**Exhibit 10.73**

**NOTEHOLDERS’ AGREEMENT**

**(Mezzanine Loan)**

**Dated as of March 23, 2007**

**byand among**

**COLUMN FINANCIAL, INC.**

**as**

**Original Lender,**

**CPIM STRUCTURED CREDIT FUND 1500 L.P.**

**as Initial Note A-1 Holder,**

**CPIM STRUCTURED CREDIT FUND 1000 L.P.**

**as Initial Note A-2 Holder,**

**CPIM STRUCTURED CREDIT FUND 20 L.P.**

**as Initial Note A-3 Holder,**

**KBSPARK CENTRAL, LLC**

**as Initial Note A-4 Holder,**

**and**

**LaSalle Bank National Association**

**as**

**Collateral Agent and Custodian,**

Mezzanine Loan 

Park Central Hotel 

New York, New York 

**Table of Contents**

 
      **Page****Section 1.**  Definitions.  2**Section 2.**  Purchase of Mezzanine Notes.  11**Section 3.**  Payments.  12**Section 4.**  Mortgage Loan Cure Rights and Protective Advances.  13**Section 5.**  Purchase of Mortgage Loan or Mezzanine Loan.  15**Section 6.**  Servicer; Administration of the Mezzanine Loan.  15**Section 7.**  Payment Procedure.  18**Section 8.**  Limitation on Liability of the Collateral Agent and Each Holder.  19**Section 9.**  Mezzanine Borrower Affiliate Holder.  19**Section 10.**  Obligations Not Joint.  19**Section 11.**  Foreclosure Procedure.  20**Section 12.**  Representations of Initial Holders.  20**Section 13.**  Representations of the Original Lender.  20**Section 14.**  Independent Analysis of Each Holder.  21**Section 15.**  No Creation of a Partnership or Exclusive Purchase Right.  21**Section 16.**  Not a Security.  22**Section 17.**  Transfers of Mezzanine Notes.  22**Section 18.**  Financing of Purchase of Mezzanine Notes.  25**Section 19.**  Other Business Activities of the Collateral Agent and Each Holder.  25**Section 20.**  Exercise of Remedies.  26**Section 21.**  Custodian and Collateral Agent.  26**Section 22.**  No Pledge or Loan.  31**Section 23.**  Governing Law; Waiver of Jury Trial.  31**Section 24.**  Modifications.  31**Section 25.**  Successors and Assigns; Third Party Beneficiaries.  31**Section 26.**  Counterparts; Facsimile Execution.  31**Section 27.**  Captions.  31**Section 28.**  Notices.  31**Section 29.**  Withholding Taxes.  31**Section 30.**  Characterization  33
 

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THIS NOTEHOLDERS’ AGREEMENT (this “Agreement”), dated as of March 23, 2007, byand among Column Financial, Inc., a Delaware corporation having an address at 11 Madison Avenue, New York, New York 10010 (“Column”, or “Original Lender”) as seller, CPIM Structured Credit Fund1500 L.P., a Cayman Master Limited Partnership, as initial Note A-1 Holder (in such capacity, the “Initial Note A-1 Holder”), CPIM Structured Credit Fund 1000 L.P., a Cayman Master Limited Partnership, as initial Note A-2 Holder (insuch capacity, the “Initial Note A-2 Holder”), and CPIM Structured Credit Fund 20 L.P. a Cayman Master Limited Partnership as Initial Note A-3 Holder (in such capacity, the “Initial Note A-3 Holder”), and KBS ParkCentral, LLC, a Delaware limited liability company, as Initial Note A-4 Holder (in such capacity, the “Initial Note A-4 Holder”) and LaSalle Bank National Association (“LaSalle”) as Collateral Agent and Custodian.Each of the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 and the Initial A-4 Holder is individually referred to herein as an “Initial Holder” and are collectively referred to herein as the“Initial Holders”. 

W I T N E S S E T H: 

WHEREAS, Column made a certain mortgage loan in the original principal amount of Four Hundred Three Million and No/100 Dollars ($403,000,000.00)(the“Mortgage Loan”) to PARK CENTRAL HOTEL (DE) LLC, a Delaware limited liability company, having its principal place of business at 870 Seventh Avenue, New York, New York 10019 (“Mortgage Borrower”), which is evidencedby a single promissory note (the, a “Mortgage Note”); 

WHEREAS Column made a loan (as amended or modified from time totime, the “Mezzanine Loan”) to W2001 Park Central Hotel Senior Mezz, L.L.C. (the “Mezzanine Borrower”) in the original principal amount Thirty-Three Million Four Hundred Thousand and No/100 Dollars ($33,400,000.00)and a loan (the “Second Mezzanine Loan”) to W2001 Park Central Hotel Intermediate Mezz, L.L.C., in the original principal amount of Twenty-Four Million, Six Hundred Thousand and No/100 Dollars ($24,600,000.00); 

WHEREAS, as of March 23, 2007, the Second Mezzanine Loan was repaid and the principal amount of the Mezzanine Loan was increased to Fifty EightMillion and No/100 Dollars ($58,000,000.00) pursuant to an Amended and Restated First Mezzanine Loan Agreement (the “Mezzanine Loan Agreement”); 

WHEREAS, Mezzanine Borrower has agreed to issue four (4) *pari passu* notes, to be identified as Note A-1, Note A-2, Note A-3 and Note A-4, (each, a “Mezzanine Note”, and together, the“Mezzanine Notes”), which together will represent 100% of the interests in the Mezzanine Loan, in exchange for the original note representing the Mezzanine Loan and deemed additional advances in the amount of $24,600,000.00 andOriginal Lender has agreed to sell the Mezzanine Notes to the Initial Holders, and in connection therewith transfer legal title to certain of the Mezzanine Loan Documents to LaSalle, which will hold such act as Custodian and Collateral Agent for thebenefit of the Holders; 

WHEREAS, the Original Lender, the Initial Holders, and the Collateral Agent desire to enter into this Agreement tomemorialize the terms under which each Initial Holder is purchasing a Mezzanine Note evidencing its interest in the Mezzanine Loan. 

 

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

**Section 1.**Definitions. References to a “Section” or the “recitals” are, unlessotherwise specified, to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Mezzanine Loan Agreement. Whenever used in this Agreement, the following terms shallhave the respective meanings set forth below. In addition, any capitalized terms defined in the body of this Agreement but not listed below shall have the meaning ascribed to such capitalized terms in the body of this Agreement. 

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

“Agreement” shall mean this Note Purchase Agreement,all exhibits and schedules hereto and all amendments hereof and supplements hereto. 

“Business Day” shall mean any dayother than a Saturday or Sunday or a day on which banking institutions in the State of New York, the State of Illinois, or in London, England UK are authorized or obligated by law or executive order to be closed. 

“Code” means the Internal Revenue Code of the United States of America as in effect form time to time. 

“Collateral Agent” shall mean LaSalle, as Collateral Agent, or any successor thereto appointed pursuant to this Agreement, who shall actas collateral agent and custodian with respect to the Mezzanine Loan Documents (other than the Mezzanine Notes). 

“Custodian” shall mean LaSalle, as Custodian, or any successor thereto appointed pursuant to this Agreement. 

“Default Interest” shall mean, at any time that any Mezzanine Borrower is required to pay Default Rate interest on the Mezzanine Loan, the excess, if any, of (x) interest payable by the Mezzanine Borrower at theDefault Rate (as provided in the Mezzanine Loan Agreement) over (y) interest payable by the Mezzanine Borrower at the Note Interest Rate. 

“Directing Holders” means (a) initially, (i) Cambridge Place Investment Management LLP on behalf of each of CPIM Structured Credit Fund 1500 L.P., CPIM Structured Credit Fund 1000 L.P., and CPIM Structured CreditFund 20 L.P. and (ii) KBS Park Central, LLC and (b) if any of the Notes are sold, such persons as shall then be agreed upon by the Holders, provided that Servicer shall not be required to accept more than two Directing Holders at any time.

 

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“ERISA”: The Employee Retirement Income Security Act of 1974, as it may be amended fromtime to time. 

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

“Extension Fee” shall mean the fee required to be paid pursuant to the Mezzanine Loan Agreement in connection with anextension of the maturity date of the Mezzanine Loan, if any, as set forth in the Mezzanine Loan Agreement. 

“Holder”means the registered holder of a Mezzanine Note. 

“Initial Holder” shall have the meaning assigned to such term in therecitals. 

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

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

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

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

“Intercreditor Agreement” shall mean that certain Intercreditor Agreement, dated as of March 23, 2007, executed by Column asMortgage Lender and as Original Lender and assigned to the Holders hereunder. 

“Interest Period” shall mean each periodbeginning on a Loan Payment Date and ending on, and including, the day preceding the next Loan Payment Date. 

“InterestShortfall” shall mean, with respect to each Mezzanine Note, on any Servicer Remittance Date (as defined in the Servicing Agreement), prior to making distributions on such Servicer Remittance Date (i) all interest due on the precedingServicer Remittance Date (including interest owing from a prior Servicer Remittance Date) *minus* (ii) all interest actually paid to the Holder of the applicable Mezzanine Note on such preceding Servicer Remittance Date. 

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

“Lender Expenses” shall mean expenses incurred by the Holders to third parties in connection with the ownership and administration ofthe Mezzanine Loan (other than fees for the services of Collateral Agent and Custodian, and fees for servicing provided for in the Servicing Agreement, provided that incurring any such expense in excess of $50,000.00 shall require consent of aMajority in Percentage Interest of all of the Holders. 

 

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

“Loan Payment Date” shall mean the day of each month set forth in the Mezzanine Loan Agreement on which the scheduledmonthly payment on each Mezzanine Note is payable by the Mezzanine Borrower. 

