be entitled to exercise any notice and consent rights of the “directing holder,” “directing certificateholder,” “controlling class,” “controlling class representative” or any analogous class or holder under the Securitization Servicing Agreement except to the extent the Note B Holder is expressly prohibited from exercising such rights under the terms of this Agreement in its capacity as the Controlling Noteholder.

(c)          The Securitization Servicing Agreement shall, unless otherwise agreed to by the Controlling Noteholder, contain (i) servicing and reporting provisions (including the Asset Status Report for all Major Decisions) substantially similar in all material respects to the servicing provisions of the Model PSA and (ii) a Servicing Standard substantially similar in all material respects to the servicing standard in the Model PSA. In no event may the Securitization Servicing Agreement change the interest allocable to, or the amount of any payments due to, the Note B Holder or the Controlling Noteholder or materially increase the Note B Holder’s or Controlling Noteholder’s respective obligations, or materially decrease the Note B Holder’s or Controlling Noteholder’s respective rights, remedies or protections, hereunder.

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

(i)           if an event of default or other Servicer Termination Event under the Securitization Servicing Agreement has occurred (A) with respect to the Master Servicer under the Securitization Servicing Agreement that affects a Noteholder or any class of commercial mortgage securities backed by a Note or a participation interest in a Note, and the Master Servicer is not otherwise terminated under the Securitization Servicing Agreement, then the Note B Holder or its designees (if the Note B Holder is the Controlling Noteholder) shall be entitled to direct the Trustee to appoint a sub-servicer solely with respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced, to replace the current sub-servicer, but only if such original sub-servicer is in default under the related sub-servicing agreement); and (B) the appointment (or replacement) of a sub-servicer with respect to the Mortgage Loan, as contemplated in clause (A) above, will in any event be subject to written confirmation from each Rating Agency that such appointment would not, in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued in connection with any Securitization;

(ii)          any payments received on the Mortgage Loan shall be paid by the Master Servicer in accordance with Section 3 and Section 4 hereof to each of the Noteholders on the “master servicer remittance date” under the Securitization Servicing Agreement;

(iii)         the Note B Holder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide access to, any information relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as the Note B Holder may reasonably request and would be customarily in the possession of, or collected or known by, the Master Servicer or the Special Servicer of mortgage loans similar to the Mortgage

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Loan and, in any event, all information that is required to be provided to holders of the securities issued by the Lead Securitization Trust that includes other Notes but not limited to standard CREFC reports and Asset Status Reports, provided that if an interest in the Note B or the Note B Holder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, then the Note B Holder shall not be entitled to receive the Asset Status Report or any other information relating to the Special Servicer’s workout strategy;

(iv)         in the event the Special Servicer elects to offer to sell Note A-1 and Note A-2 or related REO Property pursuant to Section 3.17 of the Securitization Servicing Agreement, then the Special Servicer shall provide notice to the Note B Holder of such election, together with any bid package that the Special Servicer makes available in connection with such offer to sell;

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

(vi)         for so long as the Note B Holder is the Controlling Noteholder, the Note B Holder shall be entitled to exercise all approval rights of the “controlling class”, “controlling class representative”, “directing holder”, “directing certificateholder” or any analogous class or holder under the Securitization Servicing Agreement regarding any Asset Status Report in respect of the Mortgage Loan or related REO Property, without regard to the occurrence of any control termination event or consultation termination event under the Securitization Servicing Agreement;

(vii)        the liquidation fee rate with respect to the Mortgage Loan shall equal the lesser of (a) such rate as would result in a liquidation fee of $1,000,000 and (b) 1.0%, provided that no liquidation fee will be less than $25,000;

(viii)       the workout fee rate with respect to the Mortgage Loan shall equal the lesser of (a) such rate as would result in a workout fee of $1,000,000 and (b) 1.0%, provided that no workout fee will be less than $25,000;

(ix)         the Securitization Servicing Agreement may not be amended without the consent of the Note B Holder if such amendment would materially and adversely affect its rights thereunder (as reasonably determined by the Note B Holder); and

(x)          the Special Servicer appointed by the Note B Holder shall be named as the Special Servicer for the Mortgage Loan under the Securitization Servicing Agreement as of the closing of the Lead Securitization, as long as such Special Servicer satisfies the requirements of the Securitization Servicing Agreement.

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

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(f)           At any time after the Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the Securitization Servicing Agreement, Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement that contains servicing provisions which are the same as or more favorable to Note B Holder, in substance, to those in the 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 “Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement; provided, further, however, that until a replacement servicing agreement has been entered into, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing provisions set forth in the Securitization Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until a replacement servicing agreement is in place, the actual servicing of the Mortgage Loan may be performed by an Approved Servicer appointed by Lead Securitization Noteholder and does not have to be performed by the service providers set forth under the Securitization Servicing Agreement.

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

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Securitization Servicing Agreement for the Non-Lead Securitization Noteholder’s
pro rata share of any such Nonrecoverable Servicing Advances (together with advance interest thereon) and/or additional trust fund expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan and the Mortgaged Property);

(ii)          each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any additional trust fund expenses with respect to the Mortgage Loan) by the Non-Lead Securitization Trust, against any of the Indemnified Items to the extent of its
pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Whole Loan Custodial Account that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for the Non-Lead Securitization Note’s
pro rata share of the insufficiency out of general funds in the collection account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement;

(iii)         the Non-Lead Certificate Administrator will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer, the Master Servicer, the Operating Advisor and the Note B Holder (i) promptly following the Securitization of the Non-Lead Securitization Note, notice of the deposit of the Non-Lead Securitization Note into a Securitization Trust (which notice shall also provide contact information for the trustee, the certificate administrator, the Non-Lead Master Servicer, the special servicer and the party designated to exercise the rights of the “Non-Controlling Pari Passu Noteholder” under this Agreement), accompanied by a certified copy of the executed Non-Lead Securitization Servicing Agreement and (ii) notice of any subsequent change in the identity of the Non-Lead Master Servicer or the party designated to exercise the rights of the “Non-Controlling Pari Passu Noteholder” under this Agreement (together with the relevant contact information);

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

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

(h)          The Servicing Agreement shall provide that compensating interest payments as defined therein with respect to Note A-1 and Note A-2 will be allocated by the Master Servicer between Note A-1 and Note A-2,
pro rata, in accordance with their respective principal amounts. The Master Servicer shall remit any compensating interest payment in respect of the Non-Lead Securitization Note to the Non-Lead Securitization Noteholder.

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

(j)           Each Non-Lead Securitization Noteholder shall give each of the parties to the Securitization Servicing Agreement and the Note B Holder (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) promptly after 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 Noteholder shall send a copy of the related Non-Lead Securitization Servicing Agreement to each of the parties to the Securitization Servicing Agreement and the Note B Holder.

Section 3.          Subordination of Note B; Payments Prior to a Sequential Pay Event. The Note B and the right of the Note B Holder to receive payments of interest, principal and other amounts with respect to its Note B shall at all times be junior, subject and subordinate to Note A-1 and Note A-2 and the right of the Note A-1 Holder and the Note A-2 Holder to receive payments of interest, principal and other amounts with respect to Note A-1 and Note A-2 as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer, shall have occurred and be continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty or indemnity, 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, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer, Securitization Operating Advisor, Certificate Administrator or Trustee with respect to the Mortgage Loan pursuant to the Servicing Agreement, shall be applied by the Note A-1 Holder (or its designee) and distributed by the Servicer for payment in the following order of priority without duplication (and payments shall be made at such times as are set forth in the Servicing Agreement):

(a)          first, to the Note A-1 Holder and the Note A-2 Holder, pro rata, in an amount equal to the accrued and unpaid interest on the Note A-1 Principal Balance at the Net Note A-1 Rate and on the Note A-2 Principal Balance at the Net Note A-2 Rate, respectively;

(b)          second, to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis in an amount equal to their respective Percentage Interests of Net Proceeds

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(as defined in the Mortgage Loan Agreement) required under Section 2.3.2 of the Mortgage Loan Agreement to be applied to prepay the outstanding principal balance of the Mortgage Loan, until their Principal Balances have been reduced to zero;

(c)          third, to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis up to the amount of any unreimbursed costs and expenses paid by such Note A-1 Holder and/or such Note A-2 Holder including any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(d)          fourth, to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis in an amount equal to the product of (i) the Percentage Interest of such Note multiplied by (ii) the Note A-1 Relative Spread or Note A-2 Relative Spread, as applicable, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

(e)          fifth, to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the Net Note B Rate;

(f)           sixth, to the Note B Holder in an amount equal to the Note B Percentage Interest of principal payments received, if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan, until the Note B Principal Balance has been reduced to zero;

(g)          seventh, to the Note B Holder in an amount equal to the product of (i) the Percentage Interest of such Note multiplied by (ii) the Note B Relative Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

(h)          eighth, to the Note B Holder in the amount of the Note B Scheduled Amortization Payment and then to the Senior Noteholder in the amount of the Note A Scheduled Amortization Payment, as set forth on Schedule IX to the Mortgage Loan Agreement;

(i)           ninth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse the Note B Holder for all such cure payments;

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

(k)          eleventh, to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be

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paid to the Note A-1 Holder, the Note A-2 Holder and the Note B Holder, pro rata based on their respective Percentage Interests; and

(l)           twelfth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with the foregoing clauses (a)-(k), any remaining amount shall be paid pro rata to the Note A-1 Holder, the Note A-2 Holder and the Note B Holder in accordance with their respective initial Percentage Interests.

