Document:

Exhibit 4.22

 

EXECUTION
VERSION

	 

 

IC Leased Fee Hotel Portfolio

 

CO-LENDER AND FUTURE FUNDING INDEMNIFICATION
AGREEMENT

 

Dated as of August 17, 2017

 

between

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-1 Holder)

and

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-2 Holder)

 

and

NATIXIS REAL
ESTATE CAPITAL LLC

(Note A-3 Holder)

 

and

NATIXIS REAL
ESTATE CAPITAL LLC

(Note A-4 Holder)

 

and

NATIXIS REAL ESTATE CAPITAL LLC

(Future Funding Indemnitor)

	 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage Loan	14
	3.	Priority of Notes	16
	4.	Workout	17
	5.	Accounts; Payment Procedure	17
	6.	Future Advances	18
	7.	Limitation on Liability	19
	8.	Representations of the Holders	20
	9.	Independent Analyses of each Holder	20
	10.	No Creation of a Partnership or Exclusive Purchase
    Right	21
	11.	Not a Security	21
	12.	Other Business Activities of the Holders	21
	13.	Transfer of Notes	21
	14.	Exercise of Remedies by the Servicer	23
	15.	Rights of the Directing Holder	26
	16.	Appointment of Special Servicer	27
	17.	Rights of the Non-Directing Holders	27
	18.	Advances; Reimbursement of Advances	28
	19.	Provisions Relating to Securitization	29
	20.	Governing Law; Waiver of Jury Trial	36
	21.	Modifications	36
	22.	Successors and Assigns; Third Party Beneficiaries	36
	23.	Counterparts	36
	24.	Captions	37
	25.	Notices	37
	26.	Custody of Mortgage Loan Documents	37

 

    -i-

     

    

 

THIS CO-LENDER AND FUTURE
FUNDING INDEMNIFICATION AGREEMENT (the “Agreement”), dated as of August 17, 2017, by and among NATIXIS REAL
ESTATE CAPITAL LLC, a Delaware limited liability company (“Natixis”), having an address at 1251 Avenue of
the Americas, New York, New York 10020, as the holder of Note A-1, Natixis, as the holder of Note A-2, Natixis as the holder of
the Note A-3 and Natixis, as the holder of Note A-4.

 

W I T N E S S E T H:

 

WHEREAS, Natixis has
made a mortgage loan in the original principal amount of $62,465,000.00 (the “Mortgage Loan”) to 100 Berlin
Land, LLC, 205 Wolf Land, LLC, 5500 Midland Land, LLC, 204 Fox Land, LLC, High Point Land, LLC, Appleton Land, LLC And 200 STL
Land, LLC, (collectively, the “Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and
Natixis, as lender, dated as of July 18, 2017 (the “Loan Agreement”), which Mortgage Loan was evidenced by a
single promissory note in the maximum principal amount of $62,465,000.00 (the “Original Promissory Note”);

 

WHEREAS, the Mortgage
Loan is secured by a first mortgage lien (the “Mortgage”) on the Borrower’s fee interest in the portfolio
of properties known as IC Leased Fee Hotel Portfolio, located at 200-220 North 4th Street, St. Louis, Missouri, 63102, 205 Wolf
Road, Albany, New York, 12205, 333 West College Avenue, Appleton, Wisconsin, 54911, 5500 Midland Road, Billings, Montana, 59101,
204 West Fox Farm Road, Cheyenne, Wyoming, 82007, 100 Berlin Road, Cromwell, Connecticut; 06416, 135 South Main Street, High Point,
North Carolina, 27260, and upon funding of the Future Funding Note, 356 Villa Roma Road, Callicoon, New York, 12723 (collectively,
the “Mortgaged Properties”);

 

WHEREAS, on or about
July 18, 2017, the Original Promissory Note was split into four notes pursuant to a Note Splitter Agreement between the Borrower
and Natixis;

 

WHEREAS, under the terms
of the Mortgage Loan Documents, the lender has granted the Borrower the right to obtain one or more additional advances on a future
date, in the aggregate not to exceed the Maximum Future Funding Advance Amount set forth on the Mortgage Loan Schedule (collectively,
the “Future Advances”, and each portion thereof, a “Future Advance”);

 

WHEREAS, the Mortgage
Loan is presently evidenced by the following four notes:

 

		●	Promissory Note A-1 in the original principal amount of $24,000,000,

 

		●	Promissory Note A-2 in the original principal amount of $11,465,000

 

		●	Promissory Note A-3 in an amount up to $14,880,000, which represents the lender’s obligation
to fund the Future Advances

 

		●	Promissory Note A-4 in the original principal amount of $27,000,000

 

     

     

    

 

(“Note A-1,”
“Note A-2,”, Note A-3, “Note A-4”) respectively and individually, are each referred to as a “Note”
and collectively the “Notes”);

 

WHEREAS, Natixis intends
to sell, transfer and assign all of its right, title and interest in and to Note A-1 to UBS Commercial Mortgage Securitization
Corp. (“UBS”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of July 31, 2017,
by and between UBS, as purchaser, and Natixis, as seller, and UBS intends to transfer its right, title and interest in and to Note
A-1 to Wells Fargo Bank, National Association, as trustee for the UBS Commercial Mortgage Trust 2017-C2 under a pooling and servicing
agreement, dated as of August 1, 2017 (the “UBS 2017-C2 PSA”), among UBS, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer and as special servicer, Park Bridge Lender Services LLC, as operating
advisor and as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, certificate administrator and
as custodian (such sales, transfers and assignments, the “UBS 2017-C2 Securitization”);

 

WHEREAS, each of the
Note A-2 Holder, Note A-3 Holder and Note A-4 Holder intends, but is not bound, to sell transfer and assign all or a portion of
its right, title and interest in and to its related Note to one or more depositors who will in turn transfer the same to one or
more trusts as part of the securitization of one or more mortgage loans;

 

WHEREAS, the parties
hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold
Note A-1, Note A-2, Note A-3 and Note A-4, respectively;

 

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

 

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, 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.

 

“Advance”
shall mean (1) any P&I Advance made with respect to any of the Notes pursuant to the terms of the Servicing Agreement or Related
Non-Lead PSA, as applicable, or (2) Property Advance made with respect to the Mortgage Loan or the Mortgaged Properties pursuant
to the Lead PSA.

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control with
such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or

 

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a Common Control
Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

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

 

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

 

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

 

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

 

“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).

 

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

 

“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.

 

“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. “Controlled by,”
“controlling” and “under common control with” shall have the respective correlative meaning thereto.

 

“CREFC®
Investor Reporting Package®” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

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“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 each Securitization, the depositor under the Servicing Agreement or the Related Non-Lead PSA, as applicable.

 

“Directing Holder”
shall mean (i) during the period prior to the Note A-4 Securitization Date, the Note A-4 Holder or such other party that the Note
A-4 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement and (ii) after the Note A-4
Securitization Date, the holders of Certificates representing the specified interest in the class of Certificates designated as
the “controlling class” under the Note A-4 Securitization or the duly appointed representative of the holders of such
Certificates; provided, that no Borrower, property manager or 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 Properties 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, if applicable, reimbursement of costs and expenses, reimbursement of Property
Advances and interest thereon at the Reimbursement Rate;

 

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.

 

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

 

“Funded Note”
shall mean each Note other than the Future Funding Note.

 

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

 

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“Future Advance
Obligation” shall mean the obligation of the Future Funding Note Holder to fund any Future Advance to the Borrower.

 

“Future Funding
Indemnitor” shall mean Natixis Real Estate Capital LLC.

 

“Future Funding
Note” shall mean Note A-4, representing the Future Funding Note Holder’s obligation to fund the Future Advances
and having an initial principal balance of zero.