“Major Decisions” shall mean each of thefollowing: 

(i) Accepting any prepayment of the Mezzanine Loan at a time when such prepayment is not permitted in accordance with the termsof the Mezzanine Loan Documents; 

(ii) Increasing the principal amount of the Mezzanine Loan (other than the making of any ProtectiveAdvance); 

(iii) Reinstating the Mezzanine Loan, or waiving any default under the Mezzanine Loan prior to or after acceleration of theindebtedness evidenced by the Mezzanine Note; 

(iv) Consenting to (A) any sale or transfer of the Mortgaged Property, MortgageBorrower, Mezzanine Borrower, or any interest in any of them or (B) Mortgage Borrower’s or Mezzanine Borrower’s incurring any additional indebtedness or (C) any modification of the provisions of the Mezzanine Loan Documents withregard to any matter restricted pursuant to the foregoing sub-clauses (A) and (B); 

(v) Waiving or releasing anymaterial rights under the Intercreditor Agreement; 

(vi) Entering into any material amendment to the Mezzanine Loan Documents, including,without limitation, amending or modifying any provisions of the Mezzanine Loan Documents relating to transfers, cash management, the timing, matter or method of payments or the application thereof, waiving or extending fees and costs of collection,or any terms of any interest rate cap agreement or any provisions of the Mezzanine Loan Documents relating to prepayments; 

(vii)Consenting to any material amendment, modification, renewal, replacement, consolidation or supplement to the Mortgage Loan Documents or the Mezzanine Loan Documents, or material waiver of the terms thereof which, pursuant to the IntercreditorAgreement, requires the consent of Mezzanine Lender; 

(viii) Converting or exchanging the Mezzanine Loan into or for any other indebtednessor subordinating the Mezzanine Loan to any other indebtedness; 

(ix) Consenting to any modification or amendment of, or waiver with respectto, the Mezzanine Loan that would result in the extension or shortening of the maturity date thereof, a reduction in the Note Interest Rate borne thereby or the monthly payment, prepayment premium or liquidated damage amount payable thereon or adeferral or forgiveness of fees, interest on or principal of the Mezzanine Loan; 

 

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(x) Consenting to any modification of the Intercreditor Agreement, or issuance of any waivers thereunder;

(xi) Except as provided in Section 4, making any advance, including any cure payment in respect of the Mortgage Loan; 

(xii) Consenting to any modification or amendment of, or waiver with respect to, the Mezzanine Loan that would result in a discounted pay-off of theMezzanine Loan; 

(xiii) Accelerating the maturity of the Mezzanine Loan or commencing the pursuit of remedies, including any foreclosureupon or comparable conversion of the ownership of any of the Mezzanine Loan Collateral or the Mortgaged Property; 

(xiv) Consenting to anyrelease of the Mezzanine Borrower, any guarantor or other obligor from liability with respect to the Mezzanine Loan or any change of the Mezzanine Borrower or sponsor thereof; 

(xv) Making any determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such clause is not enforceableunder applicable law or such exercise is reasonably likely to result in successful legal action by the Mezzanine Borrower against the Collateral Agent, the Servicer, or a Holder) or consenting to any other indebtedness of the Mortgagor or MezzanineBorrower not expressly permitted by the Mezzanine Loan Documents or Intercreditor Agreement; 

(xvi) Consenting to any substitution orrelease of collateral for the Mortgage Loan or the Mezzanine Loan not explicitly permitted pursuant to the Mortgage Loan or Mezzanine Loan Documents; 

(xvii) Consenting to the adoption or approval of a plan in a bankruptcy or reorganization of the Mezzanine Borrower or the Mortgage Borrower; 

(xviii) Consenting to any material change in the standards contained in the Mezzanine Loan Documents or the Mortgage Loan Documents (if and to the extentthat consent of the Mezzanine Lender is required pursuant to the Intercreditor Agreement) for alterations, construction of improvements, leasing and budget approvals, if any, at the Mortgaged Property; 

(xix) Consenting to any change in the property manager for any portion of the Mortgaged Property or any material amendment or modification or terminationof any property management agreement; 

(xx) Consenting to any renewal or replacement of the then existing insurance policies (to the extentthat approval of the Mezzanine Lender is required under the Mezzanine Loan Documents) or any waiver, modification or amendment of any insurance requirements under the Mezzanine Loan Documents; 

(xxi) Consenting to the waiver of any of the covenants made by Mezzanine Borrower in Section 4.1.30 of the Mezzanine Loan Agreement; 

(xxii) Appointing a property manager after foreclosure, or receipt of an assignment-in-lieu of foreclosure, or authorizing the sale of the MortgagedProperty following foreclosure; 

 

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(xxiii) Entering into a special servicing agreement or appointing a special servicer; 

(xxiv) Consenting to the modification of any reciprocal easement agreement; 

(xxv) Consenting to any material modification to any existing membership program or similar program at the Mortgaged Property, or consenting to any newmembership or similar program at the Mortgaged Property; or 

(xxvi) Consenting to any zoning reclassification of any portion of theMortgaged Property. 

“Majority in Percentage Interest” shall mean the affirmative consents or approvals of Holders thatcollectively own more than 50% in Percentage Interest in the Mezzanine Notes (in the aggregate). 

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

“Mezzanine Borrower Affiliate Holder” shall mean any Holder(or, with respect to a contemplated Transfer, that would become a Mezzanine Borrower Affiliate Holder if such Transfer were to occur) that is an Affiliate of the Mezzanine Borrower (including any Holder of a Mezzanine Note or an Affiliate of such aHolder that has made a mortgage loan to an Affiliate of the Mortgage Borrower and has foreclosed on the equity interests in the Mortgage Borrower). 

“Mezzanine Lender” shall mean the holder of title to the Mezzanine Loan. 

“Mezzanine Loan” shallhave the meaning assigned to such term in the recitals. 

“Mezzanine Loan Collateral” shall mean all property of any kindsecuring the Mezzanine Loan. 

“Mezzanine Loan Documents” shall mean the documents specified on Schedule I hereto asthey may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mezzanine Loan Files” setof Mezzanine Loan Documents delivered to the Custodian, consisting of the documents specified on Schedule I, and any subsequent amendments thereto or additional legal documents evidencing the terms of the Mezzanine Loan. 

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

“Mezzanine Note Net Interest Rate” shall mean, as to each Mezzanine Note, the Note Interest Rate *minus* each Holder’s share(expressed as a percentage per annum) of the periodic fees payable hereunder or under the Servicing Agreement. 

 

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“Mezzanine Note Principal Balance” shall mean, at any time of determination, as to eachMezzanine Note, the original Mezzanine Note Principal Balance of such Mezzanine Note (which is set forth on the Purchase Schedule), *minus* any payments of principal thereon or such Mezzanine Note’s Percentage Interest of reductions insuch amount as a result of an amendment to the Mezzanine Loan Documents reducing the principal balance of the Mezzanine Loan or the allocation to such Mezzanine Note of any realized losses on or before the date of such determination. 

“Minority Right Decision” shall have the meaning set forth in Section 6(d) hereof. 

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

“Mortgage Lender” shall have mean the holder of legal title to the Mortgage Loan. 

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

“Mortgage Loan Documents” shall mean the documents evidencing the Mortgage Loan as they may be amended, restated, replaced, supplementedor otherwise modified from time to time. 

“Mortgaged Property” shall mean any of the properties securing the MortgageLoan, as further described in the Mortgage. 

“Non-consenting Holder” shall have the meaning set forth inSection 6(d) hereof. 

“Non-consent Notice” shall have the meaning set forth in Section 6(d) hereof

“Non-Exempt Person” shall mean any Person other than a Person that is either (i) a U.S. Person or (ii) hasprovided to the Servicer 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 andthe 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 the Servicer to make such payments free of any obligation or liability forwithholding, provided that duly executed form(s) provided to the Servicer pursuant to Section 30(c) hereof, shall be sufficient to qualify such providing Holder as other than a Non-Exempt Person. 

“Note Interest Rate” shall mean the interest rate borne by each Mezzanine Note (not including any increase therein during a periodduring which the Mezzanine Loan is in default). 

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

“Note A-1 Holder” shall mean the registered Holder, from time to time, of Note A-1. 

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

“Note A-2 Holder” shall mean the registered Holder, from time to time, of Note A-2. 

 

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

“Note A-3 Holder” shall mean the registered Holder, from time to time, of Note A-3. 

“Note A-4 Holder” shall mean the registered Holder, from time to time, of Note A1-D. 

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

“Notes” shall mean Note A-1, Note A-2, Note A-3, and Note A-4, unless the context specifies otherwise. 

“Offer” shall have the meaning set forth in Section 6(d) hereof. 

“Option Exercise Commitment” shall have the meaning set forth in Section 6(d) hereof. 

“Purchase Price” shall have the meaning set forth in Section 6(d) hereof. 

“Percentage Interest” shall mean, with respect to each Holder, as of any date, the product of (i) 100% and (ii) a fraction,the numerator of which is the Mezzanine Note Principal Balance applicable to the Mezzanine Note held by such Holder as of such date and the denominator of which is the sum of the aggregate Mezzanine Note Principal Balances as of such date.

“Person” means any individual, sole proprietorship, corporation, limited liability company, partnership, joint venture,association, bank, endowment fund, estate, trust, unincorporated organization, any federal, state, county or municipal government or any subdivision, bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any ofthe foregoing. 

“Pledge” shall have the meaning set forth in Section 17(g) hereof. 

“Prepayment Amount” shall mean any amount of principal prepaid pursuant to the terms of the Mezzanine Note or Mezzanine Loan Agreement,as applicable. 

“Prepayment Premium” shall have the meaning assigned to it in the Mezzanine Loan Documents. 

“Protective Advance” shall have the meaning assigned to such term in Section 4. 

“Protective Advance Interest” shall mean interest at the Protective Advance Rate on a Protective Advance from and including the date onwhich such Protective Advance was made to, but not including, the date of payment or reimbursement of the Protective Advance, less any portion of such interest previously paid thereon. 

“Protective Advance Notice” shall have the meaning assigned to such term in Section 4. 

“Protective Advance Rate” shall mean, for any period, interest at a rate per annum payable to any Holder on any Protective Advance,which shall be the Default Rate as such term is defined in the Mezzanine Loan Agreement. 

 

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“Purchase Date” shall mean March 23, 2007. 

“Purchase Schedule” shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth the principalterms for the purchase by each Holder of its Mezzanine Note. 

“Qualified Conduit Lender” shall mean a commercial paperconduit program (a “Conduit”) as to which the following conditions are satisfied: 

(i) the terms of the loan (a“Conduit Inventory Loan”) made by the Conduit to a Holder require the Conduit to retain a third party (a “Conduit Credit Enhancer”) to provide credit enhancement; 

(ii) the Conduit Credit Enhancer is a Qualified Transferee; 

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

(iv) the Conduit Credit Enhancer and the Conduit agree that, if the Holder defaults under the Conduit Inventory Loan, or if the Conduit is unable to refinance its outstanding commercial paper even if there is nodefault by the Holder, the Conduit Credit Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of the applicable Holder’s interest in the Mezzanine Note to the Conduit Credit Enhancer; andunless the Conduit is in fact then a Qualified Transferee, the Conduit will not without obtaining a Rating Agency Confirmation from each Rating Agency have any greater right to acquire the interests in the Mezzanine Note pledged by the Holder, byforeclosure or otherwise, than would any other purchaser that is not a Qualified Transferee at a foreclosure sale conducted by a Loan Pledgee. 