Section 4.          Payments Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in accordance with Section 3 of this Agreement; provided, if a Sequential Pay Event, as determined by the applicable Servicer and as set forth in the Servicing Agreement, shall have occurred and be continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof (including without limitation amounts received by the Master Servicer or Special Servicer pursuant to the Servicing Agreement as reimbursements on account of recoveries in respect of Advances), whether received in the form of Monthly Payments, any proceeds from the sale or distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty or indemnity, 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, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to continue to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer, Lead Securitization Operating Advisor, Certificate Administrator or Trustee with respect to this Mortgage Loan pursuant to the Servicing Agreement with respect to the Mortgage Loan, shall be distributed by the Servicer in the following order of priority without duplication (and payments shall be made at such times as are set forth in the Servicing Agreement):

(a)          first, to the Note A-1 Holder and the Note A-2 Holder, pro rata, in an amount equal to the accrued and unpaid interest on the Note A-1 Principal Balance at the Net Note A-1 Rate and on the Note A-2 Principal Balance at the Net Note A-2 Rate, respectively;

(b)          second, to the Note A-1 Holder and the Note A-2 Holder, pro rata, based on their outstanding Principal Balances, until their Principal Balances have been reduced to zero;

(c)          third, to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis up to the amount of any unreimbursed costs and expenses paid by such Note A-1 Holder and/or such Note A-2 Holder including any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

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(d)          fourth, to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis in an amount equal to the product of (i) the Percentage Interest of such Note multiplied by (ii) the Note A-1 Relative Spread or Note A-2 Relative Spread, as applicable, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

(e)          fifth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout the Principal Balance of the Note A-1 and the Note A-2 has been reduced, such excess amount shall be paid to the Note A-1 Holder and Note A-2 Holder in an amount up to the reduction, if any, of the Note A-1 and Note A-2 Principal Balance as a result of such Workout, plus interest on such amount at the related Note A-1 and Note A-2 Rate;

(f)           sixth, to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the Net Note B Rate;

(g)          seventh, to the Note B Holder until the Note B Principal Balance has been reduced to zero;

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

(i)           ninth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse the Note B Holder for all such cure payments;

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

(k)          eleventh,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be
paid to the Note A-1 Holder, the Note A-2 Holder and the Note B Holder, pro rata, based on their respective
Percentage Interests; and

(l)           twelfth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a)-(k), any remaining amount shall be paid pro rata to the Note A-1 Holder, the Note
A-2 Holder and the Note B Holder in accordance with their respective Percentage Interests.

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For clarification purposes, Penalty Charges (as defined in the Securitization Servicing Agreement) paid on the Senior Notes pursuant to Section 3 or Section 4 hereunder, shall be allocated to each Senior Noteholder on a Pro Rata and Pari Passu Basis and applied first, to reduce, on a
pro rata basis, the amounts payable on the Senior Notes 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 Securitization Servicing Agreement, second, to reduce, on a
pro rata basis, the respective amounts payable on Senior Notes by the amount necessary to pay the Master Servicer, Trustee, Non-Lead Master Servicer or Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Notes by such party (if and as specified in the Securitization Servicing Agreement or any Non-Lead Servicing Agreement, as applicable), third, to reduce, on a
pro rata basis, the amounts payable on the Senior Notes by the amount necessary to pay additional trust fund expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Securitization Servicing Agreement) and finally, (i) in the case of the remaining amount of Penalty Charges allocable pursuant to Section 3 or Section 4 hereunder, be paid to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Securitization Servicing Agreement.

Section 5.          Administration of the Mortgage Loan.

(a)          Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent with the Servicing Standard, the Lead Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization Noteholder) shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy and no Non-Lead Securitization Noteholder shall have any voting, consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation, Section 5(f) below), each of the Note A-2 Holder and the Note B Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization Noteholder) the rights, if any, that the Note A-2 Holder or Note B Holder has to, (i) call or cause the Lead Securitization Noteholder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Noteholder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization Noteholder) shall not have any fiduciary duty to the Note A-2 Holder or the Note B Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Noteholder from the obligation to make any disbursement of funds as set forth herein).

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Subject to Section 11 and Section 12 hereof, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, the Non-Lead Securitization Noteholder hereby acknowledges the right and obligation of the Lead Securitization Noteholder (or the Special Servicer acting on behalf of the Lead Securitization Noteholder) to sell the Non-Lead Securitization Note together with the Lead Securitization Note as notes evidencing one whole A note in accordance with the terms of the Servicing Agreement. In connection with any such sale, the Special Servicer shall be required to sell the Non-Lead Securitization Note(s) together with the Lead Securitization Note in the manner set forth in the Servicing Agreement and shall be required to require that all offers be submitted to the Trustee in writing. Whether any cash offer constitutes a fair price for the Note A-1 and Note A-2 shall be determined by the Trustee; provided, that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two bona fide other offers are received from Independent third parties. In determining whether any offer received represents a fair price for the Note A-1 and Note A-2, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Servicing Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the Appraiser conducting any such new Appraisal. In determining whether any such offer constitutes a fair price for the Note A-1 and Note A-2, the Trustee shall instruct the Appraiser to take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Servicing Agreement), as applicable, among other factors, the period and amount of any delinquency on the affected Note A-1 and Note A-2, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the Trustee at the expense of the Holders in connection with making such determination. Notwithstanding the foregoing, the Lead Securitization Noteholder (or the Special Servicer acting on behalf of the Lead Securitization Noteholder) shall not be permitted to sell the Note A-1 and Note A-2 if the Mortgage Loan has become a Defaulted Mortgage Loan without the written consent of the Non-Controlling Pari Passu Noteholder (provided that such consent is not required if the Non-Controlling Pari Passu Noteholder is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower) unless the Special Servicer has delivered to the Non-Controlling Pari Passu Noteholder: (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell the Note A-1 and Note A-2; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale, (c) at least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicing File reasonably requested by the Non-Controlling Pari Passu Noteholder that are material to the price of the Note A-1 and Note A-2 and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to the other offerors and the Controlling Class Representative) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer in connection with the proposed sale; provided, that such Non-Controlling Pari Passu Noteholder may waive any of the delivery or timing requirements set forth in this sentence. Subject to the terms of the Servicing Agreement, each of the Controlling Noteholder, the Controlling Class Representative, the Note B Holder, the Non-Controlling Noteholder (or any controlling class representative or directing holder on its behalf under the Non-Lead

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Securitization Servicing Agreement) shall be permitted to bid at any sale of the Note A-1 and Note A-2 unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

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

The authority of the Lead Securitization Noteholder to sell the Non-Lead Securitization Note, and the obligations of the Non-Lead Securitization Noteholder to execute and deliver instruments or deliver the Non-Lead Securitization Note upon request of the Lead Securitization Noteholder, shall terminate and cease to be of any further force or effect upon the date, if any, upon which Lead Securitization Note is repurchased by the Note A-1 Holder from the trust fund established under the Lead Securitization Agreement in connection with a material breach of representation or warranty made by the Note A-1 Holder with respect to Lead Securitization Note or material document defect with respect to the documents delivered by the Note A-1 Holder with respect to Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence shall not be construed to grant to the Non-Lead Securitization Noteholder the benefit of any representation or warranty made by the Note A-1 Holder or any document delivery obligation imposed on the Note A-1 Holder under any mortgage loan purchase and sale agreement, instrument of transfer or other document or instrument that may be executed or delivered by the Note A-1 Holder in connection with the Lead Securitization.

(b)          The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement; provided that to the extent of any conflict between this Agreement and the Servicing Agreement, the terms of this Agreement shall control. Each Noteholder agrees to be bound by the terms of the Servicing Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf) shall service the Mortgage Loan in accordance with the terms of this Agreement, including without limitation, the rights of the Note B Holder set forth in Section 5(f) below. Servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan, by the Special Servicer, in each case pursuant to the Servicing Agreement and this Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the Servicing Agreement, the Lead Securitization Noteholder shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each of the Noteholders as a collective whole (it being understood that the interest of the Note B Holder is a junior Note interest, subject to the terms and conditions of this Agreement), and any Note A-2 Holder or Note B Holder who is not the

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

(c)          Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement (including, without limitation, Sections 5(f) and 6), if the Lead Securitization Noteholder (or the Servicer on its behalf) in connection with a Workout of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments of interest or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in the Interest Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan, all payments to the Note A-1 Holder and the Note A-2 Holder pursuant to Section 3 and Section 4, as applicable, shall be made as though such Workout did not occur, with the payment terms of Note A-1 and Note A-2 remaining the same as they are on the date hereof, the Note B shall bear the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such Workout (up to the amount otherwise due on the Note B). Subject to the Servicing Agreement and this Agreement (including without limitation Sections 5(f) and 6), in the case of any modification or amendment described above, the Lead Securitization Noteholder (or the Servicer on its behalf) will have the sole authority and ability to revise the payment provisions set forth in Section 3 and Section 4 above in a manner that reflects the subordination of the Note B to Note A-1 and Note A-2 with respect to the loss that is the result of such amendment or modification, including: (i) the ability to increase the Note A-1 Percentage Interest and Note A-2 Percentage Interest and to reduce the Note B Percentage Interest in a manner that reflects a loss in principal as a result of such amendment or modification and (ii) the ability to change the Note A-1 Rate, the Note A-2 Rate and the Note B Rate, as applicable, in order to reflect a reduction in the Interest Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Sections 3 and 4 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage Loan.

