Agency for Perfection. Each Lender hereby appoints Administrative Agent and each other Lender as agent and bailee for the purpose of perfecting the security interests in and liens upon the Collateral of Administrative Agent in assets which, in accordance with Article 9 of the UCC can be perfected only by possession (or where the security interest of a secured party with possession has priority over the security interest of another secured party) and Administrative Agent and each Lender hereby acknowledges that it holds possession of any such Collateral for the benefit of Administrative Agent as secured party. Should any Lender obtain possession of any such Collateral, such Lender shall notify Administrative Agent thereof, and, promptly upon Administrative Agent’s request therefor shall deliver such Collateral to Administrative Agent or in accordance with Administrative Agent’s instructions.

Agency for Perfection. Agent hereby appoints each other Lender (and each Bank Product Provider) as its agent (and each Lender hereby accepts (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to accept) such appointment) for the purpose of perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable, of the Code, or in accordance with the PPSA, can be perfected by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions.

Agency Approvals; Servicing. To the extent previously approved, [[Organization C:Organization]] shall maintain all Agency Approvals and in each case shall remain in good standing with respect to such Agency Approvals. Should [[Organization C:Organization]], for any reason, cease to possess all such applicable Agency Approvals to the extent necessary, should [[Organization C:Organization]] experience any change in its delegated underwriting authority from any Agency, or should notification of an adverse occurrence to the relevant Agency or to HUD, FHA, VA or RD be required, [[Organization C:Organization]] shall so notify [[Organization B:Organization]] immediately in writing. Notwithstanding the preceding sentence and to the extent previously approved, [[Organization C:Organization]] shall take all necessary action to maintain all of its applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. [[Organization C:Organization]] shall maintain adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices.

Administrative Agency Fee. The Company shall pay to the Administrative Agent for the Administrative Agent’s own account an agency fee and other sums in the amount and at the times set forth in the Fee Letter with [[Administrative Agent:Organization]] and BofA Securities.

Each Borrower hereby irrevocably designates Borrowing [[Organization B:Organization]] to be its attorney and [[Organization B:Organization]] and in such capacity to borrow, sign and endorse notes, and execute and deliver all instruments, documents, writings and further assurances now or hereafter required hereunder, on behalf of such Borrower or [[Organization A:Organization]], and hereby authorizes [[Organization B:Organization]] to pay over or credit all loan proceeds hereunder in accordance with the request of Borrowing [[Organization B:Organization]].

Agency Relationship Only. The relationship of the Master Servicer (and of any successor to the Master Servicer as servicer under this Master Agreement) to the Participant under this Master Agreement is intended by the parties to be that of an independent contractor and not that of a joint venture, partner or agent.

. “EMA” means the European Medicine Agency, a decentralized agency of the European Union and any successor agency having substantially the same functions.

“Agency Security Issuance Failure” shall mean the failure of an Agency to cause the Delivery of an Agency Security in accordance with a Takeout Commitment.

“EMA” means the European Medicines Agency or any successor agency thereto.

“EPA” means the United States Environmental Protection Agency or any successor agency thereto.