“Qualified Transferee” shall have the meaning assigned to it in the Intercreditor Agreement. 

“QualifiedTrustee” means (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 exercisecorporate trust powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal DepositInsurance Corporation or (iii) an institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the Rating Agencies. 

“Rating Agencies” shall mean Standard & Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc.(“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch Inc. (“Fitch”) or, if any of such entities shall for any reason no longer perform the functions of a securities ratingagency, any other nationally recognized statistical rating agency that rates any outstanding class of securities issued by the Securitization Trust. 

 

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“Rating Agency Confirmation” shall mean shall mean, at any time that the Mortgage Loanis an asset of the Securitization Trust, a written confirmation from each Rating Agency that its credit rating, immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought, of each class of thesecurities issued by the Securitization Trust to which it has assigned a rating, will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which confirmation may be granted or withheld in such Rating Agency’ssole and absolute discretion. 

“Registrar” shall mean the Servicer, as registrar of the Mezzanine Notes. 

“Related Interest Period” shall mean, with respect to any distribution to the Holder of a Mezzanine Note, the most recently endedInterest Period that ended before such date of distribution. 

“Related Payment Date” means, with respect to monthlydistributions to the Holders, the Loan Payment Date immediately preceding the date of distribution. 

“Required Special ServicerRating” means (i) on the S&P list of approved special servicers, in the case of S&P, (ii) in the case of Moody’s, such special servicer is acting as special servicer in a commercial mezzanine loan securitization thatwas 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 ofcommercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities, and (iii) a rating of “CSS1”, in the case of Fitch. 

“Securitization Date” shall mean March 30, 2007. 

“Securitization Trust” means Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2007-TFL1. 

“Servicing Agreement” shall mean, that certain Servicing Agreement, dated as of the date hereof, by and between the Holders and theServicer relating to the Mezzanine Loan, or if the Servicer resigns or is replaced in accordance with Section 6(e) and a new Servicer is appointed, a substitute servicing agreement to be entered into by the Holders and the replacement orsuccessor servicer as promptly as reasonably possible. 

“Servicer” shall mean KeyCorp Real Estate Capital Markets, Inc.(“KRECM”) or any replacement or successor servicer appointed in accordance with Section 6(e). 

“SpreadMaintenance Premium” shall have the meaning assigned to it in the Mezzanine Loan Agreement. 

“Super-PriorityAdvance” shall have the meaning assigned to such term in Section 4. 

“Taxes” shall mean any income orother taxes (including withholding 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 ortherein. 

 

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“U.S. Person” shall mean a citizen or resident of the United States, a corporation orpartnership (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 orpartnership 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 theadministration of such trust, and one or more United States fiduciaries 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). 

**Section 2.**Purchase of Mezzanine Notes. 

(a) Existing Mezzanine Loan. On or before the Purchase Date, Original Lender shall cause the Borrower to issue to Original LenderNote A-1, Note A-2, Note A-3, and Note A-4 in exchange for the original Note. On the Purchase Date, Original Lender shall assign (i) Note A-1 to the Initial Note A-1 Holder, Note A-2 to the Initial Note A-2 Holder, Note A-3 to the Initial NoteA-3 Holder, and (D) Note A-4 to the Initial Note A-4 Holder, and (ii) all of its rights title and interest in the Mezzanine Loan to the Initial Holders and assign title to the Mezzanine Loan Documents to the Collateral Agent, which shallhold such title for the benefit of the Holders. Each Initial Holder shall remit to the Original Lender the purchase price (which shall be agreed to in a separate communication between Original Lender and such purchaser) by wire transfer to theOriginal Lender of immediately available funds, and the purchase shall be deemed effective only upon the receipt by Original Lender of such funds. 

(b) Each Mezzanine Note shall be in the form prescribed under the Mezzanine Loan Agreement 

(c) Administration of the Mezzanine Loan shall be governed by this Agreement and the Servicing Agreement. 

(d) Eachof the Holders hereby designates Servicer as the “Directing Mezzanine Lender” solely for purposes of the Intercreditor Agreement. The Directing Holders will provide instructions to the Servicer on behalf of the Holders as necessary and inaccordance with this Agreement and the Servicing Agreement. 

(e) Each of CPIM Structured Credit Fund 1500 L.P., CPIMStructured Credit Fund 1000 L.P., and CPIM Structured Credit Fund 20 L.P. hereby designates (and Column, in its capacity as Mortgage Lender under the Intercreditor Agreement hereby consents to the designation of) Cambridge Place InvestmentManagement LLP, its Investment Manager, to act on its behalf as “Directing Holder” solely for purposes of the Intercreditor Agreement and this Agreement. Cambridge Place Investment Management LLP will act solely in its capacity asInvestment Manager for each of them, and will represent each of CPIM 

 

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Structured Credit Fund 1500 L.P., CPIM Structured Credit Fund 1000 L.P., and CPIM Structured Credit Fund 20 L.P. separately. Each of CPIM Structured CreditFund 1500 L.P., CPIM Structured Credit Fund 1000 L.P., and CPIM Structured Credit Fund 20 L.P. may at any time revoke the appointment of Cambridge Place Investment Management LLP and appoint any other Person for purposes of this Agreement and theIntercreditor Agreement and Cambridge Place Investment Management LLP may at any time resign its appointment hereunder. 

(f)The ownership of each Mezzanine Note shall be registered on a record of ownership maintained by the Registrar. Notwithstanding anything else in this Agreement to the contrary, the right to receive principal or interest payments with respect to aMezzanine Note hereunder may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as the owner of an interest in the obligation. The Collateral Agent, the Servicer, and the other Holdersshall be entitled to treat the registered Holder of each Mezzanine Note (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in aMezzanine Note or hereunder on the part of any other person or entity 

**Section 3.**Payments. All amounts tendered by theMezzanine Borrower or otherwise available for payment on or with respect to or in connection with the Mezzanine Loan shall be paid by the Servicer to the Holders when and as provided in this Agreement and the Servicing Agreement, and shall beapplied in the following order of priority: 

(a) first, pro rata to the Servicer, the Collateral Agent, and the Custodian,any amounts then owing to any of them, and to any other third party to which the Holders then owe Lender Expenses, the amount of such Lender Expenses; 

(b) to each Holder, the amount of any Super-Priority Advances made by such Holder, together with Protective Advance Interest thereon, to be paid to the Holders on a priority basis based upon the dates on which suchSuper-Priority Advances were made, with the earliest Super-Priority Advances being reimbursed first and, to the extent Super-Priority Advances are made by both Holders on the same date, on a *pro rata* basis in accordance with the amount ofSuper-Priority Advances made by each Holder; 

(c) to each Holder in the amount of any Protective Advances (other thanSuper-Priority Advances reimbursed pursuant to the foregoing clause (b)) made by such Holder, together with Protective Advance Interest thereon, paid to the Holders on a priority basis based upon the dates on which such Protective Advanceswere made, with the earliest Protective Advances being reimbursed first and, to the extent Protective Advances are made by both Holders on the same date, on a *pro rata* basis in accordance with the amount of Protective Advances made by eachHolder; 

(d) to each Holder, interest for the Related Interest Period on its Mezzanine Note Principal Balance at thebeginning of such Interest Period, at the applicable Mezzanine Note Net Interest Rate, plus in each case, any Interest Shortfalls, such interest to be paid to the Holders in proportion to the amount of interest due to each such Holder; 

 

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(e) to each Holder, its Percentage Interest of any payments received on or prior to theRelated Loan Payment Date (but after the preceding Loan Payment Date) on account of principal, whether scheduled or extraordinary (including any payment due on the Maturity Date), on the Mezzanine Note; 

(f) to each Holder, its Percentage Interest of any Prepayment Premiums and Extension Fees, to the extent actually collected from theMezzanine Borrower; 

(g) to each Holder, its Percentage Interest of any Spread Maintenance, to the extent actually collectedfrom the Mezzanine Borrower; and 

(h) to each Holder, its Percentage Interest of any Default Interest and any other amountactually paid by the Mezzanine Borrower and not otherwise applied in accordance with the foregoing clauses 3(a)-(g). 

**Section 4.**Mortgage Loan Cure Rights and Protective Advances. 

(a) Mortgage Loan CureRights. Any Holder that desires to exercise the cure rights enumerated in Section 12 of the Intercreditor Agreement in respect of the Mortgage Loan shall comply with the procedures set forth in this Section 4. The ServicingAgreement shall provide that, upon Servicer’s obtaining actual knowledge of the occurrence of an event which gives rise to a cure right under the Intercreditor Agreement or Servicer’s receipt of a Mortgage Loan Default Notice under theIntercreditor Agreement (a “Cure Trigger Event”), the Servicer shall promptly so notify the Holders in writing, and each Holder shall then elect whether or not to cure such monetary default in accordance with clause (b) belowIf the Cure Trigger Event is a monetary default, upon the Servicer’s obtaining notice or actual knowledge thereof, it shall immediately notify the Holders by sending a notice (a “Monetary Cure Notice”) which Monetary CureNotice shall (i) set forth the amount of such monetary Cure Trigger Event (the “Monetary Cure Payment”), (ii) set forth the portion thereof payable by each Holder (based on the Holders’ respective PercentageInterests), (iii) describe in reasonable detail the purpose for such Monetary Cure Payment and (iv) provide the date (which shall be not less than three (3) Business Days after such notice)(the “Monetary Cure Date”)on which each Holder shall either (x) remit its proportionate share thereof to the Servicer or (y) notify the other Holders of its intention not to remit it proportionate share thereof. If the Cure Trigger Event is a non-monetary default,each Holder shall have ten (10) days after receipt of notice thereof to elect whether or not to participate in such cure. Any failure of a Holder to timely make a cure election hereunder shall be deemed a decision not to participate in suchcure. If only one Holder elects to pursue a cure, it may, in its sole discretion, either revoke its election to cure, or elect to cure the Cure Trigger Event as a whole, each upon prompt written notice to the other Holders and the Servicer.

(b) Within five (5) Business Days of receipt of notice of a monetary Cure Trigger Event, each Holder seeking toparticipate in such cure (a “Curing Holder”) shall give written notice (a “Monetary Cure Notice”) thereof to the other Holders and the Servicer. For purposes hereof, any Monetary Cure Payment shall be deemed to be a“Protective Advance”, *provided, however*, that Sections 4(d) and (e) herewith shall not be applicable to Monetary Cure Payments. 