(d)          All rights and obligations of the Lead Securitization Noteholder described hereunder may be exercised by the Servicers on behalf of the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement.

(e)          If any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of the Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of

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Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Noteholders may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more than three months after the earliest startup day of any REMIC which includes the Lead Securitization Note (or any portion thereof). The Noteholders agree that the provisions of this Section 5(e) shall be effected by compliance by the Lead Securitization Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage Loan or the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with this Section 5(e), to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne by the Note A-1 Holder and the Note A-2 Holder on a pro rata and pari passu basis.

Anything herein or in the Securitization Servicing Agreement to the contrary notwithstanding, in the event that one of the A-1 Note or the A-2 Note is included in a REMIC and the other is not, such other Noteholder shall not be required to reimburse such Noteholder that deposited its respective Note in the REMIC or any other Person for payment of (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating to the administration of such REMIC or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable to the other Noteholders be reduced to offset or make-up any such payment or deficit.

(f)          If any consent, modification, amendment or waiver under or other action in respect of a Mortgage (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision has been requested or proposed, at least ten (10) Business Days (or, in the case of a determination of an Acceptable Insurance Default (as defined in the Securitization Servicing Agreement), twenty (20) days prior to the Servicer taking action with respect to such Major Decision (or making a determination not to take action with respect to such Major Decision), the Servicer shall receive the written consent of the Controlling Noteholder (or its Junior Operating Advisor) before implementing a decision with respect to such Major Decision. For the avoidance of doubt, except as hereinafter provided, the Senior Noteholders shall obtain the written consent of the Controlling Noteholder (or its Operating Advisor) for all Major Decisions.     

If the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) has not received a response from the Controlling Noteholder (or its Junior Operating Advisor) with respect to such Major Decision within ten (10) Business Days after delivery of the notice of a Major Decision, the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) shall deliver an additional copy of the notice of a Major Decision in all caps bold 14-point font: “
THIS IS A SECOND NOTICE. FAILURE TO RESPOND WITHIN TEN (10)

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BUSINESS DAYS OF THIS SECOND NOTICE WILL RESULT IN A LOSS OF YOUR RIGHT TO CONSENT WITH 
RESPECT TO THIS DECISION” and if the Controlling Noteholder (or its Junior Operating Advisor) fails to respond to the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) with respect to any such proposed action within ten (10) Business Days after receipt of such second notice, the Controlling Noteholder (or its Junior Operating Advisor), as applicable, shall have no further consent rights with respect to the specific action set forth in such notice.     

Notwithstanding the foregoing, following the occurrence of an extraordinary event with respect to any Mortgaged Property, or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Lead Securitization Noteholder (or Servicer acting on its behalf) may take actions with respect to such Mortgaged Property before obtaining the consent of the Controlling Noteholder (or its Junior Operating Advisor) if the Lead Securitization Noteholder (or Servicer acting on its behalf) reasonably determines in accordance with the Servicing Standard that failure to take such actions prior to such consent would materially and adversely affect the interest of the Noteholders, and the Lead Securitization Noteholder (or Servicer acting on its behalf) has made a reasonable effort to contact the Controlling Noteholder (or its Junior Operating Advisor). The foregoing shall not relieve the Lead Securitization Noteholder (or Servicer acting on its behalf) of its duties to comply with the Servicing Standard.

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

The Special Servicer shall be required to provide copies to each Non-Controlling Noteholder of any notice, information and report that is required to be provided to the Controlling Noteholder pursuant to the Securitization Servicing Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan within the same time frame such notice, information and report is required to be provided to the Controlling Noteholder (for this purpose, without regard to whether such items are actually required to be provided to the Controlling Noteholder under the Securitization Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event (as each such term is defined in the Securitization Servicing Agreement)), and (ii) the Special Servicer will be required to consult with each Non-Controlling Noteholder on a strictly non-binding basis, to the extent having received such notices, information and reports, each Non-Controlling Noteholder requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report, and consider alternative actions recommended by each Non-Controlling Noteholder; provided that after the expiration of a period of ten (10) Business Days from the

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delivery to each Non-Controlling Noteholder by the Special Servicer of written notice of a proposed action, together with copies of the notice, information and reports, the Special Servicer shall no longer be obligated to consult with such Non-Controlling Noteholders, whether or not such Non-Controlling Noteholders have responded within such ten (10) Business Day period period (unless, the Special Servicer proposes a new course of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and delivery of all information relating thereto).

In addition to the consultation rights of the Non-Controlling Noteholders provided in the immediately preceding paragraph, the Non-Controlling Noteholders shall have the right to attend annual meetings (either telephonically or in person, in the discretion of the Servicer) with the Lead Securitization Noteholder (or the Servicer acting on its behalf) at the offices of the Servicer, upon reasonable notice and at times reasonably acceptable to the Servicer, during which servicing issues related to the Mortgage Loan are discussed.

(g)          The Controlling Noteholder shall be entitled to avoid its applicable Control Appraisal Period caused by application of an Appraisal Reduction Amount upon satisfaction of the following (which must be completed within thirty (30) days of the Special Servicer’s receipt of a third party Appraisal that indicates such Control Appraisal Period has occurred (which such Appraisal the Special Servicer will be required to deliver to the Controlling Noteholder within two Business Days of receipt by the Special Servicer of such third party Appraisal) together with the Special Servicer’s calculation of the Appraisal Reduction Amount applicable to the Note B: (i) such Controlling Noteholder shall have delivered as a supplement to the appraised value of the Mortgaged Property, in the amount specified in clause (ii) below, to the Servicer, together with documentation acceptable to the Servicer in accordance with the Servicing Standard to create and perfect a first priority security interest in favor of the Servicer on behalf of the Note A-1 Holder and the Note A-2 Holder in such collateral (a) cash collateral for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby letter of credit with the Note A-1 Holder and Note A-2 Holder as the beneficiary, issued by a bank or other financial institutions the long term unsecured debt obligations of which are rated at least “AA” by S&P, “A” by Fitch and “Aa2” by Moody’s or the short term obligations of which are rated at least “A-1+” by S&P, “F-1” by Fitch and “P-1” by Moody’s (either (a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property as determined pursuant to the Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements of this paragraph are satisfied by the Controlling Noteholder (a “Threshold Event Cure”), no Control Appraisal Period caused by application of an Appraisal Reduction Amount shall be deemed to have occurred. If a letter of credit is furnished as Threshold Event Collateral, the applicable Controlling Noteholder shall be required to renew such letter of credit not later than thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit or other Threshold Event Collateral with an expiration date that is greater than forty-five (45) days from the date of substitution; provided, however, that, if a letter of credit is not renewed prior to thirty (30) days prior to the expiration date of such letter of credit, the letter of credit shall provide that the Servicer may (and at the direction of the applicable Controlling Noteholder, shall) draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter of credit is furnished as Threshold Event

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Collateral, the applicable Controlling Noteholder shall be required to replace such letter of credit with other Threshold Event Collateral within thirty (30) days if the credit ratings of the issuing entity are downgraded below the required ratings; provided, however, that, if such Threshold Event Collateral is not so replaced, the Servicer shall draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. The Threshold Event Cure shall continue until (i) the appraised value of the Mortgaged Property plus the value of the Threshold Event Collateral would not be sufficient to prevent a Control Appraisal Period 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 Period without taking into consideration any, or some portion of, Threshold Event Collateral previously delivered by the Controlling Noteholder, any or such portion of Threshold Event Collateral held by the Servicer shall promptly be returned to such Controlling Noteholder (at its sole expense). Upon a Final Recovery Determination with respect to the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse each Noteholder for any realized loss pursuant to Section 3 or 4, as applicable, with respect to the Mortgage Loan after application of the net proceeds of liquidation, not in excess of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal Balance, as the case may be, plus accrued and unpaid interest thereon at the applicable interest rate and all other Additional Servicing Expenses reimbursable under this Agreement and under the Servicing Agreement. Any Threshold Event Collateral shall be treated as an “outside reserve fund” for purposes of the REMIC Provisions and such property (and the right to reimbursement of any amounts with respect thereto from a REMIC) shall be beneficially owned by the posting Noteholder who shall be taxed on all income with respect thereto. The entire amount of Threshold Event Collateral, without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to avoid a Control Appraisal Period.

