Document:

EXECUTION
VERSION

 

AMENDED AND
RESTATED

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated as of
July 17, 2018

by and between

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE REGISTERED HOLDERS OF BANK 2018-BNK12, COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2018-BNK12

(Note A-1 Holder)

 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE REGISTERED HOLDERS OF BANK 2018-BNK12, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2018-BNK12

(Note A-2 Holder)

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

(Initial Note A-3 Holder)

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION

(Initial Note A-4-1 Holder)

 

And

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION

(Initial Note A-4-2 Holder)

 

CoolSprings
Galleria

 

    

     

    

 

This
AMENDED AND RESTATED AGREEMENT BETWEEN NOTE HOLDERS (“Agreement”), dated as of July 17, 2018, by and between
WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE REGISTERED HOLDERS OF BANK 2018-BNK12, COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2018-BNK12 (the “BANK 2018-BNK12 Trust” and, together with its successors
and assigns in interest, in its capacity as owner of Note A-1 (as defined below), the “Note A-1 Holder”), WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE BENEFIT OF THE REGISTERED HOLDERS OF BANK 2018-BNK12, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2018-BNK12 (together with its successors and assigns in interest, in its capacity as owner of Note A-2 (as
defined below), the “Note A-2 Holder”), WELLS FARGO BANK, NATIONAL ASSOCIATION (“WFB” and, together
with its successors and assigns in interest, in its capacity as initial owner of Note A-3 (as defined below), the “Initial
Note A-3 Holder”), WELLS FARGO BANK, NATIONAL ASSOCIATION (together with its successors and assigns in interest, in
its capacity as initial owner of Note A-4-1 (as defined below), the “Initial Note A-4-1 Holder”) and WELLS
FARGO BANK, NATIONAL ASSOCIATION (together with its successors and assigns in interest, in its capacity as initial owner of Note
A-4-2 (as defined below), the “Initial Note A-4-2 Holder” and together with the Initial Note A-3 Holder and
Initial Note A-4-1 Holder, the “Initial Note Holders”) amends and restates that Agreement Between Note Holders
dated as of May 30, 2018 (the “Original Agreement”), by and between the parties hereto (or their predecessors
in interest).

 

W I T N E S S E T H:

 

WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein), WFB originated a certain loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to CoolSprings Mall,
LLC, a Delaware limited liability company (collectively, the “Mortgage Loan Borrower”), which was evidenced,
inter alia, by (i) one promissory note in the original principal amount of $75,000,000 (as amended, modified, consolidated,
or supplemented, “Note A-1”), made by the Mortgage Loan Borrower in favor of the WFB, (ii) one promissory note
in the original principal amount of $15,000,000 (as amended, modified, consolidated, or supplemented, “Note A-2”),
made by the Mortgage Loan Borrower in favor of WFB, (iii) one promissory note in the original principal amount of $50,000,000
(as amended, modified, consolidated, or supplemented, “Original Note A-3”), made by the Mortgage Loan Borrower
in favor of the Initial Note A-3 Holder and (iii) one promissory note in the original principal amount of $15,000,000 (as amended,
modified, consolidated, or supplemented, “Original Note A-4”), made by the Mortgage Loan Borrower in favor
of WFB, each secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain
real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”);

 

WHEREAS,
WFB transferred Note A-1 and Note A-2 to Wells Fargo Commercial Mortgage Securities, Inc., which simultaneously transferred Note
A-1 and Note A-2 to the BANK 2018-BNK12 Trust;

 

    

     

    

 

WHEREAS,
the Initial Note A-3 Holder and Initial Note A-4 Holder have requested Mortgage Loan Borrower to re-allocate the principal amounts
of Original Note A-3 and Original Note A-4, and issue replacement promissory notes for Original Note A-3 and Original Note A-4,
and to split Note A-4 (defined below) into two pari passu promissory notes;

 

WHEREAS,
the Mortgage Loan Borrower has cancelled Original Note A-3 and Original Note A-4, and issued (a) replacement Promissory Note A-3,
dated April 30, 2018, in the original principal amount of $20,000,000 (as amended, modified, consolidated, or supplemented, “Note
A-3”) to the Initial Note A-3 Holder and (b) replacement Promissory Note A-4, dated April 30, 2018, in the original
principal amount of $45,000,000 (“Note A-4”) to the Initial Note A-4 Holder;

 

WHEREAS,
the Mortgage Loan Borrower has cancelled Note A-4 and issued (a) replacement Promissory Note A-4-1, dated April 30, 2018, in the
original principal amount of $30,000,000 (as amended, modified, consolidated, or supplemented, “Note A-4-1”)
to the Initial Note A-4-1 Holder and (b) replacement Promissory Note A-4-2, dated April 30, 2018, in the original principal amount
of $15,000,000 (as amended, modified, consolidated, or supplemented, “Note A-4-2”) to the Initial Note A-4-2
Holder;

 

WHEREAS,
the Note A-1 Holder, the Note A-2 Holder, each Initial Note Holder and the Agent desire to enter into this Agreement to (1) memorialize
the terms under which the Noteholders, and their successors and assigns, shall hold each of their respective Notes and (2) amend,
restate and supersede the terms of the Original Agreement.

 

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

 

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

 

“Accelerated
Mezzanine Loan Lender” shall have the meaning assigned to such term or an analogous term in the Lead Securitization
Servicing Agreement.

 

“Advance
Interest” shall mean the interest accrued on any Servicing Advance which is payable to the party that made that Servicing
Advance, in accordance with the Lead Securitization Servicing Agreement.

 

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

 

“Agent”
shall mean the Master Servicer.

 

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“Agent
Office” shall mean the designated office of the Master Servicer. The Agent Office is the address to which notices to
and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to the
Note Holders.

 

“Agreement”
shall mean this Amended and Restated Agreement between Note Holders, the exhibits hereto and all amendments hereof and thereof
and supplements hereto and thereto.

 

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

 

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

 

“Asset
Representations Reviewer” shall mean the “Asset Representations Reviewer” (or similarly named Person that
is the “asset representations reviewer” as defined in Item 1101(m) of Regulation AB) under the Lead Securitization
Servicing Agreement.

 

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

 

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

 

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

 

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

 

“Borrower
Party” shall mean the Mortgage Loan Borrower, a manager of the Mortgaged Property, an Accelerated Mezzanine Loan Lender
or any Borrower Party Affiliate.

 

“Borrower
Party Affiliate” shall mean, with respect to the Mortgage Loan Borrower, a manager of the Mortgaged Property or an Accelerated
Mezzanine Loan Lender, (a) any other Person controlling or controlled by or under common control with such Mortgage Loan Borrower,
manager or Accelerated Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly, 25% or more
of the beneficial interests in such Mortgage Loan Borrower, manager or Accelerated Mezzanine Loan Lender, as applicable. 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
or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

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

 

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

 

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

 

“Commission”
shall have the meaning assigned to such term in Section 2(c)(vi).

 

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

 

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

 

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

 

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

 

“Controlling
Note” shall mean Note A-1.

 

“Controlling
Note Holder” shall mean the holder of the Controlling Note; provided that at any time the Controlling Note is
included in a Securitization, references to the “Controlling Note Holder” herein shall mean the holders of the majority
of the class of securities issued in such Securitization designated as the “controlling class” or such other party
otherwise assigned the rights to exercise the rights of the “Controlling Note Holder” under this Agreement or under
the Lead Securitization Servicing Agreement, as and to the extent provided in the Lead Securitization Servicing Agreement; provided
that for so long as 50% or more of the Controlling Note is held by (or the party assigned the rights to exercise the rights
of the “Controlling Note Holder” (as described above) is) the Mortgage Loan Borrower or a Borrower Party, the holder
of the Controlling Note (and such party assigned the rights to exercise the rights of the “Controlling Note Holder”
as described above) shall not be entitled to exercise any rights of the Controlling Note Holder, and there shall be deemed to
be no Controlling Note Holder hereunder. If the Controlling Note is included in a Securitization, the Lead Securitization Servicing
Agreement may contain additional limitations on the rights of the designated party

 

     -4-

     

    

 

entitled
to exercise the rights of the “Controlling Note Holder” hereunder if such designated party is the Mortgage Loan Borrower
or if it has certain relationships with the Mortgage Loan Borrower.

 

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

 

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

 

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

 

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

 

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

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934.

 

“First
Securitization” shall mean the Note A-1 Securitization.

 

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

 

“Indemnified
Items” shall have the meaning assigned to such terms in Section 2(b).

 

“Indemnified
Parties” shall have the meaning assigned to such terms in Section 2(b).

 

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

 

“Initial
Note A-4-1 Holder” shall have the meaning assigned to such term in the preamble.

 

“Initial
Note A-4-2 Holder” shall have the meaning assigned to such term in the preamble.

 

“Initial
Note Holders” shall have the meaning assigned to such term in the preamble.

 

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

 

     -5-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Lead
Securitization Note” shall mean the Note included in the Lead Securitization.

 

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

 

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

 

“Lead
Securitization Servicing Agreement” shall mean, as of any date of determination, (i) the pooling and servicing
agreement or other comparable agreement that governs the Securitization that is then the Lead Securitization, and (ii) on
and after the date on which the Mortgage Loan is no longer subject to the provisions of agreement described in clause (i), the
Lead Securitization Servicing Agreement shall be determined in accordance with the second paragraph of Section 2(a).

 

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

 

     -6-

     

    

 

“Major
Decision” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.

 

“Master
Servicer” shall mean the master servicer appointed to act in such capacity with respect to the Mortgage Loan as provided
in the Lead Securitization Servicing Agreement.

 

“Monthly
Payment Date” shall have the meaning assigned to such term (or analogous term) in the Mortgage Loan Documents.

 

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

 

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

 

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

 

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

 

“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of April 30, 2018, between the Mortgage Loan Borrower, as borrower,
and Wells Fargo Bank, National Association, as lender, as the same may be further amended, restated, supplemented or otherwise
modified from time to time, subject to the terms hereof.

 

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

 

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

 

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

 

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

 

“New
Notes” shall have the meaning assigned to such term in Section 32.

 

“Nonrecoverable
Advance” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.

 

“Non-Controlling
Note” means Note A-2, Note A-3, Note A-4-1 and Note A-4-2; provided that so long as Note A-2 is included in the
Note A-1 Securitization, Note A-2 shall not be a Non-Controlling Note.

 

“Non-Controlling
Note Holder” means each holder of a Non-Controlling Note (other than any Non-Controlling Note that is part of the Note
A-1 Securitization); provided that

 

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with
respect to each Non-Controlling Note, at any time such Non-Controlling Note is included in a Securitization, references to a “Non-Controlling
Note Holder” herein shall mean the holders of the majority of the class of securities issued in such Securitization designated
as the “controlling class” (or analogous term) or such other party otherwise assigned the rights to exercise the rights
of a “Non-Controlling Note Holder” under this Agreement or under the related Securitization Servicing Agreement, as
and to the extent provided in the related Securitization Servicing Agreement, and as to the identity of which the Controlling
Note Holder (and, if applicable, the Master Servicer and the Special Servicer) has been given written notice; provided,
further that if at any time 50% or more of any Non-Controlling Note (or class of securities issued in a Securitization
into which such Non-Controlling Note has been deposited is designated as the “controlling class”) is held by (or such
other party otherwise assigned the rights to exercise the rights of the “controlling class” under the related Securitization
Servicing Agreement is) the Mortgage Loan Borrower or a Borrower Party, no such Note Holder or other Person shall be entitled
to exercise any rights of such Non-Controlling Note Holder under this Agreement or the related Securitization Servicing Agreement,
and there shall be deemed to be no Non-Controlling Note Holder with respect to such Non-Controlling Note. The Controlling Note
Holder and the Lead Securitization Note Holder (or, if applicable, the Master Servicer or the Special Servicer acting on its behalf)
shall not be required at any time to deal with more than one party exercising the rights of a “Non-Controlling Note Holder”
herein or under the Lead Securitization Servicing Agreement (it being understood for the avoidance of doubt that the Lead Securitization
Note Holder (or the Master Servicer or Special Servicer on its behalf) may additionally need to deal with the master servicer,
special servicer or other person party to the related Securitization Servicing Agreement) and, (x) to the extent that the related
Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent the related Non-Controlling
Note is split into two or more New Notes pursuant to Section 32 and notice thereof is not provided to the Controlling Note
Holder and the Lead Securitization Note Holder (or, if applicable, the Master Servicer or the Special Servicer acting on its behalf),
for purposes of this Agreement, such Securitization Servicing Agreement or the holders of such New Notes shall designate one party
to deal with the Controlling Note Holder and the Lead Securitization Note Holder (or, the Master Servicer or the Special Servicer
acting on its behalf) and provide written notice of such designation to the Controlling Note Holder and the Lead Securitization
Note Holder (or, the Master Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such
designation and notice, the Controlling Note Holder and the Lead Securitization Note Holder (or, the Master Servicer or the Special
Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received written notice as having
been designated as the Non-Controlling Note Holder with respect to such Non-Controlling Note for all purposes of this Agreement.
As of the date hereof and until further notice from the Non-Controlling Note Holder (or, if applicable, the related Non-Lead Master
Servicer or another party acting on its behalf), the Initial Note A-3 Holder is the Non-Controlling Note Holder with respect to
Note A-3, Initial Note A-4-1 Holder is the Non-Controlling Note Holder with respect to Note A-4-1 and the Initial Note A-4-2 Holder
is the Non-Controlling Note Holder with respect to Note A-4-2. If the Non-Controlling Note is included in a Securitization, the
related Securitization Servicing Agreement may contain additional limitations on the rights of the designated party entitled to
exercise the rights of the “Non-Controlling Note Holder” hereunder if such designated party is the Mortgage Loan Borrower
or if it has certain relationships with the Mortgage Loan Borrower.

 

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

 

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

 

“Non-Lead
Asset Representations Reviewer” shall mean the “Asset Representations Reviewer” (or similarly named Person
that is the “asset representations reviewer” as defined in Item 1101(m) of Regulation AB) under any Non-Lead Securitization
Servicing Agreement.

 

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

 

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

 

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

 

“Non-Lead
Securitization” shall mean any Securitization of a Note in a Securitization Trust other than the Securitization that
is then the Lead Securitization.

 

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

 

“Non-Lead
Securitization Note Holder” shall mean each holder of a Non-Lead Securitization Note.

 

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

 

“Non-Lead
Securitization Servicing Agreement” shall have the meaning assigned to such term in Section 2(b).

 

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

 

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

 

     -9-

     

    

 

“Non-Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder other than a Securitizing Note Holder with
respect to such Securitization.

 

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

 

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

 

“Note
A-1 Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note
A-1 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued
in substitution thereof) received by the Note A-1 Holder (or any holders of New Notes in substitution thereof) or reductions in
such amount pursuant to Section 3 or 4, as applicable.

 

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

 

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

 

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

 

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

 

“Note
A-2 Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note
A-2 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued
in substitution thereof) received by the Note A-2 Holder (or any holders of New Notes in substitution thereof) or reductions in
such amount pursuant to Section 3 or 4, as applicable.

 

“Note
A-2 Securitization” shall mean the Note A-1 Securitization.

 

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

 

“Note
A-3 Holder” shall mean the Initial Note A-3 Holder or any subsequent holder of Note A-3, as applicable.

 

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

 

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

 

“Note
A-4-1” shall have the meaning assigned to such term in the recitals.

 

     -10-

     

    

 

“Note
A-4-1 Holder” shall mean the Initial Note A-4-1 Holder or any subsequent holder of Note A-4, as applicable.

 

“Note
A-4-1 Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note
A-4-1 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued
in substitution thereof) received by the Note A-4-1 Holder (or any holders of New Notes in substitution thereof) or reductions
in such amount pursuant to Section 3 or 4, as applicable.

 

“Note
A-4-1 Securitization” shall mean the first sale by the Note A-4-1 Holder of all or a portion of Note A-4-1
to a depositor who will in turn include such portion of Note A-4-1 as part of the securitization of one or more mortgage loans.

 

“Note
A-4-2” shall have the meaning assigned to such term in the recitals.

 

“Note
A-4-2 Holder” shall mean the Initial Note A-4-2 Holder or any subsequent holder of Note A-4, as applicable.

 

“Note
A-4-2 Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note
A-4-2 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued
in substitution thereof) received by the Note A-4-2 Holder (or any holders of New Notes in substitution thereof) or reductions
in such amount pursuant to Section 3 or 4, as applicable.

 

“Note
A-4 Securitization” shall mean the first sale by the Note A-4-2 Holder of all or a portion of Note A-4 to
a depositor who will in turn include such portion of Note A-4-2 as part of the securitization of one or more mortgage loans.

 

“Note
Holder Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative,
as applicable.

 

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

 

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

 

“Note
Principal Balance” shall mean, (i) with respect to Note A-1, the Note A-1 Principal Balance, (ii) with respect to Note
A-2, the Note A-2 Principal Balance, (iii) with respect to Note A-3, the Note A-3 Principal Balance. (iii) with respect to Note
A-4-1, the Note A-4-1 Principal Balance. and (iv) with respect to Note A-4-2, the Note A-4-2 Principal Balance.

 

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

 

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

 

“Operating
Advisor” shall mean the trust advisor, senior trust advisor, operating advisor or other analogous term as defined under
the Lead Securitization Servicing Agreement.

 

     -11-

     

    

 

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

 

“Percentage
Interest” shall mean, with respect to each Note Holder, a fraction, expressed as a percentage, the numerator of which
is the Note Principal Balance of the Note held by such Note Holder and the denominator of which is the sum of the Note Principal
Balances of all of the Notes.