 

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(c) If any Holder fails or elects not to make its proportionate share of any suchMonetary Cure Payment when due, then any contributing Holder may, on notice to the other Holders within two (2) Business Days following the Monetary Cure Date relating thereto, commit to making an additional Monetary Cure Payment in an amountequal to the amount of the Monetary Cure Payment which was not timely made by the non-contributing Holder. In the event one or more contributing Holders elect to make an additional Monetary Cure Payment, then each Holder shall advance its *prorata* share (based on the respective Percentage Interests of the Holders) of such additional Monetary Cure Payment. Both the proportionate share of such Monetary Cure Payment that was initially advanced by a contributing Holder and theproportionate share of such Monetary Cure Payment made by a contributing Holder on behalf of the non-contributing Holder(s) shall constitute “Super-Priority Advances” hereunder. If only one Holder elects to pursue a monetary cure,it may, in its sole discretion, either revoke its election to cure, or elect to cure the Cure Trigger Event as a whole (with any monetary cure to be deemed a Super-Priority Advance), each upon prompt written notice to the other Holders and theServicer. 

(d) Protective Advances. If any Holder reasonably determines that, in order to protect the rights of theHolders in the Mortgaged Property, it is necessary to make a Protective Advance in order to cause to be performed, to ensure compliance with, or to cure or prevent a failure by Mortgage Borrower or Mezzanine Borrower to perform under or be incompliance with, any representation, warranty or affirmative or negative covenant under the Mezzanine Loan Documents, including the obligation to pay fees and expenses and to fund reserves but not including the obligation to pay interest andprincipal on the Mortgage Loan or Mezzanine Loan, (in each instance a “Protective Advance”), then such Holder (the “Notifying Holder”) shall give written notice (an “Protective Advance Notice”)thereof to the other Holders and the Servicer, which Protective Advance Notice shall (i) set forth the amount of such Protective Advance, (ii) set forth the portion thereof payable by each Holder (based on the Holders’ respectivePercentage Interests), (iii) describe in reasonable detail the purpose for such Protective Advance and (iv) provide the date (which shall be not less than three (3) Business Days after such notice)(the “Protective AdvanceDate”) on which each Holder shall either (x) remit its proportionate share thereof to the Servicer or (y) notify the other Holders of its intention not to remit it proportionate share thereof. Expenses incurred by a Holder thatare reasonably necessary to cure a non-monetary default under the Mortgage Loan shall be Protective Advances. 

(e) If anyHolder fails or elects not to make its proportionate share of any such Protective Advance when due, then any contributing Holder may, on notice to the other Holders within two (2) Business Days following the Protective Advance Date relatingthereto, commit to making an additional Protective Advance in an amount equal to the amount of the Protective Advance which was not timely made by the non-contributing Holder. In the event one or more contributing Holders elect to make an additionalProtective Advance, then each Holder shall advance its *pro rata* share (based on the respective Percentage Interests of the Holders) of such additional Protective Advance. Both the proportionate share of such Protective Advance that wasinitially advanced by a 

 

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contributing Holder and the proportionate share of such Protective Advance made by a contributing Holder on behalf of the non-contributing Holder(s) shallconstitute “Super-Priority Advances” hereunder. 

(f) No Holder shall have any obligation or personalliability to fund any Protective Advance or Super-Priority Advance and any Holder’s decision not to fund any such Protective Advance shall not be deemed a default hereunder. All Protective Advances and Super-Priority Advances shall only bereimbursed to the Holder that made such Protective Advances and Super-Priority Advances in accordance with Section 3 and shall not change the Mezzanine Note Principal Balance or Percentage Interest of any Holder. 

**Section 5.**Purchase of Mortgage Loan or Mezzanine Loan. If the Mezzanine Lender has the right to purchase the Mortgage Loan pursuantto Section 14 of the Intercreditor Agreement, each Holder may elect, within five (5) Business Days after receipt of a Purchase Notice (as defined in the Intercreditor Agreement) (or such shorter period as may be necessary to comply withthe terms of the Intercreditor Agreement) to purchase the Mortgage Loan by written notice to the other Holders and the Servicer. Such election shall state whether such Holder is willing to purchase the Mortgage Loan in whole if no other Holderelects to make the purchase. If more than one Holder elects to purchase the Mortgage Loan, then each Holder shall purchase its *pro rata* share (based on the respective Percentage Interests of the Holders) of the Mortgage Loan (unless theHolders, collectively, make another arrangement). If only one Holder elects to exercise such purchase right, the electing Holder shall have the right to revoke its election or to purchase the entire Mortgage Loan. If more than one Holder elects topurchase the Mortgage Loan, the purchasing Holders shall, unless all of them agree otherwise, enter into a Mezzanine Note agreement with respect to the Mortgage Loan generally on the same terms as this Agreement. The rights of the Holders of theMezzanine Notes to receive payments of interest and principal with respect to their respective Mezzanine Notes shall not be affected by the purchase of the Mortgage Loan pursuant to this Section 5. Except as provided in the IntercreditorAgreement, no purchasing Holder, as the holder of the Mortgage Loan, shall have any obligation or responsibility to any non-purchasing Holder as a result of such purchase. 

**Section 6.**Servicer; Administration of the Mezzanine Loan. 

(a) Appointment. KRECM has been appointed by each of the Holders as Servicer pursuant to the Servicing Agreement, and each of theHolders irrevocably authorizes the Servicer to act as the contractual representative of the Holders with the rights and duties expressly set forth herein and in the Servicing Agreement. 

(b) Holder Approval. Subject only to the provisions of Section 6(d) below, if the Servicer is required under the termsof the Servicing Agreement to consult with or obtain the consent or approval of the Holders, then, in each case, prior to making any recommendation or granting any consent or approval, the Servicer shall provide notice to all Holders and consideralternative actions recommended by all Holders (through the Directing Holder), *provided, however* the Servicer shall take such action as shall have been approved by the Majority in Percentage Interest. 

 

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(c) Major Decisions. Unless otherwise expressly permitted by the terms of theMezzanine Loan Documents without the consent of the Mezzanine Lender, prior to the Servicer taking any action with respect to a Major Decision, the Servicer shall (i) notify each Holder in writing of any proposal to take any such action (andshall provide the Holders with such information requested by them as may be necessary in the reasonable judgment of each such Holder in order to make a judgment, including the date by which the Holders’ response is required pursuant to thisSection 6(c), the expense of providing such information to be an expense of each such Holder) and (ii) receive the written approval of a Majority in Percentage Interest (which approval may be withheld by each Holder in its solediscretion) with respect thereto; *provided*, that if any Holder fails to notify the Servicer of its approval or disapproval of any such proposed action within eight (8) Business Days of delivery to such Holder by the Servicer of writtennotice of such a proposed recommendation, together with the information requested by such Holder pursuant to this Section 6(c), and if Servicer sends a second request in writing for such approval or disapproval including in bold typethat the Holder’s failure to notify Servicer of such approval or disapproval within three (3) Business Days shall be deemed to be such Holder’s approval, and if the Holder fails to notify the Servicer of its approval or disapproval ofany such proposed action within three (3) Business Days thereafter, such action shall be deemed to have been approved by such Holder. 

(d) Minority Right. 

(i) Notwithstanding Sections 6(a) through 6(c)hereof, if a Majority of Percentage in Interest seeks to take any action or to make a decision under sections (i) through (x) inclusive, (xii) through (xvi) inclusive, and section (xviii), (xxi) and (xxiii) of thedefinition of Major Decision (each a “Minority Right Decision”), with respect to any such Minority Right Decision, any Holders in not agreement with the Majority of Percentage in Interest’s position in respect of the subjectMinority Right Decision (each a “Non-consenting Holder” and the remaining Holders, including the Majority in Percentage Interest and any Holder deemed to have agreed with the Majority of Percentage in Interest’s position inrespect of the subject Minority Right Decision, the “Consenting Holders”), at the option of the Majority of Percentage in Interest as set forth in Sections 6 (d)(ii) and (iii) below, shall either (x) sell suchNon-consenting Holder’s Mezzanine Note to the Consenting Holders (on a pro rata basis) or (y) purchase the Consenting Holders’ Mezzanine Notes, in either case of (x) or (y) above for the fair market value of such notes asdetermined as set forth in Section 6(d)(ii) below (the “Purchase Price”). 

(ii) If aNon-consenting Holder gives written notice to Collateral Agent, Servicer and the Majority in Percentage Interest on or before expiration of the time set forth in Section 6 (c) above that it is not in agreement with the Majority ofPercentage in Interest’s position in respect of the subject Minority Right Decision (each a “Non-Consent Notice”) then, by written notice to such Non-consenting Holder no later than five (5) business days after the date ofits receipt of a Non-Consent Notice, the Consenting Holders may offer to sell their Mezzanine Notes at a proposed fair market purchase price (a “Sale Offer”, and such proposed price, the “Purchase Price”) or mayoffer to purchase the Non-consenting Holder’s Mezzanine Note at a proposed fair market 

 

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purchase price (a “Purchase Offer” and with a Sales Offer an “Offer”) and the Non-consenting Holder shall by written noticeno later than five (5) business days after receipt of an Offer, reject the Offer, or, if applicable, make an irrevocable commitment to purchase the Mezzanine Notes of the Consenting Holders (a “Purchase Commitment”) or, ifapplicable, make an irrevocable commitment to sell its Mezzanine Note to the Consenting Holders (on a pro rata basis) (a “Sale Commitment” and with a Purchase Commitment, an “Option Exercise Commitment”), providedfurther that an Option Exercise Commitment shall either (x) accept with the proposed purchase price set forth in the Offer or (y) state a counter proposed purchase price equal to the fair market value opinion of a broker who is a“Qualified Transferee” as defined in the Intercreditor Agreement (a “Qualified Broker”) of the fair market value of the subject notes (a “BOV”), including in such statement, the identity of such QualifiedBroker and a summary of the basis for such BOV (the price as set forth in (x) or (y) being the “Offeree Purchase Price”). No later than five (5) business days after the issue of the Option Exercise Commitment, theMajority in Percentage Interest shall either (x) issue an acceptance of the Option Exercise Commitment (A) at the Offeree Purchase Price which shall be the Purchase Price or (B) at a Purchase Price equal to the average of the OffereePurchase Price and a BOV obtained by Majority in Percentage Interest (subject provision of the identity of such Qualified Broker and a summary of the basis for such BOV) (each of (A) or (B) an “Option ExerciseAcceptance”), or (y) withdraw the Offer. The Consenting Holders and the Non-Consenting Holder shall each pay the costs of the Qualified Broker selected by each of them 

(iii) If the Non-consenting Holder fails to issue a Non-Consent Notice or an Option Exercise Commitment in the forms required hereunderwithin the time periods set forth herein, or rejects an Offer or fails to close an Option Exercise Commitment within ten (10) business days after such Holder’s receipt of the Option Exercise Acceptance (the “Option ClosingDate”), then such Non-consenting Holder shall be deemed to have agreed with the Majority of Percentage in Interest’s position in respect of the subject Minority Right Decision. If the Consenting Holders fail to issue an Offer, or anOption Exercise Acceptance in the forms required hereunder within the time periods set forth herein, or withdraws an Offer, or fails to close an Option Exercise Commitment on the Option Closing Date, the Minority Right Decision giving rise to thesubject Offer shall be subject to the consent of the Non-consenting Holder. 