(h)          The Servicer or Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant to, the terms of the Securitization Servicing Agreement. In the event that the Note B-1 Holder is determined at any time of determination to no longer be the Controlling Noteholder as a result of an Appraisal Reduction Amount, the Note B-1 Holder or the Operating Advisor shall have the right, at their sole expense, to require the Special Servicer to order a second Appraisal with respect to the Mortgage Loan, provided that the request for such second Appraisal shall be on the same terms, timing and requirements for a second Appraisal requested by an Appraised-Out Class as set forth in the Securitization Servicing Agreement. Upon receipt of such second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether any recalculation of the Appraisal Reduction Amount is warranted, and if so warranted, shall recalculate the Appraisal Reduction Amount based on such second Appraisal. If as a result of such recalculation, a Control Appraisal Period is no longer deemed to exist, the Note B Holder shall be restored as the Controlling Noteholder as set forth herein.

Section 6.          Appointment of Junior Operating Advisor.

(a)          The Controlling Noteholder shall have the right at any time to appoint a Junior Operating Advisor to exercise its rights hereunder (the “Junior Operating Advisor”). The Controlling Noteholder shall have the right in its sole discretion at any time and from time to time to remove and replace the Junior Operating Advisor. When exercising its various rights

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under Section 5 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through the Junior Operating Advisor. The Junior Operating Advisor may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower), including, without limitation, the Controlling Noteholder, any officer or employee of the Controlling Noteholder, any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Junior Operating Advisor shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All actions that are permitted to be taken by the Controlling Noteholder under this Agreement may be taken by the Junior Operating Advisor acting on behalf of the Controlling Noteholder and the Lead Securitization Noteholder (and any Servicer) will accept such actions of the Junior Operating Advisor as actions of the Controlling Noteholder. Lead Securitization Noteholder (or any Servicer on its behalf) shall not be required to recognize any Person as an Junior Operating Advisor until the Controlling Noteholder has notified the Lead Securitization Noteholder (and any Servicer) of such appointment and, if the Junior Operating Advisor is not the same Person as the Controlling Noteholder, the Junior Operating Advisor provides the Lead Securitization Noteholder (and any Servicer) with written confirmation of its acceptance of such appointment, an address, any fax number and any email address for the delivery of notices and other correspondence and a list of officers or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses, telephone numbers, any fax numbers and any email addresses). Lead Securitization Noteholder shall promptly deliver such information to any Servicer.

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

(c)          If the Lead Securitization Noteholder is the Controlling Noteholder, the Note B Holder acknowledges and agrees all of the aforementioned rights and obligations of the Controlling Noteholder and the Junior Operating Advisor set forth in Section 5(f) and 5(g) and

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this Section 6 shall be exercisable by the Lead Securitization Noteholder (or the applicable Person specified in the Servicing Agreement) to the extent set forth in the Servicing Agreement.

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

Section 8.          Payment Procedure.

(a)          The Lead Securitization Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4, as applicable, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes to the Collection Account or Whole Loan Custodial Account for the Notes established pursuant to the Servicing Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf) shall establish a segregated sub-account for amounts due to the each Noteholder. The Lead Securitization Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account within one (1) Business Day of receipt of properly identified and available funds by the Lead Securitization Noteholder (or the Master acting on its behalf) from or on behalf of the Mortgage Loan Borrower (provided, that to the extent that any payment is received after 2:00 p.m. (Eastern time) on any given Business Day, the Servicer is required to use commercially reasonable efforts to deposit such payment into the applicable account within one (1) Business Day of receipt of properly identified and available funds, but, in any event, the Servicer is required to deposit such payments into the applicable account within two (2) Business Days of receipt of properly identified and available funds).

(b)          If the Lead Securitization Noteholder (or the Servicer on its behalf) determines, or a court of competent jurisdiction orders, at any time that any amount received or

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collected in respect of a Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Mortgage Loan Borrower or paid to such Noteholder or any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, a Lead Securitization Noteholder (or the Servicer on its behalf) shall not be required to distribute any portion thereof to such Noteholder and such Noteholder will promptly on demand by the Lead Securitization Noteholder (or the Servicer on its behalf) repay to the Lead Securitization Noteholder (or the Servicer on its behalf) any portion thereof that the Lead Securitization Noteholder (or the Servicer on its behalf) shall have theretofore distributed to such Noteholder, together with interest thereon at such rate, if any, as the Lead Securitization Noteholder shall have been required to pay to any Mortgage Loan Borrower, the Note A-1 Holder, Master Servicer, Special Servicer or such other Person with respect thereto.

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

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

Section 9.          Limitation on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf) shall have any liability to any other Noteholder except with respect to losses actually suffered due to the negligence, willful misconduct or breach of this Agreement on the part of such Noteholder.

The Note B Holder acknowledges that, subject to the terms and conditions hereof and the obligation of the Lead Securitization Noteholder (including any Servicer) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Noteholder (including any Servicer) may exercise, or omit to exercise, any rights that the Lead Securitization Noteholder may have under this Agreement the Servicing Agreement in a manner that may be adverse to the interests of the Note B Holder and that the Lead Securitization Noteholder (including any Servicer) shall have no liability whatsoever to the Note B Holder in

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connection with the Lead Securitization Noteholder’s exercise of rights or any omission by the Lead Securitization Noteholder to exercise such rights other than as described above; provided, however, that the Servicer must act in accordance with the Servicing Standard, and (b) the Lead Securitization Holder shall not be protected against any liability to the Note B Holder and the Note A-2 Holder that would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence.

The Note B Holder acknowledges that, subject to the terms and conditions hereof and the obligation of the Note A-2 Holder (including any Non-Lead Servicer) to comply with, and except as otherwise required by, the Servicing Standard (as if such standard was applicable to the Note A-2 Holder as a “servicer” thereunder), the Note A-2 Holder (including any Non-Lead Servicer) may exercise, or omit to exercise, any rights that the Note A-2 Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of the Note B Holder and that the Note A-2 Holder (including any Non-Lead Servicer) shall have no liability whatsoever to the Note B Holder in connection with the Note A-2 Holder’s exercise of rights or any omission by the Note A-2 Holder to exercise such rights other than as described above; provided, however, that (a) the Non-Lead Servicer must act in accordance with the servicing standard under the Non-Lead Securitization Servicing Agreement, and (b) the Note A-2 Holder shall not be protected against any liability to the Note B Holder and the Note A-1 Holder that would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence.

The Note A-1 Holder and the Note A-2 Holder acknowledge that, subject to the terms and conditions hereof, the Note B Holder may exercise, or omit to exercise, any rights that such Note B Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of the Note A-1 Holder or the Note A-2 Holder and that the Note B Holder shall have no liability whatsoever to the Note A-1 Holder and the Note A-2 Holder in connection with such Note B Holder’s exercise of rights or any omission by such Note B Holder to exercise such rights; provided, however, that the Note B Holder shall not be protected against any liability to the Note A-1 Holder and the Note A-2 Holder that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence.

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

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purpose of exercising any and all rights and taking any and all actions available to each of the Note A-2 Holder and the Note B Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. The Noteholders, hereby agree that, upon the request of the Lead Securitization Noteholder but subject to the provisions of Section 5(f), such Noteholder shall execute, acknowledge and deliver to the Lead Securitization Noteholder all and every such further deeds, conveyances and instruments as the Lead Securitization Noteholder may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

Section 11.          Cure Rights of Controlling Noteholder.

(a)          Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any monetary payment on the Mortgage Loan by the end of any grace period (the “Grace Period”), if applicable, for such payment permitted under the applicable Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder shall provide written notice to the Controlling Noteholder and the Junior Operating Advisor of such default (the “Monetary Default Notice”). If the Controlling Noteholder or the Junior Operating Advisor have not cured such Monetary Default within three (3) Business Days after receiving the related Monetary Default Notice, the Lead Securitization Noteholder shall deliver an additional copy of the Monetary Default Notice that contains a statement in boldface font that this is a second notice and that the Controlling Noteholder’s or the Junior Operating Advisor’s failure to cure such Monetary Default within five (5) Business Days after receiving such second notice will result in the termination of the right to cure such Monetary Default. The Controlling Noteholder shall have the right, but not the obligation, to cure such Monetary Default until the period ending five (5) Business Days after receiving the second Monetary Default Notice (the “Cure Period”) and at no other times. At the time a payment is made to cure a Monetary Default, the Controlling Noteholder shall pay or reimburse the Lead Securitization Noteholder for all unreimbursed Advances (whether or not recoverable with respect to Note A-1 and Note A-2, including principal and interest advances made with respect to Note A-2 under the Non-Lead Securitization Servicing Agreement), Advance Interest Amounts, any unpaid fees to any Servicer specifically provided for in the Securitization Servicing Agreement and any Additional Servicing Expenses. At any time the Controlling Noteholder or the Junior Operating Advisor believe that a Monetary Default has occurred, the Controlling Noteholder and the Junior Operating Advisor shall have the right (i) to send a written notice to the Servicer requesting written confirmation as to whether a Monetary Default has occurred and is continuing and, if the Servicer provides any such written confirmation indicating that a Monetary Default has occurred and is continuing, the Controlling Noteholder or the Junior Operating Advisor may proceed with exercising its cure rights as set forth herein, and (ii) pending its receipt of any written confirmation described in the foregoing clause (i), to tender a cure payment to the Servicer in the amount it reasonably believes necessary to cure such potential Monetary Default, which cure payment shall either be (A) in the event a Monetary Default has occurred, retained and applied to the cure of such Monetary Default in accordance with the terms hereof, or (B) in the event that no Monetary Default has

