AGREEMENT BETWEEN NOTEHOLDERS Dated as of October 9, 2025, by and between GOLDMAN SACHS BANK USA (Initial Note A-1 Holder) and GOLDMAN SACHS BANK USA (Initial Note A-2 Holder) ESA PortfolioAgreement Between Noteholders • November 10th, 2025 • BBCMS Mortgage Trust 2025-5c38 • Asset-backed securities • New York
Contract Type FiledNovember 10th, 2025 Company Industry JurisdictionTHIS AGREEMENT BETWEEN NOTEHOLDERS, dated as of October 9, 2025 by and between GOLDMAN SACHS BANK USA (together with its successors and assigns in interest, “GSBI”), a New York state-chartered bank (in its capacity as initial owner of Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”) and GSBI, a New York state-chartered bank (in its capacity as initial owner of Note A-2, the “Initial Note A-2 Holder” and, together with the Initial Note A-1 Holder, the “Initial Noteholders”).
AGREEMENT BETWEEN NOTEHOLDERS Dated as of October 24, 2025, by and betweenAgreement Between Noteholders • November 10th, 2025 • BBCMS Mortgage Trust 2025-5c38 • Asset-backed securities • New York
Contract Type FiledNovember 10th, 2025 Company Industry JurisdictionTHIS AGREEMENT BETWEEN NOTEHOLDERS, dated as of October 24, 2025 by and between GOLDMAN SACHS BANK USA (together with its successors and assigns in interest, “GSBI”), a New York state-chartered bank (in its capacity as initial owner of Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”) and GSBI, a New York state-chartered bank (in its capacity as initial owner of Note A-2, the “Initial Note A-2 Holder” and, together with the Initial Note A-1 Holder, the “Initial Noteholders”).
AGREEMENT BETWEEN NOTEHOLDERS Dated as of October 9, 2025, by and between GOLDMAN SACHS BANK USA (Initial Note A-1 Holder) and GOLDMAN SACHS BANK USA (Initial Note A-2 Holder)Agreement Between Noteholders • November 10th, 2025 • BBCMS Mortgage Trust 2025-5c38 • Asset-backed securities • New York
Contract Type FiledNovember 10th, 2025 Company Industry JurisdictionTHIS AGREEMENT BETWEEN NOTEHOLDERS, dated as of October 9, 2025 by and between GOLDMAN SACHS BANK USA (together with its successors and assigns in interest, “GSBI”), a New York state-chartered bank (in its capacity as initial owner of Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”) and GSBI, a New York state-chartered bank (in its capacity as initial owner of Note A-2, the “Initial Note A-2 Holder” and, together with the Initial Note A-1 Holder, the “Initial Noteholders”).