(iv) On the Option Closing Date, the purchasershall pay the Purchase Price *plus* the amount of any unreimbursed Protective Advances and/or Super-Priority Advances previously advanced by Seller (if not already taken into account in determining the Purchase Price) to the seller in cash (orsame day funds) and the seller shall deliver or cause to be delivered the subject Mezzanine Note(s) and any documents reasonably necessary to effect the transfer to the purchaser. The Mezzanine Notes shall be transferred without recourse orrepresentation or warranty except for the representations that the seller (x) is the holder of 100% of the interest in the subject Mezzanine Note(s), that (y) has not assigned, sold or otherwise transferred the Mezzanine Note(s) to anyother party, and (z) is transferring the Mezzanine Note(s) free and clear of any liens, encumbrances, participation interests and claims of any type or nature. 

 

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(e) Successor/Replacement Servicer. Except as otherwise provided below, the KRECMshall at all times serve as the Servicer under this Agreement. The Servicer may be removed at any time by a Majority in Percentage Interest. Upon any such resignation or removal, as the case may be, the Majority in Percentage Interest shall appointa successor Servicer pursuant to a replacement servicing agreement reasonably acceptable to Majority in Percentage Interest, provided that such agreement shall be substantially in the form of the Servicing Agreement dated as of even date herewithand consistent with the terms of this Agreement, except to the extent that all Holders agree otherwise. No successor Servicer shall be deemed to be appointed hereunder until such successor Servicer has accepted the appointment and assumed theobligations of the Servicer hereunder and under the replacement servicing agreement. 

**Section 7.**Payment Procedure.

(a) Pursuant to the terms of the Servicing Agreement, the Servicer will remit all payments received with respect to andallocable to each Mezzanine Note by wire transfer directly to the applicable Holder on the Servicer Remittance Date (as defined in the Servicing Agreement), in accordance with the priorities set forth in Section 3, and subject to theterms of the Servicing Agreement. 

(b) If a court of competent jurisdiction orders, at any time, that any amount received orcollected in respect of any Mezzanine Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Mortgage Borrower, the Mezzanine Borrower, any Holder or the Servicer, or paid to any otherPerson, then, notwithstanding any other provision of this Agreement, the Servicer shall not be required to distribute any portion thereof to any Holder (unless otherwise so directed by such court), and, to the extent necessary to comply with suchcourt order, each Holder will promptly on demand by the Servicer repay to the Servicer any portion of any such amounts that the Servicer shall have theretofore distributed to such Holder, together with interest thereon at such rate, if any, as theServicer shall have been required to pay to the person to whom such payment is required to be paid. If, for any reason, the Servicer makes any payment to any Holder before the Servicer has received the corresponding payment (it being understood thatthe Servicer is under no obligation to do so), and the Servicer does not receive the corresponding payment within five (5) Business Days of its payment to the applicable Holder, the applicable Holder will, at the Servicer’s request,promptly and, in any event, within five (5) Business Days, return that payment to the Servicer (together with interest on that payment paid at the rate payable by the Mezzanine Borrower under the Mezzanine Loan Documents for such advance foreach day from the making of that payment to the Holder until it is returned to the Servicer). Each Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mezzanine Loan in excess of itsdistributable share thereof, it will promptly after notice remit such excess to the Servicer. The Servicer shall have the right to offset such amounts against any future payments due to the applicable Holder under the Mezzanine Loan, provided, thateach such Holder’s obligations under this Section 7 are separate and distinct obligations from one another and in no event shall Servicer enforce the obligations of any Holder against any other Holder. Each Holder’s obligationsunder this Section 7 constitute absolute, unconditional and continuing obligations and the Servicer shall be deemed a third party beneficiary of these provisions. 

 

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**Section 8.**Limitation on Liability of the Collateral Agent and Each Holder. Neitherthe Collateral Agent nor the Custodian, each in its capacity as such, shall have any liability to any Holder with respect to any Mezzanine Loan except with respect to acts or omissions caused by or resulting from the gross negligence or willfulmisconduct or breach of this Agreement on the part of the Collateral Agent or the Custodian, as the case may be. No Holder shall have any liability to any other Holder with respect to any Mezzanine Note except with respect to acts or omissionscaused by or resulting from the gross negligence or willful misconduct or breach of this Agreement on the part of such Holder. For the avoidance of doubt, it is hereby confirmed that the neither the Collateral Agent nor the Custodian shall have anyresponsibility for the servicing of the Mezzanine Loan, nor to direct the servicing of the Mezzanine Loan, nor any responsibility to back-up or succeed KRECM as Servicer, nor any responsibility for making any payment to Holders hereunder (other thanto forward to Servicer any amounts mistakenly paid to it with respect to the Mezzanine Loan). For the avoidance of doubt, it is hereby confirmed that the Servicer shall have no responsibility for the duties of the Collateral Agent or Custodian, norany responsibility to back-up or succeed LaSalle as Collateral Agent or Custodian. 

**Section 9.**Mezzanine Borrower AffiliateHolder. Notwithstanding anything in this Agreement to the contrary, no Mezzanine Borrower Affiliate Holder shall have any consent or approval rights pursuant to this Agreement, including, without limitation, pursuant to Sections 6(b),6(c) and 6(d), and no Mezzanine Borrower Affiliate Holder shall have the right to initiate or call for an Advance pursuant to Section 4. 

**Section 10.**Obligations Not Joint. Each party to this Agreement hereby expressly acknowledges and agrees as follows: 

(a) Each of the Holders signatory hereto which is managed by Cambridge Place Investment Management LLP (“CPIM”) asinvestment manager is a separate and distinct legal entity. The rights and obligations of each Holder are independent, separate and distinct from the rights and obligations of each other Holder, and the obligations of each Holder can be satisfiedonly by such Holder and no other Holder. All of the representations, warranties, covenants, obligations or liabilities of the Holders under this Agreement are several and not joint; no party to this Agreement shall assert any claim against anyHolder relating to the obligations of another Holder. 

(b) This Agreement is not executed on behalf of or binding upon anyof the directors, officers, partners, members or shareholders of any Holder individually, but is binding upon each Holder only. No director, officer, partner, member or shareholder of a Holder may be held personally liable or responsible for anyobligations of a Holder arising out of this Agreement. With respect to all obligations of a Holder arising out of this Agreement, each party shall look for payment or satisfaction of any claim solely to such Holder. 

(c) CPIM is executing this Agreement solely in its capacity as investment manager to each Holder (except for Initial Note A-4 Holder) andnot in its individual 

 

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capacity. In so doing, CPIM is acting pursuant to authority granted to it under written agreements with such Holder. Neither CPIM or any of its affiliates,nor the respective employees, directors, officers, shareholders and partners of CPIM and its affiliates may be held personally liable or responsible for any obligations or liabilities of a Holder arising out of this Agreement. 

**Section 11.**Foreclosure Procedure. Each Holder hereby agrees that if the Holders foreclose upon or otherwise take title to the EquityCollateral or any other collateral for the Mezzanine Loan, such Holders will take such title in an entity that is mutually agreed upon by the Holders and that the Holders will own percentage interests in such entity that equal their respectivePercentage Interests. This Agreement shall continue in effect thereafter until the Holders or paid in full or until the Holders otherwise agree to terminate it. 

**Section 12.**Representations of Initial Holders. 

(a) Each Initial Holderrepresents and warrants to Original Lender and the other Initial Holders, as of the Purchase Date, and it is specifically understood and agreed, that: 

(i) Such Initial Holder makes the representations and warranties of “Mezzanine Lender” set forth in the Intercreditor Agreement, other than the representations set forth in Section 4(b)(x) and 4(b)(xii)thereof. 

(ii) Such Initial Holder has not dealt with any broker, investment banker, agent or other Person, other thanCredit Suisse Securities (USA) LLC and its affiliates, that may be entitled to any commission or compensation in connection with the sale of the Mezzanine Notes or the consummation of any of the transactions contemplated hereby. 

(iii) Its financial records will report the purchase of its Mezzanine Note as a purchase of an interest in the Mezzanine Loan. 

(iv) The foregoing representations and warranties of each Initial Holder shall survive the purchase of the applicable Mezzanine Note bysuch Initial Holder and any transfers by the Initial Holder of its Mezzanine Note. 

(v) Each Person to whom any portion of aMezzanine Note is transferred shall make all of the representations and warranties made by an Initial Holder (modified as appropriate for a secondary transfer). 

The foregoing representations and warranties of each transferee of a Mezzanine Note shall survive the transfer of the applicable Mezzanine Note to such transferee and any subsequent transfer by such transferee of suchMezzanine Note. 

**Section 13.**Representations of the Original Lender. As of the date hereof, the Original Lender herebyrepresent and warrants to, and covenants with, each Holder that: 

 

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(a) It is a corporation duly organized, validly existing and in good standing under thelaws of the State of Delaware. 

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

(c) The Original Lender has the full power andauthority to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement. 

(d) Original Lender has not dealt with any broker, investment banker, agent or other Person that may be entitled to any commission orcompensation in connection with the sale of the Mezzanine Notes or the consummation of any of the other transactions contemplated hereby. 

(e) Upon the closing of the transactions contemplated hereby, Original Lender will report on its financial records each transfer of a Mezzanine Note to the applicable Holder as a sale under generally acceptedaccounting principles. 

(f) Any representations and warranties made by Original Lender in connection with a sale of a Noteto a direct purchaser of such Note from Original Lender shall have the same force and effect as if set forth herein. 

The foregoingrepresentations and warranties of Original Lender shall survive the (i) delivery and sale of each Mezzanine Note to each Initial Holder, (ii) any transfer by Original Lender of its rights hereunder, and (iii) any Transfer by anInitial Holder. 