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occurred, returned by the Servicer to the Controlling Noteholder or the Junior Operating Advisor, as applicable. If the amount of a cure payment tendered by the Controlling Noteholder or the Junior Operating Advisor in accordance with this Section 11(a) is less than the amount necessary to effect a cure of a Monetary Default, such payment shall not effect a cure, but the Controlling Noteholder or the Junior Operating Advisor may effect a cure if it pays any deficiency within the applicable Cure Period in accordance with this Section 11(a). If the amount of a cure payment tendered by the Controlling Noteholder or the Junior Operating Advisor exceeds the amount necessary to effect a cure, the Lead Securitization Noteholder shall return such excess to the Controlling Noteholder or the Junior Operating Advisor, as applicable. The Controlling Noteholder (or Junior Operating Advisor, as applicable) shall not be required, in order to effect a cure hereunder, to pay any default interest or late charges under the Mortgage Loan Documents. So long as a Monetary Default exists for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default by the Lead Securitization Noteholder or the Non-Lead Securitization Noteholder (including for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent the Lead Securitization Noteholder from collecting Default Interest or late charges from the Mortgage Loan Borrower. Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3 or Section 4, as applicable.

(b)          Notwithstanding anything to the contrary contained in Section 11(a), the Note B Holder shall be limited to a combined total of six (6) cures of Monetary Defaults, no more than three (3) of which may be consecutive, or Non-Monetary Defaults over the term of the Mortgage Loan. Additional Cure Periods shall only be permitted with the consent of the Lead Securitization Noteholder.

(c)          No action taken by the Note B Holder in accordance with this Agreement to cure any Event of Default shall excuse performance by the Mortgage Loan Borrower of its obligations under the Mortgage Loan Documents and the Note A-1 Holder’s and the Note A-2 Holder’s rights under the Mortgage Loan Documents shall not be waived or prejudiced by virtue of the Note B Holder’s actions under this Agreement. Subject to the terms of this Agreement, the Note B Holder shall be subrogated to the Note A-1 Holder’s and the Note A-2 Holder’s rights to any payment owing to the Note A-1 Holder and the Note A-2 Holder for which the Note B Holder makes a cure payment as permitted under this Section 11 but such subrogation rights may not be exercised against the Mortgage Loan Borrower until ninety-one (91) days after the Note is paid in full.

(d)          If an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary Default”), the Lead Securitization Noteholder shall provide notice of such Non-Monetary Default to the Controlling Noteholder and the Junior Operating Advisor of such Non-Monetary Default (the “Non-Monetary Default Notice”) and the Controlling Noteholder shall have the right, but not the obligation, to cure such Non-Monetary Default until the later of (a) the same period of time as

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the Mortgage Loan Borrower under the Mortgage Loan Documents, without regard for the date of receipt by the Controlling Noteholder of the Non-Monetary Default Notice, and (b) at least thirty (30) days from the date of such Non-Monetary Default, to cure such Non-Monetary Default; provided, however, if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured within such period and if curative action was promptly commenced and is being diligently pursued by the Controlling Noteholder, the Controlling Noteholder shall be given an additional period of time as is reasonably necessary to enable the Controlling Noteholder in the exercise of due diligence to cure such Non-Monetary Default for so long as (i) the Controlling Noteholder diligently and expeditiously proceeds to cure such Non-Monetary Default, (ii) the Controlling Noteholder makes all cure payments that it is permitted to make in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional period of time does not exceed sixty (60) days, (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during such period of time that the Controlling Noteholder has to cure a Non-Monetary Default in accordance with this Section 11(d) (the “Non-Monetary Default Cure Period”), an Insolvency Proceeding does not occur and (v) during such Non-Monetary Default Cure Period, there is no material adverse effect on the Mortgage Loan Borrower or the Mortgaged Property or the value of the Mortgage Loan as a result of such Non-Monetary Default or the attempted cure. The Non-Monetary Default Notice shall contain a statement in boldface font that the Controlling Noteholder’s or the Junior Operating Advisor’s failure to cure such Non-Monetary Default within the applicable Non-Monetary Default Cure Period after receiving such notice will result in the termination of the right to cure such Non-Monetary Default. The Controlling Noteholder shall not contact the Mortgage Loan Borrower in order to effect any cures under Sections 11(a) or this 11(d) without the prior written consent of the Lead Securitization Noteholder.

Section 12.          Purchase of Note A-1 and Note A-2 By Note B Holder. The Note B Holder shall have the right, by written notice to the Note A-1 Holder and the Note A-2 Holder (a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the Mortgage Loan has occurred and is continuing, to purchase, in immediately available funds, Note A-1 and Note A-2 in whole but not in part at the applicable Defaulted Mortgage Loan Purchase Price. For avoidance of doubt, if the Note B Holder elects to exercise its right to purchase a Note pursuant to this Section 12, it must purchase both Note A-1 and Note A-2. Upon the delivery of the Noteholder Purchase Notice to the Note A-1 and Note A-2 Holder, the Note A-1 Holder and Note A-2 Holder shall sell (and the Note B Holder shall purchase) Note A-1 and Note A-2 (including, without limitation, any Notes therein) at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”) not more than forty-five (45) days after the date of the Noteholder Purchase Notice, as shall be mutually established by the Note A-1 Holder and the Note B Holder. The Noteholder Purchase Notice shall contain a statement in boldface font that the Note B Holder’s failure to purchase the Note A-1 and Note A-2 on a Defaulted Note Purchase Date will result in the termination of such right. The Note B Holder agrees that the sale of Note A-1 and Note A-2 shall comply with all requirements of the Servicing Agreement and that all costs and expenses related thereto shall be paid by the Note B Holder. The Defaulted Mortgage Loan Purchase Price shall be calculated by the Lead Securitization Noteholder (or the Servicer on its behalf) five (5) Business Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included in the Defaulted Mortgage Loan Purchase Price), and shall, absent manifest error, be binding upon the Note B Holder. Concurrently with the payment to the Note A-1

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Holder and the Note A-2 Holder in immediately available funds of its respective portion of the applicable Defaulted Mortgage Loan Purchase Price, the Note A-1 Holder and the Note A-2 Holder will execute at the sole cost and expense of the Note B Holder in favor of the Note B Holder assignment documentation which will assign Note A-1 and Note A-2, as applicable, and the Mortgage Loan Documents without recourse, representations or warranties (except the Note A-1 Holder and the Note A-2 Holder, as applicable, will represent and warrant that it had good and marketable title to, was the sole owner and holder of, and had power and authority to deliver the Mortgage Loan or Note, as applicable, free and clear of all liens and encumbrances (other than the interest created by Note B)). The right of the Note B Holder to purchase Note A-1 and Note A-2 shall automatically terminate upon a foreclosure sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Lead Securitization Noteholder shall give the Note B Holder ten (10) days’ prior written notice of its intent with respect to such action). Notwithstanding the foregoing sentence, if title to the Mortgaged Property is transferred to the Lead Securitization Noteholder (or a designee on its behalf), in a manner commonly known as “the borrower turning over the keys” and not otherwise in connection with a consummation by the Lead Securitization Noteholder of a foreclosure sale or sale by power of sale or acceptance of a deed in lieu of foreclosure, less than ten (10) days after the acceleration of the Mortgage Loan, the Lead Securitization Noteholder shall notify the Note B Holder of such transfer and the Note B Holder shall have a fifteen (15) day period from the date of such notice from the Lead Securitization Noteholder to deliver the Noteholder Purchase Notice to the Note A-1 Holder and the Note A-2 Holder, in which case the Note B Holder will be obligated to purchase the Mortgaged Property, in immediately available funds, within such fifteen (15) day period at the applicable Defaulted Mortgage Loan Purchase Price.