 

“Future Funding
Note Holder” shall mean the holder of the Future Funding Note.

 

“Holder”
shall mean the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder or the Note A-4 Holder, 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 Note A-4 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 (i) during the period from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4 Securitization Date,
Note A-1; and (ii) from and after the Note A-4 Securitization Date, Note A-4.

 

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

 

“Lead PSA”
shall mean (a) during the period from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4 Securitization Date,
the UBS 2017-C2 PSA and (b) from and after the Note A-4 Securitization Date, the Note A-4 PSA.

 

“Lead Securitization”
shall mean (a) during the period from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4 Securitization Date,
the UBS 2017-C2 Securitization and (b) from and after the Note A-4 Securitization Date, the Note A-4 Securitization.

 

“Lead Securitization
Trust” shall mean (a) during the period from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4
Securitization Date, the trust established under the UBS 2017-C2 PSA in connection with the UBS 2017-C2 Securitization and (b)
from and after the Note A-4 Securitization Date, the trust established under the Note A-4 Securitization.

 

“Lead Servicer”
shall mean (a) during the period from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4 Securitization Date,
the servicer and/or special servicer designated under the UBS 2017-C2 PSA and (b) from and after the Note A-4 Securitization Date,
the servicer and/or special servicer designated under the Note A-4 PSA.

 

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“Lead Trustee”
shall mean (a) during the period from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4 Securitization Date,
the UBS 2017-C2 Trustee and (b) from and after the Note A-4 Securitization Date, the trustee designated under the Note A-4 Securitization.

 

“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)       during
the period after the UBS 2017-C2 Securitization Date but prior to the Note A-4 Securitization Date:

 

(i)        with
respect to the UBS 2017-C2 Note, the “Master Servicer Remittance Date” (or analogous term) as defined in the UBS 2017-C2
PSA;

 

(ii)       with
respect to each of Note A-2, Note A-3 and Note A-4 that is not included in a Securitization, one Business Day after the Determination
Date (as defined in the UBS 2017-C2 PSA); and

 

(iii)      with
respect to each of Note A-2, Note A-3 and Note A-4, that is included in a Securitization, two Business Days prior to the Master
Servicer Remittance Date (or analogous term) as defined in the Related Non-Lead PSA (as long as such date is at least two Business
Days after receipt of the Monthly Payment), or such later date as specified in the Related Non-Lead PSA.

 

(b)       after
the Note A-4 Securitization Date:

 

(i)        with
respect to Note A-4, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note A-4 PSA;

 

(ii)       with
respect to each of Note A-2 or Note A-3, (1) if such Note is not included in a Securitization, one Business Day after the Determination
Date (as defined in the Note A-4 PSA) and (2) if such Note is included in a Securitization, two Business Days prior to the Master
Servicer Remittance Date (or analogous term) as defined in the Related Non-Lead PSA (as long as such date is at least two Business
Days after receipt of the Monthly Payment), or such later date as specified in the Related Non-Lead PSA and

 

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(iii)      with
respect to the UBS 2017-C2 Note, two Business Days prior to the Master Servicer Remittance Date (or analogous term) as defined
in the UBS 2017-C2 PSA.

 

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

 

“Maximum Future
Funding Advance Amount” shall mean the aggregate amount of Future Advances under the terms of the Mortgage Loan Documents
as of the origination of the Mortgage Loan.

 

“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.

 

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

 

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

 

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

 

“Non-Directing
Holders” shall mean the holders of any Note other than Note A-4, and if any of such Notes have been 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
Related Non-Lead PSA, to exercise the rights granted to the Non-

 

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Directing Holders in this Agreement. If any Non-Lead Note is no
longer in a Securitization, the Non-Directing Holder with respect to such Note will be the then-current Holder of such Note.

 

“Non-Lead Master
Servicer” shall mean, with respect to each Non-Lead Note, the master servicer designated under the Related Non-Lead PSA.

 

“Non-Lead Note”
shall mean (i) prior to the Note A-4 Securitization Date, each of the Note A-2, Note A-3, and Note A-4 (ii) from and after the
Note A-4 Securitization Date, the UBS 2017-C2 Note, Note A-2 and Note A-4.

 

“Non-Lead Note
Holders” shall mean the holders of the Non-Lead Notes.

 

“Non-Lead Special
Servicer” shall mean (i) with respect to each Non-Lead Note and the Related Non-Lead PSA other than the UBS 2017-C2 Note,
the special servicer designated under such Related Non-Lead PSA and (ii) with respect to the UBS 2017-C2 Note and the UBS 2017-C2
PSA, from and after the Note A-4 Securitization Date, the special servicer designated under the UBS 2017-C2 PSA.

 

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

 

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

 

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

 

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

 

“Note A-2 Holder”
shall mean Natixis 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 such term in the recitals.

 

“Note A-3 Holder”
shall mean Natixis 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, plus any Future Advances actually funded by the Future Funding Note Holder, less any payments of principal thereon
received by the Note A-3 Holder and any reductions in such amount pursuant to Section 4.

 

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

 

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

 

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

 

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

 

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

 

“UBS 2017-C2
Note” shall mean Note A-1.

 

“Outstanding
Future Funding Advance Amount” shall mean the then outstanding amount of unfunded Future Advances as of such date of
determination.

 

“P&I Advance”
shall mean an advance made by a party to the Lead PSA or Related Non-Lead PSA, as applicable, 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 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.

 

“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

 

     -9-

     

    

 

Loan or to pay taxes and assessments or insurance premiums with respect to the related Mortgaged Properties.

 

“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 the 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 principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of such
particular payment, collection, cost, expense, liability or other amount.

 

“Qualified Servicer”
shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association,
(iii) KeyBank National Association or (iv) 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) a servicer that (i) during the 12-month period prior to the date of determination,
acted 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, that within the twelve (12) month period prior to the date of determination such
servicer was acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated
by DBRS and DBRS has not downgraded or withdrawn the then current rating on any class of commercial mortgage securities or placed
any class of commercial mortgage securities on watch citing the continuation of such 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 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 an Affiliate of Natixis or one or more of the following (other than the Borrower or any entity which is an Affiliate
of the Borrower):

 

(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

 

     -10-

     

    

 

(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 (or debt)
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 $400,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory firm or similar fiduciary) at least $100,000,000 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

 

     -11-

     

    

 

unsecured debt is then rated in one of the top two rating categories of each of the Rating Agencies.

 

“Rating Agencies”
shall mean Moody’s, Fitch, KBRA, Morningstar, DBRS 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 for each Securitization 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 or any Note is not included in a Securitization, any action that
would otherwise require a Rating Agency Confirmation shall require the consent of the Note A-4 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 the Servicing Agreement and each Related
Non-Lead PSA 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.

 

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

 

“Related Non-Lead
PSA” shall mean, with respect to each Non-Lead Note that is included in a Securitization, the “pooling and servicing
agreement” (or equivalent agreement) governing the terms of the Securitization of such Note. For avoidance of doubt, from
and after the Note A-4 Securitization Date, the UBS 2017-C2 PSA will be the Related Non-Lead PSA with respect to the UBS 2017-C2
Note.

 

     -12-

     

    

 

“REO Property”
shall mean the Mortgaged Properties, 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.

 

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

 

“Securitization”
shall mean, with respect to any Note, the sale of all or a portion of such Note to a depositor who will in turn include such portion
of such Note as part of the securitization of one or more mortgage loans.

 

“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 from and after the UBS 2017-C2 Securitization Date and prior to the Note A-4 Securitization Date,
the UBS 2017-C2 PSA and, (b) after the Note A-4 Securitization Date, the Note A-4 PSA; provided that in the event the Lead Note
is no longer an asset of the trust fund created pursuant to the Servicing Agreement, 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 File”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

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

 

“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 and hereunder.

 

     -13-

     

    

 

“Special
Servicing Fee” shall have the meaning given to such term or an analogous 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 the Servicing Agreement or the Related Non-Lead PSA, as the context requires.

 

“Trust
Fund” shall mean, with respect to each Note that is included in a Securitization, the trust formed pursuant to the Servicing
Agreement or Related Non-Lead PSA, as applicable.

 

“UBS
2017-C2 Master Servicer” shall mean the master servicer under the UBS 2017-C2 PSA.

 

“UBS
2017-C2 PSA” shall have the meaning assigned to such term in the recitals.

 

“UBS
2017-C2 Securitization” shall have the meaning assigned to such term in the recitals.

 

“UBS
2017-C2 Securitization Date” shall mean the closing date of the UBS 2017-C2 Securitization.

 

“UBS
2017-C2 Special Servicer” shall mean the special servicer under the UBS 2017-C2 PSA.

 

“UBS
2017-C2 Trustee” shall mean the trustee under the UBS 2017-C2 PSA.

 

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 as follows:

 

(i)         from and after the UBS 2017-C2 Securitization Date, but prior to the Note A-4 Securitization Date, by the UBS 2017-C2 Master Servicer
and the UBS 2017-C2 Special Servicer pursuant to the terms of this Agreement and the UBS 2017-C2 PSA; and

 

(ii)        from and after the Note A-4 Securitization Date, by the master servicer and the special servicer for the Mortgage Loan under the
Note A-4 PSA pursuant to the terms of this Agreement and the Note A-4 PSA.

 

Each
Holder agrees to reasonably cooperate with each Servicer with respect to its exercise of its rights and obligations under the
Servicing Agreement.

 

     -14-

     

    

 

(b)        The Servicing Agreement and each Related Non-Lead PSA shall contain terms and conditions that are customary for securitization
transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the
tax elections of the respective Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested
by the Rating Agencies rating the related Securitization. In addition, the Servicing Agreement and each Related Non-Lead PSA shall
have such additional provisions as are set forth in Section 19. The Note A-4 Holder shall have the right to designate
the Master Servicer and Special Servicer for the Note A-4 Securitization as long as each such party is a Qualified Servicer.

 

(c)        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).

 

(d)        If, at any time the Lead Note is no longer in a Securitization, the Note A-4 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, subject to receipt of a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor
to rate such Securitization) 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 Note A-4 Holder shall cause the Mortgage Loan to be serviced pursuant to
the provisions of the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage
Loan; provided, further, however, that until a replacement Servicing Agreement is in place, the actual servicing
of the Mortgage Loan may be performed by any Qualified Servicer appointed by the Note A-4 Holder and does not have to be
performed by the service providers set forth under the Servicing Agreement that was previously in effect.

 

(e)        Notwithstanding anything to the contrary contained herein (including Sections 4 and 14(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 the Borrower or an Affiliate of the Borrower
shall be deemed a third-party beneficiary of such provisions of the Servicing Agreement that run to the benefit of such Holder.
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.

 

     -15-

     

    

 

(f)         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.

 

(g)        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.

 

(h)        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.

 

3.          Priority of Notes. Note A-1, Note A-2, Note A-3 and Note A-4 shall have priority or preference over any portion
of the 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 each Note 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, (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,
except that, for so long as any Note is not included in a Securitization, any Penalty Charges allocated to such Note that are
not applied

 

     -16-

     

    

 

pursuant to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the Master
Servicer and/or the Special Servicer without the express consent of such Holder.

 

4.          Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing
Agreement and Section 14 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 each Note 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 Holder 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 each Note, by wire transfer to accounts
maintained by the applicable Holder; provided that delinquent payments received by the Master Servicer after the related
Master Servicer Remittance Date shall be remitted by the Master Servicer to such accounts within the time period specified in
the Servicing 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 such Note must, pursuant to any insolvency,
bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to any 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 to such Holder, and such Holder shall promptly on demand repay to such Servicer the portion thereof that was
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, any 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 each Holder 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 each Holder under this Section 5 constitute absolute, unconditional and continuing obligations and each Servicer
shall be deemed a third-party beneficiary of these provisions.

 

     -17-

     

    

 

6.          Future Advances. (a) The Future Funding Note Holder hereby agrees to advance to the Borrower any Future Advance required
to be made under the Future Funding Note and the Mortgage Loan Documents, it being the specific intent of the parties hereto that
the Holders of the Funded Notes shall not be liable for making any Future Advance. The Future Funding Note Holder shall remit
each Future Advance on the date that such Future Advance is required to be made pursuant to the Mortgage Loan Documents and the
Future Funding Note. The parties hereto agree that (i) the determination of whether the Borrower is entitled to receive any Future
Advance shall rest solely with the Future Funding Note Holder, which shall be responsible for conducting any and all due diligence,
loan documentation and pre-funding requirements in connection therewith and (ii) the Future Funding Note Holder shall be solely
responsible for funding the Future Advance following such determination that the Borrower is entitled to receive such Future Advance.
For so long as the Future Advance Obligation has not been fully discharged and any Securitization is outstanding, the Future Funding
Note shall only be transferred to (i) a transferee that has (A) a long-term unsecured debt rating of at least “AA”
or the equivalent from each Rating Agency then rating any Certificates and (B) a short-term unsecured debt rating of “P-1”
or better by Moody’s or (ii) any other person as to which the Future Funding Note Holder has received confirmation in writing
from each Rating Agency that such Transfer will not result in a qualification, downgrade or withdrawal of its then current ratings
of the Certificates, which confirmation will not be predicated upon any action by the Borrower. Notwithstanding the foregoing,
for so long as any Securitization is outstanding, a Transfer of the Future Funding Note shall be permitted to a transferee under
subsection (i) in the preceding sentence which does not have a long-term unsecured debt rating of at least “AA” or
the equivalent from each Rating Agency then rating any Certificates, provided such transferee obtains an unconditional commitment
from a financial institution whose long-term unsecured debt is rated at least “AA” or the equivalent from each Rating
Agency then rating any Certificates to fund Future Advances outstanding under the Future Funding Note. In addition, for so long
as the Future Advance Obligation has not been fully discharged, (i) no Transfer of the Future Funding Note shall violate the Mortgage
Loan Documents and (ii) the transferee shall assume all additional funding obligations pursuant to an assignment and assumption
agreement whereby such transferee agrees to be bound by all provisions applicable to the Future Funding Note Holder.

 

(b)       The
Future Funding Note Holder and the Future Funding Indemnitor (each, a “Future Funding Indemnifying Party”)
shall indemnify and hold harmless the Holder of any Funded Note, any Servicer, the Certificate Administrator and the Trustee (each
a “Future Funding Indemnified Party”), against any and all losses, claims, damages, costs, expenses (including
the fees and disbursements of outside counsel retained by any such person) and liabilities in connection with, arising out of,
or as a result of the Future Funding Note Holder’s acts or omissions with respect to any obligations to make a Future Advance,
including without limitation, (i) any claims made by the Borrower or its Affiliates or (ii) any failure of payment by the Borrower
under the Mortgage Loan, in each case that results from a failure to make any additional advance as required under the Mortgage
Loan Documents, except, as to such Future Funding Indemnified Party, to the extent that it is finally judicially determined that
any losses, claims, damages, costs, expenses or liabilities resulted primarily from the bad faith or willful misconduct of such
Future Funding Indemnified Party. Each Future Funding Indemnified Party shall be a third party beneficiary of this Agreement with
respect to the indemnification obligations of the Future Funding Indemnifying Party set forth in this Section 6. In the
event that

 

     -18-

     

    

 

a Future Funding Indemnified Party becomes involved in any action, proceeding or investigation in connection with any
transaction or matter referred to or contemplated by this Agreement, the Future Funding Indemnifying Party shall periodically
reimburse such Future Funding Indemnified Party upon demand therefor in an amount equal to its reasonable legal and other expenses
(including the costs of any investigation and preparation) incurred in connection therewith to the extent such legal or other
expenses are the subject of indemnification hereunder. In addition, the Future Funding Indemnifying Party agrees that each Future
Funding Indemnified Party may deduct and offset any amount to be indemnified hereunder from and against any amount that is due
to the Future Funding Note Holder under the Servicing Agreement. The indemnification obligations of the Future Funding Indemnifying
Party hereunder shall survive any termination of the Agreement. Each Future Funding Indemnified Party’s rights pursuant
to this Section 6 are in addition to any other rights it may have at law or in equity.

 

(c)       The
Future Funding Note Holder shall provide notice of the making of any Future Advance under the related Mortgage Loan to the each
other Holder, the Master Servicer, the Special Servicer and the operating advisor.

 

(d)       Each
Holder of a Funded Note (or at any time such Funded Note is included in a Securitization, the related Master Servicer) shall deliver
to the Future Funding Note Holder any requests from the Borrower for disbursement of a Future Advance received by such Holder
within one (1) Business Day after receipt.

 

(e)       With
respect to each Future Advance made by the Future Funding Note Holder in accordance with this Section 6, the Future Funding
Note Holder shall notify each other Holder (or at any time when any Funded Note is included in a Securitization, the Master Servicer)
on the date on which such Future Advance was made of the amount of such Future Advance advanced by it to the Borrower. The Holder
of each Funded Note (or at any time when such Note is included in a Securitization, the Master Servicer) shall maintain a record
of each Future Advance advanced by the Future Funding Note Holder and will increase the Note A-3 Principal Balance by the amount
of such Future Advance.

 

7.          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 18 and Section 19, (2) the indemnification obligations
of the Future Funding Note Holder and Future Funding Indemnitor provided in Section 6 of this Agreement, and (3) 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 is further limited or expanded as set forth in the Servicing Agreement).

 

     -19-

     

    

 

8.          Representations of the Holders. (a)  Each of the initial Holders hereby represents and warrants to, and covenants
with each other Holder that, as of the date hereof:

 

(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 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.

 

9.          Independent Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 8,
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,

 

     -20-

     

    

 

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 gross negligence, willful misconduct or bad faith by any Servicer.

 

10.        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.

 

11.        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.

 

12.        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 Affiliate of the Borrower, and receive payments on such other
loans or extensions of credit to any Affiliate of the Borrower 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.

 

13.        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 shall not
Transfer more than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of
any Note, the other Holder has consented to such Transfer, in which case the related transferee 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, (iii) such Transfer is to a Qualified
Transferee, or (iv) such Transfer is in connection with a sale by Securitization trust. Any such transferee must assume in writing
the obligations of the transferring Holder hereunder and agree to be bound by the terms and provisions of this Agreement and the
Servicing Agreement. Such proposed transferee (except in the case of Transfers that are made in connection with a Securitization)
shall also remake each of the representations and warranties contained herein for the benefit of the other Holder. Notwithstanding
the foregoing, without the non-transferring

 

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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 the Borrower or an Affiliate of the Borrower and any such Transfer shall be absolutely null
and void and shall vest no rights in the purported transferee.

 

(b)        Except for a Transfer made in connection with a Securitization, or a Transfer made by an initial 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 13,
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 that 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 the Borrower or any Affiliate of the Borrower) 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 13(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 13 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

 

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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 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 the Borrower or any Affiliate of the Borrower) 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 13(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.

 

(e)        For so long as any Future Advance Obligations remain outstanding under the Mortgage Loan Documents, any Transfer of the Future
Funding Note shall be subject to the requirements set forth in Section 6(a). Any such transferee of a direct interest in
the Future Funded Note must assume in writing the obligations of the Future Funded Note Holder hereunder and agree to be bound
by the terms and provisions hereof; provided, however, that a Pledgee in accordance with Section 13(d) shall
not be required assume the obligations of the Future Funded Note Holder hereunder unless and until such Pledgee becomes the Future
Funded Note Holder by reason of foreclosure or assignment in lieu of foreclosure.

 

14.        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,

 

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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 14(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 the Servicing Agreement to make any disbursement of funds as set forth herein).

 

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

 

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(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 reasonably 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 the Borrower or an agent or Affiliate of
the Borrower).

 

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.

 

The
authority of the Lead Securitization Note Holder to sell the Non-Lead Notes, and the obligations of the Non-Lead Note Holders
to execute and deliver instruments or deliver the Non-Lead Note upon request of the Lead Securitization Note Holder, shall terminate
and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by
Natixis, as the initial Lead Securitization Note Holder from the trust fund established under the Lead Securitization Servicing
Agreement in connection with a material breach of representation or warranty made by Natixis, as the initial Note A-4 Holder
with respect to Lead Securitization Note or material document defect with respect to the documents delivered by Natixis, as the
initial Lead Securitization Note Holder with respect to Lead Securitization Note upon the consummation of the Lead Securitization.

 

(d)        Notwithstanding anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights
under this Section 14 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

 

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provisions
of the Code or any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of
this Agreement.

 

15.        Rights of the Directing Holder. 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.

 

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.

 

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.

 

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 Special Servicer’s responsibilities under the Servicing Agreement.

 

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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.

 

16.        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 and the parties to the Servicing Agreement and each Related
Non-Lead 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.

 

17.        Rights of the Non-Directing Holders. (a)  Each Servicing Agreement 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 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 any Non-Lead Note has been included in a Securitization, 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 other Securitization transaction, 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

 

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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 the Borrower or an Affiliate of the Borrower shall not be entitled to any of the rights set forth
in this Section 17.

 

18.        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 Properties and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms
of a Related Non-Lead PSA, 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 Servicing Agreement (in the case of the Lead Notes) and the Related Non-Lead PSA (in the case of the Non-Lead Notes).

 

(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

 

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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 the Servicing Agreement and each Related Non-Lead 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 the terms of the Servicing
Agreement and Related Non-Lead PSA, as applicable.

 

(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.

 

19.        Provisions Relating to Securitization. (a) New Notes.

 

(i)
For so long as Natixis or an Affiliate of Natixis (an “Initial Note Holder”) is the owner of any Notes, such
Initial Note 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), except for the Future Funding
Note (which will be governed by Section 19(a)(ii) below), among Amended Notes and New Notes or severing a Note, except
for the Future Funding Note (which will be governed by Section 19(a)(ii) below), 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 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 Initial Note Holder

 

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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 pooling and servicing
agreement, in writing 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 solely 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 Natixis is the current
Directing Holder, it may designate the Holder of a different Note to be the Directing Holder. Rating Agency Confirmation shall
not be required for any amendments to this Agreement required to facilitate the terms of this Section 19(a)(i). The Initial
Note Holder whose Note is being reallocated or split pursuant to this Section 19(a)(i) shall reimburse the other Holders
for all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

(ii)
The Future Funding Note Holder shall have the right to execute an amended and restated Future Funding Note or additional Future
Funding Notes severing the Future Funding Note into (a) one or more notes representing the then funded portion of the Future Funding
Note and (b) one or more notes representing the then Outstanding Future Funding Advance Amount (in each case, “New Future
Funding Notes”), provided that (i) the aggregate Maximum Future Funding Advance Amount of the New Future
Funding Notes following such severance is no greater than the Outstanding Future Funding Advance Amount of the Future Funding
Note prior to such severance, (ii) all New Future Funding Notes pay pro rata and on a pari passu basis and
such New Future Funding Notes shall be automatically subject to the terms of this Agreement, (iii) all New Future Funding Notes
continue to have the same interest rate as the Future Funding Note of which it was a part prior to such amendments or severance,
as applicable, (iv) the holder of any New Future Funding Note will subject to the obligations of the Future Funding Note Holder
described in this Agreement, (v) the obligations of the Future Funding Indemnitor described in this Agreement will apply to any
New Future Funding Notes, and (vi) the Future Funding Note Holder shall notify the parties to the Servicing Agreement in
writing of such modified allocations and principal amounts, and with respect to the Master Servicer, provide copies of the executed
amended and restated participation or additional participations, as applicable. In connection with the foregoing, (1) the Master
Servicer is hereby authorized to execute amendments to this Agreement (or to amend and restate this Agreement) on behalf of any
or all of the Holders solely for the purpose of reflecting such severing of Future Funding Notes, (2) if the Future Funding Note
is severed into one or more New Future Funding Notes, such New Future Funding Notes shall each have their same rights as the respective
original Future Funding Note and (3) all of the related defined terms may be amended (and new terms added, as necessary) to reflect
the New Future Funding Notes. Rating Agency Confirmation shall not be required for any amendments to this Agreement required to
facilitate the terms of this Section 19(a)(ii).

 

(b)        Each Non-Lead Note Holder agrees that (if the Non-Lead Note is included in a Securitization other than the Lead Securitization)
it shall cause the Related Non-Lead PSA to provide as follows:

 

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

 

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

 

(iii)       in the event 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 18,
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 pay the Master Servicer, Special Servicer or Lead Trustee, as applicable, out of general funds in the collection
account (or equivalent account) established under the Related Non-Lead PSA and (y) if the Lead Servicing Agreement permits
the Master Servicer, Special Servicer or Lead Trustee to pay itself from the Lead Securitization Trust’s general account
then the master servicer under the Related Non-Lead PSA will be required to reimburse the Lead Securitization Trust out of general
funds in the collection account (or equivalent account) established under the Related Non-Lead PSA;

 

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

 

(v)        each of trustee and the master servicer under the Related Non-Lead PSA, as applicable, shall acknowledge that, (i) each of
the Master Servicer and the Lead Trustee will be a third party beneficiary under the Related Non-Lead PSA 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 Lead Trustee 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
a third party beneficiary under the Related Non-Lead PSA 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

 

     -31-

     

    

 

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 and the Special Servicer shall be third party beneficiaries of the foregoing provisions.

 

(c)        Notice to parties to the Lead PSA.

 

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

 

(d)        The Lead PSA shall provide that:

 

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

 

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

 

(iii)       the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note (other than any Non-Lead
Note deposited into the Lead Securitization as to which payments shall be applied as provided in the Servicing Agreement), 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;

 

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

 

(v)        the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party
acting as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other

 

     -32-

     

    

 

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 Related Non-Lead PSA, at its own expense, in a timely manner, the reports, certifications,
compliance statements, accountants’ assessments and attestations, information to be included in reports (including, without
limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as
the parties to each Non-Lead Securitization may require in order to comply with their obligations under the Securities Act of
1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable
law. Without limiting the generality of the foregoing, each 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 Servicing Agreement 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, upon prior written request, market indemnification agreements, opinions and Regulation AB
compliance letters as were or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation
AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as
such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the United
States Securities and Exchange Commission (the “Commission”) or by the staff of the Commission, or as may be provided
by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance dates specified
therein. The Master Servicer, any primary servicer and the Special Servicer, upon prior written request, shall each be required
to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous
terms) as such terms are defined in the Related Non-Lead PSAs;

 

(vi)       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 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 (other than any Non-Lead Note deposited into the Lead Securitization as to
which payments shall be withdrawn and remitted as provided in the Servicing Agreement), 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 funds, any amounts that represent late collections or principal prepayments on such Non-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

 

     -33-

     

    

 

amounts are received after 3:00 p.m. Eastern
time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such late collections or
principal prepayments to the Non-Lead Master Servicer within two Business Days of receipt of properly identified funds;

 

(viii)     the Non-Lead Note Holders (other than any Non-Lead Note Holder that is a direct party to the Servicing Agreement) are intended
third-party beneficiaries in respect of the rights afforded it under the Servicing Agreement and each master servicer under a
Related Non-Lead PSA 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; and

 

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

 

(x)        it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders (other than
any Non-Lead Note Holder that is a direct party to the Servicing Agreement) without their consent; and

 

(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 PSA and one or more parties to the Related
Non-Lead PSA (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 PSA and one or more parties to the Related Non-Lead PSA all
disclosure about itself that is required to be included in Form 8-K no later than the date of effectiveness thereof;

 

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

 

     -34-

     

    

 

(xiv)     provide that if a Non-Lead Note becomes the subject of an “asset review” under a Related Non-Lead PSA, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer or other
applicable party to such Related Non-Lead PSA in connection with such asset review, including with respect to providing access
to related underlying documents to the extent the asset representations reviewer or such other applicable party to the Related
Non-Lead PSA 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; and

 

(xv)      if the Lead PSA is not the UBS 2917-C2 PSA, have provisions materially consistent with those set forth in the UBS 2017-C2 PSA
with respect to:

 

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

 

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

 

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

 

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

 

(E)  
subject to various adjustments and caps provided for in the Note A-4 PSA (which shall be substantially similar to those set forth
in the UBS 2017-C2 PSA), primary servicing fee, special servicing, workout and liquidation fees (and, in any event, the fees at
which such compensation accrue or are determined shall not exceed 0.00250%, 0.25%, 1.00% and 1.00%, respectively),

 

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

 

(e)        Each Related Non-Lead PSA shall have provisions for the benefit of the parties to the Note A-4 PSA that are substantially similar
to those provisions in the UBS 2017-C2 PSA, including but not limited to indemnifications, advance reimbursements and designation
of third party beneficiaries.

 

(f)         The Note A-4 Holder shall give each of the parties to each Related Non-Lead PSA (that will not also be a party to the Servicing
Agreement) (as of the Note A-4

 

     -35-

     

    

 

Securitization Date) notice of the Lead Securitization in writing (which may be by email) prior
to or promptly following the Note A-4 Securitization Date. Such notice shall contain contact information for each of the parties
to the Servicing Agreement and the identity of the Controlling Class Representative under such Note A-4 PSA. In addition, after
the Note A-4 Securitization Date, the Note A-4 Holder shall send a copy of the Note A-4 PSA to the Depositor, the servicer and
the special servicer under each Related Non-Lead PSA (as of the Note A-4 Securitization Date) (provided that such party is not
also a party to the Note A-4 PSA).

 

(g)        If any provision required to be included in a Related Non-Lead Servicing PSA or a Servicing Agreement is not included therein
as required in this Agreement, each Holder agrees that each such provision shall be deemed to be incorporated as a provision of
and made a part of such Related Non-Lead Servicing PSA or Servicing Agreement, as the case may be.

 

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

 

21.        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 to cure any ambiguity or to correct any error or
as set forth in Sections 19(a), this Agreement may not be modified unless a Rating Agency Confirmation has been delivered
with respect to each Securitization, except that no Rating Agency Confirmation shall be required in connection with a modification
to cure any ambiguity or to correct or supplement any provision herein that may be defective or inconsistent with any other provisions
herein or with the Servicing Agreement.

 

22.        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, Special Servicer, Non-Lead Master Servicer,
Non-Lead Special 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.

 

23.        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

 

     -36-

     

    

 

24.        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.

 

25.        Notices. 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 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.

 

26.        Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-2, Note A-3
and Note A-4) will be held by the UBS 2017-C2 Trustee (or by a custodian on its behalf) under the terms of the UBS 2017-C2 PSA
on behalf of all of the Holders until the Note A-4 Securitization Date, at which time the originals of all of the Mortgage
Loan Documents (other than the UBS 2017-C2 Note) will be transferred to and held by the Note A-4 Trustee (or by a custodian
on its behalf) on behalf of all of the Holders.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

     -37-

     

    

 

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

 

	 	Note A-1 Holder:
	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 
	 	By:	/s/ Gregory A. Murphy
	 	 	Name: Gregory A. Murphy
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President
	 	 	 
	 	Note A-2 Holder:
	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 
	 	By:	/s/ Gregory A. Murphy
	 	 	Name: Gregory A. Murphy
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President

 

CO-LENDER
AGREEMENT – IC LEASED FEE HOTEL PORTFOLIO

 

     

     

    

 

	 	 	 
	 	Note A-3 Holder:
	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 
	 	By:	/s/ Gregory A. Murphy
	 	 	Name: Gregory A. Murphy
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President
	 	 	 
	 	Note A-4 Holder:
	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 
	 	By:	/s/ Gregory A. Murphy
	 	 	Name: Gregory A. Murphy
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President
	 	 	 
	 	Future Funding Indemnitor:
	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 
	 	By:	/s/ Gregory A. Murphy
	 	 	Name: Gregory A. Murphy
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President

 

CO-LENDER
AGREEMENT – IC LEASED FEE HOTEL PORTFOLIO

 

     

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.       Description of Mortgage
Loan

 

	Borrower:	100 Berlin Land, LLC, 205 Wolf Land, LLC, 5500 Midland Land, LLC, 204 Fox Land, LLC, High Point Land, LLC, Appleton Land, LLC And 200 STL Land, LLC
	Mortgage Loan Origination Date:  	July 18, 2017
	Initial Principal Amount of Mortgage Loan:	$62,465,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$62,465,000
	Location of Mortgaged Properties:	200-220 North 4th Street, St. Louis, Missouri, 63102 
	205 Wolf Road, Albany, New York, 12205
	333 West College Avenue, Appleton, Wisconsin, 54911
	5500 Midland Road, Billings, Montana, 59101
	204 West Fox Farm Road, Cheyenne, Wyoming, 82007
	100 Berlin Road, Cromwell, Connecticut, 06416
	135 South Main Street, High Point, North Carolina, 27260
	 	356 Villa Roma Road, Callicoon, New York, 12723 (upon funding of the Future Funding Note)
	Current Use of Mortgaged Properties:	Leased Fee (Hospitality)
	Mortgage Interest Rate:	5.000% per annum
	Maturity Date:	August 5, 2027

 

B.       Description of Notes

 

	Mortgage Loan Origination Date:	July 18, 2017
	Initial Note A-1 Principal Balance:	$24,000,000
	Initial Note A-2 Principal Balance:	$11,465,000
	Initial Note A-3 Principal Balance:	$0
	Initial Note A-4 Principal Balance:	$27,000,000
	Initial Note A-1 Percentage Interest:	38.42%
	Initial Note A-2 Percentage Interest:	18.35%
	Initial Note A-3 Percentage Interest:	0.00%

 

    A-1 

     

    

 

	Initial Note A-4 Percentage Interest:	43.23%
	Maximum Future Funding Advance Amount	$14,880,000
	Outstanding Future Advance Amount	$14,880,000
	Note A-1 Interest Rate:	5.02000% per annum
	Note A-2 Interest Rate:	5.02000% per annum
	Note A-3 Interest Rate:	5.02000% per annum
	Note A-4 Interest Rate:	5.02000% per annum
	Note A-1 Default Interest Rate:  	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-1 Interest Rate, compounded monthly
	Note A-2 Default Interest Rate:  	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-2 Interest Rate, compounded monthly
	Note A-3 Default Interest Rate:  	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-3 Interest Rate, compounded monthly
	Note A-4 Default Interest Rate:  	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-4 Interest Rate, compounded monthly

 

    A-2 

     

    

 

EXHIBIT B

 

Note A-1 Holder, Note A-2 Holder, Note A-3 and Note A-4
Holder:

 

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Real Estate Administration

Email: USCIBSAFAssetManagementTeam@us.natixis.com

 

with a copy to:

Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020

for legal notices, with a copy to:

 

legal.notices@us.natixis.com

 

    B-1 

     

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    D-1Exhibit

TELENAV, INC.
2009 EQUITY INCENTIVE PLAN
(Amended and restated as of January 27, 2017)
1.Purposes of the Plan.  The purposes of this Plan are:
		
	•
	to attract and retain the best available personnel for positions of substantial responsibility,

		
	•
	to provide additional incentive to Employees, Directors and Consultants, and 

		
	•
	to promote the success of the Company’s business.

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units and Performance Shares.
2.    Definitions.  As used herein, the following definitions will apply:
(a)    “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.
(b)    “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
(c)    “Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares.
(d)    “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan.  The Award Agreement is subject to the terms and conditions of the Plan.
(e)    “Board” means the Board of Directors of the Company.
(f)    “Change in Control” means the occurrence of any of the following events:
(i)    A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total 

voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control; or
(ii)    A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election.  For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
(iii)    A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3).  For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
(g)    “Code” means the Internal Revenue Code of 1986, as amended.  Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code.
(h)    “Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof.
(i)    “Common Stock” means the common stock of the Company.
(j)    “Company” means TeleNav, Inc., a Delaware corporation, or any successor thereto.
(k)    “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

-2-

(l)    “Director” means a member of the Board.
(m)    “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.
(n)    “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company.  Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
(o)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.
(p)    “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced.  The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.
(q)    “Fair Market Value” means, as of any date, the value of Common Stock determined as follows:
(i)    If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii)    If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(iii)    For purposes of any Awards granted on the Registration Date, the Fair Market Value will be the initial price to the public as set forth in the final prospectus included within the registration statement in Form S-1 filed with the Securities and Exchange Commission for the initial public offering of the Company’s Common Stock; or
(iv)    In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
(r)    “Fiscal Year” means the fiscal year of the Company.

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(s)    “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.
(t)    “Inside Director” means a Director who is an Employee.
(u)    “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
(v)    “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.
(w)    “Option” means a stock option granted pursuant to the Plan.
(x)    “Outside Director” means a Director who is not an Employee.
(y)    “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.
(z)    “Participant” means the holder of an outstanding Award.
(aa)    “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Administrator (in its discretion) to be applicable to a Participant with respect to an Award. As determined by the Administrator, the performance measures for any performance period will be any one or more of the following objective performance criteria, applied to either the Company as a whole or, except with respect to shareholder return metrics, to a region, business unit, affiliate or business segment, and measured either on an absolute basis or relative to a pre-established target, to a previous period’s results or to a designated comparison group, and, with respect to financial metrics, which may be determined in accordance with United States Generally Accepted Accounting Principles (“GAAP”), in accordance with accounting principles established by the International Accounting Standards Board (“IASB Principles”) or which may be adjusted when established to exclude any items otherwise includable under GAAP or under IASB Principles or to include any items otherwise excludable under GAAP or under IASB Principles or to exclude or include any other objectively determinable items including, without limitation, (a) any extraordinary non-recurring items, (b) the effect of any merger, acquisition, or other business combination or divestiture, or (c) the effect of any changes in accounting principles affecting Telenav’s or a business unit’s, region’s, affiliate’s or business segment’s reported results: (i) cash flow (including operating cash flow or free cash flow), (ii) revenue (on an absolute basis or adjusted for currency effects), (iii) gross margin, (iv) operating expenses or operating expenses as a percentage of revenue, (v) earnings (which may include earnings before interest and taxes, earnings before taxes and net earnings), (vi) earnings per share, (vii) stock price, (viii) return on equity, (ix) total shareholder return, (x) growth in shareholder value relative to the moving average of the S&P 500 Index or another index, (xi) 

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return on capital, (xii) return on assets or net assets, (xiii) return on investment, (xiv) economic value added, (xv) operating profit or net operating profit, (xvi) operating margin, (xvii) market share, (xviii) contract awards or backlog, (xix) overhead or other expense reduction, (xx) credit rating, (xxi) objective customer indicators, (xxii) new product invention or innovation, (xxiii) attainment of research and development milestones, (xxiv) improvements in productivity, (xxv) attainment of objective operating goals, and (xxvi) objective employee metrics. 
(bb)    “Performance Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 11.
(cc)    “Performance Unit” means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 11.
(dd)    “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture.  Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.
(ee)    “Plan” means this 2009 Equity Incentive Plan.
(ff)    “Registration Date” means the effective date of the first registration statement that is filed by the Company and declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of the Company’s securities.
(gg)    “Restricted Stock” means Shares issued pursuant to a Restricted Stock award under Section 8 of the Plan, or issued pursuant to the early exercise of an Option.
(hh)    “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 9.  Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
(ii)    “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.
(jj)    “Section 16(b)” means Section 16(b) of the Exchange Act.
(kk)    “Service Provider” means an Employee, Director or Consultant.
(ll)    “Share” means a share of the Common Stock, as adjusted in accordance with Section 15 of the Plan.
(mm)    “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 10 is designated as a Stock Appreciation Right.

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(nn)    “Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.
3.    Stock Subject to the Plan.
(a)    Stock Subject to the Plan.  Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is 2,083,333 Shares, plus (i) any Shares that, as of the Registration Date, have been reserved but not issued pursuant to any awards granted under the Company’s 1999 Stock Option Plan (the “Existing Plan”) and are not subject to any awards granted thereunder, and (ii) any Shares subject to stock options or similar awards granted under the Existing Plan that expire or otherwise terminate without having been exercised in full and Shares issued pursuant to awards granted under the Existing Plan that are forfeited to or repurchased by the Company, with the maximum number of Shares to be added to the Plan pursuant to clauses (i) and (ii) equal to 6,089,029 Shares.  The Shares may be authorized, but unissued, or reacquired Common Stock.
(b)    Automatic Share Reserve Increase.  The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2012 Fiscal Year (i.e. the fiscal year commencing July 1, 2011), in an amount equal to the least of (i) 1,666,666 Shares, (ii) 4.0% of the outstanding Shares on the last day of the immediately preceding Fiscal Year or (iii) such number of Shares determined by the Board.
(c)    Lapsed Awards.  If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased by the Company due to failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated).  With respect to Stock Appreciation Rights, only Shares actually issued (i.e., the net Shares issued) pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated).  Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company, such Shares will become available for future grant under the Plan.  Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan.  To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan.  Notwithstanding the foregoing and, subject to adjustment as provided in Section 15, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Section 422 of the Code and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Sections 3(b) and 3(c).

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(d)    Share Reserve.  The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.
4.    Administration of the Plan.
(a)    Procedure.
(i)    Multiple Administrative Bodies.  Different Committees with respect to different groups of Service Providers may administer the Plan.
(ii)    Section 162(m).  To the extent that the Administrator determines it to be desirable to qualify Awards granted hereunder as “performance-based compensation” within the meaning of Section 162(m) of the Code, the Plan will be administered by a Committee of two (2) or more “outside directors” within the meaning of Section 162(m) of the Code.
(iii)    Rule 16b-3.  To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3.
(iv)    Other Administration.  Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws.
(b)    Powers of the Administrator.  Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:
(i)    to determine the Fair Market Value;
(ii)    to select the Service Providers to whom Awards may be granted hereunder;
(iii)    to determine the number of Shares to be covered by each Award granted hereunder;
(iv)    to approve forms of Award Agreements for use under the Plan;
(v)    to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder.  Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

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(vi)    to determine the terms and conditions of any, and to institute any Exchange Program;
(vii)    to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;
(viii)    to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws;
(ix)    to modify or amend each Award (subject to Section 20 of the Plan), including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 7(b) of the Plan regarding Incentive Stock Options);
(x)    to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section 16 of the Plan;
(xi)    to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;
(xii)    to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award; and
(xiii)    to make all other determinations deemed necessary or advisable for administering the Plan.
(c)    Effect of Administrator’s Decision.  The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards.
5.    Eligibility.  Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to Service Providers.  Incentive Stock Options may be granted only to Employees.
6.    Code Section 162(m) Provisions. 
(a)    Option and SAR Annual Share Limit. No Participant shall be granted, in any Fiscal Year, Options and Stock Appreciation Rights to purchase more than 2,000,000 Shares; provided, however, that such limit shall be 4,000,000 Shares in the Participant’s first Fiscal Year of Company service. 

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(b)    Restricted Stock, Performance Share and Restricted Stock Unit Annual Limit. No Participant shall be granted, in any Fiscal Year, more than 1,500,000 Shares in the aggregate of the following: (i) Restricted Stock, (ii) Performance Shares, or (iii) Restricted Stock Units; provided, however, that such limit shall be 3,000,000 Shares in the Participant’s first Fiscal Year of Company service.
(c)    Performance Units Annual Limit. No Participant shall receive Performance Units, in any Fiscal Year, having an initial value greater than $2,000,000, provided, however, that such limit shall be $4,000,000 in the Participant’s first Fiscal Year of Company service. 
(d)    Section 162(m) Performance Restrictions. For purposes of qualifying grants of Restricted Stock, Performance Shares, Performance Units or Restricted Stock Units as “performance-based compensation” under Section 162(m) of the Code, the Administrator, in its discretion, may set restrictions based upon the achievement of Performance Goals. The Performance Goals shall be set by the Administrator on or before the latest date permissible to enable the Restricted Stock, Performance Shares, Performance Units or Restricted Stock Units to qualify as “performance-based compensation” under Section 162(m) of the Code. In granting Restricted Stock, Performance Shares, Performance Units or Restricted Stock Units which are intended to qualify under Section 162(m) of the Code, the Administrator shall follow any procedures determined by it from time to time to be necessary or appropriate to facilitate qualification of the Award under Section 162(m) of the Code (e.g., in determining the Performance Goals); provided, however, that the Administrator does not guarantee that any Awards granted hereunder so qualify. 
(e)    Changes in Capitalization. The numerical limitations in Sections 6(a) and (b) shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in Section 15(a). 
7.    Stock Options.
(a)    Limitations.  Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.  However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options.  For purposes of this Section 7(a), Incentive Stock Options will be taken into account in the order in which they were granted.  The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.
(b)    Term of Option.  The term of each Option will be stated in the Award Agreement.  In the case of an Incentive Stock Option, the term will be ten (10) years from the date of grant or such shorter term as may be provided in the Award Agreement.  Moreover, in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

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(c)    Option Exercise Price and Consideration.
(i)    Exercise Price.  The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, subject to the following:
(1)    In the case of an Incentive Stock Option 
(A)    granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant.
(B)    granted to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
(2)    In the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
(3)    Notwithstanding the foregoing, Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.
(ii)    Waiting Period and Exercise Dates.  At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.
(iii)    Form of Consideration.  The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment.  In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant.  Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under a broker-assisted (or other) cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise; (7) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or (8) any combination of the foregoing methods of payment.
(d)    Exercise of Option.

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(i)    Procedure for Exercise; Rights as a Stockholder.  Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement.  An Option may not be exercised for a fraction of a Share.
An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable withholding taxes).  Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan.  Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse.  Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option.  The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan.
Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
(ii)    Termination of Relationship as a Service Provider.  If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).  In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s termination.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.  If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iii)    Disability of Participant.  If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).  In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.  If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

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(iv)    Death of Participant.  If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator.  If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.  In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following Participant’s death.  Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan.  If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
8.    Restricted Stock.
(a)    Grant of Restricted Stock.  Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.
(b)    Restricted Stock Agreement.  Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.  Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.
(c)    Transferability.  Except as provided in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.
(d)    Other Restrictions.  The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.
(e)    Removal of Restrictions.  Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine.  The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed.
(f)    Voting Rights.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

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(g)    Dividends and Other Distributions.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise.  If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid.
(h)    Return of Restricted Stock to Company.  On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan.
9.    Restricted Stock Units.
(a)    Grant.  Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator.  After the Administrator determines that it will grant Restricted Stock Units under the Plan, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.
(b)    Vesting Criteria and Other Terms.  The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant.  The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment), or any other basis determined by the Administrator in its discretion.
(c)    Earning Restricted Stock Units.  Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator.  Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.
(d)    Form and Timing of Payment.  Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement.  The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a combination of both.
(e)    Cancellation.  On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.
10.    Stock Appreciation Rights.
(a)    Grant of Stock Appreciation Rights.  Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.
(b)    Number of Shares.  The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted to any Service Provider.

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(c)    Exercise Price and Other Terms.  The per share exercise price for the Shares to be issued pursuant to exercise of a Stock Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.  Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan.
(d)    Stock Appreciation Right Agreement.  Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
(e)    Expiration of Stock Appreciation Rights.  A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement.  Notwithstanding the foregoing, the rules of Section 7(b) relating to the maximum term and Section 7(d) relating to exercise also will apply to Stock Appreciation Rights.
(f)    Payment of Stock Appreciation Right Amount.  Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:
(i)    The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times
(ii)    The number of Shares with respect to which the Stock Appreciation Right is exercised.
At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.
11.    Performance Units and Performance Shares.
(a)    Grant of Performance Units/Shares.  Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion.  The Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant.
(b)    Value of Performance Units/Shares.  Each Performance Unit will have an initial value that is established by the Administrator on or before the date of grant.  Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.
(c)    Performance Objectives and Other Terms.  The Administrator will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the 

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number or value of Performance Units/Shares that will be paid out to the Service Providers.  The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine.  The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual goals, applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion.
(d)    Earning of Performance Units/Shares.  After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved.  After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance Unit/Share.
(e)    Form and Timing of Payment of Performance Units/Shares.  Payment of earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period.  The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof.
(f)    Cancellation of Performance Units/Shares.  On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan.
12.    Formula Awards to Outside Directors.
(a)    General.  Outside Directors will be entitled to receive all types of Awards (except Incentive Stock Options) under this Plan, including discretionary Awards not covered under this Section 12.  All grants of Awards to Outside Directors pursuant to this Section will be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions:
(b)    Type of Option.  If Options are granted pursuant to this Section, they will be Nonstatutory Stock Options and, except as otherwise provided herein, will be subject to the other terms and conditions of the Plan.
(c)    No Discretion.  No person will have any discretion to select which Outside Directors will be granted Awards under this Section or to determine the number of Shares to be covered by such Awards (except as provided in Sections 12 and 15).

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(d)    Initial Award.  Each person who first becomes an Outside Director following the Registration Date will be automatically granted 30,000 Restricted Stock Units (the “Initial Award”) on or about the date on which such person first becomes an Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy; provided, however, that an Inside Director who ceases to be an Inside Director, but who remains a Director, will not receive an Initial Award.
(e)    Annual Award.  Beginning on the date of the 2017 annual meeting of the stockholders of the Company and on each date of the annual meeting of the stockholders thereafter, each Outside Director will be automatically granted an Option to purchase 15,000 Shares of Common Stock (“Regular Annual Award”) at the exercise price per Share equal to the Fair Market Value of the Common Stock on the grant date of such Regular Annual Award and subject to the terms and conditions of the Plan.  In the event that an Outside Director is appointed to the Board of Directors other than at an annual meeting of stockholders, such Outside Director will be automatically granted an Option to purchase that number of Shares of Common Stock equal to 15,000 multiplied by a fraction equal to the number of days from the date of such person’s appointment until the anniversary of the most recent annual meeting of stockholders divided by 365 (such award, a “prorated Annual Award” and collectively, with the Annual Awards, the “Annual Awards”)), such prorated Annual Award shall be granted at an exercise price per Share equal to the Fair Market Value of the Common Stock on the grant date of such prorated Annual Award and such prorated Annual Award shall be subject to the terms and conditions of the Plan.
(f)    Terms.  The terms of each Award granted pursuant to this Section will be as follows:
(i)    Subject to Section 15, the Initial Award will vest and be settled pursuant to the issuance of Shares as to one-third (1/3) of the Shares subject to the Initial Award on the first anniversary of the date such Initial Award is granted; as one-third (1/3) of the Shares subject to the Initial Award on the second anniversary of the date such Initial Award is granted; and as to the remaining one-third (1/3) of the Shares subject to the Initial Award on the third anniversary of the date such Initial Award is granted, provided that the Participant continues to serve as a Director through such dates.
(ii)    Subject to Section 15, the Regular Annual Award will vest in twelve (12) equal monthly installments following the date the Regular Annual Award is granted, provided that the Participant continues to serve as a Director through such date.  Subject to Section 15, the Prorated Annual Award will vest in a number of equal monthly installments following the date the Prorated Annual Award is granted equal to the number of full months from the date of grant until the one year anniversary of the last annual meeting of stockholders of the Company, provided that the Participant continues to serve as a Director through such date.
(g)    Adjustments.  The Administrator in its discretion may change and otherwise revise the terms of Awards granted under this Section 12, including, without limitation, the number of Shares and exercise prices thereof, for Awards granted on or after the date the Administrator determines to make any such change or revision.

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13.    Leaves of Absence/Transfer Between Locations.  Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence.  A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary.  For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract.  If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
14.    Transferability of Awards.  Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant.  If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.
15.    Adjustments; Dissolution or Liquidation; Merger or Change in Control.
(a)    Adjustments.  In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award, the numerical Share limits in Section 3 of the Plan, and the number of Shares issuable pursuant to Awards to be granted under Section 12 of the Plan.
(b)    Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction.  To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.
(c)    Change in Control.  In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator determines, including, without limitation, that each Award be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  The Administrator will not be required to treat all Awards similarly in the transaction.
In the event that the successor corporation does not assume or substitute for the Award, the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not 

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otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met.  In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.
For the purposes of this subsection (c), an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.
Notwithstanding anything in this Section 15(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.
(d)    Outside Director Awards.  With respect to Awards granted to an Outside Director that are assumed or substituted for, if on the date of or following such assumption or substitution the Participant’s status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant (unless such resignation is at the request of the acquirer), then the Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Performance Units and Performance Shares, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met.
16.    Tax.
(a)    Withholding Requirements.  Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, 

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local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof).
(b)    Withholding Arrangements.  The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (a) paying cash, (b) electing to have the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld, or (c) delivering to the Company already-owned Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld.  The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.
(c)    Compliance With Code Section 409A.  Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.  The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.  To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.
17.    No Effect on Employment or Service.  Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.
18.    Date of Grant.  The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator.  Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.
19.    Term of Plan.  Subject to Section 23 of the Plan, the Plan will become effective upon the later to occur of (i) its adoption by the Board or (ii) immediately prior to the Registration Date.  It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 20 of the Plan.
20.    Amendment and Termination of the Plan.
(a)    Amendment and Termination.  The Board may at any time amend, alter, suspend or terminate the Plan.

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(b)    Stockholder Approval.  The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.
(c)    Effect of Amendment or Termination.  No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.  Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.
21.    Conditions Upon Issuance of Shares.
(a)    Legal Compliance.  Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.
(b)    Investment Representations.  As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
22.    Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.
23.    Stockholder Approval.  The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is originally adopted by the Board.  Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

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