**Section 14.**Independent Analysis of Each Holder. Each Holder acknowledges that it has, independentlyand without reliance upon Original Lender and based on such documents and information as such Holder has deemed appropriate, made its own credit analysis and decision to purchase the applicable Mezzanine Note. Each Holder hereby acknowledges that(except as set forth hereinabove) Original Lender has not made any representations or warranties with respect to the Mezzanine Loan, and that the Holder assumes all risk of loss in connection with its Mezzanine Note. 

**Section 15.**No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action takenpursuant hereto shall be deemed to constitute a partnership, association, joint venture or other entity by or among the Collateral Agent, the Custodian, the Servicer, or the Original Lender and/or any Holder. No Holder shall have any obligationwhatsoever to purchase from the Original Lender a mezzanine note or participation interest in any future loans originated by the Original Lender or its affiliates. No Holder shall 

 

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have any obligation whatsoever to offer to the Original Lender or any other Holder the opportunity to purchase a mezzanine note or participation interest inany future loans originated by such Holder or its affiliates and if such Holder chooses to offer to the Original Lender or any other Holder the opportunity to purchase a mezzanine note or participation interest in any future mezzanine loansoriginated or purchased by such Holder or its affiliates, such offer shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute discretion. Neither the Original Lender nor the other Holder shall have anyobligation whatsoever to purchase from such Holder a mezzanine note or participation interest in any future loans originated by such Holder or its affiliates. 

**Section 16.**Not a Security. The Mezzanine Notes shall not be deemed to be securities within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. 

**Section 17.**Transfers of Mezzanine Notes. 

(a) Except as otherwise expressly permitted in this Section 17, no Holder may sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber, subdivide or otherwise dispose of (each, a“Transfer”) an interest in its Mezzanine Note (in one or more transactions) that results in more than forty-nine percent (49%) of the amount of its Mezzanine Note being held by Persons that are not Qualified Transferees,without first receiving Rating Agency Confirmation, and paying all reasonable out-of-pocket costs and expenses of the of the Rating Agencies and all reasonable documented costs and expenses (including internal costs and expenses) of the Servicer andthe Collateral Agent incurred in connection with obtaining such Rating Agency Confirmation. Notwithstanding the foregoing, a Holder may at any time or from time to time (either before or after the Securitization Date) Transfer all or any portion ofits Mezzanine Note, without the requirement of any Rating Agency Confirmation but subject to the conditions contained in subsection (c) below, to a Qualified Transferee that provides to the Servicer and the Mortgage Lender (or itsdesignee) a certification in writing from an authorized officer that it is a Qualified Transferee. The Servicer shall be required to present promptly to the Rating Agencies for the purpose of obtaining any Rating Agency Confirmation requiredhereunder any application and material prepared by the transferring Holder relating to a Transfer, but shall not be required to make a recommendation or prepare a case to the Rating Agencies in connection with obtaining such Rating AgencyConfirmation. 

(b) Transfers of interests in a Mezzanine Note that do not result in more than a forty-nine percent (49%) beneficialinterest in such Mezzanine Note (including participations in that Mezzanine Note) being held by Persons that are not Qualified Transferees shall not (even if the proposed transferee is not a Qualified Transferee) require the prior consent orapproval of Mortgage Lender, any Servicer, any Rating Agency or any other Person; *provided*that any such Transfer shall be made in accordance with the conditions in subsection (c) below. 

(c) Notwithstanding the foregoing, each Holder agrees that each Transfer (including the creation of participations in a Mezzanine Note) to be made by itis subject to the following restrictions: (i) notice of any such Transfer shall be delivered promptly to the Mortgage Lender, the servicer of the Mortgage Loan, the Servicer, the Collateral Agent, and to such other persons as may be requiredunder the Intercreditor Agreement, and (ii) a transferee (but not a participation holder under a participation holder agreement as described in clause (f) 

 

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below) shall (A) execute an assignment and assumption agreement whereby such transferee assumes all or a ratable portion, as the case may be, of theobligations of the selling Holder hereunder with respect to the Mezzanine Note being sold from and after the date of such assignment (or, in the case of a pledge, repurchase agreement financing, collateral assignment or other encumbrance by the aHolder of its Mezzanine Note solely as security for a loan to the such Holder made by a third-party lender whereby the Holder remains fully liable under this Agreement, on or before the date on which such lender succeeds to the rights of thepledging Holder by foreclosure or otherwise, execute an agreement, immediately prior to taking all legal and beneficial title thereto pursuant to the pledge, repurchase agreement, collateral assignment, or other encumbrance, that provides that suchlender shall be bound by the terms and provisions of this Agreement and the obligations of the Holder hereunder with respect to such Mezzanine Note from and after the date on which such lender succeeds to the rights of the pledging Holder), and(B) agree in writing to be bound by the Servicing Agreement and the Intercreditor Agreement. 

(d) Upon the consummation of a Transferof all or any portion of a Mezzanine Note, the transferring Person shall be released from all liability arising under this Agreement with respect to such Mezzanine Note (or the portion thereof that was the subject of such Transfer) for the periodafter the effective date of such Transfer, it being understood and agreed that the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest in a Mezzanine Note as described insubsection (f) below. 

(e) Notwithstanding anything to the contrary contained herein, no Holder shall transfer any MezzanineNote or portion thereof to the Mezzanine Borrower or a Mezzanine Borrower Affiliate Holder without Rating Agency Confirmation and approval of the other Holders. 

(f) In the case of any sale, assignment, transfer or other disposition of a participation interest in a Mezzanine Note, (i) the transferring Holder’s obligations under this Agreement shall remain unchanged,(ii) the transferring Holder shall remain solely responsible for the performance of such obligations, and (iii) the Servicer and the Collateral Agent shall continue to deal solely and directly with the transferring Holder in connectionwith the Holder’s rights and obligations under this Agreement and the Servicing Agreement, and all amounts payable hereunder shall be determined as if the transferring Holder had not sold such participation interest; *provided, however*,that if the applicable participation holder is a Qualified Transferee (and delivers to the Servicer a certification from an authorized officer confirming its status as a Qualified Transferee), then the Holder transferring such participationinterest, by written notice to the Servicer, may delegate to such participation such Holder’s right to exercise its rights hereunder and under the Servicing Agreement. 

(g) Notwithstanding anything to the contrary contained herein, a Holder may pledge (a “Pledge”) its Mezzanine Note to any entity (otherthan the Mezzanine Borrower or a Mezzanine Borrower Affiliate Holder) that has extended a credit facility (including by means of a repurchase arrangement) to such Holder and that is a Qualified Transferee or a financial institution whose long-termdebt is rated at least “A” or its equivalent by each Rating Agency, a Qualified Conduit Lender, (a “Pledgee”), on terms and conditions set forth in this Section 17(g), it being further agreed that financingprovided by a Pledgee to the Holder or any Affiliate which 

 

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controls the Holder and is secured by the Holder’s interest in a Mezzanine Note and is structured as a repurchase arrangement shall qualify as a“Pledge” hereunder. Upon written notice by a Holder to the other Holders and to the Servicer and the Collateral Agent that a Pledge has been effected (including the name and address of the applicable Pledgee), each of the other Holdersagrees to acknowledge receipt of such notice and thereafter agrees that: 

(i) the Servicer will give the Holders writtennotice of any default by the pledging Holder in its obligations under this Agreement, of which default the Servicer has actual knowledge and which notice shall be given simultaneously with the giving of such notice to the Holder; 

(ii) the non-pledging Holders will give such Pledgee written notice of any default by the pledging Holder in its obligations under thisAgreement, of which default such non-pledging Holder has actual knowledge ; 

(iii) the Holders will allow such Pledgee aperiod of ten (10) days to cure a default by the Holder in its obligations hereunder, but such Pledgee shall not be obligated to cure any such default; 

(iv) no amendment, modification, waiver or termination of this Agreement to which the Holder is entitled to consent shall be effectiveagainst such Pledgee without the written consent of such Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; *provided, however*, that the Holders shall be obligated to determine whether the consent of a Pledgeeis required and if so, shall obtain such consent; 

(v) that the Servicer shall deliver to such Pledgee such estoppelcertificate(s) as such Pledgee shall reasonably request; *provided*that any such certificate(s) shall be in a form reasonably satisfactory to such other Holder; and 

(vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such Pledgee that the pledging Holder is indefault beyond any applicable cure periods with respect to such Holder’s obligations to such Pledgee pursuant to the applicable credit agreement, repurchase agreement, or other agreement relating to the Pledge between the Holder and suchPledgee (which notice need not be joined in or confirmed by the Holder), and until such Redirection Notice is withdrawn or rescinded by such Pledgee, such Pledgee shall be entitled to receive any payments that the Servicer would otherwise beobligated to pay to the pledging Holder from time to time pursuant to this Agreement or the Servicing Agreement. The pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer from any liability to the pledgingHolder on account of such other Holder’s or such Servicer’s compliance with any Redirection Notice believed by such other Holder or such Servicer to have been delivered by a Pledgee. 

A Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder and, upon at least ten (10) days’ priorwritten notice to each of the Holders and 

 

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the Servicer, realize on any and all collateral granted by the pledging Holder to such Pledgee (and accept an assignment in lieu of foreclosure as to thepledged Mezzanine Note or such other collateral) in accordance with applicable law and this Agreement; provided that a Pledgee that is not a Qualified Transferee may not take title to the pledged Mezzanine Note without furnishing to the Servicerwritten Rating Agency Confirmation. In such event, the Servicer shall recognize such Pledgee (and any transferee (other than the Mezzanine Borrower or any Mezzanine Borrower Affiliate Holder) that is also a Qualified Transferee at any foreclosure orsimilar sale held by such Pledgee or any transfer in lieu of foreclosure) as the successor to the Holder’s rights, remedies and obligations under this Agreement, and any such Pledgee or Qualified Transferee shall assume in writing theobligations of the pledging Holder hereunder accruing from and after such Transfer (*i.e.*, realization upon the collateral by such Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Pledgeeunder this Section 17(g) shall remain effective as to any Holder (and any Servicer) unless and until such Pledgee shall have notified such Holder (and such Servicer, as applicable) in writing that its interest in the pledged MezzanineNote has terminated. 

(h) Each proposed transferee of a Mezzanine Note or any interest therein shall either (x) represent that it isneither an employee benefit plan as defined in Section 3(3) of ERISA, not a plan as defined in Section 4975(e)(1) of the Code, nor are any of the assets to be used to purchase such Mezzanine Note “plan assets” within the meaningof Department of Labor Regulation Section 2510.3-101 or (y) provide evidence satisfactory to the Servicer that it is entitled to rely on an exemption from the prohibited transaction and plan asset rules of ERISA. 