Section
13.          Representations
of Note B Holder. The Note B Holder represents, and it is specifically understood and agreed, that it is acquiring its
Note B for its own account in the ordinary course of its business and the Note A-1 Holder and Note A-2 Holder shall otherwise
have no liability or responsibility to the Note B Holder except as expressly provided herein or for actions that are taken or
omitted to be taken by the Note A-1 Holder or Note A-2 Holder that constitute gross negligence or willful misconduct or that
constitute a breach of this Agreement. The Note B 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 its charter or any law or contractual restriction binding upon the Note B Holder, and that this Agreement is the
legal, valid and binding obligation of the Note B Holder enforceable against the Note B 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. The Note B Holder represents and
warrants that it is duly organized, validly existing, in good standing and possesses of all licenses and authorizations
necessary to carry on its business. The Note B Holder represents and warrants that (a) this Agreement has been duly executed
and delivered by the Note B Holder, (b) to the Note B 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 the Note B Holder have been obtained or made and (c) to the Note B
Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or

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

The Note B Holder acknowledges that the Note A-1 Holder and Note A-2 Holder do not owe the Note B Holder any fiduciary duty with respect to any action taken under the Mortgage Loan Documents and, except as provided herein, need not consult with the Note B Holder with respect to any action taken by the Note A-1 Holder and Note A-2 Holder in connection with the Mortgage Loan.

The Note B Holder expressly and irrevocably waives for itself and any Person claiming through or under the Note B 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 which purports to give a junior loan Noteholder the right to initiate any loan enforcement or foreclosure proceedings.

Section
14.          Representations
of the Note A-1 Holder and Note A-2 Holder. Each of the Note A-1 Holder and Note A-2 Holder represents and warrants that the
execution, delivery and performance of this Agreement is within its respective corporate powers, has been duly authorized by all
necessary corporate action, and does not contravene the Note A-1 Holder’s or Note A-2 Holder’s charter or any law
or contractual restriction binding upon the Note A-1 Holder and Note A-2 Holder, and that this Agreement is the legal, valid and
binding obligation of each of the Note A-1 Holder and Note A-2 Holder enforceable against it in accordance with its terms. Each
of the Note A-1 Holder and Note A-2 Holder represents and warrants that it is duly organized, validly existing, in good standing
and possession of all licenses and authorizations necessary to carry on its respective business. Each of the Note A-1 Holder and
Note A-2 Holder represents and warrants that (a) this Agreement has been duly executed and delivered by each of the Note A-1 Holder
and Note A-2 Holder, (b) to each of the Note A-1 Holder’s and Note A-2 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 each of the Note A-1 Holder and Note A-2 Holder have been obtained or made and (c)
to each of the Note A-1 Holder’s and Note A-2 Holder’s actual knowledge, there is no pending action, suit or proceeding,
arbitration or governmental investigation against the Note A-1 Holder or the Note A-2 Holder, an adverse outcome of which would
materially and adversely affect its performance under this Agreement.

Section
15. Independent Analysis of the Noteholders. The Note B Holder acknowledges that it has,
independently and without reliance upon the Note A-1 Holder or Note A-2 Holder, except with respect to the representations and
warranties provided by the Note A-1 Holder and Note A-2 Holder herein, and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to purchase the Note B and the Note B Holder accepts responsibility therefor.
The Note B Holder hereby acknowledges that, other than the representations and warranties provided herein, the Note A-1 Holder
and Note A-2 Holder have made no representations or warranties with respect to the Mortgage Loan, subject to such representations
and warranties as provided by the Note A-1 Holder and Note A-2 Holder herein, and that the Note A-1 Holder and Note A-2 Holder
shall have no responsibility for (i) the collectibility 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

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be furnished to the Note A-1 Holder or Note A-2 Holder 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 Noteholder assumes all risk of loss in connection with its Note except as specifically set forth herein.

Each of the Note A-1 Holder and the Note A-2 Holder acknowledges that it has, independently and without reliance upon the Note B Holder, except with respect to the representations and warranties provided by the Note B Holder herein, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to originate the Note A-1 or Note A-2, as applicable, and the Note A-1 Holder and the Note A-2 Holder, as applicable, accepts responsibility therefor. Each of the Note A-1 Holder and the Note A-2 Holder hereby acknowledges that, other than the representations and warranties provided herein, the Note B Holder have made no representations or warranties with respect to the Mortgage Loan, subject to such representations and warranties as provided by the Note B Holder herein, and that the Note B Holder shall have no responsibility for (i) the collectibility 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 to the Note A-1 Holder or Note A-2 Holder 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 of the Note A-1 Holder and the Note A-2 Holder assumes all risk of loss in connection with its Note except as specifically set forth herein.

Section 16.          No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant hereto shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association, joint venture or other entity. The Note A-1 Holder and the Note A-2 Holder shall have no obligation whatsoever to offer to the Note B Holder the opportunity to purchase a Note interest in any future loans originated by the Note A-1 Holder or the Note A-2 Holder or their Affiliates and if the Note A-1 Holder or Note A-2 Holder chooses to offer to any Note B Holder the opportunity to purchase a Note interest in any future mortgage loans originated by the Note A-1 Holder or the Note A-2 Holder or their Affiliates, such offer shall be at such purchase price and interest rate as the Note A-1 Holder or Note A-2 Holder chooses, in its sole and absolute discretion. The Note B Holder shall not have any obligation whatsoever to purchase from the Note A-1 Holder or Note A-2 Holder a Note interest in any future loans originated by the Note A-1 Holder or Note A-2 Holder or their Affiliates, and if the Note B Holder chooses to offer to Note A-1 Holder or Note A-2 Holder the opportunity to purchase a Note interest in any future mortgage loans originated by the Note B Holder or their Affiliates, such offer shall be at such purchase price and interest rate as the Note B Holder chooses, in its sole and absolute discretion.

Section 17.          Not a Security. The Note B shall not be deemed to be a security within the meaning of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Section 18.          Other Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates may make loans or otherwise extend

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

Section 19.          Sale of the Notes.

(a)          The Note B Holder agrees that it will not Transfer all or any portion of the Note B except that the Note B Holder shall have the right to Transfer its respective Note, or any portion thereof, (i) to a Qualified Institutional Lender, provided, that promptly after the Transfer the Note A-1 Holder and Note A-2 Holder are provided with (x) a representation from the transferee or such Note B Holder certifying that such transferee is a Qualified Institutional Lender, (y) a copy of the assignment and assumption agreement referred to in Section 20 and (z) such transfer would not cause the Note B to be held by more than five persons nor cause there to be no one person owning a majority of the Note B and (ii) to an entity that is not a Qualified Institutional Lender; provided that with respect to the foregoing subclause (ii), the Note B Holder obtains (1) prior to a Securitization, the consent of the Lead Securitization Noteholder and (2) after a Securitization, Rating Agency Confirmation (and for avoidance of doubt, no consent of the Lead Securitization Noteholder shall be required after a Securitization); provided that in each of case (1) and (2), (x) promptly after the Transfer the Lead Securitization Noteholder is provided with a copy of the assignment and assumption agreement referred to in Section 20 and (y) such transfer would not cause the Note B to be held by more than five persons nor cause there to be no one person owning a majority of the Note B. If the Note B is held by more than one Note B Holder at any time, the holders of a majority of the Note B Principal Balance shall immediately appoint a representative to exercise all rights of the Note B hereunder. Notwithstanding the foregoing, without the Note A-1 Holder’s and Note A-2 Holder’s prior consent, which may be withheld in the Note A-1 Holder’s and Note A-2 Holder’s sole discretion, the Note B Holder shall not Transfer all or any portion of the Note B to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Notwithstanding anything herein to the contrary, the Note B Holder has the right to transfer Note B to any trust account established by an Apollo Holder in connection with any reinsurance transaction entered into between such Apollo Holder and the beneficiary of such trust account or to the beneficiary of any such trust account (pursuant to Section 19(g)). The Note B Holder agrees it will pay the out-of-pocket expenses of the Lead Securitization Noteholder (including all out-of-pocket expenses of the Master Servicer and the Special Servicer) in connection with any such Transfer.

(b)          Notwithstanding the foregoing, the Note B Holder shall have the right, without the need to obtain the consent of the Note A-1 Holder or the Note A-2 Holder or any other Person, to Transfer 49% or less (in the aggregate) of its interest in the Note B to a Person; provided that any such Transfer shall be made in accordance with the terms of this Section 19; provided, further that the Note B Holder shall not Transfer all or any portion of Note B to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party without the consent of the

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Note A-1 Holder and the Note A-2 Holder and any such Transfer shall be void ab initio, absolutely null and void and shall vest no rights in the purported transferee. All Transfers under Section 19(a) and (b) shall be made upon written notice to the Note A-1 Holder and the Note A-2 Holder not later than the date of such Transfer, and each transferee shall (i) other than as described in Section 19(c), 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 Note B Holder hereunder with respect to the Note B from and after the date of such assignment (or, in the case, of a pledge, collateral assignment or other encumbrance made in accordance with Section 19(e) by the Note B Holder of the Note B solely as security for a loan to the Note B Holder made by a third-party lender whereby the Note B Holder remains fully liable under this Agreement, on or before the date on which such third-party lender succeeds to the rights of the Note B Holder by foreclosure or otherwise, 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 Note B Holder hereunder) and (ii) agree in writing to be bound by the Servicing Agreement, unless the Servicing Agreement is not then in effect with respect to the Mortgage Loan, in which event the parties will enter into or agree to be bound by any replacement servicing agreement therefor in accordance with the provisions hereof. Upon the consummation of a Transfer of all or any portion of the Note B or interest therein in accordance with this Agreement, the transferring Person shall be released from all liability arising under this Agreement with respect to the Note B (or the portion thereof or interest therein that was the subject of such Transfer), for the period accruing after the effective date of such Transfer (it being understood and agreed that the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest in the Note B as described in clause (c) below). In connection with any such permitted transfer of a portion of the Note B and for all purposes of this Agreement, the Note A-1 Holder and Note A-2 Holder need only recognize the majority holder of the Note B for purposes of notices, consents and other communications between the Note A-1 Holder and Note A-2 Holder and such majority holder of the Note B shall be the only Person authorized hereunder to exercise any rights of the Note B Holder under this Agreement; provided, however, the majority holder of the Note B may from time to time designate any other Person as an additional party entitled to receive notices, consents and other communications and/or to exercise rights on behalf of the Note B Holder hereunder by delivering written notice thereof to the Note A-1 Holder and Note A-2 Holder, and, from and after delivery of such notice, such designee shall be so authorized hereunder and shall be the only party entitled to receive such notices, consents and such other communications and/or to exercise such rights. Notwithstanding anything to the contrary contained herein, each Person holding an interest in the Note B shall be deemed to be a Note B Holder for purposes of the rights and restrictions contained in Section 19(a) and this Section 19(b), and shall be subject to the rights and restrictions thereof with respect to such Person’s interest in the Note B.

(c)          In the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance of such obligations, (iii) the other Noteholder and any Persons acting on its behalf shall continue to deal solely and directly with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement and the Servicing Agreement, and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold or effectuated a Transfer of such participation interest; provided, however, that if the applicable participant is a Qualified

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Institutional Lender (and delivers to the other Noteholder a certification from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder, by written notice to the other Noteholder, may delegate to such participant such Noteholder’s right to exercise the rights of the Controlling Noteholder hereunder and under the Servicing Agreement; provided, further, however, that upon the occurrence of a Control Appraisal Period with respect to the Note B, the aforesaid delegation of rights shall terminate and be of no further force and effect.

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

(e)          Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder and that is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any Person which Controls such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without (a) prior to Securitization, the consent of each other Noteholder and (b) after Securitization, Rating Agency Confirmation. Upon written notice by the applicable Noteholder to the other Noteholders and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), each

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of the other Noteholders agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Noteholder in respect of its obligations under this Agreement of which default such Noteholder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Noteholder in respect of its obligations to the other Noteholder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Noteholder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder has the right (but not the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice (a “Redirection Notice”) to the other Noteholders and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases the other Noteholders and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement. In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Noteholder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging Noteholder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 19(e) shall remain effective as to any Noteholder (and any Servicer) unless and until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

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

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

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

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

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

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

(g)          Notwithstanding anything to the contrary herein, an Apollo Holder shall be permitted to Transfer all or any portion of Note B to any trust account established by such Apollo Holder in connection with any reinsurance transaction entered into between such Apollo Holder and the beneficiary of such trust account or to the beneficiary of any such trust account, in each case, without the consent of Senior Noteholder or any other Noteholder, and in each case, the provisions of this Section 19 shall not apply to any such Transfer.

Section 20.          Registration of Transfer. In connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge and any Transfer of a participation interest described in Section 19(c)), a transferee shall (unless this Agreement is amended and restated and the transferee executes an amended and restated agreement) execute an assignment and assumption agreement whereby such transferee assumes all of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including the restriction on Transfers set forth in Section 19, from and after the date of such assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to execute an assignment and assumption agreement in connection with any Transfer of a Note if the obligations are assumed pursuant to the Securitization Servicing Agreement. 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 19 and this Section 20. Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and any other Noteholder against any liability that may result if the transfer is not made in accordance

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with the provisions of this Agreement. Upon a Securitization of the Lead Securitization Note, the Certificate Administrator shall automatically become and be the Agent.

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

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

Section 23.          No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by the Noteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the Note B Holder shall not have any interest in any property taken as security for any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the 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.

Section 24.          Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

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

(a)          SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION

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AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

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

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

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

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

Section 27.          Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Except as provided herein, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder may assign or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits of the applicable Noteholder hereunder, including, without limitation, the right to make further assignments and grant additional Notes.

Section 28.          Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document

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

Section 29.          Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement.

Section 30.          Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

Section 31.          Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

Section 32.          Withholding Taxes.

(a)          If the Note A-1 Holder, the Note A-2 Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to the Note B Holder with respect to the Mortgage Loan as a result of the Note B Holder constituting a Non-Exempt Person, the Note A-1 Holder, in its capacity as servicer, shall be entitled to do so with respect to the Note B Holder’s interest in such payment (all withheld amounts being deemed paid to the Note B Holder), provided that the Lead Securitization Noteholder shall furnish such Note B 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 B Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which the Note B Holder is subject to tax.

(b)          The Note B Holder shall and hereby agrees to indemnify the Lead Securitization Noteholder against and hold the Lead Securitization Noteholder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization Noteholder (or the Servicer on its behalf) to withhold Taxes from payment made to such Note B Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Note B Holder to the Lead Securitization Noteholder in connection with the obligation of the Lead Securitization Noteholder to withhold Taxes from payments made to the Note B Holder, it being expressly understood and agreed that (i) the Lead Securitization Noteholder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such Note B Holder shall, upon request of the Lead Securitization Noteholder and at its sole cost and expense, defend any claim or action

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relating to the foregoing indemnification using counsel selected by the Lead Securitization Noteholder.

(c)          The Note B Holder represents to the Note A-1 Holder and the Note A-2 Holder (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Noteholder 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, such Note B Holder shall deliver to the Lead Securitization Noteholder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Noteholder substantiating that such Note B Holder is not a Non-Exempt Person and that the Lead Securitization Noteholder 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 the Note B 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 Noteholder an Internal Revenue Service Form W-9 and (ii) if the Note B 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, the Note B Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Noteholder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by the Note B Holder, as evidence of the Note B Holder’s exemption from the withholding of United States tax with respect thereto. The Lead Securitization Noteholder shall not be obligated to make any payment hereunder to any Note B Holder in respect of its Note B or otherwise until such Note B Holder shall have furnished to the Lead Securitization Noteholder requested forms, certificates, statements or documents.

Section 33.          Custody of Mortgage Loan Documents. Prior to the Securitization Date, the originals of all of the Mortgage Loan Documents (including Note A-2 and Note B, until such time that Note B is transferred to a party unaffiliated with the Initial Agent) will be held by the Initial Agent (or an agent of the Initial Agent) on behalf of the registered holders of the Notes. After the Securitization, the originals of all of the Mortgage Loan Documents (other than Note A-2 and Note B) will be transferred to the Lead Securitization Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder).

Section 34.          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 a party has provided a facsimile number, (iii) reputable overnight delivery service (charges prepaid), (iv) sent by electronic mail containing language requesting the recipient to confirm receipt thereof if a party has provided an electronic mail address 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.

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

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

Section 36.          Certain Matters Affecting the Agent.

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

(b)          The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any assignment and assumption agreement delivered to the Agent pursuant to Section 20;

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

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

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

(f)          The Agent shall not be bound to make any investigation into the facts or matters stated in any assignment and assumption agreement delivered to the Agent pursuant to Section 20; and

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

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

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The Agent may resign at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. Rialto Mortgage Finance, LLC, as Initial Agent, may transfer its rights and obligations to the Servicer, as successor Agent, at any time without the consent of any Noteholder. Rialto Mortgage Finance, LLC, as Initial Agent, shall promptly and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. The termination or resignation of such Servicer, as Servicer under the Servicing Agreement, shall be deemed a termination or resignation of such Servicer as Agent under this Agreement. Notwithstanding the to the contrary in this Agreement, upon a Securitization of the Lead Securitization Note, the Certificate Administrator shall automatically become and be the Agent.

Section 38.          Resizing. The Note B Holder agrees that if, in connection with a Securitization, the Note A-1 Holder or Note A-2 Holder determines that it is advantageous to resize Note A-1 or Note A-2 (but not Note B) by causing the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in either case, “New Notes”) reallocating the principal of such Note A-1 or Note A-2 to such New Notes, the Note B Holder shall cooperate with Note A-1 Holder and Note A-2 Holder, as applicable, to effect such resizing at such Note A-1 Holder’s or Note A-2 Holder’s expense, as applicable; provided that (i) the aggregate principal balance of all outstanding New Notes following the creation thereof is no greater than the principal balance of such Note immediately prior to the creation of the New Notes, (ii) the weighted average interest rate of all outstanding New Notes following the creation thereof is the same as the interest rate of the related Note immediately prior to the creation of the New Notes, (iii) no such resizing shall (a) change the interest allocable to, or the amount of any payments due to, the Note B Holder, or priority of such payments, or (b) materially increase the Note B Holder’s obligations or materially decrease the Note B Holder’s rights, remedies or protections, (iv) all New Notes shall pay on a Pro Rata and Pari Passu basis among such New Notes, and all New Notes shall be automatically subject to the terms of this Agreement and shall be a “Note” hereunder, and (v) the Person holding the New Notes shall notify the Note B Holder in writing of the allocations and principal amounts of the New Notes. In connection with the resizing of Note A-1 or Note A-2, the related Noteholder may allocate its rights hereunder among the New Notes in any manner in its sole discretion. Any cap on the Note A-1 Holder’s or Note A-2 Holder’s obligation to pay the Note B Holder’s expenses pursuant to Section 40 of this Agreement shall not apply to the Note B Holder’s expenses in connection with a resizing pursuant to this Section 38 or any Securitization of a resized Note A-1 or Note A-2.

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

Section 40.          Cooperation in Securitization.

(a)          Each Noteholder acknowledges that any Noteholder may elect, in its sole discretion and at its sole cost and expense, 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 Note A-1 Holder or the Note A-2 Holder, the Note B Holder shall use reasonable efforts, at the Note A-1 Holder’s or Note A-2 Holder’s expense, to satisfy, and to cooperate with the Note A-1

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Holder and Note A-2 Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the Note A-1 Holder and Note A-2 Holder customarily adhere 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 Note A-1 Holder and Note A-2 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, the Note B Holder shall not 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, the Note B Holder or (ii) materially increase the Note B Holder’s obligations or materially decrease the Note B Holder’s rights, remedies or protections. In connection with the Securitization, the Note B Holder agrees to provide the identity of the Note B Holder and the Junior Operating Advisor for inclusion in any disclosure document relating to the related Securitization as the Note A-1 Holder and the Note A-2 Holder reasonably determine to be necessary or appropriate. The Note B Holder covenants and agrees that (at the Note A-1 Holder’s or Note A-2 Holder’s expense, as applicable) it shall use reasonable efforts to cooperate with the requests of each Rating Agency and the Note A-1 Holder and Note A-2 Holder in connection with the 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 it and the other Notes in any Securitization document. The Note B Holder acknowledges that the information provided by it to the Note A-1 Holder and Note A-2 Holder may be incorporated into the offering documents for a Securitization. The Note A-1 Holder and Note A-2 Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, the Note B Holder.

(b)          The Note A-1 Holder and Note A-2 Holder may, at its election, deliver to the Note B Holder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and the Securitization Servicing Agreement simultaneously with distributions of any such documents to the general working group of the related Securitization. The Note B Holder may, at its election, review and comment thereon insofar as it relates to the Note B and/or the Note B Holder, and, if the Note B Holder elects to review and comment, the Note B Holder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, three (3) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general working group of the related Securitization for review and comment), and if the Note B Holder fails to respond within such time, the Note B Holder shall be deemed to have elected to not comment thereon; provided that if the Note B Holder elects to review and comment, any such review and comments with respect to the final draft distributed in connection with the preparation of the preliminary and final prospectus for printing shall be made no later than the time requested in the e-mail containing such final draft and if the Note B Holder fails to respond by such time period (or, prior to the expiration of such time period, request additional time from the securitizing Noteholder), the Note B Holder shall be deemed to have elected to not comment thereon. In the event of any disagreement between the Note B Holder with respect to the preliminary and final offering memoranda, prospectus supplement, free writing prospectus or any other disclosure documents the Note A-1 Holder’s and Note A-2 Holder’s determination

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shall control. Note B Holder has no obligation and shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding itself.

(c)          Notwithstanding anything herein to the contrary, the Note A-1 Holder and the Note A-2 Holder acknowledge and agree that (i) the Note B Holder shall not be required to incur any out-of-pocket costs or expenses in connection with a Securitization of Note A-1 or Note A-2 and (ii) the Note B Holder shall not be required to disclose any confidential or proprietary information or any of the beneficial owners of the managed account on behalf of which it is holding the Note B; provided that the Note B Holder acknowledges that the identity of the Note B Holder and the Junior Operating Advisor is not considered confidential or proprietary information.

[SIGNATURE PAGE FOLLOWS]

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

 

	 	RIALTO MORTGAGE FINANCE, LLC,

                                                                                a Delaware limited liability company, as Note A-1 Holder and Initial Agent

	 	 
		By:	/s/
                                         Sorana Georgescu 
	 	 	Name:
                                          Sorana Georgescu 
	 	 	Title:
                                            Authorized Signatory

 

	 	RIALTO MORTGAGE FINANCE, LLC,

                                                                                a Delaware limited liability company,

                                                                                as Note A-2 Holder

	 	 
		By:	/s/
                                         Sorana Georgescu 
	 	 	Name:
                                          Sorana Georgescu 
	 	 	Title:
                                            Authorized Signatory

  

Agreement
Between Noteholders

 

    

     

    

 

	 	ACREFI MORTGAGE LENDING, LLC,

                                                                                a Delaware limited liability company,

                                                                                as Note B Holder

	 	 
		By:	ACREFI Operating, LLC,

                    its managing member

	 	 	 
	 	 	By:	Apollo Commercial Real Estate Finance, Inc.,

                    its managing member 

	 	 	 	 
	 	 	 	By:	/s/
                                         Jai Agarwal
	 	 	 	Name:	Jai
                                         Agarwal
	 	 	 	Title:	CFO

 

Agreement
Between Noteholders

 

    

     

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

A.       Description
of Mortgage Loan:

 

	Mortgage
    Loan:	Loan
    Agreement, dated as of May 9, 2018 between RMF, as senior lender, RMF, as senior lender and ACREFI Mortgage Lending, LLC,
    as junior lender (together with their respective successors and assigns “Lender”), Flats East Building 4 LLC,
    as borrower (and together with permitted successors and assigns, the “Borrower”)
	Date
    of the Mortgage Loan:	May
    9, 2018
	Date
    of Note A-1:	As
    of May 9, 2018
	Date
    of Note A-2:	As
    of May 9, 2018
	Date
    of Note B:	As
    of May 9, 2018
	Principal
    Amount of Mortgage Loan:	$93,000,000.00
	Location
    of Mortgaged Property:	Cleveland,
    Ohio
	Maturity
    Date:	Monthly
    Payment Date in May 2028

 

B.       Description
of Note Interests:

 

	Note
    A-1 Principal Balance:	$59,000,000.00
	Note
    A-2 Principal Balance:	$13,000,000.00
	Note
    B Principal Balance:	$21,000,000.00
	Note
    A-1 Percentage Interest:	63.44%
	Note
    A-2 Percentage Interest:	13.98%
	Note
    B Percentage Interest:	22.58%
	Note
    A-1 Rate:	5.0898%

 

    A-1

     

    

 

	Note
    A-2 Rate:	5.0898%
	Note
    B Rate:	With
    respect to each interest period, the rate set forth on Schedule IX of the Mortgage Loan Agreement relating to each such interest
    period.

 

    A-2

     

    

 

EXHIBIT
B

 

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

Rialto Mortgage Finance, LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Andrew Snow

andrew.snow@rialtocapital.com

 

with
a copy to:

 

Cadwalader,
Wickersham & Taft LLP

One
World Financial Center

New
York, New York 10281

Attention:
Frank Polverino

Facsimile No: (212) 504-6666

frank.polverino@cwt.com

 

Note
B Holder:

 

ACREFI
Mortgage Lending, LLC

9 West 57th Street

New York, New York 10019

Attention: Jai Agarwal

Facsimile: (646) 607-0674

jagarwal@apollolp.com

 

with
a copy to:

 

ACREFI
Mortgage Lending, LLC

9 West 57th Street

New York, New York 10019

Attention: Scott Weiner

Facsimile: (646) 607-0674

sweiner@apollolp.com

 

with
a copy to:

 

Dentons
US LLP

1221 Avenue of the Americas

New York, New York 10020

Attention: David Hall

david.hall@dentons.com

 

    B-1

     

    

 

EXHIBIT
C

PERMITTED FUND MANAGERS

 

		1.	Westbrook
                                         Partners

		2.	iStar
                                         Financial Inc.

		3.	Capital
                                         Trust

		4.	Archon
                                         Capital, L.P.

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

		6.	The
                                         Blackstone Group

		7.	Normandy
                                         Real Estate Partners

		8.	Dune
                                         Real Estate Partners

		9.	AllianceBernstein

		10.	Rockwood

		11.	RREEF
                                         Funds

		12.	Hudson
                                         Advisors

		13.	Artemis
                                         Real Estate Partners

		14.	Apollo
                                         Real Estate Advisors

		15.	Colony
                                         Capital, Inc.

		16.	Praedium
                                         Group

		17.	Fortress
                                         Investment Group, LLC

		18.	Lonestar
                                         Opportunity Funds

		19.	Clarion
                                         Partners

		20.	Walton
                                         Street Capital, LLC

		21.	Starwood
                                         Financial Trust

		22.	BlackRock,
                                         Inc.

		23.	Eightfold
                                         Real Estate Capital, L.P.

		24.	KKR
                                         Real Estate Manager Finance LLC

		25.	Rialto
                                         Capital Management, LLC

		26.	Rialto
                                         Capital Advisors, LLC

 

    C-1

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