 

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

 

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

 

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

 

“Qualified
Institutional Lender” shall mean each of the Initial Note Holders and any other Person that is:

 

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

 

(b)          one or more of the following:

 

(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, governmental entity or plan,
or

 

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

 

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

 

     -12-

     

    

 

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

 

(v)           a
Qualified Trustee (or, in the case of a CDO, a single-purpose, bankruptcy remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (a) a securitization of, (b) the creation of collateralized debt
(or loan) obligations (“CDO”) secured by, or (c) a financing through an “owner trust” of,
a Note or any interest therein (any of the foregoing, a “Securitization Vehicle”), provided that (1) one
or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the
Rating Agencies that assigned a rating to one or more classes of securities issued in connection with that Securitization; (2) in
the case of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special
Servicer Rating or is otherwise subject to Rating Agency Confirmations from the Rating Agencies rating each Securitization (such
entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer such Note
or any interest therein in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require
that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction
from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable,
each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional
Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iii), (iv) or (vi) of this definition, or

 

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

 

in the case
of any entity referred to in clause (b)(i), (ii), (iii), (iv) or (vi)(B) of this definition, (x) such entity has at
least $200,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm
or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and (y) is regularly engaged
in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine
loans with respect thereto) or owning or operating commercial real estate properties; provided that, in the case of the
entity described in clause (vi)(B) above, the

 

     -13-

     

    

 

requirements
of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day
management and operation of such entity; or

 

(c)          any entity Controlled by any of the entities described in clause (b)(i), (ii), (iv)(B) or (v) above or subject to
a Rating Agency Confirmation as a Qualified Institutional Lender for purposes of this Agreement from each of the Rating Agencies
engaged to rate the securities for any Securitization.

 

“Qualified
Trustee” shall mean (i) a corporation, national bank, national banking association or a trust company, organized
and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by federal or state authority or (ii) an institution whose long-term senior unsecured debt is rated in either
of the then in effect top three rating categories of each of the applicable Rating Agencies (or, if not rated by an applicable
Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s and S&P).

 

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

 

“Rating
Agency Confirmation” shall mean, with respect to any Securitization, a confirmation in writing (which may be in electronic
form) by each of the applicable Rating Agencies for such Securitization that a proposed action, failure to act or other event
so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned
to any class of securities of such Securitization (if then rated by such Rating Agency); provided that a written waiver
or other acknowledgment from any such Rating Agency indicating its decision not to review the matter for which the Rating Agency
Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from such Rating Agency with
respect to such matter. If no such securities are outstanding with respect to any Securitization, any action that would otherwise
require a Rating Agency Confirmation shall instead require the consent of the Controlling Note Holder, which consent shall not
be unreasonably withheld, conditioned or delayed.

 

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

 

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100 229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by
the

 

     -14-

     

    

 

Commission
or by its staff, or as may be provided by the Commission or its staff from time to time.

 

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

 

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

 

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

 

“Required
Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the
date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as
special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has acted as special
servicer in one or more other commercial mortgage-backed securitizations within the prior twelve (12) months, and Morningstar
has not, with respect to any such other transactions, qualified, downgraded or withdrawn its rating or ratings on one or more
classes of securities issued in such securitizations, and (v) in the case of DBRS or KBRA, such special servicer is acting as
special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by DBRS or KBRA, as
applicable, within the twelve (12) month period prior to the date of determination, and DBRS or KBRA, as applicable, has not cited
servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the
ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a
transaction serviced by such special servicer prior to the time of determination.

 

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

 

“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization, the Note A-4-1 Securitization
or the Note A-4-2 Securitization.

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization.

 

     -15-

     

    

 

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

 

“Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.

 

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

 

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

 

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

 

“Servicing
Standard” shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.
The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in
servicing the Mortgage Loan, must take into account the interests of each Note Holder.

 

“Special
Servicer” shall mean the special servicer appointed to act in such capacity with respect to the Mortgage Loan as provided
in the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Trust
Fund” shall mean the trust formed pursuant to the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

     -16-

     

    

 

Section
2.              Servicing of the Mortgage Loan.

 

(a)          Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced
by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead Securitization Servicing
Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest
in respect of any Note other than the Lead Securitization Note (unless such other Note is also included in the Lead Securitization)
if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to make Servicing Advances, subject
to the terms of the Lead Securitization Servicing Agreement; provided further that the Special Servicer, when appointed,
has the Required Special Servicer Rating from each Rating Agency then rating a Securitization. The Lead Securitization Servicing
Agreement 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 any Securitization Trust, (ii)
required by law or changes in any law, rule or regulation or (iii) generally required by the Rating Agencies in connection with
the issuance of ratings in securitizations similar to the Securitizations. Each Note Holder acknowledges that each other Note
Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26
hereof, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization.
Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the
appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the
appointment of the Special Servicer by the Controlling Note 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 Lead Securitization Servicing
Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization
as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and
servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights
of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement). In no event shall the Lead Securitization
Servicing Agreement require the Servicer to enforce the rights of any Note Holder against any other Note Holder or limit the Servicer
in enforcing the rights of one Note Holder against any other Note Holder; however, this statement shall not be construed to otherwise
limit the rights of one Note Holder with respect to any other Note Holder, and is subject in all respect to Section 6.04 of the
Lead Securitization Servicing Agreement. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement
to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization
Servicing Agreement and applicable law, shall provide information to each servicer under the Non-Lead Securitization Servicing
Agreement to enable each such servicer to perform its servicing duties, and shall not take any action or refrain from taking any
action or follow any direction inconsistent with the foregoing.

 

At
any time after the First Securitization that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization
Servicing Agreement, the Note Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which
has been

 

     -17-

     

    

 

agreed
upon by the Note Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization
Servicing Agreement and all references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent
servicing agreement; provided, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation
shall have been obtained from each other Rating Agency with respect to any such Non-Lead Securitization Note regarding any Special
Servicer to be appointed under such replacement servicing agreement that does not have the Required Special Servicer Rating for
such Rating Agency or, with respect to the Master Servicer, would not otherwise meet the conditions to be a servicer under the
Lead Securitization Servicing Agreement that is being replaced; provided, further, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to
the provisions of the Lead Securitization Servicing Agreement, as if such agreement were still in full force and effect with respect
to the Mortgage Loan, by the Servicers in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder
that is a Person meeting the requirements of a master servicer under the Lead Securitization Servicing Agreement and, in the case
of the Special Servicer, that meets the Required Special Servicer Rating for each Rating Agency then rating securities of a Non-Lead
Securitization.

 

(b)          The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee or
the Special Servicer, to the extent provided in the Lead Securitization Servicing Agreement) shall make the following advances,
subject to the terms of the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage
Loan and (ii) P&I Advances on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as
applicable, shall be entitled to reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account
and/or the Companion Distribution Account for the Mortgage Loan that (in any case) represent amounts received on or in respect
of the Mortgage Loan, and then, in the case of Nonrecoverable Advances, if such funds on deposit in the Collection Account
or Companion Distribution Account are insufficient, from general collections of the Lead Securitization as provided in the Lead
Securitization Servicing Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled
to reimbursement for Advance Interest on a Servicing Advance (including any Nonrecoverable Advance), in the manner and from the
sources provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization.
Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Nonrecoverable Advance or any Advance Interest
on a Servicing Advance (including any Nonrecoverable Advance), each Non-Lead Securitization Note Holder (including any Securitization
Trust into which a Non-Lead Securitization Note is deposited) shall be required to, promptly following notice from the Master
Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable Advance or Advance Interest.

 

In
addition, each Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which a Non-Lead
Securitization Note is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead
Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs

 

     -18-

     

    

 

or
expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer or the
Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent
amounts on deposit in the Companion Distribution Account or Collection Account are insufficient for reimbursement of such amounts.
Each Non-Lead Securitization Note Holder shall indemnify (as and to the same extent the Lead Securitization Trust is required
to indemnify each of the following parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the
terms of the Lead Securitization Servicing Agreement) each of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor, Asset Representations Reviewer and the Depositor (and any director, officer, employee or agent
of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing
Agreement in respect of other mortgage loans) (the “Indemnified Parties”) against any claims, losses, penalties,
fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection
with servicing and administration of the Mortgage Loan (or, with respect to the Operating Advisor and the Asset Representations
Reviewer, incurred in connection with the provision of services for the Mortgage Loan) under the Lead Securitization Servicing
Agreement (collectively, the “Indemnified Items”) to the extent of its pro rata share of such Indemnified
Items, and to the extent amounts on deposit in the Companion Distribution Account or Collection Account in respect of the Mortgage
Loan, as applicable, are insufficient for reimbursement of such amounts, each Non-Lead Securitization Note Holder shall be required
to, promptly following notice from the Master Servicer, reimburse each of the applicable Indemnified Parties for its pro rata
share of the insufficiency; provided, however, that each Non-Lead Securitization Note Holder’s duty to
pay Indemnified Items to the Operating Advisor shall be subject to any limitations and conditions (including limitations and conditions
with respect to the timing of such payments and the sources of funds for such payments) as may be set forth from time to time
in a related Non-Lead Securitization Servicing Agreement.

 

Any
Non-Lead Master Servicer (or if not made by such Non-Lead Master Servicer, the Non-Lead Trustee) may be required to make P&I
Advances on the related Non-Lead Securitization Note, from time to time, subject to the terms of the related servicing agreement
for the related Securitization (each such agreement, a “Non-Lead Securitization Servicing Agreement”), the
Lead Securitization Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable,
shall each be entitled to make its own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization
Note based on the information that it has on hand and in accordance with the Lead Securitization Servicing Agreement. Each Non-Lead
Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee under the related Non-Lead Securitization Servicing Agreement,
as applicable, shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on
the related Non-Lead Securitization Note based on the information that they have on hand and in accordance with the Non-Lead Securitization
Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the related Non-Lead Master Servicer or the related
Non-Lead Trustee shall be required to notify the other of the amount of its P&I Advance within two Business Days of making
such advance. If the

 

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Master
Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master
Servicer, Non-Lead Special Servicer or a Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization Note), determines
that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable,
or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing
Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the Master Servicer
or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the Master Servicer, the Special Servicer or the Trustee) or the related Non-Lead Master Servicer or the related Non-Lead Trustee
(as provided in the related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability
by the related Non-Lead Master Servicer, the related Non-Lead Special Servicer or the related Non-Lead Trustee) shall notify the
Master Servicer and the Trustee, or the Non-Lead Master Servicer and the Non-Lead Trustee, as the case may be, of the other Securitization
within two Business Days of making such determination. Each of the Master Servicer, the Trustee, a Non-Lead Master Servicer and
a Non-Lead Trustee, as applicable, will only be entitled to reimbursement for a P&I Advance that becomes non-recoverable first
from the Companion Distribution Account from amounts allocable to the Note for which such P&I Advance was made, and then,
if funds are insufficient, (i) in the case of the Lead Securitization Note, from general collections of the Lead Securitization
Trust, pursuant to the terms of the Lead Securitization Servicing Agreement and (ii) in the case of a Non-Lead Securitization
Note, from general collections of the related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization
Servicing Agreement.

 

(c)           The
Lead Securitization Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as follows (and
to the extent such following provisions are not included in the Lead Securitization Servicing Agreement, they shall be deemed
incorporated therein and made a part thereof):

 

(i)           
the Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Note, net of the servicing
fees payable to the Master Servicer and Special Servicer with respect to such Non-Lead Securitization Note, and any other applicable
fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead Securitization Note
Holder by the earlier of (x) the Remittance Date and (y) the Business Day following the “determination date” (or any
term substantially similar thereto) as defined in the Non-Lead Securitization Servicing Agreement (such determination date, the
“Non-Lead Securitization Determination Date”), in each case as long as the date on which remittance is required
under this clause (i) is at least one business day after the scheduled monthly payment date under the Loan Agreement, provided,
that any late collections received by the Master Servicer after the related due date under the Mortgage Loan shall be remitted
by the Master Servicer in accordance with clause (c)(xiii) below;

 

(ii)          
with respect to the Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver
or cause to be delivered or to make available to the Non-Lead Master Servicer all reports required to be delivered by the

 

     -20-

     

    

 

Master
Servicer to the Certificate Administrator under the Lead Securitization Servicing Agreement (which shall include all loan-level
reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead Securitization Servicing
Agreement, to the extent related to the Mortgage Loan, the Mortgaged Property, the Non-Lead Securitization Note, the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, by the earlier of (x) the Remittance Date and (y) the Business
Day following the Non-Lead Securitization Determination Date, in each case so long as the date on which delivery is required under
this clause (ii) is at least one business day after the scheduled monthly payment date under the Loan Agreement;

 

(iii)         
the Master Servicer and Special Servicer, as applicable, shall provide (in electronic media) to each Non-Controlling Note
Holder all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding
the Mortgage Loan that it has provided, or that it is required to provide, to the Controlling Note Holder or the Operating Advisor
in connection with any request for consent made to, or consultation with, the Non-Controlling Note Holder;

 

(iv)          the
Non-Lead Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder under the Lead
Securitization Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian shall be required to (and shall require any Servicing Function Participant or Additional
Servicer engaged by it to) indemnify each Certifying Person and the depositor of any public Securitization related to a Non-Lead
Securitization Note, and their respective directors and officers and controlling persons, to the same extent that they indemnify
the Depositor (as depositor in respect of the Lead Securitization) and each Certifying Person for (i) its failure to deliver the
items in clause (v) below in a timely manner, (ii) its failure to perform its obligations to such depositor or Non-Lead Trustee
under Article XI (or any article substantially similar thereto that addresses Exchange Act reporting and Regulation AB compliance)
of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace period or cure
period, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it (other than a Mortgage Loan
Seller Sub-Servicer) to perform its obligations to such depositor or trustee under such Article XI (or any article substantially
similar thereto that addresses Exchange Act reporting and Regulation AB compliance) of the Lead Securitization Servicing Agreement
by the time required and/or (iv) any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, such party;

 

(v)           with
respect to any Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act (including
Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required
to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation
AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable efforts
to cause a Mortgage

 

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Loan
Seller Sub-Servicer to deliver), to the Non-Lead Depositor and the Non-Lead Trustee, in a timely manner, (i) the reports, certifications,
compliance statements, accountants’ assessments and attestations, and all information to be included in reports (including,
without limitation, Form ABS 15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in
the Non-Lead Securitization Servicing Agreement, in the case of clauses (i) and (ii), as the parties to each Non-Lead Securitization
may reasonably require in order to comply with their obligations under the Securities Act, the Exchange Act (including Rule 15Ga-1),
Regulation AB and Form SF-3 and (b) without limiting the generality of the foregoing, the Initial Note Holder of the Lead Securitization
Note shall provide in a timely manner to the Non-Lead Depositor and the Non-Lead Trustee, if any, a copy of the Lead Securitization
Servicing Agreement in EDGAR-compatible format (but not later than one business day following the closing date of the Lead Securitization)
and each Servicer under the Lead Securitization Servicing Agreement will be required, upon prior written request, to provide to
the Non-Lead Depositor and the Non-Lead Trustee, if any, any other information required to comply in a timely manner with applicable
filing requirements under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB,
in each case in a timely manner for inclusion in any disclosure document (or for filing under Form 8-K, as applicable), and with
respect to such 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 (in each case at the expense of the Non-Lead Securitization
Note Holder). The Master Servicer, any primary servicer and the Special Servicer shall each be required to provide certification
and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms
are defined in the Non-Lead Securitization Servicing Agreement;

 

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

 

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by
the applicable Affected Reporting Party upon receipt of an itemized invoice from such Non-Lead Depositor;

 

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

 

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

 

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

 

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

 

(xi)          Servicer
Termination Events with respect to the Master Servicer and the Special Servicer shall include: (i) solely with respect to the
Master Servicer, the failure to timely remit payments to a Non-Lead Securitization Note Holder, which failure continues unremedied
for one (1) Business Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer,
the failure to deposit into any REO Account any amount required to be so deposited within two (2) Business Days after the date
such deposit was to be made, or the failure to remit to the Master Servicer for deposit into the Collection Account or the Companion
Distribution Account, as applicable, any amount required to be so remitted by the Special Servicer within one (1) Business Day
after the date such remittance was to be made; (iii) the qualification, downgrade or withdrawal, or placing on “watch status”
in contemplation of a rating downgrade or withdrawal of the ratings of any class of certificates issued in connection with a Non-Lead
Securitization by the rating agencies rating such securities (and such qualification, downgrade, withdrawal or “watch status”
placement shall not have been withdrawn by such rating agencies within sixty (60) days of actual knowledge of such event by the
Master Servicer or the Special Servicer, as the case may be), and publicly citing servicing concerns with the Master Servicer
or Special Servicer, as applicable, as the sole or a material factor in such rating action; and (iv) the failure to provide to
a Non-Lead Securitization Note Holder (if and to the extent required under the related Non-Lead Securitization) reports required
under the Exchange Act, and the rules and regulations thereunder, in a timely fashion. Upon the occurrence of such a Servicer
Termination

 

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Event
with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder, and the Master Servicer is not otherwise
terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee or the Master Servicer shall, upon the direction
of a Non-Lead Securitization Note Holder, require the appointment of a subservicer with respect to the related Non-Lead Securitization
Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization
Note Holder, and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the
Trustee shall, upon direction of a Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only
with respect to, the Mortgage Loan;

 

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

 

(xiii)        any
late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to a Non-Lead Securitization
Note or reimbursable to a Non-Lead Master Servicer or a Non-Lead Trustee shall be remitted by the Master Servicer to the related
Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified and available funds constituting such late
collections; provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business
Day, the Master Servicer shall use commercially reasonable efforts to remit such late collections to such Non-Lead Master Servicer
within one (1) Business Day of receipt of properly identified and available funds but, in any event, the Master Servicer shall
remit such amounts within two (2) Business Days of receipt of properly identified and available funds;

 

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

 

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(xv)         any
conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement provided
that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action
in accordance with the terms of this Agreement that would cause the Master Servicer or the Special Servicer, as the case may be,
to violate the Servicing Standard or the REMIC Provisions.

 

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

 

(xvii)       each
Lead Securitization Servicing Agreement shall also satisfy Moody’s rating methodology as of the closing date of the Lead
Securitization Servicing Agreement for eligible accounts and permitted investments for a securitization rated “Aaa”
by Moody’s.

 

(xviii)      The holder of the Lead Securitization Note shall:

 

(i)           
on, or within a timely manner following, the closing date of the Lead Securitization, provide notice of the closing of
the Lead Securitization and send (or provide for access through a financial printer together with notice (which may be by email)
and contact information therefor) a copy (in EDGAR-compatible format) of the Lead Securitization Servicing Agreement to each other
Note Holder; and

 

(ii)           give
each other Note Holder written notice in a timely manner (but no later than one (1) business day prior to the applicable filing
date) of any re-filing (other than a filing made in connection with a formal amendment of the Lead Securitization Servicing Agreement)
by the Depositor of the Lead Securitization Servicing Agreement if such filing contains revisions or changes that are material
to the other Note Holders.

 

(d)          Each
Non-Lead Securitization Note Holder agrees that, if the related Non-Lead Securitization Note is included in a Securitization,
it shall cause the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:

 

(i)           such Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Nonrecoverable Advances
relating to Servicing Advances (and Advance Interest thereon) and any additional expenses of the Trust Fund, but only to the extent
that such expenses relate to servicing and administration of the Notes, including without limitation, any unpaid Special Servicing
Fees, Liquidation Fees and Workout Fees relating to the Notes, and that in the event that amounts on deposit in the Companion
Distribution Account or Collection Account in respect of the Mortgage Loan, as applicable, are insufficient for reimbursement
of such amounts, (i) the related Non-Lead Master Servicer will be required to, promptly following notice from the Master
Servicer, reimburse the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, out
of general collections in the collection

 

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account
(or equivalent account) established under the Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note
Holder’s pro rata share of any such Nonrecoverable Advances and/or additional expenses of the Trust Fund, and (ii)
if the Lead Securitization Servicing Agreement permits the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee to reimburse itself from the Lead Securitization Trust’s general collections, then the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee, as applicable, may do so and the related Non-Lead Master Servicer
will be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization Trust out of general
collections in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing
Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Nonrecoverable Advances and/or
additional expenses of the Trust Fund;

 

(ii)           each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of
Lead Securitization Servicing Agreement) by each Securitization Trust holding a Non-Lead Securitization Note, against any of the
Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in
the Companion Distribution Account are insufficient for reimbursement of such amounts, the related Non-Lead Master Servicer will
be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency out of
general collections in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing
Agreement; provided, however, that such Non-Lead Securitization Servicing Agreement may include limitations and
conditions on the payment or reimbursement of Indemnified Items to the Operating Advisor (including limitations and conditions
with respect to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements);

 

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

 

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

 

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

 

(f)           The
Lead Securitization Note Holder agrees that, if a Non-Lead Securitization Note is included in a Securitization, and such Non-Lead
Securitization is subject to reporting requirements under Regulation AB, the Master Servicer, the Special Servicer, the Trustee
and the Custodian shall be required to reasonably cooperate with the Non-Lead Asset Representations Reviewer in connection with
such Non-Lead Asset Representations Reviewer’s obligations under any Non-Lead Securitization Servicing Agreement with respect
to the Mortgage Loan by providing any documents reasonably requested by the Non-Lead Asset Representations Reviewer or other requesting
party in connection with the Non-Lead Asset Representations Reviewer’s obligations, but only to the extent such documents
are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, but in any
event excluding any documents known to such the Master Servicer, the Special Servicer, the Trustee or the Custodian to contain
information that is proprietary to the related originator or Initial Note Holders or any draft documents or privileged or internal
communications. The reasonable out-of-pocket expenses of the Master Servicer, Special Servicer, the Trustee and the Custodian
actually incurred in connection with their compliance with such requests shall be reimbursable by the Non-Lead Asset Representations
Reviewer or, if not paid by the Non-Lead Asset Representations Reviewer, the Non-Lead Securitization Note Holder.

 

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Section
3.              Priority of Payments.

 

(a)          Each
Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note
or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect
to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received
in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or
other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards
or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower
in accordance with the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee)
to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required
by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect
of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under
the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of,
the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect
to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder
(including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to the second
paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees,
Workout Fees and Penalty Charges (to the extent provided in the immediately following paragraph) but excluding (i) any P&I
Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof,
and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share
of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan
as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions
of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement.

 

For
clarification purposes, Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the
amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest
accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization
Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay
the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance
made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or the Non-Lead
Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable
on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special Servicing Fees, unpaid Workout
Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement)
and finally, shall be paid to the Master

 

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Servicer
and the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement.

 

Any
proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly
upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the
sale of master servicing rights with respect to its Note shall be for its own account.

 

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

 

Section
5.             
Administration of the Mortgage Loan.

 

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

 

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forth
herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any
liability for failure to do so).

 

Each
Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting
on behalf of the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan to sell the Notes together
as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement and shall require
that all offers be submitted to the Special Servicer in writing. Whether any cash offer constitutes a fair price for the Mortgage
Loan shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the
Trustee, if the highest offeror is an Interested Person. Absent an offer at least equal to the Purchase Price, no offer from an
Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other offers
are received from independent third parties. In determining whether any offer from an Interested Person received represents a
fair price for the Mortgage Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) conducted
in accordance with the Lead Securitization Servicing Agreement within the preceding nine (9)-month period or, in the absence of
any such Appraisal, on a new Appraisal. In determining whether any such offer from a Person other than an Interested Person constitutes
a fair price for the Mortgage Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal
or updated Appraisal or narrative appraisal that it may have obtained within the prior nine (9) months pursuant to the Lead Securitization
Servicing Agreement) among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged
Property and the state of the local economy. In determining whether any offer received from an Interested Person represents a
fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) of the
related Mortgaged Property conducted in accordance with this Agreement within the preceding nine (9) month period or, in the absence
of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph, the cost of any Appraisal will be covered
by, and will be reimbursable as, a Servicing Advance by the Master Servicer. Notwithstanding the foregoing, the Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the
Mortgage Loan without the written consent of each Non-Lead Securitization Note Holder (provided that such consent is not
required if the related Non-Lead Securitization Note is held by a Borrower Party) unless the Special Servicer has delivered to
such Non-Lead Securitization Note Holder: (a) at least 15 Business Days prior written notice of any decision to attempt to sell
the Mortgage Loan; (b) at least ten (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, (c) at least ten (10) days prior
to the proposed sale date, a copy of the most recent appraisal for the Mortgage Loan, and any documents in the servicing file
reasonably requested by such Non-Lead Securitization Note Holder that are material to the sale price of the Mortgage Loan and
(d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the
Lead Securitization Note Holder Representative) prior to the proposed sale date, all information and other documents being provided
to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection
with the proposed sale; provided, however, that such Non-Lead Securitization Note Holder may waive any delivery
or

 

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timing
requirements set forth in this sentence only for itself. Subject to the foregoing, each of the Controlling Note Holder, the Controlling
Note Holder Representative, the Non-Controlling Note Holders and the Non-Controlling Note Holder Representatives shall be permitted
to submit an offer at any sale of the Mortgage Loan (unless such Person is a Borrower Party).

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person
purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5)
years’ experience in valuing loans similar to the Mortgage Loan, that has been selected with reasonable care by the Trustee
to determine if such cash offer constitutes a fair price for the Mortgage Loan. If the Trustee designates such third party to
make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable
fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall
be covered by, and shall be reimbursable, from the offering Interested Person.

 

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

 

The
authority of the Lead Securitization Note Holder to sell the Non-Lead Securitization Notes, and the obligations of the Non-Lead
Securitization Note Holders to execute and deliver instruments or deliver the Non-Lead Securitization Notes 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 the Initial 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 such Initial Note Holder with respect
to the Lead Securitization Note or material document defect with respect to the documents delivered by the related Initial Note
Holder with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence shall
not be construed to grant to a Non-Lead Securitization Note Holder the benefit of any representation or warranty made by such
Initial Note Holder or any document delivery obligation imposed on such Initial Note Holder under any mortgage loan purchase and
sale agreement, instrument of transfer or other document or instrument that may be executed or delivered by such Initial Note
Holder in connection with the Lead Securitization.

 

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(b)          The
administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement. The servicing
of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan
(or to the extent otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant
to the Lead Securitization Servicing Agreement. Notwithstanding anything to the contrary contained herein, in accordance with
the Lead Securitization Servicing Agreement, the Lead Securitization Note Holder shall cause the Master Servicer and the Special
Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests
of each Note Holder. The Note Holders agree to be bound by the terms of the Lead Securitization Servicing Agreement. All rights
and obligations of the Lead Securitization Note Holder described hereunder may be exercised by the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee on behalf of the Lead Securitization Note Holder. The Lead Securitization
Servicing Agreement shall not be amended in any manner that may materially and adversely affect any Non-Lead Securitization Note
Holder in its capacity as a Non-Lead Securitization Note Holder without such Non-Lead Securitization Note Holder’s prior
written consent. Each Non-Lead Securitization Note Holder (unless it is a Borrower Party) shall be a third-party beneficiary to
the Lead Securitization Servicing Agreement with respect to its rights as specifically provided for therein.

 

(c)          Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Note Holder Representative pursuant to the Lead Securitization Servicing Agreement (for this purpose, without regard to whether
such items are actually required to be provided to the Lead Securitization Note Holder Representative under the Lead Securitization
Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event or effectively equivalent
period) with respect to any Major Decision or the implementation of any recommended actions outlined in an Asset Status Report
relating to the Mortgage Loan, to a Non-Lead Securitization Note Holder (or its Non-Lead Securitization Note Holder Representative),
within the same time frame it is required to provide to the Lead Securitization Note Holder Representative (for this purpose,
without regard to whether such items are actually required to be provided to the Lead Securitization Note Holder Representative
under the Lead Securitization Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination
Event or effectively equivalent period, but subject to any limitations in the Lead Securitization Servicing Agreement regarding
providing such information to the Mortgage Loan Borrower or those who have certain relationships with the Mortgage Loan Borrower)
and (ii) to consult with each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) on a strictly non-binding
basis, to the extent having received such notices, information and reports, such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) requests consultation with respect to any such Major Decision 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-Controlling Note Holder (or its Non-Controlling Note Holder Representative); provided that after the expiration of
a period of ten (10) Business Days from the delivery to such Non-Controlling Note Holder (or its Non-Controlling Note Holder

 

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Representative)
by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) of written notice
of a proposed action, together with copies of the notice, information and report required to be provided to the Lead Securitization
Note Holder Representative, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) shall no longer be obligated to consult with such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
(unless, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a
new course of action that is materially different from the action previously proposed, in which case such ten (10) Business Day
period shall be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding
the consultation rights of each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the
immediately preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf)
may make any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned ten
(10) Business Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines
that immediate action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead
Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or
take any alternative actions recommended by a Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).

 

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

 

(d)          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 Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Note Holder therein shall at all times qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the
Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising
any powers or rights which the Note Holders may have under the Mortgage Loan Documents, if any such action would constitute a
“significant modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations
of the United States Department of the Treasury, more than three (3) months after the startup day of the REMIC which includes
the

 

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Notes
(or any portion thereof). Each Note Holder agrees that the provisions of this paragraph shall be effected by compliance with any
REMIC provisions in the Lead Securitization Servicing Agreement relating to the administration of the Mortgage Loan.

 

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

 

Section
6.              Rights of the Controlling Note Holder and Non-Controlling Note Holders.

 

(a)          The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling
Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder
Representative may be any Person (other than a Borrower Party), including, without limitation, the Controlling Note Holder, any
officer or employee of the Controlling Note Holder, any Affiliate of the Controlling Note Holder or any other unrelated third
party. No such Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other than
the Controlling Note Holder). All actions that are permitted to be taken by the Controlling Note Holder under this Agreement may
be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder. No Servicer, Certificate
Administrator or Trustee acting on behalf of the Lead Securitization Note Holder shall be required to recognize any Person as
a Controlling Note Holder Representative until the Controlling Note Holder has notified each Servicer, Certificate Administrator
and Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides each Servicer, Certificate Administrator and Trustee with written
confirmation of its acceptance of such appointment (and such parties will be entitled to rely on such notice), an address and
facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such person with
whom the parties to this Agreement may deal (including their names, titles, work addresses and facsimile numbers). The Controlling
Note Holder shall promptly deliver such information to any Servicer, Certificate Administrator and Trustee. None of the Servicers,
Certificate Administrator and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until
they receive such information from the

 

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Controlling
Note Holder. The Controlling Note Holder agrees to inform each such Servicer or Trustee of the then-current Controlling Note Holder
Representative.

 

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

 

(b)          Each Non-Controlling Note Holder shall have the right at any time to appoint a representative (other than a Borrower Party)
in connection with the exercise of its rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder,
the “Non-Controlling Note Holder Representative”). All of the provisions relating to the Controlling Note Holder
and the Controlling Note Holder Representative set forth in Section 6(a) shall apply to each Non-Controlling Note Holder and its
Non-Controlling Note Holder Representative mutatis mutandis.

 

Each
Non-Controlling Note Holder (if it is not the Lead Securitization Note Holder) shall provide notice of its identity and contact
information (including any change thereof) to the Trustee, Certificate Administrator, the Master Servicer and the Special Servicer;
provided, that each Initial Note Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate
Administrator, the Master Servicer and the Special Servicer under the Lead Securitization Servicing Agreement shall be entitled
to conclusively rely on such identity and contact information received by it and shall not be liable in respect of any deliveries
hereunder sent in reliance thereon. The Non-Controlling Note Holder Representative with respect to the Non-Controlling Notes,
as of the date of this Agreement and until the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer)
is

 

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notified
otherwise, the Initial Note A-3 Holder with respect to Note A-3, the Initial Note A-4-1 Holder with respect to Note A-4-1 and
the Initial Note A-4-2 Holder with respect to Note A-4-2.

 

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

 

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

 

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

 

No
objection, consent, direction or advice contemplated by the preceding paragraphs may, and neither the Master Servicer nor Special
Servicer shall take any action that would (i) require or cause the Master Servicer or the Special Servicer, as applicable, to
violate any provision of the Mortgage Loan Documents, applicable law, the Lead Securitization Servicing Agreement, this Agreement,
the REMIC Provisions or the Master Servicer or Special

 

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Servicer’s
obligation to act in accordance with the Servicing Standard or (ii) result in the imposition of a tax on any Trust REMIC under
the REMIC Provisions or cause any REMIC Pool to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a
grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes, (iii) expose the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Depositor, the Asset Representations Reviewer,
the Trust or the Trustee or any of their respective Affiliates, officers, directors, shareholders, partners, members, managers,
employees or agents to any claim, suit, or liability for which this Agreement or the Lead Securitization Servicing Agreement does
not provide indemnification to such party or expose any such party to prosecution for a criminal offense, (iv) materially expand
the scope of responsibilities of any of the Master Servicer, Special Servicer, the Certificate Administrator, the Asset Representations
Reviewer, the Trustee or the Operating Advisor, as applicable, under this Agreement or the Lead Securitization Servicing Agreement.

 

Section
7.               Appointment
of Special Servicer. Subject to the conditions and requirements set forth in the Lead Securitization Servicing Agreement,
the Controlling Note 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 replacement Special Servicer in lieu thereof. Any designation
by the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall
be made by delivering to the other Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the
Lead Securitization Servicing Agreement a written notice stating such designation and satisfying the other conditions to such
replacement as set forth in the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency Confirmation,
but only if required by the terms of the Lead Securitization Servicing Agreement), and delivering to each Non-Controlling Note
Holder a Rating Agency Confirmation with respect to any rated securities issued and outstanding under the related Securitization
if such replacement Special Servicer does not meet the Required Special Servicer Rating with respect to those Rating Agencies
rating the securities of any Securitization related to a Non-Controlling Note Holder. The Controlling Note Holder shall be solely
responsible for any expenses incurred in connection with any such replacement without cause. The Controlling Note Holder shall
notify the Non-Controlling Note Holders of its termination of the then currently serving Special Servicer and its appointment
of a replacement Special Servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a Special
Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing
Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial
Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative)
to designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of
the Special Servicer has occurred that affects a Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the
right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling
Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with respect to the Mortgage
Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement. The Note Holders acknowledge
and agree that any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that
was

 

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terminated
for cause at a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was
so terminated without the prior written consent of such Non-Controlling Note Holder. The Non-Controlling Note Holder that directs
the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note Holder)
to terminate the Special Servicer shall be solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s,
as applicable, costs and expenses, if not paid within a reasonable time by the terminated special servicer and, in the case of
the Trustee, that would otherwise be reimbursed to the Trustee from amounts on deposit in the Collection Account under the Lead
Securitization Servicing Agreement.

 

Section
8.              Payment Procedure.

 

(a)          The
Lead Securitization Note Holder (or the Master Servicer acting on its behalf), in accordance with the priorities set forth in
Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, shall deposit or cause to be deposited
all payments allocable to the Notes to the Collection Account and/or Companion Distribution Account pursuant to and in accordance
with the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder (or the Master Servicer acting on its behalf)
shall deposit such amounts to the applicable account within two (2) Business Days after receipt by it of properly identified funds
by the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower.

 

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

 

(c)           If, for any reason, the Lead Securitization Note Holder makes any payment to a Non-Lead Securitization Note Holder before
the Lead Securitization Note Holder has received the corresponding payment (it being understood that the Lead Securitization Note
Holder is under no obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within
five (5) Business Days of its payment to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall,
at the Lead Securitization Note Holder’s request, promptly return that payment to the Lead Securitization Note Holder.

 

(d)          Each
Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable

 

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share
thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this Agreement and the Lead Securitization
Servicing Agreement. The Lead Securitization Note Holder shall have the right to offset any amounts due hereunder from a Non-Lead
Securitization Note Holder with respect to the Mortgage Loan against any future payments due to such Non-Lead Securitization Note
Holder under the Mortgage Loan. A Non-Lead Securitization Note Holder’s obligations under this Section 8 constitute
absolute, unconditional and continuing obligations.

 

Section
9.              Limitation
on Liability of the Note Holders. Each Note Holder shall have no liability to any other Note Holder with respect to its Note
except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of this Agreement on
the part of such Note Holder; provided, that, notwithstanding any of the foregoing to the contrary, each Servicer will
nevertheless be subject to the obligations and standards (including the Servicing Standard) set forth in the related Securitization
Servicing Agreement.

 

The
Note Holders acknowledge that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the
Trustee) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including
any Servicer and the Trustee) may exercise, or omit to exercise, any rights that the Lead Securitization Note Holder may have
under the Lead Securitization Servicing Agreement in a manner that may be adverse to the interests of any Non-Lead Securitization
Note Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee) shall have no liability whatsoever
to any Non-Lead Securitization Note Holder in connection with such Lead Securitization Note Holder’s exercise of rights
or any omission by the Lead Securitization Note Holder to exercise such rights other than as described above; provided,
however, that the Servicer must act in accordance with the Servicing Standard.

 

Section
10.           
Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization
Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise
or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with
respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering
the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead
Securitization Note Holder, and not any Non-Lead Securitization Note Holder, can make any election, give any consent, commence
any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against the
Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead
Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled
with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to
a Non-Lead Securitization Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy
Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim,

 

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vote
to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage
Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. Each Non-Lead Securitization
Note Holder hereby agrees that, upon the request of the Lead Securitization Note Holder, such Non-Lead Securitization Note Holder
shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances and
instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing
appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must
be in accordance with the Servicing Standard.

 

Section
11.           Representations
of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and performance of this Agreement
is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene such Note
Holder’s charter or any law or contractual restriction binding upon such Note Holder, and that this Agreement is the legal,
valid and binding obligation of such Note Holder enforceable against such Note Holder in accordance with its terms, except as
such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution
obligations may be limited by applicable law. Each Note Holder represents and warrants that it is duly organized, validly existing,
in good standing and in possession of all licenses and authorizations necessary to carry on its business. Each Note Holder represents
and warrants that (a) this Agreement has been duly executed and delivered by such Note Holder, (b) to such Note Holder’s
actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body,
if any, required for the execution, delivery and performance of this Agreement by such Note Holder have been obtained or made
and (c) to such Note Holder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental
investigation against such Note Holder, an adverse outcome of which would materially and adversely affect its performance under
this Agreement.

 

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

 

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

 

Section
14.           
 Sale of the Notes.

 

(a)           Except as contemplated by the second following sentence, each Note Holder agrees that it will not sell, assign, transfer,
pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose of all or any portion of its respective Note (a “Transfer”)
except to a Qualified Institutional Lender in accordance with the terms of this Agreement. Promptly after the Transfer (other
than a Transfer to a Securitization Trust), the non-transferring Note Holder(s) shall be provided with (x) a representation
from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in
the case of a Transfer in accordance with the immediately following sentence) and (y) a copy of the assignment and assumption
agreement referred to in Section 15. If a Note Holder intends to Transfer its respective Note, or any portion thereof, to
an entity that is not a Qualified Institutional Lender, it must first (a) obtain the consent of each non-transferring Note Holder
and (b) if such non-transferring Note Holder’s Note is held in a Securitization Trust, obtain a Rating Agency Confirmation
from each Rating Agency then rating the securities of such Securitization Trust. Notwithstanding the foregoing, without the non-transferring
Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s
Note is held in a Securitization Trust, until a Rating Agency Confirmation is obtained, no Note Holder shall Transfer all or any
portion of its Note (or a participation interest in such Note) to a Borrower Party and any such Transfer made without the prior
consent of the non-transferring Note Holder and Rating Agency Confirmation (if such non-transferring Note Holder’s Note
is held in a Securitization Trust), shall be absolutely null and void and shall vest no rights in the purported transferee; provided
that for the avoidance of doubt, transfers of any securities backed by a Note held in a Securitization Trust will not be subject
to the foregoing requirement and such transfers shall be governed by the terms of the Lead Securitization Servicing Agreement
or any related Non-Lead Securitization Servicing Agreement, as applicable. The transferring Note Holder agrees that it shall pay
the expenses of the non-transferring Note Holder (including all expenses of the Master Servicer, the Special Servicer, the Trustee
and any Controlling Note Holder or Controlling Note Holder Representative) and all expenses relating to any Rating Agency Confirmation
in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without the need to
obtain the consent of the other Note Holder or of any other Person or having to provide any Rating Agency Confirmation, to Transfer
49% or less (in the aggregate) of its beneficial interest in a Note. None of the provisions of this Section 14(a) shall apply
in the case of (1) a sale of all of the Notes together, in accordance with the terms and conditions of the Lead Securitization
Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization
Servicing Agreement, of the Mortgage Loan or the

 

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Mortgaged
Property, upon the Mortgage Loan becoming a Defaulted Loan to a single member limited liability or limited partnership, 100% of
the equity interest in which is owned directly or indirectly, through one or more single member limited liability companies or
limited partnerships, by the Lead Securitization Trust.

 

(b)          In
the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’ obligations
under this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of
such obligations, and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal
solely and directly with such Note Holder in connection with such Note Holder’s rights and obligations under this Agreement
and the Lead Securitization Servicing Agreement, and all amounts payable hereunder shall be determined as if such Note Holder
had not sold such participation interest.

 

(c)          Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than a Borrower
Party) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional Lender or a financial
institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency
(or, if not rated by an applicable Rating Agency, an equivalent or higher rating from any two of Fitch, Moody’s and S&P)
(a “Note Pledgee”), on terms and conditions set forth in this Section 14(c), it being further agreed that
a financing provided by a Note Pledgee to a Note Holder or any person which Controls such Note that is secured by its Note and
is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee
that is not a Qualified Institutional Lender may not take title to the pledged Note without a Rating Agency Confirmation. Upon
written notice by the applicable Note Holder to any other Note Holder and any Servicer that a Pledge has been effected (including
the name and address of the applicable Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and
thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Note Holder in respect of its obligations
under this Agreement of which default such Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of
ten (10) days to cure a default by the pledging Note Holder in respect of its obligations to any other Note Holder hereunder,
but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination
of this Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent
shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder shall give to such Note Pledgee
copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging Note Holder; (v) that
such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided
that any such certificate(s) shall be in a form reasonably satisfactory to such other Note Holder; and (vi) that, upon
written notice (a “Redirection Notice”) to the other Note Holders and any Servicer by such Note Pledgee that
the pledging Note Holder is in default, beyond any applicable cure periods, under the pledging Note Holder’s obligations
to such Note Pledgee pursuant to the applicable credit agreement between the pledging Note Holder and such Note Pledgee (which
notice need not be joined in or confirmed by the pledging Note Holder), and until such Redirection Notice is withdrawn or rescinded
by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that

 

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any
Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to this Agreement
or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely releases the other
Note Holders and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s or Servicer’s
compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered by a Note Pledgee.
A Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder to such Note Pledgee
(and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement.
In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than a Borrower Party
that is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in
lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note Holder’s rights, remedies and
obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations
of the pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such
Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 14(c)
shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such
Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

(v)          Unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not without obtaining a Rating Agency
Confirmation from each Rating Agency have any greater right to acquire the interests in the Note pledged by such Note

 

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Holder,
by foreclosure or otherwise, than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale
conducted by a Note Pledgee.

 

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

 

In
connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall
execute an assignment and assumption agreement (unless the transferee is a Securitization Trust and the related pooling
and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the
obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the
terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the date
of such assignment. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize
any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this Section 15. Any
such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder
desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and the other Note Holders against any liability
that may result if the transfer is not made in accordance with the provisions of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
18.           
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing
signed by each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall
not amend or modify this Agreement without first obtaining a Rating Agency Confirmation from each Rating Agency then rating any
securities of any Securitization; provided that no such Rating Agency Confirmation shall be required in connection with
a modification (i) to cure any

 

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ambiguity,
to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with
the Lead Securitization Servicing Agreement, or (ii) with respect to matters or questions arising under this Agreement, to make
provisions in this Agreement consistent with other provisions of this Agreement (including, without limitation, in connection
with the creation of New Notes pursuant to Section 32).

 

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

 

Section
20.           
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable
Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart
of this Agreement.

 

Section
21.           
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.

 

Section
22.           
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

Section
23.           
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

 

Section
24.           
Withholding Taxes.    (a) If
the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest,
fees or other amounts payable to a Non-Lead Securitization Note Holder with respect to the Mortgage Loan as a result of such Non-Lead
Securitization Note Holder constituting a Non-Exempt Person, the Lead Securitization Note Holder, in its capacity as servicer,
shall be entitled to do so with respect to such Non-Lead Securitization Note Holder’s interest in such payment (all withheld
amounts being deemed paid to such Note Holder), provided that the Lead Securitization Note Holder shall furnish such Non-Lead
Securitization Note Holder with a statement setting forth the amount of Taxes withheld, the applicable rate

 

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and
other information which may reasonably be requested for purposes of assisting such Note Holder to seek any allowable credits or
deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.

 

(b)          Each
Non-Lead Securitization Note Holder shall and hereby agrees to indemnify the Lead Securitization Note Holder against and hold
the Lead Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements
arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment made such Non-Lead
Securitization Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided
by such Non-Lead Securitization Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead
Securitization Note Holder to withhold Taxes from payments made to such Non-Lead Securitization Note Holder, it being expressly
understood and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept
any such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully
rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity,
correctness or validity of the same and (ii) such Non-Lead Securitization Note Holder, upon request of the Lead Securitization
Note Holder and at its sole cost and expense, shall defend any claim or action relating to the foregoing indemnification using
counsel selected by the Lead Securitization Note Holder.

 

(c)          Each
Non-Lead Securitization Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage Loan Borrower)
that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower is obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement.
Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each
Non-Lead Securitization Note Holder shall deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence
satisfactory to the Lead Securitization Note Holder substantiating that such Note Holder is not a Non-Exempt Person and that the
Lead Securitization Note Holder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the
Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if a Non-Lead Securitization
Note Holder is created or organized under the laws of the United States, any state thereof or the District of Columbia, it shall
satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder an Internal Revenue Service
Form W-9 and (ii) if a Non-Lead Securitization Note Holder is not created or organized under the laws of the United States,
any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is
treated for United States income tax purposes as derived in whole or part from sources within the United States, such Note Holder
shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder Internal Revenue
Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time
to time, duly executed by such Note Holder, as evidence of such Note Holder’s exemption from the withholding of United States
tax with respect thereto. The Lead Securitization Note Holder shall not be obligated to make any

 

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payment
hereunder with respect to any Non-Lead Securitization Note or otherwise until the related Non-Lead Securitization Note Holder
shall have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

Section
25.           
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the originals
of the Note A-3, Note A-4-1 and Note A-4-2) shall be held by the Trustee through a duly appointed custodian therefor, in accordance
with the terms of the Lead Securitization Servicing Agreement, on behalf of the registered holders of the Notes.

 

Section
26.           
Cooperation in Securitization. Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion,
to include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence,
at the request of the related Securitizing Note Holder, the related Non-Securitizing Note Holder shall use reasonable efforts,
at such Securitizing Note Holder’s expense, to satisfy, and to cooperate with such Securitizing Note Holder in attempting
to cause the Mortgage Loan Borrower to satisfy, the market standards to which such Securitizing Note Holder customarily adheres
or that may be reasonably required in the marketplace or by the Rating Agencies in connection with such Securitization, including,
entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate
with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage
Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided,
that no Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent
to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest
allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii) materially
increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note Holder’s
rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note Holder shall provide
for inclusion in any disclosure document relating to such Securitization such information concerning such Non-Securitizing Note
Holder and its Note as the related Securitizing Note Holder reasonably determines to be necessary or appropriate, and such Non-Securitizing
Note Holder shall, at such Securitizing Note Holder’s expense, cooperate with the reasonable requests of each Rating Agency
and such Securitizing Note Holder in connection with such Securitization (including, without limitation, reasonably cooperating
with such Securitizing Note Holder (without any obligation to make additional representations and warranties) to enable such Securitizing
Note Holder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions)
in connection with the Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation
of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to such
Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection with any Securitization,
the information provided by it in its capacity as a Non-Securitizing Note Holder to the related Securitizing Note Holder may be
incorporated into the offering documents for such Securitization. Each Securitizing Note

 

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Holder
and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Securitizing Note Holder.

 

Upon
request, each Securitizing Note Holder shall deliver to the Non-Securitizing Note Holder drafts of the preliminary and final offering
memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement
for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment
on such documents.

 

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

 

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

 

Section
29.           
Certain Matters Affecting the Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
30.           
Reserved.

 

Section
31.           
Resignation of Agent. The Agent may resign at any time on ten (10) days’ prior notice, so long as a successor
Agent, reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Trustee or a Certificate Administrator
in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the
Agent hereunder. The termination or resignation of such Master Servicer, as Master Servicer under the Lead Securitization Servicing
Agreement, shall be deemed a termination or resignation of such Master Servicer as Agent under this Agreement, and any successor
master servicer shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place thereof
without any further notice or other action.

 

Section
32.           Resizing.
Notwithstanding any other provision of this Agreement, for so long as any Note Holder or an affiliate thereof (each, an “Original
Entity”) is the owner of a Note that is not included in a Securitization (each, an “Owned Note”),
such Original Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower
to execute amended and restated notes or additional notes (in either case, “New Notes”) reallocating the principal
of the Owned Note to such New Notes; or severing the Owned Note into one or more further “component” notes in the
aggregate principal amount equal to the then outstanding principal balance of the Owned Note provided that (i) the aggregate
principal balance of all outstanding New Notes following such amendments is no greater than the aggregate principal of the Owned
Note prior to such amendments, (ii) all Notes continue to have the same weighted average interest rate as the Notes prior to such
amendments, (iii) all Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall
be automatically subject to the terms of this Agreement, and (iv) the Original Entity holding the New Notes shall notify the Lead
Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing
of such modified allocations and principal amounts. Except for the foregoing reallocation and for modifications pursuant to the
Lead Securitization Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of
its holder and the consent of the holder of the other Note. In connection with the foregoing (provided the conditions set forth
in (i) through (iv) above are satisfied), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage
Loan Documents and this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting
such reallocation of principal. If more than one New Note is created hereunder, for purposes of exercising the rights of a “Controlling
Note Holder” or Non-Controlling Note Holder hereunder, the “Controlling Note Holder” or “Non-Controlling
Note Holder,” as applicable, of such New Notes shall be as provided in the definition of such terms in this Agreement, provided
that the Controlling Note Holder shall be entitled to designate any New Note created from the originally existing Controlling
Note to be a Non-Controlling Note Holder. If the Lead Securitization Note Holder

 

     -50-

     

    

 

so
requests, the Original Entity holding the New Notes shall (a) represent that the conditions set forth in (i) through (iv) have
been satisfied and/or (b) deliver a confirmation of the continued applicability of this Agreement to the New Notes.

 

Section
33.           
Effect of this Agreement. This Agreement amends, restates and supersedes the Original Agreement in its entirety
as of the date hereof.

 

[Signature Page
Follows]

 

     -51-

     

    

 

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

 

	 	AGENT:
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Master Servicer of the BANK 2018-BNK12, Commercial Mortgage Pass-Through
    Certificates, Series 2018-BNK12
	 	 	 
	 	By:	/s/ Amanda Perkins
	 	 	Name: Amanda Perkins
	 	 	Title:  Vice President
	 	 	 
	 	NOTEHOLDERS:
		 	 
		WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Initial Note A-3 Holder, Initial Note A-4-1 and Initial Note A-4-2 Holder
	 	 	 
	 	By:	/s/ Jeffrey L. Cirillo
	 	 	Name: Jeffrey L. Cirillo
	 	 	Title: Managing Director

 

[Signatures
Continue on the Next Page]

 

(Amended
and Restated Agreement Between Note Holders – CoolSprings Galleria Mortgage Loan)

  

    S-1

     

    

 

	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION, AS TRUSTEE, FOR THE BENEFIT OF THE REGISTERED HOLDERS OF BANK 2018-BNK12, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
    SERIES 2018-BNK12, as Note A-1 Holder and Note A-2 Holder
	 	 	 	 
	 	 	By:	Wells Fargo Bank, National Association, as Master Servicer
	 	 	 	 	 
	 	 	 	By:	/s/ Amanda Perkins
	 	 	 	 	Name: Amanda Perkins
	 	 	 	 	Title: Vice President

 

(Amended
and Restated Agreement Between Note Holders – CoolSprings Galleria Mortgage Loan)

 

    S-1

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower(s):	CoolSprings
    Mall, LLC
	Date
    of Mortgage Loan:	April
    30, 2018
	Date
    of Notes:	April
    30, 2018
	Original
    Principal Amount of Mortgage Loan:	$155,000,000.00
	Principal
    Amount of Mortgage Loan as of the date hereof:	$155,000,000.00
	Initial
    Note A-1 Principal Balance:	$75,000,000.00
	Initial
    Note A-2 Principal Balance:	$15,000,000.00
	Initial
    Note A-3 Principal Balance:	$20,000,000.00
	Initial
    Note A-4-1 Principal Balance:	$30,000,000.00
	Initial
    Note A-4-2 Principal Balance:	$15,000,000.00
	Location
    of Mortgaged Property:	Franklin,
    Tennessee
	Initial
    Maturity Date:	May
    11, 2028

 

    A-1

     

    

 

EXHIBIT B

 

Note A-1 Holder and Note A-2
Holder

 

The applicable notice addresses
set forth in the Note A-1 PSA

 

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

 

Wells Fargo Bank, National
Association

375 Park Avenue, 2nd Floor

J0127-023

New York, New York 10152

Attention: A.J. Sfarra

Email: Anthony.sfarra@wellsfargo.com

with a copy to:

Jeff D. Blake, Esq.

Senior Counsel

Wells Fargo Law Department

D1053-300

301 South College St.

Charlotte, North Carolina 28288

 Email: jeff.blake@wellsfargo.com

 

with a copy to (if by
email):

 

mike.jewesson@alston.com
and peter.mckee@alston.com

 

    B-1

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

		1.	AllianceBernstein

		2.	Annaly Capital
                                         Management

		3.	Apollo Real
                                         Estate Advisors

		4.	Archon Capital,
                                         L.P.

		5.	AREA Property
                                         Partners

		6.	Artemis
                                         Real Estate Partners

		7.	BlackRock,
                                         Inc.

		8.	Clarion
                                         Partners

		9.	Colony Northstar,
                                         Inc.

		10.	DLJ Real
                                         Estate Capital Partners

		11.	Dune Real
                                         Estate Partners

		12.	Eightfold
                                         Real Estate Capital, L.P.

		13.	Five Mile
                                         Capital Partners

		14.	Fortress
                                         Investment Group, LLC

		15.	Garrison
                                         Investment Group

		16.	H/2 Capital
                                         Partners LLC

		17.	Hudson
                                         Advisors

		18.	Investcorp
                                         International

		19.	iStar Financial
                                         Inc.

		20.	J.P. Morgan
                                         Investment Management Inc.

		21.	JER Partners

		22.	Lend-Lease
                                         Real Estate Investments

		23.	Libermax
                                         Capital LLC

		24.	LoanCore
                                         Capital

		25.	Lone Star
                                         Funds

		26.	Lowe Enterprises

		27.	Normandy
                                         Real Estate Partners

		28.	Och-Ziff
                                         Capital Management Group

		29.	Praedium
                                         Group

		30.	Raith Capital
                                         Partners, LLC

		31.	Rialto
                                         Capital Management LLC

		32.	Rialto
                                         Capital Advisors LLC

		33.	Rockpoint
                                         Group

		34.	Rockwood

		35.	RREEF Funds

		36.	Square
                                         Mile Capital Management

		37.	The Blackstone
                                         Group

		38.	The Carlyle
                                         Group

		39.	Torchlight
                                         Investors

		40.	Walton
                                         Street Capital, L.L.C.

		41.	Westbrook
                                         Partners

		42.	Wheelock
                                         Street Capital

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

  

    C-1Blueprint

 

Exhibit
4.4

 

 

 

 

 

 

 

 

ISSUER
DIRECT CORPORATION

 

ISSUER

 

AND

 

[TRUSTEE],

 

TRUSTEE

 

INDENTURE

 

DATED
AS OF     , 20

 

SENIOR
DEBT SECURITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE
OF CONTENTS

 

 

	

ARTICLE I DEFINITIONS

	
 3

	

Section 1.1 Definitions of Terms

	
 3

	

ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND
EXCHANGE OF SECURITIES

	
 5

	

Section 2.1 Designation and Terms of Securities
Section 

	
 5

	

Section
2.2 Form of Securities and Trustee’s
Certificate 

	
  6

	

Section
2.3 Denominations: Provisions for Payment

	
  7

	

Section
2.4 Execution and Authentications

	
  7

	

Section 2.5 Registration of Transfer and
Exchange

	
 8

	

Section 2.6
Temporary Securities

	
  8

	

Section 2.7 Mutilated, Destroyed, Lost or Stolen
Securities

	
 9

	

Section
2.8 Cancellation

	
  9

	

Section 2.9 Benefits of Indenture 

	
 9

	

Section
2.10 Authenticating Agent

	
  9

	

Section
2.11 Global Securities

	
  10

	

ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND
PROVISIONS

	
 10

	

Section 3.1 Redemption

	
 10

	

Section 3.2 Notice of Redemption 

	
 10

	

Section
3.3 Payment Upon Redemption

	
 11

	

Section
3.4 Sinking Fund

	
 11

	

Section 3.5 Satisfaction of Sinking Fund Payments with
Securities

	
 11

	

Section
3.6 Redemption of Securities for Sinking Fund

	
 11

	

ARTICLE IV COVENANTS

	
 12

	

Section 4.1 Payment of Principal, Premium and
Interest

	
 12

	

Section
4.2 Maintenance of Office or Agency

	
 12

	

Section 4.3 Paying Agents

	
 12

	

Section 4.4 Appointment to Fill Vacancy in Office of
Trustee

	
 13

	

Section
4.5 Compliance with Consolidation Provisions

	
 13

	

ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE

	
 13

	

Section 5.1 Company to Furnish Trustee Names and Addresses of
Securityholders 

	
 13

	

Section
5.2 Preservation Of Information; Communications With
Securityholders

	
 13

	

Section
5.3 Reports by the Company

	
 13

	

Section 5.4 Reports by the Trustee

	
 13

	

ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT

	
 14

	

Section 6.1 Events of Default

	
 14

	

Section 6.2 Collection of Indebtedness and Suits for Enforcement by
Trustee

	
 15

	

Section
6.3 Application of Moneys Collected

	
 15

	

Section 6.4 Limitation on Suits

	
 16

	

Section 6.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver

	
 16

	

Section
6.6 Control by Securityholders

	
 16

	

Section 6.7 Undertaking to Pay Costs

	
 16

	

ARTICLE VII CONCERNING THE TRUSTEE

	
 17

	

Section 7.1 Certain Duties and Responsibilities of
Trustee

	
 17

	

Section
7.2 Certain Rights of Trustee

	
 17

	

Section 7.3 Trustee Not Responsible for Recitals or Issuance or
Securities

	
 18

	

Section
7.4 May Hold Securities

	
 18

	

Section 7.5 Moneys Held in Trust

	
 18

	

Section 7.6 Compensation and
Reimbursement  

	
 18

	

Section
7.7 Reliance on Officer’s Certificate

	
 19

	

Section
7.8 Disqualification; Conflicting Interests

	
 19

	

Section
7.9 Corporate Trustee Required; Eligibility

	
 19

	

Section 7.10 Resignation and Removal; Appointment of
Successor

	
 19

	

Section
7.11 Acceptance of Appointment By Successor

	
 20

	

Section 7.12 Merger, Conversion, Consolidation or Succession to
Business

	
 20

 

 

-1-

 

 

	

Section 7.13 Preferential Collection of Claims Against the
Company

	
 20

	

Section
7.14 Notice of Default

	
 20

	

ARTICLE VIII CONCERNING THE SECURITYHOLDERS

	
 21

	

Section 8.1 Evidence of Action by
Securityholders 

	
 21

	

Section
8.2 Proof of Execution by Securityholders

	
 21

	

Section
8.3 Who May be Deemed Owners

	
 21

	

Section 8.4 Certain Securities Owned by Company
Disregarded 

	
 21

	

Section
8.5 Actions Binding on Future Securityholders

	
 21

	

ARTICLE
IX SUPPLEMENTAL INDENTURES

	
 22

	

Section 9.1 Supplemental Indentures Without the Consent of
Securityholders 

	
 22

	

Section
9.2 Supplemental Indentures With Consent of
Securityholders

	
 22

	

Section
9.3 Effect of Supplemental Indentures

	
 23

	

Section 9.4 Securities Affected by Supplemental
Indentures 

	
 23

	

Section
9.5 Execution of Supplemental Indentures

	
 23

	

ARTICLE
X SUCCESSOR ENTITY

	
 23

	

Section 10.1 Company May Consolidate, Etc 

	
 23

	

Section
10.2 Successor Entity Substituted

	
 24

	

Section
10.3 Evidence of Consolidation, Etc

	
 24

	

ARTICLE XI SATISFACTION AND DISCHARGE

	
 24

	

Section 11.1 Satisfaction and Discharge of
Indenture

	
 24

	

Section
11.2 Discharge of Obligations

	
 24

	

Section 11.3 Deposited Moneys to be Held in
Trust 

	
 24

	

Section
11.4 Payment of Moneys Held by Paying Agents

	
 25

	

Section
11.5 Repayment to Company

	
 25

	

ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

	
 25

	

Section 12.1 No Recourse

	
 25

	

ARTICLE XIII MISCELLANEOUS PROVISIONS

	
 25

	

Section 13.1 Effect on Successors and Assigns

	
 25

	

Section
13.2 Actions by Successor

	
 25

	

Section 13.3 Surrender of Company Powers

	
 25

	

Section
13.4 Notices

	
 25

	

Section 13.5 Governing Law

	
 26

	

Section 13.6 Treatment of Securities as Debt

	
 26

	

Section 13.7 Certificates and Opinions as to Conditions
Precedent

	
 26

	

Section
13.8 Payments on Business Days

	
 26

	

Section 13.9 Conflict with Trust Indenture Act

	
 26

	

Section
13.10 Counterparts

	
 26

	

Section 13.11 Separability

	
 26

	

Section 13.12 Compliance Certificates

	
 27

 

                 

 

-2-

 

 

INDENTURE

 

INDENTURE, dated as
of [●], among Issuer Direct Corporation, a Delaware
corporation, and [TRUSTEE], as trustee:

 

WHEREAS, for its
lawful corporate purposes, the Company has duly authorized the
execution and delivery of this Indenture to provide for the
issuance of debt securities (hereinafter referred to as the
“Securities”), in an unlimited aggregate principal
amount to be issued from time to time in one or more series as in
this Indenture provided, as registered Securities without coupons,
to be authenticated by the certificate of the Trustee;

 

WHEREAS, to provide
the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

 

WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done.

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the
Securities by the holders thereof, it is mutually covenanted and
agreed as follows for the equal and ratable benefit of the holders
of Securities:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1 Definitions of
Terms.

 

The
terms defined in this Section (except as in this Indenture or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section and shall include the
plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as
amended, or that are by reference in such Act defined in the
Securities Act of 1933, as amended (except as herein or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this
instrument.

 

“Authenticating
Agent” means an authenticating agent with respect to all or
any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or
state law for the relief of debtors.

 

“Board of
Directors” means the Board of Directors of the Company or any
duly authorized committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and
effect on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day
other than a day on which federal or state banking institutions in
the Borough of Manhattan, the City of New York, or in the city of
the Corporate Trust Office of the Trustee, are authorized or
obligated by law, executive order or regulation to
close.

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not
comply with the provisions of Section 13.7. “Company”
means Issuer Direct Corporation, a corporation duly organized and
existing under the laws of the State of Delaware, and,
subject to the provisions of Article X, shall also include its
successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at
any particular time, its corporate trust business shall be
principally administered, which office at the date hereof is
located at .

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.

 

“Default”
means any event, act or condition that with notice or lapse of
time, or both, would constitute an Event of Default.
“Defaulted Interest” has the meaning set forth in
Section 2.3.

 

“Depositary”
means, with respect to Securities of any series for which the
Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing
agency, or any successor registered as a clearing agency under the
Exchange Act, or other applicable statute or regulation, which, in
each case, shall be designated by the Company pursuant to either
Section 2.1 or 2.11.

 

 

-3-

 

 

“Event of
Default” means, with respect to Securities of a particular
series, any event specified in Section 6.1, continued for the
period of time, if any, therein designated.

 

“Exchange
Act” means the Securities and Exchange Act of 1934, as
amended.

 

“Global
Security” means, with respect to any series of Securities, a
Security executed by the Company and delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in
the name of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations
of the United States of America for the payment of which its full
faith and credit is pledged or (b) obligations of a Person
controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of
which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case,
are not callable or redeemable at the option of the issuer thereof
at any time prior to the stated maturity of the Securities, and
shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in
respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced
by such depositary receipt.

 

“herein,”
“hereof” and “hereunder,” and other words
of similar import, refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms
hereof.

 

“Interest
Payment Date,” when used with respect to any installment of
interest on a Security of a particular series, means the date
specified in such Security or in a Board Resolution or in an
indenture supplemental hereto with respect to such series as the
fixed date on which an installment of interest with respect to
Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of
Directors, a chief executive officer, a president, a chief
financial officer, a chief operating officer, any executive vice
president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any
assistant controller or the secretary or any assistant
secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each
such certificate shall include the statements provided for in
Section 13.7, if and to the extent required by the provisions
thereof.

 

“Opinion of
Counsel” means an opinion in writing subject to customary
exceptions of legal counsel, who may be an employee of or counsel
for the Company, that is delivered to the Trustee in accordance
with the terms hereof. Each such opinion shall include the
statements provided for in Section 13.7, if and to the extent
required by the provisions thereof.

 

“Outstanding,”
when used with reference to Securities of any series, means,
subject to the provisions of Section 8.4, as of any particular
time, all Securities of that series theretofore authenticated and
delivered by the Trustee under this Indenture, except (a)
Securities theretofore canceled by the Trustee or any paying agent,
or delivered to the Trustee or any paying agent for cancellation or
that have previously been canceled; (b) Securities or portions
thereof for the payment or redemption of which moneys or
Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other
than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own paying
agent); provided, however, that if such Securities or portions of
such Securities are to be redeemed prior to the maturity thereof,
notice of such redemption shall have been given as provided in
Article III, or provision satisfactory to the Trustee shall have
been made for giving such notice; and (c) Securities in lieu of or
in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section
2.7.

 

“Person”
means any individual, corporation, partnership, joint venture,
joint-stock company, limited liability company, association, trust,
unincorporated organization, any other entity or organization,
including a government or political subdivision or an agency or
instrumentality thereof.

 

“Predecessor
Security” of any particular Security means every previous
Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of
this definition, any Security authenticated and delivered under
Section 2.7 in lieu of a
lost, destroyed or stolen Security shall be deemed to evidence the
same debt as the lost, destroyed or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means the
chairman of its board of directors, the chief executive officer,
the president, any vice president, the secretary, the treasurer,
any trust officer, any corporate trust officer or any other officer
or assistant officer of the Trustee customarily performing
functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.

 

 

-4-

 

 

“Securities”
means the debt Securities authenticated and delivered under this
Indenture.

 

“Securityholder,”
“holder of Securities,” “registered
holder,” or other similar term, means the Person or Persons
in whose name or names a particular Security shall be registered on
the books of the Company kept for that purpose in accordance with
the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the
meanings as set forth in Section 2.5.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation at least a
majority of whose outstanding Voting Stock shall at the time be
owned, directly or indirectly, by such Person or by one or more of
its Subsidiaries or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or
similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a
general partner.

 

“Trustee”
means , and, subject to the provisions of Article VII, shall also
include its successors and assigns, and, if at any time there is
more than one Person acting in such capacity hereunder,
“Trustee” shall mean each such Person. The term
“Trustee” as used with respect to a particular series
of the Securities shall mean the trustee with respect to that
series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as
amended.

 

“Voting
Stock,” as applied to stock of any Person, means shares,
interests, participations or other equivalents in the equity
interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by
reason of the occurrence of a contingency.

 

ARTICLE
II

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES

 

Section
2.1 Designation and Terms of Securities.

 

(a) The aggregate
principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be
issued in one or more series up to the aggregate principal amount
of Securities of that series from time to time authorized by or
pursuant to a Board Resolution or pursuant to one or more
indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental
hereto:

 

(i)
the title of the
Securities of the series (which shall distinguish the Securities of
that series from all other Securities);

 

(ii) any
limit upon the aggregate principal amount of the Securities of that
series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of that series);

 

(iii) the
date or dates on which the principal of the Securities of the
series is payable, any original issue discount that may apply to
the Securities of that series upon their issuance, the principal
amount due at maturity, and the place(s) of payment;

 

(iv)    
the rate or rates at which the Securities of the series shall bear
interest or the manner of calculation of such rate or
rates,
if any;

 

(v) the date or dates
from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of
determination of such Interest Payment Dates, the place(s) of
payment, and the record date for the determination of holders to
whom interest is payable on any such Interest Payment Dates or the
manner of determination of such record dates;

 

(vi)   
the right, if any, to extend the interest payment periods and the
duration of such extension;

 

(vii)  
the period or
periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series may be redeemed,
in whole or in part, at the option of the Company;

 

(viii)  
the obligation, if
any, of the Company to redeem or purchase Securities of the series
pursuant to any sinking fund, mandatory redemption, or analogous
provisions (including payments made in cash in satisfaction of
future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices
at which, and the terms and conditions upon which, Securities of
the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation;

 

-5-

 

 

(ix)   
the form of the Securities of the series including the form of the
Certificate of Authentication for such series;

 

(x) if other than
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, the denominations in which the Securities of the
series shall be issuable;

 

(xi) any
and all other terms (including terms, to the extent applicable,
relating to any auction or remarketing of the Securities of that
series and any security for the obligations of the Company with
respect to such Securities) with respect to such series (which
terms shall not be inconsistent with the terms of this Indenture,
as amended by any supplemental indenture) including any terms which
may be required by or advisable under United States laws or
regulations or advisable in connection with the marketing of
Securities of that series;

 

(xii) whether
the Securities are issuable as a Global Security and, in such case,
the terms and the identity of the Depositary for such
series;

 

(xiii) whether
the Securities will be convertible into or exchangeable for shares
of common stock, preferred stock or other securities of the Company
or any other Person and, if so, the terms and conditions upon which
such Securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be
calculated and may be adjusted, any mandatory or optional (at the
Company’s option or the holders’ option) conversion or
exchange features, and the applicable conversion or exchange
period;

 

(xiv) if
other than the principal amount thereof, the portion of the
principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant
to Section 6.1;

 

(xv) any
additional or different Events of Default or restrictive covenants
(which may include, among other restrictions, restrictions on the
Company’s ability or the ability of the Company’s
Subsidiaries to: incur additional indebtedness; issue additional
securities; create liens; pay dividends or make distributions in
respect of the capital stock of the Company or the Company’s
Subsidiaries; redeem capital stock; place restrictions on the
Company’s Subsidiaries’ ability to pay dividends, make
distributions or transfer assets; make investments or other
restricted payments; sell or otherwise dispose of assets; enter
into sale-leaseback transactions; engage in transactions with
stockholders or affiliates; issue or sell stock of the
Company’s Subsidiaries; or effect a consolidation or merger)
or financial covenants (which may include, among other financial
covenants, financial covenants that require the Company and its
Subsidiaries to maintain specified interest coverage, fixed charge,
cash flow-based, asset-based or other financial ratios) provided
for with respect to the Securities of the series;

 

(xvi) if
other than dollars, the coin or currency in which the Securities of
the series are denominated (including, but not limited to, foreign
currency);

 

(xvii) the
terms and conditions, if any, upon which the Company shall pay
amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the series to any
Securityholder that is not a “United States person” for
federal tax purposes; and

 

(xviii)  
any restrictions on transfer, sale or assignment of the Securities
of the series.

 

All
Securities of any one series shall be substantially identical
except as may otherwise be provided in or pursuant to any such
Board Resolution or in any indentures supplemental
hereto.

 

If any
of the terms of the series are established by action taken pursuant
to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an
assistant secretary of the Company and delivered to the Trustee at
or prior to the delivery of the Officer’s Certificate of the
Company setting forth the terms of the series.

 

Securities of any
particular series may be issued at various times, with different
dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different
methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with
different redemption dates.

 

Section 2.2 Form of Securities and
Trustee’s Certificate.

 

The
Securities of any series and the Trustee’s certificate of
authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board
Resolution, and set forth in an Officer’s Certificate, and
they may have such letters, numbers or other marks of
identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which Securities of that
series may be listed, or to conform to usage.

 

-6-

 

 

Section 2.3 Denominations: Provisions for
Payment.

 

The
Securities shall be issuable as registered Securities and in the
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.1(a)(x).

 

The
Securities of a particular series shall bear interest payable on
the dates and at the rate specified with respect to that series.
Subject to Section 2.1(a)(xvi), the principal of and the interest
on the Securities of any series, as well as any premium thereon in
case of redemption thereof prior to maturity, shall be payable in
the coin or currency of the United States of America that at the
time is legal tender for public and private debt, at the office or
agency of the Company maintained for that purpose. Each Security
shall be dated the date of its authentication. Interest on the
Securities shall be computed on the basis of a 360-day year
composed of twelve 30-day months.

 

The
interest installment on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose
name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for
such interest installment. In the event that any Security of a
particular series or portion thereof is called for redemption and
the redemption date is subsequent to a regular record date with
respect to any Interest Payment Date and prior to such Interest
Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section
3.3.

 

Any
interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for
Securities of the same series (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the
registered holder on the relevant regular record date by virtue of
having been such holder; and such Defaulted Interest shall be paid
by the Company, at its election, as provided in clause (i) or
clause (ii) below:

 

(i) The Company may
make payment of any Defaulted Interest on Securities to the Persons
in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special
record date for the payment of such Defaulted Interest, which shall
be fixed in the following manner: the Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest
as in this clause provided. Thereupon the Trustee shall fix a
special record date for the payment of such Defaulted Interest
which shall not be more than 15 nor less than 10 days prior to the
date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and
the special record date therefor to be mailed, first class postage
prepaid, to each Securityholder at his or her address as it appears
in the Security Register (as hereinafter defined), not less than 10
days prior to such special record date. Notice of the proposed
payment of such Defaulted Interest and the special record date
therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Securities (or
their respective Predecessor Securities) are registered on such
special record date.

 

(ii) The
Company may make payment of any Defaulted Interest on any
Securities in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities
may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of
the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.Unless otherwise
set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.1 hereof, the term “regular
record date” as used in this Section with respect to a series
of Securities and any Interest Payment Date for such series shall
mean either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such
series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the first day of the
month in which an Interest Payment Date established for such series
pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such
date is a Business Day.

 

Subject
to the foregoing provisions of this Section, each Security of a
series delivered under this Indenture upon transfer of or in
exchange for or in lieu of any other Security of such series shall
carry the rights to interest accrued and unpaid, and to accrue,
that were carried by such other Security.

 

Section 2.4 Execution and
Authentications.

 

The
Securities shall be signed on behalf of the Company by one of its
Officers. Signatures may be in the form of a manual or facsimile
signature.

 

The
Company may use the facsimile signature of any Person who shall
have been an Officer, notwithstanding the fact that at the time the
Securities shall be authenticated and delivered or disposed of such
Person shall have ceased to be such an officer of the Company. The
Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall
be dated the date of its authentication by the
Trustee.

 

 

-7-

 

 

A
Security shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent.
Such signature shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.
At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and
delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and
deliver such Securities.

 

In
authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, if requested,
and (subject to Section 7.1) shall be fully protected in relying
upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this
Indenture.

 

The
Trustee shall not be required to authenticate such Securities if
the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.

 

Section
2.5 Registration of Transfer and Exchange.

 

(a) Securities of any
series may be exchanged upon presentation thereof at the office or
agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a
like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto,
all as provided in this Section. In respect of any Securities so
surrendered for exchange, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in
exchange therefor the Security or Securities of the same series
that the Securityholder making the exchange shall be entitled to
receive, bearing numbers not contemporaneously
outstanding.

 

(b) The Company shall
keep, or cause to be kept, at its office or agency designated for
such purpose a register or registers (herein referred to as the
“Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall
register the Securities and the transfers of Securities as in this
Article provided and which at all reasonable times shall be open
for inspection by the Trustee. The registrar for the purpose of
registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution (the
“Security Registrar”).

 

Upon
surrender for transfer of any Security at the office or agency of
the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall
deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a
like aggregate principal amount.

 

All
Securities presented or surrendered for exchange or registration of
transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the
Company or the Security Registrar, duly executed by the registered
holder or by such holder’s duly authorized attorney in
writing.

 

(c) Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set
forth in an Officer’s Certificate, or established in one or
more indentures supplemental to this Indenture, no service charge
shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in
relation thereto, other than exchanges pursuant to Section 2.6,
Section 3.3(b) and Section 9.4 not involving any
transfer.

 

(d) The Company shall
not be required (i) to issue, exchange or register the transfer of
any Securities during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of
less than all the Outstanding Securities of the same series and
ending at the close of business on the day of such mailing, nor
(ii) to register the transfer of or exchange any Securities of any
series or portions thereof called for redemption, other than the
unredeemed portion of any such Securities being redeemed in part.
The provisions of this Section 2.5 are, with respect to any Global
Security, subject to Section 2.11 hereof.

 

Section
2.6 Temporary Securities

 

Pending
the preparation of definitive Securities of any series, the Company
may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any
authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of
which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as
may be determined by the Company. Every temporary Security of any
series shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will
furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in
exchange therefor (without charge to the holders), at the office or
agency of the Company designated for the purpose, and the Trustee
shall authenticate and such office or agency shall deliver in
exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need
not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture
as definitive Securities of such series authenticated and delivered
hereunder.

 

 

-8-

 

 

Section 2.7 Mutilated, Destroyed, Lost or
Stolen Securities.

 

In case
any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to
save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the
Trustee evidence to their satisfaction of the destruction, loss or
theft of the applicant’s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith.

 

In case
any Security that has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of
the same (without surrender thereof except in the case of a
mutilated Security) if the applicant for such payment shall furnish
to the Company and the Trustee such security or indemnity as they
may require to save them harmless, and, in case of destruction,
loss or theft, evidence to the satisfaction of the Company and the
Trustee of the destruction, loss or theft of such Security and of
the ownership thereof.

 

Every
replacement Security issued pursuant to the provisions of this
Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen
Security shall be found at any time, or be enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of the same
series duly issued hereunder. All Securities shall be held and
owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the
extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their
surrender.

 

Section
2.8 Cancellation.

 

All
Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the
Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled
by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this
Indenture. On request of the Company at the time of such surrender,
the Trustee shall deliver to the Company canceled Securities held
by the Trustee. In the absence of such request the Trustee may
dispose of canceled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company.
If the Company shall otherwise acquire any of the Securities,
however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities
unless and until the same are delivered to the Trustee for
cancellation.

 

Section
2.9 Benefits of Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall
give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable
right, remedy or claim under or in respect of this Indenture, or
under any covenant, condition or provision herein contained; all
such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the
Securities.

 

Section
2.10 Authenticating Agent.

 

So long
as any of the Securities of any series remain Outstanding there may
be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said
Authenticating Agent shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon
exchange, transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. All references in this
Indenture to the authentication of Securities by the Trustee shall
be deemed to include authentication by an Authenticating Agent for
such series. Each Authenticating Agent shall be acceptable to the
Company and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient
under the laws of any jurisdiction under which it is organized or
in which it is doing business to conduct a trust business, and that
is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state
authorities. If at any time any Authenticating Agent shall cease to
be eligible in accordance with these provisions, it shall resign
immediately.

 

Any
Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The
Trustee may at any time (and upon request by the Company shall)
terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible
successor Authenticating Agent acceptable to the Company. Any
successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder as if originally named as an
Authenticating Agent pursuant hereto.

 

 

-9-

 

 

Section
2.11 Global Securities.

 

(a) If the Company
shall establish pursuant to Section 2.1 that the Securities of a
particular series are to be issued as a Global Security, then the
Company shall execute and the Trustee shall, in accordance with
Section 2.4, authenticate and deliver, a Global Security that (i)
shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of
such series, (ii) shall be registered in the name of the Depositary
or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction and
(iv) shall bear a legend substantially to the following effect:
“Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in
part, only to another nominee of the Depositary or to a successor
Depositary or to a nominee of such successor
Depositary.”

 

(b) Notwithstanding the
provisions of Section 2.5, the Global Security of a series may be
transferred, in whole but not in part and in the manner provided in
Section 2.5, only to another nominee of the Depositary for such
series, or to a successor Depositary for such series selected or
approved by the Company or to a nominee of such successor
Depositary.

 

(c) If at any time the
Depositary for a series of the Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such series
or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for
such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such
condition, as the case may be, or if an Event of Default has
occurred and is continuing and the Company has received a request
from the Depositary or from the Trustee, this Section 2.11 shall no
longer be applicable to the Securities of such series and the
Company will execute, and subject to Section 2.4, the Trustee will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time
determine that the Securities of any series shall no longer be
represented by a Global Security and that the provisions of this
Section 2.11 shall no longer apply to the Securities of such
series. In such event the Company will execute and, subject to
Section 2.4, the Trustee, upon receipt of an Officer’s
Certificate evidencing such determination by the Company, will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. Upon the exchange of the Global Security
for such Securities in definitive registered form without coupons,
in authorized denominations, the Global Security shall be canceled
by the Trustee. Such Securities in definitive registered form
issued in exchange for the Global Security pursuant to this Section
2.11(c) shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Securities to the
Depositary for delivery to the Persons in whose names such
Securities are so registered.

 

ARTICLE
III

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

Section
3.1 Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on
and after the dates and in accordance with the terms established
for such series pursuant to Section 2.1 hereof.

 

Section 3.2 Notice of
Redemption.

 

(a) In case the Company
shall desire to exercise such right to redeem all or, as the case
may be, a portion of the Securities of any series in accordance
with any right the Company reserved for itself to do so pursuant to
Section 2.1 hereof, the Company shall, or shall cause the Trustee
to, give notice of such redemption to holders of the Securities of
such series to be redeemed by mailing, first class postage prepaid,
a notice of such redemption not less than 30 days and not more than
90 days before the date fixed for redemption of that series to such
holders at their last addresses as they shall appear upon the
Security Register, unless a shorter period is specified in the
Securities to be redeemed. Any notice that is mailed in the manner
herein provided shall be conclusively presumed to have been duly
given, whether or not the registered holder receives the notice. In
any case, failure duly to give such notice to the holder of any
Security of any series designated for redemption in whole or in
part, or any defect in the notice, shall not affect the validity of
the proceedings for the redemption of any other Securities of such
series or any other series. In the case of any redemption of
Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in
this Indenture, the Company shall furnish the Trustee with an
Officer’s Certificate evidencing compliance with any such
restriction.

 

Each
such notice of redemption shall specify the date fixed for
redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at
the office or agency of the Company, upon presentation and
surrender of such Securities, that interest accrued to the date
fixed for redemption will be paid as specified in said notice, that
from and after said date interest will cease to accrue and that the
redemption is from a sinking fund, if such is the case. If less
than all the Securities of a series are to be redeemed, the notice
to the holders of Securities of that series to be redeemed in part
shall specify the particular Securities to be so
redeemed.

 

 

-10-

 

 

In case
any Security is to be redeemed in part only, the notice that
relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after
the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to
the unredeemed portion thereof will be issued.

 

(b) If less than all
the Securities of a series are to be redeemed, the Company shall
give the Trustee at least 45 days’ notice (unless a shorter
notice shall be satisfactory to the Trustee) in advance of the date
fixed for redemption as to the aggregate principal amount of
Securities of the series to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as it shall deem
appropriate and fair in its discretion and that may provide for the
selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal
amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by an
Officer, instruct the Trustee or any paying agent to call all or
any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this
Section, such notice to be in the name of the Company or its own
name as the Trustee or such paying agent may deem advisable. In any
case in which notice of redemption is to be given by the Trustee or
any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Security Register, transfer books
or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any
notice by mail that may be required under the provisions of this
Section.

 

Section
3.3 Payment Upon Redemption.

 

(a) If the giving of
notice of redemption shall have been completed as above provided,
the Securities or portions of Securities of the series to be
redeemed specified in such notice shall become due and payable on
the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed
for redemption and interest on such Securities or portions of
Securities shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such
redemption price and accrued interest with respect to any such
Security or portion thereof. On presentation and surrender of such
Securities on or after the date fixed for redemption at the place
of payment specified in the notice, said Securities shall be paid
and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for
redemption (but if the date fixed for redemption is an interest
payment date, the interest installment payable on such date shall
be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 2.3).

 

(b) Upon presentation
of any Security of such series that is to be redeemed in part only,
the Company shall execute and the Trustee shall authenticate and
the office or agency where the Security is presented shall deliver
to the holder thereof, at the expense of the Company, a new
Security of the same series of authorized denominations in
principal amount equal to the unredeemed portion of the Security so
presented.

 

Section
3.4 Sinking Fund.

 

The
provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any
sinking fund for the retirement of Securities of a series, except
as otherwise specified as contemplated by Section 2.1 for
Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment,” and any payment in
excess of such minimum amount provided for by the terms of
Securities of any series is herein referred to as an
“optional sinking fund payment.” If provided for by the
terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section
3.5. Each sinking fund payment shall be applied to the redemption
of Securities of any series as provided for by the terms of
Securities of such series.

 

Section
3.5 Satisfaction of Sinking Fund Payments with
Securities.

 

The
Company (i) may deliver Outstanding Securities of a series and (ii)
may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series
required to be made pursuant to the terms of such Securities as
provided for by the terms of such series, provided that such
Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at
the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.

 

Section
3.6 Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any
series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms
of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to
Section 3.5 and the basis for such credit and will, together with
such Officer’s Certificate, deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.2 and cause notice of the
redemption thereof to be given in the name of and at the expense of
the Company in the manner provided in Section 3.2. Such notice
having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Section
3.3.

 

-11-

 

 

ARTICLE
IV

COVENANTS

 

Section
4.1 Payment of Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the
principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided
herein and established with respect to such Securities. Payments of
principal on the Securities may be made at the time provided herein
and established with respect to such Securities by U.S. dollar
check drawn on and mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account
(such wire transfer to be made only to a Securityholder of an
aggregate principal amount of Securities of the applicable series
in excess of U.S. $2,000,000 and only if such Securityholder shall
have furnished wire instructions to the Trustee no later than 15
days prior to the relevant payment date). Payments of interest on
the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check
mailed to the address of the Securityholder entitled thereto as
such address shall appear in the Security Register, or U.S. dollar
wire transfer to, a U.S. dollar account (such a wire transfer to be
made only to a Securityholder of an aggregate principal amount of
Securities of the applicable series in excess of U.S. $2,000,000
and only if such Securityholder shall have furnished wire
instructions in writing to the Security Registrar and the Trustee
no later than 15 days prior to the relevant payment
date.

 

Section
4.2 Maintenance of Office or Agency.

 

So long
as any series of the Securities remain Outstanding, the Company
agrees to maintain an office or agency with respect to each such
series and at such other location or locations as may be designated
as provided in this Section 4.2, where (i) Securities of that
series may be presented for payment, (ii) Securities of that series
may be presented as herein above authorized for registration of
transfer and exchange, and (iii) notices and demands to or upon the
Company in respect of the Securities of that series and this
Indenture may be given or served, such designation to continue with
respect to such office or agency until the Company shall, by
written notice signed by any officer authorized to sign an
Officer’s Certificate and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. If at
any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all
such presentations, notices and demands. The Company initially
appoints the Corporate Trust Office of the Trustee as its paying
agent with respect to the Securities.

 

Section
4.3 Paying Agents.

 

(a) If the Company
shall appoint one or more paying agents for all or any series of
the Securities, other than the Trustee, the Company will cause each
such paying agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:

 

(i)     
that it will hold
all sums held by it as such agent for the payment of the principal
of (and premium, if any) or interest on the Securities of that
series (whether such sums have been paid to it by the Company or by
any other obligor of such Securities) in trust for the benefit of
the Persons entitled thereto;

 

(ii) that
it will give the Trustee notice of any failure by the Company (or
by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of
that series when the same shall be due and payable;

 

(iii) that
it will, at any time during the continuance of any failure referred
to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such paying agent; and

 

(iv)   
that it will perform all other duties of paying agent as set forth
in this Indenture.

 

(b) If the Company
shall act as its own paying agent with respect to any series of the
Securities, it will on or before each due date of the principal of
(and premium, if any) or interest on Securities of that series, set
aside, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay such principal (and
premium, if any) or interest so becoming due on Securities of that
series until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such
Securities) to take such action. Whenever the Company shall have
one or more paying agents for any series of Securities, it will,
prior to each due date of the principal of (and premium, if any) or
interest on any Securities of that series, deposit with the paying
agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or
interest, and (unless such paying agent is the Trustee) the Company
will promptly notify the Trustee of this action or failure so to
act.

 

(c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold
sums in trust as provided in this Section is subject to the
provisions of Section 11.5, and (ii) the Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent
to pay, to the Trustee all sums held in trust by the Company or
such paying agent, such sums to be held by the Trustee upon the
same terms and conditions as those upon which such sums were held
by the Company or such paying agent; and, upon such payment by the
Company or any paying agent to the Trustee, the Company or such
paying agent shall be released from all further liability with
respect to such money.

 

-12-

 

 

Section
4.4 Appointment to Fill Vacancy in Office of Trustee.

 

The
Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee
hereunder.

 

Section
4.5 Compliance with Consolidation Provisions.

 

The
Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell
or convey all or substantially all of its property to any other
Person unless the provisions of Article X hereof are complied
with.

 

ARTICLE
V

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section
5.1 Company to Furnish Trustee Names and Addresses of
Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a)
within 15 days after each regular record date (as defined in
Section 2.3) a list, in such form as the Trustee may reasonably
require, of the names and addresses of the holders of each series
of Securities as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such
list at any time that the list shall not differ in any respect from
the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing
within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more
than 15 days prior to the time such list is furnished; provided,
however, that, in either case, no such list need be furnished for
any series for which the Trustee shall be the Security
Registrar.

 

Section 5.2 Preservation Of Information;
Communications With Securityholders.

 

(a) The Trustee shall
preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as
provided in Section 5.1 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as
Security Registrar (if acting in such capacity).

 

(b)   The
Trustee may destroy any list furnished to it as provided in Section
5.1 upon receipt of a new list so furnished.

 

(c) Securityholders may
communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under
this Indenture or under the Securities, and, in connection with any
such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with
the provisions of Section 312(b) of the Trust Indenture
Act.

 

Section
5.3 Reports by the Company.

 

The
Company covenants and agrees to provide (which delivery may be via
electronic mail) to the Trustee, after the Company files the same
with the Securities and Exchange Commission, copies of the annual
reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Securities
and Exchange Commission may from time to time by rules and
regulations prescribe) that the Company files with the Securities
and Exchange Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; provided, however, the Company shall not be
required to deliver to the Trustee any materials for which the
Company has sought and received confidential treatment by the
Securities and Exchange Commission; and provided further, so long
as such filings by the Company are available on the Securities and
Exchange Commission’s Electronic Data Gathering, Analysis and
Retrieval System (EDGAR), such filings shall be deemed to have been
filed with the Trustee for purposes of this Section 5.3 without any
further action required by the Company.

 

Section
5.4 Reports by the Trustee.

 

(a) If required by
Section 313(a) of the Trust Indenture Act, the Trustee, within
sixty (60) days after each May 1, shall transmit by mail, first
class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register, a brief report dated
as of such May 1, which complies with Section 313(a) of the Trust
Indenture Act.

 

(b)    
The Trustee shall comply with Section 313(b) and 313(c) of the
Trust Indenture Act.

 

(c) A copy of each such
report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each securities
exchange upon which any Securities are listed (if so listed) and
also with the Securities and Exchange Commission. The Company
agrees to notify the Trustee when any Securities become listed on
any securities exchange.

 

 

-13-

 

 

ARTICLE
VI

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section
6.1 Events of Default.

 

(a) Whenever used
herein with respect to Securities of a particular series,
“Event of Default” means any one or more of the
following events that has occurred and is continuing:

 

(i) the Company
defaults in the payment of any installment of interest upon any of
the Securities of that series, as and when the same shall become
due and payable, and such default continues for a period of 90
days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any
indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;

 

(ii) the
Company defaults in the payment of the principal of (or premium, if
any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption,
by declaration or otherwise, or in any payment required by any
sinking or analogous fund established with respect to that series;
provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture
supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;

 

(iii) the
Company fails to observe or perform any other of its covenants or
agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities
pursuant to Section 2.1 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the
benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of
such failure, requiring the same to be remedied and stating that
such notice is a “Notice of Default” hereunder, shall
have been given to the Company by the Trustee, by registered or
certified mail, or to the Company and the Trustee by the holders of
at least 25% in principal amount of the Securities of that series
at the time Outstanding;

 

(iv) the
Company pursuant to or within the meaning of any Bankruptcy Law (i)
commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the
appointment of a Custodian of it or for all or substantially all of
its property or (iv) makes a general assignment for the benefit of
its creditors; or

 

(v) a court of
competent jurisdiction enters an order under any Bankruptcy Law
that (i) is for relief against the Company in an involuntary case,
(ii) appoints a Custodian of the Company for all or substantially
all of its property or (iii) orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 90
days.

 

(b) In each and every
such case (other than an Event of Default specified in clause (4)
or clause (5) above), unless the principal of all the Securities of
that series shall have already become due and payable, either the
Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder,
by notice in writing to the Company (and to the Trustee if given by
such Securityholders), may declare the principal of (and premium,
if any, on) and accrued and unpaid interest on all the Securities
of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and
payable. If an Event of Default specified in clause (4) or clause
(5) above occurs, the principal of and accrued and unpaid interest
on all the Securities of that series shall automatically be
immediately due and payable without any declaration or other act on
the part of the Trustee or the holders of the
Securities.

 

(c) At any time after
the principal of (and premium, if any, on) and accrued and unpaid
interest on the Securities of that series shall have been so
declared due and payable, and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to
pay all matured installments of interest upon all the Securities of
that series and the principal of (and premium, if any, on) any and
all Securities of that series that shall have become due otherwise
than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Securities of that
series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.6, and (ii) any and all
Events of Default under the Indenture with respect to such series,
other than the nonpayment of principal on (and premium, if any, on)
and accrued and unpaid interest on Securities of that series that
shall not have become due by their terms, shall have been remedied
or waived as provided in Section 6.6.

 

No such
rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent
thereon.

 

(d) In case the Trustee
shall have proceeded to enforce any right with respect to
Securities of that series under this Indenture and such proceedings
shall have been discontinued or abandoned because of such
rescission or annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case,
subject to any determination in such proceedings, the Company and
the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers
of the Company and the Trustee shall continue as though no such
proceedings had been taken.

 

-14-

 

 

Section
6.2 Collection of Indebtedness and Suits for Enforcement by
Trustee.

 

(a) The Company
covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Securities of a series, or in
any payment required by any sinking or analogous fund established
with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period
of 90 days, or (ii) in case it shall default in the payment of the
principal of (or premium, if any, on) any of the Securities of a
series when the same shall have become due and payable, whether
upon maturity of the Securities of a series or upon redemption or
upon declaration or otherwise then, upon demand of the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of
the Securities of that series, the whole amount that then shall
have been become due and payable on all such Securities for
principal (and premium, if any) or interest, or both, as the case
may be, with interest upon the overdue principal (and premium, if
any) and (to the extent that payment of such interest is
enforceable under applicable law) upon overdue installments of
interest at the rate per annum expressed in the Securities of that
series; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the
amount payable to the Trustee under Section 7.6.

 

(b) If the Company
shall fail to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceedings at
law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or
final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that
series and collect the moneys adjudged or decreed to be payable in
the manner provided by law or equity out of the property of the
Company or other obligor upon the Securities of that series,
wherever situated.

 

(c) In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee
shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except
as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary
or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount
due and payable by the Company under the Indenture at the date of
institution of such proceedings and for any additional amount that
may become due and payable by the Company after such date, and to
collect and receive any moneys or other property payable or
deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 7.6;
and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of
Securities of such series to make such payments to the Trustee,
and, in the event that the Trustee shall consent to the making of
such payments directly to such Securityholders, to pay to the
Trustee any amount due it under Section 7.6.

 

(d) All rights of
action and of asserting claims under this Indenture, or under any
of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of
such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall,
after provision for payment to the Trustee of any amounts due under
Section 7.6, be for the ratable benefit of the holders of the
Securities of such series.

 

In case
of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement
contained in the Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by
law.

 

Nothing
contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities of that series or the
rights of any holder thereof or to authorize the Trustee to vote in
respect of the claim of any Securityholder in any such
proceeding.

 

Section
6.3 Application of Moneys Collected.

 

Any
moneys collected by the Trustee pursuant to this Article with
respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the
Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully
paid:

 

FIRST:
To the payment of reasonable costs and expenses of collection and
of all amounts payable to the Trustee under Section
7.6;

 

SECOND:
To the payment of the amounts then due and unpaid upon Securities
of such series for principal (and premium, if any)
and
interest, in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority
of any kind, according to
the amounts due and payable on such Securities for principal (and
premium, if any) and interest, respectively; and

 

THIRD:
To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto.

 

 

-15-

 

 

Section
6.4 Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue
or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless (i) such
holder previously shall have given to the Trustee written notice of
an Event of Default and of the continuance thereof with respect to
the Securities of such series specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Securities of such series then
Outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as
Trustee hereunder; (iii) such holder or holders shall have offered
to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or
thereby; (iv) the Trustee for 90 days after its receipt of such
notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such
90 day period, the holders of a majority in principal amount of the
Securities of that series do not give the Trustee a direction
inconsistent with the request.

 

Notwithstanding
anything contained herein to the contrary or any other provisions
of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of
redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates
or redemption date, shall not be impaired or affected without the
consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and
holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of
Securities of such series shall have any right in any manner
whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders
of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce
any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all
holders of Securities of such series. For the protection and
enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.

 

Section
6.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver.

 

(a) Except as otherwise
provided in Section 2.7, all powers and remedies given by this
Article to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of
any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to
enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established
with respect to such Securities.

 

(b) No delay or
omission of the Trustee or of any holder of any of the Securities
to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right
or power, or shall be construed to be a waiver of any such default
or an acquiescence therein; and, subject to the provisions of
Section 6.4, every power and remedy given by this Article or by law
to the Trustee or the Securityholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or
by the Securityholders.

 

Section
6.6 Control by Securityholders.

 

The
holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in
accordance with Section 8.4, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule
of law or with this Indenture. Subject to the provisions of Section
7.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible
Officer or officers of the Trustee, determine that the proceeding
so directed, subject to the Trustee’s duties under the Trust
Indenture Act, would involve the Trustee in personal liability or
might be unduly prejudicial to the Securityholders not involved in
the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding
affected thereby, determined in accordance with Section 8.4, may on
behalf of the holders of all of the Securities of such series waive
any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.1 with
respect to such series and its consequences, except a default in
the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall
become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and
principal and any premium has been deposited with the Trustee (in
accordance with Section 6.1(c)). Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of
this Indenture and the Company, the Trustee and the holders of the
Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right
consequent thereon.

 

Section
6.7 Undertaking to Pay Costs.

 

All
parties to this Indenture agree, and each holder of any Securities
by such holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by
it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any
Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this
Indenture.

 

 

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ARTICLE
VII

CONCERNING
THE TRUSTEE

 

Section 7.1 Certain Duties and Responsibilities
of Trustee.

 

(a) The Trustee, prior
to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing of all Events of
Default with respect to the Securities of that series that may have
occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of
Default with respect to the Securities of a series has occurred
(that has not been cured or waived), the Trustee shall exercise
with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own
affairs.

 

(b) No provision of
this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:

 

(1) prior to the
occurrence of an Event of Default with respect to the Securities of
a series and after the curing or waiving of all such Events of
Default with respect to that series that may have occurred: (A) the
duties and obligations of the Trustee shall with respect to the
Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the
performance of such duties and obligations as are specifically set
forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and (B) in
the absence of bad faith on the part of the Trustee, the Trustee
may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the
requirements of this Indenture;

 

(2) the Trustee shall
not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;

 

(3) the Trustee shall
not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the
holders of not less than a majority in principal amount of the
Securities of any series at the time Outstanding relating to the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred upon the Trustee under this Indenture with respect to the
Securities of that series; and

 

(4) none of the
provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the
exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability
is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured
to it.

 

Section
7.2 Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.1:

 

(a) The Trustee may
rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security
or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or
parties;

 

(b) Any request,
direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized officer of the
Company (unless other evidence in respect thereof is specifically
prescribed herein);

 

(c) The Trustee may
consult with counsel and the written advice of such counsel or, if
requested, any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or
suffered or omitted hereunder in good faith and in reliance
thereon;

 

(d) The Trustee shall
be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the
Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived),
to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the
same degree of care and skill in their exercise, as a prudent man
would exercise or use under the circumstances in the conduct of his
own affairs;

 

(e) The Trustee shall
not be liable for any action taken or omitted to be taken by it in
good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this
Indenture;

 

 

-17-

 

 

(f) The Trustee shall
not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond,
security, or other papers or documents, unless requested in writing
so to do by the holders of not less than a majority in principal
amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.4); provided,
however, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security
afforded to it by the terms of this Indenture, the Trustee may
require reasonable indemnity against such costs, expenses or
liabilities as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Company or, if paid
by the Trustee, shall be repaid by the Company upon demand;
and

 

(g) The Trustee may
execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and
the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due
care by it hereunder.

 

In
addition, the Trustee shall not be deemed to have knowledge of any
Default or Event of Default except (1) any Event of Default
occurring pursuant to Sections 6.1(a)(i) and 6.1(a)(ii) or (2) any
Default or Event of Default of which the Trustee shall have
received written notification in the manner set forth in this
Indenture or a Responsible Officer of the Trustee shall have
obtained actual knowledge. Delivery of reports, information and
documents to the Trustee under Section 5.3 is for informational
purposes only and the information and the Trustee’s receipt
of the foregoing shall not constitute constructive notice of any
information contained therein, or determinable from information
contained therein including the Company’s compliance with any
of their covenants thereunder (as to which the Trustee is entitled
to rely exclusively on an Officer’s
Certificate).

 

Section
7.3 Trustee Not Responsible for Recitals or Issuance or
Securities.

 

(a) The recitals
contained herein and in the Securities shall be taken as the
statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.

 

(b)    
The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities.

 

(c) The Trustee shall
not be accountable for the use or application by the Company of any
of the Securities or of the proceeds of such Securities, or for the
use or application of any moneys paid over by the Trustee in
accordance with any provision of this Indenture or established
pursuant to Section 2.1, or for the use or application of any
moneys received by any paying agent other than the
Trustee.

 

Section
7.4 May Hold Securities.

 

The
Trustee or any paying agent or Security Registrar, in its
individual or any other capacity, may become the owner or pledgee
of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.

 

Section
7.5 Moneys Held in Trust.

 

Subject
to the provisions of Section 11.5, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not
be segregated from other funds except to the extent required by
law. The Trustee shall be under no liability for interest on any
moneys received by it hereunder except such as it may agree with
the Company to pay thereon.

 

Section
7.6 Compensation and Reimbursement.

 

(a) The Company
covenants and agrees to pay to the Trustee, and the Trustee shall
be entitled to, such reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a
trustee of an express trust) as the Company and the Trustee may
from time to time agree in writing, for all services rendered by it
in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the
Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly
in its employ), except any such expense, disbursement or advance as
may arise from its negligence or bad faith and except as the
Company and Trustee may from time to time agree in writing. The
Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in
connection with the acceptance or administration of this trust,
including the reasonable costs and expenses of defending itself
against any claim of liability in the premises.

 

(b) The obligations of
the Company under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute additional
indebtedness hereunder. Such additional indebtedness shall be
secured by a lien prior to that of the Securities upon all property
and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of the holders of particular
Securities.

 

-18-

 

 

Section
7.7 Reliance on Officer’s Certificate.

 

Except
as otherwise provided in Section 7.1, whenever in the
administration of the provisions of this Indenture the Trustee
shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to
take any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an
Officer’s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions
of this Indenture upon the faith thereof.

 

Section
7.8 Disqualification; Conflicting Interests.

 

If the
Trustee has or shall acquire any “conflicting interest”
within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture
Act.

 

Section
7.9 Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities
issued hereunder which shall at all times be a corporation
organized and doing business under the laws of the United States of
America or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as
trustee by the Securities and Exchange Commission, authorized under
such laws to exercise corporate trust powers, having a combined
capital and surplus of at least fifty million U.S. dollars
($50,000,000), and subject to supervision or examination by
federal, state, territorial, or District of Columbia
authority.

 

If such
corporation or other Person publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation or
other Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published.
The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the
Company, serve as Trustee. In case at any time the Trustee shall
cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and
with the effect specified in Section 7.10.

 

Section
7.10 Resignation and Removal; Appointment of
Successor.

 

(a) The Trustee or any
successor hereafter appointed may at any time resign with respect
to the Securities of one or more series by giving written notice
thereof to the Company and by transmitting notice of resignation by
mail, first class postage prepaid, to the Securityholders of such
series, as their names and addresses appear upon the Security
Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to
Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the
mailing of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of
a successor trustee with respect to Securities of such series, or
any Securityholder of that series who has been a bona fide holder
of a Security or Securities for at least six months may on behalf
of himself and all others similarly situated, petition any such
court for the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee.

 

(b)    
In case at any time any one of the following shall
occur:

 

(1) the Trustee shall
fail to comply with the provisions of Section 7.8 after written
request therefor by the Company or by any Securityholder who has
been a bona fide holder of a Security or Securities for at least
six months; or

 

(2) the Trustee shall
cease to be eligible in accordance with the provisions of Section
7.9 and shall fail to resign after written request therefor by the
Company or by any such Securityholder; or

 

(3) the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or
consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; then, in any such
case, the Company may remove the Trustee with respect to all
Securities and appoint a successor trustee by written instrument,
in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or any Securityholder who
has been a bona fide holder of a Security or Securities for at
least six months may, on behalf of that holder and all others
similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a
successor trustee.

 

(c) The holders of a
majority in aggregate principal amount of the Securities of any
series at the time Outstanding may at any time remove the Trustee
with respect to such series by so notifying the Trustee and the
Company and may appoint a successor Trustee for such series with
the consent of the Company.

 

(d) Any resignation or
removal of the Trustee and appointment of a successor trustee with
respect to the Securities of a series pursuant to any of the
provisions of this Section shall become effective upon acceptance
of appointment by the successor trustee as provided in Section
7.11.

 

(e) Any successor
trustee appointed pursuant to this Section may be appointed with
respect to the Securities of one or more series or all of such
series, and at any time there shall be only one Trustee with
respect to the Securities of any particular series.

 

 

-19-

 

 

Section
7.11 Acceptance of Appointment By Successor.

 

(a) In case of the
appointment hereunder of a successor trustee with respect to all
Securities, every such successor trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become
effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of
the Company or the successor trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument
transferring to such successor trustee all the rights, powers, and
trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor trustee all property and money held by
such retiring Trustee hereunder.

 

(b) In case of the
appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the
Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates, (ii) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (iii) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees
of the same trust, that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such
successor trustee relates have no further responsibility for the
exercise of rights and powers or for the performance of the duties
and obligations vested in the Trustee under this Indenture, and
each such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates; but, on request of the Company or any successor
trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by
such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor trustee
relates.

 

(c) Upon request of any
such successor trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts
referred to in paragraph (a) or (b) of this Section, as the case
may be.

 

(d) No successor
trustee shall accept its appointment unless at the time of such
acceptance such successor trustee shall be qualified and eligible
under this Article.

 

(e) Upon acceptance of
appointment by a successor trustee as provided in this Section, the
Company shall transmit notice of the succession of such trustee
hereunder by mail, first class postage prepaid, to the
Securityholders, as their names and addresses appear upon the
Security Register. If the Company fails to transmit such notice
within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

 

Section
7.12 Merger, Conversion, Consolidation or Succession to
Business.

 

Any
corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to the corporate
trust business of the Trustee, including the administration of the
trust created by this Indenture, shall be the successor of the
Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.8 and eligible under
the provisions of Section 7.9, without the execution or filing of
any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. In case
any Securities shall have been authenticated, but not delivered, by
the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated
such Securities.

 

Section
7.13 Preferential Collection of Claims Against the
Company.

 

The
Trustee shall comply with Section 311(a) of the Trust Indenture
Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or
been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.

 

Section
7.14 Notice of Default

 

If any
Default or any Event of Default occurs and is continuing and if
such Default or Event of Default is known to a Responsible Officer
of the Trustee, the Trustee shall mail to each Securityholder in
the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act notice of the Default or Event of Default
within the earlier of 90 days after it occurs and 30 days after it
is known to a Responsible Officer of the Trustee or written notice
of it is received by the Trustee, unless such Default or Event of
Default has been cured; provided, however, that, except in the case
of a default in the payment of the principal of (or premium, if
any) or interest on any Security, the Trustee shall be protected in
withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that
the withholding of such notice is in the interest of the
Securityholders.

 

 

-20-

 

 

ARTICLE
VIII

CONCERNING
THE SECURITYHOLDERS

 

Section 8.1 Evidence of Action by
Securityholders.

 

Whenever in this
Indenture it is provided that the holders of a majority or
specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including
the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that
at the time of taking any such action the holders of such majority
or specified percentage of that series have joined therein may be
evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in
person or by agent or proxy appointed in writing.

 

If the
Company shall solicit from the Securityholders of any series any
request, demand, authorization, direction, notice, consent, waiver
or other action, the Company may, at its option, as evidenced by an
Officer’s Certificate, fix in advance a record date for such
series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent,
waiver or other action, but the Company shall have no obligation to
do so. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other action
may be given before or after the record date, but only the
Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or
consented to such request, demand, authorization, direction,
notice, consent, waiver or other action, and for that purpose the
Outstanding Securities of that series shall be computed as of the
record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date
shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after
the record date.

 

Section
8.2 Proof of Execution by Securityholders.

 

Subject
to the provisions of Section 7.1, proof of the execution of any
instrument by a Securityholder (such proof will not require
notarization) or his agent or proxy and proof of the holding by any
Person of any of the Securities shall be sufficient if made in the
following manner:

 

(a) The fact and date
of the execution by any such Person of any instrument may be proved
in any reasonable manner acceptable to the Trustee.

 

(b) The ownership of
Securities shall be proved by the Security Register of such
Securities or by a certificate of the Security Registrar
thereof.

 

The
Trustee may require such additional proof of any matter referred to
in this Section as it shall deem necessary.

 

Section
8.3 Who May be Deemed Owners.

 

Prior
to the due presentment for registration of transfer of any
Security, the Company, the Trustee, any paying agent and any
Security Registrar may deem and treat the Person in whose name such
Security shall be registered upon the books of the Company as the
absolute owner of such Security (whether or not such Security shall
be overdue and notwithstanding any notice of ownership or writing
thereon made by anyone other than the Security Registrar) for the
purpose of receiving payment of or on account of the principal of,
premium, if any, and (subject to Section 2.3) interest on such
Security and for all other purposes; and neither the Company nor
the Trustee nor any paying agent nor any Security Registrar shall
be affected by any notice to the contrary.

 

Section
8.4 Certain Securities Owned by Company Disregarded.

 

In
determining whether the holders of the requisite aggregate
principal amount of Securities of a particular series have
concurred in any direction, consent or waiver under this Indenture,
the Securities of that series that are owned by the Company or any
other obligor on the Securities of that series or by any Person
directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of
that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities
of such series that the Trustee actually knows are so owned shall
be so disregarded. The Securities so owned that have been pledged
in good faith may be regarded as Outstanding for the purposes of
this Section, if the pledgee shall establish to the satisfaction of
the Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. In case
of a dispute as to such right, any decision by the Trustee taken
upon the advice of counsel shall be full protection to the
Trustee.

 

Section
8.5 Actions Binding on Future Securityholders.

 

At any
time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.1, of the taking of any action by the holders
of the majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in
connection with such action, any holder of a Security of that
series that is shown by the evidence to be included in the
Securities the holders of which have consented to such action may,
by filing written notice with the Trustee, and upon proof of
holding as provided in Section 8.2, revoke such action so far as
concerns such Security. Except as aforesaid any such action taken
by the holder of any Security shall be conclusive and binding upon
such holder and upon all future holders and owners of such
Security, and of any Security issued in exchange therefor, on
registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such
Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a
particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the
Trustee and the holders of all the Securities of that
series.

 

 

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ARTICLE
IX

SUPPLEMENTAL
INDENTURES

 

Section 9.1 Supplemental Indentures Without the
Consent of Securityholders .

 

In
addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect), without the consent of the Securityholders, for
one or more of the following purposes:

 

(a) to cure any
ambiguity, defect, or inconsistency herein or in the Securities of
any series;

 

(b)    to
comply with Article X;

 

(c) to provide for
uncertificated Securities in addition to or in place of
certificated Securities;

 

(d) to add to the
covenants, restrictions, conditions or provisions relating to the
Company for the benefit of the holders of all or any series of
Securities (and if such covenants, restrictions, conditions or
provisions are to be for the benefit of less than all series of
Securities, stating that such covenants, restrictions, conditions
or provisions are expressly being included solely for the benefit
of such series), to make the occurrence, or the occurrence and the
continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default, or to
surrender any right or power herein conferred upon the
Company;

 

(e) to add to, delete
from, or revise the conditions, limitations, and restrictions on
the authorized amount, terms, or purposes of issue, authentication,
and delivery of Securities, as herein set forth;

 

(f)    
to make any change that does not adversely affect the rights of any
Securityholder in any material respect;

 

(g) to provide for the
issuance of and establish the form and terms and conditions of the
Securities of any series as provided in Section 2.1, to establish
the form of any certifications required to be furnished pursuant to
the terms of this Indenture or any series of Securities, or to add
to the rights of the holders of any series of
Securities;

 

(h)   
to evidence and provide for the acceptance of appointment hereunder
by a successor trustee; or

 

(i) to comply with any
requirements of the Securities and Exchange Commission or any
successor in connection with the qualification of this Indenture
under the Trust Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or
otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section
may be executed by the Company and the Trustee without the consent
of the holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 9.2.

 

Section
9.2 Supplemental Indentures With Consent of
Securityholders.

 

With
the consent (evidenced as provided in Section 8.1) of the holders
of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture
or indentures at the time Outstanding, the Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any
manner not covered by Section 9.1 the rights of the holders of the
Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of
the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, or
reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium
payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to
consent to any such supplemental indenture.

 

It
shall not be necessary for the consent of the Securityholders of
any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance
thereof.

 

 

-22-

 

 

Section
9.3 Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the
provisions of this Article or of Section 10.1, this Indenture
shall, with respect to such series, be and be deemed to be modified
and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be
determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for
any and all purposes.

 

Section
9.4 Securities Affected by Supplemental Indentures.

 

Securities of any
series affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.1, may
bear a notation in form approved by the Company, provided such form
meets the requirements of any securities exchange upon which such
series may be listed, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new
Securities of that series so modified as to conform, in the opinion
of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for
the Securities of that series then Outstanding.

 

Section
9.5 Execution of Supplemental Indentures.

 

Upon
the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of
Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its
discretion but shall not be obligated to enter into such
supplemental indenture. The Trustee, subject to the provisions of
Section 7.1, may receive an Officer’s Certificate or, if
requested, an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article is
authorized or permitted by, and conforms to, the terms of this
Article and that it is proper for the Trustee under the provisions
of this Article to join in the execution thereof; provided,
however, that such Officer’s Certificate or Opinion of
Counsel need not be provided in connection with the execution of a
supplemental indenture that establishes the terms of a series of
Securities pursuant to Section 2.1 hereof.

 

Promptly after the
execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice,
setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as
their names and addresses appear upon the Security Register. Any
failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

 

ARTICLE
X

SUCCESSOR
ENTITY

 

Section 10.1 Company May Consolidate,
Etc.

 

Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution,
and set forth in an Officer’s Certificate, or established in
one or more indentures supplemental to this Indenture, nothing
contained in this Indenture shall prevent any consolidation or
merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or
mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance,
transfer or other disposition of the property of the Company or its
successor or successors as an entirety, or substantially as an
entirety, to any other corporation (whether or not affiliated with
the Company or its successor or successors) authorized to acquire
and operate the same; provided, however, (a) the Company hereby
covenants and agrees that, upon any such consolidation or merger
(in each case, if the Company is not the survivor of such
transaction), sale, conveyance, transfer or other disposition, the
due and punctual payment of the principal of (premium, if any) and
interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and
punctual performance and observance of all the covenants and
conditions of this Indenture with respect to each series or
established with respect to such series pursuant to Section 2.1 to
be kept or performed by the Company shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of
the Trust Indenture Act, as then in effect) reasonably satisfactory
in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company
shall have been merged, or by the entity which shall have acquired
such property and (b) in the event that the Securities of any
series then Outstanding are convertible into or exchangeable for
shares of common stock or other securities of the Company, such
entity shall, by such supplemental indenture, make provision so
that the Securityholders of Securities of that series shall
thereafter be entitled to receive upon conversion or exchange of
such Securities the number of securities or property to which a
holder of the number of shares of common stock or other securities
of the Company deliverable upon conversion or exchange of those
Securities would have been entitled had such conversion or exchange
occurred immediately prior to such consolidation, merger, sale,
conveyance, transfer or other disposition.

 

 

-23-

 

 

Section
10.2 Successor Entity Substituted.

 

(a) In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the obligations set forth
under Section 10.1 on all of the Securities of all series
Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been
named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

(b) In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in
substance) may be made in the Securities thereafter to be issued as
may be appropriate.

 

(c) Nothing contained
in this Article shall require any action by the Company in the case
of a consolidation or merger of any Person into the Company where
the Company is the survivor of such transaction, or the acquisition
by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the
Company).

 

Section
10.3 Evidence of Consolidation, Etc.

 

The
Trustee, subject to the provisions of Section 7.1, may receive an
Officer’s Certificate and, if requested, an Opinion of
Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or other disposition, and any such
assumption, comply with the provisions of this
Article.

 

ARTICLE
XI

SATISFACTION
AND DISCHARGE

 

Section 11.1 Satisfaction and Discharge of
Indenture.

 

If at
any time: (a) the Company shall have delivered to the Trustee for
cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any
Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.7 and
Securities for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust
by the Company and thereupon repaid to the Company or discharged
from such trust, as provided in Section 11.5); or (b) all such
Securities of a particular series not theretofore delivered to the
Trustee for cancellation shall have become due and payable, or are
by their terms to become due and payable within one year or are to
be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of
a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the
Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series
except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3
and 7.10, that shall survive until the date of maturity or
redemption date, as the case may be, and Sections 7.6 and 11.5,
that shall survive to such date and thereafter, and the Trustee, on
demand of the Company and at the cost and expense of the Company
shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such
series.

 

Section
11.2 Discharge of Obligations.

 

If at
any time all such Securities of a particular series not heretofore
delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 11.1 shall have been paid
by the Company by depositing irrevocably with the Trustee as trust
funds moneys or an amount of Governmental Obligations sufficient to
pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to
become due to such date of maturity or date fixed for redemption,
as the case may be, and if the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company with
respect to such series, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with
the Trustee the obligations of the Company under this Indenture
with respect to such series shall cease to be of further effect
except for the provisions of Sections 2.3, 2.5, 2.7, 4,01, 4.2,
4,03, 7.6, 7.10 and 11.5 hereof that shall survive until such
Securities shall mature and be paid.

 

Thereafter,
Sections 7.6 and 11.5 shall survive.

 

Section
11.3 Deposited Moneys to be Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee
pursuant to Sections 11.1 or 11.2 shall be held in trust and shall
be available for payment as due, either directly or through any
paying agent (including the Company acting as its own paying
agent), to the holders of the particular series of Securities for
the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Trustee.

 

-24-

 

 

Section
11.4 Payment of Moneys Held by Paying Agents.

 

In
connection with the satisfaction and discharge of this Indenture
all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of
the Company, be paid to the Trustee and thereupon such paying agent
shall be released from all further liability with respect to such
moneys or Governmental Obligations.

 

Section
11.5 Repayment to Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities
of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the
date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable,
or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company
on May 31 of each year or upon the Company’s request or (if
then held by the Company) shall be discharged from such trust; and
thereupon the paying agent and the Trustee shall be released from
all further liability with respect to such moneys or Governmental
Obligations, and the holder of any of the Securities entitled to
receive such payment shall thereafter, as a general creditor, look
only to the Company for the payment thereof.

 

 

ARTICLE
XII

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.1 No Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of
this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or
future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of
any predecessor or successor corporation, or any of them, because
of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom;
and that any and all such personal liability of every name and
nature, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every
such incorporator, stockholder, officer or director as such,
because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied
therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and
the issuance of such Securities.

 

 

ARTICLE
XIII

MISCELLANEOUS
PROVISIONS

 

Section 13.1 Effect on Successors and
Assigns.

 

All the
covenants, stipulations, promises and agreements in this Indenture
made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not.

 

Section 13.2 Actions by
Successor.

 

Any act
or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force
and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the
Company.

 

Section
13.3 Surrender of Company Powers.

 

The
Company by instrument in writing executed by authority of its Board
of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so
surrendered shall terminate both as to the Company and as to any
successor corporation.

 

Section
13.4 Notices.

 

Except
as otherwise expressly provided herein, any notice, request or
demand that by any provision of this Indenture is required or
permitted to be given, made or served by the Trustee or by the
holders of Securities or by any other Person pursuant to this
Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the
Trustee), as follows:

 

Any
notice, election, request or demand by the Company or any
Securityholder or by any other Person pursuant to this Indenture to
or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Trustee.

 

-25-

 

 

Section
13.5 Governing Law.

 

This
Indenture and each Security shall be deemed to be a contract made
under the internal laws of the State of Delaware, and for all
purposes shall be construed in accordance with the laws of said
State, except to the extent that the Trust Indenture Act is
applicable.

 

Section
13.6 Treatment of Securities as Debt.

 

It is
intended that the Securities will be treated as indebtedness and
not as equity for federal income tax purposes. The provisions of
this Indenture shall be interpreted to further this
intention.

 

Section
13.7 Certificates and Opinions as to Conditions
Precedent.

 

(a) Upon any
application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating
that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12)
relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to
which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular
application or demand, no additional certificate or opinion need be
furnished.

 

(b) Each certificate or
opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this
Indenture shall include (i) a statement that the Person making such
certificate or opinion has read such covenant or condition; (ii) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based; (iii) a statement that, in
the opinion of such Person, he has made such examination or
investigation as is reasonably necessary to enable him to express
an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement as to whether or not,
in the opinion of such Person, such condition or covenant has been
complied with.

 

Section
13.8 Payments on Business Days.

 

Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution,
and set forth in an Officer’s Certificate, or established in
one or more indentures supplemental to this Indenture, in any case
where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business
Day, then payment of interest or principal (and premium, if any)
may be made on the next succeeding Business Day with the same force
and effect as if made on the nominal date of maturity or
redemption, and no interest shall accrue for the period after such
nominal date.

 

Section
13.9 Conflict with Trust Indenture Act.

 

If and
to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

 

Section
13.10 Counterparts.

 

This
Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

 

Section
13.11 Separability.

 

In case
any one or more of the provisions contained in this Indenture or in
the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities, but this
Indenture and such Securities shall be construed as if such invalid
or illegal or unenforceable provision had never been contained
herein or therein.

 

-26-

 

 

Section
13.12 Compliance Certificates.

 

The
Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year during which any Securities of any series were
outstanding, an officer’s certificate stating whether or not
the signers know of any Default or Event of Default that occurred
during such fiscal year. Such certificate shall contain a
certification from the principal executive officer, principal
financial officer or principal accounting officer of the Company
that a review has been conducted of the activities of the Company
and the Company’s performance under this Indenture and that
the Company has complied with all conditions and covenants under
this Indenture. For purposes of this Section 13.12, such compliance
shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture. If the officer
of the Company signing such certificate has knowledge of such a
Default or Event of Default, the certificate shall describe any
such Default or Event of Default and its status.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed all as of the day and year first
above

 

written.

 

	
 

	

ISSUER
DIRECT CORPORATION

 

 

 

By:
__________________________________
       
                                                                       

Name: 

Title:

 

 

[TRUSTEE],
as Trustee

 

 

By:
__________________________________
       
                                                                       

Name:

Title:

 

 

 

 

 

 

-27-

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