(i) Notwithstanding anything to the contrary herein, the Collateral Agent shall not be responsible for monitoring and enforcing the foregoing transferrestrictions. The Servicer shall be entitled to rely on a certificate from the transferring Holder (which such Holder is hereby required to prepare and furnish to Servicer) stating that the Transfer complies with the provisions of this Agreement andthe Intercreditor Agreement. 

**Section 18.**Financing of Purchase of Mezzanine Notes. 

(a) Notwithstanding any other provision hereof but subject to the provisions of the Intercreditor Agreement, each Holder consents to eachother Holder’s pledge of its respective Mezzanine Note and of the related Collateral, for purposes of obtaining a credit facility to the extent permitted under, and subject to the terms and conditions of the Intercreditor Agreement. 

(b) Notwithstanding anything to the contrary herein, neither the Collateral Agent nor the Servicer shall be responsible for monitoringand enforcing any financing restrictions. The Collateral Agent and the Servicer shall be entitled to rely on a certificate from the financing Holder (which such Holder is hereby required to prepare and furnish to the Collateral Agent and theServicer) stating that the financing complies with the provisions of this Agreement and the Intercreditor Agreement. 

**Section 19.**Other Business Activities of the Collateral Agent and Each Holder. Each of the Holders and the Collateral Agent acknowledges that each party hereto may make loans or otherwise extend credit to, and generally engage in any kind of businesswith the Mezzanine 

 

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Borrower and its Affiliates (collectively, “Mezzanine Borrower Related Parties”), and receive payments on such other loans or extensions ofcredit to any Mezzanine Borrower Related Parties 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 20.**Exercise of Remedies. 

(a) Except when acting through the Servicer or the Collateral Agent in accordance with the terms of the Servicing Agreement, each Holder agrees that it shall have no right, acting individually outside of the scope ofthis Agreement, and hereby presently and irrevocably permits the Servicer and the Collateral Agent, if applicable, to carry out the instructions of the Holders delivered to it pursuant to this Agreement, on behalf of all of the Holders, to do eachof the following (in each case, subject to the terms and conditions hereof and of the Servicing Agreement): (i) to call an Event of Default under the Mezzanine Loan, (ii) to exercise any remedies with respect to the Mezzanine Loan,including, without limitation, filing any bankruptcy petition against any Mezzanine Borrower, or (iii) to vote any claims with respect to the Mezzanine Loan in any bankruptcy, insolvency or similar type of proceeding of any Mezzanine Borrower.Each Holder shall, from time to time, execute such documents as the Servicer or the Collateral Agent shall reasonably require to evidence such permission with respect to the rights described in clause (iii) of the preceding sentence.Each Holder further acknowledges that any claim it may have against the Mezzanine Borrower in bankruptcy action involving the Mezzanine Borrower with respect to its Mezzanine Note constitutes a single claim which is not separate and apart from anyclaim with respect to any other Mezzanine Note and in no event shall any Holder seek to file a separate claim in any bankruptcy case involving the Mezzanine Borrower; *provided*that any Holder shall be permitted to file such claim on behalf ofall of the Holders if the Servicer fails to do so after written direction from a Majority in Percentage Interest to file such claim. Neither the Collateral Agent (nor the Servicer acting on behalf of the Collateral Agent) shall have any fiduciaryduty to any Holder in connection with the administration of the Mezzanine Loan. Each Holder expressly and irrevocably waives for itself and any Person claiming through or under such Holder any and all rights that it may have under Section 1315of the New York Real Property Actions and Proceedings Law or the provisions of any similar law which purports to give a junior loan holder the right to initiate any loan enforcement or foreclosure proceedings. The foregoing provisions of thisSection 20(a) shall not limit the right of any Holder to exercise its right to (i) appoint a Servicer in accordance with the terms of this Agreement and (ii) consent to a Major Decision. 

(b) Notwithstanding anything to the contrary contained herein (including the provisions of Section 20(a)), the ServicingAgreement shall provide that the Servicer shall service and administer the Mezzanine Loan on behalf of the Holders (other than any Mezzanine Borrower Related Party) in accordance with the terms of the Servicing Agreement. 

**Section 21.**Custodian and Collateral Agent.

(a) On or prior to the date hereof, the Original Mezzanine Lender shall deliver, or cause to be delivered, the Mezzanine Loan Filetogether with appropriate 

 

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endorsements and other documentation sufficient under the Mezzanine Loan Agreement to transfer legal title to, and custody of, the Mezzanine Loan Documentsto LaSalle as Collateral Agent and Custodian. The Custodian will hold the Mezzanine Loan Documents delivered to it pursuant to this Section 21, solely for the benefit of the Holders. 

(b) The Custodian agrees, for the benefit of the Holders, to review the Mezzanine Loan File. In performing any such review, the Custodianmay conclusively assume the genuineness of any such document and any signature thereon. It is understood that the scope of the Custodian’s review of the Mezzanine Loan File is limited solely to confirming that the documents that constitute orare required to constitute the Mezzanine Loan File have been received and further confirming that any and all such documents delivered pursuant to this Section 21 have been executed and purport to relate to the Mezzanine Loan. TheCustodian shall not have any responsibility for determining whether any document is valid and binding or whether the text of any assignment or endorsement is in proper form. 

(c) The Custodian shall retain possession and custody of the Mezzanine Loan File in accordance with and subject to the terms andconditions set forth herein. 

(d) The Custodian shall not be under any duty or obligation to inspect, review or examine anydocuments, instruments, certificates or other papers to determine that they are genuine, enforceable, or appropriate for the represented purpose or that they are other than what they purport to be on their face. 

(e) The Collateral Agent shall execute such instruments as shall be necessary to assign and transfer the legal title to the Mezzanine LoanDocuments (i) at the written direction and expense of a Majority in Percentage Interest as provided herein to an entity designated as the replacement or successor Collateral Agent, and (ii) at the written direction and expense of 100% ofthe Holders, to any other Person. Following such assignment, LaSalle shall have no further obligations as Collateral Agent under this Agreement. 

(f) At the request of the Servicer, the Collateral Agent shall sign any document that the Servicer reasonably determines should be signed by the holder of legal title to the Mezzanine Loan in connection with theServicer’s performance of its duties under the Servicing Agreement and this Agreement. 

(g) The Collateral Agent shallforward promptly to the Servicer any correspondence that it receives regarding the Mezzanine Loan or the Mortgage Loan other than items required to be retained in the Mezzanine Loan File, and Collateral Agent shall furnish Servicer with a copy ofany such item. 

(h) The Custodian shall, at the direction and expense of the Holders, cause the Mezzanine Loan File to bedelivered to any successor Custodian or any purchaser of the Mezzanine Loan upon receipt of such direction from a Majority in Percentage Interest . Upon delivery of the Mezzanine Loan File to the successor custodian or purchaser, LaSalle shall haveno further obligations as Custodian under this Agreement. 

 

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(i) LaSalle hereby represents and warrants to the Holders, as of the Purchase Date, that:

(i) LaSalle is a national banking association duly organized, validly existing and in good standing under the laws of theUnited States of America, and is a Qualified Transferee within the meaning of the Intercreditor Agreement. 

(ii) Theexecution and delivery of this Agreement by LaSalle, and the performance and compliance with the terms of this Agreement by LaSalle, will not violate any material term or provision of LaSalle’s organizational documents or constitute a default(or an event which, with notice or lapse of time, or both, would constitute a default) or to the best of LaSalle’s knowledge result in the breach of, any material term or provision of any agreement or other instrument to which it is a party orto which it is bound. 

(iii) This Agreement, assuming due authorization, execution and delivery by the other parties hereto,constitutes a valid, legal and binding obligation of LaSalle, enforceable against LaSalle in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcementof creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 

(iv) LaSalle is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the terms ofthis Agreement, will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority having jurisdiction over the operationsof LaSalle, which violation, in LaSalle’s good faith and reasonable judgment, will affect materially and adversely the ability of LaSalle to perform its obligations under this Agreement. 

(v) No litigation is pending or, to the best of LaSalle’s knowledge, threatened against LaSalle that, if determined adversely toLaSalle, would prohibit LaSalle from entering into this Agreement or in LaSalle’s good faith and reasonable judgment would materially and adversely affect the ability of LaSalle to perform its obligations under this Agreement. 

(vi) Any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery andperformance by LaSalle of or compliance by the Custodian with this Agreement, or the consummation of the transactions contemplated by this Agreement, has been obtained and is effective, except where the lack of consent, approval, authorization ororder would not have a material adverse effect on the performance by the Custodian under this Agreement. 

(j) Therepresentations and warranties of LaSalle set forth in Section 21(i) shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Holders for whose benefit they were made for so long as this Agreementremains in 

 

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effect. Upon discovery by any party hereto of any breach of any of the foregoing representations, warranties and covenants, the party discovering such breachshall give prompt written notice thereof to the other parties hereto. 

(k) From time to time and as appropriate for theforeclosure or other servicing of the Mezzanine Loan, the Servicer, its counsel or its agent may submit to the Custodian a written or electronic request to release to the Servicer, its counsel or its agent a portion of the Mezzanine Loan File as setforth in such request for release and the Custodian shall promptly release such files. All documents so released to the Servicer, its counsel or its agent shall be held by such party in trust for the benefit of the Holders and shall be returned tothe Custodian when the need therefor in connection with such foreclosure or servicing no longer exists. 

(l) From time totime and as appropriate for the foreclosure or other servicing of the Mezzanine Loan, the Servicer, the Special Servicer (if any), its counsel or its agent may submit to the Collateral Agent a written request to sign a document that requiressignature of the holder of legal title to the Mezzanine Loan and the Collateral Agent shall sign such document in its capacity as Collateral Agent. The Collateral Agent shall be entitled to rely on the request of the Servicer and shall not berequired to determine whether such request is proper under the terms of this Agreement. 

(m) Upon payment in full or anyother agreed upon settled amount of the Mezzanine Loan, and upon receipt by the Custodian of a request for release from the Servicer stating that the Mezzanine Loan has been paid in full, the Custodian shall promptly release the related MezzanineLoan File to the Servicer or its agent. 

(n) As compensation for its services, the Holders agree to pay the LaSalle inaccordance with a separate fee agreement. 

(o) Upon reasonable prior notice to the Custodian, the Holders and theirrespective agents, accountants, attorneys and auditors will be permitted during normal business hours to examine the Mezzanine Loan Files, documents, records and other papers in the possession of or under the control of the Custodian relating to theMezzanine Loan. The Holders will promptly reimburse the Custodian for reasonable out-of-pocket expenses incurred by the Custodian in connection with any such examination. 

