Document:

Exhibit 4.23

 

EXECUTION VERSION

 

 

AMENDED AND RESTATED CO-LENDER AGREEMENT

Dated as of June 11, 2019

by and among

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-1 Holder)

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-2 Holder)

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-3 Holder)

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-4 Holder)

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-5 Holder)

  

    		  

     

    

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-6 Holder)

and

TCM
CRE REIT LLC,

(Note B Holder)

Vanguard Portfolio

    		  

     

    

TABLE OF CONTENTS

Page

	Section 1.   Definitions; Conflicts.	2
	Section 2.   Servicing.	27
	Section 3.   Payments Prior to a Sequential Pay Event.	29
	Section 4.   Payments Following a Sequential Pay Event.	31
	Section 5.   Administration of the Mortgage Loan.	33
	Section 6.   Appointment of the Controlling Noteholder Representative.	41
	Section 7.   Special Servicer.	42
	Section 8.   Payment Procedure.	43
	Section 9.   Limitation on Liability of the Noteholders.	44
	Section 10.   Bankruptcy.	45
	Section 11.   Cure Rights of the Note B Holder.	46
	Section 12.   Purchase of the Senior Notes by the Note B Holder.	47
	Section 13.   Representations of the Note B Holder.	48
	Section 14.   Representations of the Senior Noteholders.	49
	Section 15.   Independent Analysis of the Note B Holder.	49
	Section 16.   No Creation of a Partnership or Exclusive Purchase Right.	50
	Section 17.   Not a Security.	50
	Section 18.   Other Business Activities of the Noteholders.	50
	Section 19.   Sale of the Senior Notes and Note B.	50
	Section 20.   Registration of Transfer.	54
	Section 21.   Registration of the Senior Notes and Note B.	54
	Section 22.   Statement of Intent.	55
	Section 23.   No Pledge.	55
	Section 24.   Governing Law; Waiver of Jury Trial.	55
	Section 25.   Submission To Jurisdiction; Waivers.	55
	Section 26.   Modifications; Amendment.	56
	Section 27.   Successors and Assigns; Third Party Beneficiaries.	56
	Section 28.   Counterparts.	56
	Section 29.   Captions.	56
	Section 30.   Severability.	57
	Section 31.   Entire Agreement.	57
	Section 32.   Withholding Taxes.	57
	Section 33.   Custody of Mortgage Loan Documents.	58
	Section 34.   Notices.	58
	Section 35.   Broker.	58
	Section 36.   Certain Matters Affecting the Agent.	58
	Section 37.   Termination of Agent.	59
	Section 38.   Servicing of the Loan.	59
	Section 39.   Conflict.	60
	Section 40.   Resizing.	60

 

    		i 

     

    

THIS AMENDED AND RESTATED
CO-LENDER AGREEMENT (the “Agreement”), dated as of June 11, 2019, by and among NATIXIS REAL ESTATE CAPITAL LLC,
a Delaware limited liability company (“Natixis”), having an address at 1251 Avenue of the Americas, New York,
New York 10020 (in its capacity as the initial owner of Note A-1, the “Initial Note A-1 Holder”, and in its
capacity as the initial agent, the “Initial Agent”), Natixis, having an address at 1251 Avenue of the Americas,
New York, New York 10020 (in its capacity as the initial owner of Note A-2, the “Initial Note A-2 Holder”),
Natixis, having an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note
A-3, the “Initial Note A-3 Holder”), Natixis, having an address at 1251 Avenue of the Americas, New York, New
York 10020 (in its capacity as the initial owner of Note A-4, the “Initial Note A-4 Holder”), Natixis, having
an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note A-5, the “Initial
Note A-5 Holder”), Natixis, having an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity
as the initial owner of Note A-6, the “Initial Note A-6 Holder”) and TCM
CRE REIT LLC, having an address at 1044 Northern Boulevard, Suite
100, Roslyn, New York 11576 (in its capacity as the owner of Note B, the “Note B Holder”).

W I T N E S S E T H:

WHEREAS, pursuant
to the Loan Agreement (as defined herein) Natixis originated a certain loan (the “Mortgage Loan”) described
on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower(s)
(the “Mortgage Loan Borrower”) described on the Mortgage Loan Schedule, which is evidenced by that certain Promissory
Note in the principal amount of $129,825,000 dated as of November 7, 2018 (the “Original Note”), and secured
by a certain first deed of trust lien (as amended, modified or supplemented, the “Mortgage”) on one or more
parcels of, or estates in, real property (collectively, the “Mortgaged Property”) as described on the Mortgage
Loan Schedule;

WHEREAS, on or prior
to the date hereof, pursuant to multiple amendments, Natixis amended and split the Original Note into the following six (6) promissory
notes.

		·	Promissory Note A-1 in the principal amount of $30,000,000 (as amended, modified or supplemented,
“Note A-1”) made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder;

		·	Amended and Restated Promissory Note A-2 in the principal amount of $25,000,000 (as amended, modified
or supplemented, “Note A-2”) made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder;

		·	Promissory Note A-3 in the principal amount of $20,000,000 (as amended, modified or supplemented,
“Note A-3”) made by the Mortgage Loan Borrower in favor of the Initial Note A-3 Holder;

		·	Promissory Note A-4 in the principal amount of $20,000,000 (as amended, modified or supplemented,
“Note A-4”) made by the Mortgage Loan Borrower in favor of the Initial Note A-4 Holder;

    		  

     

    

		·	Promissory Note A-5 in the principal amount of $17,017,500 (as amended, modified or supplemented,
“Note A-5”) made by the Mortgage Loan Borrower in favor of the Initial Note A-5 Holder;

		·	Promissory Note A-6 in the principal amount of $4,825,000 (as amended, modified or supplemented,
“Note A-6”) and together with Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5, the “Senior Notes”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-6 Holder; and

		·	Amended and Restated Promissory Note B in the original principal amount of $12,982,500 (as amended,
modified or supplemented, “Note B”) made by the Mortgage Loan Borrower in favor of the Initial Note B Holder
(“Note A-1”, “Note A-2”, “Note A-3”, “Note A-4”, “Note A-5”, “Note
A-6” and “Note B” respectively and individually, each, a “Note” and collectively the “Notes”).

WHEREAS, on or prior
to the date hereof, TCM CRE REIT LLC, acquired all of Natixis’ right, title and interest in and to Note B.

WHEREAS, the Initial
Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder, the Initial Note A-4 Holder, the Initial Note A-5 Holder,
the Initial Note A-6 Holder, and the Note B Holder 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, Note A-3, Note A-4, Note A-5, Note A-6 and Note B, respectively.

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

Section 1.               
Definitions; Conflicts. References to a “Section”, “preamble” or the “recitals”
are, unless otherwise specified, to a Section, preamble or the recitals of this Agreement. Capitalized terms used but not otherwise
defined herein shall have the meaning assigned to such term or an analogous term in (i) prior to the Securitization Date, the Model
PSA and (ii) from and after the Securitization Date, the Securitization Servicing Agreement. To the extent of any inconsistency
between this Agreement and the Servicing Agreement, the terms of this Agreement shall control. Whenever used in this Agreement,
the following terms shall have the respective meanings set forth below unless the context clearly requires otherwise.

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

“Acquiring
Korean Trust” shall have the meaning assigned to such term in the definition of “Qualified Transferee.”

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“Additional
Servicing Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable
to any Servicer, Trustee, Operating Advisor or Certificate Administrator 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 related Non-Lead Securitization Servicing Agreement; provided
that (i) the aggregate special servicing fee (which fee is payable solely during the period that the Mortgage Loan is specially
serviced) shall not exceed 0.25% (subject to industry standard monthly floor amounts, if so provided in the Servicing Agreement),
(ii) the special servicing liquidation fee (or equivalent) shall not exceed 1.00% 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
(subject to industry standard monthly floor amounts, if so provided in the Servicing Agreement); and (iii) the special servicing
workout fee (or equivalent) shall not exceed 1.00% of the collections made with respect to the Mortgage Loan while the Mortgage
Loan is a performing (subject to industry standard monthly floor amounts, if so provided in the Servicing Agreement).

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

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

“Affiliate”
shall mean, with respect to any specified Person, any other Person Controlling, Controlled by or under common Control with such
specified Person.

“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 Master Servicer in its role as “Companion Paying Agent” (or equivalent term) under
the Securitization Servicing Agreement.

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office as of the date of this Agreement is located
at Natixis Real Estate Capital LLC, 1251 Avenue of the Americas, New York, New York 10020, 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 sent in accordance with this Agreement.

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

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

“Appraisal
Reduction Amount” shall mean:

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(A)       prior
to the Securitization Date, after the occurrence of an Appraisal Trigger Event, an amount (calculated immediately following the
later of the date on which the Appraisal Trigger Event occurs and the date on which the applicable Appraisal was obtained) equal
to the excess, if any, of:

(a)   
the sum of, without duplication, (i) the outstanding Principal Balance of the Mortgage Loan as of the applicable date of
determination, (ii) to the extent not previously advanced by or on behalf of the Master Servicer or the Trustee, all unpaid interest
on the Mortgage Loan through the most recent Due Date prior to the date of determination (exclusive of any portion thereof that
represents Default Interest), (iii) all other amounts (excluding principal, default interest, late charges, penalty charges, exit
fees, Prepayment Premiums and any similar amounts) due and unpaid with respect to the Mortgage Loan, (iv) all related unreimbursed
Advances made by or on behalf of (plus all accrued and unpaid interest on such Advances (other than Unliquidated Advances)
payable to) the Master Servicer, the Special Servicer and/or the Trustee with respect to Mortgage Loan, (v) any other unpaid trust
fund expenses (excluding any costs that do not relate directly to the Mortgage Loan), and (vi) all currently due and unpaid real
estate taxes and assessments, insurance premiums and, if applicable, ground rents, and any unfunded improvement or other applicable
reserves, in respect of the related Mortgaged Property or REO Property, as the case may be (in each case, net of any amounts escrowed
with the Master Servicer or the Special Servicer for such items); over

(b)  
an amount equal to the sum of: (i) the excess, if any, of (x) 90% of the appraised value of the Mortgaged Property (or REO
Property) as determined by the applicable Appraisal or any letter update of such Appraisal, over (y) the amount of any obligations
secured by liens on such Mortgaged Property (or REO Property) that are prior to the lien of the Mortgage Loan; plus (ii)
the amount of any Escrow Payments and/or reserve funds held by the Master Servicer or the Special Servicer with respect to the
Mortgage Loan, the related Mortgaged Property or any related REO Property that are not being held in respect of any real estate
taxes and assessments, insurance premiums or, if applicable, ground rents; plus (iii) the amount of any letter of credit
constituting additional security for the Mortgage Loan and that may be applied towards the reduction of the principal balance of
the Mortgage Loan; plus (iv) the amount of any Threshold Event Collateral then held by the Servicer; and

(B)       from
and after the Securitization Date, the meaning assigned to such term or an analogous term in the Servicing Agreement.

“Appraisal
Review Period” shall have the meaning assigned to such term in Section 5(h)(ii).

“Appraisal
Trigger Event” shall mean

(i)           
prior to the Securitization Date, the earliest of the date on which the Mortgage Loan: (a) becomes a modified Mortgage Loan
following the occurrence of a Servicing Transfer Event, (b) becomes an REO Loan, (c) with respect to which a receiver or similar
official is appointed and continues for thirty (30) days

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in such capacity in respect of the
Mortgaged Property, (d) the Mortgage Loan Borrower becomes the subject of bankruptcy, insolvency or similar proceedings or, if
such proceedings are involuntary, such proceedings remain undismissed for sixty (60) days, (e) any Monthly Payment (other than
a Balloon Payment) becomes one hundred twenty (120) days or more delinquent, or (f) the Mortgage Loan Borrower fails to make when
due any Balloon Payment and the Mortgage Loan Borrower does not deliver to the Master Servicer or the Special Servicer, on or before
the due date of the Balloon Payment, a written and fully executed (subject only to customary final closing conditions) refinancing
commitment from an acceptable lender and reasonably satisfactory in form and substance to the Master Servicer (and the Master Servicer
shall promptly forward such commitment to the Special Servicer) which provides that such refinancing will occur within ninety (90)
days after the date on which the Balloon Payment will become due (provided that if either such refinancing does not occur during
that time or the Master Servicer is required during that time to make any P&I Advance in respect of the Mortgage Loan, an Appraisal
Trigger Event will occur immediately); and

(ii)           
from and after the Securitization Date, the meaning assigned to such term or an analogous term in the Securitization Servicing
Agreement.

“Appraised-Out
Holder” shall have the meaning assigned to such term in Section 5(h)(i).

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

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

“Balloon
Payment” shall have the meaning assigned to such term or an analogous term 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.

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

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

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

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

“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.

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

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

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

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

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of an entity, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” have meanings correlative to the foregoing.

“Control
Appraisal Period” means 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 any
Mortgaged Property or the Mortgage Loan that are allocated to Note B, plus (3) the Threshold Event Collateral then held
by the Servicer, is less than

(b)              
twenty-five percent (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.

“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,
if the Note B Holder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the Note of the Note
B Holder 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 the Note B Holder. As of the

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date of this Agreement, the Controlling
Noteholder will be the Note B Holder. At any time that the Note A-1 Holder is the Controlling Noteholder and Note A-1 is included
in a Securitization, the rights of the “Controlling Noteholder” may be exercised by the holders of the majority of
the class of securities issued in such Securitization designated as the “controlling class” 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 (and the applicable Servicing Agreement shall contain limitations on the rights of the Controlling
Noteholder that can be exercised by a certificate holder that is the Mortgage Loan Borrower or has certain relationships with the
Mortgage Loan Borrower).

“Controlling
Noteholder Representative” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a).

“Credit Risk
Retention Rule” shall mean Section 15G of the Exchange Act as added by Section 941 of the Dodd-Frank Act and implemented
by Regulation RR (15 U.S.C. §78o-11).

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

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

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

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

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

“Defaulted
Mortgage Loan Purchase Price” shall mean the sum, without duplication, of (a) the Principal Balance of the Senior
Notes, (b) accrued and unpaid interest on the Senior Notes at the Senior Note 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, 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) 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), (e) any accrued and unpaid Advance
Interest Amount, (f) (i) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (ii) if the
Senior Notes are 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 Securitization Servicing Agreement and (g)  any Recovered Costs not reimbursed
previously to the Senior Noteholders pursuant to this Agreement. If the Mortgage Loan is converted into a REO Property, for

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purposes of determining the Defaulted
Mortgage Loan Purchase Price, interest will be deemed to continue to accrue at the Senior Note Rate on the Senior Note Principal
Balance, 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.

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

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

“Event of
Default” shall have the meaning assigned to such term in the Loan Agreement.

“First Non-Lead
Note” shall mean the first Senior Note, other than Note A-1, that is included as part of the securitization of one or
more mortgage loans.

“First Non-Lead
Note PSA” shall mean the “pooling and servicing agreement” entered into in connection with the First Non-Lead
Senior Note Securitization.

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

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

“First Non-Lead
Note Trust Fund” shall mean the trust formed pursuant to the First Non-Lead Note PSA.

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

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

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

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

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

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

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

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

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

“Initial
Note B Holder” shall mean Natixis Real Estate Capital LLC.

“Initial
Noteholders” shall mean, collectively, the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3
Holder, the Initial Note A-4 Holder, the Initial Note A-5 Holder, the Initial Note A-6 Holder and the Initial Note 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, 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
Proceeds” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

“Interest
Rate” shall have the meaning assigned to such term or an analogous term in the Mortgage Loan Documents.

“Interim
Servicing Agreement” shall mean at such time that the Mortgage Loan is not serviced pursuant to that certain Servicing
Agreement, dated as of September 1, 2003, between Natixis (formerly known as CDC Mortgage Capital Inc.), as owner, and Midland
Loan Services, Inc., as servicer. The Note A-1 Holder, Note A-2 Holder, Note A-3 Holder, Note A-4 Holder, the Note A-5 Holder and
the Note A-6 Holder shall not, without the consent of the Note B Holder, consent to any amendment or modification to such Interim
Servicing Agreement to the

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extent such amendment or modification
would materially and adversely affect the Mortgage Loan or the Note B Holder’s rights with respect thereto (as reasonably
determined by the Note B Holder).

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

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

“Lead Securitization”
shall mean during the (a) period from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization,
the trust established under the First Non-Lead Note Securitization and (b) from and after the Note A-1 Securitization, the trust
established under the Note A-1 Securitization.

“Lead Senior
Note” shall mean (i) during the period from and after the First Non-Lead Note Securitization and prior to the Note A-1
Securitization, the First Non-Lead Note and (ii) from and after the Note A-1 Securitization, Note A-1.

“Lead Senior
Noteholder” shall mean the holder of the Lead Senior Note.

“Lead Servicer”
shall mean (a) during the period from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization,
the servicer and/or special servicer designated under the First Non-Lead Note  PSA and (b) from and after the Note A-1
Securitization, the servicer and/or special servicer designated under the Note A-1 PSA.

“Lead Trustee”
shall mean (a) during the period from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization,
the trustee designated under the First Non-Lead Note Securitization and (b) from and after the Note A-1 Securitization, the
trustee designated under the Note A-1 Securitization.

“Liquidation
Proceeds” shall mean (i) prior to the Securitization Date, the amount (other than insurance proceeds, condemnation awards
or amounts required to be paid to the Mortgage Loan Borrower or other Persons pursuant to the Mortgage Loan Documents or applicable
law) received in connection with (y) the liquidation of a Specially Serviced Mortgage Loan through a trustee’s sale, foreclosure
sale or otherwise or (z) a sale of the Mortgage Loan or an REO Property in accordance with this Agreement and (ii) from and after
the Securitization Date, the meaning assigned to such term or an analogous term in the Securitization Servicing Agreement.

“Loan Agreement”
shall mean that certain Loan Agreement, dated as of November 7, 2018, between Natixis, as lender, and 425 GVP Property Company
LLC, 1001 GVP Property Company LLC and 50 GVP Property Company LLC, collectively, as borrower, as the same may be further amended,
restated, renewed, extended, modified or supplemented from time to time, subject to the terms hereof.

“Major Decision”
shall mean:

    		10 

     

    

(i) prior to the Securitization
Date:

(a)   
any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property)
of the ownership of the Mortgaged Property;

(b)  
any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs but excluding
waiver of Default Interest or late payment charges) of the Mortgage Loan or any extension of the maturity date of the Mortgage
Loan other than as expressly permitted pursuant to the terms of the Mortgage Loan Documents;

(c)   
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 judicial, bankruptcy or similar proceeding, under the Mortgage Loan Documents or with respect
to the Mortgage Loan Borrower or the Mortgaged Property;

(d)  
any sale of a Defaulted Loan or REO Property for less than “par”;

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

(f)   
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 immaterial condemnation actions and other similar takings, or if otherwise permitted pursuant
to the specific terms of the Mortgage Loan Documents and for which there is no lender discretion;

(g)  
any waiver of a “due on sale” or “due on encumbrance” clause with respect to the Mortgage Loan if
lender consent is required under the Mortgage Loan Documents, or any consent to such a waiver or consent to a transfer of the Mortgaged
Property or interests in the Mortgage Loan Borrower or consent to the incurrence of additional debt, other than any such transfer
or incurrence of debt as may be effected without the consent of the lender under the Loan Agreement or related to an immaterial
easement, right of way or similar agreement;

(h)  
any property management company changes or franchise changes to the extent the lender is permitted to consent or approve
under the Mortgage Loan Documents;

(i)    
releases of any material amounts from any escrow accounts, reserve funds or letters of credit, in each case, held as performance
or “earn-out” escrows or reserves, other than those releases done in accordance with the specific terms of the Mortgage
Loan Documents and for which there is no lender discretion;

(j)    
any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the Mortgage Loan
Borrower, Guarantor or other guarantor,

    		11 

     

    

indemnitor or obligor releasing
the Mortgage Loan Borrower, Guarantor or other guarantor, indemnitor or obligor from liability under the Mortgage Loan other than
pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;

(k)  
any determination of an Acceptable Insurance Default;

(l)    
any proposed modification or waiver of any material provisions in the Mortgage Loan Documents governing the type, nature
or amount of insurance coverage required to be obtained by the Mortgage Loan Borrower;

(m) execution,
termination, modification, waiver or amendment of any ground lease, the Master Lease (as defined in the Loan Agreement) or any
“Material Lease” (as defined in the Loan Agreement) or the granting of a subordination and non-disturbance or attornment
agreement in connection with any or Material Lease, in each case to the extent Lender approval is required under the Mortgage Loan
Documents;

(n)  
any filing of a bankruptcy or similar action against the Mortgage Loan Mortgage Loan Borrower 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 Section 363 sale,
order shortening time or similar motion of procedure in an Insolvency Proceeding or making an Section 1111(b)(2) election on behalf
of the Noteholders;

(o)  
any material modification, waiver or amendment of an interecreditor agreement, co-lender agreement or similar agreement,
if any, 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;

(p)  
approval of the “Annual Budget” (as defined in the Loan Agreement) to the extent the lender’s consent
is required under the Loan Agreement; and

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

(ii) from and after
the Securitization Date, the meaning assigned to such term or an analogous term in the Securitization Servicing Agreement.

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

“Master Servicer
Remittance Date” shall mean:

(a)               
with respect to the Lead Senior Note and Note B, the “Remittance Date” (or analogous term) as defined in the
Servicing Agreement; and

    		12 

     

    

(b)              
with respect to any Non-Lead Senior Note, the earlier of (a) the “Remittance Date” (or analogous term) as defined
in the Servicing Agreement or (b) the first Business Day after the “Determination Date,” (or analogous term) as defined
in the Servicing Agreement, provided, however, that no remittance is required to be made until two Business Days
after receipt of the scheduled Monthly Payment with respect to the Mortgage Loan.

“Model PSA”
shall mean the Pooling and Servicing Agreement for the CSAIL 2018-CX12 transaction, among Credit Suisse Commercial Mortgage Securities
Corp., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Wells
Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer.

“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
Debt Service Payment Amount” shall have the meaning assigned to such term or an analogous term in the Loan Agreement.

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

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

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

“Morningstar”
shall mean Morningstar Credit Ratings, LLC, or any of its successors in interest.

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

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

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

“Mortgage
Loan Borrower Related Party” shall have the meaning (i) prior to the Securitization Date, assigned to such term or an
analogous term in the Model PSA and (ii) from and after the Securitization Date, assigned to such term or an analogous term in
the Securitization Servicing Agreement.

    		13 

     

    

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

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

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

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

“Natixis”
shall mean Natixis Real Estate Capital LLC, and its successors in interest.

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

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

“New Notes”
shall have the meaning assigned to such term in Section 40.

“Non-Controlling
Senior Noteholder” shall mean each of the Note A-1 Holder (solely during such time as the Note B Holder is the Controlling
Noteholder), the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder and Note A-6 Holder.

“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 Lead Senior Noteholder
to make such payments free of any obligation or liability for withholding.

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

“Non-Lead
Securitization” shall mean any Securitization of a Non-Lead Note in a Securitization Trust that is not the Lead Securitization.

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

“Non-Lead
Senior Note” shall mean during the period (i) from and after the First Non-Lead Note Securitization Date and prior
to the Note A-1 Securitization Date, each of the Notes that is not included in the First Non-Lead Note Securitization, and (ii)
on and after the

    		14 

     

    

Note A-1 Securitization Date, each of
the Notes that is not included in the Note A-1 Securitization.

“Non-Lead
Senior Noteholder” shall mean the holder of the Non-Lead Senior Note.

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

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

“Non-Lead
Trustee” shall mean, from and after the Note A-1 Securitization, the trustee designated under the Note A-2 PSA, Note
A-3 PSA, Note A-4 PSA, Note A-5 PSA and Note A-6 PSA.

“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).

“Note”
shall mean any of the Senior Notes and Note B, as applicable.

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

“Note A-1
Holder” shall mean the Initial Note A-1 Holder, or any subsequent holder of Note A-1, 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, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 Principal Balance and the Note
B Principal Balance.

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

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

    		15 

     

    

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

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

“Note A-2
Holder” shall mean the Initial Note A-2 Holder, and its successors in interest, or any subsequent holder of Note A-2.

“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, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 Principal Balance and the Note
B Principal Balance.

“Note A-2
Principal Balance” shall mean, at any time of determination, the initial Note A-2 Principal Balance set forth on the
Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2 Holder or reductions in such amount pursuant
to Section 3, 4 or 5, as applicable.

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

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

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

“Note A-3
Holder” shall mean the Initial Note A-3 Holder, and its successors in interest, or any subsequent holder of Note A-3.

“Note A-3
Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-3 Principal
Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 Principal Balance and the Note
B Principal Balance.

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

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

    		16 

     

    

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

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

“Note A-4
Holder” shall mean the Initial Note A-4 Holder, and its successors in interest, or any subsequent holder of Note A-4.

“Note A-4
Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-4 Principal
Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 Principal Balance and the Note
B Principal Balance.

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

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

“Note A-4
Securitization” shall mean the sale by the Note A-4 Holder of Note A-4 to a depositor who will in turn include Note A-4
as part of the securitization of one or more mortgage loans.

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

“Note A-5
Holder” shall mean the Initial Note A-5 Holder, and its successors in interest, or any subsequent holder of Note A-5.

“Note A-5
Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-5 Principal
Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance and the Note B Principal Balance.

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

“Note A-5
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-5 Securitization,
if any.

    		17 

     

    

“Note A-5
Securitization” shall mean the sale by the Note A-5 Holder of Note A-5 to a depositor who will in turn include Note A-5
as part of the securitization of one or more mortgage loans.

“Note A-6”
shall have the meaning assigned to such term in the recitals.

“Note A-6
Holder” shall mean the Initial Note A-6 Holder, and its successors in interest, or any subsequent holder of Note A-6.

“Note A-6
Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-6 Principal
Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 Principal Balance and the Note
B Principal Balance.

“Note A-6
Principal Balance” shall mean, at any time of determination, the initial Note A-6 Principal Balance set forth on the
Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-6 Holder or reductions in such amount pursuant
to Section 3, 4 or 5, as applicable.

“Note A-6
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-6 Securitization,
if any.

“Note A-6
Securitization” shall mean the sale by the Note A-6 Holder of Note A-6 to a depositor who will in turn include Note A-6
as part of the securitization of one or more mortgage loans.

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

“Note B Holder”
shall have the meaning assigned to such term in the preamble to this Agreement, or any subsequent holder of 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, the Note A-3 Principal Balance,
the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 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 received by the Note B Holder 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.

    		18 

     

    

“Note Default
Interest Spread” shall mean the Note Default Interest Spread set forth on the Mortgage Loan Schedule.

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

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

“Noteholder”
shall mean any of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the
Note A-6 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 under the Servicing Agreement, if any.

“Original
Entity” shall have the meaning assigned to such term in Section 40.

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

“Owned Note”
shall have the meaning assigned to such term in Section 40.

“P&I
Advance” shall have the meaning assigned to such term or an analogous term in the 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, with respect to the Note A-3 Holder, the Note A-3 Percentage Interest, with respect
to the Note A-4 Holder, the Note A-4 Percentage Interest, with respect to the Note A-5 Holder, the Note A-5 Percentage Interest,
with respect to the Note A-6 Holder, the Note A-6 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 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 $100,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

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

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

    		19 

     

    

“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, the Note A-3 Principal Balance,
the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-6 Principal Balance and/or the Note B Principal Balance,
as applicable.

“Qualified
Transferee” shall mean each of:

(a)   
the Initial Noteholders;

(b)  
any other Person that is an entity Controlled (as defined below) by, under common Control with or Controlling of any of
the Initial Noteholders; or

(c)   
one or more of the following:

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

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

(iii)           
a Qualified Trustee (or in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns or
pledges the 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 (“CLO”) secured by, or (c) a
financing through an “owner trust” of, a Note or any interest therein (any of the foregoing, a “Securitization
Vehicle”), provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially
rated at least investment grade by two nationally recognized credit rating agencies; (2) the special servicer of such Securitization
Vehicle has a Required Special Servicer Rating or is otherwise acceptable to the Rating Agencies rating each Securitization (such
entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer such Note or
any interest therein in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require
that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from
any other Person; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable,
each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a

    		20 

     

    

Qualified Transferee, are each a
Qualified Transferee under clauses (i), (ii), (iv) or (v) of this definition, or

(iv)           
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least $100,000,000, in which (A) any Initial Noteholder, (B) a person that is otherwise a Qualified Transferee
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 clause (d) below (with respect to an entity Controlled by an entity referred to in 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, or

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

(vi)           
any Person that is otherwise a Qualified Transferee but is acting in an agency capacity in connection with a lending syndicate,
so long as more than fifty percent (50%) of the lenders in the lending syndicate (by loan balance or committed loan amounts) are
Qualified Transferees; or

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

in the case of any entity referred to
in clause (c)(i), (ii), (iv)(B) or (v) of this definition, (x) such entity or parent has at least $100,000,000 in capital/statutory
surplus or shareholders’ equity including uncalled capital commitments (except with respect to a pension advisory firm, asset
manager or similar fiduciary) and at least $250,000,000 in total assets including uncalled capital commitments (in name or under
management), and (y) is regularly engaged in the business of making or owning commercial real estate loans (or interests therein)
(or in the case of a pension advisory firm, asset manager or similar fiduciary, is regularly engaged in managing investments in
commercial real estate loans) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial
real estate properties; provided that, in the case of the entity described in clause (iv)(B) above, the requirements
of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day
management and operation of such entity; or

(d)  
any entity Controlled by, under common Control with or Controlling any of the entities described in clause (c) above
or approved by the Rating Agencies hereunder as a Qualified Transferee 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; and

    		21 

     

    

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). For purposes of this
definition, if more than one Qualified Transferee owns, (directly or indirectly) in the aggregate more than fifty percent (50%)
of the beneficial ownership interests of an entity and one or more of the Qualified Transferees possess the power to direct or
cause the direction of the management or policies of the entity, whether through the ability to exercise voting power, by contract
or otherwise, even though each such Qualified Transferee individually owns less than fifty percent (50%) of such beneficial interests,
such entity shall be deemed to be “Controlled by” a Qualified Transferee.

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

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) Kroll and (f) Morningstar or, if any of such entities
shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical
rating agency designated by a Senior Noteholder; provided, however, that at any time during which a Senior Note is
an asset of a Securitization, “Rating Agencies” or “Rating Agency” shall have the meaning assigned to such
term in the Servicing Agreement.

“Rating Agency
Confirmation” shall have the meaning given thereto or any analogous term in the Securitization Servicing Agreement, including
any deemed Rating Agency Confirmation; provided that a written waiver or other acknowledgment from a 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.

“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(g).

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

    		22 

     

    

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

“REO Property”
shall mean any Mortgaged Property, title to which has been acquired by the Servicer on behalf of the Noteholders through foreclosure,
deed in lieu of foreclosure or otherwise.

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

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

    		23 

     

    

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

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

“Securitization
Servicing Agreement” shall mean during the period (i) from and after the First Non-Lead Note Securitization and prior
to the Note A-1 Securitization, the First Non-Lead Note PSA and (ii) from and after the Note A-1 Securitization, the Note A-1 PSA;
provided that in the event the Lead Senior Note is no longer an asset of the trust fund created pursuant to the Securitization
Servicing Agreement, the term “Securitization Servicing Agreement” shall refer to the subsequent servicing agreement
entered into pursuant to Section 2.

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

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

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

“Senior Noteholder”
shall mean the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder, the Initial Note A-4 Holder,
the Initial Note A-5 Holder and the Initial Note A-6 Holder, or any subsequent holder of a Senior Note.

“Senior Note
Percentage Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the sum of the Note
A-1 Principal Balance, Note A-2 Principal Balance, Note A-3 Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal
Balance and the Note A-6 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, Note A-2
Principal Balance, Note A-3 Principal Balance, Note A-4 Principal Balance, Note A-5 Principal Balance, Note A-6 Principal Balance
and the Note B Principal Balance.

“Senior Note
Principal Balance” shall mean the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance , the Note A-5 Principal Balance and the Note A-6 Principal Balance.

“Senior Note
Rate” shall mean the Senior Note Rate set forth in the Mortgage Loan Schedule.

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

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan or
any other Event of Default that causes the Mortgage Loan to become a Specially Serviced Mortgage Loan (other than as a result of
a foreseeable event) or any bankruptcy or insolvency event that constitutes an Event of Default. A

    		24 

     

    

Sequential Pay Event shall no longer
exist to the extent it has been cured (including any cure payment made in accordance with Section 11) and shall not be deemed to
exist to the extent the Note B Holder is exercising its cure rights under Section 11.

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

“Servicing
Agreement” shall mean (i) prior to the Securitization Date, the Interim Servicing Agreement, and (ii) from and after
the Securitization Date, the Securitization Servicing Agreement.

“Servicing
Fee Rate” shall have the meaning assigned to such term in the Servicing Agreement; provided that the Servicing
Fee Rate attributable to Note B shall not exceed one basis point (0.01%) per annum.

“Servicing
Standard” shall mean (I) prior to the Securitization Date, the procedures that the Master Servicer, as an independent
contractor, follows in order to service and administer the Mortgage Loan and administer REO Property solely on behalf of the Noteholders
(as a collective whole as if such Noteholders constituted one lender, it being understood that Note B is subordinate to the Senior
Notes, subject to the terms and conditions of this Agreement) (as determined by the Master Servicer in the exercise of its good
faith and reasonable judgment), in accordance with applicable law, the terms of this Agreement and the Mortgage Loan Documents
and, to the extent consistent with the foregoing, the following standards: (i) the higher of (a) the same manner in which and with
the same care, skill, prudence and diligence with which the Master Servicer services and administers similar loans and administers
foreclosed properties for other third-party portfolios, giving due consideration to customary and usual standards of practice of
prudent institutional commercial mortgage lenders in servicing their own loans and administering their own foreclosed properties,
or (b) with the care, skill, prudence and diligence the Master Servicer uses for loans which it owns or for foreclosed properties
it owns and administers; (ii) with a view to the timely collection of (a) all scheduled payments of principal and interest under
the Mortgage Loan or, if the Mortgage Loan comes into and continues in default and if no satisfactory arrangements can be made
for the collection of the delinquent payments, the maximization of the recovery on the Mortgage Loan to the Noteholders (as a collective
whole as if such Noteholders constitute a single lender, it being understood that Note B is subordinate to the Senior Notes, subject
to the terms of this Agreement) on a net present value basis and (b) any reimbursable expenses and other amounts due under the
Mortgage Loan and (iii) without regard to:

(A)            
any relationship that the Master Servicer or its Affiliates may have with the Mortgage Loan Borrower or any of its Affiliates;

(B)             
the ownership of any other mezzanine loan by the Master Servicer or its Affiliates;

(C)             
its obligation to make Advances;

(D)            
the right of the Master Servicer or its Affiliates to receive reimbursement of costs, compensation or other fees (other
than

    		25 

     

    

Advances), or the sufficiency
of any compensation payable to it under this Agreement or with respect to any particular transaction; or

(E)             
the ownership, servicing or management for others of any other loans or property by the Master Servicer; and

(II) from and after
the Securitization Date, the meaning assigned to such term in the Securitization Servicing Agreement.

“Servicing
Transfer Event” shall have the meaning (i) prior to the Securitization Date, assigned to such term or an analogous term
in the Model PSA and (ii) from and after the Securitization Date, assigned to such term or an analogous term in the Securitization
Servicing Agreement, except that, as provided in Section 11(a)(iii), a Servicing Transfer Event shall be deemed not to have occurred
for so long as the Note B Holder is exercising its cure rights hereunder.

“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 or an analogous 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(i).

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

“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 repo financing or a Pledge in accordance with Section 19(g)).

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

“Unliquidated
Advances” shall have the meaning assigned to such term or an analogous term in the 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,

    		26 

     

    

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).

“Workout”
shall mean any written modification, waiver, amendment or restructuring relating to a workout of the Mortgage Loan or the Note
in connection with a Mortgage Loan default or a likely default.

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(e)), pursuant to the Securitization Servicing Agreement and, in each case, in accordance with
this 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 Senior Note (and each Non-Lead Master Servicer shall not be required to advance monthly
payments of principal and interest in respect of the Notes other than the applicable Non-Lead Senior 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. The Note B Holder acknowledges that a Senior Noteholder may elect, in
its sole discretion, to include its Senior Note in a Securitization and agrees that it will reasonably cooperate with such Senior
Noteholder, at such Senior Noteholder’s sole cost and 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 Special Servicer and the Trustee under the Securitization Servicing Agreement
and agrees to reasonably cooperate with and consent with the Master Servicer and the Special Servicer with respect to the servicing
of the Mortgage Loan in accordance with the Securitization Servicing Agreement and this 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 Securitization Servicing Agreement (subject at all times to the rights of the Noteholder set forth herein and in the Servicing
Agreement). In no event shall the Servicer be required 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.

(b)              
The Controlling Noteholder (or any Controlling Noteholder Representative appointed by it acting on its behalf) shall exercise
the rights and powers granted to the “Controlling Holder”, “Directing Certificateholder” or “Directing
Holder” (or similar term) under the Servicing Agreement with respect to the Mortgage Loan.

    		27 

     

    

(c)               
The Securitization Servicing Agreement shall contain the Servicing Standard. In no event may the Securitization Servicing
Agreement change the interest or principal allocable to, or the amount of any payments due to, the Note B Holder or materially
increase the Note B Holder’s obligations or materially decrease the Note B Holder’s rights, remedies or protections
hereunder.

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

(i)           
any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders in accordance
with Sections 3 and 4 hereof on the Master Servicer Remittance Date;

(ii)           
the Note B Holder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, 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 Special Servicer of mortgage loans
similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders of the securities issued
by the Securitization Trust that includes other Notes, including, but not limited to standard CREFC® reports, subject
to limitations on information that may be made available to a Note B Holder that is a Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party;

(iii)           
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;

(iv)           
the Securitization Servicing Agreement may not be amended without the consent of the Note B Holder (which consent may be
withheld in the Note B Holder’s sole and absolute discretion) if such amendment would materially and adversely affect the
Mortgage Loan or the Note B Holder’s rights with respect thereto;

(v)           
the Securitization Servicing Agreement shall contain, the additional provisions set forth on Schedule I;

(vi)           
any inconsistency between the Servicing Agreement and this Agreement shall be governed by and determined in accordance with
the terms of this Agreement; and

(vii)           
the respective rights and obligations of the Noteholders hereunder, including with respect to the making of payment to the
Noteholders and the rights of the Noteholders to approve matters and make decisions hereunder, shall be recognized.

(e)               
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 Senior Note is no longer subject to the provisions of the Securitization
Servicing Agreement, the Lead Senior Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement
mutually agreeable to the Non-Lead Senior Noteholders and the Note B Holder 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 and all references herein
to the “Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided, however,
that (1) if any Non-Lead Senior Note is in a Securitization, then Rating Agency Confirmation shall have been obtained from each
Rating Agency with respect to such subsequent servicing agreement and (2) until a replacement servicing agreement has been
entered into, (x) the Lead Senior 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 and (y) the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial mortgage
loan servicer appointed by the Lead Senior Noteholder with the consent of the Note B Holder and does not have to be performed by
the service providers set forth under the Securitization Servicing Agreement.

(g)              
Upon the occurrence of the Note A-1 Securitization, the Lead Senior Noteholder shall give each other Noteholder (and the
applicable servicer and trustee, if any other Note is in a Securitization) notice of the Lead Securitization in writing (which
may be by e-mail) prior to or promptly following the related Securitization Date. Such notice shall contain contact information
for each of the parties to the related Securitization Servicing Agreement and the identity of the controlling class representative
under such Securitization Servicing Agreement. In addition, after the closing of the Note A-1 Securitization, the related Lead
Senior Noteholder shall send a copy of the related Securitization Servicing Agreement to each of the other Noteholders.

(h)              
Each Non-Lead Securitization Agreement shall contain the provisions set forth in Schedule II.

Section 3.               
Payments Prior to a Sequential Pay Event. Note B and the right of the Note B Holder to receive payments of interest,
principal and other amounts with respect to the Note B shall at all times be junior, subject and subordinate to the Senior Notes
and the right of the Senior Noteholders to receive payments of interest, principal and other amounts with respect to the Senior
Notes as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer, shall have occurred and be continuing,
all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with
the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly Payments,
the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing
the Mortgage Loan or Insurance Proceeds or 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

    		29 

     

    

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, Operating Advisor, Certificate Administrator or Trustee
with respect to the Mortgage Loan pursuant to the Servicing Agreement, shall be applied by the Lead Senior Noteholder] (or its
designee) and distributed by the Lead Senior Noteholder (or the Servicer on its behalf) 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 Senior Noteholders in an amount equal to the accrued and unpaid interest on the Senior Note Principal Balance
at the Net Senior Note Rate;

(b)              
second, to the Senior Noteholders in an amount equal to the Senior Note Percentage Interest of principal payments (including
all prepayment proceeds relating to casualty or condemnation) received, if any, with respect to such Monthly Payment Date with
respect to the Mortgage Loan;

(c)               
third, to each Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by such Senior Noteholder
with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs, to be allocated
pro rata based on the amounts due to each Senior Noteholder pursuant to this clause;

(d)              
fourth, 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)-(c) and, as a result of a Workout, the Senior Note Principal
Balance has been reduced, such excess amount shall be paid to the Senior Noteholders in an amount up to the reduction, if any,
of the Senior Note Principal Balance as a result of such Workout, plus interest on such amount at the Net Senior Note Rate;

(e)               
fifth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11 of this
Agreement, to reimburse the Note B Holder for all such cure payments;

(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 Note B Percentage Interest of principal payments (including all
prepayment proceeds relating to casualty or condemnation) received, if any, with respect to such Monthly Payment Date with respect
to the Mortgage Loan;

(h)              
eighth, to the Note B Holder up to the amount of any unreimbursed costs and expenses paid by the Note B Holder with respect
to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

(i)                
ninth, 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)-(h) and, as a result of a Workout, the Note B Principal Balance
has

    		30 

     

    

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 Net Note B Rate

(j)                
tenth, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to each of the Senior Noteholders
in an amount up to its pro rata interest, which shall be calculated as the product of the Senior Note Percentage Interest
multiplied by the Senior Note Relative Spread;

(k)              
eleventh, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B Holder in
an amount up to its pro rata interest therein, which shall be calculated as the product of the Note B Percentage Interest
multiplied by the Note B Relative Spread;

(l)                
twelfth, to the extent default interest, late fees, 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 compensate a Servicer
under the Servicing Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually paid by
the Mortgage Loan Borrower, shall be paid to the Senior Noteholders and the Note B Holder, pro rata, based on their respective
Percentage Interests; and

(m)            
thirteenth, 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)-(l), any remaining amount shall be paid pro rata to the Senior Noteholders
and the Note B Holder in accordance with their respective initial Percentage Interests.

As used in clauses
(a) through (m) above, payments to the Senior Noteholders shall be made to each of the Note A-1 Holder, Note A-2 Holder, Note A-3
Holder, the Note A-4 Holder, the Note A-5 Holder and the Note A-6 Holder, pro rata  and pari passu, based on their
respective Principal Balance.

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; except, if a Sequential Pay Event, as determined by the applicable Servicer in accordance
with this Agreement and 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, whether received in the form of Monthly Payments, any proceeds from the sale or distribution
of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral
or instrument securing the Mortgage Loan or Insurance Proceeds or 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 the Servicing Agreement
and (y) all amounts that

    		31 

     

    

are then due, payable or reimbursable
to any Servicer, Operating Advisor, Certificate Administrator or Trustee with respect to the 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 Senior Noteholders in an amount equal to the accrued and unpaid interest on the Senior Note Principal Balance
at the Net Senior Note Rate;

(b)              
second, to the Senior Noteholders in an amount equal to the Senior Note Principal Balance until the Senior Note Principal
Balance has been reduced to zero;

(c)               
third, to each Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by such Senior Noteholder
with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs, to be allocated
pro rata based on the amounts due to each Senior Noteholder pursuant to this clause;

(d)              
fourth, 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)-(c) and, as a result of a Workout, the Senior Note Principal
Balance has been reduced, such excess amount shall be paid to the Senior Noteholders in an amount up to the reduction, if any,
of the Senior Note Principal Balance as a result of such Workout, plus interest on such amount at the Net Senior Note Rate;

(e)               
fifth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11 of this
Agreement, to reimburse the Note B Holder for all such cure payments;

(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 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;

(h)              
eighth, to the Note B Holder up to the amount of any unreimbursed costs and expenses paid by the Note B Holder with respect
to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

(i)                
ninth, 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)-(h) and, as a result of a Workout, the Note B Principal Balance
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 Net Note B Rate;

    		32 

     

    

(j)                
tenth, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Senior Noteholders
in an amount up to its pro rata interest therein, which shall be calculated as the product of the Senior Note Percentage
Interest multiplied by the Senior Note Relative Spread;

(k)              
eleventh, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B Holder in
an amount up to its pro rata interest therein, which shall be calculated as of the Note B Percentage Interest multiplied
by the Note B Relative Spread;

(l)                
twelfth, to the extent default interest, late fees, 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 compensate a Servicer
under the Servicing Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually paid by
the Mortgage Loan Borrower, shall be paid to the Senior Noteholders and the Note B Holder, pro rata, based on their respective
Percentage Interests; and

(m)            
thirteenth, 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)-(l), any remaining amount shall be paid pro rata to the Senior Noteholders
and the Note B Holder in accordance with their respective initial Percentage Interests.

As used in clauses
(a) through (m) above, payments to the Senior Noteholders shall be made to each of the Note A-1 Holder, Note A-2 Holder, Note A-3
Holder, Note A-4 Holder, Note A-5 Holder and Note A-6 Holder pro rata and pari passu, based on their respective Principal
Balance.

Section 5.               
Administration of the Mortgage Loan.

(a)               
Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement, the Lead Senior
Noteholder (or the Servicer acting on behalf of the Lead Senior 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 the other Noteholders shall not have any voting, consent
or other rights whatsoever with respect to the Lead Senior 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 Lead Senior Noteholder and the Note B Holder agrees that it shall have no right to, and hereby
presently and irrevocably assigns and conveys to the Lead Senior Noteholder (or the Servicer acting on behalf of the Lead Senior
Noteholder) the rights, if any, that the other Noteholders have to, (i) call or cause the Lead Senior 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 Senior Noteholder to file any bankruptcy petition against

    		33 

     

    

the Mortgage Loan Borrower. The Lead
Senior Noteholder (or the Servicer acting on behalf of the Lead Senior Noteholder shall not have any fiduciary duty to the Non-Lead
Senior Noteholders in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Senior
Noteholder 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 the Servicing Agreement and this Agreement. 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 Senior 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 the Senior Noteholders
and the Note B Holder (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 so long as each of the Non-Lead Senior Noteholders and the Note B Holder is not the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party, it 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, Section 5(f) below), if the Lead Senior Noteholder in connection with a Workout
of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased,
(ii) the Interest Rate or scheduled amortization payments on the Mortgage Loan are reduced, (iii) payments of interest
or principal on the 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 (other than
an extension of the Mortgage Loan maturity date), all payments to the Senior Noteholders 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 Senior Notes remaining the same
as they are on the date hereof, 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 Note B). Subject to the Servicing Agreement
and this Agreement (including without limitation Section 5(f) below), in the case of any modification or amendment described above,
the Lead Senior Noteholder will have the sole authority and ability to revise the payment provisions set forth in Section 3
and Section 4 above in a manner that reflects the subordination of Note B to the Senior Notes with respect to the loss that
is the result of such amendment or modification, including: (i) the ability to increase the Senior Note 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 Senior Note 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

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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 Senior Noteholder described hereunder may be exercised by the Servicer on behalf
of the Lead Senior Noteholder in accordance with the Servicing Agreement and this Agreement.

(e)               
For so long as any Senior 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 Senior 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 Lead Senior Noteholder 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) the Lead Senior Noteholder may not 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 Senior 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 Lead Senior 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 Senior 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 applicable Senior Noteholder without reimbursement under Sections 3 or 4 hereof.

(f)               
If any consent, modification, amendment or waiver under or other action in respect of the Mortgage Loan or the Mortgage
Loan Documents (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 prior to taking action with respect to such Major Decision (or
making a determination not to take action with respect to such Major Decision), the Lead Senior Noteholder (or Servicer acting
on its behalf) shall request the written consent of the Controlling Noteholder (or its Controlling Noteholder Representative) before
implementing a decision with respect to such Major Decision.

If the Controlling
Noteholder (or its Controlling Noteholder Representative) fails to respond to the Lead Senior Noteholder (or Servicer acting on
its behalf) with respect to any such proposed action within ten (10) Business Days after receipt of such notice, the Controlling
Noteholder (or its Controlling Noteholder Representative), as applicable, shall have no further consent rights with respect to
such action.

    		35 

     

    

The Controlling
Noteholder (or its Controlling Noteholder Representative) acknowledges that, if the “retaining sponsor” in the Lead
Securitization has sold an “eligible horizontal interest” to a “third party purchaser” in accordance with
Section _.7 of the Credit Risk Retention Rule, then following the occurrence of an “Operating Advisor Consultation Event”
(or similar term) under the Servicing Agreement the Operating Advisor may have the right to consult with the Special Servicer with
respect to Major Decisions.

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 Senior 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 Controlling Noteholder Representative) if the Lead Senior 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 as a whole, and the Note A-1 Holder (or Servicer acting on its behalf) has made
a reasonable effort to contact the Controlling Noteholder (or its Controlling Noteholder Representative). The foregoing shall not
relieve the Lead Senior Noteholder (or Servicer acting on its behalf) of its duties to comply with the Servicing Standard.

Notwithstanding the
foregoing, the Lead Senior Noteholder (or Servicer acting on its behalf) shall not follow any advice, direction, objection or consultation
provided by the Controlling Noteholder (or its Controlling Noteholder Representative) that would require or cause the Lead Senior
Noteholder (or 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 Senior Noteholder (or Servicer acting on its behalf) to violate provisions of
this Agreement or the Servicing Agreement, require or cause the Lead Senior Noteholder (or Servicer acting on its behalf) to violate
the terms of the Mortgage Loan, or materially expand the scope of the Lead Senior Noteholder (or Servicer acting on its behalf)
responsibilities under this Agreement.

(g)              
The Controlling Noteholder shall be entitled to approve the Asset Status Report in accordance with the time frame provided
in the Servicing Agreement.

(h)              
(i) The Note B Holder, if it is determined at any time of determination to no longer be the Controlling Noteholder (the
“Appraised-Out Holder”) as a result of the application of an Appraisal Reduction Amount, shall have the right,
at its sole expense, within fifteen (15) days of receipt of notice of the Control Appraisal Period, to require the Special Servicer
to order a second Appraisal with respect to the Mortgage Loan. The Special Servicer shall use commercially reasonable efforts consistent
with the Servicing Standard to ensure that such second Appraisal is delivered within thirty (30) days from receipt of the Appraised-Out
Holder’s written request and shall ensure that such Appraisal is prepared on an “as-is” basis by an MAI appraiser
(provided that such MAI appraiser may not be the same MAI appraiser that provided the Appraisal in respect of which the Appraised-Out
Holder is requesting the Special Servicer to obtain an additional Appraisal).

    		36 

     

    

(ii) Upon receipt
of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance with the Servicing
Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal Reduction Amount
is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based on such supplemental
Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out Holder shall
be reinstated as the Controlling Noteholder and, if applicable, shall have the Note B Principal Balance notionally restored to
the extent required by such recalculation of the Appraisal Reduction Amount. The Appraised-Out Holder requesting any supplemental
Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control, consent and/or similar rights of the
Controlling Noteholder until such time, if any, as the Appraised-Out Holder is reinstated as the Controlling Noteholder (such period
beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i) above to
but excluding the date on which either (A) the Special Servicer determines that no recalculation of the Appraisal Reduction Amount
is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental Appraisal, the “Appraisal
Review Period”). The rights of the Controlling Noteholder during each Appraisal Review Period shall be exercised by the
Note A-1 Holder.

(i)                
The Note B Holder shall be entitled to avoid a 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 receipt of a third party Appraisal
that indicates such Control Appraisal Period has occurred): (i) the Note B Holder 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 Lead Senior Noteholder in such collateral (a) cash collateral for the benefit of the Senior Notes, and acceptable
to, the Servicer or (b) an unconditional and irrevocable standby letter of credit with the Lead Senior Noteholder as the beneficiary,
issued by a bank or other financial institutions the long term unsecured debt obligations of which are at all times 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 Note B Holder
(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 Note B Holder 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 Note B Holder, 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 Note B Holder shall be required to replace such
letter of credit with other Threshold Event Collateral within

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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) final liquidation
of the Mortgage Loan or REO Property. 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 Note B Holder, any or such portion of Threshold Event Collateral held by the Servicer shall
promptly be returned to the Note B Holder (at its sole expense). Upon final liquidation or repayment of the Mortgage Loan or REO
Property with respect to the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse each Noteholder for
any realized loss pursuant to the priorities provided in 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, Note A-2 Principal Balance, Note
A-3 Principal Balance, Note A-4 Principal Balance, Note A-5 Principal Balance, Note A-6 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 and any Threshold Event Collateral remaining
after such reimbursement and payments shall be returned to the Note B Holder. 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.

(j)                
The 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.

(k)              
If the Mortgaged Property becomes an REO Property, the same shall be acquired, managed and operated in the manner provided
in the Servicing Agreement.

(l)                
Prior to a Control Appraisal Period, the Lead Noteholder shall not be permitted to transfer all or any portion of Note B
without the prior consent of the Note B Holder. If a Control Appraisal Period has occurred and is continuing, and if the Mortgage
Loan is a Defaulted Mortgage Loan, the Lead Noteholder (or the Special Servicer acting on its behalf) shall have the right to sell
Note B together with the Senior Notes, without the Note B Holder’s consent, subject to satisfaction of the following conditions:

(A)            
the Special Servicer has delivered to the Note B Holder: (a) at least fifteen (15) Business Days’ prior written notice
of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each
bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any
such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage
Loan, and any documents in the servicing file reasonably requested by the Note B Holder that are material to the sale price of
the Mortgage Loan and (d) until the sale is completed and a reasonable period

    		38 

     

    

of time (but no less time than
is afforded to other offerors and the Controlling Class Representative (as such term is defined in the Servicing Agreement)) prior
to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by any Servicer in connection with the proposed sale;

(B)             
all offers are to be submitted to the Trustee in writing;

(C)             
whether any cash offer constitutes a fair price for the Notes shall be determined by the Trustee; provided, that no offer
from an Interested Person (as defined in the Servicing Agreement) shall constitute a fair price unless (a) it is the highest offer
received and (b) at least two bona fide other offers are received from independent third parties;

(D)            
in determining whether any offer received represents a fair price for the Notes, the Trustee shall be supplied with and
shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Servicing Agreement within the preceding
nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal;

(E)             
the Trustee may conclusively rely on the opinion of an Independent Appraiser (as defined in the Servicing Agreement) or
other Independent (as defined in the Servicing Agreement) expert in real estate matters retained by the Trustee at the expense
of the Noteholders in connection with making such determination; and

(F)              
the Note B Holder shall be permitted to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party, and if the Note B Holder’s offer is the best offer received, in
accordance with the Servicing Standard, then Trustee shall accept said offer.

The Note B Holder
hereby appoints the Lead Noteholder (or the Servicer acting on its behalf) as its agent, and grants to the Lead 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 Note B in accordance with the terms and conditions of this Section 5(l). The Note B Holder further agrees that, upon
the request of the Lead Noteholder (and provided that (i) a Control Appraisal Period has occurred and is continuing and
(ii) the Mortgage Loan is a Defaulted Mortgage Loan), it shall execute and deliver to or at the direction of the Lead Noteholder
(or the Servicer acting on its behalf) such powers of attorney or other instruments as the Lead Noteholder may reasonably request
to better assure and evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver originals
of the Note B Holder, endorsed in blank, to or at the direction of the Lead Noteholder (or the Servicer acting on its behalf) in
connection with the consummation of any such sale.

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The authority of the
Lead Noteholder to sell Note B without the Note B Holder’s consent and the obligations of the Note B Holder to execute and
deliver instruments or deliver Note B, upon request of the Lead Noteholder, shall terminate and cease to be of any further force
or effect upon the earlier of (i) the date, if any, upon which the Securitization is terminated in accordance with its terms, and
(ii) the date, if any, upon which the subject Control Appraisal Period expires.

In addition, if, upon
the Mortgage Loan becoming a Defaulted Loan, the Lead Senior Noteholder (or the Special Servicer acting on its behalf) determines
to sell the Defaulted Loan or the Lead Senior Note, it will be required to sell each Non-Lead Senior Note together with the Lead
Senior Note. Any such sale of a Non-Lead Senior Note shall require the written consent of each Non-Controlling Senior Noteholder
(provided that such consent is not required if such Non-Controlling Senior Noteholder is the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party) unless the Special Servicer has delivered to each Non-Controlling Senior Noteholder: (a) at least
fifteen (15) Business Days’ prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10)
days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received
by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date,
a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the servicing file reasonably requested by each
Non-Controlling Senior Noteholder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed
and a reasonable period of time (but no less time than is afforded to other offerors and the Controlling Class Representative (as
such term is defined in the Servicing Agreement)) prior to the proposed sale date, all information and other documents being provided
to other offerors and all leases or other documents that are approved by any Servicer in connection with the proposed sale. A Non-Controlling
Senior Noteholder may waive any of the delivery or timing requirements set forth in this paragraph as to itself. Subject to the
foregoing, each of the Non-Controlling Senior Noteholders shall be permitted to submit an offer at any sale of the Mortgage Loan
unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

(m)            
The Servicing Agreement shall provide that during the continuation of a Control Appraisal Period, the Lead Senior Noteholder
(or the Servicer acting on its behalf) shall be required: (i) to provide copies of any notice, information and report that it is
required to provide to the controlling class representative pursuant to the Servicing Agreement with respect to any Major Decisions
or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Controlling
Senior Noteholder (or its controlling class representative), within the same time frame it is required to provide to the controlling
class representative (for this purpose, without regard to whether such items are actually required to be provided to the controlling
class representative in the Lead Securitization under the Servicing Agreement due to the occurrence of a Control Termination Event
(as defined in the Servicing Agreement) or a Consultation Termination Event (as defined in the Servicing Agreement)); and (ii)
to consult with each Non-Controlling Senior Noteholder (or its controlling class representative) on a strictly non-binding basis,
to the extent having received such notices, information and reports, such Non-Controlling Senior Noteholder (or its controlling
class representative) requests consultation with respect to any such Major Decisions or the implementation of any recommended actions
outlined in an Asset Status Report relating to the

    		40 

     

    

Mortgage Loan, and consider alternative
actions recommended by such Non-Controlling Senior Noteholder (or its controlling class representative); provided that after the
expiration of a period of ten (10) Business Days from the delivery to the Non-Controlling Senior Noteholder (or its controlling
class representative) by the Lead Senior Noteholder of written notice of a proposed action, together with copies of the notice,
information and report required to be provided to the controlling class representative, the Lead Senior Noteholder (or the Servicer
acting on its behalf) shall no longer be obligated to consult with the Non-Controlling Senior Noteholder (or its controlling class
representative), whether or not the Non-Controlling Senior Noteholder (or its controlling class representative) have responded
within such ten (10) Business Day period (unless, the Lead Senior Noteholder (or the Servicer acting on its behalf) proposes a
new course of action that is materially different from the action previously proposed, in which case such ten (10) Business Day
period shall be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding
the consultation rights of the Non-Controlling Senior Noteholder (or its controlling class representative) set forth in the immediately
preceding sentence, the Lead Senior Noteholder (or Servicer acting on its behalf) may make any Major Decision or take any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Senior
Noteholder (or Servicer acting on its behalf) determines that immediate action with respect thereto is necessary to protect the
interests of the Noteholders. In no event shall the Lead Senior Noteholder (or Servicer acting on its behalf) be obligated at any
time to follow or take any alternative actions recommended by a Non-Controlling Senior Noteholder (or its controlling class representative).
In addition to the consultation rights of the Non-Controlling Senior Noteholder (or its controlling class representatives), during
the continuation of a Control Appraisal Period the Non-Controlling Senior Noteholder shall have the right to attend annual meetings
(either telephonically or in person, in the discretion of the Servicer) with the Lead Senior Noteholder (or the Servicer acting
on its behalf) at the offices of the Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the
Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

Section 6.               
Appointment of the Controlling Noteholder Representative.

(a)               
The Controlling Noteholder shall have the right at any time to appoint a representative (the “Controlling Noteholder
Representative”) to exercise its rights hereunder. 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 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 the Lead Senior Noteholder
will accept such actions of the Controlling Noteholder Representative as actions of the Controlling Noteholder. The Lead Senior
Noteholder (or any Servicer on its behalf) shall not be

    		41 

     

    

required to recognize any Person as
an Controlling Noteholder Representative until the Controlling Noteholder has notified the Lead Senior Noteholder (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 Lead Senior Noteholder (and any Servicer) with written confirmation of its acceptance
of such appointment, an address (including e-mail) and telecopy number for the delivery of notices and other correspondence and
a list of officers or employees of such person with whom the parties to this Agreement may deal (including their names, titles,
work addresses (including e-mail) and telecopy numbers). The Lead Senior Noteholder shall promptly deliver such information to
any Servicer.

(b)              
Neither the Controlling Noteholder Representative nor the Controlling Noteholder will have any liability to the Lead Senior
Noteholder, any Non-Lead Senior 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 errors in judgment, absent any loss, liability or expense incurred by
reason of its willful misfeasance, bad faith or gross negligence. The Senior Noteholders and the Note B Holder agree that the Controlling
Noteholder Representative and any Controlling Noteholder (whether acting in place of the Controlling Noteholder Representative
when no Controlling Noteholder Representative 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 other Noteholders, 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 Senior Noteholder or the Note B Holder, as applicable.

(c)               
If the Lead Senior 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 Controlling Noteholder Representative set forth in Section 5(f) and
this Section 6 shall be exercisable by the Lead Senior Noteholder (or the applicable Person specified in the Servicing Agreement)
to the extent set forth in the Servicing Agreement.

Section 7.               
Special Servicer. Subject to the terms of the Servicing Agreement, 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), shall have the right to appoint a replacement 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 (or its Controlling Noteholder Representative) shall not be
liable for any termination or similar fee in connection with the removal of the Special Servicer in accordance

    		42 

     

    

with this Section 7); any such termination
not to be effective unless and until (A)(i) the Senior Noteholders have consented to such appointment or (ii) after a Securitization,
each Rating Agency delivers Rating Agency Confirmation with respect to the identity of any such replacement Special Servicer; (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 such Mortgage Loan pursuant to an assumption agreement reasonably
satisfactory to the Trustee; and (C) the Senior Noteholders have or, after a Securitization, the Trustee has received an opinion
of counsel reasonably satisfactory to the Trustee to the effect that (x) such replacement will be bound by the terms of the Servicing
Agreement with respect to such Mortgage Loan and (y) subject to customary qualifications and exceptions, the applicable servicing
agreement will be enforceable against such replacement in accordance with its terms. The Controlling Noteholder shall promptly
provide copies to any terminated Special Servicer of the documents referred to in the preceding sentence.

Notwithstanding the
foregoing, after the Securitization Date, if the “retaining sponsor” in the Lead Securitization has sold an “eligible
horizontal interest” to a “third party purchaser” in accordance with Section _.7 of the Credit Risk Retention
Rule, each Noteholder agrees that the Special Servicer may be replaced upon (a) the recommendation of the Operating Advisor appointed
under the Servicing Agreement if the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the
Special Servicer has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer would be in the
best interest of the holders of the certificates, and (b) the subsequent affirmative vote of “ABS interests” (as defined
in Section _.2 of the Credit Risk Retention Rule). However, the Controlling Noteholder shall retain its right to subsequently remove
and replace the Special Servicer, but the Note A-1 Holder shall not restore a Special Servicer that has been replaced pursuant
to the preceding sentence.

Prior to the 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.

Section 8.               
Payment Procedure.

(a)               
The Lead Senior 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, shall deposit or cause to be deposited all payments allocable
to the Notes to the Collection Account for the Notes established pursuant to the Servicing Agreement. The Lead Senior Noteholder
(or the Servicer on its behalf) shall establish a segregated sub-account for amounts due to the Senior Noteholders and the Note
B Holder. The Lead Senior Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account
within two (2) Business Days of receipt of properly identified payments and collections by the Lead

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Senior Noteholder (or the Servicer acting
on its behalf) from or on behalf of the Mortgage Loan Borrower.

(b)              
If the Lead Senior Noteholder (or the Servicer on its behalf) determines, or a court of competent jurisdiction orders, at
any time that any amount received or collected in respect of a Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance,
preference or similar law, be returned to the Mortgage Loan Borrower or paid to the related Noteholder or any Servicer or paid
to any other Person, then, notwithstanding any other provision of this Agreement, the Lead Senior 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 Senior Noteholder (or the Servicer on its behalf) repay to the Lead Senior Noteholder (or the Servicer on its behalf)
any portion thereof that the Lead Senior 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 Senior Noteholder shall have been required to pay to
any Mortgage Loan Borrower, the Non-Lead Senior Noteholders, Master Servicer, Special Servicer or such other Person with respect
thereto.

(c)               
If, for any reason, the Lead Senior Noteholder (or the Servicer on its behalf) makes any payment to a Non-Lead Senior Noteholder
or the Note B Holder before the Lead Senior Noteholder (or the Servicer on its behalf) has received the corresponding payment (it
being understood that the Lead Senior Noteholder (or the Servicer on its behalf) is under no obligation to do so), and the Lead
Senior Noteholder (or the Servicer on its behalf) does not receive the corresponding payment within three (3) Business Days of
its payment to the Non-Lead Senior Noteholders or the Note B Holder, the Non-Lead Senior Noteholders and the Note B Holder, as
applicable, shall, at the Lead Senior Noteholder (or the Servicer’s on its behalf) request, promptly return that payment
to the Lead Senior 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 Senior Noteholder (or the Servicer
on its behalf) subject to this Agreement and the Servicing Agreement. The Lead Senior Noteholder (or the Servicer on its behalf)
shall have the right to offset any amounts due hereunder from a Noteholder with respect to the Mortgage Loan against any future
payments due to such Noteholder under the Mortgage Loan, provided, that each Noteholder’s obligations under this Section
8 are separate and distinct obligations from one another and in no event shall the Lead Senior 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. The Senior Noteholders (including any Servicer, except as otherwise provided
in the Servicing Agreement) shall have no liability to the Note B Holder with respect to Note B except with respect to losses actually
suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part of a Senior Noteholder. The Note
B Holder shall have no liability to the Senior Noteholders with respect to any Senior Note except with respect to losses actually
suffered by

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such Senior Noteholder due to the gross
negligence, willful misconduct or breach of this Agreement on the part of the Note B Holder.

The Note B Holder
acknowledges that, subject to the terms and conditions hereof and the obligation of the Senior Noteholders (including any Servicer)
to comply with, and except as otherwise required by, the Servicing Standard, the Senior Noteholders (including any Servicer) may
exercise, or omit to exercise, any rights that the Senior Noteholders 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 Senior Noteholders (including any Servicer)
shall have no liability whatsoever to the Note B Holder in connection with the Senior Noteholders’ exercise of rights or
any omission by the Senior Noteholders to exercise such rights other than as described above; provided, however,
that the Servicer must act in accordance with the Servicing Standard, this Agreement and the Servicing Agreement and the Senior
Noteholders shall not be protected against any liability to the Note B Holder that would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence.

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

Section 10.           
Bankruptcy. Subject to the provisions of Section 5(f) hereof, each Non-Lead Senior Noteholder and the Note B Holder
hereby covenant and agree that only the Lead Senior 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 Non-Lead Senior Noteholder and the Note B Holder further
agree that only the Lead Senior 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. Each Non-Lead Senior Noteholder and the Note B Holder hereby appoint
the Lead Senior Noteholder as their agent, and grants to the Lead Senior Noteholder an irrevocable power of attorney coupled with
an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to each Non-Lead
Senior Noteholder 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

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Loan. Each Non-Lead Senior Noteholder
and the Note B Holder in their capacity as such, hereby agrees that, upon the request of the Lead Senior Noteholder, each Non-Lead
Senior Noteholder and the Note B Holder shall execute, acknowledge and deliver to the Lead Senior Noteholder all and every such
further deeds, conveyances and instruments as the Lead Senior 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 and this Agreement.

Section 11.           
Cure Rights of the Note B Holder.

(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 for such payment permitted under the applicable Mortgage Loan Documents
(a “Monetary Default”), the Lead Senior Noteholder shall promptly provide notice to the Note B Holder and the
Controlling Noteholder Representative of such default (the “Monetary Default Notice”). The Note B Holder shall
have the right, but not the obligation, to cure such Monetary Default within ten (10) Business Days after receiving the Monetary
Default Notice (the “Cure Period”). At the time a payment is made to cure a Monetary Default, the Note B Holder
shall pay or reimburse the Senior Noteholders for all unreimbursed Advances (whether or not recoverable), Advance Interest Amounts,
any unpaid fees to any Servicer and any Additional Servicing Expenses. The Note B Holder 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 Senior Noteholders (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 Senior 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 six (6) cures
of Monetary Defaults in any 12 month period, but in no event more than twelve (12) cures of Monetary Defaults over the term of
the Mortgage Loan, and six (6) cures of Non-Monetary Defaults over the term of the Mortgage Loan, it being understood that a Non-Monetary
Default Cure Period that may extend longer than one month in accordance with Section 11(d) shall be considered to be a single cure.
Additional Cure Periods shall only be permitted with the consent of the Lead Senior Noteholder.

(c)               
No action taken by the Note B Holder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under the Mortgage Loan Documents and Senior Noteholders’ 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

    		46 

     

    

to the terms of this Agreement, the
Note B Holder shall be subrogated to the Senior Noteholders’ rights to any payment owing to the Senior Noteholder 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 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 Senior Noteholder (or the Servicer on its behalf) shall promptly provide notice to the Note B Holder
and the Controlling Noteholder Representative of such failure (the “Non-Monetary Default Notice”) and the Note
B Holder shall have the right, but not the obligation, to cure such Non-Monetary Default within ten (10) days from the later of
(i) the expiration of the cure period of the Mortgage Loan Borrower under the Mortgage Loan Documents and (ii) receipt of the Non-Monetary
Default Notice; 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 Note B Holder, the Note
B Holder shall be given an additional period of time as is reasonably necessary to enable the Note B Holder in the exercise of
due diligence to cure such Non-Monetary Default for so long as (i) the Note B Holder diligently and expeditiously proceeds to cure
such Non-Monetary Default, (ii) the Note B Holder 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 seventy-five (75) days, (iv) such
Non-Monetary Default is not caused by an Insolvency Proceeding or during such period of time that the Note B Holder 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.

Section 12.           
Purchase of the Senior Notes by the Note B Holder. The Note B Holder shall have the right, by written notice to the
Senior Noteholders (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, all of the Senior Notes in whole but not in part
at the applicable Defaulted Mortgage Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to the Senior Noteholders,
the Senior Noteholders shall sell (and the Note B Holder shall purchase) the Senior Notes (including, without limitation, any Notes
therein) at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”)
(i) not more than fifteen (15) Business Days after the written exercise by the Note B Holder to purchase the Senior Notes or (ii)
not more than forty (40) days after the written exercise by the Note B Holder to purchase the Senior Notes if the Note B Holder
deposits 10% of the Defaulted Mortgage Loan Purchase Price with the Senior Noteholder within ten (10) Business Days after the written
exercise of the Note B Holder to purchase the Senior Notes. The Noteholder Purchase Notice shall contain a statement that the Note
B Holder’s failure to purchase the Senior Notes on a Defaulted Note Purchase Date will result in the termination of such
right. The Note B Holder agrees that the sale of the Senior Notes 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 Senior Noteholder (or the Servicer on its behalf) three (3) Business Days prior to the Defaulted
Note Purchase Date (and such calculation shall be accompanied by a listing of all

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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
Senior Noteholders in immediately available funds of its respective portion of the applicable Defaulted Mortgage Loan Purchase
Price, the Senior Noteholders shall execute at the sole cost and expense of the Note B Holder in favor of the Note B Holder assignment
documentation that will assign the Senior Notes and the Mortgage Loan Documents without recourse, representations or warranties
(except each of the Senior Noteholders 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). The right of the Note B Holder to purchase the Senior Notes shall automatically terminate upon a foreclosure sale,
sale by power of sale or acceptance of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Lead Senior
Noteholder shall give the Note B Holder fifteen (15) days’ notice of its intent with respect to any such action). Notwithstanding
the foregoing sentence, if title to the Mortgaged Property is transferred to the Lead Senior Noteholder (or a designee on its behalf)
less than fifteen (15) days after the acceleration of the Mortgage Loan, the Lead Senior 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 Senior Noteholder
to deliver the Noteholder Purchase Notice to the Senior Noteholders, 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 the Note B Holder. The Note B Holder represents, and it is specifically understood and agreed,
that it is acquiring Note B for its own account in the ordinary course of its business and the Senior Noteholders 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 any Senior Noteholder 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, (c) to the Note B Holder’s actual knowledge,
there is no pending action, suit or proceeding, arbitration or governmental investigation against the Note B Holder, an adverse
outcome of which would materially and adversely affect its performance under this Agreement and (d) the acquisition and holding
of

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Note B will not result in a non-exempt
violation of any applicable federal, state or local law that is materially similar to Section 406 of ERISA or Section 4975 of the
Code.

The Note B Holder
acknowledges that the Senior Noteholders 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 any Senior Noteholder 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 Senior Noteholders. Each of the Senior Noteholders 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 such Senior Noteholder’s charter or any law or contractual restriction binding
upon such Senior Noteholder, and that this Agreement is the legal, valid and binding obligation of such Senior Noteholder, 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 business. Each of the Senior
Noteholders represents and warrants that (a) this Agreement has been duly executed and delivered by such Senior Noteholder, (b)
to such Senior 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 Senior Noteholder
have been obtained or made and (c) to each of the Senior Noteholder’s actual knowledge, there is no pending action,
suit or proceeding, arbitration or governmental investigation against such Senior Noteholder, an adverse outcome of which would
materially and adversely affect its performance under this Agreement. Each Senior Noteholder assumes all risk of loss in connection
with its Senior Note except as specifically set forth herein.

Section 15.           
Independent Analysis of the Note B Holder. The Note B Holder acknowledges that it has, independently and without
reliance upon any Senior Noteholder, except with respect to the representations and warranties provided by the Senior Noteholders
herein, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
purchase 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 Senior Noteholders have made no representations or warranties with respect
to the Mortgage Loan, subject to such representations and warranties as provided by the Senior Noteholders herein, and that the
Senior Noteholders 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 Senior Noteholders 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

    		49 

     

    

financial condition of the Mortgage
Loan Borrower. The Note B Holder assumes all risk of loss in connection with Note B 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 Senior Noteholders 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 any Senior Noteholder or its Affiliates and if any Senior Noteholder
chooses to offer to the Note B Holder the opportunity to purchase a Note interest in any future mortgage loans originated by such
Senior Noteholder or its Affiliates, such offer shall be at such purchase price and interest rate as such Senior Noteholder chooses,
in its sole and absolute discretion. The Note B Holder shall not have any obligation whatsoever to purchase from any Senior Noteholder
a Note interest in any future loans originated by such Senior Noteholder or its Affiliates.

Section 17.           
Not a Security. Note B shall not 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 any Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, any Affiliate of the 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 Senior Notes and Note B.

(a)               
The Note B Holder agrees that it will not Transfer all or any portion of Note B except that the Note B Holder shall have
the right to Transfer its Note, or any portion thereof, without the consent of the Senior Noteholders or any other Person (i) to
a Qualified Transferee, or (ii) to an entity that is not a Qualified Transferee, provided that:

(A) in the
case of both clauses (i) and (ii) such transfer would not cause Note B to be directly held by more than five (5) Persons, and

(B) in the
case of clause (ii) the Note B Holder obtains (1) prior to a Securitization, the consent of the Lead Senior Noteholder, which shall
not be unreasonably withheld, delayed or conditioned and (2) after a Securitization, Rating Agency Confirmation (and for avoidance
of doubt, no consent of the Lead Senior Noteholder shall be required after a Securitization).

If 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 Note B hereunder.

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Notwithstanding the
foregoing, without the Senior Noteholders’ prior consent, which may be withheld in their sole discretion, 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 and any
such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The Note B Holder agrees
it will pay the reasonable documented expenses of the Senior Noteholders (including all expenses of the Master Servicer and the
Special Servicer) in connection with any such Transfer by the Note B Holder. The Agent shall provide two (2) Business Days prior
written notice to each Rating Agency of any Transfer of Note B.

(b)              
Notwithstanding the foregoing, the Note B Holder shall have the right, without the need to obtain the consent of the Senior
Noteholders or any other Person, to Transfer 49% or less (in the aggregate) of its interest in Note B to any Person; provided
that any such Transfer shall be made in accordance with the other terms of this Section 19.

(c)               
All Transfers of Note B, other than transfer of a participation interest in Note B, under Sections 19(a) and (b) shall be
made upon written notice to the Senior Noteholder not later than the date of such Transfer, and each transferee shall (i) execute
an assignment and assumption agreement whereby such transferee represents that it is a Qualified Transferee (except in the case
of a transfer of less than 49% of Note B) or that the applicable consent and/or confirmation described in Section 19(a) has been
obtained and assumes all or a ratable portion, as the case may be, of the obligations of the Note B Holder hereunder with respect
to 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(g) by the Note B Holder of 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 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.

(d)              
Upon the consummation of a Transfer of all or any portion of a Note in accordance with this Agreement, the transferring
Person shall be released from all liability arising under this Agreement with respect to such Note (or the portion thereof that
was the subject of such Transfer) for the period after the effective date of such Transfer (it being understood and agreed that
the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest
in a Note as described in clause (e) below). In connection with any such permitted transfer of a portion of any Note and for all
purposes of this Agreement, the other Noteholders need only recognize the majority holder of the respective Notes for purposes
of notices, consents and other communications between the parties and such majority holder of a Note shall be the only Person authorized
hereunder to exercise any rights of the respective Noteholder under this Agreement; provided, however, the majority
holder of a 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 a holder of such Note hereunder by delivering written notice thereof
to the other 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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(e)               
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 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 such
participation interest; provided, however, that if the applicable participant is a Qualified Transferee (and delivers
to the other Noteholders a certification from an authorized officer confirming its status as a Qualified Transferee), 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 Control Appraisal Period with respect to Note B, the aforesaid delegation of rights shall terminate and
be of no further force and effect.

(f)               
Each of the Senior Noteholders shall have the right to Transfer all or any portion of its Senior Note without the prior
consent of any Noteholder except that, no Senior Noteholder may Transfer all or any portion of its Senior Note to the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer to the Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party shall be absolutely null and void and shall vest no rights in the purported transferee.

(g)              
Notwithstanding anything to the contrary contained herein, any Noteholder may pledge or transfer (a “Pledge”)
its Note to any entity (other than the Mortgage Loan Borrower or any Affiliate thereof) that has either extended a credit or repurchase
facility to, or is involved in the facilitation of a securities issuance program for, such Noteholder and that, in each case, is
either a Qualified Transferee or a financial institution whose long-term unsecured debt is rated at least “A” (or the
equivalent) or better by each Rating Agency (a “Note Pledgee”), or to a Person with respect to which a Rating
Agency Confirmation has been obtained, on terms and conditions set forth in this Section 19(g), it being further agreed that
a financing provided by a Note Pledgee to a Noteholder or any Affiliate that Controls such Noteholder that is secured by such Noteholder’s
interest in its respective Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder,
provided that a Note Pledgee that is not a Qualified Transferee 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, if any, by the pledging Noteholder to the other Noteholders and the Servicer that a Pledge has been effected (including
the name and address of the applicable Note Pledgee), each of the other Noteholders agrees to acknowledge receipt of such notice
and thereafter agrees: (i) to give such 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 and which shall be given simultaneously
with the giving of such notice to the pledging Noteholder; (ii) to allow such Note Pledgee a period of ten (10) Business
Days to cure a default by the pledging Noteholders in respect of its obligations to the other Noteholders 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 and which consent shall be deemed to be given if

    		52 

     

    

Note Pledgee shall fail to respond to
any request for consent to any such amendment, modification, waiver or termination within 10 Business Days after request thereof;
(iv) that such other Noteholder shall accept any cure by such Note Pledgee of any default of the pledging Noteholder which such
pledging Noteholder has the right to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such
other Noteholder or any Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request,
provided that any such certificate(s) shall be in a form reasonably satisfactory to 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 with respect to the pledging Noteholder’s
obligations to such Note Pledgee pursuant to the applicable credit agreement or other agreement relating to the Pledge 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 (or at any time that the pledging Noteholder
otherwise directs that such payments be made to Note Pledgee pursuant to a separate notice) 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 other Noteholder in good faith to have been delivered by a Note Pledgee.
Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder (and accept an assignment
in lieu of foreclosure as to such collateral), in accordance with applicable law, the pledge agreement, repurchase agreement or
similar agreement between the pledging Noteholder and the Note Pledgee and this Agreement. In such event, or if the pledging Noteholder
otherwise assigns its interests to the Note Pledgee, the other Noteholder and any Servicer shall recognize such Note Pledgee (and
any transferee other than the Mortgage Loan Borrower or any Affiliate thereof that is also a Qualified Transferee 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
Transferee 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(g) 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.

(h)              
Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified
Transferee 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 Transferee, 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;

    		53 

     

    

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

(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 Transferee, 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 Transferee at a foreclosure sale conducted by a Note Pledgee.

Section 20.           
Registration of Transfer. In connection with any Transfer of a Note (but excluding any Note Pledgee unless and until
it realizes on its Pledge), except for transfer of a participation interest, a transferee shall execute an assignment and assumption
agreement as described in Section 19(c) 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. 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 with the provisions of this Agreement.
Upon a Securitization of the Lead Senior Note, the Certificate Administrator shall automatically become and be the Agent.

Section 21.           
Registration of the Senior Notes and Note B. 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, the principal amount (and stated
interest) of the Notes owing to each Noteholder 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 19(c), 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

    		54 

     

    

Initial Note A-1 Holder, Initial Note
A-2 Holder, Initial Note A-3 Holder, Initial Note A-4 Holder, Initial Note A-5 Holder, Initial Note A-6 Holder and the Initial
Note B Holder 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 Senior Noteholders
and the Note B Holder 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 the arrangement hereby
be maintained, in a manner consistent with rules applicable to a grantor trust under subtitle A, chapter 1, subchapter J, part
I, subpart E 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 Senior
Noteholders to the Note B Holder. 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 HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

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

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

    		55 

     

    

(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 the parties hereto (other than as set forth in Section 5(c)) and, after Securitization, any modification that
materially affects the rights of the Senior Noteholders shall be subject to Rating Agency Confirmation, except that no Rating Agency
Confirmation shall be required in connection with a modification to cure any ambiguity or to correct or supplement any provision
herein that may be defective or inconsistent with any other provisions herein or with the Servicing 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. Each of the Master Servicer, Special Servicer, and related
Trustee is an intended third-party beneficiary of this Agreement. 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 assigning Noteholder, hereunder, including, without limitation, the right to make further assignments.

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.          

    		56 

     

    

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

Section 31.           
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

Section 32.           
Withholding Taxes.

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

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

(c)               
Contemporaneously with the execution of this Agreement and from time to time as reasonably requested by the Lead Senior
Noteholder or Servicer during the term of this Agreement, each Non-Lead Senior Noteholder or the Note B Holder shall deliver
to the Lead Senior Noteholder or Servicer, as applicable, evidence satisfactory to the Lead Senior Noteholder substantiating whether
such Non-Lead Senior Noteholder or the Note B Holder is a Non-Exempt Person and whether the Lead Senior Noteholder is obligated
under applicable law to withhold

    		57 

     

    

Taxes on sums paid to it with respect
to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if a Non-Lead Senior
Noteholder or 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 Senior Noteholder an Internal
Revenue Service Form W-9 and (ii) if a Non-Lead Senior Noteholder or 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, such Non-Lead Senior Noteholder or the Note B Holder, as applicable, shall satisfy the requirements of the preceding
sentence by furnishing to the Lead Senior Noteholder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments)
or Form W-8BEN or Form W-8BEN-E, as applicable, or successor forms, as may be required from time to time, duly executed by such
Non-Lead Senior Noteholder or the Note B Holder, as applicable. The Lead Senior Noteholder shall not be obligated to make any payment
hereunder to a Non-Lead Senior Noteholder or the Note B Holder in respect of its Note or otherwise until such Noteholder shall
have furnished to the Lead Senior Noteholder the requested forms, certificates, statements or documents.

Section 33.           
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Non-Lead
Senior Notes and Note B) shall be held by the Lead Senior Noteholder (or a custodian acting on behalf of the Lead Senior Noteholder)
on behalf of the registered holders of the Notes. Notwithstanding anything to the contrary in this Agreement, upon a Securitization
of the Lead Senior Note, the originals of all of the Mortgage Loan Documents (other than the Non-Lead Senior Notes and Note B)
shall be held by the custodian for the Lead Securitization.

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

All notices and reports
(including, without limitation, Asset Status Reports) required to be delivered hereunder by the Lead Senior Noteholder (or the
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 Lead Senior Noteholder (or the Servicer on its behalf), shall also be delivered
by the applicable party to the Note B Holder.

Section 35.           
Broker. The Senior Noteholders and the Note B Holder represent to each other that no broker was responsible for bringing
about this transaction.

Section 36.           
Certain Matters Affecting the Agent.

    		58 

     

    

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

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

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

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

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

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

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

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this
Agreement and perform the duties of the Agent hereunder. Natixis, as Initial Agent, may transfer its rights and obligations to
the Servicer, as successor Agent, at any time without the consent of any Noteholder. Natixis, 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.

Section 38.           
Servicing of the Loan. Pursuant to the Servicing Agreement, the Master Servicer (whose identity may change from time
to time as provided in the Servicing Agreement) will be appointed as the servicer of the Mortgage Loan and the Special Servicer
(whose identity may change from time to time as provided in the Servicing Agreement) will be appointed as the special servicer
of the Mortgage Loan, and the parties agree that the Master Servicer and Special Servicer will service the Mortgage Loan on behalf
of each Noteholder

    		59 

     

    

pursuant to the Servicing Agreement
and subject to the terms hereof. The Senior Noteholders shall not enter into any amendment to any Servicing Agreement that would
materially and adversely affect the rights or interests of the Note B Holder without obtaining the Note B Holder’s prior
written consent which consent may be withheld in the Note B Holder’s sole and absolute discretion.

 Section 39.           
Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement (without
regard to any references in this Agreement to the effect that a given defined term shall have the meaning of such defined term
or an analogous term in the Servicing Agreement), on the other, this Agreement shall control.

Section 40.           
Resizing. Notwithstanding any other provision of this Agreement, for so long as Natixis or an Affiliate of Natixis
(collectively, an “Original Entity”) is the owner of any Note (the “Owned Note”), such Original
Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute
amended and restated notes or additional notes (in either case, “New Notes”) reallocating the principal and/or
interest of the Owned Note to such New Notes; or severing the Owned Note into one or more further “component” notes
in the aggregate principal amount equal to the then outstanding principal balance of the Owned Note provided that (i) the aggregate
principal balance of all outstanding New Notes following such amendments is no greater than the aggregate principal of the Owned
Note prior to such amendments, (ii) immediately after giving effect to such amendment, the weighted average interest rate of the
Notes will be equal to the initial weighted average interest rate of the Notes immediately prior to such amendment, (iii) such
reallocated or component notes shall be automatically subject to the terms of this Agreement, and (iv) the Original Entity holding
the New Notes shall notify the Senior Noteholders, the Master Servicer, the Special Servicer, the Certificate Administrator and
the Trustee in writing of such modified allocations and principal amounts. A New Note may be structured as a pari passu or
senior/subordinate note. If the Lead Senior Noteholder so requests, the Original Entity holding the New Notes (and any subsequent
holder of such Notes) shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified.
Except for the foregoing reallocation and for modifications pursuant to the Servicing Agreement (as discussed in Section 5), no
Note may be modified or amended without the consent of its holder and the consent of the holders of the other Notes. In connection
with the foregoing (provided the conditions set forth in (i) through (iv), as certified by the Original Entity, on which certification
the Master Servicer can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan
Documents and this Agreement on behalf of any or all of the Noteholders, as applicable, solely for the purpose of reflecting such
reallocation of principal and/or interest. If a New Note is created out of the Lead Senior Note, the Original Entity shall designate
which Note will eligible for “control” during a Control Appraisal Period and the holders of all other New Notes will
be treated as “Non-Controlling Senior Noteholders. If a New Note is created out of the Lead Note, the Lead Senior Noteholder
shall designate which Note will be in the Lead Securitization.

[SIGNATURE PAGE FOLLOWS]

    		60 

     

    

IN WITNESS WHEREOF, each
of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder, the Note A-6 Holder
and the Note B Holder has caused this Agreement to be duly executed as of the day and year first above written.

 

	 	NATIXIS REAL ESTATE CAPITAL
LLC, as Initial Note A-1 Holder and Initial Agent
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name:   Andrew Taylor
	 	 	Title:    Managing Director

 

	 	By:	/s/ Sophia Ouyang
	 	 	Name:   Sophia Ouyang
	 	 	Title:    Vice President

 

	 	NATIXIS REAL ESTATE CAPITAL
LLC, as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name:   Andrew Taylor
	 	 	Title:    Managing Director

 

	 	By:	/s/ Sophia Ouyang
	 	 	Name:   Sophia Ouyang
	 	 	Title:    Vice President

 

	 	NATIXIS REAL ESTATE CAPITAL
LLC, as Initial Note A-3 Holder
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name:   Andrew Taylor
	 	 	Title:    Managing Director

 

	 	By:	/s/ Sophia Ouyang
	 	 	Name:   Sophia Ouyang
	 	 	Title:    Vice President

 

AMENDED
AND RESTATED VANGUARD PORTFOLIO CO-LENDER AGREEMENT

 

     

     

    

 

	 	NATIXIS REAL ESTATE CAPITAL,
as Initial Note A-4 Holder
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name:   Andrew Taylor
	 	 	Title:    Managing Director

 

	 	By:	/s/ Sophia Ouyang
	 	 	Name:   Sophia Ouyang
	 	 	Title:    Vice President

 

	 	NATIXIS REAL ESTATE CAPITAL,
as Initial Note A-5 Holder
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name:   Andrew Taylor
	 	 	Title:    Managing Director

 

	 	By:	/s/ Sophia Ouyang
	 	 	Name:   Sophia Ouyang
	 	 	Title:    Vice President

 

	 	NATIXIS REAL ESTATE CAPITAL,
as Initial Note B Holder
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name:   Andrew Taylor
	 	 	Title:    Managing Director

 

	 	By:	/s/ Sophia Ouyang
	 	 	Name:   Sophia Ouyang
	 	 	Title:    Vice President

 

AMENDED
AND RESTATED VANGUARD PORTFOLIO CO-LENDER AGREEMENT

 

    		  

     

    

	 	TCM CRE REIT LLC, a Delaware LLC, as Note B Holder
	 		 	 	 
	 	By:   	TCM CRE Credit Fund LP, a Delaware limited partnership, its sole member
	 		 	 	 
	 		By: 	TCM CRE Credit GP LLC, a Delaware LLC, its general partner
	 	 	 	 	 
			 	By:	/s/ Frank Scavone
	 		 	 	Name:   Frank Scavone

Title:     Managing Partner

 

 

AMENDED
AND RESTATED VANGUARD PORTFOLIO CO-LENDER AGREEMENT

 

    		  

     

    

 

  EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.       Description
of Mortgage Loan:

 

	Mortgage Loan:	Vanguard Portfolio
	Mortgage Loan Borrower:	
        425 GVP Property Company LLC

        1001 GVP Property Company LLC

        50 GVP Property Company LLC

	Date of the Mortgage Loan and the Mortgage:	November 7, 2018
	Initial Principal Amount of Mortgage Loan:	$129,825,000
	Location of Mortgaged Property:	
        425 Old Morehall Road

        1001 Cedar Hollow Road

        50 Morehall Road

        60 Morehall Road

	Initial Maturity Date:	November 7, 2028

B.       Description
of Notes:

	Initial Note A-1 Principal Balance:	$30,000,000
	Initial Note A-2 Principal Balance:	$25,000,000
	Initial Note A-3 Principal Balance:	$20,000,000
	Initial Note A-4 Principal Balance:	$20,000,000
	Initial Note A-5 Principal Balance:	$17,017,500

    		A-1 

     

    

 

	Initial Note A-6 Principal Balance:	$4,825,000
	Initial Note B Principal Balance:	$12,982,500
	Initial Note A-1 Percentage Interest:	23.1%
	Initial Note A-2 Percentage Interest:	19.3%
	Initial Note A-3 Percentage Interest:	15.4%
	Initial Note A-4 Percentage Interest:	15.4%
	Initial Note A-5 Percentage Interest:	13.1%
	Initial Note A-6 Percentage Interest:	3.7%
	Initial Note B Percentage Interest:	10.0%
	Senior Note Rate	4.8600%
	Note B Rate:	9.050%
	Note Default Interest Spread	A rate per annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the applicable Note interest rate, compounded monthly.

    		A-2 

     

    

EXHIBIT B

Initial Note A-1 Holder, Initial Note A-2 Holder, Initial
Note A-3 Holder, Initial Note A-4 Holder, Initial Note A-5 Holder and Initial Note A-6 Holder:

NATIXIS REAL ESTATE CAPITAL LLC

Notice Address:

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Real Estate Administration

Facsimile: (212) 891-5777

Email: USCIBSAFAssetManagementTeam@natixis.com

with a copy to:

Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020

for legal notices, with a copy to:

CMBSlegal.notices@natixis.com

 

Note B Holder

 

TCM CRE REIT LLC

 

Notice Address:

 

TCM CRE REIT LLC

1044 Northern Boulevard, Suite 100

Roslyn, New York 11576

Attention: Mr. Richard Spinelli, Managing Director

 

with a copy to to:

 

Sills Cummis & Gross P.C.

The Legal Center

One Riverfront Plaza

Newark. New Jersey 07102

Attention: Robert Hempstead, Esq.

    		B-1 

     

    

EXHIBIT C

PERMITTED FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    		C-1 

     

    

SCHEDULE I

The Note A-1 PSA shall
provide that:

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

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

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

(iv)               
the Master Servicer agrees to make available to the master servicers under the Non-Lead Securitization Servicing Agreements
the CREFC® Investor Reporting Package® (as defined in the Servicing Agreement) pursuant to the terms of the Servicing Agreement
on a monthly basis on the applicable Master Servicer Remittance Date;

(v)               
the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other
party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer
and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged
by it to deliver), to the parties to the Non-Lead Securitization Servicing Agreements, at its own expense, in a timely manner,
the reports, certifications, compliance statements, accountants’ assessments and attestations, information to be included
in reports (including, without limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of
the other Servicing Agreements as the parties to the Non-Lead Securitizations may require in order to comply with their obligations
under the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation
AB, and any other applicable law. Without limiting the generality of the foregoing, the Lead Senior Noteholder for a Lead Securitization
shall provide in a timely manner to the depositor and the trustee for any prior Securitization a copy of the Servicing Agreement
and each Lead Servicer (at the expense of the Lead Senior Noteholder) will be required, upon prior written request, to provide

    		Schedule I-1 

     

    

to the depositor and the trustee
for any prior Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead
Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were
or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such may be amended
from time to time, and subject to such clarification and interpretation as have been provided by the United States Securities and
Exchange Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission or
its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master
Servicer, any primary servicer and the Special Servicer, upon prior written request, shall each be required to provide certification
and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms
are defined in the applicable Non-Lead Securitization Servicing Agreement;

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

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

(viii)               
each of the Non-Lead Senior Noteholders and Junior Noteholder is an intended third-party beneficiary in respect of the rights
afforded it under the Servicing Agreement and each master servicer under a Non-Lead Securitization Servicing Agreement will be
entitled to enforce the rights of the related Trustee

    		Schedule I-2 

     

    

with respect to such Non-Lead Senior
Note under this Agreement and the Servicing Agreement; and

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

(x)               
it shall not be amended in a manner that materially and adversely affects the rights of a Non-Lead Senior Noteholder without
its consent;

(xi)               
satisfy Moody’s rating methodology as of the closing date of the Lead Securitization related to permitted investments
and eligible accounts applicable to securities rated “Aaa” by Moody’s;

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

(xiii)               
provide that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary
market termination events with respect to failure to make advances, failure to remit payments to a Non-Lead Senior Noteholder as
required, failure to deliver (or cause to be delivered) materials or information required in order for a Non-Lead Senior Noteholder
or the depositor under the Non-Lead Securitization Servicing Agreement to timely comply with its obligations under the Exchange
Act, the Securities Act or Form SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace
periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a depositor under
the Non-Lead Securitization Servicing Agreement to fail to comply with the applicable provisions of such securities laws);

(xiv)               
provide that if a Non-Lead Senior Note becomes the subject of an “asset review” under the Non-Lead Securitization
Servicing Agreement, the applicable parties to the Servicing Agreement are required to reasonably

    		Schedule I-3 

     

    

cooperate with the related asset
representations reviewer or other applicable party to the Non-Lead Securitization Servicing Agreement in connection with such asset
review, including with respect to providing access to related underlying documents to the extent the asset representations reviewer
or such other applicable party to the Non-Lead Securitization Servicing Agreement has not obtained such documents from a Non-Lead
Senior Noteholder and such documents are in the possession of the applicable party to the Servicing Agreement; and

(xv)               
have provisions materially consistent with those set forth in the Model PSA with respect to:

(1)              
 servicing transfer events that would result in the transfer of the Mortgage Loan to special servicing status;

(2)              
the authority of the servicers in the Note A-2 Securitization to grant or agree or consent to material modifications, waivers
and amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in
connection with the Mortgage Loan;

(3)              
requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing status
and periodic updates thereof;

(4)              
duties of the special servicer in respect of foreclosure and the management of REO property; and

(5)              
subject to various adjustments and caps provided for in the Note A-1 PSA (which shall be substantially similar to those
set forth in the Note A-2 PSA, Note A-3 PSA, the Note A-4 PSA and the Note A-5 PSA), primary servicing, special servicing, workout
and liquidation fees,

provided,
however, that (1) this clause (xv) shall not be construed to prohibit differences in timing, control or consultation triggers
or thresholds, terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate
holder or investor voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice
or rating agency confirmation requirements; and (2) in the event of any conflict between this sentence and any other provision
of this Agreement, such other provision of the Agreement shall control.

 

    		Schedule I-4 

     

    

SCHEDULE II

If Note A-2, Note
A-3, Note A-4, Note A-5 or Note A-6 is included in a Securitization, it shall cause the applicable Non-Lead Securitization Servicing
Agreement to contain provisions to the effect that:

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

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

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

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

    		Schedule II-1 

     

    

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

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

 

    		Schedule II-2EX-10.1

 Exhibit 10.1 

TRANSITION SERVICES AGREEMENT 
 by
and between 
 RECRO PHARMA, INC. 

and 
 BAUDAX BIO, INC. 

Dated as of November 20, 2019 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS; INTERPRETATION
	  	 	3	 
	 Section 1.1.
	 	General	  	 	3	 
	 Section 1.2.
	 	Interpretation	  	 	4	 
		
	 ARTICLE II SERVICES
	  	 	4	 
	 Section 2.1.
	 	General	  	 	4	 
	 Section 2.2.
	 	Standard for Services	  	 	4	 
	 Section 2.3.
	 	[Protection of Information Systems	  	 	5	 
	 Section 2.4.
	 	Transitional Nature of the Services	  	 	5	 
	 Section 2.5.
	 	Omitted Services	  	 	5	 
	 Section 2.6.
	 	Additional Services	  	 	6	 
	 Section 2.7.
	 	Use of Third Parties	  	 	6	 
	 Section 2.8.
	 	Cooperation	  	 	7	 
	 Section 2.9.
	 	Access	  	 	7	 
	 Section 2.10.
	 	Intellectual Property	  	 	7	 
		
	 ARTICLE III FEES AND PAYMENT
	  	 	7	 
	 Section 3.1.
	 	Fees	  	 	7	 
	 Section 3.2.
	 	Expense	  	 	8	 
	 Section 3.3.
	 	Invoice; Payment	  	 	8	 
	 Section 3.4.
	 	Late Payments	  	 	8	 
	 Section 3.5.
	 	Taxes	  	 	8	 
	 Section 3.6.
	 	No Right to Set-Off	  	 	8	 
		
	 ARTICLE IV SERVICE MANAGEMENT
	  	 	9	 
	 Section 4.1.
	 	Service Managers	  	 	9	 
	 Section 4.2.
	 	Service Coordinators	  	 	9	 
		
	 ARTICLE V SUB-CONTRACTING; THIRD PARTY
AGREEMENTS
	  	 	9	 
	 Section 5.1.
	 	Sub-Contractors	  	 	9	 
	 Section 5.2.
	 	Third Party Agreements	  	 	9	 
	 Section 5.3.
	 	Consents	  	 	9	 
		
	 ARTICLE VI TERM AND TERMINATION AND EFFECTS OF TERMINATION
	  	 	10	 
	 Section 6.1.
	 	Term	  	 	10	 
	 Section 6.2.
	 	Termination for Breach	  	 	10	 
	 Section 6.3.
	 	Early Termination of a Service	  	 	10	 
	 Section 6.4.
	 	Termination Upon Insolvency	  	 	11	 
	 Section 6.5.
	 	Accrued Rights	  	 	11	 
	 Section 6.6.
	 	Effect of Termination	  	 	11	 
		
	 ARTICLE VII LIMITATION OF LIABILITY; INDEMNIFICATION
	  	 	12	 
	 Section 7.1.
	 	Limited Liability	  	 	12	 
	 Section 7.2.
	 	Services Provided “As-Is”	  	 	12	 
	 Section 7.3.
	 	Indemnification	  	 	12	 

  
 -i- 

							
	 ARTICLE VIII INSURANCE MATTERS
	  	 	13	 
	 Section 8.1.
	 	Insurance	  	 	13	 
		
	 ARTICLE IX CONFIDENTIALITY
	  	 	13	 
	 Section 9.1.
	 	Confidentiality	  	 	13	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	14	 
	 Section 10.1.
	 	General	  	 	14	 
	 Section 10.2.
	 	Inconsistencies	  	 	14	 
	 Section 10.3.
	 	Dispute Resolution	  	 	14	 
	 Section 10.4.
	 	Force Majeure	  	 	14	 
	 Section 10.5.
	 	Titles and Headings	  	 	15	 
	 Section 10.6.
	 	Independent Contractor Status	  	 	15	 

  
 -ii- 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of November 20, 2019, is entered into by and between
Recro Pharma, Inc., a Pennsylvania corporation (“Recro”), and Baudax Bio, Inc., a Pennsylvania corporation (“Baudax”). “Party” or “Parties” means Recro or Baudax, individually or
collectively, as the case may be. 
 RECITALS 

WHEREAS, in conjunction with a Separation Agreement executed by and between Recro and Baudax of even date hereof (the “Separation
Agreement”) each of Baudax and Recro desires to provide to the other certain transition services, as more particularly described herein and upon the terms and subject to the conditions hereinafter set forth; and 

WHEREAS, the Parties agree and acknowledge that the efficient and effective transition of the Services (as defined below), in a manner that
permits the successful operations of each Party following consummation of the transactions contemplated by the Separation Agreement, is a priority to the shareholders of each Party. 

NOW, THEREFORE, in consideration of the foregoing and the respective warranties, covenants and agreements hereinafter set forth, and intending
to be legally bound hereby, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS; INTERPRETATION 

Section 1.1. General. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to them
in the Separation Agreement. As used herein, the following terms shall have the following meanings: 
 (a) “Service
Provider” means, as the context may require, any member of the Recro Group or the Baudax Group, as applicable, in its capacity as the provider of any Services to any member of the Baudax Group or the Recro Group, respectively, or, any other
Person providing the Services on behalf of the Recro Group or the Baudax Group, as applicable. 
 (b) “Service Recipient”
means, as the context may require, any member of the Recro Group or the Baudax Group, as applicable, in its capacity as the recipient of any Services from any member of the Baudax Group or the Recro Group, respectively, 

(c) “Services” means all of the services to be provided by or on behalf of Service Provider under this Agreement and
described on Schedule I-A, with respect to the Services provided by or on behalf of the Recro Group, or Schedule I-B, with respect to the Services provided
by or on behalf of the Baudax Group, respectively, as such Schedules may be updated and supplemented from time to time in accordance with the provisions of this Agreement, along with any Omitted Services and any Additional Services.
“Service” means each such service. 

  
 -3- 

 (d) “Term” means the period commencing on the date hereof and ending,
subject to Section 6.1, on the date of the last to expire Service as set forth on Schedule I-A or Schedule I-B, as applicable. 

(e) “Third Party” means any person or entity other than a member of the Recro Group, the Baudax Group, or their respective
Affiliates. 
 Section 1.2. Interpretation. Except where the context otherwise requires, the singular will include the plural,
the plural will include the singular, the use of any gender will be applicable to all genders, and the word “or” means “and/or.” References to a number of days, unless otherwise specified, means calendar days. The captions of
this Agreement are for convenience of reference only and do not define, describe, extend or limit the scope or intent of any provision contained in this Agreement. The terms “including,” “include,” or “includes” are not
intended to limit generality of any description preceding such term. The Parties have participated jointly in the negotiation and drafting of this Agreement. The language of this Agreement will be deemed to be the language mutually chosen by the
Parties, and no rule of strict construction will be applied against either Party. 
 ARTICLE II 

SERVICES 

Section 2.1. General. During the Term, subject to Section 2.2, Service Provider shall provide to Service
Recipient and, to the extent directed by Service Recipient, its Affiliates, the Services, in each case subject to the terms and conditions set forth herein. Notwithstanding anything to the contrary herein, Service Provider shall not be required to
perform or cause to be performed any of the Services for the benefit of any Person other than Service Recipient and its Affiliates. The Parties agree to negotiate in good faith any proposed changes to the Services, including pricing related thereto,
during the Term. Such proposed changes shall become effective only upon mutual agreement of the Parties as reflected in an addendum to Schedule I-A or Schedule
I-B, as applicable. The Parties acknowledge and agree that the Services are generally intended to facilitate the transactions contemplated by the Separation Agreement, and, to the extent the Services
described in the applicable Schedule I are general in nature, are intended to support the continued respective operations of the Parties following consummation of the transactions contemplated by the Separation Agreement. 

Section 2.2. Standard for Services. The Services shall be provided hereunder (i) in accordance with the terms and conditions
of this Agreement and in a manner generally consistent with the provision of such Services during the twelve (12) months immediately prior to the date hereof (the “Prior Period”), (ii) in a manner at least as complete in all
material respects as the manner in which such Services have been provided during the Prior Period, (iii) with the same degree of skill, care and diligence as provided during the Prior Period, and (iv) giving substantially equal priority
and substantially equal treatment that such Services received during the Prior Period; provided that if Service Provider has not previously provided any such Service to another Person, Service Provider will provide such Service in a manner
substantially similar to similar services provided to its Affiliates or businesses. To the extent a more specific standard of care is specified in the respective Schedule I with respect to any Service, the Service Provider shall use its
commercially reasonable efforts to comply with such more specific standard. It is the Parties’ 

  
 -4- 

 
shared objective to transition responsibility for the performance of Services from Service Provider to Service Recipient and its Affiliates in a manner that minimizes, to the extent reasonably
possible, disruption to the business operations of Service Provider and its Affiliates and the business operations of Service Recipient and its Affiliates. Notwithstanding any provision of this Agreement or the Separation Agreement to the contrary,
Service Provider shall not be required to (i) perform any Service in any manner that violates or contravenes any restrictions imposed on Service Provider by applicable Law or (ii) perform any Service in any manner that breaches or
contravenes any contractual obligations owed by Service Provider to any Third Party(ies), or (iii) perform any Service to the extent that the conduct of such would, in the good faith belief of Service Provider, infringe, violate or
misappropriate intellectual property rights of any Third Party. 
 Section 2.3. Protection of Information Systems 

(a) In providing any information technology Services hereunder, Service Provider shall have the right to implement reasonable processes from
time to time under which there will be no greater threat to Service Provider’s information technology operating environment than would exist in the absence of the provision of such Services. Without limiting the foregoing, Service Recipient
shall, and shall cause each of its employees with access to Service Provider’s information technology operating environment to, comply with the terms and conditions of Service Provider’s information technology use policies in place at the
time of provision of such Services. 
 (b) If, in connection with the provision of any Services under this Agreement, it is reasonably
necessary for Service Provider to implement any information technology connections, firewalls or the like (“Information System Additions”) specifically in connection with the provision of such Services and that would not have
otherwise been implemented in the absence of the provision of the Services, the costs of implementing such Information System Additions shall be borne by Service Recipient, unless specifically provided otherwise in the respective Schedule I
hereto or otherwise agreed to in writing by Service Recipient. 
 Section 2.4. Transitional Nature of the Services. Service
Recipient understands that the Services provided hereunder are transitional in nature and are furnished by Service Provider as an accommodation and for the purpose of facilitating the transactions contemplated by the Separation Agreement. Service
Recipient agrees to use, and shall cause its Affiliates to use, commercially reasonable efforts to transition from the Services as provided by Service Provider to services performed by Service Recipient or furnished by another party as soon as
practically possible, but in no case later than the expiration of the Term. Service Recipient further understands that Service Provider is not in the business of providing Services to Third Parties and will not provide the Services beyond the Term.

 Section 2.5. Omitted Services. If, during the sixty (60) day period immediately following the date of this Agreement,
Service Recipient identifies a service that was provided in connection with Service Recipient’s business (other than those services expressly excluded hereunder) during the Prior Period, or which are reasonably anticipated as of the date hereof
to be necessary to continue to support Service Recipient’s business during the Term, but such services were inadvertently omitted from the list of Services in the applicable Schedule I hereto (each, to

  
 -5- 

 
the extent included in the Services pursuant to this Section 2.5, an “Omitted Service”), then Service Provider shall use commercially reasonable efforts
to cooperate with Service Recipient to amend the applicable Schedule I to add such Omitted Service as a Service; provided that Service Provider shall not be obligated to provide any Omitted Service if it does not, in its reasonable
judgment, have adequate resources to provide such Omitted Service or if the provision of such Omitted Service would significantly disrupt the operation of its business. In the event that the Parties agree that Service Provider should provide any
such Omitted Service, the Parties shall execute amendments for such Omitted Service to the applicable Schedule I for such Omitted Service that shall set forth, among other things, (i) the time period during which such Omitted Service
shall be provided, (ii) a description of such Omitted Service in reasonable detail, (iii) primary points of contact for each of the Parties with respect to the Service, (iv) any additional Fees, as applicable, related to such Omitted
Service and agreed upon by the Parties, and (v) any additional terms and conditions specific to such Omitted Service. Service Provider’s obligations with respect to providing any such Omitted Service shall become effective only upon mutual
agreement of the Parties as reflected in an amendment to the applicable Schedule I being duly executed and delivered by each Party. Notwithstanding the foregoing, the time period for any such Omitted Service shall expire not later than the
expiration of the Term as calculated prior to the addition of such Omitted Service unless the Parties agree otherwise. 
 Section 2.6.
Additional Services. The Parties acknowledge that Schedule I might not identify all of the Services that may be necessary or appropriate to affect the understanding set forth in this Agreement. Service Recipient may request such
additional Services from Service Provider (each, to the extent included in the Services pursuant to this Section 2.6, an “Additional Service”) in writing during the Term. Service Provider will consider any
such request for Additional Services promptly and in good faith, except to the extent such request is for Omitted Services (in which case Section 2.5 shall govern). In the event that the Parties agree that Service Provider
should provide any such Additional Service, the Parties shall execute amendments for such Additional Service to the applicable Schedule I that shall set forth, among other things, (i) the time period during which such Additional Service
shall be provided, (ii) a description of such Additional Service in reasonable detail, (iii) primary points of contact for each of the Parties with respect to the Service, (iv) any additional Fees, as applicable, related to such
Additional Service and agreed upon by the Parties, and (iv) any additional terms and conditions specific to such Additional Service. Service Provider’s obligations with respect to providing any such Additional Service shall become
effective only upon mutual agreement of the Parties as reflected in an amendment to the applicable Schedule I being duly executed and delivered by each Party. Notwithstanding the foregoing, the time period for any such Additional Service
shall expire not later than the expiration of the Term as calculated prior to addition of such Additional Service unless the Parties agree otherwise. 

Section 2.7. Use of Third Parties. Service Recipient understands that certain Services may be provided to it by Service Provider
in accordance with this Section 2.7 and pursuant to agreements between Service Provider and various Third Parties. To the extent not prohibited by a Third Party and with Service Recipient’s consent not to be
unreasonably withheld, conditioned, or delayed, Service Provider will coordinate the provision of Services by the Third Party to Service Recipient and Service Recipient will reasonably cooperate with any Third Party providing Services on behalf of
Service Provider in order to facilitate the provision and receipt of such Services. 

  
 -6- 

 Section 2.8. Cooperation. Service Recipient and its Affiliates who are
recipients of the Services will reasonably cooperate with Service Provider in order to facilitate the provision and receipt of the Services. Service Recipient acknowledges that such Services are dependent on such reasonable cooperation, and that its
or its Affiliates’ failure to so cooperate, if not reasonable, shall relieve Service Provider of its obligation to provide the related Services to the extent such failure renders such provision impractical or impossible. Service Recipient and
its Affiliates who are recipients of the Services will comply in all material respects with all applicable policies and procedures of Service Provider. 

Section 2.9. Access. Each Party shall allow the other Party and its Affiliates and Representatives reasonable access to the
facilities of such Party and its Affiliates that is necessary for Service Provider to provide the Services or for Service Recipient and its Affiliates to receive the Services. Each Party agrees that all of its and its Affiliates’ employees
shall, and that it shall use commercially reasonable efforts to cause its Representatives’ employees to, when on the property of the other Party or any of its Affiliates, or when given access to any facilities, information, systems,
infrastructure or personnel of the other Party or any of its Affiliates, conform to the policies and procedures of such other Party and any of its Subsidiaries, as applicable, concerning health, safety, conduct and security which are made known to
the Party receiving such access from time to time. 
 Section 2.10. Intellectual Property. Neither Party will gain, by virtue of
this Agreement, any rights of ownership or use of copyrights, patents, trade secrets, trademarks or any other intellectual property rights (“Intellectual Property Rights”) owned by the other Party or its Affiliates. To the extent
any Intellectual Property Rights are developed by Service Provider or its Affiliates solely, specifically and exclusively for Service Recipient in the course of the performance of the Services, all right, title and interest in and to any such
Intellectual Property Rights shall be the sole and exclusive property of Service Recipient, and Service Provider shall (and shall cause its Affiliates to) assign, and does hereby assign, to Service Recipient all right, title and interest in and to
any such Intellectual Property Rights. Except as expressly specified in the foregoing, as between the Parties, all right, title and interest in any Intellectual Property Rights developed by or on behalf of Service Provider in the course of providing
the Services shall be owned by Service Provider. To the extent that Service Provider performs any Services through any Affiliate or subcontractor, Service Provider shall obligate such Affiliate or such subcontractor to assign to Service Recipient
all Service Recipient’s Intellectual Property Rights, and Service Provider shall not utilize any such Affiliate or subcontractor in the performance of such Services unless such Affiliate or subcontractor is so obligated. 

ARTICLE III 
 FEES AND
PAYMENT 
 Section 3.1. Fees. The fees payable hereunder for the Services (the “Fees”) shall be equal to:
(i) with respect to the Services provided by or on behalf of the Recro Group as the Service Provider, the amount specified for each such Service as set forth Schedule I-A; and (ii) with
respect to the Services provided by or on behalf of the Baudax Group as the Service Provider, a fee of $100,000 per month for twelve (12) months during the Term (the “Baudax Monthly Fee”). 

  
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 Section 3.2. Expense. The Fees are exclusive of expenses related to travel
(including long-distance and local transportation, accommodation and meal expenses and other incidental expenses) by Service Provider’s personnel or any subcontractor in connection with performing the Services. All of the costs and expenses
described in this Section 3.2 (“Expenses”) shall be charged by Service Provider to the recipient of such Service on a pass-through basis. For the avoidance of doubt, the Expenses described in this
Section 3.2 shall be consistent with Service Provider’s general approach with respect to such types of costs and expenses; provided that with respect to any Service, the recipient of such Service’s prior
written approval shall be required to the extent that Expenses exceed $10,000. For clarity, there shall be no mark-up added to Expenses under this Agreement, unless such
mark-up was actually paid by Service Provider’s personnel or subcontractor. 

Section 3.3. Invoice; Payment. Not later than fifteen (15) days after the last day of each calendar month (or, if such date
is not a Business Day, then on the immediately succeeding Business Day), Service Provider shall provide to Service Recipient an invoice for the preceding calendar month’s Services, which shall list (i) the Services provided by Service
Provider to Service Recipient for such month, (ii) the Fees payable for such Services (and reasonable documentation supporting such Fees, to the extent requested by Service Recipient), and (iii) any Expenses for the preceding calendar
month (and reasonable documentation verifying such Expenses). The amount stated in such invoices shall be paid by Service Recipient in full within thirty (30) calendar days of the issuance of the invoices (or, if such date is not a Business
Day, then on the immediately succeeding Business Day) to an account designated by Service Provider, except to the extent such amount is the subject of a good faith dispute by Service Recipient as notified in writing to Service Provider. 

Section 3.4. Late Payments. Without prejudice to Service Provider’s other rights and remedies, where any sum remains unpaid
ten (10) Business Days after the applicable due date, it shall carry interest, which shall accrue daily, from the due date until the date of actual payment, at a rate based on the prime rate listed in the Wall Street Journal (Bond Yields and
Rates) on the date such sum is due and payable plus 1 percent (1%). 
 Section 3.5. Taxes. All payments due to Service
Provider under this Agreement shall be exclusive of any sales, use, value added, transfer, service, service use or other similar or analogous Tax (“Service Taxes”). Service Recipient will pay, and hold Service Provider harmless
against, any Service Taxes applicable to the provision of the Services. Each Party agrees to provide to the other Party such information and data as reasonably requested from time to time, and to fully cooperate with the other Party, in connection
with (a) the reporting of any Service Taxes payable pursuant to this Agreement, (b) any audit relating to any such Service Taxes, or (c) any assessment, refund, claim or proceeding relating to any such Service Taxes. To the extent any
such reporting, audit, assessment, refund, claim, or proceeding is in relation to Service Taxes owed or claimed to be owed by Service Provider or any of its Affiliates by a Governmental Entity, Service Provider shall direct and control such
reporting, audit, assessment, refund, claim, or proceeding. 
 Section 3.6. No Right to
Set-Off. Each Party hereto acknowledges and agrees that it shall not be permitted to set-off any amount owed by such Party pursuant to this Agreement against any
amount or obligation owed to such Party or an Affiliate hereunder or pursuant to the Separation Agreement or any other Ancillary Agreement. 

  
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 ARTICLE IV 

SERVICE MANAGEMENT 

Section 4.1. Service Managers. Each Party shall each appoint an employee to have overall responsibility for managing and
coordinating the delivery of Services in accordance with this Agreement (such employee, a “Service Manager”). The initial Service Managers shall be identified on Exhibit A hereto and may thereafter be replaced from time to
time upon written notice to the other Party. Service Managers shall consult and coordinate with one another regarding the provision of Services hereunder. 

Section 4.2. Service Coordinators. Each Party has designated an employee or title as the principal point of contact for the day-to-day implementation or monitoring of each Service as specified in the applicable Schedule I (each, a “Service Coordinator”). Communications
relating to specific Services shall be directed to the applicable Service Coordinators. The Service Coordinators will report to the applicable Service Manager from time to time, as directed by the Service Manager. 

ARTICLE V 
 SUB-CONTRACTING; THIRD PARTY AGREEMENTS 
 Section 5.1.
Sub-Contractors. Upon Service Recipient’s consent, not to be unreasonably withheld, conditioned, or delayed, Service Provider may delegate or sub-contract
its duties under this Agreement to a qualified Third Party; provided that, notwithstanding such delegation or sub-contracting, Service Provider shall remain liable for the performance of its duties
hereunder and shall ensure and guaranty that any Services provided by a subcontractor shall meet Service Provider’s obligations set forth in Sections 2.2(i), (ii), (iii) and (iv). For the avoidance of doubt, Service Provider will not be
liable with respect to any agreement entered into directly by Service Recipient (or its Affiliates) and a subcontractor, other than as mutually agreed in writing by the Parties. 

Section 5.2. Third Party Agreements. Service Recipient acknowledges that the Services that were provided through Third Parties
prior to the date hereof are subject to the terms and conditions of any applicable agreements between Service Provider and such Third Parties, and Service Recipient agrees to comply with such terms and conditions to the extent applicable to Service
Recipient and necessary for purposes of receiving such Services by Service Recipient. For any Service to be delegated to a Third Party after the date hereof, and so long as any such Service is provided solely to Service Recipient and not to Service
Provider or any Affiliates of Service Provider, Service Provider shall provide Service Recipient with a copy of any agreement contemplated to be entered into with such Third Party in relation to such Service and seek Service Recipient’s consent
to such delegation, which consent may not be unreasonably withheld, delayed, or conditioned. In the event any such consent is not granted, Service Provider shall not have any liability resulting from any delay in providing any such Service. 

Section 5.3. Consents. Notwithstanding anything to the contrary contained herein, Service Provider shall use commercially
reasonable efforts to obtain all consents from vendors that are necessary in order to provide any of the Services to Service Recipient under this Agreement; provided, however, that Service Provider shall not be required to pay any out-of-

  
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pocket fees to any vendor in order to obtain such consent, but shall, instead, request that Service Recipient pay such
out-of-pocket fees. In the event that Service Provider is unable to obtain any such consent, the Parties will work together to agree upon a commercially reasonable
alternative arrangement, which may include identification of alternate resources and equivalent services from such alternative resources on commercially reasonable terms. Any actual
out-of-pocket fees levied on Service Provider (i) in connection with its efforts to obtain and implement such consents and (ii) in connection with the
implementation of any such commercially reasonable alternative arrangement, shall be borne by Service Recipient. 
 ARTICLE VI 

TERM AND TERMINATION AND EFFECTS OF TERMINATION 

Section 6.1. Term. Except as otherwise provided herein or unless otherwise agreed in writing by the Parties, Service
Provider’s obligation to provide or procure, and Service Recipient’s obligation to purchase, each Service shall cease as of the end of the term specified for such Service in the applicable Schedule I hereto, and the Agreement shall
terminate in its entirety at the end of the Term; provided that (i) this Agreement may be extended, with respect to one or more Services, by mutual written agreement of the Parties, consent to which extension shall be in each
Party’s absolute discretion, and (ii) in the event that a Service shall not have been transitioned to Service Recipient solely as a result of a material breach by Service Provider of its obligations under this Agreement, the term for such
Service will be extended solely for such period as shall be necessary for Service Provider to cure such material breach; provided that the breach is curable with the use of commercially reasonable efforts and is not related to a Service that
could reasonably be obtained or performed by Service Recipient itself. 
 Section 6.2. Termination for Breach. In the event that
a Party hereto commits a material breach with respect to any of the Services, the other Party may terminate this Agreement with respect to such Service only, unless such breach is cured not later than thirty (30) days after receipt by the
breaching Party of written notice of such breach. 
 Section 6.3. Early Termination of a Service. Subject to the restrictions
set forth herein, if Service Recipient should wish to terminate a Service (in whole, but not in part), Service Recipient shall provide written notice to Service Provider not later than one hundred and eighty (180) days prior to the requested
termination date for such Service; provided, however, that no such notice of termination may be delivered to Service Provider during the one hundred and eighty (180) day period immediately following the date hereof.
Notwithstanding the foregoing provisions, the Parties acknowledge and agree that, in certain instances, terminating certain Services may require time periods longer than the one hundred and eighty (180) day period specified in this
Section 6.3. In any such event, the Parties agree to negotiate in good faith a longer period of time for any and all such transfers following the termination notice. Service Recipient shall remain liable for any Fees or
other amounts payable hereunder in connection with the terminated Service(s) incurred prior to the effective date of termination of such Service(s), including in the event that such terminated Services contemplated a deliverable that was not
provided due to such early termination (for the avoidance of doubt, and notwithstanding anything to the contrary contained herein, in the event that any Services are terminated prior to the expiration of the Term by Recro, Recro shall remain liable
for the Baudax Monthly Fee through the remainder of the Term). Service Recipient acknowledges and agrees that (i) Services provided by Third 

  
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Parties may be subject to term-limited licenses and contracts between Service Provider and applicable Third Parties (collectively, “Provider Third Party Contracts”), (ii) the
renewal periods under the Provider Third Party Contracts may be for fixed periods, and (iii) Service Provider may not have the right to renew certain Provider Third Party Contracts. As a result, Service Recipient agrees that (i) if Service
Provider is required to extend any Provider Third Party Contract in order to continue to provide any Service during the Term, then Service Provider shall notify Service Recipient and, if Service Recipient informs Service Provider within fifteen
(15) days of such notice that it wishes to continue to receive such Service, then Service Recipient shall be required to pay Service Provider the amount of any renewal fees or purchase commitments applicable to the relevant Service for the full
renewal period specified in the applicable Provider Third Party Contract, regardless of whether the Term or Service Provider’s provision of the relevant Service ends prior to the end of the relevant renewal period, and (ii) Service
Provider will not be required to provide any Service to the extent it is unable to renew any applicable Provider Third Party Contract or Service Recipient either informs Service Provider that it does not wish to continue to receive such Service
under this Section 6.3 or does not respond to Service Provider’s notice in the applicable fifteen (15) day period. 

Section 6.4. Termination Upon Insolvency. Either Party may terminate this Agreement immediately in the event the other Party
(i) becomes insolvent, (ii) is generally unable to pay, or fails to pay, its debts as they become due, (iii) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law,
(iv) makes or seeks to make a general assignment for the benefit of its creditors, or (v) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property or business. 

Section 6.5. Accrued Rights. Termination or expiration of this Agreement for any reason will be without prejudice to any rights
that have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration will not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement.

 Section 6.6. Effect of Termination. Not later than thirty (30) days following the date it receives a final invoice from
Service Provider following termination or expiration of any Services or this Agreement, Service Recipient shall pay to Service Provider all remaining monies due to Service Provider hereunder in respect of Services provided prior to such termination
or expiration except for any amounts then the subject of a good faith dispute. In addition, at the end of the Term, each Party hereto shall, at the disclosing Party’s option, return or destroy the Confidential Information of the disclosing
Party. In the event that the disclosing Party elects destruction, the other Party shall furnish to the disclosing Party a written certificate of destruction signed by an officer of the certifying Party. Any provision which by its nature should
survive, including the provisions of this Section 6.6 (Effect of Termination), and Section 2.10 (Intellectual Property), Article III (Fees and Payment), Article VII (Limitation of
Liability; Indemnification), Article IX (Confidentiality), and Article X (Miscellaneous), shall survive the termination of this Agreement. 

  
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 ARTICLE VII 

LIMITATION OF LIABILITY; INDEMNIFICATION 

Section 7.1. Limited Liability. 

(a) The aggregate Liabilities of Service Provider and its Affiliates and Representatives, collectively, under this Agreement for any act or
failure to act in connection herewith (including the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or contemplated by this Agreement, whether in contract, tort (including
negligence and strict liability) or otherwise, at law or equity, shall not exceed the aggregate amount of the Fees and Expenses paid (and not previously paid back as a Liability hereunder) to Service Provider (or its Affiliates) under this Agreement
prior to the date on which Service Provider’s action or inaction giving rise to the Liability arises or occurs. 
 (b) Notwithstanding
anything to the contrary contained in the Separation Agreement or this Agreement, Service Provider shall not be liable to Service Recipient or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict
liability) or otherwise, at law or equity, for any special, indirect, incidental, punitive or consequential damages whatsoever (including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate
to or are a consequence of, the performance or nonperformance by Service Provider (including any Affiliates and Representatives of Service Provider and any unaffiliated third party providers, in each case, providing the applicable Services) under
this Agreement or the provision of, or failure to provide, any Services under this Agreement, including with respect to loss of profits, business interruptions or claims of customers. 

(c) The limitations in this Section 7.1 shall not apply with respect to any Liability arising out of, relating to,
or in connection with (i) any Third Party claim to the extent a Party has an indemnification obligation to the other Party for such Liability under Section 7.3(a) or Section 7.3(b) (ii) any breach of
Article IX or (iii) the gross negligence, willful misconduct, or fraud of or by the Party to be charged. 
 Section 7.2.
Services Provided “As-Is”. SERVICE PROVIDER PROVIDES ANY AND ALL SERVICES ON AN “AS-IS” BASIS AND, EXCEPT AS SET FORTH IN
SECTION 2.2, MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE SERVICES PROVIDED. SERVICE PROVIDER DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IN CONNECTION WITH
THIS AGREEMENT. 
 Section 7.3. Indemnification. 

(a) Subject to Section 7.1, Service Recipient hereby agrees to indemnify, defend and hold harmless Service Provider
and its Affiliates and Representatives from and against any and all Liabilities arising from, relating to or in connection with (i) the use of any Services by Service Recipient or any of its Affiliates, Representatives or other Persons using
such Services or (ii) a material breach by Service Recipient of any covenant or agreement contained in this Agreement, except in each case to the extent that such Liabilities arise out of, relate to or are a consequence of Service
Provider’s or its Affiliates’ or Representatives’ gross negligence, willful misconduct or fraud. 

  
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 (b) Subject to Section 7.1, Service Provider hereby agrees to
indemnify, defend and hold harmless Service Recipient and its Affiliates and Representatives from and against any and all Liabilities arising from, relating to or in connection with (i) the gross negligence or willful misconduct of Service
Provider in connection with the provision of the Services or (ii) a material breach by Service Provider of any covenant or agreement contained in this Agreement, except in each case to the extent that such Liabilities arise out of, relate to or
are a consequence of Service Recipient’s or its Affiliates’ or Representatives’ gross negligence, willful misconduct or fraud. 

(c) The Party seeking to be indemnified (the “Indemnified Party”) shall provide prompt written notice of a Liability or
events likely to give rise to a Liability to the Party with the obligation to indemnify (the “Indemnifying Party”) (in any event within sufficient time so as not to prejudice the defense of such claim). The Indemnifying Party shall
be given the opportunity at all times to control the defense of the claim, with the cooperation and assistance of the Indemnified Party; provided, however, that the Indemnifying Party shall not settle any claim for which it has an
indemnification obligation under this Section 7.3 with an admission of liability or wrongdoing by the Indemnified Party without such Party’s prior written consent. 

(d) Indemnification pursuant to this Section 7.3 represents the Parties’ sole and exclusive remedy under this
Agreement; provided that, if Service Provider commits an error with respect to, incorrectly performs or fails to perform any Service, at Service Recipient’s request, without prejudice to any other rights or remedies Service Recipient may
have, Service Provider shall use commercially reasonable efforts to correct such error, re-perform such Service or perform such Service, as applicable, at no additional cost to Service Recipient. To the extent
Service Provider is unable to provide in its entirety a Service because of a partial delay which excuses performance pursuant to Section 10.4, Service Provider shall allocate such resources and/or products as are then
currently available to it and necessary for the performance of such Service ratably between Service Provider for its own account and Service Recipient for the performance of such Services hereunder. 

ARTICLE VIII 
 INSURANCE
MATTERS 
 Section 8.1. Insurance. Each Party hereto shall, throughout the term of this Agreement, carry appropriate
insurance with a reputable insurance company covering property damage, business interruptions, automobile and general liability insurance (including contractual liability) to protect its own business and property interests; provided, that
each Party shall be permitted to reasonably self-insure against the liabilities specified in Article VII. 
 ARTICLE IX 

CONFIDENTIALITY 

Section 9.1. Confidentiality. The provisions of Section 7.6 of the Separation Agreement shall apply to disclosures of
information made pursuant to this Agreement mutatis mutandis. 

  
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 ARTICLE X 

MISCELLANEOUS 

Section 10.1. General. The provisions in Sections 10.1, 10.3, 10.6, 10.7, 10.8, 10.9, 10.10, 10.13, 10.15, 10.16, 10.17 and 10.21
of the Separation Agreement shall apply, mutatis mutandis, as if fully set forth in this Agreement. 
 Section 10.2.
Inconsistencies. Nothing contained in this Agreement (or any Schedule or Exhibit) shall be deemed to supersede or change any of the agreements, obligations, representations or warranties of the Parties to the Separation Agreement or any other
Ancillary Agreement. To the extent that any provision in this Agreement (or any Schedule or Exhibit) is inconsistent or conflicts with any provision of the Separation Agreement or any other Ancillary Agreement, the provisions of the Separation
Agreement or such other Ancillary Agreement, as the case may be, shall control. To the extent that any provision of any Schedule or Exhibit is inconsistent or conflicts with any other provision of this Agreement, such other provision of this
Agreement shall control. 
 Section 10.3. Dispute Resolution. The provisions in Article VIII of the Separation Agreement shall
apply to any Dispute related to this Agreement, mutatis mutandis. 
 Section 10.4. Force Majeure. 

(a) Neither Party hereto shall be liable for delay in performance (other than the payment of money) of its obligations to the extent caused by
events which could not have been reasonably foreseen and are beyond the reasonable control of the Party affected (an event of “Force Majeure”), including, but not limited to (i) acts of God, the elements, epidemics, explosions,
accidents, landslides, lightning, earthquakes, fires, storms (including but not limited to tornadoes and hurricanes or tornado and hurricane warnings), sinkholes, floods, or washouts; (ii) labor shortage or trouble including strikes or
injunctions (whether or not within the reasonable control of such Party and provided that the settlement of strikes and other labor disputes shall be entirely within the discretion of the Party experiencing the difficulty); (iii) inability to obtain
material, equipment or transportation; (iv) national defense requirements, war, blockades, insurrections, sabotage, terrorism, riots, arrests and restraints of the government, either federal or state, civil or military (including any
governmental taking by eminent domain or otherwise); or (v) any changes in applicable Law, regulation or rule or the enforcement thereof by any governmental or regulatory agency having jurisdiction, that limits or prevents a Party from
performing its obligations hereunder or any notice from any such agency of its intention to fine or penalize such Party or otherwise impede or limit such Party’s ability to perform its obligations hereunder. 

(b) Service Provider will endeavor to provide to Service Recipient uninterrupted Services through the Term. In the event, however, that
(i) Service Provider is wholly or partially prevented from providing a Service or Services either temporarily or permanently by reason of any Force Majeure event, or (ii) Service Provider, in the exercise of its reasonable good faith
judgment, deems it necessary to suspend delivery of a Service hereunder for purposes of inspection, maintenance, repair, replacement of equipment parts or structures, or similar activities consistent with past practices, Service Provider shall not
be obligated to deliver such Service during such periods, and, in the case of the immediately preceding clause (ii), Service Provider shall cooperate with Service Recipient with respect to the timing of such interruption. Notices provided under this
Section 10.4 shall be provided to Service Recipient’s Service Manager (or other executive designated in writing by Service Recipient) in accordance with Section 10.6 of the Separation Agreement. 

  
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 Section 10.5. Titles and Headings. Titles and headings to sections herein are
inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 10.6. Independent Contractor Status. Each Party shall be deemed to be an independent contractor to the other Party.
Nothing contained in this Agreement shall create or be deemed to create the relationship of employer and employee between the Parties. The relationship created between the Parties pursuant to or by this Agreement is not and shall not be one of
partnership or joint venture. No Party to this Agreement shall, by reason hereof, be deemed to be a partner or a joint venture of the other Party hereto in the conduct of their respective businesses and/or the conduct of the activities contemplated
by this Agreement. No Party to this Agreement is now, shall become, or shall be deemed to be an agent or representative of the other Party. Except as herein explicitly and specifically provided, neither Party shall have any authority or
authorization, of any nature whatsoever, to speak for or bind the other Party to this Agreement. 
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left blank] 

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

			
	RECRO PHARMA, INC.
		
	By:	 	 /s/ Gerri Henwood

	Name: Gerri Henwood
	Title: President and Chief Executive Officer
	
	BAUDAX BIO, INC.
		
	By:	 	 /s/ Ryan Lake

	Name: Ryan Lake
	Title: Chief Financial Officer and Treasurer

 [Signature Page to Transition Services Agreement] 

 Schedule I-A 

Recro Group Services 
  

							
	 #
	  	 Detailed Description of Service
	  	 Service Coordinator
	  	 Term

	1	  	Assistance with transfer of ownership for any applications/INDs currently owned by Recro or its Subsidiaries (e.g. DMF, IND, NDA’s, etc.) that relate solely to Baudax to the extent not fully transferred to Baudax at Closing,
provided that Recro and Baudax shall collaborate with respect to the letters/correspondence to be provided to Governmental Entities regarding transfer of regulatory responsibilities before such applications/INDs are transferred.	  	TBD	  	Until ownership is transferred
				
	2	  	Assistance with transfer of patents patent applications and trademark registrations in the name of Baudax Bio, Inc. from the current owner of record;	  	TBD	  	Until patents are transferred
				
	3	  	Payroll for Baudax Group employees    	  	O’Conner Group	  	Thru 12/31/19

 Schedule I-B 

Baudax Group Services and Fees 
  

							
	 #
	  	 Detailed Description of Service
	  	 Service Coordinator
	  	 Term

	1	  	Transfer of emails and other electronic data (including electronic documents and employee data) related primarily to the Baudax Group to the extent not fully transferred to at Closing or prior to Closing.	  	Carol Bolger	  	Thru 12/31/19
				
	2	  	Transfer of any hard copy records related primarily to the Baudax to the extent not fully transferred to the Baudax Group at Closing.	  	Diane Myers	  	Thru 12/31/19
				
	3	  	Transfer of ownership for any applications/INDs currently owned by Recro or its Subsidiaries (e.g. DMF, IND, NDA’s, etc.) that relate solely to Baudax to the extent not fully transferred to Baudax at Closing, provided that
Recro and Baudax shall collaborate with respect to the letters/correspondence to be provided to Governmental Entities regarding transfer of regulatory responsibilities before such applications/INDs are transferred.	  	Diane Myers	  	Until ownership is transferred
				
	4	  	 Assistance with the support and transfer to Recro of corporate finance functions including:

•  Financial audit,

•  Tax (federal, state, R&D tax credit),

•  RGD accounting,

•  stock based compensation maintenance and activity,

•  financial planning (forecasting),

•  SEC Filings,

•  Insurance, including claims handling, and

•  treasury functions.

Baudax will collaborate with Recro to transfer such items after Closing. Baudax will support these functions until September 30, 2020 at the latest. The
Parties shall develop a plan by August 15, 2020 for the transport on or before September 30, 2020. Such plan shall be mutually agreed upon by the parties.
	  	Carla Lusby	  	Thru 9/30/20 quarter end close

							
	5	  	Transfer of information with respect to Baudax and in the possession and control of Recro or its Subsidiaries relating to R&D related primarily to the Baudax products, manufacturing and facilities, to the extent not fully
transferred to Recipients at Closing.	  	Chris Sharr	  	Thru 12/31/19
				
	6	  	Transfer of information with respect to Baudax and in the possession and control of Recro relating to Clinical Trial Masterfiles and case report forms and nonclinical data relating to the Products, to the extent not fully
transferred to Recipients at Closing.	  	Diane Myers	  	Thru 12/31/19
				
	7	  	Assistance to Recro employees who hold stock or stock options in Recro in exercising options, determining tax basis of equity grants, retrieving tax/transaction reports.	  	Jillian Dilmore	  	Thru 9/30/20 quarter end close
				
	8	  	 Transfer of flat files, data, and/or an alternate solution where appropriate) from the items listed below:

•  Compliance Wire Learning Management System

•  Veeva Vault (QA Doc Mgmt)

•  Microsoft Office Tenant

•  Intranet Support Services (Valo)

•  E-mail (SmartPhone, Tablet, Exchange, External gateways,
Mobile Device Management, Spam Filtering, PGP)
 •  IT Help Desk Application (Alphaserve)

•  End-user Computing Infrastructure (Internet, Wireless, PC
Desktop control, P/W Management, PC desktop support)
 •  Wide Area Network (switches,
equipment)
 •  Active Directory Domain Services Support (Alphaserve)

•  Network Infrastructure Services and Support (Backup/Replication, Monitoring, Anti-virus, VMware,
Web Filtering, Firewalls, etc.) (Alphaserve)
 •  IT Contracts Management and Support
	  	Carol Bolger	  	Thru 12/31/19

							
	9	  	Promptly following the Closing, file documentation with relevant patent authorities to effect recordal of transfer of patents, patent applications and trademark registrations in the name of Baudax Bio, Inc. from the current owner of
record; provided, that if the Closing occurs before 10:00 a.m., prevailing Eastern time, on the Closing Date, such documentation shall be filed with the United States Patent and Trademark Office on the Closing Date.	  	Randall Mack	  	Until Patents are transferred
				
	10	  	Services with respect to SOX controls, IT, Financial and Governance, for Recro. Baudax will support these functions for the 2019 audit year which is expected to complete by March 15, 2020. The Parties shall develop a plan by
July 15, 2020 for the transport of SOX controls coordination and testing for the 2020 audit year and beyond on or before August 15, 2020. Such plan shall be mutually agreed upon by the parties.	  	Carla Lusby	  	Thru August 15, 2020
				
	11	  	 Services with respect to Administrative Rights and maintenance for the following systems:

•  Intacct

•  Navex

•  Recro Pharma Inc. email (for Gerri Henwood and Ryan Lake)
	  	Carol Bolger	  	Thru 9/30/20 quarter end close
				
	12	  	Corporate Mgmt/IR	  	Ryan Lake	  	TBD

 Exhibit A 

Initial Service Managers 
 Baudax Group: Ryan D.
Lake 
 Recro Group: Scott Rizzo

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