Document:

Exhibit 4.22

 

 EXECUTION VERSION

	 

 

Shelbourne
Global Portfolio I

 

CO-LENDER
AGREEMENT

 

Dated
as of October 11, 2018

 

between

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note
A-1 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note
A-2 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note
A-3 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note
A-4 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note
A-5 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P. 

(Note
A-6 Holder) 

and

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P.

(Note
A-7 Holder)

 

	 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage Loan	15
	3.	Priority of Notes	16
	4.	Workout	17
	5.	Accounts; Payment Procedure	17
	6.	Limitation on Liability	18
	7.	Representations of the Holders	18
	8.	Independent Analyses of each Holder	19
	9.	No Creation of a Partnership or Exclusive Purchase
    Right	19
	10.	Not a Security	19
	11.	Other Business Activities of the Holders	19
	12.	Transfer of Notes	20
	13.	Exercise of Remedies by the Servicer	22
	14.	Rights of the Directing Holder	24
	15.	Appointment of Special Servicer	25
	16.	Rights of the Non-Directing Holders	25
	17.	Advances; Reimbursement of Advances	26
	18.	Provisions Relating to Securitization	27
	19.	Governing Law; Waiver of Jury Trial	33
	20.	Modifications	34
	21.	Successors and Assigns; Third Party Beneficiaries	34
	22.	Counterparts	34
	23.	Captions	34
	24.	Notices	34
	25.	Custody of Mortgage Loan Documents	34

 

    -i-

     

    

 

THIS
CO-LENDER AGREEMENT (the “Agreement”), dated as of October 11, 2018, is between CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P., a Delaware limited partnership (“CCRE”), having an address at 110 East 59th Street, New
York, New York 10022, as the holder of Note A-1 (in such capacity, the “Note A-1 Holder”), CCRE, as the holder
of Note A-2 (in such capacity, the “Note A-2 Holder”) CCRE, as the holder of Note A-3 (in such capacity, the
“Note A-3 Holder”), CCRE, as the holder of Note A-4 (in such capacity, the “Note A-4 Holder”),
CCRE, as the holder of Note A-5 (in such capacity, the “Note A-5 Holder”) CCRE, as the holder of Note A-6 (in
such capacity, the “Note A-6 Holder”) and CCRE, as the holder of Note A-7 (in such capacity, the “Note
A-7 Holder”).

 

W I T N E S S E T H:

 

WHEREAS,
CCRE has made a mortgage loan in the original principal amount of $93,000,000 (the “Mortgage Loan”) to Kingsbridge
2005, LLC, Shelbourne Broad Street, LLC and 691 Central Avenue SPE LLC (collectively and together with each of its permitted successors
and assigns, the “Shelbourne Borrower”) pursuant to a loan agreement between the Shelbourne Borrower, as mortgage
loan borrower (the “Mortgage Loan Borrower”), and CCRE, as lender, dated as of September 7, 2018 (the “Loan
Agreement”);

 

WHEREAS,
the Mortgage Loan is evidenced by seven promissory notes and the Mortgage Loan Borrower has executed and delivered to CCRE (i)
one promissory note in the original principal amount of $20,000,000 (“Note A-1”) made by the Mortgage Loan
Borrower in favor of the Note A-1 Holder, (ii) one promissory note in the original principal amount of $15,000,000 (“Note
A-2”) made by the Mortgage Loan Borrower in favor of the Note A-2 Holder, (iii) one promissory note in the original
principal amount of $15,000,000 (“Note A-3”) made by the Mortgage Loan Borrower in favor of the Note A-3 Holder,
(iv) one promissory note in the original principal amount of $15,000,000 (“Note A-4”) made by the Mortgage
Loan Borrower in favor of the Note A-4 Holder, (v) one promissory note in the original principal amount of $10,000,000 (“Note
A-5”) made by the Mortgage Loan Borrower in favor of the Note A-5 Holder, (vi) one promissory note in the original principal
amount of $10,000,000 (“Note A-6”) made by the Mortgage Loan Borrower in favor of the Note A-6 Holder and (vii)
one promissory note in the original principal amount of $8,000,000 (“Note A-7” and together with Note A-1,
Note A-2, Note A-3, Note A-4, Note A-5 and Note A-6, the “Notes”) made by the Mortgage Loan Borrower in favor
of the Note A-7 Holder;

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the seven properties located in New
Jersey, as described on Exhibit A (the “Mortgaged Property”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-1 to UBS Commercial
Mortgage Securitization Corp. (“UBS Depositor”) as depositor, pursuant to a Mortgage Loan Purchase Agreement,
to be dated as of September 21, 2018, by and between UBS Depositor, as purchaser, and CCRE, as seller, and UBS Depositor intends
to transfer its right, title and interest in and to Note A-1 to Wells Fargo Bank, National Association (“Wells Fargo”),
as trustee for the UBS Commercial Mortgage Trust 2018-C13 pursuant to a pooling and servicing agreement, to be dated as of October
1, 2018 (the

 

     

     

    

 

 “Note A-1 PSA”), between UBS Depositor, Midland Loan Services, a Division of PNC Bank, National
Association, a national banking association (“Midland”), as master servicer, Midland, as special servicer,
Wells Fargo, as trustee, Wells Fargo, as certificate administrator, paying agent and custodian and Pentalpha Surveillance LLC,
as operating advisor and asset representations reviewer (such sales, transfers and assignments, the “Note A-1 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-2 to one or more future
Securitizations (such sales, transfers and assignments, the “Note A-2 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-3 to one or more future
Securitizations (such sales, transfers and assignments, the “Note A-3 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-4 to one or more future
Securitizations (such sales, transfers and assignments, the “Note A-4 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-5 to one or more future
Securitizations (such sales, transfers and assignments, the “Note A-5 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-6 to one or more future
Securitizations (such sales, transfers and assignments, the “Note A-6 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-7 to one or more future
Securitizations (such sales, transfers and assignments, the “Note A-7 Securitization”);

 

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

 

NOW,
THEREFORE, in consideration of the mutual covenants 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:

 

1.          Definitions;
Conflicts. References to a “Section” or the “recitals” are, unless otherwise specified, to a
Section or the recitals of this Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the 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 assigned to such term or analogous term in the Servicing Agreement.

 

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“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to a PSA.

 

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

 

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

 

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

 

“Borrower”
shall mean the “Mortgage Loan Borrower” as such term is defined in in the recitals.

 

“Borrower
Party Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a restricted mezzanine
holder, (a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or restricted
mezzanine holder, as applicable, (b) any other person owning, directly or indirectly, 25% or more of the beneficial interests
in such borrower, mortgagor or manager, as applicable, or (c) any other person owning, directly or indirectly 25% or more of the
beneficial interests in such restricted mezzanine holder. For the purposes of this definition, “control” when used
with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly,
whether through ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

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

 

“CCRE”
shall mean Cantor Commercial Real Estate Lending, L.P. and its successors in interest.

 

“Certificates”
shall mean any securities issued in connection with a Securitization.

 

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

 

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

 

“Collection
Account” shall mean the “collection account” or sub-account thereof, established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan.

 

“Commission”
shall have the meaning set forth in Section 18(d)(v).

 

     -3-

    

    

 

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

 

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

 

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

 

“Defaulted
Mortgage Loan” shall mean the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect
of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving
effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the
Mortgage Loan Documents.

 

“Depositor”
shall mean, with respect to any Securitization, the depositor under the related PSA.

 

“Designated
Holder” shall mean the Holder of Note A-1.

 

“Directing
Holder” shall mean the Note A-1 Holder or, if Note A-1 is included in a Securitization, the holders of the Note A-1
Securitization Certificates representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1 Holder
grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower,
property manager or Borrower Party Affiliate thereof shall be entitled to act as Directing Holder.

 

“Event
of Default” shall mean an “Event of Default” as defined in the Loan Agreement.

 

“Excluded
Amounts” shall mean:

 

(i)          proceeds,
awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Borrower in accordance
with the terms of the Mortgage Loan Documents;

 

(ii)         amounts
required to be deposited in reserve or escrow pursuant to the Mortgage Loan Documents; and

 

(iii)   
    amounts that are then due and payable pursuant to the Servicing Agreement to the parties to the
Servicing Agreement, including, without limitation, Servicing Fees, Special Servicing Fees, Liquidation Fees, Workout Fees,
as applicable, reimbursement of costs and expenses, reimbursement of Property Advances and interest thereon at the
Reimbursement Rate;

 

     -4-

    

    

 

but
shall not include (A) any amounts received in respect of any P&I Advances (and interest thereon), (B) any Servicing Fees due
to the Master Servicer in excess of the Servicing Fee calculated at the “primary servicing fee rate” set forth in
the Servicing Agreement and (C) any trustee fees.

 

“First
Securitization” shall mean the first Securitization to close, which will be the Note A-1 Securitization.

 

“First
Securitization Date” shall mean the closing date for the First Securitization.

 

“First
Securitization PSA” shall mean the PSA entered into in connection with the First Securitization.

 

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

 

“Holder”
shall mean the holder(s) of any one or more of the Notes, as the context indicates.

 

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

 

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

 

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

 

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

 

“Lead
Securitization” shall mean the Note A-1 Securitization, provided that if the Note A-1 Securitization is not the First
Securitization, (a) during the period from and after the First Securitization Date and prior to the Note A-1 Securitization Date,
the First Securitization and (b) from and after the Note A-1 Securitization Date, the Note A-1 Securitization.

 

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

 

“Lead
Securitization PSA” shall mean the Note A-1 Securitization PSA, provided that if the Note A-1 Securitization is not
the First Securitization, (a) during the period from and after the First Securitization Date and prior to the Note A-1 Securitization
Date, the First Securitization PSA and (b) from and after the Note A-1 Securitization Date, the Note A-1 PSA.

 

“Lead
Securitization Trust” shall mean the trust established under the Note A-1 Securitization, provided that if the Note
A-1 Securitization is not the First Securitization, (a) during the period from and after the First Securitization Date and prior
to the Note A-1 Securitization Date, the trust established under the First Securitization PSA in connection with the First Securitization
and (b) from and after the Note A-1 Securitization Date, the trust established under the Note A-1 PSA.

 

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“Lead
Servicer” shall mean the master servicer designated under the Note A-1 PSA, provided that if the Note A-1 Securitization
is not the First Securitization, (a) during the period from and after the First Securitization Date and prior to the Note A-1
Securitization Date, the master servicer designated under the First Securitization PSA and (b) from and after the Note A-1 Securitization
Date, the master servicer designated under the Note A-1 PSA.

 

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

 

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

 

“Major
Action” shall have the meaning assigned to the term “Material Action,” “Major Action,” “Major
Decision” or any equivalent term in the Servicing Agreement.

 

“Master
Servicer” shall mean the master servicer under the Servicing Agreement and any successor thereunder.

 

“Master
Servicer Remittance Date” shall mean:

 

(a)     
  With respect to the Lead Note, the “Master Servicer Remittance Date” (or analogous term) as defined
in the Servicing Agreement, and

 

(b)    
   with respect to each other Note, the earlier of (1) the date set forth in clause (a) above and (2) the
first Business Day after the “determination date,” as such term or a similar term is defined in the related PSA
for any such Note that has been securitized, provided, however, that in no event may any such “determination
date” occur prior to (and any such otherwise earlier “determination date” shall, for purposes of this
definition, be deemed to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next
succeeding Business Day.

 

For
the avoidance of doubt, any late collections received by the Master Servicer after the related due date under the Mortgage Loan
shall be remitted by the Master Servicer in accordance with Section 18(d)(vii) below.

 

“Maturity
Date” shall have the meaning assigned to such term in Exhibit A.

 

“Monthly
Payment” with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period
in accordance with the Mortgage Loan Documents.

 

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

 

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

 

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

 

     -6-

    

    

 

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each Note.

 

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

 

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

 

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

 

“Mortgage
Loan Schedule” shall mean the schedule in the form 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 such term in the recitals.

 

“Non-Directing
Holders” shall mean the holders of all or a portion of each Note (other than Note A-1) or, if all or a portion of any
other such Note is included in a Securitization, the holders of Certificates representing the specified interest in the class
of Certificates designated as the “controlling class” or the duly appointed representative of the holders of such
Certificates or such other party otherwise entitled under each related PSA to exercise the rights granted to the Non-Directing
Holders in this Agreement.

 

“Non-Lead
Master Servicer” shall mean (i) from and after the First Securitization (if it is not the Note A-1 Securitization),
to the extent any Note has been deposited into a Securitization, the master servicer under such related PSA, and (ii) from and
after the Note A-1 Securitization, the master servicer designated under any PSA other than the Note A-1 PSA.

 

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

 

“Non-Lead
Note Holders” shall mean the holders of the Non-Lead Notes (other than a Non-Lead Note that is included in the Lead
Securitization).

 

“Non-Lead
Securitization” shall mean, at any time, each Securitization that is not then the Lead Securitization.

 

“Non-Lead
Servicing Agreements” shall mean from and after the date that any Note (other than Note A-1 or any other Note that is
deposited into the Note A-1 Securitization) is deposited into a Securitization, the related PSA.

 

“Nonrecoverable
Advance” shall have the meaning ascribed to such term in the Servicing Agreement.

 

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

 

“Note
A-1 Holder” shall mean CCRE or any subsequent holder of Note A-1.

 

     -7-

    

    

 

“Note
A-1 Master Servicer” shall mean the master servicer for the Mortgage Loan under the Note A-1 PSA.

 

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

 

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

 

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

 

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

 

“Note
A-1 Special Servicer” shall mean the Special Servicer for the Mortgage Loan under the Note A-1 PSA.

 

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

 

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

 

“Note
A-2 Holder” shall mean CCRE or any subsequent holder of Note A-2.

 

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

 

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

 

“Note
A-3 Holder” shall mean CCRE or any subsequent holder of Note A-3.

 

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

 

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

 

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

 

“Note
A-3 Securitization Date” shall mean the closing date of the Note A-3 Securitization.

 

     -8-

    

    

 

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

 

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

 

“Note
A-4 Holder” shall mean CCRE or any subsequent holder of Note A-4.

 

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

 

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

 

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

 

“Note
A-4 Securitization Date” shall mean the closing date of the Note A-4 Securitization.

 

“Note
A-4 Trustee” shall mean the Trustee under the Note A-4 PSA.

 

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

 

“Note
A-5 Holder” shall mean CCRE or any subsequent holder of Note A-5.

 

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

 

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

 

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

 

“Note
A-5 Securitization Date” shall mean the closing date of the Note A-5 Securitization.

 

“Note
A-5 Trustee” shall mean the Trustee under the Note A-5 PSA.

 

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

 

“Note
A-6 Holder” shall mean CCRE or any subsequent holder of Note A-6.

 

“Note
A-6 Principal Balance” shall mean at any time of determination, the initial Note A-6 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of

 

     -9-

    

    

 

principal thereon received by the Note A-6 Holder and any reductions in such
amount pursuant to Section 4.

 

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

 

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

 

“Note
A-6 Securitization Date” shall mean the closing date of the Note A-6 Securitization.

 

“Note
A-6 Trustee” shall mean the Trustee under the Note A-6 PSA.

 

“Note
A-7” shall have the meaning assigned to such term in the recitals.

 

“Note
A-7 Holder” shall mean CCRE or any subsequent holder of Note A-7.

 

“Note
A-7 Principal Balance” shall mean at any time of determination, the initial Note A-7 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-7 Holder and any reductions in such
amount pursuant to Section 4.

 

“Note
A-7 PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-7 Securitization.

 

“Note
A-7 Securitization” shall have the meaning assigned to such term in the recitals.

 

“Note
A-7 Securitization Date” shall mean the closing date of the Note A-7 Securitization.

 

“Note
A-7 Trustee” shall mean the Trustee under the Note A-7 PSA.

 

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

 

“P&I
Advance” shall mean an advance made by a party to any PSA with respect to a delinquent monthly debt service payment
on the Notes included in the related Securitization.

 

“Penalty
Charges” shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees
and/or default interest, but excluding any yield maintenance charge or prepayment premium.

 

“Permitted
Fund Manager” shall mean any Person (a) listed on Exhibit C attached hereto or (b) that on the date of determination
is (i) a Qualified Transferee or any other nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through one or more funds with committed capital of at

 

     -10-

    

    

 

least $250,000,000 and
(iii) not subject to a proceeding, whether voluntary or involuntary, 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.

 

“Pro
Rata and Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments
of interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the
interest accrued on such Note at the respective Mortgage Interest Rate of such Note based on the outstanding principal balance
of such Note and (ii) for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or
other amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder
over another Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated
its respective pro rata share based on the outstanding principal balance of its Note in relation to the outstanding principal
balance of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“Property
Advance” shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve
and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged
Property.

 

“PSA”
shall mean each “pooling and servicing agreement” entered into in connection with each related Securitization.

 

“Qualified
Servicer” shall mean any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,”
in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P
Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable,
(3) as to which neither Moody’s nor KBRA has cited servicing concerns of such 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 any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by
such servicer prior to the time of determination, (4) that (i) is then acting as master servicer or special servicer, as applicable,
in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn
the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or
special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, such servicer
is then acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization rated by DBRS and
DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class
of commercial mortgage securities on watch citing the continuation of such servicer as servicer or special servicer, as applicable,
of such commercial mortgage securities as a material reason for such downgrade or withdrawal. For purposes of this definition,
for so long as any

 

     -11-

    

    

 

Note is included in a Securitization, the ratings or actions of any Rating Agency that is not rating any such
Securitization(s) shall not be considered.

 

“Qualified
Transferee” shall mean any Holder of a Note (or an Affiliate of any such entity) or one or more of the following (other
than a Borrower or any entity which is a Borrower Party Affiliate):

 

(i)          an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension
plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust or 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, which regularly engages in the business of making or owning investments of types similar
to the Mortgage Loan; or

 

(iii)        an
institution substantially similar to any of the foregoing entities described in clauses (i) or (ii) above; or

 

(iv)       any
entity Controlled by or under common Control or Controlling any of the entities described in clauses (i), (ii) or (iii) above;
or

 

(v)         a
Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized loan obligations
(“CLO”) secured by, or (C) a financing through an “owner trust” of, any interest in a Note (any
of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more classes of securities
issued by such Securitization Vehicle is initially rated at least investment grade by at least two of the Rating Agencies that
also assigned a rating to one or more classes of securities issued in connection with the Securitization of a Note; (2) the special
servicer for the Securitization Vehicle is a Qualified Servicer at the time of transfer; 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 Qualified Transferee, is a Qualified Transferee under clause (i), (ii), (iii) or (iv) of this
definition; or

 

(vi)        an
investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager acts
as the general partner, managing member, or the fund manager responsible for the day to day management and operation of such investment
vehicle, provided that greater than fifty percent (50%) of the equity interests in such investment vehicle are owned, directly
or indirectly, by one or more entities that are otherwise Qualified Transferees,

 

which,
in the case of each of clauses (i), (ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name or
under management) and (except with respect to a pension advisory

 

     -12-

    

    

 

firm or similar fiduciary) at least $250,000,000 in capital/statutory
surplus or shareholders’ equity, and is regularly engaged in the business of making or owning commercial real estate loans
or commercial loans similar to the Mortgage Loan.

 

“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 Rating
Agencies.

 

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

 

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

 

For
the purposes of this Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage
any request for a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade
or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, or (2) does not reply
to such request or responds in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the
requirement for Rating Agency Confirmation and the related timing, notice and other applicable provisions set forth in each PSA,
as applicable, have been satisfied, then for such request only, the condition that such confirmation by such Rating Agency (only)
be obtained will be deemed not to apply for purposes of this Agreement. For purposes of clarity, any such waiver, declination
or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver, declination
or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition
for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous
waiver, declination or refusal to review or otherwise engage in such prior request.

 

     -13-

    

    

 

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

 

“REMIC”
shall have the meaning assigned to such term in Section 2(f).

 

“REO Property”
shall mean the Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other Person designated by)
the Holders through foreclosure, deed in lieu of foreclosure or otherwise.

 

“Reporting Article”
shall mean, with respect to any PSA, the article of such PSA that relates to reporting under the Securities Exchange Act of 1934,
as amended, and Regulation AB.

 

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

 

“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization, the Note A-4 Securitization,
the Note A-5 Securitization, the Note A-6 Securitization, the Note A-7 Securitization and/or any other Securitization that includes
one or more Notes.

 

“Servicer”
shall mean (i) the Master Servicer with respect to a non-Specially Serviced Mortgage Loan and the Special Servicer with respect
to a Specially Serviced Mortgage Loan, or (ii) with respect to a specific function, right or obligation as to which the Servicing
Agreement designates the Master Servicer or the Special Servicer, the party so designated, as applicable, pursuant to the Servicing
Agreement.

 

“Servicing Agreement”
shall mean (a) during the period prior to the Note A-1 Securitization Date, if applicable, the First Securitization PSA and (b)
from and after the Note A-1 Securitization Date, the Note A-1 PSA. In the event that the Lead Note is no longer in a Securitization
the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section
2.

 

“Servicing Fee”
shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally be calculated
as the product of (i) the Servicing Fee Rate and (ii) the outstanding principal balance of the Mortgage Loan as of the date of
determination.

 

“Servicing Fee
Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when applied
to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine the servicing
fee payable to the Master Servicer under the Servicing Agreement.

 

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

 

     -14-

    

    

 

“Servicing Transfer
Event” shall mean any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan
is required to be transferred to the Special Servicer from the Master Servicer.

 

“Special Servicer”
shall mean the special servicer of the Mortgage Loan as appointed under the terms of this Agreement and the Servicing Agreement,
or any successor special servicer appointed as provided thereunder or hereunder.

 

“Special Servicing
Fee” shall have the meaning given to such term in the Servicing Agreement.

 

“Specially Serviced
Mortgage Loan” shall mean the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing
Transfer Event.

 

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

 

“Trustee”
shall mean the trustee under any PSA, as the context requires.

 

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

 

2.         Servicing
of the Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in each case
to the specific terms of this Agreement, the Mortgage Loan shall be serviced by the Master Servicer and the Special Servicer under
the Servicing Agreement in effect at any given time.

 

(b)       Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the appointment of
the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer
by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the
servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints the Master Servicer, the
Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably
required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject
at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).

 

(c)       If,
at any time the Lead Note is no longer in a Securitization, the Designated Holder shall cause the Mortgage Loan to be serviced
pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a Securitization,
a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization shall be obtained)
and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided,
however, that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained),
the Designated Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if
such agreement was still in

 

     -15-

    

    

 

full force and effect with respect to the Mortgage Loan; provided, further, however,
that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified
Servicer appointed by the Designated Holder and does not have to be performed by the service providers set forth under the Servicing
Agreement that was previously in effect.

 

(d)       Notwithstanding
anything to the contrary contained herein (including Sections 4 and 13(a)), each Servicing Agreement shall provide
that the Servicer shall be required to service and administer the Mortgage Loan in accordance with the Servicing Standard as set
forth in such Servicing Agreement, and any Holder who is not a Borrower or a Borrower Party Affiliate shall be deemed a third-party
beneficiary of such provisions of the Servicing Agreement. It is understood that any Non-Lead Note Holder may separately appoint
a servicer for its Non-Lead Note, by itself or together with other assets, but any such servicer will have no responsibility hereunder
and shall be compensated solely by the applicable Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

(e)       The
Holders acknowledge that the Servicer is to comply with this Agreement and the Mortgage Loan Documents in connection with the servicing
of the Mortgage Loan.

 

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

 

(g)       In
the event that one of the Notes is included in a REMIC, the other Holders shall not be required to reimburse such Holder or any
other Person for payment of any taxes imposed on such REMIC or Advances therefor or for any interest on such Advance or for deficits
in other items of disbursement or income resulting from the use of funds for payment of any such taxes, nor shall any disbursement
or payment otherwise distributable to the other Holders be reduced to offset or make-up any such payment or deficit.

 

     -16-

    

    

 

3.        Priority
of Notes. The Notes shall be of equal priority, and no portion of any Note shall have priority or preference over any portion
of any other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available
for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds
under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, proceeds under title, hazard
or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of
eminent domain shall be distributed by the Master Servicer and applied to the Notes on a Pro Rata and Pari Passu Basis.

 

The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances and reimbursement of Property Advances, (ii)
to pay the parties to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred
with respect to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation.

 

4.        Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note
Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such
that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest
or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the
Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve,
the equal priorities of the Notes as described in Section 3.

 

5.        Accounts;
Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection
Account or Collection Accounts, as applicable. Each of the Holders hereby directs the Master Servicer, in accordance with the
priorities set forth in Section 3 hereof, and subject to the terms of the Servicing Agreement, (i) to deposit into the
applicable Collection Account within the time period specified in the Servicing Agreement all payments received with respect to
the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit or credit on the applicable Master Servicer
Remittance Date all payments received with respect to and allocable to any Note by wire transfer to accounts maintained by the
related Holder; provided that any late collections received by the Master Servicer after the related due date under the
Mortgage Loan shall be remitted by the Master Servicer in accordance with Section 18(d)(vii) of this Agreement.

 

If any Servicer holding
or having distributed any amount received or collected in respect of any Note determines, or a court of competent jurisdiction
orders, at any time that any amount received or collected in respect of any Note must, pursuant to any insolvency, bankruptcy,
fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the related Holder or any Servicer or
paid to any other Person, then, notwithstanding any other provision of this Agreement, no Servicer shall be required to distribute
any portion thereof

 

     -17-

    

    

 

to the related Holder, and such related Holder shall promptly on demand repay to such Servicer the portion
thereof, which shall have been theretofore distributed to such Holder, together with interest thereon at such rate, if any, as
such Servicer shall have been required to pay to the Borrower, the related Holder, any Servicer or such other person or entity
with respect thereto. Each Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account
of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to the Master Servicer. The
Master Servicer shall have the right to offset any amounts due hereunder from any Holder with respect to the Mortgage Loan against
any future payments due to such Holder under the Mortgage Loan, provided, that the obligations of the Holders under this
Section 5 are separate and distinct obligations from one another and in no event shall any Servicer enforce the obligations
of any Holder against any other Holder. The obligations of the Holders under this Section 5 constitute absolute, unconditional
and continuing obligations and each Servicer shall be deemed a third-party beneficiary of these provisions.

 

6.        Limitation
on Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer or the Special Servicer
on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with respect to the Advance reimbursement
provisions set forth in Section 17 and (2) with respect to losses actually suffered due to the gross negligence, willful
misconduct or material breach of this Agreement on the part of such Holder (including the Master Servicer or the Special Servicer
on its behalf, except that the Master Servicer’s or Special Servicer’s liability may be further limited or expanded
as set forth in the Servicing Agreement).

 

7.        Representations
of the Holders. Each of the Holders hereby represents and warrants to, and covenants with each other Holder that, as of the
date hereof (or, in connection with a new Holder of a Note following a Transfer, as of the date of such Transfer):

 

(i)        It
is duly organized, validly existing and in good standing under the laws of the State under which it is organized.

 

(ii)       The
execution and delivery of this Agreement by such Holder, and performance of, and compliance with, the terms of this Agreement by
such Holder, will not violate its organizational documents or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument to which
it is a party or that is applicable to it or any of its assets, in each case which materially and adversely affect its ability
to carry out the transactions contemplated by this Agreement.

 

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

 

(iv)      This
Agreement is the legal, valid and binding obligation of such Holder enforceable against such Holder in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar

 

     -18-

    

    

 

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.

 

(v)       It
has the right to enter into this Agreement without the consent of any third party.

 

(vi)      It
is the holder of the respective Note for its own account in the ordinary course of its business.

 

(vii)     It
has not dealt with any broker, investment banker, agent or other person, that may be entitled to any commission or compensation
in connection with the consummation of any of the transactions contemplated hereby.

 

(viii)    It
is a Qualified Transferee.

 

8.         Independent
Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7, it has, independently
and without reliance upon any other Holders and based on such documents and information as such Holder has deemed appropriate,
made its own credit analysis and decision to purchase its respective Note. Each Holder hereby acknowledges that the other Holders
shall have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal effect
of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished in
connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or
to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each Holder assumes all risk of
loss in connection with its respective Note for reasons other than gross negligence, willful misconduct or breach of this Agreement
by any other Holder or negligence, willful misconduct or bad faith by any Servicer subject to the terms of the Servicing Agreement.

 

9.       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 among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any other Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special
Servicer or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holders the opportunity to
purchase notes or interests relating to any future loans originated by such Holder or any of its Affiliates, and if any
Holder chooses to offer to any of the other Holders, the opportunity to purchase notes or interests in any future mortgage
loans originated by such Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such
Holder chooses, in its sole and absolute discretion. None of the Holders shall have any obligation whatsoever to purchase
from any other Holder any notes or interests in any future loans originated by any other Holder or any of its Affiliates.

 

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

 

     -19-

    

    

 

11.       Other
Business Activities of the Holders. Each Holder acknowledges that the other Holders may make loans or otherwise extend credit
to, and generally engage in any kind of business with, any Borrower Party Affiliate, and receive payments on such other loans
or extensions of credit to any Borrower Party Affiliate and otherwise act with respect thereto freely and without accountability,
but only if none of the foregoing violate the Mortgage Loan Documents, in the same manner as if this Agreement and the transactions
contemplated hereby were not in effect.

 

12.       Transfer
of Notes. (a) Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether or not
the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder agrees it shall not Transfer
more than 49% (in the aggregate) of its beneficial interest in its Note, except to a Qualified Transferee, unless (i) prior to
a Securitization of any Note, the other Holders have consented to such Transfer, in which case the related transferee (and its
Affiliates) shall thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement, (ii)
after a Securitization of any Note, a Rating Agency Confirmation has been received with respect to such Transfer, in which case
the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement,
or (iii) such Transfer is in connection with a sale by a Securitization Trust; provided that if such Transfer is a Transfer
of the Lead Note, such Transfer is to a Qualified Transferee. With respect to any Transfers pursuant to (i) or (ii) above (except
with respect to a Transfer to a Securitization Trust) such transferee must (x) assume in writing the obligations of the transferring
Holder hereunder and agree to be bound by the terms and provisions of this Agreement and, if applicable, the Servicing Agreement
and (y) remake each of the representations and warranties contained herein for the benefit of the other Holders. Notwithstanding
the foregoing, without the non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such
non-transferring Holder’s Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that
has been engaged by the Depositor to rate the securities issued in connection with such Securitization, no Holder shall Transfer
all or any portion of its Note to a Borrower or a Borrower Party Affiliate and any such Transfer shall be absolutely null and
void and shall vest no rights in the purported transferee. None of the provisions of this Section 12(a) shall apply in
the case of a sale of all of the Notes together, in accordance with the terms and conditions of the Lead Securitization PSA.

 

(b)       Except
for a Transfer made in connection with a Securitization, or a Transfer made by a Holder to an Affiliate, at least five (5) days
prior to a transfer of any Note, the transferring Holder shall provide to the other Holders and, if any Certificates are outstanding,
to the Rating Agencies, a certification that such transfer will be made in accordance with this Section 12, such certification
to include (1) the name and contact information of the transferee and (2) if applicable, a certification by the transferee that
it is a Qualified Transferee.

 

(c)       The
Holders acknowledge and agree that, to the extent specifically required, any Rating Agency Confirmation may be granted or denied
by the Rating Agencies in their sole and absolute discretion and that such Rating Agencies may charge the transferring Holder customary
fees in connection with providing such Rating Agency Confirmation.

 

(d)       Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any entity
(other than a Borrower or any

 

     -20-

    

    

 

Borrower Party Affiliate) that has extended a credit facility to such Holder or has entered into
a repurchase agreement with such Holder 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 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder or any
Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured as
a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable terms and conditions
of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not take title to a Note without
a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders and the Servicer that a
Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holders agree to acknowledge
receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default by the pledging Holder
in respect of its obligations under this Agreement of which default such Holder has actual knowledge and which notice shall be
given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note Pledgee a period of ten (10)
Business Days to cure a default by the pledging Holder in respect of its obligations to the other Holders 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
or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment, modification, waiver or termination
pursuant to the terms hereof) 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 Note Pledgee
shall fail to respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after
request therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee of any default of the pledging Holder
which such pledging Holder has the right to effect hereunder, as if such cure were made by such pledging Holder; (v) that the other
Holders or 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 the other Holders; and (vi) that, upon written notice
(a “Redirection Notice”) to the Servicer by such Note Pledgee that the pledging Holder is in default beyond
any applicable cure periods with respect to the pledging Holder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement or other agreements relating to the Pledge between the pledging Holder and such Note Pledgee (which notice need
not be joined in or confirmed by the pledging Holder), and until such Redirection Notice is withdrawn or rescinded by such Note
Pledgee, Note Pledgee (or at any time that pledging Holder otherwise directs that such payment be made to Note Pledgee pursuant
to a separate notice) shall be entitled to receive any payments that any Servicer would otherwise be obligated to make to the pledging
Holder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Holder hereby unconditionally and
absolutely releases the other Holders and any Servicer from any liability to the pledging Holder on account of any Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or other Holders 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 Holder
(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 Holder and the

 

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Note Pledgee and this Agreement. In such event, or
if the pledging holder otherwise assigns its interests to the Note Pledgee, the other Holders and the Servicer shall recognize
such Note Pledgee (and any transferee (other than a Borrower or any Borrower Party Affiliate) 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 such Person’s successor
and assigns, as the successor to the pledging Holder’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 Holder hereunder accruing from and
after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions
of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall remain effective as to any Holder (and any
Servicer) unless and until such Note Pledgee shall have notified such Holder (and any Servicer, as applicable) in writing that
its interest in the pledged Note has terminated.

 

13.       Exercise
of Remedies by the Servicer. (a) Subject to the terms of this Agreement and the Servicing Agreement and subject to the rights
and consents, where required, of the Directing Holder, the Servicer 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 and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents, (ii) consent to any action
or failure to act by the Borrower or any party to the Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage
Loan in any bankruptcy, insolvency or other similar proceedings and (iv) to take legal action to enforce or protect the Holders’
interests with respect to the Mortgage Loan or to refrain from exercising any powers or rights under the Mortgage Loan Documents,
including the right at any time to call or waive any Events of Default, or accelerate or refrain from accelerating the Mortgage
Loan or institute any foreclosure action, and the Holders shall have no voting, consent or other rights whatsoever with respect
to the Servicer’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan other than
as provided in the Servicing Agreement. Subject to the terms and conditions of the Servicing Agreement, the Servicer shall have
the sole and exclusive authority to make Property Advances with respect to the Mortgage Loan. Except as otherwise provided in
this Agreement, each Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to
the Servicer the rights, if any, that such Holder has to (A) call or cause the Servicer to call an Event of Default under the
Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage Loan or the Borrower, including, without limitation,
filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against the Borrower. Each Holder shall,
from time to time, execute such documents as any Servicer shall reasonably require to evidence such assignment with respect to
the rights described in clause (iii) of the first sentence in this Section 13(a).

 

(b)       The
Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration
of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their respective obligation
under this Agreement and the Servicing Agreement to make any disbursement of funds as set forth herein).

 

(c)       The
Holders hereby acknowledge and agree that the Servicing Agreement shall provide that, subject to the satisfaction of the conditions
set forth in the next sentence, upon

 

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the Mortgage Loan becoming a Defaulted Mortgage Loan, if the Special Servicer determines to
sell the Defaulted Mortgage Loan (or the Lead Note), it will be required to sell the entire Defaulted Mortgage Loan as a single
whole loan (i.e., both the Lead Note and Non-Lead Notes). Any such sale of the entire Defaulted Mortgage Loan is subject to the
satisfaction of the following:

 

(i)        Each
Non-Lead Note Holder has provided written consent to such sale; or

 

(ii)       The
Special Servicer has delivered the following notices and information to each Non-Lead Note Holder:

 

(1)       at
least 15 Business Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;

 

(2)       at
least 10 days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received
by the Special Servicer in connection with any such proposed sale;

 

(3)       at
least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in
the Servicing File requested by a Non-Lead Note Holder; and

 

(4)       until
the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder)
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

Any Non-Lead Note Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note
Holder, the Directing Holder, the Non-Lead Note Holders and the Non-Directing Holders shall be permitted to submit an offer at
any sale of the Defaulted Mortgage Loan (unless such Person is a Borrower or a Borrower Party Affiliate).

 

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

 

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(d)       Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section
13 shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event
shall the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action,
as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent
with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC provisions of the Code
or any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(f) of this Agreement.

 

14.       Rights
of the Directing Holder. (a) The Directing Holder shall be entitled to exercise the rights and powers granted to the Directing
Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,”
“Controlling Class Representative” or similar party under, and as defined in, the Servicing Agreement with respect
to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all
matters related to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all matters for which the Master
Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master Servicer
shall not be permitted to take any Major Action unless it has obtained the prior written consent of the Special Servicer and (ii)
the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any Major Action nor will the Special
Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing within ten (10)
Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis
and such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of the Directing
Holder in order to make a judgment with respect to such Major Action. The Directing Holder may also direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem advisable,
subject to the terms of the Servicing Agreement.

 

(b)       If
the Directing Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Action within ten
(10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after delivery to the Directing Holder by the applicable
Servicer of written notice of a proposed Major Action together with any information requested by the Directing Holder as may be
necessary in the reasonable judgment of the Directing Holder in order to make a judgment, then upon the expiration of such ten
(10) Business Day (or 30 days with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed to have
been approved by the Directing Holder.

 

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

 

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(d)       No
objection, direction or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special
Servicer, as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Servicing Agreement, this
Agreement, the REMIC provisions of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance
with the Servicing Standard or expose the Master Servicer or the Special Servicer to liability, or materially expand the scope
of the Master Servicer’s or the Special Servicer’s responsibilities under the Servicing Agreement.

 

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

 

The Holders acknowledge
that the Servicing Agreement may contain certain provisions that give any operating advisor certain non-binding consultation rights
with respect to Major Actions.

 

15.       Appointment
of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any time
and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and
appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person
to serve as Special Servicer by delivering to the other Holders (including, to the extent a Note is included in a Securitization,
the parties to the related PSA) a written notice stating such designation and by satisfying the other conditions required under
the Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing
Agreement), if any.

 

16.       Rights
of the Non-Directing Holders. (a) The Lead Securitization PSA shall provide that the Servicer shall be required:

 

(i)        to
provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to
the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to

 

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receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if a Note has been included in a Non-Lead Securitization transaction, then for any information for which the Special Servicer
would be required to provide to such Non-Directing Holder, the Special Servicer shall provide such notice to the master servicer
of the Non-Lead Securitization(s), who shall forward such notice as and when required under the terms of the related Securitization
documents; and

 

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

 

(b)       Notwithstanding
the foregoing non-binding consultation rights of the Non-Directing Holders, the Servicer may take any Major Action or any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Servicer determines
that immediate action with respect thereto is necessary to protect the interests of the Holders.

 

(c)       In
addition to the foregoing non-binding consultation rights, the Non-Directing Holders shall have the right to annual conference
calls with the Master Servicer or the Special Servicer upon reasonable notice and at times reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

 

(d)       In
no event shall the Servicer be obligated at any time to follow or take any alternative actions recommended by any of the Non-Directing
Holders.

 

(e)       Any
Non-Directing Holder that is a Borrower or a Borrower Party Affiliate shall not be entitled to any of the rights set forth in this
Section 16.

 

17.       Advances;
Reimbursement of Advances. (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or
the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property
and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the

 

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terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may
be obligated to make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be
required to make any P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related
Trustee will not be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property
Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the
manner and from the sources provided in the applicable PSA.

 

(b)       The
Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from
the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

(c)       To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, each Non-Lead
Note Holder (including any Securitization into which any Non-Lead Note is deposited) shall be required to, promptly following notice
from the Lead Servicer, pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon
at the Reimbursement Rate. In addition, each Non-Lead Note Holder (including any Securitization into which any Non-Lead Note is
deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s pro rata
share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which
the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement
(to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement
of such amounts).

 

(d)       The
parties to each PSA shall each be entitled to make their own recoverability determination with respect to a P&I Advance based
on the information that they have on hand and in accordance with such PSA.

 

(e)       If
the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of
the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead Note share
from the Non-Lead Note Holders.

 

18.       Provisions
Relating to Securitization.

 

(a) New Notes. For so
long as a Note is not included in a Securitization, the Holder of such Note (the “Resizing Holder”) shall have
the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes (“Amended
Notes”) or additional notes (“New Notes”) reallocating the principal of the Note or Notes that it
owns (but in no case any Note that it does not then own) among Amended Notes

 

     -27-

    

    

 

and New Notes or severing a Note into one or more
further “component” notes in the aggregate principal amount equal to the then outstanding principal balance of the
Note or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended Notes and New Notes
following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior to such amendments,
(ii) all New Notes continue to have the same interest rate as the Amended Note of which it was a part prior to such amendments,
(iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such reallocated or component
notes shall be automatically subject to the terms of this Agreement and (iv) the Resizing Holder holding the New Notes shall notify
each other Holder, as applicable, and, if any other Note has been included in a securitization, the parties under each applicable
PSA, in writing (which may be by email) of such modified allocations and principal amounts. In connection with the foregoing, (1)
the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate
the Loan Agreement and this Agreement) on behalf of any or all of the Holders for the purpose of reflecting such reallocation of
principal or such severing of a Note, (2) if a Note is severed into “component” notes, such component notes shall each
have their same rights as the respective original Note, (3) the definition of the term “Securitization” and all of
the related defined terms may be amended (and new terms added, as necessary) to reflect the New Notes and (4) if Note A-1 is severed
into “component” notes, another note (or one of the New Notes) may be substituted for Note A-1 in the definition of
“Designated Holder” and “Directing Holder” and the definitions of “Lead Note” and “Lead
Securitization” and “Non-Directing Holder” will be revised accordingly. Neither Rating Agency Confirmation nor
approval of the Directing Holder shall be required for any amendments to this Agreement required to facilitate the terms of this
Section 18(a). The Resizing Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall
reimburse the other Holders for all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

(b)       Each
Non-Lead Servicing Agreement shall provide that:

 

(i)        the
applicable master servicer or 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 such Non-Lead Note Holder 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 pursuant to Section 17, and funds received
with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will be required (to
the extent of the related Non-Lead Note Holder’s proportionate share) to pay the Master Servicer, Special Servicer or Trustee
under the Servicing Agreement, as applicable, out of general funds in the

 

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collection account (or equivalent
account) established under the related Non-Lead Servicing Agreement and (y) if the Servicing Agreement permits the Master Servicer,
Special Servicer or Trustee under the Servicing Agreement to pay itself from the Lead Securitization Trust’s general account
then the master servicer under the related Non-Lead Servicing Agreement will be required (to the extent of the related Non-Lead
Note Holder’s proportionate share) to reimburse the Lead Securitization Trust out of general funds in the collection account
(or equivalent account) established under the related Non-Lead Servicing Agreement;

 

(iv)      each
of the Master Servicer and the Special Servicer shall be indemnified (as and to the same extent the Lead Securitization Trust
is required to indemnify each such party and to the extent of the related Non-Lead Note Holder’s proportionate share) 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 related Non-Lead Servicing Agreement will be required to reimburse (to the extent of the related
Non-Lead Note Holder’s proportionate share) the Master Servicer, Special Servicer or Trustee under the Servicing Agreement,
as applicable, out of general funds in the collection account (or equivalent account) established under the related Non-Lead Servicing
Agreement;

 

(v)       each
of Trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each of
the Master Servicer and the Trustee under the Servicing Agreement will be (to the extent of the related Non-Lead Note Holder’s
proportionate share) a third party beneficiary under the Non-Lead Servicing Agreement with respect to any provisions therein relating
to (1) the reimbursement of any nonrecoverable advances made with respect to such Non-Lead Note by the Master Servicer or the
Trustee under the Servicing Agreement and (2) as to the Master Servicer only, the indemnification of the Master Servicer 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 and relating to such Non-Lead Note and (ii) the Special Servicer will be (to
the extent of the related Non-Lead Note Holder’s proportionate share) a third party beneficiary under the related Non-Lead
Servicing Agreement with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made
with respect to such Non-Lead 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 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 and
relating to such Non-Lead Note; and

 

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

 

(c)       Notices to Parties.

 

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(i)        The Holder of the Lead Note shall provide the Depositor, the Trustee, the Servicer, and the Special Servicer under each
Non-Lead Servicing Agreement notice of the Lead Securitization in writing (which may be by email) prior to, or promptly following
the Lead Securitization Date. Such notice shall contain contact information for each of the parties to the Lead Securitization
PSA and the identity of the Controlling Class Representative under the Lead Securitization PSA. In addition, on the Lead Securitization
Date, the Lead Note Holder shall send a copy (in EDGAR-compatible format) of the Lead Securitization PSA to each Non-Lead Note
Holder (or in the case of any Non-Lead Note that is in a Securitization, to the Depositor, the Servicer, and the Special Servicer
under the related Non-Lead Servicing Agreement).

 

(ii)       The
Holder of each Note that is not included in the Lead Securitization shall provide the Depositor, the Servicer and the Special
Servicer under the Lead Securitization PSA (as of the closing date of each respective Securitization) (provided such party
is not also a party to the related PSA) notice of the applicable Securitization in writing (which may be by email) prior to or
promptly following the closing date of such Securitization. Such notice shall contain contact information for each of the parties
to the related PSA and the identity of the Controlling Class Representative under the related PSA. In addition, after the closing
date of the related Securitization, the applicable Holder shall send a copy of the related PSA to the Depositor, the Servicer
and the Special Servicer under the Lead Securitization PSA (as of closing date of such Securitization).

 

(iii)           
The Holder of any Note that, upon closing of the Securitization of such Note, will constitute
the Lead Note under this Agreement, shall give the other Note Holders (except any Holder of any other Note included in such Securitization)
written notice in a timely manner (but no later than two (2) Business Day after the applicable filing date) of any 8-K/A filing
made by the Depositor regarding the related PSA if such filing contains revisions or changes to such PSA that are material to
the other Note Holders.

 

(d)       The
Lead Securitization PSA shall:

 

(i)        provide
that 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)       provide
that if the Master Servicer or Trustee determines that a proposed Advance, if made, or any outstanding 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 two Business Days after such determination was made;

 

(iii)      provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note, 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 Note Holder on the applicable Master Servicer Remittance Date; provided, that any late collections received
by the Master Servicer after the related due date under the Mortgage Loan shall be remitted by the Master Servicer in accordance
with Section 18(d)(vii) below;

 

(iv)      provide
that the Master Servicer agrees to make available to each master servicer under a Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis on the applicable
Master Servicer Remittance Date;

 

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(v)       provide
that (a) the Master Servicer, any primary servicer, the Special Servicer and the Trustee for the Lead Securitization, 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 any Non-Lead Servicing Agreement, 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 ABS-15G, Form 10K, Form 10D, Form 8K), notices, and other materials specified
in each of the other Servicing Agreements as the parties to each Non-Lead Securitization may require in order to comply with (1)
their obligations under the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended,
Regulation AB and Form SF-3, and (2) any applicable comment letter from the United States Securities and Exchange Commission (the
“Commission”) or its obligations with respect to any Deficient Exchange Act Deliverable and any other applicable
law and (b) without limiting the generality of the foregoing, the Depositor or the related Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any prior Securitization a copy of the Lead Securitization
PSA and each Lead Servicer (at the expense of the Lead Note Holder) will be required, upon prior written request, to provide 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 (at the expense of the requesting party), upon prior written request, market indemnification
agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization.
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 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 related Non-Lead Servicing Agreements;

 

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

 

(vii)     provide
that, with respect to any/each Non-Lead Note, the Master Servicer shall withdraw from the related Collection Account and remit
to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified and available funds, any amounts
that represent late collections or principal prepayments on such Non-

 

     -31-

    

    

 

Lead 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 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 late collections to the Non-Lead Master Servicer within one Business
Day of receipt of properly identified and available funds but, in any event, the Master Servicer shall remit such amounts within
two Business Days of receipt of properly identified funds;

 

(viii)    provide
that the Non-Lead Note Holders are intended third-party beneficiaries in respect of the rights afforded it under the Servicing
Agreement and each master servicer under a Non-Lead Servicing Agreement will be entitled to enforce the rights of the related
Trustee with respect to such Non-Lead Note under this Agreement and the Servicing Agreement;

 

(ix)       provide
that each master servicer and special servicer under any Non-Lead 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)        provide
that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders without
their 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 related Non-Lead Servicing Agreement and one or more parties to the
related Non-Lead 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 each related Non-Lead Servicing Agreement and one
or more parties to the related Non-Lead Servicing Agreement all disclosure about itself that is required to be included in Form
8-K no later than the date of effectiveness thereof (including, without limitation, any disclosure required under Item 1108 of
Regulation AB) for the related Non-Lead Securitization to comply with the applicable reporting obligations under the Securities
Exchange Act of 1934, as amended;

 

(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 the Non-Lead Note Holders as

 

     -32-

    

    

 

required,
failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the
depositor under a related Non-Lead Servicing Agreement to timely comply with its obligations under the Securities Exchange Act
of 1934, as amended, the Securities Act of 1933, as amended, 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 a Non-Lead Servicing Agreement to fail to comply with the applicable provisions
of such securities laws);

 

(xiv)    provide
that if a Non-Lead Note becomes the subject of an “asset review” under a Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer and other
applicable party to such Non-Lead 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 and any such other applicable party to
the Non-Lead Servicing Agreement has not obtained such documents from the related Non-Lead Note Holder and such documents are
in the possession of the applicable party to the Servicing Agreement;

 

(xv)      provide
that the Non-Lead Note Holders shall be entitled to the same indemnity as the Lead Note Holder under the Lead Securitization PSA
with respect to the following items; each of the Master Servicer, the Special Servicer, the Trustee, the certificate administrator,
the operating advisor, and the custodian shall be required to indemnify each certifying person and the Depositor under any Non-Lead
Servicing Agreement, and their respective directors and officers and controlling persons, to the same extent that they indemnify
the Depositor of the Lead Securitization (in its capacity as such) and each certifying person for (i) its failure to deliver the
items in clause (v) above in a timely manner, (ii) its failure to perform its obligations to such Depositor of a Non-Lead Securitization
or Trustee of a Non-Lead Securitization under the Reporting Article (or any article substantially similar thereto) of the Lead
Securitization PSA by the time required after giving effect to any applicable grace period or cure period, (iii) the failure of
any servicer or servicing function participant retained by it to perform its obligations to such Depositor of a Non-Lead Securitization
or Trustee of a Non-Lead Securitization under such the Reporting Article (or any article substantially similar thereto) of the
Lead Securitization PSA by the time required and/or (iv) any deficient Securities Exchange Act of 1934 report regarding, and delivered
by or on behalf of, such party; and

 

(xvi)     provide that, subject to certain applicable market caps and floor provisions, the special servicing, workout and liquidation
fee rates shall not exceed 0.25%, 1.00% and 1.00% (or, if such rate would result in a workout fee or liquidation fee that would
be less than $25,000, such higher rate as would result in a workout fee or liquidation fee equal to $25,000), respectively, subject
to any market minimum special servicing fees and fee offsets set forth in the Servicing Agreement.

 

19.       Governing
Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS

 

     -33-

    

    

 

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.

 

20.       Modifications.
This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties
hereto. Additionally, from and after a Securitization, except (i) to cure any ambiguity, (ii) to correct any error, (iii) to
correct or supplement any provisions herein that may be defective or inconsistent with any other provision or provisions
herein or in the Servicing Agreement or (iv) as set forth in Section 18(a), this Agreement may not be modified unless
a Rating Agency Confirmation has been delivered with respect to each Securitization.

 

21.       Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns. Each of the Master Servicer, Non-Lead Master Servicer and related Trustee
is an intended third-party beneficiary of this Agreement. Except as provided in Section 5 and the preceding sentence,
none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party
hereto.

 

22.       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 as effective as delivery of a manually executed original counterpart of this
Agreement

 

23.       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.

 

24.       Notices.
Unless stated otherwise, all notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in
writing and personally delivered, (ii) sent by facsimile transmission or email 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.

 

     -34-

    

    

 

25.       Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than any Notes that are not
included in the Note A-1 Securitization) will be held by the Note A-1 Trustee (or by a custodian on its behalf) under the
terms of the Note A-1 PSA on behalf of all of the Holders; provided however, if the Note A-1 Securitization is not the First
Securitization, the originals of all of the Mortgage Loan Documents (other than any Note(s) not included in the First
Securitization) will be held by the Trustee for the First Securitization (or by a custodian on its behalf), under the terms
of the First Securitization PSA, on behalf of all of the Holders until the Note A-1 Securitization Date, at which time the
originals of all of the Mortgage Loan Documents (other than the Notes not included in the Note A-1 Securitization) will be
transferred to and held by the Note A-1 Trustee (or by a custodian on its behalf) on behalf of all of the Holders.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

     -35-

    

    

 

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

 

	 	Note A-1 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
    LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

	 	Note A-2 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

	 	Note A-3 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

	 	Note A-4 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

UBS
2018-C13: CO-LENDER AGREEMENT (SHELBOURNE GLOBAL PORTFOLIO)

 

     

     

    

 

	 	Note A-5 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

	 	Note A-6 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

	 	Note A-7 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato
	 	 	Name: Gary Stellato
	 	 	Title: Secretary

 

UBS
2018-C13: CO-LENDER AGREEMENT (SHELBOURNE GLOBAL PORTFOLIO)

 

     

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.       Description of Mortgage
Loan

 

	Borrower:	Kingsbridge 2005, LLC, Shelbourne Broad Street, LLC and 691 Central Avenue SPE LLC
	Mortgage Loan Origination Date:	September 7, 2018
	Initial Principal Amount of Mortgage Loan:	$93,000,000
	Location of Mortgaged Property:	
        1515 Broad St., Bloomfield, NJ

        20 Kingsbridge, Piscataway, NJ

        80 Kingsbridge, Piscataway, NJ

        140 Centennial, Piscataway, NJ

        275 Centennial, Piscataway, NJ

        675 Central Ave, New Providence,
NJ

        691 Central Ave, New Providence,
NJ

	Current Use of Mortgaged Property:	Office, Retail and Industrial
	Mortgage Interest Rate:	
        Note A-1:       5.853%%

Note A-2:       5.853%%

Note A-3:       5.853%

Note A-4:       5.853%

Note A-5:       5.853%

Note A-6:       5.853%

        Note A-7:       5.853%

	Maturity Date:	October 6, 2028

 

    C-3

     

    

 

B.       Description of Notes

 

	Mortgage Loan Origination Date:	September 7, 2018
	Initial Note A-1 Principal Balance:	$20,000,000
	Initial Note A-2 Principal Balance:	$15,000,000
	Initial Note A-3 Principal Balance:	$15,000,000
	Initial Note A-4 Principal Balance:	$15,000,000
	Initial Note A-5 Principal Balance:	$10,000,000
	Initial Note A-6 Principal Balance:	$10,000,000
	Initial Note A-7 Principal Balance	$8,000,000
	Initial Note A-1 Percentage Interest:	21.51%
	Initial Note A-2 Percentage Interest:	16.13%
	Initial Note A-3 Percentage Interest:	16.13%
	Initial Note A-4 Percentage Interest:	16.13%
	Initial Note A-5 Percentage Interest:	10.75%
	Initial Note A-6 Percentage Interest:	10.75%
	Initial Note A-7 Percentage Interest:	8.60%
	Note A-1 Interest Rate:	5.853%
	Note A-2 Interest Rate:	5.853%
	Note A-3 Interest Rate:	5.853%
	Note A-4 Interest Rate:	5.853%
	Note A-5 Interest Rate:	5.853%
	Note A-6 Interest Rate:	5.853%
	Note A-7 Interest Rate:	5.853%
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2 Interest Rate
	Note A-3 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-3 Interest Rate
	Note A-4 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-4 Interest Rate
	Note A-5 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-5 Interest Rate
	Note A-6 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-6 Interest Rate
	Note A-7 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-7 Interest Rate

 

    C-4

     

    

 

EXHIBIT B

 

Holders of Note A-1, Note A-2, Note A-3, Note A-4, Note A-5,
Note A-6 and Note A-7:

 

Cantor Commercial Real Estate Lending,
L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

E-Mail: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666

E-Mail: lisa.pauquette@cwt.com

 

    C-5

     

    

 

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.

KKR Real Estate Finance Manager LLC

Raith Capital Partners, LLC

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

 

    C-1EX-10.1

 Exhibit 10.1 

VOTING AGREEMENT 

This VOTING AGREEMENT (this “Agreement”), dated as of November 27, 2018, is executed by and among Spirit of Texas
Bancshares, Inc., a Texas corporation (“Spirit”), First Beeville Financial Corporation, a Texas corporation (the “Company”), and the shareholders of the Company who are signatories hereto (referred to herein
individually as a “Shareholder” and collectively as the “Shareholders”). Terms with their initial letters capitalized and not otherwise defined herein have the meanings given to them in the Reorganization Agreement
(as defined below). 
 RECITALS 

WHEREAS, concurrently with the execution of this Agreement, Spirit and the Company are entering into that certain Agreement and Plan of
Reorganization, dated as of the date hereof (as such agreement may be amended or supplemented from time to time, the “Reorganization Agreement”), pursuant to which the Company will merge with and into Spirit, with Spirit continuing
as the surviving entity (the “Merger”); 
 WHEREAS, the Reorganization Agreement provides that all of the issued and
outstanding shares of common stock of the Company (the “Company Stock”) (other than any Cancelled Shares or Dissenting Shares) will be exchanged for such consideration as set forth in the Reorganization Agreement; 

WHEREAS, as a condition and inducement to Spirit’s willingness to enter into the Reorganization Agreement, each of the Shareholders has
agreed to vote their shares of Company Stock in favor of approval of the Reorganization Agreement and the transactions contemplated thereby; and 

WHEREAS, Spirit is relying on this Agreement in incurring expenses in reviewing the Company’s business, in preparing a joint proxy
statement/prospectus, in proceeding with the filing of applications for regulatory approvals and in undertaking other actions necessary for the consummation of the Merger. 

NOW, THEREFORE, in consideration of the substantial expenses that Spirit will incur in connection with the transactions contemplated by the
Reorganization Agreement and to induce Spirit to execute the Reorganization Agreement and to proceed to incur such expenses, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereby, severally and not jointly, agree as follows: 
 AGREEMENT 

1.    Each of the Shareholders hereby severally, but not jointly, represents and warrants to Spirit that: 

(a)    such Shareholder is the registered owner or beneficial owner of, or has full voting power with
respect to, the number of shares of Company Stock set forth below such Shareholder’s name on such Shareholder’s signature page to this Agreement (the “Shares”) free and clear of all liens or encumbrances; 

 (b)    except pursuant to this Agreement, there are no
options, warrants or other rights, agreements, arrangements or commitments of any character to which Such Shareholder is a party relating to the pledge, disposition or voting of any of the Shares and there are no voting trusts or voting agreements
with respect to the Shares; 
 (c)    such Shareholder does not beneficially own any Company Stock other
than (i) the Shares and (ii) any options, warrants or other rights to acquire any additional shares of Company Stock or any security exercisable for or convertible into shares of Company Stock set forth on the signature page of this
Agreement; and 
 (d)    such Shareholder has had an opportunity to obtain the advice of legal counsel
prior to executing this Agreement. 
 2.    Each Shareholder hereby agrees during the term of this Agreement to vote the
Shares, and any additional shares of Company Stock or other voting securities of the Company acquired by such Shareholder after the date hereof, (a) in favor of the approval and adoption of the Reorganization Agreement and the transactions
contemplated thereby at the special meeting of shareholders of the Company called for the purpose of considering and voting upon the approval of the Reorganization Agreement and the transactions contemplated thereby (the “Company Shareholder
Meeting”) and (b) against approval of any Acquisition Proposal or any other proposal made in opposition to or in competition with this Agreement or the Reorganization Agreement (such Acquisition Proposal or other proposal, an
“Opposing Proposal”) presented at the Company Shareholder Meeting or any other meeting of shareholders held prior or subsequent to the Company Shareholder Meeting or for which the Company otherwise seeks the approval of the
Company’s shareholders. 
 3.    Each Shareholder shall not invite or seek any Opposing Proposal, support (or
publicly suggest that anyone else should support) any Opposing Proposal that may be made, or ask the board of directors of the Company to consider, support or seek any Opposing Proposal or otherwise take any action designed to make any Opposing
Proposal more likely. None of the Shareholders shall meet or otherwise communicate with any Person that makes or is considering making an Opposing Proposal or any representative of such Person after becoming aware that the Person has made or is
considering making an Opposing Proposal. Each Shareholder shall promptly advise the Company of each contact the Shareholder or any of the Shareholder’s representatives may receive from any Person relating to any Opposing Proposal or otherwise
indicating that any Person may wish to participate or engage in any transaction arising out of any Opposing Proposal and shall provide the Company with all information that is reasonably requested by Spirit and is reasonably available to the
Shareholder regarding any such Opposing Proposal or possible Opposing Proposal, unless such Shareholder knows the Company has provided Spirit with such information, and the Company shall in turn provide any such information to Spirit. Each
Shareholder shall not make any claim or join in any litigation alleging that the board of directors of the Company is required to consider, endorse or support any Opposing Proposal or to invite or seek any Opposing Proposal. Each Shareholder shall
not take any other action that is reasonably likely to make consummation of the Merger less likely or to impair Spirit’s ability to exercise any of the rights granted by the Reorganization Agreement. 

  
 2 

 4.    While this Agreement is in effect, each Shareholder shall not,
directly or indirectly, (a) sell, transfer, assign, pledge, encumber, hypothecate, cause to be redeemed or otherwise dispose (any such transaction, a “Transfer”) of any or all Shares or any shares of Company Stock subsequently
acquired, (b) grant any proxy or interest in or with respect to any Shares or (c) deposit any Shares of Company Stock into a voting trust or enter into a voting agreement or arrangement with respect to any shares of Company Stock or grant
any proxy with respect thereto, other than to other members of the board of directors of the Company for the purpose of voting to approve the Reorganization Agreement and the transactions contemplated thereby. This
Section 4 shall not prohibit (w) Transfers to any member of the Shareholder’s family, subject to the transferee’s agreeing in writing to be bound by the terms of this Agreement, (x) Transfers for estate
and tax planning purposes, including Transfers to relatives, trusts and charitable organizations, subject to the transferee agreeing in writing to be bound by the terms of this Agreement and the delivery of such agreement to Spirit,
(y) Transfers to any other shareholder of the Company who has executed a copy of this Agreement on the date hereof, and (z) such Transfers as Spirit may otherwise permit in its sole discretion in writing. Any attempted Transfer of Shares
or any shares of Company Stock subsequently acquired or any interest therein in violation of this Section 4 shall be null and void. 

5.    Each Shareholder acknowledges that Spirit is relying on this Agreement in reviewing the business of the Company and
its Subsidiaries, including without limitation, The First National Bank of Beeville (the “Bank”), in preparing a joint proxy statement/prospectus, in proceeding with the filing of applications for regulatory approvals and in
undertaking other actions necessary for the consummation of the Merger. The Company and each Shareholder acknowledges that the performance of this Agreement is intended to benefit Spirit and the Company. 

6.    This Agreement shall continue in effect until the earlier to occur of (a) the termination of the Reorganization
Agreement in accordance with its terms or (b) the consummation of the Merger. 
 7.    Nothing in this Agreement
shall be deemed to restrict any of the Shareholders from taking any action on behalf of the Company solely in the capacity of a director or officer of the Company (if applicable) that such Shareholder believes is necessary to fulfill the
Shareholder’s duties and obligations as a director or officer (if applicable). Each Shareholder is executing this Agreement solely in his or her capacity as a shareholder of the Company. 

8.    Each Shareholder has the legal capacity, power and authority to enter into and perform all of the Shareholder’s
obligations under this Agreement. This Agreement has been duly and validly executed and delivered by the Shareholder and constitutes the legal, valid and binding obligation of the Shareholder, enforceable against the Shareholder in accordance with
its terms except as the enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors rights (whether enforce in law or in equity). If the Shareholder is married and his or her Shares constitute community property, this
Agreement has been duly authorized, executed and delivered by, and constitutes a valid and binding agreement of, such Shareholder’s spouse, enforceable against such spouse in accordance with its terms. 

  
 3 

 9.    Each Shareholder hereby (a) confirms such Shareholder’s
knowledge of the availability of the rights of dissenting shareholders under the Texas Business Organizations Code (the “TBOC”) with respect to the Merger and (b) confirms receipt of a copy of the provisions of the TBOC related
to the rights of dissenting shareholders attached hereto as Annex A. Each Shareholder hereby waives and agrees not to assert, and shall use its best efforts to cause any of its Affiliates who hold of record any of the Shareholder’s
Shares to waive and not to assert, any appraisal rights with respect to the Merger that the Shareholder or such Affiliate may now or hereafter have with respect to any Shares (or any other shares of capital stock of the Company that the Shareholder
shall hold of record at the time that Shareholder may be entitled to assert appraisal rights with respect to the Merger) whether pursuant to the TBOC or otherwise. 

10.    This Agreement may not be modified, amended, altered or supplemented with respect to a particular Shareholder
except upon the execution and delivery of a written agreement executed by each of Spirit, the Company and the Shareholder. Any such amendment, modification, alteration or supplement shall only apply to the Shareholder(s) executing such written
agreement and this Agreement shall remain in full force and effect with respect to Shareholders who do not execute such written agreement. 

11.    For the convenience of the parties hereto, this Agreement may be executed simultaneously in two or more
counterparts, each of which will be deemed an original but all of which shall constitute one and the same instrument. An email or electronic scan in “.pdf” format of a signed counterpart of this Agreement will be sufficient to bind the
party or parties whose signature(s) appear thereon. 
 12.    This Agreement, together with the Reorganization Agreement
and the agreements contemplated thereby, embody the entire agreement and understanding of the parties hereto in respect to the subject matter contained herein. This Agreement supersedes all prior agreements and understandings among the parties with
respect to such subject matter contained herein. In the event of a conflict between the terms of this Agreement and the terms of the Reorganization Agreement, the terms of the Reorganization Agreement shall control. 

13.    All notices, requests, demands and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if delivered in person, mailed by first class mail (postage prepaid) or sent by email, courier or personal delivery to the parties at the following addresses unless by such notice a
different address shall have been designated: 
 If to Spirit: 

Spirit of Texas Bancshares, Inc. 

1836 Spirit of Texas Way 
 Conroe,
Texas 77301 
 Attention: Mr. Dean O. Bass 

Email: DBass@sotb.com 

  
 4 

 With a copy (which shall not constitute notice) to: 

Hunton Andrews Kurth LLP 
 1445
Ross Avenue, Suite 3700 
 Dallas, Texas 75202 

Attention: Mr. Peter G. Weinstock 

Email: pweinstock@HuntonAK.com 

If to the Company: 
 First
Beeville Financial Corporation 
 1400 East Houston Street 

Beeville, Texas 78102 
 Attention:
Mr. Brian K. Schneider 
 Email: brians@fnbsotx.com 

With a copy (which shall not constitute notice to: 

Fenimore, Kay, Harrison & Ford, LLP 

5307 East Mockingbird Lane, Suite 950 

Dallas, Texas 75206 
 Attention:
Mr. Robert N. Flowers 
 Email: rflowers@fkhpartners.com 

If to a Shareholder: 
 At the
address set forth on such Shareholder’s signature page to this Agreement. 
 All notices sent by mail as provided above shall be deemed
delivered three (3) days after deposit in the mail, all notices sent by courier as provided above shall be deemed delivered one (1) day after being sent and all notices sent by email shall be deemed delivered upon confirmation of receipt.
All other notices shall be deemed delivered when actually received. Any party to this Agreement may change its address for the giving of notice specified above by giving notice as provided herein. Notices permitted to be sent via email shall be
deemed delivered only if sent to such persons at such email addresses as may be set forth in writing (and confirmation of receipt is received by the sending party). 

14.    From time to time, at Spirit’s request and without further consideration, each Shareholder shall execute and
deliver such additional documents reasonably requested by Spirit as may be necessary or desirable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement. 

15.    Each Shareholder recognizes and acknowledges that a breach by the Shareholder of any covenants or agreements
contained in this Agreement will cause Spirit to sustain damages for which it would not have an adequate remedy at law for money damages, and therefore the parties hereto agree that, in the event of any such breach, Spirit shall be entitled to seek
the remedy of specific performance of such covenants and agreements and injunctive and other equitable relief, without the necessity of posting bond or proving actual damages, in addition to any other remedy to which it may be entitled, at law or in
equity. 

  
 5 

 16.    THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD FOR CONFLICT OF LAWS PRINCIPLES THEREOF. ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MUST BE
BROUGHT IN THE COURTS OF THE STATE OF TEXAS, COUNTY OF HARRIS, OR, IF IT HAS OR CAN ACQUIRE JURISDICTION, IN THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS (HOUSTON DIVISION), AND EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF SUCH COURT IN ANY SUCH SUIT, ACTION OR OTHER PROCEEDING. 
 17.    EACH PARTY HERETO ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES
AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER,
(B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 17. 
 18.    All of the terms, covenants, representations,
warranties and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties and their respective successors, representatives and permitted assigns. No party hereto may assign this Agreement, by
operation of law or otherwise, in whole or in part, without the prior written consent of the other parties, and any purported assignment made or attempted in violation of this Section 18 shall be null and void. Nothing
contained in this Agreement, express or implied, is intended to confer upon any Persons, other than the parties hereto or their respective successors, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

19.    If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, there
will be added automatically as a part of this Agreement a provision mutually agreed to which is similar in terms to such invalid or unenforceable provision as may be possible and still be valid and enforceable, and the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	SPIRIT OF TEXAS BANCSHARES, INC.
		
	By:	 	  

		 	Dean O. Bass,
		 	Chairman and Chief Executive Officer
	
	FIRST BEEVILLE FINANCIAL CORPORATION
		
	By:	 	  

		 	Brian K. Schneider,
		 	Chairman and President

  

 
	
	SHAREHOLDER
	
	                                      
                                         
     
	
	Number of
Shares:                                        

	
	Address for notice purposes:
	
	                                      
                                
	
	                                      
                                
	
	                                      
                                

  

 ANNEX A 

DISSENTERS’ RIGHTS 
 SEC. 10.351.
APPLICABILITY OF SUBCHAPTER. 
 (a)    This subchapter does not apply to a fundamental business transaction of a domestic
entity if, immediately before the effective date of the fundamental business transaction, all of the ownership interests of the entity otherwise entitled to rights to dissent and appraisal under this code are held by one owner or only by the owners
who approved the fundamental business transaction. 
 (b)    This subchapter applies only to a “domestic entity
subject to dissenters’ rights,” as defined in Section 1.002. That term includes a domestic for-profit corporation, professional corporation, professional association, and real estate investment
trust. Except as provided in Subsection (c), that term does not include a partnership or limited liability company. 

(c)    The governing documents of a partnership or a limited liability company may provide that its owners are entitled to
the rights of dissent and appraisal provided by this subchapter, subject to any modification to those rights as provided by the entity’s governing documents. 

SEC. 10.352. DEFINITIONS. 
 In this subchapter:

 (1)    “Dissenting owner” means an owner of an ownership interest in a domestic entity subject to
dissenters’ rights who: 
 (A)    provides notice under Section 10.356; and 

(B)    complies with the requirements for perfecting that owner’s right to dissent under this subchapter. 

(2)    “Responsible organization” means: 

(A)    the organization responsible for: 

(i)    the provision of notices under this subchapter; and 

(ii)    the primary obligation of paying the fair value for an ownership interest held by a dissenting owner; 

(B)    with respect to a merger or conversion: 

(i)    for matters occurring before the merger or conversion, the organization that is merging or converting; and 

(ii)    for matters occurring after the merger or conversion, the surviving or new organization that is primarily
obligated for the payment of the fair value of the dissenting owner’s ownership interest in the merger or conversion; 

(C)    with respect to an interest exchange, the organization the ownership interests of which are being acquired in the
interest exchange; 

 (D)    with respect to the sale of all or substantially all of the
assets of an organization, the organization the assets of which are to be transferred by sale or in another manner; and 

(E)    with respect to an amendment to a domestic for-profit corporation’s
certificate of formation described by Section 10.354(a)(1)(G), the corporation. 
 SEC. 10.353. FORM AND VALIDITY OF NOTICE. 

(a)    Notice required under this subchapter: 

(1)    must be in writing; and 

(2)    may be mailed, hand-delivered, or delivered by courier or electronic transmission. 

(b)    Failure to provide notice as required by this subchapter does not invalidate any action taken. 

SEC. 10.354. RIGHTS OF DISSENT AND APPRAISAL. 

(a)    Subject to Subsection (b), an owner of an ownership interest in a domestic entity subject to dissenters’ rights
is entitled to: 
 (1)    dissent from: 

(A)    a plan of merger to which the domestic entity is a party if owner approval is required by this code and the owner
owns in the domestic entity an ownership interest that was entitled to vote on the plan of merger; 
 (B)    a sale of
all or substantially all of the assets of the domestic entity if owner approval is required by this code and the owner owns in the domestic entity an ownership interest that was entitled to vote on the sale; 

(C)    a plan of exchange in which the ownership interest of the owner is to be acquired; 

(D)    a plan of conversion in which the domestic entity is the converting entity if owner approval is required by this
code and the owner owns in the domestic entity an ownership interest that was entitled to vote on the plan of conversion; 

(E)    a merger effected under Section 10.006 in which: 

(i)    the owner is entitled to vote on the merger; or 

(ii)    the ownership interest of the owner is converted or exchanged; 

(F)    a merger effected under Section 21.459(c) in which the shares of the shareholders are converted or exchanged;
or 
 (G)    if the owner owns shares that were entitled to vote on the amendment, an amendment to a domestic for-profit corporation’s certificate of formation to: 
 (i)    add the
provisions required by Section 3.007(e) to elect to be a public benefit corporation; or 
 (ii)    delete the
provisions required by Section 3.007(e), which in effect cancels the corporation’s election to be a public benefit corporation; and 

 (2)    subject to compliance with the procedures set forth in this
subchapter, obtain the fair value of that ownership interest through an appraisal. 
 (b)    Notwithstanding Subsection
(a), subject to Subsection (c), an owner may not dissent from a plan of merger or conversion in which there is a single surviving or new domestic entity or non-code organization, or from a plan of exchange,
if: 
 (1)    the ownership interest, or a depository receipt in respect of the ownership interest, held by the owner is
part of a class or series of ownership interests, or depository receipts in respect of ownership interests, that are, on the record date set for purposes of determining which owners are entitled to vote on the plan of merger, conversion, or
exchange, as appropriate: 
 (A)    listed on a national securities exchange; or 

(B)    held of record by at least 2,000 owners; 

(2)    the owner is not required by the terms of the plan of merger, conversion, or exchange, as appropriate, to accept
for the owner’s ownership interest any consideration that is different from the consideration to be provided to any other holder of an ownership interest of the same class or series as the ownership interest held by the owner, other than cash
instead of fractional shares or interests the owner would otherwise be entitled to receive; and 
 (3)    the owner is
not required by the terms of the plan of merger, conversion, or exchange, as appropriate, to accept for the owner’s ownership interest any consideration other than: 

(A)    ownership interests, or depository receipts in respect of ownership interests, of a domestic entity or non-code organization of the same general organizational type that, immediately after the effective date of the merger, conversion, or exchange, as appropriate, will be part of a class or series of ownership
interests, or depository receipts in respect of ownership interests, that are: 
 (i)    listed on a national
securities exchange or authorized for listing on the exchange on official notice of issuance; or 
 (ii)    held of
record by at least 2,000 owners; 
 (B)    cash instead of fractional ownership interests the owner would otherwise be
entitled to receive; or 
 (C)    any combination of the ownership interests and cash described by Paragraphs
(A) and (B). 
 (c)    Subsection (b) shall not apply either to a domestic entity that is a subsidiary with
respect to a merger under Section 10.006 or to a corporation with respect to a merger under Section 21.459(c). 

(d)    Notwithstanding Subsection (a), an owner of an ownership interest in a domestic
for-profit corporation subject to dissenters’ rights may not dissent from an amendment to the corporation’s certificate of formation described by Subsection (a)(1)(G) if the shares held by the owner
are part of a class or series of shares, on the record date set for purposes of determining which owners are entitled to vote on the amendment: 

(1)    listed on a national securities exchange; or 

(2)    held of record by at least 2,000 owners. 

 SEC. 10.355. NOTICE OF RIGHT OF DISSENT AND APPRAISAL. 

(a)    A domestic entity subject to dissenters’ rights that takes or proposes to take an action regarding which an
owner has a right to dissent and obtain an appraisal under Section 10.354 shall notify each affected owner of the owner’s rights under that section if: 

(1)    the action or proposed action is submitted to a vote of the owners at a meeting; or 

(2)    approval of the action or proposed action is obtained by written consent of the owners instead of being submitted
to a vote of the owners. 
 (b)    If a parent organization effects a merger under Section 10.006 and a subsidiary
organization that is a party to the merger is a domestic entity subject to dissenters’ rights, the responsible organization shall notify the owners of that subsidiary organization who have a right to dissent to the merger under
Section 10.354 of their rights under this subchapter not later than the 10th day after the effective date of the merger. The notice must also include a copy of the certificate of merger and a statement that the merger has become effective. 

(b-1)    If a corporation effects a merger under Section 21.459(c), the
responsible organization shall notify the shareholders of that corporation who have a right to dissent to the plan of merger under Section 10.354 of their rights under this subchapter not later than the 10th day after the effective date of the
merger. Notice required under this subsection that is given to shareholders before the effective date of the merger may, but is not required to, contain a statement of the merger’s effective date. If the notice is not given to the shareholders
until on or after the effective date of the merger, the notice must contain a statement of the merger’s effective date. 

(c)    A notice required to be provided under Subsection (a), (b), or (b-1) must:

 (1)    be accompanied by a copy of this subchapter; and 

(2)    advise the owner of the location of the responsible organization’s principal executive offices to which a
notice required under Section 10.356(b)(1) or a demand under Section 10.356(b)(3), or both, may be provided. 

(d)    In addition to the requirements prescribed by Subsection (c), a notice required to be provided: 

(1)    under Subsection (a)(1) must accompany the notice of the meeting to consider the action; 

(2)    under Subsection (a)(2) must be provided to: 

(A)    each owner who consents in writing to the action before the owner delivers the written consent; and 

(B)    each owner who is entitled to vote on the action and does not consent in writing to the action before the 11th day
after the date the action takes effect; and 
 (3)    under Subsection (b-1)
must be provided: 
 (A)    if given before the consummation of the tender or exchange offer described by
Section 21.459(c)(2), to each shareholder to whom that offer is made; or 
 (B)    if given after the consummation
of the tender or exchange offer described by Section 21.459(c)(2), to each shareholder who did not tender the shareholder’s shares in that offer. 

 (e)    Not later than the 10th day after the date an action described by
Subsection (a)(1) takes effect, the responsible organization shall give notice that the action has been effected to each owner who voted against the action and sent notice under Section 10.356(b)(1). 

(f)    If the notice given under Subsection (b-1) did not include a statement of
the effective date of the merger, the responsible organization shall, not later than the 10th day after the effective date, give a second notice to the shareholders notifying them of the merger’s effective date. If the second notice is given
after the later of the date on which the tender or exchange offer described by Section 21.459(c)(2) is consummated or the 20th day after the date notice under Subsection (b-1) is given, then the second
notice is required to be given to only those shareholders who have made a demand under Section 10.356(b)(3). 
 SEC. 10.356. PROCEDURE FOR DISSENT BY
OWNERS AS TO ACTIONS; PERFECTION OF RIGHT OF DISSENT AND APPRAISAL. 
 (a)    An owner of an ownership interest of a
domestic entity subject to dissenters’ rights who has the right to dissent and appraisal from any of the actions referred to in Section 10.354 may exercise that right to dissent and appraisal only by complying with the procedures specified
in this subchapter. An owner’s right of dissent and appraisal under Section 10.354 may be exercised by an owner only with respect to an ownership interest that is not voted in favor of the action. 

(b)    To perfect the owner’s rights of dissent and appraisal under Section 10.354, an owner: 

(1)    if the proposed action is to be submitted to a vote of the owners at a meeting, must give to the domestic entity a
written notice of objection to the action that: 
 (A)    is addressed to the entity’s president and secretary;

 (B)    states that the owner’s right to dissent will be exercised if the action takes effect; 

(C)    provides an address to which notice of effectiveness of the action should be delivered or mailed; and 

(D)    is delivered to the entity’s principal executive offices before the meeting; 

(2)    with respect to the ownership interest for which the rights of dissent and appraisal are sought: 

(A)    must vote against the action if the owner is entitled to vote on the action and the action is approved at a
meeting of the owners; and 
 (B)    may not consent to the action if the action is approved by written consent; and

 (3)    must give to the responsible organization a demand in writing that: 

(A)    is addressed to the president and secretary of the responsible organization; 

(B)    demands payment of the fair value of the ownership interests for which the rights of dissent and appraisal are
sought; 
 (C)    provides to the responsible organization an address to which a notice relating to the dissent and
appraisal procedures under this subchapter may be sent; 

 (D)    states the number and class of the ownership interests of the
domestic entity owned by the owner and the fair value of the ownership interests as estimated by the owner; and 

(E)    is delivered to the responsible organization at its principal executive offices at the following time: 

(i)    not later than the 20th day after the date the responsible organization sends to the owner the notice required by
Section 10.355(e) that the action has taken effect, if the action was approved by a vote of the owners at a meeting; 

(ii)    not later than the 20th day after the date the responsible organization sends to the owner the notice required by
Section 10.355(d)(2) that the action has taken effect, if the action was approved by the written consent of the owners; 

(iii)    not later than the 20th day after the date the responsible organization sends to the owner a notice that the
merger was effected, if the action is a merger effected under Section 10.006; or 
 (iv)    not later than the
20th day after the date the responsible organization gives to the shareholder the notice required by Section 10.355(b-1) or the date of the consummation of the tender or exchange offer described by
Section 21.459(c)(2), whichever is later, if the action is a merger effected under Section 21.459(c). 

(c)    An owner who does not make a demand within the period required by Subsection (b)(3)(E) or, if Subsection (b)(1) is
applicable, does not give the notice of objection before the meeting of the owners is bound by the action and is not entitled to exercise the rights of dissent and appraisal under Section 10.354. 

(d)    Not later than the 20th day after the date an owner makes a demand under Subsection (b)(3), the owner must submit
to the responsible organization any certificates representing the ownership interest to which the demand relates for purposes of making a notation on the certificates that a demand for the payment of the fair value of an ownership interest has been
made under this section. An owner’s failure to submit the certificates within the required period has the effect of terminating, at the option of the responsible organization, the owner’s rights to dissent and appraisal under
Section 10.354 unless a court, for good cause shown, directs otherwise. 
 (e)    If a domestic entity and
responsible organization satisfy the requirements of this subchapter relating to the rights of owners of ownership interests in the entity to dissent to an action and seek appraisal of those ownership interests, an owner of an ownership interest who
fails to perfect that owner’s right of dissent in accordance with this subchapter may not bring suit to recover the value of the ownership interest or money damages relating to the action. 

SEC. 10.357. WITHDRAWAL OF DEMAND FOR FAIR VALUE OF OWNERSHIP INTEREST. 

(a)    An owner may withdraw a demand for the payment of the fair value of an ownership interest made under
Section 10.356 before: 
 (1)    payment for the ownership interest has been made under Sections 10.358 and 10.361;
or 
 (2)    a petition has been filed under Section 10.361. 

 (b)    Unless the responsible organization consents to the withdrawal of
the demand, an owner may not withdraw a demand for payment under Subsection (a) after either of the events specified in Subsections (a)(1) and (2). 

SEC. 10.358. RESPONSE BY ORGANIZATION TO NOTICE OF DISSENT AND DEMAND FOR FAIR VALUE BY DISSENTING OWNER. 

(a)    Not later than the 20th day after the date a responsible organization receives a demand for payment made by a
dissenting owner in accordance with Section 10.356(b)(3), the responsible organization shall respond to the dissenting owner in writing by: 

(1)    accepting the amount claimed in the demand as the fair value of the ownership interests specified in the notice; or

 (2)    rejecting the demand and including in the response the requirements prescribed by Subsection (c). 

(b)    If the responsible organization accepts the amount claimed in the demand, the responsible organization shall pay
the amount not later than the 90th day after the date the action that is the subject of the demand was effected if the owner delivers to the responsible organization: 

(1)    endorsed certificates representing the ownership interests if the ownership interests are certificated; or 

(2)    signed assignments of the ownership interests if the ownership interests are uncertificated. 

(c)    If the responsible organization rejects the amount claimed in the demand, the responsible organization shall
provide to the owner: 
 (1)    an estimate by the responsible organization of the fair value of the ownership
interests; and 
 (2)    an offer to pay the amount of the estimate provided under Subdivision (1). 

(d)    If the dissenting owner decides to accept the offer made by the responsible organization under Subsection (c)(2),
the owner must provide to the responsible organization notice of the acceptance of the offer not later than the 90th day after the date the action that is the subject of the demand took effect. 

(e)    If, not later than the 90th day after the date the action that is the subject of the demand took effect, a
dissenting owner accepts an offer made by a responsible organization under Subsection (c)(2) or a dissenting owner and a responsible organization reach an agreement on the fair value of the ownership interests, the responsible organization shall pay
the agreed amount not later than the 120th day after the date the action that is the subject of the demand took effect, if the dissenting owner delivers to the responsible organization: 

(1)    endorsed certificates representing the ownership interests if the ownership interests are certificated; or 

(2)    signed assignments of the ownership interests if the ownership interests are uncertificated. 

 SEC. 10.359. RECORD OF DEMAND FOR FAIR VALUE OF OWNERSHIP INTEREST. 

(a)    A responsible organization shall note in the organization’s ownership interest records maintained under
Section 3.151 the receipt of a demand for payment from any dissenting owner made under Section 10.356. 

(b)    If an ownership interest that is the subject of a demand for payment made under Section 10.356 is transferred,
a new certificate representing that ownership interest must contain: 
 (1)    a reference to the demand; and 

(2)    the name of the original dissenting owner of the ownership interest. 

SEC. 10.360. RIGHTS OF TRANSFEREE OF CERTAIN OWNERSHIP INTEREST. 

A transferee of an ownership interest that is the subject of a demand for payment made under Section 10.356 does not acquire additional
rights with respect to the responsible organization following the transfer. The transferee has only the rights the original dissenting owner had with respect to the responsible organization after making the demand. 

SEC. 10.361. PROCEEDING TO DETERMINE FAIR VALUE OF OWNERSHIP INTEREST AND OWNERS ENTITLED TO PAYMENT; APPOINTMENT OF APPRAISERS. 

(a)    If a responsible organization rejects the amount demanded by a dissenting owner under Section 10.358 and the
dissenting owner and responsible organization are unable to reach an agreement relating to the fair value of the ownership interests within the period prescribed by Section 10.358(d), the dissenting owner or responsible organization may file a
petition requesting a finding and determination of the fair value of the owner’s ownership interests in a court in: 

(1)    the county in which the organization’s principal office is located in this state; or 

(2)    the county in which the organization’s registered office is located in this state, if the organization does
not have a business office in this state. 
 (b)    A petition described by Subsection (a) must be filed not later
than the 60th day after the expiration of the period required by
 Section 10.358(d). 
 (c)    On the filing of
a petition by an owner under Subsection (a), service of a copy of the petition shall be made to the responsible organization. Not later than the 10th day after the date a responsible organization receives service under this subsection, the
responsible organization shall file with the clerk of the court in which the petition was filed a list containing the names and addresses of each owner of the organization who has demanded payment for ownership interests under Section 10.356
and with whom agreement as to the value of the ownership interests has not been reached with the responsible organization. If the responsible organization files a petition under Subsection (a), the petition must be accompanied by this list. 

(d)    The clerk of the court in which a petition is filed under this section shall provide by registered mail notice of
the time and place set for the hearing to: 
 (1)    the responsible organization; and 

 (2) each owner named on the list described by Subsection (c) at the address shown for
the owner on the list. 
 (e)    The court shall: 

(1)    determine which owners have: 

(A)    perfected their rights by complying with this subchapter; and 

(B)    become subsequently entitled to receive payment for the fair value of their ownership interests; and 

(2)    appoint one or more qualified appraisers to determine the fair value of the ownership interests of the owners
described by Subdivision (1). 
 (f)    The court shall approve the form of a notice required to be provided under
this section. The judgment of the court is final and binding on the responsible organization, any other organization obligated to make payment under this subchapter for an ownership interest, and each owner who is notified as required by this
section. 
 (g)    The beneficial owner of an ownership interest subject to dissenters’ rights held in a voting
trust or by a nominee on the beneficial owner’s behalf may file a petition described by Subsection (a) if no agreement between the dissenting owner of the ownership interest and the responsible organization has been reached within the
period prescribed by Section 10.358(d). When the beneficial owner files a petition described by Subsection (a): 

(1)    the beneficial owner shall at that time be considered, for purposes of this subchapter, the owner, the dissenting
owner, and the holder of the ownership interest subject to the petition; and 
 (2)    the dissenting owner who demanded
payment under Section 10.356 has no further rights regarding the ownership interest subject to the petition. 
 SEC. 10.362. COMPUTATION AND
DETERMINATION OF FAIR VALUE OF OWNERSHIP INTEREST. 
 (a)    For purposes of this subchapter, the fair value of an
ownership interest of a domestic entity subject to dissenters’ rights is the value of the ownership interest on the date preceding the date of the action that is the subject of the appraisal. Any appreciation or depreciation in the value of the
ownership interest occurring in anticipation of the proposed action or as a result of the action must be specifically excluded from the computation of the fair value of the ownership interest. 

(b)    In computing the fair value of an ownership interest under this subchapter, consideration must be given to the
value of the domestic entity as a going concern without including in the computation of value any control premium, any minority ownership discount, or any discount for lack of marketability. If the domestic entity has different classes or series of
ownership interests, the relative rights and preferences of and limitations placed on the class or series of ownership interests, other than relative voting rights, held by the dissenting owner must be taken into account in the computation of value.

 (c)    The determination of the fair value of an ownership interest made for purposes of this subchapter may not be
used for purposes of making a determination of the fair value of that ownership interest for another purpose or of the fair value of another ownership interest, including for purposes of determining any minority or liquidity discount that might
apply to a sale of an ownership interest. 

 SEC. 10.363. POWERS AND DUTIES OF APPRAISER; APPRAISAL PROCEDURES. 

(a)    An appraiser appointed under Section 10.361 has the power and authority that: 

(1)    is granted by the court in the order appointing the appraiser; and 

(2)    may be conferred by a court to a master in chancery as provided by Rule 171, Texas Rules of Civil Procedure. 

(b)    The appraiser shall: 

(1)    determine the fair value of an ownership interest of an owner adjudged by the court to be entitled to payment for
the ownership interest; and 
 (2)    file with the court a report of that determination. 

(c)    The appraiser is entitled to examine the books and records of a responsible organization and may conduct
investigations as the appraiser considers appropriate. A dissenting owner or responsible organization may submit to an appraiser evidence or other information relevant to the determination of the fair value of the ownership interest required by
Subsection (b)(1). 
 (d)    The clerk of the court appointing the appraiser shall provide notice of the filing of the
report under Subsection (b) to each dissenting owner named in the list filed under Section 10.361 and the responsible organization. 
 SEC.
10.364. OBJECTION TO APPRAISAL; HEARING. 
 (a)    A dissenting owner or responsible organization may object, based on
the law or the facts, to all or part of an appraisal report containing the fair value of an ownership interest determined under Section 10.363(b). 

(b)    If an objection to a report is raised under Subsection (a), the court shall hold a hearing to determine the fair
value of the ownership interest that is the subject of the report. After the hearing, the court shall require the responsible organization to pay to the holders of the ownership interest the amount of the determined value with interest, accruing
from the 91st day after the date the applicable action for which the owner elected to dissent was effected until the date of the judgment. 

(c)    Interest under Subsection (b) accrues at the same rate as is provided for the accrual of prejudgment interest
in civil cases. 
 (d)    The responsible organization shall: 

(1)    immediately pay the amount of the judgment to a holder of an uncertificated ownership interest; and 

(2)    pay the amount of the judgment to a holder of a certificated ownership interest immediately after the certificate
holder surrenders to the responsible organization an endorsed certificate representing the ownership interest. 

(e)    On payment of the judgment, the dissenting owner does not have an interest in the: 

(1)    ownership interest for which the payment is made; or 

(2)    responsible organization with respect to that ownership interest. 

 SEC. 10.365. COURT COSTS; COMPENSATION FOR APPRAISER. 

(a)    An appraiser appointed under Section 10.361 is entitled to a reasonable fee payable from court costs. 

(b)    All court costs shall be allocated between the responsible organization and the dissenting owners in the manner
that the court determines to be fair and equitable. 
 SEC. 10.366. STATUS OF OWNERSHIP INTEREST HELD OR FORMERLY HELD BY DISSENTING OWNER. 

(a)    An ownership interest of an organization acquired by a responsible organization under this subchapter: 

(1)    in the case of a merger, conversion, or interest exchange, shall be held or disposed of as provided in the plan of
merger, conversion, or interest exchange; and 
 (2)    in any other case, may be held or disposed of by the responsible
organization in the same manner as other ownership interests acquired by the organization or held in its treasury. 

(b)    An owner who has demanded payment for the owner’s ownership interest under Section 10.356 is not entitled
to vote or exercise any other rights of an owner with respect to the ownership interest except the right to: 

(1)    receive payment for the ownership interest under this subchapter; and 

(2)    bring an appropriate action to obtain relief on the ground that the action to which the demand relates would be or
was fraudulent. 
 (c)    An ownership interest for which payment has been demanded under Section 10.356 may not be
considered outstanding for purposes of any subsequent vote or action. 
 SEC. 10.367. RIGHTS OF OWNERS FOLLOWING TERMINATION OF RIGHT OF DISSENT. 

(a)    The rights of a dissenting owner terminate if: 

(1)    the owner withdraws the demand under Section 10.356; 

(2)    the owner’s right of dissent is terminated under Section 10.356; 

(3)    a petition is not filed within the period required by Section 10.361; or 

(4)    after a hearing held under Section 10.361, the court adjudges that the owner is not entitled to elect to
dissent from an action under this subchapter. 
 (b)    On termination of the right of dissent under this section: 

(1)    the dissenting owner and all persons claiming a right under the owner are conclusively presumed to have approved
and ratified the action to which the owner dissented and are bound by that action; 
 (2)    the owner’s right to
be paid the fair value of the owner’s ownership interests ceases; 
 (3)    the owner’s status as an owner of
those ownership interests is restored, as if the owner’s demand for payment of the fair value of the ownership interests had not been made under Section 10.356, if the owner’s ownership interests were not canceled, converted, or
exchanged as a result of the action or a subsequent action; 

 (4)    the dissenting owner is entitled to receive the same cash,
property, rights, and other consideration received by owners of the same class and series of ownership interests held by the owner, as if the owner’s demand for payment of the fair value of the ownership interests had not been made under
Section 10.356, if the owner’s ownership interests were canceled, converted, or exchanged as a result of the action or a subsequent action; 

(5)    any action of the domestic entity taken after the date of the demand for payment by the owner under
Section 10.356 will not be considered ineffective or invalid because of the restoration of the owner’s ownership interests or the other rights or entitlements of the owner under this subsection; and 

(6)    the dissenting owner is entitled to receive dividends or other distributions made after the date of the
owner’s payment demand under Section 10.356, to owners of the same class and series of ownership interests held by the owner as if the demand had not been made, subject to any change in or adjustment to the ownership interests because of
an action taken by the domestic entity after the date of the demand. 
 SEC. 10.368. EXCLUSIVITY OF REMEDY OF DISSENT AND APPRAISAL. 

In the absence of fraud in the transaction, any right of an owner of an ownership interest to dissent from an action and obtain the fair value
of the ownership interest under this subchapter is the exclusive remedy for recovery of: 
 (1)    the value of the
ownership interest; or 
 (2)    money damages to the owner with respect to the action.

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