(p) At its own expense, LaSalle shall maintain at all times during the existence of this Agreement and keep in full force and effect suchfidelity bonds and/or insurance policies (including, but not limited to errors and omissions policies) in amounts, with standard coverage and subject to deductibles, all as are customarily maintained by banks that act as custodians and/or collateralagents. A certificate of LaSalle stating that each such bond or policy is in full force and effect shall be furnished to any Holder upon request. In the alternative, LaSalle may self-insure if it or its parent affiliate has an unsecured long-termcredit rating of at least “BBB” by S&P (or the equivalent rating by Fitch or Moody’s). The Holders shall reimburse LaSalle for any third-party, out-of-pocket, reasonable expenses or costs (including reasonable attorney’sfees) incurred in connection with the performance of its obligations and duties under this Agreement. 

 

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(q) Each Holder, to the extent of its Percentage Interest, shall reimburse LaSalle forany third-party, out-of-pocket, reasonable expenses or costs (including reasonable attorney’s fees and expenses) incurred in connection with the performance of its obligations and duties under this Agreement. Each Holder, to the extent of itsPercentage Interest, agrees to indemnify and hold harmless LaSalle, both individually and as Collateral Agent and Custodian, its directors, officers, agents and employees from and against any loss, cost, expense or liability (including reasonableattorney’s fees and expenses) arising out of or incurred by LaSalle in the course of its engagement as Collateral Agent and/or Custodian hereunder, except for such loss, cost, expense or liability incurred by reason of LaSalle’s own grossnegligence, lack of good faith or willful misconduct. 

(r) Neither LaSalle nor any of its directors, officers, agents oremployees, shall be liable for any action taken or omitted to be taken by it or them hereunder except for its or their own gross negligence, lack of good faith or willful misconduct. In no event shall the LaSalle or its directors, officers, agentsand employees be held liable for any special, indirect or consequential damages resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith in good faith and reasonably believed by it or them to be withinthe purview of this Agreement. 

(s) Except upon determination that the duties of the Custodian and/or Collateral Agent areno longer permissible under applicable law, the Custodian and/or Collateral Agent, as applicable, shall not resign without giving each of the Holders sixty (60) days prior written notice thereof (or such lesser notice as may be acceptable toall the Holders). 

(t) Successor/Replacement Custodian and Collateral Agent. Except as otherwise provided below, LaSalle shall at all times serve as the Custodian and Collateral Agent under this Agreement. The Custodian or Collateral Agent may be removed at any time by a Majority in Percentage Interest. Upon any such resignation or removal, as the case may be,the Majority in Percentage Interest shall appoint a successor Custodian or Collateral Agent. No successor Custodian or Collateral Agent shall be deemed to be appointed hereunder until such successor Custodian or Collateral Agent has accepted theappointment and assumed its obligations hereunder. 

(u) Non-Recourse Obligations of the Holders. Notwithstandinganything to the contrary contained herein or in the Servicing Agreement, no Holder shall be personally liable hereunder or under the Servicing Agreement other than to the extent of cash, property or other value realized or derived from its MezzanineNote, either (i) prior to its disbursement and receipt by such Holder or (ii) after its receipt by such Holder under the circumstances and to the extent provided under Section 7(b) hereof or, to the extent such amounts have nototherwise been paid pursuant to Sections 3 and 7, as provided in Section 21(q) hereof. Amounts payable to the Collateral Agent or Custodian hereunder shall be paid within 30 days of any invoice therefore. . Each Holderhereby agrees that it will look only to the then-current holder of the Mezzanine Loan and will have no recourse whatsoever to any prior holder of the Mezzanine Loan other than with respect to matters arising at the time such prior holder was theholder of the Mezzanine Loan. 

 

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**Section 22.**No Pledge or Loan. This Agreement shall not be deemed to represent apledge of any interest in the Mezzanine Loan by the Collateral Agent to any Holder, or a loan from any Holder to the Collateral Agent. 

**Section 23.**Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND THE RESPECTIVE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORKAPPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES (1) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF RELATING TO THIS AGREEMENT AND(2) ANY RIGHT TO RECOVER SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. 

**Section 24.**Modifications. Exceptas expressly provided herein, this Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by each of the parties hereto. 

**Section 25.**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. Exceptas provided in Section 7, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto. 

**Section 26.**Counterparts; Facsimile Execution. This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the same instrument. ThisAgreement may be executed by signature(s) transmitted by facsimile. 

**Section 27.**Captions. The titles and headings ofthe sections and 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 such sections or paragraphs and shall not be given any consideration inthe construction of this Agreement. 

**Section 28.**Notices. All notices required hereunder shall be in writing andpersonally delivered or sent by facsimile transmission, reputable overnight delivery service or certified United States mail, postage prepaid, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or atsuch 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 or, if mailed, upon the earlier to occur of receipt or the expiration ofthe fourth day following the date of mailing. Notwithstanding the foregoing, the Servicing Agreement may restrict the delivery of notices and other documents, information or reports to a Holder that is a borrower on the Mezzanine Loan, the managerof the Mezzanine Loan Collateral or an Affiliate thereof. 

**Section 29.**Withholding Taxes. 

(a) If the Servicer, the Collateral Agent or the Mezzanine Borrower shall be required by law to deduct and withhold Taxes from sumspayable to a Holder with respect to the Mezzanine Loan as a result of such Holder constituting a Non-Exempt Person, the 

 

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Collateral Agent or the Servicer shall be entitled to do so with respect to such Holder’s interest in such payment (all withheld amounts being deemedpaid to such Holder); *provided* that the Collateral Agent or the Servicer shall furnish such Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested forpurposes of assisting such Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Holder is subject to tax. To the fullest extent permitted under the Mezzanine Loan Documents, the CollateralAgent shall enforce against the Mezzanine Borrower any right to receive a reimbursement from the Mezzanine Borrower with respect to any Taxes withheld from such Holder. 

(b) Each Holder, to the extent of its Percentage Interest, shall and hereby agrees to indemnify the Collateral Agent and hold theCollateral Agent harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Collateral Agent to withhold Taxes from payment made to such Holder if and to theextent the Collateral Agent failed to withhold in reliance upon any representation, certificate, statement, document or instrument made or provided by such Holder to the Collateral Agent or the Servicer in connection with the obligation of theCollateral Agent to withhold Taxes from payments made to such Holder, it being expressly understood and agreed that (i) the Collateral Agent 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 ofthe same and (ii) each Holder shall, upon request of the Collateral Agent or the Servicer and to the extent of its Percentage Interest, at its sole cost and expense, defend any claim or action relating to the foregoing indemnification usingcounsel selected by the Holder and reasonably acceptable to the Collateral Agent or the Servicer. The obligations of the Holders under this Section 30(b) shall be several and not joint. 

(c) Each Holder represents to the Collateral Agent and the Servicer that it is not a Non-Exempt Person. Contemporaneously with theexecution of this Agreement and from time to time as necessary during the term of the Agreement, each Holder shall deliver to the Servicer (or, upon request of the Collateral Agent, to the Collateral Agent) evidence satisfactory to the Servicersubstantiating that it is not a Non-Exempt Person and that the Servicer is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mezzanine Loan or otherwise under this Agreement. Without limiting the effect ofthe foregoing, (a) if a 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 Servicer an InternalRevenue Service Form W-9 and (b) if a 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 Mezzanine Borrower is treatedfor United States income tax purposes as derived in whole or part from sources within the United States, a Holder shall satisfy the requirements of the preceding sentence by furnishing to the Servicer an Internal Revenue Service Form W-8ECI, FormW-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time to time, duly executed by such Holder, as evidence of such Holder’s exemption from the withholding of United States tax with respect thereto.The Servicer shall not be obligated to make any payment hereunder to any Holder in respect of such Holder’s Mezzanine Note or otherwise until such Holder shall have furnished to the Servicer the requested forms, certificates, statements ordocuments. 

 

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**Section 30.**Characterization. The Holders intend that each Mezzanine Note represents adirect beneficial ownership interest in the Mezzanine Loan, and not an interest in a trust, partnership, joint venture or association taxable as a corporation between or among any or all of the Collateral Agent and/or any of the Holders. In no eventshall the Collateral Agent have any power to vary the investment of the Holders in the Mezzanine Notes or to substitute new investments or reinvest so as to enable the Mezzanine Notes to take advantage of variations in the market to improve theinvestment of the Holders in the Mezzanine Notes. 

**[REMAINDER OF PAGE INTENTIONALLY BLANK]**

 

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IN WITNESS WHEREOF, Original Lender, the Collateral Agent, the Custodian, and the Initial Holders havecaused this Agreement to be duly executed as of the day and year first above written. 

 
**COLUMN FINANCIAL, INC.,**as Original LenderBy: 
/s/ Authorized Signatory
Name: Title: 
***[additional signature pages follow]***

**CPIM STRUCTURED CREDIT FUND 1500 L.P.**as Initial Note A-1 HolderBy: Cambridge Place Investment Management LLP,Its: Investment MangerBy: 
/s/ Authorized Signatory
Name: 
 
Title: 
 
By: 
/s/ Authorized Signatory
Name: 
 
Title: 
 

***[additional signature pages follow]***

**CPIM STRUCTURED CREDIT FUND 1000 L.P.**
By: Cambridge Place Investment Management LLP,Its: Investment Mangeras Initial Note A-2 HolderBy: 
/s/ Authorized Signatory
Name: 
 
Title: 
 
By: 
/s/ Authorized Signatory
Name: 
 
Title: 
 

***[additional signature pages follow]***

**CPIM STRUCTURED CREDIT FUND 20 L.P.**
as Initial Note A-3 HolderBy: Cambridge Place Investment Management LLP,Its: Investment MangerBy: 
/s/ Authorized Signatory
Name: 
 
Title: 
 
By: 
/s/ Authorized Signatory
Name: 
 
Title: 
 

***[additional signature pages follow]***

**KBS PARK CENTRAL, LLC**
a Delaware limited liability companyBy: KBS REIT ACQUISITION VII, LLC, a Delaware limited liability company, its sole member By: KBS LIMITED PARTNERSHIP,  a Delaware limited partnership,  its sole member  By: KBS REAL ESTATE INVESTMENT TRUST, INC.,   a Maryland corporation,   its general partner   By: 
/s/ Charles J. Schreiber, Jr.
   Name: Charles J. Schreiber, Jr.   Title: Chief Executive Officer
***[additional signature page follows]***

**LASALLE BANK NATIONAL ASSOCIATION**
as Collateral Agent and CustodianBy: 
/s/ Authorized Signatory
Name: Title: